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 analysis.

Exhibit $11$

Shamrock Capital: Pricing the Masters of Taylor Swift

Valuation Model for Swift Catalog. Base Case Scenario with No Rerecording $($in millions$)$

Assumptions

Cost of capital $8\mathrm{.}0\%$

Steady$-$state growth rate $2\mathrm{.}0\%$

Tax rate $21\%$

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

Operating profit $25\mathrm{.}030\mathrm{.}637\mathrm{.}343\mathrm{.}748\mathrm{.}854\mathrm{.}5$

Net working capital $($NWC$)6\mathrm{.}910\mathrm{.}612\mathrm{.}514\mathrm{.}917\mathrm{.}118\mathrm{.}920\mathrm{.}9$

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

Annual Cash Flow and Terminal Value

Net operating profit after tax $($NOPAT$)19\mathrm{.}824\mathrm{.}229\mathrm{.}534\mathrm{.}538\mathrm{.}643\mathrm{.}1$

Cash flow to NWC $3\mathrm{.}71\mathrm{.}92\mathrm{.}42\mathrm{.}21\mathrm{.}82\mathrm{.}0$

Cash flow to NFA $1\mathrm{.}20\mathrm{.}60\mathrm{.}80\mathrm{.}70\mathrm{.}60\mathrm{.}6$

Free cash flow $14\mathrm{.}921\mathrm{.}626\mathrm{.}431\mathrm{.}636\mathrm{.}240\mathrm{.}4$

Steady$-$state cash

flow $43\mathrm{.}4$

Terminal value $723$

Discounted Cash Flow

Present value of forecast horizon $127$

Present value of terminal value $456$

Total value to Shamrock $582$

Source: Author analysis.

Based on the payments specified in the base$-$case forecast, what is the discounted cash flow value of the deal to Swift? Note that the cash flow to Swift is equal to her after tax royalty income less increases in the amount retained for her accounts receivable. The amount of Swift's Accounts receivable from Shamrock is$,$ by definition, the same as the amount of Shamrock$$s accrued royalties to Swift.