#1crocs INVESTOR PRESENTATION February 2021#2FORWARD-LOOKING STATEMENT Some information provided in this document will be forward-looking, and accordingly, is subject to the Safe Harbor provisions of the federal securities law. These statements include, but are not limited to, statements regarding potential impacts to our business related to the COVID-19 pandemic, our financial condition, brand and liquidity outlook and expectations regarding our future revenue, tax rate, inventory and capital expenditures. These statements involve known and unknown risks, uncertainties and other factors, which may cause our actual results, performance or achievements to be materially different from any future results, performances, or achievements expressed or implied by the forward- looking statements. These risks and uncertainties include, but are not limited to, the following: the COVID-19 outbreak and related government, private sector, and individual consumer responsive actions; current global financial conditions, including economic impacts resulting from the COVID-19 outbreak; the effect of competition in our industry; our ability to effectively manage our future growth or declines in revenues; changing consumer preferences; our ability to maintain and expand revenues and gross margin; our ability to accurately forecast consumer demand for our products; our ability to successfully implement our strategic plans; our ability to develop and sell new products; our ability to obtain and protect intellectual property rights; the effect of potential adverse currency exchange rate fluctuations and other international operating risks; and other factors described in our most recent Annual Report on Form 10-K under the heading "Risk Factors" and our subsequent filings with the Securities and Exchange Commission. Readers are encouraged to review that section and all other disclosures appearing in our filings with the Securities and Exchange Commission. Crocs is not obligated to update these forward-looking statements to reflect the impact of future events. 2#3crocs™ CONTENT 2020 Highlights Positioned for Global Growth Financial Results Appendix 3#4Executive Summary Highest quarterly revenue in company history achieved in the fourth quarter ● ● ● ● Record 2020 revenue of $1.4bn, up over 12%, which was in line with pre-COVID guidance. 2020 Digital revenue growth +50% resulting in record digital penetration of 42%; DTC comparable sales +39% 2020 adjusted operating margin of 19% Doubled adjusted diluted EPS to record $3.22 Record cash flow generation Accelerated revenue growth of 20-25% anticipated for 2021 Comprehensive ESG framework to be rolled out in 2021 crocs™ Source: Images from Footwear News. FN ACHIEVEMENT AWARDS BRAND OF THE YEAR CROCS 4#52020 HIGHLIGHTS Source: Images from Instagram, Twitter.#62020 HIGHLIGHTS Incredible Year for Crocs ● ● Record revenue of $1.4bn in 2020, +13% amidst the COVID-19 pandemic Awarded Footwear News Achievement Awards (FNAA) 2020 Brand of the Year Increased brand desirability, relevance and consideration by double digits for 4th consecutive year Accelerated digital growth of 50% to represent an estimated 42% of 2020 revenue Donated >860,000 pairs of shoes, ~$40M retail value, to frontline healthcare workers Significantly increased EBITDA and operating margins Record cash flow generation. crocs™ Source: Image from Vogue UK. VOGUE FASHION BEAUTY ARTS & LIFESTYLE RUNWAY NEWS VIDEO MISS VOGUE BRITAIN V Crocs Have Infiltrated The Blackpink Wardrobe BY NAOMI PIKE 30 NOVEMBER 2020 SUBSC P 6#72020 HIGHLIGHTS Exceptional Revenue Growth and Adjusted Operating Margin YOY Growth $1,088 7.7% 2018 +6.3% Note: Revenue in USD millions. $1,231 11.6% 2019 +13.1% Double-Digit CAGR $1,386 18.9% 2020 +12.6% $1,730 $1.660 ~18-19% 2021E +20-25% 7#8crocs™ 2020 HIGHLIGHTS Best in Class Marketing Activations: 4Q 2020 PYM BRAND COLLABORATION POST MALONE crocs Our fifth collaboration with Post Malone does a double take with two colorways. Take your pick of pink or black, both in the Duet Max Clog II. ALIEN BEING NICE! SOLD OUT BRAND COLLABORATION 샌드박스 X 크록스 Don't miss this Jibbitz" charm collaboration with Korean network, Sandbox! Enjoy all 5 Jibbitz collections inspired by the larger than life personalities of five content creators. D&D C BRAND COLLABORATION G FLIP ARIP G Flip rocks her Crocs from awards shows to live shows-it was about time she created her own. In collaboration with this Australian musician we designed a clog as vibrant as her personality adorned with one-of-a-kind Jibbitz" charms that fans are sure to rock at shows around the world. SOLD OUT ARTIST COLLABORATION LUKE GOMBS x crocs SOLD OUT Luke Combs is back, and this time with more fuzz. The Luke Combs X Crocs Classic Lined Clog features Luke's "Skully" graphic, black fuzz lining, and new Jibbitz" charms. SOLD OUT BRAND COLLABORATION (nicolemclaughlin) Repel down into these limited-edition Nicole McLaughlin X Crocs Campsite Classic Clogs, the final piece in the Project Greenhouse collaboration. Each pair of clogs is fashioned with functional gear you might really use after a climb with friends Sold Out 20 49 BRAND COLLABORATION PIZZASLIME It wouldn't be Croc Day 2020 without an over-the-top riff on the Classic Clog, because more is more, and Croc Day deserves something big. ∞#975 BRAR! crocs LOXON OMOTI 2020 HIGHLIGHTS Accelerated Digital Growth in 2020 2020 Digital revenue +50% with growth in all regions Strong 2020 e-commerce growth of +58% Double-digit growth across multiple e-tail platforms 29% 39% Americas 2019 2020 Digital Penetration. 12020 28% 39% Asia Pacific -2019 Global 40% -2020 Global 55% 42% 31% ΕΜΕΑ 9#10SK8 300 POSITIONED FOR GLOBAL GROWTH Four Key Product Pillars Clogs: Innovate & grow clog relevance Sandals: Significant long-term growth potential Personalization crocs™ Visible Comfort Technology Tik Tok Powerful Social & Digital Marketing Digital and social focus globally Come As You Are Brand ambassadors Social influencers Collaborations Select growth drivers highlighted in today's presentation. COVID-19 IS IMPACTING US ALL CLICK HERE TO LEARN HOW IT IS IMPACTING CROCS - 21.00 Pend crocs WOMEN MEN KIDS JEBITE CHARMS CROCS AT WORK SALE COME AS YOU ARE SELECT STYLES 2 FOR $45 SHARING A FREE PAIR FOR HEALTHCARE Congo to work on the turns of of C COVI Continue to Request SHOP WOMEN'S SHOP MEN'S SHOP KIDS SHOP NOW EMAIL MY ACCOUNT SHOP CROCS AT WORK NEW SEASON, NEW COLORS newspring color splashes and se-aye patterns our new options are Classics in the making SHOP CLASSIC Digital-Led Route to Market E-commerce: Double-digit plus growth continues Retail: Prioritize outlets as most profitable retail format Wholesale: Strong growth opportunities within e-tail accounts; long-term growth potential with distributors Largest Long-Term Growth Opportunity in Asia Americas: Strong growth momentum EMEA: Solid growth on brand heat Asia: Largest long-term growth potential 10#11SIM ME C veg POSITIONED FOR GLOBAL GROWTH Significant Long-Term Growth Potential in Sandals $30B global category growing ~4% p.a. Fragmented market with no clear leader Crocs opportunity is to grow our share ● - • Consistent track record of growth 18% of footwear sales in 2020 - Pre-COVID, three consecutive years of double-digit growth Key drivers of sandal growth are: - Targeting female explorers - Marketing to support awareness - Higher purchase frequency to address multiple wearing occasions Source: L.E.K. Consulting and internal estimates. 11#12POSITIONED FOR GLOBAL GROWTH Capitalize on Personalization Trend with JibbitzTM Charms ● ● ● Personalization is a global megatrend Optimistic story-telling and personalization will be even more critical post COVID-19 ● Offers newness and inspiration at a compelling price point at point of sale Enhances average selling price (ASP) Jibbitz audience has ~2x customer lifetime value* • Drives relevance for the Crocs brand and supports clog and sandal sales Jibbitz revenues nearly doubled in 2020 crocs™ CELALA Berity J BOO veg * Represents behavior of global crocs.com customers for trailing twelve months as of November 2020. Actual CLV calculated using average order value and order frequency over last 365 days. Customers who purchased at least 5 Jibbitz over the last 365 days qualify as a Jibbitz shopper.. 12#13POSITIONED FOR GLOBAL GROWTH crocs™ 11% 2015 Digital-Led Route to Market 13% 2016 15% 2017 E-Commerce Penetration 17% Note: Chart reflects digital sales (e-commerce and e-tail) as a percentage of total sales. 2018 E-Tail Penetration 31% 2019 42% 2020 4Q 2020 represented 15th consecutive quarter of double-digit e-commerce revenue growth 13#14TM POSITIONED FOR GLOBAL GROWTH The China Opportunity Significant Whitespace 2nd largest footwear market in the world. Underpenetrated with only ~5% of our 2019 sales in China Investing for Growth • ● ● Building brand awareness in second year with Yang Mi Developing local-for-local marketing and collaborations Changing brand image through new concept stores Focusing on key T1 and T2 cities with high spending power and participation of Gen Z consumers Repositioning to a higher quality partner store network Accelerating strong e-commerce presence through marketplaces (JD, Tmall, VIP) Maintaining focus through Board oversight committee We anticipate accelerated growth in 2022 14#15FINANCIAL RESULTS 15#16FINANCIAL RESULTS 2020: A Very Successful Year ● ● Robust revenue growth (+13%) Improved quality of revenues Fewer discounts and promotions Expanded margins - Higher prices Fewer discounts and promotions - Favorable product mix - Leveraged SG&A, while supporting growth • Invested to support future growth Doubled E-com distribution capacity in the US - Relocating EMEA DC in 2021 Strengthened balance sheet crocs™ Source: Image from Forbes. Forbes EDITORS' PICK | Dec 7, 2020, 06:38pm EST | 9,996 views How Crocs Devoured 2020 Deniz Çam Forbes Staff Billionaires I cover the world's richest people. fin Hungry for More: Crocs released its fifth collaboration with Post Malone on December 8. DAVID BRANDON GEETING/CROCS 16#17heidiklum 7.8m followers View More on Instagram 69,957 likes heidiklum Who is walking who ...? View Profile 口 FINANCIAL RESULTS 2020 Q4 Financial Results Revenue Gross Margin Adj. Gross Margin** Adj. SG&A as % of Revenue** Operating Margin Adj. Operating Margin Diluted EPS Adj. Diluted EPS** * ** ** Revenue growth on a constant currency basis. See reconciliation to GAAP equivalents in Appendix Q4 $411.5 55.7% 56.0% 34.9% 15.7% 21.1% $2.69 $1.06 vs. PY +56.1% * +770 bp +670 bp +950 bp +1,250 bp +1,620 bp +827% +783% 17#18W KOREA crocs™ FINANCIAL RESULTS 2020 Financial Results Revenue Gross Margin Adj. Gross Margin** Adj. SG&A as % of Revenue Operating Margin Adj. Operating Margin Diluted EPS Adj. Diluted EPS** * ** ** Revenue growth on a constant currency basis. See reconciliation to GAAP equivalents in Appendix 2020 $1,386.0 54.1% 54.6% 35.6% 15.4% 18.9% $4.56 $3.22 vs. PY +13.5%* +400 bp +350 bp +390 bp +490 bp +730 bp +175% +100% 18#19FINANCIAL RESULTS Shareholder Returns: Share Repurchase Since 2016, we have repurchased $431M in shares at an average price of $22.65 per share ● % of Basic WASO Avg. Repurchase Price Share Count (10-K Filing) $0 2016 73,691 $50 2017 7.8% $8.82 68,831 $63 2018 8.6% $17.44 73,336 $147 2019 8.6% $24.20 68,268 Note: Share repurchase in USD millions. Basic weighted average shares outstanding (WASO) per Income Statement. Ending share count in thousands as published on Form 10-K. $171 2020 5.5% $46.50 65,440 19#20FINANCIAL RESULTS 2020 Tax Restructure In Q4, we completed a series of transactions resulting in changes to our international legal structure, including a transfer of certain intellectual property (IP) rights to the Netherlands, primarily to align with current and future international operations • The transfer resulted in a step-up in tax basis of IP rights and a correlated increase in foreign deferred tax assets based on the fair value of the transferred intellectual property rights A net deferred tax asset of $127.7M was recognized along with a corresponding foreign deferred income tax benefit • This change is anticipated to generate -$25M of annual cash tax savings for the foreseeable future • GAAP requires that we take the net present value of these cash savings upfront, which is why we will pro a non-GAAP tax rate to better reflect our cash tax rate ● • For the foreseeable future, we anticipate: - GAAP effective tax rate of approximately 25% - Non-GAAP effective tax rate of approximately 16% to 18% Please refer to our Form 10-K filing for additional detail crocs™ 20#21FINANCIAL RESULTS 2021 Reporting Changes ● To reflect the importance of Direct to Consumer (DTC), we will report two channels - DTC and Wholesale Combining Retail and E-Com channels into a new DTC channel - Reporting DTC Revenue and DTC Comp only - Continuing to report Digital as a % Revenue Reportable operating segments of Americas, Asia Pacific, and EMEA remain unchanged Company-operated full-price retail and outlet stores, kiosks, and store-in-store crocs™ DTC Crocs.com Third-party marketplaces (e.g., Tmall, eBay) Digital Wholesale e-tailers (e.g., Amazon, Zappos, Zalando) Distributors, multi-brand, and brick-and-mortar retailers 21#22FINANCIAL RESULTS 2021 Outlook Assuming no impact of future COVID-related shutdowns in major markets, we expect: crocs™ Revenue Growth Non-GAAP Adjustments to Gross Margin Adjusted Operating Margin GAAP Tax Rate Non-GAAP Tax Rate Capital Expenditures Q1 2021E Note: All figures are approximate. USD millions where noted. 40-50% $3M 17-18% FY 2021E 20-25% $12-15M 18-19% 25% 16-18% $100-$130M Crocs long-term growth plan to be communicated during our Investor Day in Q3 22#232230 Key Investment Highlights ● ● ● ● ● ● ● Leading Global Footwear Brand Anchored by Iconic Product with Democratic Appeal Market Leader in Clog Category with Significant Whitespace in Sandals and Personalization Accelerating Our Industry Leading Digital Penetration Global Footprint with Opportunity to Grow and Scale International Markets Authentic, Come As You Are Culture with Commitment to ESG Strong Financial Profile and Exceptional Free Cash Flow Generation Best-in-Class Management Team with Deep Industry Knowledge and Expertise crocs™ 23#24FORC APPENDIX#25● ● Environment Sustainable Ingredients Resource Use Packaging End of Life COMPREHENSIVE ESG COMMITMENT crocs™ WI m Social Human Capital • Social Capital Community Involvement / Crocs Cares We plan to share more details as 2021 progresses ● Governance Board and Management Business Ethics / Risk Management Accounting Practices / Internal Controls 25#26Select ESG Data ● Environment Joined Sustainable Apparel Coalition (SAC) Exploring environmentally-friendly raw materials Currently rework ~45% of our Croslite production waste back into our production processes Over 98% of our product line is currently Vegan with a goal of being a 100% Vegan brand by the end of 2021 In 2020, over 85% of our product has been sold without shoe boxes Over the past 5 years, we've been able to save almost 250M shoe boxes from entering the market Partner with several organizations to keep unsellable product and samples out of the landfill, with >90,000 pairs of shoes donated in 2020 crocs™ Social Diverse workforce with diversity recruiting strategy - Female: 52% Management / 68% All Other - URG*: 23% Management / 57% All Other Culture of learning & development • Regular engagement / employee listening Implemented pay equity practices Established CAYA* Councils and CAYA Series Maintain a factory Social Compliance Code of Conduct and Certification Process ● ● ● ● ● Social compliance audits in accordance with WRAP* principles Monitor ~600 chemicals in our supply chain for compliance with legal/regulatory requirements Crocs Cares provides shoes, funds and time, with ~1 million pairs donated in the past 5 years ● ● ● DA Governance Remains an area of strength evidenced by ISS and MSCI rankings Diverse Board: 38% Female / 13% URG* Responsible and performance-driven compensation programs Effective Enterprise Risk Management (ERM) and Ethics & Compliance program frameworks Established an ESG/sustainability management and oversight framework Strong internal controls, accounting and audit practices Note: URG represents underrepresented groups. CAYA represents "Come as You Are". WRAP represents Worldwide Responsible Accredited Production. 2 26#27NON-GAAP RECONCILIATION Non-GAAP cost of sales, gross profit, and gross margin reconciliation: GAAP revenues GAAP cost of sales New distribution centers (1) COVID-19 inventory write-off (2) Other Total adjustments Non-GAAP cost of sales GAAP gross profit GAAP gross margin Non-GAAP gross profit Non-GAAP gross margin (2) Three Months Ended December 31, crocs™ $ $ $ 2020 $ 411,506 182,422 (1,550) $ (1,550) $ 180,872 $ $ 229,084 $ 55.7% 2019 (in thousands) 262,979 $ 1,385,951 136,741 (3,413) Year Ended December 31, 84 (3,329) 133,412 $ $ 636,003 (4,186) (2,396) (119) (6,701) 629,302 126,238 $ 48.0 % 2020 749,948 54.1 % $ 1,230,593 $ $ 2019 $ 613,537 (11,394) 230,634 $ 56.0 % 129,567 $ 49.3 % 756,649 $ 54.6% 51.19 (1) Represents expenses, including expansion costs, related to our distribution centers in Dayton, Ohio and Dordrecht, the Netherlands and initial costs for our new third-party operated distribution center in Chiba, Japan. Represents an inventory write-off in our Asia Pacific segment associated with the impact of COVID-19. (91) (11,485) 602,052 617,056 50.1 % 628,541 Non-GAAP selling, general and administrative expenses reconciliation: GAAP revenues GAAP selling, general and administrative expenses Donations of inventory COVID-19 severance costs COVID-19 impact of bad debt expense (1) Other COVID-19 costs (2) Asset impairments (3) (4) Duplicate headquarters rent Non-recurring expenses associated with cost reduction initiatives in 2019 Offering fees (5) Other (6) Total adjustments GAAP selling, general and administrative expenses as a percent of revenues Non-GAAP selling, general and administrative expenses (7) Non-GAAP selling, general and administrative expenses as a percent of revenues (5) (6) Three Months Ended December 31, $ $ $ 2020 411,506 164,453 70 315 (18) (21,071) (154) 8 (20,850) 143,603 40.0 % $ $ $ 117,882 $ 2019 (in thousands) 262,979 $ 1,385,951 (584) (589) (1,173) 116,709 44.8% Year Ended December 31. 2019 2020 Represents non-recoverable duties, non -recurring costs related to the closure of company severance costs, and various other immaterial items. (7) Non-GAAP selling, general and administrative expenses are presented gross of tax. 535,824 (9,900) (2,403) (4,118) (845) (21,071) (1,274) $ 1,230,593 38.7% $ 488,407 (2,125) (41,736) $ 494,088 $ (2,282) (589) 34.9% 44.4% 35.6% 39.5 9 (¹) Represents bad debt expense associated with the impact of COVID-19 on wholesale partners in our Asia Pacific and Americas segments. (2) Represents costs incurred in response to the COVID-19, including hazard pay, cleaning costs, and legal costs. (3) Represents impairments to our long -lived assets for a retail store in New York City and for our former corporate headquarters in Niwot, Colorado. (2,871) 485,536 (4) Represents ongoing duplicate rent costs associated with our move to our new headquarters in Broomfield, Colorado, while we conclude the lease for our former headquarters. Represents fees associated with the November 4, 2019 underwritten public offering, in which certain investment funds affiliated with The Blackstone Group Inc. sold 6.9 million shares of our stock to Morgan Stanley & Co. LLC. We did not receive any proceeds from this sale. -owned retail stores in Australia, employee 27 39.79#28NON-GAAP RECONCILIATION (cont'd) Non-GAAP income from operations and operating margin reconciliation: GAAP revenues GAAP income from operations Non-GAAP cost of sales adjustments (1) Non-GAAP selling, general and administrative expenses adjustments (2) Non-GAAP income from operations Three Months Ended December 31. crocs™ $ $ $ 2020 411,506 64,631 $ 1,550 20,850 87,031 $ 15.7% 21.1% 2019 8,356 3,329 GAAP operating margin Non-GAAP operating margin (1) See 'Non-GAAP cost of sales and gross margin reconciliation' above for more details. (2) See 'Non-GAAP selling, general and administrative expenses reconciliation' above for more details. 1,173 $ 12,858 (in thousands) 262,979 $ 1,385,951 $ 1,230,593 3.2% 4.9% $ Year Ended December 31, $ 2020 214,124 $ 6,701 41,736 262,561 2019 15.4% 18.9% 128,649 11,485 2,871 $ 143,005 10.5 9 11.6% Non-GAAP income tax expense (benefit) and effective tax rate reconciliation: GAAP income from operations GAAP income before income taxes Non-GAAP income from operations (¹) GAAP non-operating income (expenses): Foreign currency gains (losses), net Interest income Interest expense Other income (expense), net Non-GAAP income before income taxes GAAP income tax benefit Tax effect of non-GAAP operating adjustments Benefit of U.S. deferred tax assets previously subject to valuation allowance in 2019 Intra-entity IP transfer (2) Non-GAAP income tax expense GAAP effective income tax rate Non-GAAP effective income tax rate Three Months Ended December 31, $ $ $ 2020 64,631 $ 63,423 87,031 306 26 (1,149) (391) 85,823 (119,907) 6,014 127,718 13,825 (189.1)% 16.1% $ $ $ $ 2019 12,858 (in thousands) 8,356 $ 214,124 $ 6,220 206,979 (430) 108 (1,893) 79 10,722 2,088 $ (13,693) $ 1,126 14,655 (220.1)% 19.5% Year Ended December 31, 2019 2020 $ 262,561 (1,128) 215 (6,742) 510 $ 255,416 $ (105,882) 12,123 127,718 33,959 $ (51.2)% 13.3% $ $ 128,649 119,322 143,005 (1,323) 601 (8,636) 31 133,678 (175) 3,589 14,655 18,069 (0.1)⁰ 13.5 9 (¹) See 'Non-GAAP income from operations and operating margin reconciliation' above for more details. (2) Represents changes to our international legal structure, including an intra-entity transfer of certain intellectual property rights, primarily to align with current and future international operations. The transfer resulted in a step-up in tax basis of intellectual property rights and a correlated increase in foreign deferred tax assets based on the fair value of the transferred intellectual property rights. 28#29NON-GAAP RECONCILIATION (cont'd) Non-GAAP earnings per share reconciliation: Numerator: GAAP net income Non-GAAP cost of sales adjustments (¹) Non-GAAP selling, general and administrative expenses adjustments (2) Non-GAAP other income adjustment (3) Tax effect of non-GAAP adjustments (4) Non-GAAP net income Denominator: GAAP weighted average common shares outstanding basic Plus: GAAP dilutive effect of stock options and unvested restricted stock units GAAP weighted average common shares outstanding - diluted GAAP net income per common share: Basic Diluted Non-GAAP net income per common share: Basic Diluted $ crocs™ $ $ $ $ $ Three Months Ended December 31, 2020 183,330 $ 1,550 20,850 (133,466) 72,264 $ 66,729 1,325 2020 2019 (in thousands, except per share data) 68,054 2.75 $ 2.69 1.08 $ 1.06 $ 19,913 $ 312,861 3,329 6,701 1,173 (15,781) 8,634 68,441 1,402 69,843 $ 0.29 $ 0.29 $ Year Ended December 31, 0.13 $ 0.12 $ 41,736 (919) (139,841) 220,538 $ 67,386 (1) See 'Non-GAAP cost of sales, gross profit, and gross margin reconciliation' above for more information. (2) See 'Non-GAAP selling, general and administrative expenses reconciliation' above for more information. (3) Represents a fair value adjustment associated with our donations of inventory. (4) See 'Non-GAAP income tax expense (benefit) and effective tax rate reconciliation' above for more information. 1,158 68,544 $ 4.64 $ 4.56 $ 3.27 $ EA SA 3.22 $ 2019 119,497 11,485 2,871 (18,244) 115,609 70,357 1,414 71,771 1.70 1.66 1.64 1.61 First Quarter 2021: RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL GUIDANCE Non-GAAP operating margin reconciliation: GAAP operating margin Non-GAAP adjustments associated with distribution center investments Non-GAAP operating margin Full Year 2021: Non-GAAP operating margin reconciliation: GAAP operating margin Non-GAAP adjustments associated with distribution center investments Non-GAAP operating margin Non-GAAP effective tax rate reconciliation: GAAP effective tax rate Non-GAAP adjustments associated with amortization of IP Non-GAAP effective tax rate Approximately 16% to 17% 1% 17% to 18% Approximately 17% to 18% 1% 18% to 19% 25% (7)% to (9)% 16% to 18% 29#30L Frei CA08