Ann: ANO Investor Presentation Update, page-48

It refers to an approx wholesale/distributor price. The brand owners would buy for a higher price after distributor margins.

The arrangements with Merck for Alusion are separate and volume output is based on a different capacity (and is a separate product revenue stream). The price sold to Merck is around 40EUR ($62 AUD). There’s talk that Merck are ordering in 40t container loads now. The board talked about the Alusion volumes could be significantly more if the license for other purposes outside of cosmetics was pursued and something they are keen to do. Alusion could be several hundred tonne business in near future.