SC 13D

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No.     )*

THE ADT CORPORATION

(Name of Issuer)

Common Stock, par value $0.01 per share

(Title of Class of Securities)

00101J106

(CUSIP Number)

Keith Meister

Corvex Management LP

712 Fifth Avenue, 23rd Floor

New York, New York 10019

(212) 474-6700

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

COPIES TO:

Patrick J. Dooley, Esq.

Akin Gump Strauss Hauer & Feld LLP

One Bryant Park

New York, NY 10036

(212) 872-1000

October 24, 2012

(Date of Event which Requires Filing of this Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box  ¨.

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule §240.13d-7 for other parties to whom copies are to be sent.

* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

Continued on following page(s)

Page 1 of 11 Pages

CUSIP No. 00101J106 Page 2 of 11 Pages

1	Names of Reporting Persons CORVEX MANAGEMENT LP
2	Check the Appropriate Box If a Member of a Group (See Instructions) a.  ¨ b.  x
3	SEC Use Only
4	Source of Funds (See Instructions) WC
5	Check Box If Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) ¨
6	Citizenship or Place of Organization DELAWARE
Number of Shares Beneficially Owned By Each Reporting Person With		7	Sole Voting Power 10,966,021
		8	Shared Voting Power 575,000
		9	Sole Dispositive Power 10,966,021
		10	Shared Dispositive Power 0
11	Aggregate Amount Beneficially Owned by Each Reporting Person 11,541,021
12	Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) ¨
13	Percent of Class Represented By Amount in Row (11) 5.02%
14	Type of Reporting Person (See Instructions) PN; IA

CUSIP No. 00101J106 Page 3 of 11 Pages

1	Names of Reporting Persons KEITH MEISTER
2	Check the Appropriate Box If a Member of a Group (See Instructions) a.  ¨ b.  x
3	SEC Use Only
4	Source of Funds (See Instructions) WC
5	Check Box If Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) ¨
6	Citizenship or Place of Organization UNITED STATES
Number of Shares Beneficially Owned By Each Reporting Person With		7	Sole Voting Power 10,966,021
		8	Shared Voting Power 575,000
		9	Sole Dispositive Power 10,966,021
		10	Shared Dispositive Power 0
11	Aggregate Amount Beneficially Owned by Each Reporting Person 11,541,021
12	Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) ¨
13	Percent of Class Represented By Amount in Row (11) 5.02%
14	Type of Reporting Person (See Instructions) IN; HC

CUSIP No. 00101J106 Page 4 of 11 Pages

1	Names of Reporting Persons SOROS FUND MANAGEMENT LLC
2	Check the Appropriate Box If a Member of a Group (See Instructions) a.  ¨ b.  x
3	SEC Use Only
4	Source of Funds (See Instructions) WC
5	Check Box If Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) ¨
6	Citizenship or Place of Organization DELAWARE
Number of Shares Beneficially Owned By Each Reporting Person With		7	Sole Voting Power 0
		8	Shared Voting Power 575,000
		9	Sole Dispositive Power 575,000
		10	Shared Dispositive Power 0
11	Aggregate Amount Beneficially Owned by Each Reporting Person 575,000
12	Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) x
13	Percent of Class Represented By Amount in Row (11) 0.25%
14	Type of Reporting Person (See Instructions) OO; IA

CUSIP No. 00101J106 Page 5 of 11 Pages

1	Names of Reporting Persons GEORGE SOROS (in the capacity described herein)
2	Check the Appropriate Box If a Member of a Group (See Instructions) c.  ¨ d.  x
3	SEC Use Only
4	Source of Funds (See Instructions) WC
5	Check Box If Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) ¨
6	Citizenship or Place of Organization UNITED STATES
Number of Shares Beneficially Owned By Each Reporting Person With		7	Sole Voting Power 0
		8	Shared Voting Power 575,000
		9	Sole Dispositive Power 0
		10	Shared Dispositive Power 575,000
11	Aggregate Amount Beneficially Owned by Each Reporting Person 575,000
12	Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) x
13	Percent of Class Represented By Amount in Row (11) 0.25%
14	Type of Reporting Person (See Instructions) IA

CUSIP No. 00101J106 Page 6 of 11 Pages

1	Names of Reporting Persons ROBERT SOROS (in the capacity described herein)
2	Check the Appropriate Box If a Member of a Group (See Instructions) e.  ¨ f.  x
3	SEC Use Only
4	Source of Funds (See Instructions) WC
5	Check Box If Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) ¨
6	Citizenship or Place of Organization UNITED STATES
Number of Shares Beneficially Owned By Each Reporting Person With		7	Sole Voting Power 0
		8	Shared Voting Power 575,000
		9	Sole Dispositive Power 0
		10	Shared Dispositive Power 575,000
11	Aggregate Amount Beneficially Owned by Each Reporting Person 575,000
12	Check Box If the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) x
13	Percent of Class Represented By Amount in Row (11) 0.25%
14	Type of Reporting Person (See Instructions) IA

CUSIP No. 00101J106 Page 7 of 11 Pages

Item 1. Security and Issuer.

The title of the class of equity security to which this statement on Schedule 13D relates is the Common Stock, par value $0.01 per share (the “Shares”) of The ADT Corporation, a Delaware corporation (the “Issuer”). The address of the Issuer’s principal executive offices is 1501 Yamato Road, Boca Raton, Florida, 33431.

Item 2. Identity and Background.

This statement on Schedule 13D is filed jointly by the following entities and persons, all of whom are together referred to herein as the “Reporting Persons”:

(a) Corvex Management LP, a Delaware limited partnership (“Corvex”), and Keith Meister, a U.S. citizen (collectively, the “Corvex Persons”). This statement relates to Shares held for the account of certain private investment funds for which Corvex acts as investment adviser, including Corvex Master Fund, LP, a Cayman Islands limited partnership, the general partner of which is controlled by Mr. Meister (collectively, the “Corvex Funds”). The general partner of Corvex is controlled by Mr. Meister. The principal business address of each of Corvex and Mr. Meister is 712 Fifth Avenue, 23^rd Floor, New York, NY 10019.

(b) Soros Fund Management LLC, a Delaware limited liability company (“SFM LLC”), George Soros, a U.S. citizen, and Robert Soros, a U.S. citizen (collectively, the “SFM Persons”). This statement relates to Shares held for the account of Quantum Partners LP, a Cayman Islands exempted limited partnership (“Quantum Partners”). SFM LLC serves as principal investment manager to Quantum Partners. As such, SFM LLC has been granted investment discretion over portfolio investments, including the Shares, held for the account of Quantum Partners. George Soros serves as Chairman of SFM LLC and Robert Soros serves as President and Deputy Chairman of SFM LLC. The principal business address of each of the SFM Persons is 888 Seventh Avenue, 33rd Floor, New York, New York 10106. A joint filing agreement of the Corvex Persons and the SFM Persons is attached hereto as Exhibit 1.

During the last five years, none of the Reporting Persons has been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or has been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.

Information contained herein concerning each Corvex Person has been provided by each such Corvex Person and the SFM Persons assume no responsibility for such information. Information contained herein concerning each SFM Person has been provided by each such SFM Person and the Corvex Persons assume no responsibility for such information.

Item 3. Source and Amount of Funds or Other Consideration.

The responses to Items 4, 5 and 6 of this Schedule 13D are incorporated herein by reference.

The Reporting Persons acquired the Shares as follows:

(a) Corvex used working capital of the Corvex Funds to purchase the 1,844,021 Shares reported herein and to acquire the call options and put options referenced in Item 6, each as beneficially owned by the Corvex Persons. The total purchase price for such 1,844,021 Shares was $67,705,810 and the purchase price to acquire such call options and put options was $97,908,533.

CUSIP No. 00101J106 Page 8 of 11 Pages

(b) Quantum Partners used its working capital to purchase the 108,600 Shares reported herein as beneficially owned by the SFM Persons. The total purchase price for such 108,600 Shares was $4,064,039. The remaining 466,400 Shares reported herein as beneficially owned by the SFM Persons were received in connection with the spin-off of the Issuer by Tyco International Ltd. effective as of the close of business on September 28, 2012.

The Reporting Persons may effect purchases of securities through margin accounts maintained for it with brokers, which extend margin credit as and when required to open or carry positions in their margin accounts, subject to applicable federal margin regulations, stock exchange rules and such firms’ credit policies. Positions in Shares may be held in margin accounts and may be pledged as collateral security for the repayment of debit balances in the accounts.

Item 4. Purpose of Transaction.

The responses to Items 3, 5 and 6 of this Schedule 13D are incorporated herein by reference.

Each of the Reporting Persons acquired the Shares over which it exercises dispositive beneficial ownership in the belief that the Shares are undervalued and are an attractive investment. Certain of the Reporting Persons, specifically the Corvex Persons, have had conversations and meetings with the management of the Issuer to discuss the Issuer's business and strategies and will seek to have additional conversations with one or more of management, the board, other stockholders of the Issuer and other persons to discuss the Issuer's business, strategies and other matters related to the Issuer. These discussions have reviewed, and may continue to review, options for enhancing shareholder value through various strategic alternatives including, but not limited to, improving capital structure and capital allocation, and general corporate strategies. Attached hereto at Exhibit 6 is a presentation made by Corvex at the “Excellence in Investing: San Francisco” conference on October 24, 2012.

The Reporting Persons intend to review their respective investment in the Issuer on a continuing basis and may from time to time and at any time in the future depending on various factors, including, without limitation, the outcome of any discussions referenced above, the Issuer's financial position and strategic direction, actions taken by the board, price levels of the Shares, other investment opportunities available to the Reporting Persons, conditions in the securities market and general economic and industry conditions, take such actions with respect to the investment in the Issuer as they deem appropriate, including: (i) acquiring additional Shares and/or other equity, debt, notes, other securities, or derivative or other instruments that are based upon or relate to the value of the Shares or the Issuer (collectively, "Securities") of the Issuer in the open market or otherwise; (ii) disposing of any or all of their Securities in the open market or otherwise; (iii) engaging in any hedging or similar transactions with respect to the Securities; or (iv) proposing or considering one or more of the actions described in subsections (a) through (j) of Item 4 of Schedule 13D.

Item 5. Interest in Securities of the Issuer.

(a) – (b) The Corvex Persons may be deemed to be the beneficial owner of 1,844,021 Shares and 9,122,000 Shares underlying the call options referenced in Item 6, which collectively represent approximately 4.77% of the Issuer’s outstanding Shares. Corvex may be deemed to have sole power to vote and sole power to dispose of 10,966,021 Shares and, pursuant to the Voting Agreement attached hereto as Exhibit 5 and described in Item 6 hereof, shared power to vote 11,541,021 Shares. By virtue of his position as control person of the general partner of Corvex, Mr. Meister may be considered to beneficially own such Shares.

CUSIP No. 00101J106 Page 9 of 11 Pages

The SFM Persons may be deemed to be the beneficial owner of 575,000 Shares, which represents approximately 0.25% of the Issuer’s outstanding Shares. Each of the SFM Persons may be deemed to have shared power to vote such Shares. SFM LLC may be deemed to have sole power to dispose of such Shares and each of George Soros and Robert Soros may be deemed to have shared power to dispose of such Shares.

The aggregate Shares reported as beneficially owned by the Corvex Persons and the SFM Persons is 2,419,021 Shares and 9,122,000 Shares underlying the call options referenced in Item 6, which collectively represent approximately 5.02% of the Issuer’s outstanding Shares. The percentages calculated in the immediately foregoing sentence and in the paragraphs above are calculated based on a total of 229,861,164 Shares outstanding as of October 24, 2012 as reported by Bloomberg.

The filing of this Schedule 13D shall not be construed as an admission that any of the Reporting Persons is the beneficial owner of any securities covered by the Schedule 13D.

(c) Except as set forth on Exhibit 2 attached hereto, there have been no transactions with respect to the Shares during the sixty days prior to the date hereof by any of the Reporting Persons.

(d) Except as set forth below, no person is known to have the right to receive, or the power to direct the receipt of dividends from, or proceeds from the sale of, the Shares beneficially owned by any of the Reporting Person, other than the Reporting Person itself or the investment funds, institutions and mutual funds for which some of the Reporting Persons provide management services.

The limited partners of (or investors in) each of the private investment funds, or their respective subsidiaries or affiliated entities, for which Corvex or its affiliates acts as general partner and/or investment adviser have the right to participate in the receipt of dividends from, or proceeds from the sale of, the Shares held for the accounts of their respective funds in accordance with their respective limited partnership interests (or investment percentages) in their respective funds. Quantum Partners or affiliated entities are investors in certain Corvex Funds.

The partners of Quantum Partners are entitled to receive, or have the power to direct, the receipt of dividends from or the proceeds of sales of the Shares held for the account of Quantum Partners, in accordance with their ownership interests in Quantum Partners.

(e) Not applicable.

Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer.

The responses to Items 3, 4 and 5 of this Schedule 13D are incorporated herein by reference.

On October 23, 2012, Corvex and SFM LLC entered into a Voting Agreement, which is attached hereto as Exhibit 5. Pursuant to the Voting Agreement, SFM LLC agreed to use its commercially reasonable efforts to vote 575,000 Shares in the manner directed by Corvex through the expiration of the Voting Agreement on March 31, 2014. The Voting Agreement does not restrict SFM LLC from selling or transferring or causing the sale or transfer of any Shares beneficially owned by SFM LLC. To the extent SFM LLC is no longer the beneficial owner of all or a portion of the 575,000 Shares, the Voting Agreement shall cease to apply to such Shares. References to, and descriptions of, the Voting Agreement set forth herein are not intended to be complete and are qualified in their entirety by reference to the text of the Voting Agreement.

CUSIP No. 00101J106 Page 10 of 11 Pages

Corvex purchased in the over the counter market American-style call options referencing an aggregate of 8,372,000 Shares, of which (i) 7,307,000 have an exercise price of $25.00 per Share and expire on September 30, 2013, and (ii) 1,065,000 have an exercise price of $25.00 per Share and expire on October 28, 2013.

Corvex purchased in the open market American-style listed call options referencing 750,000 Shares at an exercise price of $42.00 per Share, all of which expire on January 19, 2013.

Corvex sold in the over the counter market European-style put options referencing an aggregate of 8,372,000 Shares at an exercise price of $25.00 per Share, of which 7,307,000 expire on September 30, 2013 and 1,065,000 expire on October 28, 2013 or, in each case, the date on which the corresponding American-style call option described above in this Item 6 is exercised.

Corvex sold in the open market American-style listed put options referencing an aggregate of 750,000 Shares at an exercise price of $36.00 per Share, all of which expire on January 19, 2013.

Except for the arrangements described herein, to the best knowledge of the Reporting Persons, there are no contracts, arrangements, understandings or relationships (legal or otherwise) among the persons named in Item 2 and between such persons and any other person with respect to any securities of the Issuer, including but not limited to, transfer or voting of any of the securities, finder’s fees, joint ventures, loan or option arrangements, puts or calls, guarantees of profits, division of profits or loss, or the giving or withholding of proxies.

Item 7. Material to be Filed as Exhibits.

Exhibit 1—Agreement by and among Corvex, Keith Meister, Soros Fund Management LLC, George Soros, and Robert Soros to file this Schedule 13D and any amendments thereto jointly on behalf of each of them.

Exhibit 2—Transactions in the Shares effected in the past 60 days.

Exhibit 3 – Power of Attorney, dated as of June 26, 2009, granted by George Soros in favor of Armando T. Belly, Jodye Anzalotta, Maryann Canfield, Jay Schoenfarber, Robert Soros, and David Taylor.

Exhibit 4 – Power of Attorney, dated as of October 3, 2007, granted by Robert Soros in favor of Armando T. Belly, Jodye Anzalotta, Maryann Canfield, Jay Schoenfarber, and David Taylor.

Exhibit 5 – Voting Agreement, dated as of October 23, 2012, by and among Soros Fund Management LLC and Corvex Management LP.

Exhibit 6 – Presentation, dated as of October 24, 2012.

CUSIP No. 00101J106 Page 11 of 11 Pages

SIGNATURES

After reasonable inquiry and to the best of my knowledge and belief, the undersigned certifies that the information set forth in this statement is true, complete and correct.

Date: October 24, 2012	CORVEX MANAGEMENT LP
	By:	/s/ Keith Meister
		Keith Meister
		Managing Partner
Date: October 24, 2012	KEITH MEISTER
	By:	/s/ Keith Meister
Date: October 24, 2012	SOROS FUND MANAGEMENT LLC
	By:	/s/ Jodye Anzalotta
		Jodye Anzalotta
		Assistant General Counsel
Date: October 24, 2012	GEORGE SOROS
	By:	/s/ Jodye Anzalotta
		Jodye Anzalotta
		Attorney-in-Fact
Date: October 24, 2012	ROBERT SOROS
	By:	/s/ Jodye Anzalotta
		Jodye Anzalotta
		Attorney-in-Fact

EX-99.1

EXHIBIT 1

AGREEMENT

JOINT FILING OF SCHEDULE 13D

The undersigned hereby agree to jointly prepare and file with regulatory authorities this Schedule 13D and any future amendments thereto reporting each of the undersigned’s ownership of securities of The ADT Corporation, and hereby affirm that such Schedule 13D is being filed on behalf of each of the undersigned pursuant to and in accordance with the provisions of Rule 13d-1(k) under the Securities Exchange Act of 1934. The undersigned acknowledge that each shall be responsible for the timely filing of such amendments, and for the completeness and accuracy of the information concerning him or it contained therein, but shall not be responsible for the completeness and accuracy of the information concerning the other, except to the extent that he or it knows or has reason to believe that such information is inaccurate.

Date: October 24, 2012	CORVEX MANAGEMENT LP
	By:	/s/ Keith Meister
		Keith Meister
		Managing Partner
Date: October 24, 2012	KEITH MEISTER
	By:	/s/ Keith Meister
Date: October 24, 2012	SOROS FUND MANAGEMENT LLC
	By:	/s/ Jodye Anzalotta
		Jodye Anzalotta
		Assistant General Counsel
Date: October 24, 2012	GEORGE SOROS
	By:	/s/ Jodye Anzalotta
		Jodye Anzalotta
		Attorney-in-Fact
Date: October 24, 2012	ROBERT SOROS
	By:	/s/ Jodye Anzalotta
		Jodye Anzalotta
		Attorney-in-Fact

EX-99.2

EXHIBIT 2

TRANSACTIONS

The following table sets forth all transactions with respect to Shares effected in the last sixty days by the Reporting Persons on behalf of the Reporting Persons in respect of the Shares, inclusive of any transactions effected through 4:00 p.m., New York City time, on October 24, 2012. Except as otherwise noted below, all such transactions were purchases or sales of Shares effected in the open market, and the table includes commissions paid in per share prices. Transactions dated prior to October 1, 2012 reflect transactions in the “when-issued” market. Shares were not issued until regular-way trading commenced on October 1, 2012.

NATURE OF TRANSACTION	DATE OF TRANSACTION		AMOUNT OF SECURITIES			PRICE PER SHARE / PREMIUM PER OPTION
Corvex—When-Issued Market Purchase		9/17/2012		100,000		$	38.03
Corvex—When-Issued Market Purchase		9/17/2012		6,400		$	36.03
Corvex—When-Issued Market Purchase		9/18/2012		30,000		$	37.21
Corvex—When-Issued Market Purchase		9/18/2012		120,000		$	37.19
Corvex—When-Issued Market Purchase		9/19/2012		135,000		$	37.25
Corvex—When-Issued Market Purchase		9/19/2012		290,000		$	37.29
Corvex—When-Issued Market Purchase		9/19/2012		580,000		$	37.63
Corvex—When-Issued Market Purchase		9/20/2012		100,000		$	37.48
Corvex—When-Issued Market Purchase		9/20/2012		25,000		$	37.48
Corvex—When-Issued Market Purchase		9/20/2012		100,000		$	37.43
Corvex—When-Issued Market Purchase		9/20/2012		400,000		$	37.45
Corvex—When-Issued Market Purchase		9/21/2012		250,000		$	37.84
Corvex—When-Issued Market Purchase		9/21/2012		7,863		$	37.62
Corvex—When-Issued Market Purchase		9/24/2012		250,000		$	37.51
Corvex—When-Issued Market Purchase		9/25/2012		150,000		$	36.91
Corvex—When-Issued Market Purchase		9/25/2012		100,000		$	36.83
Corvex—When-Issued Market Purchase		9/26/2012		355,737		$	35.70
Corvex—When-Issued Market Purchase		9/28/2012		50,000		$	35.93
Corvex – Open Market Purchase		10/1/2012		175,000		$	36.00
Corvex – Open Market Purchase		10/1/2012		622,900		$	35.87
Corvex – Open Market Purchase		10/1/2012		200,000		$	36.24
Corvex – Open Market Purchase		10/1/2012		201,100		$	36.33
Corvex – Open Market Purchase		10/2/2012		50,000		$	37.91
Corvex – Open Market Purchase		10/2/2012		250,000		$	38.03
Corvex – Open Market Purchase		10/3/2012		50,000		$	38.99
Corvex – Open Market Purchase		10/3/2012		50,000		$	39.04
Corvex – Open Market Purchase		10/5/2012		25,000		$	37.53
Corvex – Open Market Purchase		10/9/2012		20,000		$	37.88
Corvex – Open Market Purchase		10/9/2012		25,000		$	37.34
Corvex – Open Market Purchase		10/11/2012		25,000		$	36.204
Corvex – Open Market Purchase		10/23/2012		100,000		$	38.0702
Corvex – Purchase of Call Options		10/18/2012		400,000	(1)	$	1.06	(2)
Corvex – Purchase of Call Options		10/23/2012		350,000	(1)	$	1.03	(2)

Corvex – Purchase of Call Options	9/26/2012	3,000,000	(3)	$	10.50	(4)
Corvex – Purchase of Call Options	9/27/2012	50,000	(3)	$	9.97	(4)
Corvex – Purchase of Call Options	10/18/2012	195,000	(3)	$	13.53	(4)
Corvex – Purchase of Call Options	10/1/2012	50,000	(3)	$	11.04	(4)
Corvex – Purchase of Call Options	10/2/2012	1,375,000	(3)	$	12.74	(4)
Corvex – Purchase of Call Options	10/3/2012	160,000	(3)	$	14.28	(4)
Corvex – Purchase of Call Options	10/4/2012	100,000	(3)	$	13.66	(4)
Corvex – Purchase of Call Options	10/5/2012	940,000	(3)	$	12.63	(4)
Corvex – Purchase of Call Options	10/8/2012	82,000	(3)	$	12.69	(4)
Corvex – Purchase of Call Options	10/9/2012	305,000	(3)	$	12.56	(4)
Corvex – Purchase of Call Options	10/10/2012	250,000	(3)	$	12.12	(4)
Corvex – Purchase of Call Options	10/11/2012	350,000	(3)	$	11.24	(4)
Corvex – Purchase of Call Options	10/12/2012	50,000	(3)	$	11.16	(4)
Corvex – Purchase of Call Options	10/15/2012	100,000	(3)	$	10.88	(4)
Corvex – Purchase of Call Options	10/24/2012	300,000	(3)	$	13.15	(4)
Corvex – Purchase of Call Options	9/27/2012	187,000	(5)	$	9.75	(4)
Corvex – Purchase of Call Options	9/28/2012	59,000	(5)	$	10.76	(4)
Corvex – Purchase of Call Options	10/1/2012	819,000	(5)	$	11.00	(4)
Corvex – Open Market Sale	9/26/2012	3,000,000		$	35.49
Corvex – Open Market Sale	10/1/2012	819,000		$	36.00	(6)
Corvex – Sale of Put Options	10/18/2012	400,000	(7)	$	1.04	(8)
Corvex – Sale of Put Options	10/23/2012	350,000	(7)	$	1.12	(8)
Corvex – Sale of Put Options	9/26/2012	3,000,000	(9)	$	0.01	(10)
Corvex – Sale of Put Options	9/27/2012	50,000	(9)	$	0.01	(10)
Corvex – Sale of Put Options	10/18/2012	195,000	(9)	$	0.01	(10)
Corvex – Sale of Put Options	10/1/2012	50,000	(9)	$	0.01	(10)
Corvex – Sale of Put Options	10/2/2012	1,375,000	(9)	$	0.01	(10)
Corvex – Sale of Put Options	10/3/2012	160,000	(9)	$	0.01	(10)
Corvex – Sale of Put Options	10/4/2012	100,000	(9)	$	0.01	(10)
Corvex – Sale of Put Options	10/5/2012	940,000	(9)	$	0.01	(10)
Corvex – Sale of Put Options	10/8/2012	82,000	(9)	$	0.01	(10)
Corvex – Sale of Put Options	10/9/2012	305,000	(9)	$	0.01	(10)
Corvex – Sale of Put Options	10/10/2012	250,000	(9)	$	0.01	(10)
Corvex – Sale of Put Options	10/11/2012	350,000	(9)	$	0.01	(10)
Corvex – Sale of Put Options	10/12/2012	50,000	(9)	$	0.01	(10)
Corvex – Sale of Put Options	10/15/2012	100,000	(9)	$	0.01	(10)
Corvex – Sale of Put Options	10/24/2012	300,000	(9)	$	0.01	(10)
Corvex – Sale of Put Options	9/27/2012	187,000	(11)	$	0.01	(10)
Corvex – Sale of Put Options	9/28/2012	59,000	(11)	$	0.01	(10)
Corvex – Sale of Put Options	10/1/2012	819,000	(11)	$	0.01	(10)
SFM—Shares Received from Spin Off	10/1/2012	466,400				(12)
SFM—When-Issued Market Purchase	9/26/2012	13,700		$	36.30
SFM—When-Issued Market Purchase	9/21/2012	25,000		$	37.65
SFM—When-Issued Market Purchase	9/19/2012	3,400		$	37.60
SFM—When-Issued Market Purchase	9/19/2012	13,300		$	37.59
SFM—When-Issued Market Purchase	9/19/2012	26,600		$	37.50
SFM—When-Issued Market Purchase	9/18/2012	26,600		$	37.60

(1) Represents shares underlying American-style listed call options purchased in the open market. These call options expire on January 19, 2013.

(2) This amount represents the cost of an applicable American-style listed call option to purchase one Share. The per share exercise price of these call options is $42.00.

(3) Represents shares underlying American-style call options purchased in the over the counter market. These call options expire on September 30, 2013.

(4) This amount represents the cost of an applicable American-style call option to purchase one Share. The per share exercise price of these call options is $25.00. This exercise price will be adjusted to account for any dividends or other distributions declared by the Issuer prior to exercise of the options.

(5) Represents shares underlying American-style call options purchased in the over the counter market. These call options expire on October 28, 2013.

(6) Represents the contemporaneous sale of shares received in Tyco International Ltd. spin off. Corvex retained 21 Shares.

(7) Represents shares underlying American-style listed put options sold in the open market. These put options expire on January 19, 2013.

(8) This amount represents the proceeds received from an applicable American-style listed put option to sell one Share. The per share exercise price of these put options is $36.00.

(9) Represents shares underlying European-style put options sold in the over the counter market. These put options expire on the earlier of September 30, 2013 or the date on which the corresponding American-style call option described above in footnote 3 is exercised.

(10) This amount represents the proceeds received from an applicable European-style put option to sell one Share. The per share exercise price of these put options is $25.00. This exercise price will be adjusted to account for any dividends or other distributions declared by the Issuer prior to exercise of the options.

(11) Represents shares underlying European-style put options sold in the over the counter market. These put options expire on the earlier of October 28, 2013 or the date on which the corresponding American-style call option described above in footnote 5 is exercised.

(12) Issued in spin off of the Issuer from Tyco International Ltd. The opening price per Share on the New York Stock Exchange on October 1, 2012 was $36.00.

EX-99.3

EXHIBIT 3

POWER OF ATTORNEY

KNOW ALL MEN BY THESE PRESENT, that I, GEORGE SOROS, hereby make, constitute and appoint each of ARMANDO T. BELLY, JODYE ANZALOTTA, MARYANN CANFIELD, JAY SCHOENFARBER, ROBERT SOROS and DAVID TAYLOR, acting individually, as my agent and attorney-in-fact for the purpose of executing in my name, (a) in my personal capacity or (b) in my capacity as Chairman of, member of or in other capacities with Soros Fund Management LLC ("SFM LLC") and each of its affiliates or entities advised by me or SFM LLC, all documents, certificates, instruments, statements, filings and agreements ("documents") to be filed with or delivered to any foreign or domestic governmental or regulatory body or required or requested by any other person or entity pursuant to any legal or regulatory requirement relating to the acquisition, ownership, management or disposition of securities, futures contracts or other investments, and any other documents relating or ancillary thereto, including without limitation all documents relating to filings with the Commodity Futures Trading Commission and National Futures Association, the United States Securities and Exchange Commission (the "SEC") pursuant to the Securities Act of 1933 or the Securities Exchange Act of 1934 (the "Act") and the rules and regulations promulgated thereunder, including all documents relating to the beneficial ownership of securities required to be filed with the SEC pursuant to Section 13(d) or Section 16(a) of the Act and any information statements on Form 13F required to be filed with the SEC pursuant to Section 13(f) of the Act.

All past acts of these attorneys-in-fact in furtherance of the foregoing are hereby ratified and confirmed.

Execution of this power of attorney revokes that certain Power of Attorney dated as of the 16th day of June 2005 with respect to the same matters addressed above.

This power of attorney shall be valid from the date hereof until revoked by me.

IN WITNESS WHEREOF, I have executed this instrument as of the 26th day of June 2009.

GEORGE SOROS

/s/ Daniel Eule

Daniel Eule

Attorney-in-Fact for George Soros

EX-99.4

EXHIBIT 4

POWER OF ATTORNEY

KNOW ALL MEN BY THESE PRESENT, that I, ROBERT SOROS, hereby make, constitute and appoint each of ARMANDO T. BELLY, JODYE ANZALOTTA, MARYANN CANFIELD, JAY SCHOENFARBER and DAVID TAYLOR, acting individually, as my agent and attorney-in-fact for the purpose of executing in my name, (a) in my personal capacity or (b) in my capacity as Deputy Chairman of, member of or in other capacities with Soros Fund Management LLC (“SFM LLC”) and each of its affiliates or entities advised by me or SFM LLC, all documents, certificates, instruments, statements, filings and agreements (“documents”) to be filed with or delivered to any foreign or domestic governmental or regulatory body or required or requested by any other person or entity pursuant to any legal or regulatory requirement relating to the acquisition, ownership, management or disposition of securities, futures contracts or other investments, and any other documents relating or ancillary thereto, including without limitation all documents relating to filings with the Commodity Futures Trading Commission and National Futures Association, the United States Securities and Exchange Commission (the “SEC”) pursuant to the Securities Act of 1933 or the Securities Exchange Act of 1934 (the “Act”) and the rules and regulations promulgated thereunder, including all documents relating to the beneficial ownership of securities required to be filed with the SEC pursuant to Section 13(d) or Section 16(a) of the Act and any information statements on Form 13F required to be filed with the SEC pursuant to Section 13(f) of the Act.

All past acts of these attorneys-in-fact in furtherance of the foregoing are hereby ratified and confirmed.

This power of attorney shall be valid from the date hereof until revoked by me.

IN WITNESS WHEREOF, I have executed this instrument as of the 3^rd day of October 2007.

ROBERT SOROS

/s/ Robert Soros                                             

EX-99.5

EXHIBIT 5

VOTING AGREEMENT

THIS VOTING AGREEMENT (this “Voting Agreement”) is made and entered into as of October 23, 2012 between Soros Fund Management LLC, a Delaware limited liability company (“SFM”), and Corvex Management LP, a Delaware limited partnership (“Corvex”).

WHEREAS, SFM is the “beneficial owner” (as such term is defined under Rule 13d promulgated under the Securities Exchange Act of 1934, as amended) of 575,000 shares (the “Shares”) of common stock of The ADT Corporation (“ADT”) held for the account of Quantum Partners LP.

WHEREAS, SFM wishes to grant Corvex and Keith Meister power to vote such of the Shares as are from time to time beneficially owned by SFM as set forth herein.

NOW, THEREFORE, intending to be legally bound, the parties hereto agree as follows:

1. Voting Rights. SFM agrees that, during the period from the date of this Voting Agreement through March 31, 2014 (the “Expiration Date”), SFM shall not permit the deposit of any Shares in a voting trust or grant any proxy or enter into any voting agreement or similar agreement in contravention of the obligations of SFM under this Voting Agreement with respect to the Shares. SFM hereby revokes all other proxies and powers of attorney with respect to the Shares that may have heretofore been appointed or granted in contravention of the obligations of SFM under this Voting Agreement.

2. Agreement to Vote Shares. At every meeting of the stockholders of ADT called, and at every adjournment or postponement thereof, and on every action or approval by written consent of the stockholders of ADT, SFM (in its capacity as such) shall, or shall use its commercially reasonable efforts to cause the holder of record on any applicable record date to, vote the Shares in such manner as Corvex shall direct in writing reasonably in advance. If such direction is not given, SFM may vote or consent as it so determines. SFM further agrees that SFM shall, or shall use its commercially reasonable efforts to cause the holder of record on any applicable record date to, appear at any ADT stockholders meeting or otherwise cause the Shares to be counted as present thereat for purposes of establishing a quorum. SFM shall not take any action or enter into any agreement or understanding with any person to vote or give instructions in any manner inconsistent with the terms of this Section 2.

3. Proxy. SFM agrees to deliver upon written request reasonably in advance from Corvex and to not revoke a proxy executed by it in a form reasonably requested by Corvex, appointing Corvex and Keith Meister, and each of them, as proxy in connection with any vote of stockholders of ADT (the “Proxy”). Subject to Section 7(g), the execution and delivery of such Proxy for any meeting or other action shall satisfy SFM’s obligations with respect to such meeting or other action under Section 2.

4. Transfers and Sales. Nothing contained herein shall in any way restrict SFM from selling or transferring or causing the sale or transfer of any Shares beneficially owned by SFM and, to the extent such Shares are no longer beneficially owned by SFM, the provisions of this Voting Agreement shall cease to apply to such Shares. SFM will promptly advise Corvex if any Shares cease to be subject to this Voting Agreement and each party hereto will promptly advise the other of any increase or decrease in its beneficial ownership of common stock of ADT.

5. Representations. Each party hereto represents that this Voting Agreement has been duly authorized and executed by it and constitutes a legal, valid and binding agreement of such party, enforceable against such party in accordance with its terms, except (i) as such enforcement is limited by bankruptcy, insolvency and other similar laws affecting the enforcement of creditors’ rights generally and (ii) for limitations imposed by general principles of equity.

6. Termination. This Voting Agreement and the Proxy to be delivered in connection herewith shall terminate and shall have no further force or effect as of the Expiration Date or such earlier date as the parties shall agree in writing.

7. Miscellaneous.

(a) Amendments; Waiver. Neither this Voting Agreement nor any term hereof may be amended, waived, discharged or terminated other than by a written instrument signed by both parties.

(b) Counterparts. This Voting Agreement may be executed in one or more counterparts, all of which shall be considered one and the same agreement and shall become effective when one or more counterparts have been signed by each of the parties and delivered to the other party, it being understood that both parties need not sign the same counterpart.

(c) Entire Agreement; Third-Party Beneficiaries. This Voting Agreement and the Proxy (i) constitute the entire agreement between the parties with respect to the subject matter hereof and supersede all prior agreements and understandings, both written and oral, between the parties with respect to the subject matter hereof, and (ii) are not intended to confer upon any other person any rights or remedies hereunder (except that Mr. Meister shall have the rights provided to him under the Proxy).

(d) Governing Law; Jurisdiction. This Voting Agreement shall be governed by and construed in accordance with the laws of the State of New York, regardless of the laws that might otherwise govern under applicable principles of conflicts of law thereof, except to the extent of any mandatory application of the Delaware General Corporation Law with respect to the Proxy.

(e) Assignment. Neither party may assign either this Voting Agreement or any of its rights, interests, or obligations hereunder without the prior written approval of the other party hereto.

(f) Waiver of Jury Trial. EACH PARTY HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS VOTING AGREEMENT.

(g) Further Assurances. Each party hereto agrees to execute and deliver, by the proper exercise of its powers, all such other and additional instruments and documents and do all such other acts and things as may be reasonably necessary to more fully effectuate this Voting Agreement and Proxy.

(h) Expenses. All costs and expenses incurred in connection with this Voting Agreement and the transactions contemplated hereby shall be paid by the party incurring the expenses.

(i) Specific Performance. The parties hereto declare that it is impossible to measure in money the damages which will accrue to a party hereto by reason of a failure to perform any of the obligations under this Voting Agreement and agree that the terms of this Voting Agreement shall be specifically enforceable.

[Signature Page Next]

IN WITNESS WHEREOF, the parties hereto have caused this Voting Agreement to be duly executed on the date first above written.

CORVEX MANAGEMENT LP
By:	/s/ Keith Meister
Name:	Keith Meister
Title:	Managing Partner

SOROS FUND MANAGEMENT LLC
By:	/s/ Jodye Anzalotta
Name:	Jodye Anzalotta
Title:	Assistant General Counsel

EX-99.6

EXHIBIT 6

Excellence in Investing: San Francisco October 24, 2012 CORVEX MANAGEMENT LP | 712 Fifth Avenue, 23rd Floor | New York, New York 10019

Disclaimer This document is not an offer to sell, nor a solicitation of an offer to buy any security of Corvex Management LP or any other investment product. Interests in the Corvex Funds will be offered exclusively to qualified investors pursuant to the confidential private placement memorandum of such funds, which contain material information concerning the terms and risks of an investment. Any conflicting information contained herein will be superseded in its entirety by such confidential offering memorandum. Investors should review the confidential offering memorandum (including, without limitation, the information therein as to the conflicts and risks) prior to making an investment decision. The information and opinions contained in this document are for the purpose of providing background information only, do not purport to be full or complete and do not constitute investment advice. No reliance should be placed, for any purpose, on the information or opinions contained in this document or their accuracy or completeness. No representation, warranty or undertaking, express or implied, is given as to the accuracy or completeness of the information or opinions contained in this document by Corvex or any Corvex fund or by their respective directors, officers, partners, shareholders, employees or affiliates and no liability is accepted by any of the foregoing for the accuracy or completeness of any such information or opinions. Securities or investment ideas are presented to illustrate Corvex’s typical research process and not to suggest or show profitability of any or all transactions. There should be no assumption that any specific portfolio securities identified and described herein were or will be profitable. Corvex may, at any time, reevaluate its holdings in any such positions. Except where otherwise indicated herein,the information provided hereinisbasedon matters astheyexistasofthedateof preparation, andmaynotbe updated or otherwise revisedtoreflect information that subsequently becomes available, or circumstances existing or changes occurring after the date hereof. Figures provided herein are rounded as applicable. Information contained herein is believed to be accurate and/or derived from sources which Corvex believes to be reliable; however Corvex disclaims any and all liability as to the completeness or accuracy ofthe information contained hereinandforany omissions of material facts.Past performance doesnot guarantee futureresults. | 2 CORVEX MANAGEMENT LP

Introduction to Corvex • Value?based investing across the capital structure in situations with clearly identifiable catalysts • Active investing tocreate asymmetric risk/reward opportunities • 13D investments since inception include AboveNet (acquired by Zayo in March ‘12), Corrections Corporation of America (submitted private letter ruling to IRS for REIT conversion in July ‘12), and Ralcorp (Keith Meister joinedBoardin October ‘12) • Corvex owns common shares and share equivalents representing approximately 5% of ADT (13D filed today), making the investment ourlargest position since inception | 3 CORVEX MANAGEMENT LP

Company Overview • ADT is the market leader in home security monitoring in the U.S. and Canada, with approximately 6.5 million subscribers • 90% of ADT’s revenues are recurring monthly service fees ($38 ARPU),withannual attrition of13% • Holds25%marketshare,~6xthenextlargest competitor • $9.0B market cap and $11.2B TEV(1); ~$3.2B of revenue and ~$1.6B ofEBITDA (~49.2% margin(2))forthefiscalyearending 9/30/12E • EV / ‘13E EBITDA of 6.5x and ‘13E levered ‘steady?state’ free cash flowyieldof10%(basedon existing capital structure) (3) • 2007?2012E revenue and EBITDA CAGRs of ~9% and ~13%, respectively (including $2.0B Brinks acquisition) • Spin ?off from Tyco was completed on September 28 (1) Based on a closing price of $38.10 on October 23, 2012. (2) Excluding $15?17 million one?time increase in legal reserves in 4Q12E. (3) Fiscal 2013E figures represent Corvex estimates. | 4 CORVEX MANAGEMENT LP

Investment Thesis • Unique franchise asset • Defensive, predictable business model • Strong financial profile with stable, consistent cash flows • Unappreciated secular growth tailwinds • The right asset for today’s economic and interest rate environment • Massive balance sheet optionality -Ability to increase leverage and improve capital allocation -Equity shrink story waiting to happen -Accelerate growth (organically or inorganically) -Attractive returns on invested capital Maintaining current capital structure is indefensible | 5 CORVEX MANAGEMENT LP

Why is ADT Mispriced? • Investor disappointment over capital structure post?spin • Unclear plans for capital allocation • Lack of true public comps • Market confusion over sustainability of low cash tax rate • Capital intensive but high ROIC growth • Disbelief of market penetration potential • Complicated accounting • Flow?back issues after spin?off • Sellside coverage issues We believe all of these issues are temporary / correctable | 6 CORVEX MANAGEMENT LP

Unique Franchise Asset • #1 market share in the highly fragmented home security industry • 25% market share and ~6x relative market share • Large and stably growing industry, with low penetration relative to other home services (~40% addressable market penetration) • Attractive returns on capital, with ~14?21% unlevered IRRs on new subscribers Charts per ADT Investor Day Presentation (9/18/12) . | 7 CORVEX MANAGEMENT LP

Defensive, Predictable Business Model • Services are valuable to customers: safety and security of family and property represents a non?discretionary expenditure • Recession resilient: total revenues grew 4% in 2008 and 3% in 2009 (organically); overall industry also grew in both of last recessions • Customers are generally middle and upper class homeowners with assets to protect Security Alarm Monitoring and Servicing Chart per Ascent Capital (Monitronics) presentation. Barnes Associates data, February 2012. CORVEX MANAGEMENT LP

Recurring, Contract ?Based Revenues • 90% of revenues are recurring monthly service fees • 3 year initial contract length and ~7?8 year average customer life • Upfront installation fees of several hundred dollars help screen for committed subscribers Annual Attrition 23.0% 2007 2008 2009 2010 2011 2012E ADT Verizon AT&T DirecTV DISH Cable (Industry Estimate) Source: Company filings, Wall Street Research. ADT attrition represents RMR attrition, whereas satellite and wireless attrition represents subscriber attrition. Cable companies have not publicly disclosed attrition and gross adds for a number of years, but are commonly thought to have ~1.7 ?2.0% levels of monthly subscriber attrition (or~20?24% annually) . | 9 CORVEX MANAGEMENT LP

Strong Financial Profile EBITDA Growth (incl. Brinks acquisition) Recurring Revenue Growth (incl. Brinks acquisition) Unlevered FCF Margin % EBITDA Margin % 2007 2008 2009 2010 2011 2012E 2007 2008 2009 2010 2011 2012E Source: Company filingsand presentations, WallStreet Research. ADThasfiscalyearendof September 30. CORVEX MANAGEMENT LP | 10

The Right Asset for Today • ADT is the right asset for today’s economic and interest rate environment • Equity can be thought of as a stable stream of cash flows from the Company’s existing subscriber base, plus a differentiated platform for ongoing growth investment with attractive returnsoncapital • The value of ADT’s existing subscriber base has never been higher giventhecurrentultra?low interest rate environment -Furthermore, lowering Company’s cost of capital by increasing leverage creates immediate equityvalue • In addition, we believe ADT is currently under?earning with “Pulse” (significantly higher ARPU product) at less than 3% of its subscriber base compared to a take rate of 39% for new internally generated subslast quarter -Recovery in new household formation, which appears to be taking hold,shouldalsoliftoverallmarketgrowth | 11 CORVEX MANAGEMENT LP

Returns Summary • ADT represents an attractive risk?adjusted return investment with multiple waystowinandstrong downside protection • Our Base Case assumes: 6.0% and 7.0% recurring revenue growth in FY13 and FY14, respectively; ~200bps of margin expansion over FY13 and FY14; debt proceeds from step?up in leverage to 3.0x, leveraging ongoing EBITDA growth (? in EBITDA x3), and FCF after growthcapexusedtobuybackstock BASE UPSIDE DOWNSIDE CASE CASE CASE TARGET PRICE (ONE YEAR) $55.00 $63.00 $43.00 % Change 44.4% 65.4% 12.9% 2014E EBITDA $1,862 $1,862 $1,802 Net Debt / ‘13E EBITDA 3.0x 3.5x 1.3x Diluted Shares @ 9/30/13 156 136 235 % Change (33.6%) (42.0%) 0.0% TEV / ‘14E EBITDA 7.4x 7.8x 6.6x Levered Steady-State FCF Yield 10.1% 9.3% 9.3% Cash ‘14E P / E 12.4x 14.0x 13.7x GAAP ‘14E P / E 17.8x 20.1x 19.6x ‘14E RMR Multiple 49.9x 53.0x 44.3x CORVEX MANAGEMENT LP | 12

Valuation Summary • ADT’s business modelcreatesan annuitized streamofcashflows • We think about the stability of these cash flows similarly to REITs, utilities, MLPs,andbest?in?class consumer staples companies • Investors have gotten comfortable valuing REITs and other capital intensive industries onthebasisoffreecashflowafter maintenance capex, and then applying a multiple based on growth opportunities andreturnon investment -Steady?state free cash flow concept, which debt investors have become comfortable with,is essentially thesameasAFFO Levered Steady?State Free Cash Flow / AFFO Multiples ADT @ 3.0x ADT Current MLPs Staples REITs 9x 12x 15x 17x 22x Price @ Multiple: $61 $67 $83 | 13 CORVEX MANAGEMENT LP

Steady?State Free Cash Flow Illustration Ending Subscribers 6.624 Full Credit for Tax Benefit: • We refer to calculation 2013E ARPU $40.08 Interest @ 1.3x Leverage $90 Annualized Recurring Revenues $3,186 Taxes @ 1.3x Leverage 51 with no credit for Levered Steady-State FCF $883 User Attrition 16.0% Equity Multiple 10.1x Subscribers Lost (1.060) Equity Yield 9.9% ongoing price Churned Subscriber ARPU $37.00 Share Price @ 7.0% Yield $53.66 Recurring Revenues Lost ($471) increases as AFFO Recurring Revenues after Attrition $2,715 Interest @ 3.0x Leverage $226 Annual Base Price Escalation 1.75% Taxes @ 3.0x Leverage 41 Price Contribution to Recurring Revenues $48 Levered Steady-State FCF $756 methodology (i.e., free Recurring Revenues after Price Increase $2,763 Equity Multiple 8.0x Equity Yield 12.5% Direct Gross Ads 0.632 Share Price @ 7.5% Yield $55.32 cash flow will continue ARPU per Direct Gross Ad $43.00 Direct Channel Recurring Revenues Added $326 NPV of Tax Benefit: to grow by level of Interest @ 1.3x Leverage $90 Beginning Recurring Revenue $3,186 Full Taxes @ 1.3x Leverage 254 RMR Attrition (471) Levered Steady-State FCF $679 price increases), and Base Price Escalation 48 Equity Multiple 11.0x Direct Gross Ads 326 Equity Yield 9.1% calculation which adds Recurring Revenue before Dealer Acquisitions $3,089 Share Price @ 7.0% Yield $47.68 Steady-State Dealer Acq. Revenue Required $97 Interest @ 3.0x Leverage $226 back for price ARPU for New Dealer Purchases $43.00 Full Taxes @ 3.0x Leverage 206 Dealer Purchases Required 0.187 Levered Steady-State FCF $591 Dealer RMR Purchase Multiple 30.0x Equity Multiple 7.9x increases as bond Dealer Acquisitions Spending Required $242 Equity Yield 12.6% Share Price @ 7.5% Yield $51.69 methodology (i.e., true 2013E EBITDA $1,707 Maintenance Corporate / Other CapEx 35 ADT Stock Price $38.10 Subscriber System Assets 406 Diluted Shares Outstanding 235 fixed income yield) Steady-State Dealer Acquisitions 242 Market Capitalization $8,954 Total Steady-State CapEx 683 Current Net Debt 2,200 Unlevered Steady-State FCF $1,023 TEV $11,154 TEV Multiple 10.9x Note: Interest expense increases to 4.5% from current 3.0% YTM TEV Yield 9.2% at3.0x leverage. Debt proceeds inthis example paidoutdirectlyto shareholders (buyback would resultinhighervalues). Total CapEx $1,180 Growth CapEx $497 CORVEX MANAGEMENT LP | 14

Multiple Ways to Create Value • Financial outperformance -ARPU growth tailwind -Secular penetration opportunity -Margin expansion • Capital structure and capital allocation -Company’s existing debt now yields less than 3% (pre?tax) -Use balance sheet to accelerate growth organically or via M&A -3.0x net / EBITDA leverage level would enable ADT to immediately repurchase ~30% of the Company at attractive prices(1) (1)Capitalreturncouldtaketheformofshare repurchases or dividends depending onvarious considerations. | 15 CORVEX MANAGEMENT LP

Pulse and Home Automation • New interactive service offerings have the potential to transform home security product at a higher price point and expand the addressable market beyond traditional burglar alarms • ADT’s advanced “Pulse” offering consists of remote system arm / disarm, lighting and climate control, remote video monitoring and video clips, custom notifications and scheduled events, and other lifestyle features

Pulse Driving ARPU Growth Tailwind • Pulse has a 30%+ higher price point ($50+ monthly ARPU) than the Company’s existing subscriber base • Increased interactivity and higher customer satisfaction should also reduce churn, resulting in higher customer IRRs and cash flow • Less than 3% of ADT’s existing subscriber base has Pulse today; we believe this mix can rise to ~50% over time • Pulse take?rate is accelerating, reaching 39% of internal gross adds in the June quarter, compared to 35% in the prior quarter and 19% in the June quarter of last year • Pulse will begin to be offered through the dealer channel this fall, driving further adoption • ADT’s ARPU growth is accelerating, growing 2.8%, 3.5%, and 3.6% in the last 3 quarters, respectively | 17 CORVEX MANAGEMENT LP

Secular Penetration Opportunity • In addition to driving ARPU growth, home automation has the potential to increase residential penetration and drive market share gains for ADT • Pulse expands the value proposition of ADT’s services beyond the traditional security and life safety platform, increasing the size of the total addressable market -Pulse take?rates have grown more rapidly than expected, indicating strong customer interest in advanced service offerings • We estimate total addressable market penetration of only ~40% today; penetration of home automation nascent at only ~2% • New technologies will also make it more difficult for ‘mom & pops’ to compete in the historically fragmented home security industry, driving market share gains for technology and scale leaders like ADT | 18 CORVEX MANAGEMENT LP

Continued Margin Expansion EBITDA Margin % • We believe ADT’s margins will 50.0% continue to expand over time, 48.0% as they have done steadily over 46.0% the past 5 years, driving EBITDA 44.0% growth in excess of the top?line 42.0% • Management guidance of flat 40.0% ~50% EBITDA margins is 2007 2008 2009 2010 2011 2012E conservative, consistent with historical Tyco practice • Pulse results in increased upfront SAC, followed by increased ARPU flowing through at high incremental margins Chart (Cost to Serve) per ADT • Service margins in excess of 70% Investor Day Presentation (9/18/12). CORVEX MANAGEMENT LP | 19

Cost Structure Opportunity • After normalizing for estimated SAC expensed in SG&A, we estimate ADT’spre?SACSG&A represents over25%of revenues • Based on peers, we conclude that there are potentially material opportunities to improve ADT’s cost structure as a standalone public company, enhancing bothEBITDA margins andfreecashflow ($ in mm) ADT Breakdown Monitronics Breakdown Broadview Breakdown Protection One Breakdown 2009 2010 2011 2009 2010 2011 2007 2008 2009 2007 2008 2009 % Direct Sales / % Direct Dealer ~50% / ~50% 0% / 100% ~80% / ~20% ~90% / ~10% EBITDA $1,000 $1,191 $1,494 $153 $187 $217 $173 $205 $191 $107 $109 $123 Adjusted EBITDA (pre?SAC) 1,223 1,462 1,780 153 187 217 269 307 313 123 127 134 Adjusted EBITDA margin 54.4% 56.4% 57.2% 65.3% 68.8% 69.6% 55.5% 57.6% 55.4% 35.3% 34.1% 36.4% Adjustments: Expensed SAC within SG&A $223 $271 $286 NA NA NA $96 $101 $123 $15 $17 $11 Direct Comparison: SG&A 839 1,022 1,076 52 52 77 144 151 191 125 137 127 SG&A as % of Revenue 37.3% 39.4% 34.6% 22.4% 19.3% 24.6% 29.8% 28.3% 33.8% 36.0% 36.8% 34.6% Adjusted SG&A (pre?SAC) 616 751 790 NA NA NA 48 50 68 110 119 116 Adjusted SG&A as % of Revenue 27.4% 29.0% 25.4% 22.4% 19.3% 24.6% 10.0% 9.3% 12.1% 31.7% 32.1% 31.6% Advertising 76 113 152 NA NA NA 42 42 59 4 5 3 Advertising as % of Revenue 3.4% 4.4% 4.9% NA NA NA 8.6% 7.9% 10.4% 1.0% 1.3% 0.8% Memo: Revenue $2,247 $2,591 $3,110 $234 $272 $312 $484 $532 $565 $348 $372 $368 CORVEX MANAGEMENT LP Note: Protection Oneisonly~30% residential, andsmallbusiness customers typicallyhavehigherchurnandhighercosts. | 20

Financial Outperformance • Street has initially responded to management’s growth plan with skepticism • Analysts projecting ~3?5% revenue growth, compared to management’s goal of 5?7% • We believe management’s plan is achievable, and the ARPU tailwind from Pulse will lead to ADT exceeding revenue and profit estimates over time • Subscriber growth through home automation value proposition is a free call option on additional upside, with potential for both increased residential penetration and market share gains • Additional potential upside drivers include a recovery in new household formation (which appears to be happening), cost savings opportunities, and growth in small business channel | 21 CORVEX MANAGEMENT LP

Ability to Change Balance Sheet not Reflected in Current Valuation • ADT’s defensive business, predictable, contract ?based revenue stream, and high free cash flow conversion create opportunity for significant leveraging ofits balance sheet -ADT capital structure should have been an important consideration inTycospin?off rationale -Company’s existing 5?year debt literally trades at ~1.7% yield to maturity and the Company’s entire debt structure trades at a blended 2.96% yieldto maturity -There is a massive opportunity to lower ADT’s overall cost of capital by prudently increasing leverage that the Company is currently ignoring • Leverage for home security peers and cable companies is generally 2?5x EBITDA in the public markets (and, not surprisingly, often higherintheprivate markets) | 22 CORVEX MANAGEMENT LP

Optimize Capital Structure and Capital Allocation • We believe ADT should immediately increase leverage to 3.0x Net Debt / EBITDA and maintain a fixed leverage target of 3.0x going forward -3.0x level is conservative relative to home security peers, cable companies, andother alternative comps -Wouldenablethe Company to repurchase ~30%ofitsfloattoday(1) • Use debt proceeds to both return capital to shareholders and accelerate growth -Multiple accretive options exist -Changing cost of capital and buying back under?valued stock now creates significant long?termequityvalue • Use ongoing incremental debt proceeds (from leveraging EBITDA growth) and excess free cash flow to return capital to shareholders, andclearly communicate leverage targetandcapital allocation plan (1)Capitalreturncouldtaketheformofshare repurchases or dividends depending onvarious considerations. | 23 CORVEX MANAGEMENT LP

Low Cost of Funding Provides Multiple Accretive Options • We can debate the optimal combination, but we cannot debate or support maintaining thecurrent inefficient capital structure Growth Investment Capital Return Direct Dealer M&A Dutch Special Ongoing Sales Acqs. Tender Dividend Buyback ~16?23% ~12?19% 12?20%+ Annual IRR IRR ROIC Dividend | 24 CORVEX MANAGEMENT LP

Significant Cost of Capital Arbitrage • We believe it is irresponsible for ADT not to capitalize on its current costof funding -ADT’s debt trades well above par only 3 months after issuance; 4.875% notes recently tradedabove110 -5yeardebtnowyieldsonly1.7% pre?tax • By funding itself with 80% equity, we estimate the Company loses approximately $105 million annually or $286,540 per day of shareholders’ money (1) Recent Current YTM @ After-Tax Balance Coupon Price Yield Mkt Px @ 35% Issued Maturity 2.250% Sr. Unsecured due 2017 $750.0 2.25% 102.7 2.19% 1.66% 1.08% 7/5/12 7/15/17 3.500% Sr. Unsecured due 2022 1,000.0 3.50% 104.7 3.34% 2.94% 1.91% 7/5/12 7/15/22 4.875% Sr. Unsecured due 2042 750.0 4.88% 109.9 4.43% 4.28% 2.78% 7/5/12 7/15/42 Total $2,500.0 3.54% 105.6 3.33% 2.96% 1.93% (1) As compared to3.0x leverage, with4.5% pre?taxcostofdebt,35.0% long?termtaxrate,and7.0% equitycostofcapital. (2): Note:Recentpricesper Bloomberg (10/19/12) . | 25 CORVEX MANAGEMENT LP

Leverage Comparison Weighted Total Net Net Debt / (EBITDA EBITDA / Avg. Weighted Debt / Debt / (EBITDA ? CapEx) / Fixed Credit Interest Avg. EBITDA EBITDA ? CapEx) Interest Charges Ratings Rate (1) YTM (2) Protection 1 (3) 3.6x 3.4x 5.8x 1.5x 1.2x N/A 6.5% N/A Monitronics 4.2x 3.8x 19.1x 0.7x 0.9x CCC+ 6.5% 6.0% Vivint 5.5x 5.5x N/A N/A N/A N/A N/A N/A Securitas (4) 7.2x 7.1x 17.0x N/A N/A B 7.2% 6.8% Home Security Average 5.1x 4.9x 13.9x 1.1x 1.1x 6.7% 6.4% Comcast 1.9x 1.8x 2.5x 6.2x 1.8x BBB+ 5.8% 2.8% Time Warner Cable 3.5x 3.1x 5.1x 2.9x 1.4x BBB 6.4% 3.2% Cablevision 5.4x 5.2x 11.1x 1.3x 1.1x BB 7.5% 5.0% Charter 4.8x 4.8x 12.0x 1.2x 1.1x BB? 7.2% 6.6% DTV 2.1x 1.8x 3.4x 5.3x 1.3x BBB 4.6% 2.9% Dish 3.0x 2.2x 3.2x 4.5x 1.5x BB? 6.7% 3.5% Cable / Satellite Average 3.5x 3.2x 6.2x 3.6x 1.4x 6.4% 4.0% Verizon 1.4x 1.1x 1.6x 9.6x 2.2x A? 5.7% 5.5% AT&T 1.5x 1.5x 2.7x 6.4x 1.4x A? 5.2% 4.4% Telco Average 1.5x 1.3x 2.2x 8.0x 1.8x 5.4% 4.9% REIT Average 6.3x 6.0x 7.8x 2.7x 2.0x 5.0% 2.4% Utilities Average 4.3x 4.2x 16.2x 1.4x 0.8x 5.4% 3.0% Staples Average 1.5x 1.2x 1.5x 20.7x 2.2x 3.8% 1.9% Total Mean 3.7x 3.5x 8.0x 6.2x 1.5x 5.5% 3.8% Total Median 3.9x 3.7x 7.0x 3.1x 1.6x 5.4% 3.5% ADT — Current 1.6x 1.4x 3.9x 6.3x 1.4x BBB 3.5% 3.0% ADT@ 3.0x 3.2x 3.0x 8.6x 2.6x 1.2x IG 4.2% 3.9% (1) Weighted average interest rate for total outstanding debt. (2) Weighted average yield to maturity for total corporate debt. (3) Total debt, cash and LTM EBITDA as of March 31, 2010; Full year capex, interest, and taxes as of 12/31/2009. (4) Debt figures excludes shareholder loan. CORVEX MANAGEMENT LP | 26

Leverage Comparison (cont’d) Net Debt / CY 2012E EBITDA Sector Group Median Cable, Satellite, and Telecom ADT Vivint Securitas Monitronics Protection 1 Source: Wall Street Equity Research, Capital IQ, and Green Street Estimates. (1) Total debt, cash and LTM EBITDA as of March 31, 2010. CORVEX MANAGEMENT LP

Optimize Capital Structure and Capital Allocation ~30% ‘12E ?’15E EBITDA Growth ~45% Reduction in Shares Outstanding Significant Equity Appreciation Capitalreturncouldtaketheformofshare repurchases or dividends depending onvarious considerations. | 28 CORVEX MANAGEMENT LP

Power of Levered Share Repurchases • Ongoing equity shrink combined with financial outperformance leadsto significant long?termvalue creation • A discounted cashflow analysis isthemost appropriate waytovalue ADTinour opinion • As shown below, changing the Company’s cost of capital by borrowing at today’s ultra?low interest rates and using debt proceeds to repurchase ADT’s stock results in a significant increase in equity value ADT Discounted Cash Flow Valuation Status Net Debt / EBITDA Quo 3.0x 1.5x 2.0x 2.5x 3.0x 3.5x 4.0x ADT Share Price $44.68 $67.68 $49.06 $53.83 $59.92 $67.68 $78.15 $92.34 % Change to Current 17.3% 77.6% 28.8% 41.3% 57.3% 77.6% 105.1% 142.4% 000000 Cumulative % Change in Shares 0.0% (43.2%) (9.9%) (21.0%) (32.1%) (43.2%) (54.3%) (65.4%) Note: DCF valuation assumes 7.0% discount rate (equity cost of capital) and exit in year 5 at 7.0% equity steady?state free cash flow yield. Analysis assumes interest rate increases with higher leverage. % Change to Current based on ADT Share Price of $38.10, closing price on October 23, 2012. | 29 CORVEX MANAGEMENT LP

“Equity Shrink” Stories Have Significantly Outperformed • Stable growth combined with an appropriate capital structure, ongoing share repurchases, and clear investor communication of leverage target and buyback strategy has led to significant outperformance

Comparable Companies Valuation Analysis TEV / CY 2013E EBITDA Sector Group Median Cable, Satellite, and Telecom ADT Monitronics Source: Wall Street Equity Research, Capital IQ, and Green Street Estimates. Note: Market data as of 10/23/2012. CORVEX MANAGEMENT LP | 31

Comparable Companies Valuation Analysis (cont’d) CY 2013E Levered FCF Yield Leverage) Leverage) Sector Group Median Cable, Satellite, and Telecom ADT Source: Wall Street Equity Research, Capital IQ, and Green Street Estimates. Note: Market data as of 10/23/2012. CORVEX MANAGEMENT LP

Comparable Companies Valuation Analysis (cont’d) 2013E Levered Steady State Free Cash Flow Yield (AFFO methodology / no pricing add?back) Sector Group Median Cable, Satellite, and Telecom ADT Monitronics Source: Wall Street Equity Research, Capital IQ, and Green Street Estimates. Note: ADT and Monitronics methodology assumes no credit for ongoing price increases (i.e. free cash flow should continue to grow~2%). Market data as of 10/23/2012. CORVEX MANAGEMENT LP

Comparable Companies Valuation Analysis (cont’d) 2013E Levered Steady State Free Cash Flow Yield (bond methodology / including pricing add?back) Sector Group Median ADT Monitronics Comparable Interest Rates Source: Barclays Capital and Zillow Mortgage Marketplace. Note: ADT and Monitronics methodology adds back ongoing price increases (i.e. represents fixed, bond?like yield). Market data as of 10/23/2012. CORVEX MANAGEMENT LP | 34

Comparable Companies Valuation Analysis (cont’d) TEV / CY 2013E Unlevered FCF Sector Group Median Cable, Satellite, and Telecom ADT Monitronics Source: Wall Street Equity Research, Capital IQ, and Green Street Estimates. Market data as of 10/23/2012. CORVEX MANAGEMENT LP | 35

Comparable Companies Valuation Analysis (cont’d) TEV / CY 2013E Unlevered Steady?State FCF Sector Group Median Cable, Satellite, and Telecom ADT Monitronics Source: Wall Street Equity Research, Capital IQ, and Green Street Estimates. Note: Market data as of 10/23/2012. CORVEX MANAGEMENT LP

Comparable Companies Valuation Analysis (cont’d) Price / CY 2013E EPS 25.0x 23.2x 21.6x 20.0x 19.7x 20.0x 16.7x 16.0x 15.0x 15.6x 15.7x 13.5x 13.9x 14.0x 14.0x 12.4x 10.0x 9.9x 5.0x Charter REITs ADT CablevisionConsumer Verizon MLPs Utilities Comcast Dish ADT AT&T Time DIRECTV (GAAP EPS) Staples (Cash EPS) Warner Sector Group Median Cable, Satellite, and Telecom ADT Source: Wall Street Equity Research, Capital IQ, and Green Street Estimates. Note: 3?Year CAGRs (2012E –2015E) used for ADT, cable, satellite, and telecom. 2?Year CAGRs (2012E –2014E) used for REITs, Consumer Staples, MLPs, and Utilities. Price / CY 2013E EPS calculated using AFFO for REITs and Distributable Cash Flow per Unit for MLPs. Market data as of 10/23/2012. | 37 CORVEX MANAGEMENT LP

Comparable Companies Operating Performance Revenue CAGR Sector Group Median Cable, Satellite, and Telecom ADT Monitronics Source: Wall Street Equity Research, Capital IQ, and Green Street Estimates. Note: 3?Year CAGRs (2012E –2015E) used for ADT, cable, satellite, and telecom. 2?Year CAGRs (2012E –2014E) used for Monitronics, REITs, Consumer Staples, MLPs, and Utilities. CORVEX MANAGEMENT LP

Comparable Companies Operating Performance EBITDA CAGR Sector Group Median Cable, Satellite, and Telecom ADT Monitronics Source: Wall Street Equity Research, Capital IQ, and Green Street Estimates. ADT per Corvex estimates. Note: 3?Year CAGRs (2012E –2015E) used for ADT, cable, satellite, and telecom. 2?Year CAGRs (2012E –2014E) used for Monitronics, REITs, Consumer Staples, MLPs, and Utilities. CORVEX MANAGEMENT LP

Comparable Companies Operating Performance EPS CAGR Sector Group Median Cable, Satellite, and Telecom ADT Source: Wall Street Equity Research, Capital IQ, and Green Street Estimates. Note: 3?Year CAGRs (2012E –2015E) used for ADT, cable, satellite, and telecom. 2?Year CAGRs (2012E –2014E) used for REITs, Consumer Staples, MLPs, and Utilities. EPS CAGR calculated using AFFO for REITs and Distributable Cash Flow per Unit for MLPs. CORVEX MANAGEMENT LP

Recent Precedent Transactions RMR Purchase Multiples 65.0x Recent Precedent Transactions ADT Source: Company filings, press releases, Wall Street Equity Research, and Capital IQ. | 41 CORVEX MANAGEMENT LP

Bear Arguments • Limited FCF after growth capex • Cash tax shield going away after 2 years • Cable entry / threat | 42 CORVEX MANAGEMENT LP

Limited FCF After Growth Capex • A DCF is the best way to value ADT in our opinion • EBITDA –CapEx or FCF yield at a point in time is not a thoughtful cash flow valuation methodology -Not atypical for home security companies and other capital intensive businesses to have negative FCF -EBITDA –CapEx can be artificially inflated or deflated at any point in time by company’s level of discretionary growth capex • Equity investors should welcome growth investment by businesses with attractive returns on capital -Our analysis and field work supports the Company’s statement of ~14?21% unlevered customer IRRs -ADT should borrow at 3% and invest / re?invest in itself at ~14?21% returns as much as it can | 43 CORVEX MANAGEMENT LP

The Death of ADT’s Single?Digit Cash Tax Rate Has Been Greatly Exaggerated • The post–spin tax carryforwards along with cash tax planning opportunities will allow ADT to sustain a single?digit cash tax rate consistent with pre?spin cash tax rates (The ADT Corporation Form 10 Presentation, 4/10/12) • ADT will have significant deferred tax assets which results in the cash tax rate being significantly below the P&L rate -ADT expects to have $1.0 ?$1.2 billion of federal tax loss carry forwards at the time of the separation -In addition, ADT expects to have the ability to accelerate certain tax deductions that would allow us to minimize our cash tax rate for a period of time beyond the full utilization of the initial deferred tax assets (The ADT Corporation Investor Day Presentation, 9/18/12) | 44 CORVEX MANAGEMENT LP

Cash Taxes (cont’d) • While we will all learn more in November, our work has corroborated the existence of deferred tax assets (in addition to the inherited carry forward) which should enable ADT to preserve a low cashtaxratefor6+years • Additionally, the business should continue to generate an ongoing cash tax shield through continued subscriber growth and the upfront deduction of subscriber acquisition costs • A more appropriate capital structure will also lengthen the duration ofADT’s valuable cashtaxassets • No evidence of significant one?time “bonus depreciation” in deferred tax liabilities onADT’s balance sheet • Conspiracy theorists seem to not understand that companies are only able to make limited commentary during spin?off and while awaiting IRSrulings | 45 CORVEX MANAGEMENT LP

Cash Taxes (cont’d) • No other home security company is a significant cash tax payer • Importantly, we expect to be very efficient from a cash tax rate perspective. That’s going to be driven by two things. First, we expect that we’re going to inherit between $1 billion and $1.2 billion NOL at the time of the spin. In addition to that, we have the opportunity to accelerate certain deductions that will allow us to minimize that cash tax rate for a period of time beyond fully utilizing that initial NOL that we inherit… Overall, we expect our cash tax rate will be driven by federal AMC taxes, state taxes and Canadian income and withholding taxes resulting in an overall cash tax rate of between 6% and 8%. (Kathryn A. Mikells, 9/18/12) | 46 CORVEX MANAGEMENT LP

Cable Entry / Threat • We believe cable threat is manageable, which is not necessarily a contrarian view • Discussion of cable entering home security numerous times over the past 10?15 years, without results to date • Comcast is only cable company with a real home security product today (passes ~40% of homes in the U.S.) -Other cablecos behind Comcast; ‘science project’ stage for some • Home security companies have watched Comcast’s test markets and other test markets historically and not detected any impact • Home automation and advanced service offerings could change the opportunity for cable, but more likely to grow the overall market and threaten ‘mom & pops’ than negatively impact ADT | 47 CORVEX MANAGEMENT LP

Cable Entry / Threat (cont’d) • Cable industry would need to improve its image and devote resources to effectively compete inhome security -Muchmore complicated salesand marketing effort -Home security involves thousands of dollars of installed equipment, requiring more skilled technicians (and limiting synergies with existing truckrolls) -Need to overcome real and perceived poor customer satisfaction andlousy customer service -Cable not historically strong at selling anything other than triple play -When cable began providing landline telephony in the 1990s (a commodity product), achieved only~7?8%shareafter5years • Home security endmarketisnot material tolargecable companies -Mainareaofgrowth outside ofcoretripleplayisSMB | 48 CORVEX MANAGEMENT LP

Cable’s Relevance as Comp Group Overstated • Pay?TV is saturated / fully?penetrated industry • High speed internet still growing, but blended cable revenue growth still lower than home security by ~30?40% • Several well capitalized competitors trying to steal existing subscribers in any given market • Business model based on distributing another company’s content -Industry facing declining margins in video product due to rising content costs • Poor customer satisfaction (negative net promoter scores) • Requires centralized network maintenance capex • FCF benefitting from hiatus in growth capex after industry ?wide rollout of DOCSIS 3.0 | 49 CORVEX MANAGEMENT LP

Conclusion Predictable, Growing Cash Flows Under?levered Capital Structure / Balance Sheet Optionality Equity Shrink Story Multiple Expansion / Equity Appreciation CORVEX MANAGEMENT LP | 50