Likelihood presented to us by the brochure (10)
I believe the answer is:
prospectus
'the brochure' is the definition.
(I've seen this before)
'likelihood presented to us' is the wordplay.
'likelihood' becomes 'prospect' (I've seen this before).
'presented to' is a charade indicator (letters next to each other).
'prospect'+'us'='PROSPECTUS'
'by' is the link.
(Other definitions for prospectus that I've seen before include "Programme" , "Brochure giving details of college courses etc" , "University entering opportunities for success in brochure" , "Outline plan for approval" , "Booklet of what's on offer" .)