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 $582$

Do you have any reservations about case Exhibit $11$ base$-$case valuation model of Shamrock$$s ownership of the masters? Do the assumptions about cost of capital and steady$-$state growth rate seem reasonable? Does $$582$ million represent a sensible base$-$case value for the investment?