SCHOOL DISTRICT OF CLAYTON ANNUAL FINANCIAL INFORMATION AND OPERATING DATA- UNAUDITED Year ended June 30, 2019 History of Enrollment Listed below are the District's Fall enrollment figures for the last four and current school years: Grade 2014-2015 2015-2016 2016-2017 2017-2018 2018-2019 K 151 162 178 168 153 1st 173 169 169 198 164 2nd 174 177 183 187 190 3rd 185 180 180 196 192 4th 176 193 198 188 188 5th 203 191 206 210 194 6th 205 216 205 221 219 7th 209 221 229 201 242 8th 197 211 219 235 210 9th 217 211 222 232 226 10th 218 221 210 222 237 11th 226 216 224 206 227 12th 214 222 214 217 210 Total 2,548 2,590 2,637 2,681 2,652 Sources of Revenue The following table shows the allocation of the District's revenue from the various sources for the fiscal year ended June 30, 2019. Revenue Source % of Total Local Revenue 92.58 % County Revenue 0.92 State Revenue 3.03 Federal Revenue 2.85 Other Revenue 0.62 Total 100.00 % Note: Excludes proceeds from capital lease. - 75 - SCHOOL DISTRICT OF CLAYTON ANNUAL FINANCIAL INFORMATION AND OPERATING DATA - UNAUDITED Year ended June 30, 2019 Sources of Revenue by Fiscal Year The following table shows the District's sources ofrevenues for the fiscal years shown below: Fiscal Year Ended June 30 2015 2016 2017 2018 2019 Local County State Federal Revenue Revenue Revenue Revenue $52,263,173 $541,935 $1,621,831 $ 1,798,118 51,592,838 549,601 1,689,504 1,699,830 51,425,428 536,786 1,741,020 1,738,923 54,455,608 559,302 1,729,439 1,673,247 53,169,996 525,825 1,742,804 1,635,582 * Includes proceeds from the sale ofrefunded bonds and from the sale of land * * Includes statutory tuition revenue Property Tax Information Other Total Revenue Revenue $ 15,663 $56,240,720 6,394 55,538,167 30,729 55,472,886 31,264,065 * 89,681,661 357,047 ** 57,431,254 The following table provides the history of total assessed valuation of all taxable tangible property situated in the District, according to the assessments as of January 1, in the calendar years shown below: Calendar Year 2014 2015 2016 2017 2018 Assessed Valuation $ 1,002,431,060 1,037,313,560 1,036,106,710 1,152,388,120 1,136,240,380 - 76 - % Change NIA 3.48% -0.12% 11.22% -1.40%

SCHOOL DISTRICT OF CLAYTON ANNUAL FINANCIAL INFORMATION AND OPERATING DATA - UNAUDITED Year ended June 30, 2019 Sources of Revenue by Fiscal Year The following table shows the District's sources ofrevenues for the fiscal years shown below: Fiscal Year Ended June 30 2015 2016 2017 2018 2019 Local County State Federal Revenue Revenue Revenue Revenue $52,263,173 $541,935 $1,621,831 $ 1,798,118 51,592,838 549,601 1,689,504 1,699,830 51,425,428 536,786 1,741,020 1,738,923 54,455,608 559,302 1,729,439 1,673,247 53,169,996 525,825 1,742,804 1,635,582 * Includes proceeds from the sale ofrefunded bonds and from the sale of land * * Includes statutory tuition revenue Property Tax Information Other Total Revenue Revenue $ 15,663 $56,240,720 6,394 55,538,167 30,729 55,472,886 31,264,065 * 89,681,661 357,047 ** 57,431,254 The following table provides the history of total assessed valuation of all taxable tangible property situated in the District, according to the assessments as of January 1, in the calendar years shown below: Calendar Year 2014 2015 2016 2017 2018 Assessed Valuation $ 1,002,431,060 1,037,313,560 1,036,106,710 1,152,388,120 1,136,240,380 - 76 - % Change NIA 3.48% -0.12% 11.22% -1.40% SCHOOL DISTRICT OF CLAYTON ANNUAL FINANCIAL INFORMATION AND OPERATING DATA- UNAUDITED Year ended June 30, 2019 Tax Rates The following table shows the adjusted tax rates (per $100 of assessed valuation) levied against each subclass of property for the current fiscal year and the last three fiscal years for the District: Fiscal Year Ended June 30 2016 2017 2018 2019 Real Estate Real Estate Real Estate Residential Commercial Agricultural $ 3.8492 $ 4.5393 $ 3.8423 4.3583 3.6494 4.1682 3.6921 4.0670 Tax Rates - Allocation by Fund Personal Property $3.9985 3.9946 3.9845 3.9792 The following table shows the District's adjusted tax levies (per $100 of assessed valuation) for each of the following fiscal years: Fiscal Special Capital Year General Revenue Projects Debt Total Levy- Ended (Incidental) (Te ache rs') (Building) Service Blended June 30 Fund Fund Fund Fund Rate 2015 $ 1.2795 $ 2.2233 $ 0.1800 $ 0.6230 $ 4.3058 2016 1.2242 2.1186 0.1800 0.6230 4.1458 2017 0.9291 2.3057 0.2065 0.6230 4.0643 2018 0.9350 2.2278 0.1050 0.6230 3.8908 2019 1.0555 2.0770 0.1100 0.6230 3.8655 - 77 -

SCHOOL DISTRICT OF CLAYTON ANNUAL FINANCIAL INFORMATION AND OPERATING DATA- UNAUDITED Year ended June 30, 2019 Tax Rates The following table shows the adjusted tax rates (per $100 of assessed valuation) levied against each subclass of property for the current fiscal year and the last three fiscal years for the District: Fiscal Year Ended June 30 2016 2017 2018 2019 Real Estate Real Estate Real Estate Residential Commercial Agricultural $ 3.8492 $ 4.5393 $ 3.8423 4.3583 3.6494 4.1682 3.6921 4.0670 Tax Rates - Allocation by Fund Personal Property $3.9985 3.9946 3.9845 3.9792 The following table shows the District's adjusted tax levies (per $100 of assessed valuation) for each of the following fiscal years: Fiscal Special Capital Year General Revenue Projects Debt Total Levy- Ended (Incidental) (Te ache rs') (Building) Service Blended June 30 Fund Fund Fund Fund Rate 2015 $ 1.2795 $ 2.2233 $ 0.1800 $ 0.6230 $ 4.3058 2016 1.2242 2.1186 0.1800 0.6230 4.1458 2017 0.9291 2.3057 0.2065 0.6230 4.0643 2018 0.9350 2.2278 0.1050 0.6230 3.8908 2019 1.0555 2.0770 0.1100 0.6230 3.8655 - 77 - SCHOOL DISTRICT OF CLAYTON ANNUAL FINANCIAL INFORMATION AND OPERATING DATA- UNAUDITED Year ended June 30, 2019 Tax Collection Record The following table sets forth tax collection information for thy District for the last five fiscal years: Total Levy (per$100 of Current and Delinquent Fiscal Assessed Assessed Total Taxes Current Taxes Collected Taxes Collected Year Value) Valuation Levied Amount % Amount % 2014-15 $ 4.3058 $1,002,431,060 $ 43,162,677 $42,195,648 97.76% $42,465,881 98.39% 2015-16 4.1458 1,037,313,560 43,004,946 42,039,622 97.76% 39,737,985 92.40% 2016-17 4.0643 1,036,106,710 42,110,485 41,028,612 97.43% 40,202,268 95.47% 2017-18 3.8908 1,152,388,120 44,837,117 43,801,052 97.69% 43,078,099 96.08% 2018-19 3.8655 1,136,240,380 43,921 ,372 43,046,572 98.01% 42,500,328 96.76% Major Propei:-ty Taxpayers The ten largest real property taxpayers in the District according to their 2018 assessed valuations are listed below: % of District's 2018 Total Assessed Assessed Taxpayer Valuation Valuation

$ 29,156,600 2.57 %

25,185,160 2.22 %