Ann: Investor Presentation, page-10

That number refers to the total volume of products containing zinc oxide. Max would be 25% of that, but we know there are many formulations that only use a small concentration of zinc oxide, typically in combination with titanium dioxide. The average concentration of zinc oxide in products on the market at that time was almost certainly less than 10% and probably closer to 5%. That gets you to less than 500MT in 2016.

The specific language about how to read this table is elsewhere in the document, but you can infer this from the footnote, as well as the fact that avobenzone is at the top in terms of consumption. We know that it is almost always combined with several of the next most common ingredients, but max concentration of avobenzone is 3% while the others are used at 8% to 10%. In terms of volume of the active ingredients themselves, the demand for the other common chemicals would likely be 2-3x the demand for avobenzone.