FRM Passing Score

In a mail here is what GARP had to say about FRM passing score:

Passing scores are determined as a ratio of the absolute score to the average of the top 5% of passers.

Does this mean only those who are in top 5 percentile will pass the exam ?

How else do you explain the statement ?

What will be the passing score if 500 candidates sit for FRM and their score are like in the this spreadsheet

https://docs.google.com/spreadsheet/ccc?key=0Ajx3…

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