Exhibit $10$

Shamrock Capital: Pricing the Masters of Taylor Swift

Financial Forecast for Swift Catalog $($in millions$)$

Assumptions

$2020$E $2021$E $2022$E $2023$E $2024$E $2025$E $2026$E

Total streams $12,11715,75218,90322,68326,08528,69431,563$

Master royalty rate per stream $$0\mathrm{.}0038$ $$0\mathrm{.}0038$ $$0\mathrm{.}0039$ $$0\mathrm{.}0039$ $$0\mathrm{.}0040$ $$0\mathrm{.}0040$ $$0\mathrm{.}0041$

Growth rate for physical$/$digital sales $0\%0\%0\%0\%0\%0\%$

COGS percentage for physical sales $46\mathrm{.}4\%46\mathrm{.}4\%46\mathrm{.}4\%46\mathrm{.}4\%46\mathrm{.}4\%46\mathrm{.}4\%46\mathrm{.}4\%$

Revenue$-$sharing rate with artist $22\mathrm{.}4\%22\mathrm{.}4\%22\mathrm{.}4\%22\mathrm{.}4\%22\mathrm{.}4\%22\mathrm{.}4\%22\mathrm{.}4\%$

Revenue$-$sharing rate with Braun $3\mathrm{.}0\%3\mathrm{.}0\%3\mathrm{.}0\%3\mathrm{.}0\%3\mathrm{.}0\%3\mathrm{.}0\%$

Other operating expenses percentage $32\mathrm{.}0\%32\mathrm{.}0\%32\mathrm{.}0\%32\mathrm{.}0\%32\mathrm{.}0\%32\mathrm{.}0\%32\mathrm{.}0\%$

Account receivable days $76\mathrm{.}376\mathrm{.}376\mathrm{.}376\mathrm{.}376\mathrm{.}376\mathrm{.}376\mathrm{.}3$

Inventory days $19\mathrm{.}919\mathrm{.}919\mathrm{.}919\mathrm{.}919\mathrm{.}919\mathrm{.}919\mathrm{.}9$

Accrued royalties days $46\mathrm{.}146\mathrm{.}146\mathrm{.}146\mathrm{.}146\mathrm{.}146\mathrm{.}146\mathrm{.}1$

Accounts payable days $36\mathrm{.}936\mathrm{.}936\mathrm{.}936\mathrm{.}936\mathrm{.}936\mathrm{.}936\mathrm{.}9$

Net fixed asset turnover $20\mathrm{.}920\mathrm{.}920\mathrm{.}920\mathrm{.}920\mathrm{.}920\mathrm{.}920\mathrm{.}9$

Income Statement

$2020$E $2021$E $2022$E $2023$E $2024$E $2025$E $2026$E

Royalty revenue from streaming $34\mathrm{.}959\mathrm{.}972\mathrm{.}988\mathrm{.}8103\mathrm{.}7115\mathrm{.}7129\mathrm{.}2$

Revenue from physical and other digital $11\mathrm{.}011\mathrm{.}011\mathrm{.}011\mathrm{.}011\mathrm{.}011\mathrm{.}011\mathrm{.}0$

Total revenue $45\mathrm{.}970\mathrm{.}983\mathrm{.}999\mathrm{.}8114\mathrm{.}7126\mathrm{.}7140\mathrm{.}2$

Cost of physical sales $5\mathrm{.}15\mathrm{.}15\mathrm{.}15\mathrm{.}15\mathrm{.}15\mathrm{.}15\mathrm{.}1$

Royalty sharing with artist $10\mathrm{.}315\mathrm{.}918\mathrm{.}822\mathrm{.}425\mathrm{.}728\mathrm{.}431\mathrm{.}5$

Royalty sharing with Braun $2\mathrm{.}12\mathrm{.}53\mathrm{.}03\mathrm{.}43\mathrm{.}84\mathrm{.}2$

Other operating expenses $14\mathrm{.}722\mathrm{.}726\mathrm{.}932\mathrm{.}036\mathrm{.}740\mathrm{.}644\mathrm{.}9$

Operating profit $18\mathrm{.}225\mathrm{.}030\mathrm{.}637\mathrm{.}343\mathrm{.}748\mathrm{.}854\mathrm{.}5$

Balance Sheet Items

$2020$E $2021$E $2022$E $2023$E $2024$E $2025$E $2026$E

Accounts receivable $9\mathrm{.}614\mathrm{.}817\mathrm{.}520\mathrm{.}924\mathrm{.}026\mathrm{.}529\mathrm{.}3$

Inventory $0\mathrm{.}60\mathrm{.}60\mathrm{.}60\mathrm{.}60\mathrm{.}60\mathrm{.}60\mathrm{.}6$

Accrued royalties payable $1\mathrm{.}32\mathrm{.}02\mathrm{.}42\mathrm{.}83\mathrm{.}23\mathrm{.}64\mathrm{.}0$

Accounts payable $2\mathrm{.}02\mathrm{.}83\mathrm{.}23\mathrm{.}74\mathrm{.}24\mathrm{.}65\mathrm{.}1$

Net fixed assets $2\mathrm{.}23\mathrm{.}44\mathrm{.}04\mathrm{.}85\mathrm{.}56\mathrm{.}16\mathrm{.}7$

Note : COGS $=$ cost of goods sold.

Source: Author

Based on the requested $3\%$ payment to Braun specified in the base$-$case forecast in case Exhibit $10,$ what is the discounted cash flow value of the deal to Braun? Note that the cash flow to Braun is equal to his after$-$tax royalty income.analysis.