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 Confidentiality Agreement

The undersigned reader acknowledges that the information provided by

_________________________ in this marketing plan is confidential; therefore, reader agrees not
to disclose it without the express written permission of _________________________.

It is acknowledged by reader that information to be furnished in this marketing plan is in all

respects confidential in nature, other than information which is in the public domain through other
means and that any disclosure or use of same by reader, may cause serious harm or damage to
________________________.

Upon request, this document is to be immediately returned to _________________________.

___________________
Signature

___________________
Name (typed or printed)

___________________
Date

This is a marketing plan. It does not imply an offering of securities.

 Table Of Contents

1.0 Executive Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

2.0 Situation Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2

2.1 Market Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . .2
2.1.1 Market Demographics . . . . . . . . . . . . . . . . . . . . .3
2.1.2 Market Needs . . . . . . . . . . . . . . . . . . . . . . . . .3
2.1.3 Market Trends . . . . . . . . . . . . . . . . . . . . . . . .4
2.1.4 Market Growth . . . . . . . . . . . . . . . . . . . . . . . .5
2.2 SWOT Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5
2.2.1 Strengths . . . . . . . . . . . . . . . . . . . . . . . . . .5
2.2.2 Weaknesses . . . . . . . . . . . . . . . . . . . . . . . . .6
2.2.3 Opportunities . . . . . . . . . . . . . . . . . . . . . . . . .6
2.2.4 Threats . . . . . . . . . . . . . . . . . . . . . . . . . . . .6
2.3 Competition . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6
2.4 Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .7
2.5 Keys to Success . . . . . . . . . . . . . . . . . . . . . . . . . . . . .7
2.6 Critical Issues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .7

3.0 Marketing Strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8

3.1 Mission . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
3.2 Marketing Objectives . . . . . . . . . . . . . . . . . . . . . . . . . . 8
3.3 Financial Objectives . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
3.4 Target Marketing . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
3.5 Positioning . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
3.6 Strategy Pyramids . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
3.7 Marketing Mix . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
3.8 Marketing Research . . . . . . . . . . . . . . . . . . . . . . . . . . 10

4.0 Financials, Budgets, and Forecasts . . . . . . . . . . . . . . . . . . . . . . 10

4.1 Break-even Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . 10
4.2 Sales Forecast . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
4.3 Expense Forecast . . . . . . . . . . . . . . . . . . . . . . . . . . . 12

5.0 Controls . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
5.1 Implementation Milestones . . . . . . . . . . . . . . . . . . . . . . . 14
5.2 Marketing Organization . . . . . . . . . . . . . . . . . . . . . . . . . 14
5.3 Contingency Planning . . . . . . . . . . . . . . . . . . . . . . . . . 15
 Grizzly Bear Financial Managers

1.0 Executive Summary

Grizzly Bear Financial Managers is a comprehensive financial planning and estate planning
consultancy. Grizzly's services are comprehensive in terms of offered products (mutual funds,
equities, estate planning) as well as in terms of depth of research. The up-front cost to do in-depth
research into prospective investments and possible options for the client will be eclipsed by a long-
term relationship that is likely to be established out of earned respect.

Grizzly Bear Financial Managers serves the Minneapolis metropolitan area. Grizzly will be
generating new clients through a combination of networking and monthly public seminars that
introduces otherwise unreachable segments of the population to Grizzly's services. Besides the
seminars developing new business, it is also a way that Grizzly can give back to the community.

Our mission is to provide comprehensive financial planning services for our customers. We exist to
attract and maintain customers. When we adhere to this maxim, everything else will fall into place.
Our services will exceed the expectations of our customers.

Grizzly Bear Financial Managers will be marketing their services to two different groups of people,
those in need of investing advice, and those that are in need of estate planning help. These two
groups will be targeted through networking activities and public seminars. Grizzly's competitive
advantage of thoroughness of services offered as well as in-depth research will turn prospective
clients into long-term customers.

Grizzly is a sole proprietorship that will reach profitability by month eight and will have profits of
$21,000 by the end of year three, based on total sales exceeding $90,000.

Annual Sales Forecast

$160,000

$140,000

$120,000

$100,000
Estate planning
$80,000
Investing
$60,000

$40,000

$20,000

$0
2003 2004 2005

Page 1
 Grizzly Bear Financial Managers

2.0 Situation Analysis

Grizzly is entering its first year of operations. Grizzly offers financial planning, investing services
and estate planning and has identified two market segments that it will serve. Grizzly has gathered
a fair amount of information about its target customers and will leverage this information to meet
the needs of the targeted customers. The basic market need is a comprehensive financial planning
and estate planning consultancy.

2.1 Market Summary

Within the entire financial service market, Grizzly will concentrate on two distinct market
segments. Grizzly has researched these two market segments and will use the captured
information to better understand how to serve these segments, their specific needs, and how
Grizzly can best communicate with them.

Target Markets

Estate planning customers

Investment customers

Table 2.1: Target Market Forecast

Target Market Forecast

Potential Customers Growth 2003 2004 2005 2006 2007 CAGR
Estate planning customers 8% 38,745 41,845 45,193 48,808 52,713 8.00%
Investment customers 9% 43,558 47,478 51,751 56,409 61,486 9.00%
Total 8.53% 82,303 89,323 96,944 105,217 114,199 8.53%

Page 2
 Grizzly Bear Financial Managers

2.1.1 Market Demographics

The profile for the Grizzly Bear Financial Managers' customer consists of the following geographic,
demographic, and behavior factors.

Geographics

• The immediate geographic target is the city of Minneapolis, MN with a population of

650,000.
• A 45 mile geographic area is in need of the services.
• The total targeted population is 82,303.

Demographics

• Male and female. Over the age of 33, the percentage of male to female clients is 53% to
47%.
• An average household income of at least $70,000.
• Clients typically are a couple.
• 67% of the clients have at least an undergraduate degree.
• 23% of the clients have a graduate degree.

Behavior Factors

• Looking to gain financial security for their retirement years.

• Interested in reducing future tax liabilities.
• Desire gaining financial independence.
• Forward, strategic orientated.

2.1.2 Market Needs

Grizzly Bear Financial Managers is providing its customers with comprehensive financial and estate
planning services for middle to upper income customers. Grizzly seeks to fulfill the following
benefits that are important to its customers.

• Comprehensiveness: The full selection of services offered, as well as full-detail research

is appreciated by customers who would prefer to get all the relevant information and
services from one entity.

• Expertise: Customers demand expertise as they are trusting their money and financial
futures to their financial planners.

• Customer Satisfaction: Because the customers are trusting so much to the planners, it is
important that they feel completely satisfied by all interactions.

Page 3
 Grizzly Bear Financial Managers

2.1.3 Market Trends

The market trend for financial planning has been an increase of individuals doing their own
planning. This trend is likely to be short lived.

• The trend has occurred primarily due to the incredible amount of information that is
available over the Internet. While the internet has been a godsend for information seekers,
time must be spent sifting through all the information and determining the relevance of the
information.

• The trend is likely to be short lived. To make good financial decisions, you need to devote a
large amount of time to perform the requisite due diligence. Therefore the new-found
accessibility of information does not decrease the time of the decision making process
because of the need to filter the information.

• This trend is quite analogous to Internet-based day traders. For a couple of years, Internet
day traders were all the rage. The market niche quickly grew large. As the market
recovered from the initial Internet enthusiasm, the number of day trader transactions by
non-financial people decreased significantly as the reality that the amount of information
available does not make it efficient and profitable to undertake activities that previously
required a fair amount of time, research, and information to accomplish successfully.

Market Forecast

120,000

100,000

80,000

60,000 Estate planning customers

Investment customers
40,000

20,000

0
2003 2004 2005 2006 2007

Page 4
 Grizzly Bear Financial Managers

2.1.4 Market Growth

In the year 2000, the financial advisor market generated $9 billion in revenue. Financial planning is
a profession that requires lots of information and time to achieve success. Most people do not have
the time to do a proper job so they turn to professionals. Since financial planning for the
retirement years is especially important, the need for financial services will not likely be
significantly diminished any time soon.

The financial market as a whole has seen a 5% growth rate for the last four years and it is
forecasted to maintain this rate for another three.

Target Market Growth

9.00%

8.00%

7.00%

6.00%

5.00%

4.00%

3.00%

2.00%

1.00%

0.00%
Estate planning customers Investment customers

2.2 SWOT Analysis

The following SWOT analysis captures the key strengths and weaknesses within the company and
the opportunities and threats that the industry faces.

2.2.1 Strengths

• Financial expertise, both practical and educational.

• Strong relationship-selling techniques.
• A proven business model with a customer-centric focus.

Page 5
 Grizzly Bear Financial Managers

2.2.2 Weaknesses

• Low brand power, a function of being a start-up company.

• The difficulty generating brand equity with a limited marketing budget.
• A rough first six months due to the low volume of clients.

2.2.3 Opportunities

• Participation within a stable, growing industry.

• The true need for financial advisors by the majority of people.
• Locating the business within a growing metropolitan area.

2.2.4 Threats

• A financial advisor scandal that shakes the confidence of consumers irrationally because of
the misdeeds of a firm or small number of firms.
• The proliferation of financial advisor chains, the equivalent of H & R Block in the tax world.

2.3 Competition

Competition comes from many different sources:

• Independent financial planners. These are often most like Grizzly Bear Financial
Managers. They do not belong to a larger company, and they are not affiliated with any
type of company, mutual fund, or other entity.

• Financial planners that are part of a larger organization. Examples of these would be
American Express, Charles Schwab, and Merrill Lynch. While these planners might offer
good advice, they are often biased, having a financial interest in the companies that they
sell equity in.

• Tax and estate planning attorneys. These are professionals with a legal background
who offer similar financial services, sometimes as a sideline to their practice of law,
sometimes this is their exclusive service.

• True niche players who work only as stock brokers or only do estate planning.
While these people probably have very detailed information about their area of
specialization, often estate planning or financial planning requires a breadth of knowledge in
many areas.

The buying patterns of consumers are often based on networking or who the person knows. This is
because the industry of financial planning is so populated it is quite hard to make a decision for
choosing a service provider. Since many/most people after a certain age have at least visited a
financial planner it is not difficult to get a referral for a planner.

Page 6
 Grizzly Bear Financial Managers

2.4 Services

Grizzly Bear Financial Managers is a comprehensive financial planning consultancy. Grizzly is a

financial and estate planner.

• Stocks: Grizzly has a series seven state and federal securities license, allowing it to sell
stock. Grizzly takes the order from the customer and forwards it to their clearing agent,
Bear Stearns.

• Estate Planning: Grizzly offers estate planning to customers specializing in tax

consequences and maximizing the amount that can be transferred to relatives before
death.

Financial management is a populated space, just like real estate. There are literally hundreds of
financial managers serving the Minneapolis metropolitan area. The secret is specializing
(concentrating on a specific area in the market, helping you to be differentiated from all the other
service providers) and networking (building your business through personal/professional contacts).
Although the financial market is pretty full, there is room for new providers that specialize and
offer unsurpassed customer attention.

2.5 Keys to Success

The following are the keys to success, the factors that make the difference between success and
failure:

• Comprehensiveness;
• Expertise;
• Customer focus.

2.6 Critical Issues

Grizzly Bear Financial Managers is still in the speculative stages as a start-up business. The critical
issue that it faces is that expansion of the service providers must be done to ensure superior
service provided. It should not be undertaken because of a perceived increase in future demand,
but done to meet current demand.

Page 7
 Grizzly Bear Financial Managers

3.0 Marketing Strategy

The marketing strategy will consist of several activities used to increase visibility for the
organization and disseminate information about Grizzly.

The owner, Meghan, will be offering public seminars on estate planning and financial planning in
Minneapolis once or twice a month. These workshops will have subsidized rates and encourage
people to attend and learn as much as possible. These seminars will typically take place in a public
building and offer a general discussion on the subject.

Meghan will caution people against solely using this information to make decisions. Instead they
will be encouraged to see a professional individually so they can better assess the customer's
needs. The seminars will attempt to get these people to start thinking about their financial future.
These seminars are a very good and efficient way of introducing Meghan to clients who would
otherwise not at all be familiar with her.

Meghan will also be doing a lot of networking to drum up business. One outstanding source of
networking is with her friends from her MBA program. While everyone that went through the MBA
program has a good educational foundation for financial management, most people do not do their
own planning but are assisted by a specialist.

Meghan will be contacting her colleagues through social occasions, keeping in touch with them, and
offering her services if they are in need. These two methods will accurately target the segmented
populations and allow Meghan to build her client list. Lastly, Grizzly Bear will be using
advertisements to help communicate its message.

3.1 Mission

Grizzly Bear Financial Managers' mission is to provide comprehensive financial planning services for
our customers. We exist to attract and maintain customers. When we adhere to this maxim,
everything else will fall into place. Our services will exceed the expectations of our customers.

3.2 Marketing Objectives

• Increase referral customers by 7% a quarter.

• Increase the number of seminars by two each year.
• Increase sales revenue each month for at least the first two years.

3.3 Financial Objectives

• Increase profits, as a percentage of revenue, by 1% every two quarters.

• Hold marketing expenses, as a percentage of sales, to a 2% increase after year two.
• Decrease costs associated with serving a client by 3% a year for the first three years.

Page 8
 Grizzly Bear Financial Managers

3.4 Target Marketing

Grizzly Bear Financial Managers has chosen these two groups because they both have money to
invest and most need assistance in determining how to invest or how to structure their estate.

These groups will be targeted through two methods. The first is old-fashioned networking. Meghan
made a lot of contacts in her pursuit for her MBA. In addition to networking her contacts from
school, Meghan will also network using her social contacts.

Meghan will also be targeting groups through the production of public seminars on estate planning
and investing. These seminars typically take place in a public area such as a library hall. The
seminars provide a basic level of knowledge.

The seminar is not meant to supplant Meghan's services, they are meant to whet people's
appetites for more information. The real reason for these however is to get a diverse crowd of
people interested in Meghan and the services she offers, creating new business.

3.5 Positioning

Grizzly Bear Financial Managers will position itself as a comprehensive financial consultancy for
financial and estate planning in the Minneapolis metropolitan area. The following competitive edge
will be leveraged to achieve the desired positioning.

Grizzly Bear Financial Managers' competitive advantage is its comprehensive approach to research
and services provided. It is Meghan's philosophy that she can develop more value for her
customers by investing time up front while researching different options. Most planning firms will
do adequate research in terms of looking into different options. Certainly enough to meet due
diligence requirements. While this is sufficient for some, Meghan adheres to the philosophy that it
is better to invest the time upfront in support of the customers. This will then pay off in the future
by developing long-lasting relationships. This attention to detail and thoroughness will certainly be
appreciated by clients who in essence are trusting their financial future to Meghan.

3.6 Strategy Pyramids

The single objective is to position Grizzly Bear Financial Managers as a well-respected financial and
estate planning consultancy serving two distinct market segments. The marketing strategy will
seek to first create customer awareness regarding the services offered, develop the customer
base, and work toward building customer loyalty and referrals.

The message that Grizzly seeks to communicate is that it offers a comprehensive financial and
estate planning service. This message will be communicated through several different methods.
The first method is through public seminars used to introduce prospective customers to Grizzly and
its high level of expertise.

Another method of communication will be strategic networking. The networking will be a concerted,
steady effort to leverage the personal and professional relationships that Meghan has developed
over the years. The last method will be with the use of advertisements.

Page 9
 Grizzly Bear Financial Managers

3.7 Marketing Mix

Grizzly's marketing mix is comprised of the following approaches to pricing, distribution,

advertising and promotion, and customer service.

• Pricing: The pricing scheme will be at a middle of the road price point.
• Distribution: The offered services will be distributed from Grizzly's office space.
• Advertising and Promotion: Public seminars, targeted networking, and advertising will
be the methods used.
• Customer Service: A customer-centric focus has been integrated into the culture of the
organization. This will ensure that customer's expectations are exceeded.

3.8 Marketing Research

Two forms of primary research will be used for marketing activities. The first type was a focus
group that was held several months prior to the writing of the marketing plan. The focus group was
a small group of people brought together with a facilitator leading the discussion. The first part of
the focus group was structured, with already established questions. The second part of the focus
group was a free flow discussion that allowed participants to discuss things that were on their
mind.

The second form of primary research was a customer survey. The survey was given to potential
customers and inquired into their preferences and needs. Both forms of primary market research
were very insightful and provided this marketing plan with a large amount of information that
would have been otherwise difficult to collect.

4.0 Financials, Budgets, and Forecasts

This section will offer a financial overview of Grizzly Bear as it related to the marketing activities.
Grizzly will address break-even analysis, sales forecasts, expense forecasts, and how they link to
the marketing strategy.

4.1 Break-even Analysis

The break-even analysis indicates that $8,698 will be needed in monthly revnue to reach the break-
even point.

Page 10
 Grizzly Bear Financial Managers

Break-even Analysis

$10,000

$5,000

$0

($5,000)

($10,000)
$0 $3,480 $6,960 $10,440 $13,920 $17,400

Monthly break-even point

Break-even point = where line intersects with 0

Table 4.1: Break-even Analysis

Break-even Analysis:
Monthly Units Break-even 10
Monthly Sales Break-even $8,696

Assumptions:
Average Per-Unit Revenue $870.00
Average Per-Unit Variable Cost $69.60
Estimated Monthly Fixed Cost $8,000

4.2 Sales Forecast

The first month of business will be used to set up the office; there will be no sales activity during
this period of time. Revenue will begin to occur during the second month; however, it will only
trickle in until the four month when it will become more steady. It will not be until the middle of
year two when things begin to settle and become more like an established business in terms of
dividing time between serving existing clients and attracting new ones.

Meghan will receive revenue from two sources. She will charge the client an initial modest fee
including all needed research, interviews and meetings. If the client then goes ahead and
purchases shares of a mutual fund, or equities, Meghan receives a commission from the company
that is selling the item. This compensation structure is fairly standard in the industry. The initial fee
allows the client to receive as much counseling and research that they need and then future
transactions are compensated by the company selling the equity, just like the commission
structure of travel agents.

Page 11
 Grizzly Bear Financial Managers

Monthly Sales Forecast

$12,000

$10,000

$8,000

$6,000 Estate planning

Investing
$4,000

$2,000

$0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Table 4.2: Sales Forecast

Sales Forecast
Sales 2003 2004 2005
Estate planning $47,722 $65,455 $72,545
Investing $46,580 $62,545 $74,443
Total Sales $94,302 $128,000 $146,988

Direct Cost of Sales 2003 2004 2005

Estate planning $3,818 $5,236 $5,804
Investing $3,726 $5,004 $5,955
Subtotal Cost of Sales $7,544 $10,240 $11,759

4.3 Expense Forecast

The expense forecast will serve as a guide to ensure the organization remains on target and will
indicate when a modification is needed to the marketing plan. The marketing expenses will be
elevated during the first quarter of operation. This will generate visibility among the targeted
market segment during the infancy of the business. The expenses will settle during the second and
third quarter and will again ramp up in the fall, a time that is typically more active for financial
planning.

Page 12
 Grizzly Bear Financial Managers

Monthly Expense Budget

$1,200

$1,000

$800

Networking
$600
Seminars
Advertisements
$400

$200

$0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Table 4.3: Marketing Expense Budget

Marketing Expense Budget 2003 2004 2005

Networking $2,475 $2,700 $2,900
Seminars $2,425 $2,700 $2,900
Advertisements $4,020 $4,500 $5,000
------------ ------------ ------------
Total Sales and Marketing Expenses $8,920 $9,900 $10,800
Percent of Sales 9.46% 7.73% 7.35%
Contribution Margin $77,838 $107,860 $124,429
Contribution Margin / Sales 82.54% 84.27% 84.65%

5.0 Controls

The purpose of Grizzly's marketing plan is to serve as a guide for the organization. The following
areas will be monitored:

• Revenue: monthly and annual.

• Return on investment (ROI): individual clients and group funds.
• Customer satisfaction.

Page 13
 Grizzly Bear Financial Managers

5.1 Implementation Milestones

The following milestones identify the key marketing programs. It is important to accomplish each
one on time and on budget.

Milestones

Marketing plan completion

Seminar series #1

Seminar series #2

Advertising campaign #1

Advertising campaign #2

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May

Table 5.1: Milestones

Milestones Plan
Milestone Start Date End Date Budget Manager Department
Marketing plan completion 1/1/03 2/1/03 $0 Meghan
Seminar series #1 3/1/03 9/30/03 $1,360 Meghan
Seminar series #2 10/1/03 2/28/03 $1,065 Meghan
Advertising campaign #1 2/1/03 6/30/03 $1,775 Meghan
Advertising campaign #2 7/1/03 12/31/03 $2,245 Meghan
Totals $6,445

5.2 Marketing Organization

Meghan will be primarily responsible for the marketing activities.

Page 14
 Grizzly Bear Financial Managers

5.3 Contingency Planning

Difficulties and Risks

• Problems generating enough clients.

• Significant negative changes in the economy/stock market.
• Overly aggressive and debilitating actions by competitors.

Worst Case scenerios May Include

• Determining that the business cannot support itself on an ongoing basis.

• Having to liquidate equipment to cover liabilities.

Page 15
 Appendix: Grizzly Bear Financial Managers
Table 4.2 Sales Forecast

Sales Forecast Plan

Sales Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Estate planning $0 $2,254 $3,215 $3,654 $3,985 $4,124 $4,456 $4,874 $5,014 $5,214 $5,365 $5,567
Investing $0 $2,187 $3,354 $3,547 $3,845 $4,215 $4,545 $4,774 $5,023 $4,878 $4,978 $5,234
Total Sales $0 $4,441 $6,569 $7,201 $7,830 $8,339 $9,001 $9,648 $10,037 $10,092 $10,343 $10,801

Direct Cost of Sales Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Estate planning $0 $180 $257 $292 $319 $330 $356 $390 $401 $417 $429 $445
Investing $0 $175 $268 $284 $308 $337 $364 $382 $402 $390 $398 $419
Subtotal Cost of Sales $0 $355 $526 $576 $626 $667 $720 $772 $803 $807 $827 $864

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 Appendix: Grizzly Bear Financial Managers
Table 4.3 Marketing Expense Budget

Marketing Expense Budget Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Networking $200 $225 $250 $275 $100 $120 $140 $160 $180 $250 $275 $300
Seminars $300 $325 $275 $250 $100 $110 $120 $130 $140 $200 $225 $250
Advertisements $300 $325 $350 $375 $200 $225 $250 $275 $400 $420 $440 $460
------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
Total Sales and Marketing Expenses $800 $875 $875 $900 $400 $455 $510 $565 $720 $870 $940 $1,010
Percent of Sales 0.00% 19.70% 13.32% 12.50% 5.11% 5.46% 5.67% 5.86% 7.17% 8.62% 9.09% 9.35%
Contribution Margin ($800) $3,211 $5,168 $5,725 $6,804 $7,217 $7,771 $8,311 $8,514 $8,415 $8,576 $8,927
Contribution Margin / Sales 0.00% 72.30% 78.68% 79.50% 86.89% 86.54% 86.33% 86.14% 84.83% 83.38% 82.91% 82.65%

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