����JFIFXX�����    $.' ",#(7),01444'9=82<.342  2!!22222222222222222222222222222222222222222222222222����"��4�� ���,�PG"Z_�4�˷����kjز�Z�,F+��_z�,�© �����zh6�٨�ic�fu���#ډb���_�N�?��wQ���5-�~�I���8����TK<5o�Iv-�����k�_U_�����~b�M��d����Ӝ�U�Hh��?]��E�w��Q���k�{��_}qFW7HTՑ��Y��F�?_�'ϔ��_�Ջt��=||I ��6�έ"�����D���/[�k�9���Y�8ds|\���Ҿp6�Ҵ���]��.����6�z<�v��@]�i%��$j��~�g��J>��no����pM[me�i$[����s�o�ᘨ�˸ nɜG-�ĨU�ycP�3.DB�li�;��hj���x7Z^�N�h������N3u{�:j�x�힞��#M&��jL P@_���� P��&��o8������9�����@Sz6�t7#O�ߋ �s}Yf�T���lmr����Z)'N��k�۞p����w\�Tȯ?�8`�O��i{wﭹW�[�r�� ��Q4F�׊���3m&L�=��h3����z~��#�\�l :�F,j@�� ʱ�wQT����8�"kJO���6�֚l����}���R�>ډK���]��y����&����p�}b��;N�1�m�r$�|��7�>e�@B�TM*-iH��g�D�)� E�m�|�ؘbҗ�a��Ҿ����t4���o���G��*oCN�rP���Q��@z,|?W[0�����:�n,jWiE��W��$~/�hp\��?��{(�0���+�Y8rΟ�+����>S-S����VN;�}�s?.����� w�9��˟<���Mq4�Wv'��{)0�1mB��V����W[�����8�/<� �%���wT^�5���b��)iM� pg�N�&ݝ��VO~�q���u���9� ����!��J27����$O-���! �:�%H��� ـ����y�ΠM=t{!S�� oK8������t<����è:a������[�����ա�H���~��w��Qz`�po�^ ����Q��n� �,uu�C�$ ^���,������8�#��:�6��e�|~���!�3�3.�\0��q��o�4`.|� ����y�Q�`~;�d�ׯ,��O�Zw�������`73�v�܋�<���Ȏ�� ـ4k��5�K�a�u�=9Yd��$>x�A�&�� j0� ���vF��� Y�|�y��� ~�6�@c��1vOp�Ig����4��l�OD���L����� R���c���j�_�uX6��3?nk��Wy�f;^*B� ��@�~a�`��Eu������+���6�L��.ü>��}y���}_�O�6�͐�:�YrG�X��kG�����l^w���~㒶sy��Iu�!� W ��X��N�7BV��O��!X�2����wvG�R�f�T#�����t�/?���%8�^�W�aT��G�cL�M���I��(J����1~�8�?aT ���]����AS�E��(��*E}� 2��#I/�׍qz��^t�̔���b�Yz4x���t�){ OH��+(E��A&�N�������XT��o��"�XC��'���)}�J�z�p� ��~5�}�^����+�6����w��c��Q�|Lp�d�H��}�(�.|����k��c4^�"�����Z?ȕ ��a<�L�!039C� �Eu�C�F�Ew�ç ;�n?�*o���B�8�bʝ���'#Rqf���M}7����]����s2tcS{�\icTx;�\��7K���P���ʇ Z O-��~��c>"��?�������P��E��O�8��@�8��G��Q�g�a�Վ���󁶠�䧘��_%#r�>�1�z�a��eb��qcPѵ��n���#L��� =��׀t� L�7�`��V���A{�C:�g���e@�w1 Xp3�c3�ġ����p��M"'-�@n4���fG��B3�DJ�8[Jo�ߐ���gK)ƛ��$���� ���8�3�����+���� �����6�ʻ���� ���S�kI�*KZlT _`���?��K����QK�d����B`�s}�>���`��*�>��,*@J�d�oF*����弝��O}�k��s��]��y�ߘ��c1G�V���<=�7��7����6�q�PT��tXԀ�!9*4�4Tހ3XΛex�46���Y��D ����� �BdemDa����\�_l,��G�/���֌7���Y�](�xTt^%�GE�����4�}bT���ڹ�����;Y)���B�Q��u��>J/J �⮶.�XԄ��j�ݳ�+E��d ��r�5�_D�1 ��o�� �B�x�΢�#���<��W�����8���R6�@g�M�.��� dr�D��>(otU��@x=��~v���2� ӣ�d�oBd��3�eO�6�㣷�����ݜ6��6Y��Qz`��S��{���\P�~z m5{J/L��1������<�e�ͅPu�b�]�ϔ���'������f�b� Zpw��c`"��i���BD@:)ִ�:�]��hv�E�w���T�l��P���"Ju�}��وV J��G6��. J/�Qgl߭�e�����@�z�Zev2u�)]կ�����7x���s�M�-<ɯ�c��r�v�����@��$�ޮ}lk���a���'����>x��O\�ZFu>�����ck#��&:��`�$�ai�>2Δ����l���oF[h��lE�ܺ�Πk:)���`�� $[6�����9�����kOw�\|���8}������ބ:��񶐕��I�A1/�=�2[�,�!��.}gN#�u����b��� ~��݊��}34q����d�E��Lc��$��"�[q�U�硬g^��%B �z���r�pJ�ru%v\h1Y�ne`ǥ:g���pQM~�^�Xi� ��`S�:V29.�P���V�?B�k�� AEvw%�_�9C�Q����wKekPؠ�\�;Io d�{ ߞo�c1eP����\� `����E=���@K<�Y���eڼ�J���w����{av�F�'�M�@/J��+9p���|]�����Iw &`��8���&M�hg��[�{��Xj��%��Ӓ�$��(����ʹN���<>�I���RY���K2�NPlL�ɀ)��&e����B+ь����( � �JTx���_?EZ� }@ 6�U���뙢ط�z��dWI�n` D����噥�[��uV��"�G&Ú����2g�}&m��?ċ�"����Om#��������� ��{�ON��"S�X��Ne��ysQ���@Fn��Vg���dX�~nj�]J�<�K]:��FW��b�������62�=��5f����JKw��bf�X�55��~J �%^����:�-�QIE��P��v�nZum� z � ~ə ���� ���ة����;�f��\v���g�8�1��f24;�V���ǔ�)����9���1\��c��v�/'Ƞ�w�������$�4�R-��t���� e�6�/�ġ �̕Ecy�J���u�B���<�W�ַ~�w[B1L۲�-JS΂�{���΃������A��20�c#��@ 0!1@AP"#2Q`$3V�%45a6�FRUq��� ����^7ׅ,$n�������+��F�`��2X'��0vM��p�L=������5��8������u�p~���.�`r�����\���O��,ư�0oS ��_�M�����l���4�kv\JSd���x���SW�<��Ae�IX����������$I���w�:S���y���›R��9�Q[���,�5�;�@]�%���u�@ *ro�lbI �� ��+���%m:�͇ZV�����u�̉����θau<�fc�.����{�4Ա� �Q����*�Sm��8\ujqs]{kN���)qO�y�_*dJ�b�7���yQqI&9�ԌK!�M}�R�;������S�T���1���i[U�ɵz�]��U)V�S6���3$K{�ߊ<�(� E]Զ[ǼENg�����'�\?#)Dkf��J���o��v���'�%ƞ�&K�u�!��b�35LX�Ϸ��63$K�a�;�9>,R��W��3�3� d�JeTYE.Mϧ��-�o�j3+y��y^�c�������VO�9NV\nd�1 ��!͕_)a�v;����թ�M�lWR1��)El��P;��yوÏ�u 3�k�5Pr6<�⒲l�!˞*��u־�n�!�l:����UNW ��%��Chx8vL'��X�@��*��)���̮��ˍ��� ���D-M�+J�U�kvK����+�x8��cY������?�Ԡ��~3mo��|�u@[XeY�C�\Kp�x8�oC�C�&����N�~3-H���� ��MX�s�u<`���~"WL��$8ξ��3���a�)|:@�m�\���^�`�@ҷ)�5p+��6���p�%i)P M���ngc�����#0Aruz���RL+xSS?���ʮ}()#�t��mˇ!��0}}y����<�e� �-ή�Ԩ��X������ MF���ԙ~l L.3���}�V뽺�v�����멬��Nl�)�2����^�Iq��a��M��qG��T�����c3#������3U�Ǎ���}��לS�|qa��ڃ�+���-��2�f����/��bz��ڐ�� �ݼ[2�ç����k�X�2�* �Z�d���J�G����M*9W���s{��w���T��x��y,�in�O�v��]���n����P�$�JB@=4�OTI�n��e�22a\����q�d���%�$��(���:���: /*�K[PR�fr\nڙdN���F�n�$�4�[�� U�zƶ����� �mʋ���,�ao�u 3�z� �x��Kn����\[��VFmbE;�_U��&V�Gg�]L�۪&#n%�$ɯ�dG���D�TI=�%+AB�Ru#��b4�1�»x�cs�YzڙJG��f��Il��d�eF'T� iA��T���uC�$����Y��H?����[!G`}���ͪ� �纤Hv\������j�Ex�K���!���OiƸ�Yj�+u-<���'q����uN�*�r\��+�]���<�wOZ.fp�ێ��,-*)V?j-kÊ#�`�r��dV����(�ݽBk�����G�ƛk�QmUڗe��Z���f}|����8�8��a���i��3'J�����~G_�^���d�8w������ R�`(�~�.��u���l�s+g�bv���W���lGc}��u���afE~1�Ue������Z�0�8�=e�� f@/�jqEKQQ�J��oN��J���W5~M>$6�Lt�;$ʳ{���^��6�{����v6���ķܰg�V�cnn �~z�x�«�,2�u�?cE+Ș�H؎�%�Za�)���X>uW�Tz�Nyo����s���FQƤ��$��*�&�LLXL)�1�" L��eO��ɟ�9=���:t��Z���c��Ž���Y?�ӭV�wv�~,Y��r�ۗ�|�y��GaF�����C�����.�+� ���v1���fήJ�����]�S��T��B��n5sW}y�$��~z�'�c ��8 ��� ,! �p��VN�S��N�N�q��y8z˱�A��4��*��'������2n<�s���^ǧ˭P�Jޮɏ�U�G�L�J�*#��<�V��t7�8����TĜ>��i}K%,���)[��z�21z ?�N�i�n1?T�I�R#��m-�����������������1����lA�`��fT5+��ܐ�c�q՝��ʐ��,���3�f2U�եmab��#ŠdQ�y>\��)�SLY����w#��.���ʑ�f��� ,"+�w�~�N�'�c�O�3F�������N<���)j��&��,-� �љ���֊�_�zS���TǦ����w�>��?�������n��U仆�V���e�����0���$�C�d���rP �m�׈e�Xm�Vu� �L��.�bֹ��� �[Դaզ���*��\y�8�Է:�Ez\�0�Kq�C b��̘��cө���Q��=0Y��s�N��S.���3.���O�o:���#���v7�[#߫ ��5�܎�L���Er4���9n��COWlG�^��0k�%<���ZB���aB_���������'=��{i�v�l�$�uC���mƎҝ{�c㱼�y]���W�i ��ߧc��m�H� m�"�"�����;Y�ߝ�Z�Ǔ�����:S#��|}�y�,/k�Ld� TA�(�AI$+I3��;Y*���Z��}|��ӧO��d�v��..#:n��f>�>���ȶI�TX��� 8��y����"d�R�|�)0���=���n4��6ⲑ�+��r<�O�܂~zh�z����7ܓ�HH�Ga롏���nCo�>������a ���~]���R���̲c?�6(�q�;5%� |�uj�~z8R=X��I�V=�|{v�Gj\gc��q����z�؋%M�ߍ����1y��#��@f^���^�>N�����#x#۹��6�Y~�?�dfPO��{��P�4��V��u1E1J �*|���%���JN��`eWu�zk M6���q t[�� ��g�G���v��WIG��u_ft����5�j�"�Y�:T��ɐ���*�;� e5���4����q$C��2d�}���� _S�L#m�Yp��O�.�C�;��c����Hi#֩%+) �Ӎ��ƲV���SYź��g |���tj��3�8���r|���V��1#;.SQ�A[���S������#���`n�+���$��$I �P\[�@�s��(�ED�z���P��])8�G#��0B��[ى��X�II�q<��9�~[Z멜�Z�⊔IWU&A>�P~�#��dp<�?����7���c��'~���5 ��+$���lx@�M�dm��n<=e�dyX��?{�|Aef ,|n3�<~z�ƃ�uۧ�����P��Y,�ӥQ�*g�#먙R�\���;T��i,��[9Qi歉����c>]9�� ��"�c��P�� �Md?٥��If�ت�u��k��/����F��9�c*9��Ǎ:�ØF���z�n*�@|I�ށ9����N3{'��[�'ͬ�Ҳ4��#}��!�V� Fu��,�,mTIk���v C�7v���B�6k�T9��1�*l� '~��ƞF��lU��'�M ����][ΩũJ_�{�i�I�n��$���L�� j��O�dx�����kza۪��#�E��Cl����x˘�o�����V���ɞ�ljr��)�/,�߬h�L��#��^��L�ф�,íMƁe�̩�NB�L�����iL����q�}��(��q��6IçJ$�W�E$��:������=#����(�K�B����zђ <��K(�N�۫K�w��^O{!����)�H���>x�������lx�?>Պ�+�>�W���,Ly!_�D���Ō�l���Q�!�[ �S����J��1��Ɛ�Y}��b,+�Lo�x�ɓ)����=�y�oh�@�꥟/��I��ѭ=��P�y9��� �ۍYӘ�e+�p�Jnϱ?V\SO%�(�t� ���=?MR�[Ș�����d�/ ��n�l��B�7j� ��!�;ӥ�/�[-���A�>�dN�sLj ��,ɪv��=1c�.SQ�O3�U���ƀ�ܽ�E����������̻��9G�ϷD�7(�}��Ävӌ\�y�_0[w ���<΍>����a_��[0+�L��F.�޺��f�>oN�T����q;���y\��bՃ��y�jH�<|q-eɏ�_?_9+P���Hp$�����[ux�K w�Mw��N�ی'$Y2�=��q���KB��P��~������Yul:�[<����F1�2�O���5=d����]Y�sw:���Ϯ���E��j,_Q��X��z`H1,#II ��d�wr��P˂@�ZJV����y$�\y�{}��^~���[:N����ߌ�U�������O��d�����ؾe��${p>G��3c���Ė�lʌ�� ת��[��`ϱ�-W����dg�I��ig2��� ��}s ��ؤ(%#sS@���~���3�X�nRG�~\jc3�v��ӍL��M[JB�T��s3}��j�Nʖ��W����;7��ç?=X�F=-�=����q�ߚ���#���='�c��7���ڑW�I(O+=:uxq�������������e2�zi+�kuG�R��������0�&e�n���iT^J����~\jy���p'dtG��s����O��3����9* �b#Ɋ�� p������[Bws�T�>d4�ۧs���nv�n���U���_�~,�v����ƜJ1��s�� �QIz��)�(lv8M���U=�;����56��G���s#�K���MP�=��LvyGd��}�VwWBF�'�à �?MH�U�g2�� ����!�p�7Q��j��ڴ����=��j�u��� Jn�A s���uM������e��Ɔ�Ҕ�!)'��8Ϣ�ٔ��ޝ(��Vp���צ֖d=�IC�J�Ǡ{q������kԭ�߸���i��@K����u�|�p=..�*+����x�����z[Aqġ#s2a�Ɗ���RR�)*HRsi�~�a &f��M��P����-K�L@��Z��Xy�'x�{}��Zm+���:�)�) IJ�-i�u���� ���ܒH��'�L(7�y�GӜq���� j��� 6ߌg1�g�o���,kر���tY�?W,���p���e���f�OQS��!K�۟cҒA�|ս�j�>��=⬒��˧L[�� �߿2JaB~R��u�:��Q�] �0H~���]�7��Ƽ�I���(}��cq '�ήET���q�?f�ab���ӥvr� �)o��-Q��_'����ᴎo��K������;��V���o��%���~OK ����*��b�f:���-ťIR��`B�5!RB@���ï�� �u �̯e\�_U�_������� g�ES��3�������QT��a����x����U<~�c?�*�#]�MW,[8O�a�x��]�1bC|踤�P��lw5V%�)�{t�<��d��5���0i�XSU��m:��Z�┵�i�"��1�^B�-��P�hJ��&)O��*�D��c�W��vM��)����}���P��ܗ-q����\mmζZ-l@�}��a��E�6��F�@��&Sg@���ݚ�M����� ȹ 4����#p�\H����dYDo�H���"��\��..R�B�H�z_�/5˘����6��KhJR��P�mƶi�m���3�,#c�co��q�a)*Pt����R�m�k�7x�D�E�\Y�閣_X�<���~�)���c[[�BP����6�Yq���S��0����%_����;��Àv�~�| VS؇ ��'O0��F0��\���U�-�d@�����7�SJ*z��3n��y��P����O���������m�~�P�3|Y��ʉr#�C�<�G~�.,! ���bqx���h~0=��!ǫ�jy����l�O,�[B��~��|9��ٱ����Xly�#�i�B��g%�S��������tˋ���e���ې��\[d�t)��.+u�|1 ������#�~Oj����hS�%��i.�~X���I�H�m��0n���c�1uE�q��cF�RF�o���7� �O�ꮧ� ���ۛ{��ʛi5�rw?׌#Qn�TW��~?y$��m\�\o����%W� ?=>S�N@�� �Ʈ���R����N�)�r"C�:��:����� �����#��qb��Y�. �6[��2K����2u�Ǧ�HYR��Q�MV��� �G�$��Q+.>�����nNH��q�^��� ����q��mM��V��D�+�-�#*�U�̒ ���p욳��u:�������IB���m���PV@O���r[b= �� ��1U�E��_Nm�yKbN�O���U�}�the�`�|6֮P>�\2�P�V���I�D�i�P�O;�9�r�mAHG�W�S]��J*�_�G��+kP�2����Ka�Z���H�'K�x�W�MZ%�O�YD�Rc+o��?�q��Ghm��d�S�oh�\�D�|:W������UA�Qc yT�q������~^�H��/��#p�CZ���T�I�1�ӏT����4��"�ČZ�����}��`w�#�*,ʹ�� ��0�i��課�Om�*�da��^gJ݅{���l�e9uF#T�ֲ��̲�ٞC"�q���ߍ ոޑ�o#�XZTp����@ o�8��(jd��xw�]�,f���`~�|,s��^����f�1���t��|��m�򸄭/ctr��5s��7�9Q�4�H1꠲BB@l9@���C�����+�wp�xu�£Yc�9��?`@#�o�mH�s2��)�=��2�.�l����jg�9$�Y�S�%*L������R�Y������7Z���,*=�䷘$�������arm�o�ϰ���UW.|�r�uf����IGw�t����Zwo��~5 ��YյhO+=8fF�)�W�7�L9lM�̘·Y���֘YLf�큹�pRF���99.A �"wz��=E\Z���'a� 2��Ǚ�#;�'}�G���*��l��^"q��+2FQ� hj��kŦ��${���ޮ-�T�٭cf�|�3#~�RJ����t��$b�(R��(����r���dx� >U b�&9,>���%E\� Ά�e�$��'�q't��*�א���ެ�b��-|d���SB�O�O��$�R+�H�)�܎�K��1m`;�J�2�Y~9��O�g8=vqD`K[�F)k�[���1m޼c��n���]s�k�z$@��)!I �x՝"v��9=�ZA=`Ɠi �:�E��)`7��vI��}d�YI�_ �o�:ob���o ���3Q��&D&�2=�� �Ά��;>�h����y.*ⅥS������Ӭ�+q&����j|UƧ����}���J0��WW< ۋS�)jQR�j���Ư��rN)�Gű�4Ѷ(�S)Ǣ�8��i��W52���No˓� ۍ%�5brOn�L�;�n��\G����=�^U�dI���8$�&���h��'���+�(������cȁ߫k�l��S^���cƗjԌE�ꭔ��gF���Ȓ��@���}O���*;e�v�WV���YJ\�]X'5��ղ�k�F��b 6R�o՜m��i N�i����>J����?��lPm�U��}>_Z&�KK��q�r��I�D�Չ~�q�3fL�:S�e>���E���-G���{L�6p�e,8��������QI��h��a�Xa��U�A'���ʂ���s�+טIjP�-��y�8ۈZ?J$��W�P� ��R�s�]��|�l(�ԓ��sƊi��o(��S0��Y� 8�T97.�����WiL��c�~�dxc�E|�2!�X�K�Ƙਫ਼�$((�6�~|d9u+�qd�^3�89��Y�6L�.I�����?���iI�q���9�)O/뚅����O���X��X�V��ZF[�یgQ�L��K1���RҖr@v�#��X�l��F���Нy�S�8�7�kF!A��sM���^rkp�jP�DyS$N���q��nxҍ!U�f�!eh�i�2�m���`�Y�I�9r�6� �TF���C}/�y�^���Η���5d�'��9A-��J��>{�_l+�`��A���[�'��յ�ϛ#w:݅�%��X�}�&�PSt�Q�"�-��\縵�/����$Ɨh�Xb�*�y��BS����;W�ջ_mc�����vt?2}1�;qS�d�d~u:2k5�2�R�~�z+|HE!)�Ǟl��7`��0�<�,�2*���Hl-��x�^����'_TV�gZA�'j� ^�2Ϊ��N7t�����?w�� �x1��f��Iz�C-Ȗ��K�^q�;���-W�DvT�7��8�Z�������� hK�(P:��Q- �8�n�Z���܃e貾�<�1�YT<�,�����"�6{/ �?�͟��|1�:�#g��W�>$����d��J��d�B��=��jf[��%rE^��il:��B���x���Sּ�1հ��,�=��*�7 fcG��#q� �eh?��2�7�����,�!7x��6�n�LC�4x��},Geǝ�tC.��vS �F�43��zz\��;QYC,6����~;RYS/6���|2���5���v��T��i����������mlv��������&� �nRh^ejR�LG�f���? �ۉҬܦƩ��|��Ȱ����>3����!v��i�ʯ�>�v��オ�X3e���_1z�Kȗ\<������!�8���V��]��?b�k41�Re��T�q��mz��TiOʦ�Z��Xq���L������q"+���2ۨ��8}�&N7XU7Ap�d�X��~�׿��&4e�o�F��� �H����O���č�c�� 懴�6���͉��+)��v;j��ݷ�� �UV�� i��� j���Y9GdÒJ1��詞�����V?h��l����l�cGs�ځ�������y�Ac�����\V3�? �� ܙg�>qH�S,�E�W�[�㺨�uch�⍸�O�}���a��>�q�6�n6����N6�q������N ! 1AQaq�0@����"2BRb�#Pr���3C`��Scst���$4D���%Td�� ?���N����a��3��m���C���w��������xA�m�q�m���m������$����4n淿t'��C"w��zU=D�\R+w�p+Y�T�&�պ@��ƃ��3ޯ?�Aﶂ��aŘ���@-�����Q�=���9D��ռ�ѻ@��M�V��P��܅�G5�f�Y<�u=,EC)�<�Fy'�"�&�չ�X~f��l�KԆV��?�� �W�N����=(� �;���{�r����ٌ�Y���h{�١������jW����P���Tc�����X�K�r��}���w�R��%��?���E��m�� �Y�q|����\lEE4���r���}�lsI�Y������f�$�=�d�yO����p�����yBj8jU�o�/�S��?�U��*������ˍ�0������u�q�m [�?f����a�� )Q�>����6#������� ?����0UQ����,IX���(6ڵ[�DI�MNލ�c&���υ�j\��X�R|,4��� j������T�hA�e��^���d���b<����n�� �즇�=!���3�^�`j�h�ȓr��jẕ�c�,ٞX����-����a�ﶔ���#�$��]w�O��Ӫ�1y%��L�Y<�wg#�ǝ�̗`�x�xa�t�w��»1���o7o5��>�m뭛C���Uƃߜ}�C���y1Xνm�F8�jI���]����H���ۺиE@I�i;r�8ӭ����V�F�Շ| ��&?�3|x�B�MuS�Ge�=Ӕ�#BE5G�����Y!z��_e��q�р/W>|-�Ci߇�t�1ޯќd�R3�u��g�=0 5��[?�#͏��q�cf���H��{ ?u�=?�?ǯ���}Z��z���hmΔ�BFTW�����<�q�(v� ��!��z���iW]*�J�V�z��gX֧A�q�&��/w���u�gYӘa���; �i=����g:��?2�dž6�ى�k�4�>�Pxs����}������G�9��3 ���)gG�R<>r h�$��'nc�h�P��Bj��J�ҧH� -��N1���N��?��~��}-q!=��_2hc�M��l�vY%UE�@|�v����M2�.Y[|y�"Eï��K�ZF,�ɯ?,q�?v�M 80jx�"�;�9vk�����+ ֧�� �ȺU��?�%�vcV��mA�6��Qg^M����A}�3�nl� QRN�l8�kkn�'�����(��M�7m9و�q���%ޟ���*h$Zk"��$�9��: �?U8�Sl��,,|ɒ��xH(ѷ����Gn�/Q�4�P��G�%��Ա8�N��!� �&�7�;���eKM7�4��9R/%����l�c>�x;������>��C�:�����t��h?aKX�bhe�ᜋ^�$�Iհ �hr7%F$�E��Fd���t��5���+�(M6�t����Ü�UU|zW�=a�Ts�Tg������dqP�Q����b'�m���1{|Y����X�N��b �P~��F^F:����k6�"�j!�� �I�r�`��1&�-$�Bevk:y���#yw��I0��x��=D�4��tU���P�ZH��ڠ底taP��6����b>�xa����Q�#� WeF��ŮNj�p�J* mQ�N����*I�-*�ȩ�F�g�3 �5��V�ʊ�ɮ�a��5F���O@{���NX��?����H�]3��1�Ri_u��������ѕ�� ����0��� F��~��:60�p�͈�S��qX#a�5>���`�o&+�<2�D����: �������ڝ�$�nP���*)�N�|y�Ej�F�5ټ�e���ihy�Z �>���k�bH�a�v��h�-#���!�Po=@k̆IEN��@��}Ll?j�O������߭�ʞ���Q|A07x���wt!xf���I2?Z��<ץ�T���cU�j��]��陎Ltl �}5�ϓ��$�,��O�mˊ�;�@O��jE��j(�ا,��LX���LO���Ц�90�O �.����a��nA���7������j4 ��W��_ٓ���zW�jcB������y՗+EM�)d���N�g6�y1_x��p�$Lv:��9�"z��p���ʙ$��^��JԼ*�ϭ����o���=x�Lj�6�J��u82�A�H�3$�ٕ@�=Vv�]�'�qEz�;I˼��)��=��ɯ���x �/�W(V���p�����$ �m�������u�����񶤑Oqˎ�T����r��㠚x�sr�GC��byp�G��1ߠ�w e�8�$⿄����/�M{*}��W�]˷.�CK\�ުx���/$�WPw���r� |i���&�}�{�X� �>��$-��l���?-z���g����lΆ���(F���h�vS*���b���߲ڡn,|)mrH[���a�3�ר�[1��3o_�U�3�TC�$��(�=�)0�kgP���� ��u�^=��4 �WYCҸ:��vQ�ר�X�à��tk�m,�t*��^�,�}D*� �"(�I��9R����>`�`��[~Q]�#af��i6l��8���6�:,s�s�N6�j"�A4���IuQ��6E,�GnH��zS�HO�uk�5$�I�4��ؤ�Q9�@��C����wp�BGv[]�u�Ov���0I4���\��y�����Q�Ѹ��~>Z��8�T��a��q�ޣ;z��a���/��S��I:�ܫ_�|������>=Z����8:�S��U�I�J��"IY���8%b8���H��:�QO�6�;7�I�S��J��ҌAά3��>c���E+&jf$eC+�z�;��V����� �r���ʺ������my�e���aQ�f&��6�ND��.:��NT�vm�<- u���ǝ\MvZY�N�NT��-A�>jr!S��n�O 1�3�Ns�%�3D@���`������ܟ 1�^c<���� �a�ɽ�̲�Xë#�w�|y�cW�=�9I*H8�p�^(4���՗�k��arOcW�tO�\�ƍR��8����'�K���I�Q�����?5�>[�}��yU�ײ -h��=��% q�ThG�2�)���"ו3]�!kB��*p�FDl�A���,�eEi�H�f�Ps�����5�H:�Փ~�H�0Dت�D�I����h�F3�������c��2���E��9�H��5�zԑ�ʚ�i�X�=:m�xg�hd(�v����׊�9iS��O��d@0ڽ���:�p�5�h-��t�&���X�q�ӕ,��ie�|���7A�2���O%P��E��htj��Y1��w�Ѓ!����  ���� ࢽ��My�7�\�a�@�ţ�J �4�Ȼ�F�@o�̒?4�wx��)��]�P��~�����u�����5�����7X ��9��^ܩ�U;Iꭆ 5 �������eK2�7(�{|��Y׎ �V��\"���Z�1� Z�����}��(�Ǝ"�1S���_�vE30>���p;� ΝD��%x�W�?W?v����o�^V�i�d��r[��/&>�~`�9Wh��y�;���R��� ;;ɮT��?����r$�g1�K����A��C��c��K��l:�'��3 c�ﳯ*"t8�~l��)���m��+U,z��`(�>yJ�?����h>��]��v��ЍG*�{`��;y]��I�T� ;c��NU�fo¾h���/$���|NS���1�S�"�H��V���T���4��uhǜ�]�v;���5�͠x��'C\�SBpl���h}�N����� A�Bx���%��ޭ�l��/����T��w�ʽ]D�=����K���ž�r㻠l4�S�O?=�k �M:� ��c�C�a�#ha���)�ѐxc�s���gP�iG��{+���x���Q���I= �� z��ԫ+ �8"�k�ñ�j=|����c ��y��CF��/��*9ж�h{ �?4�o� ��k�m�Q�N�x��;�Y��4膚�a�w?�6�>e]�����Q�r�:����g�,i"�����ԩA�*M�<�G��b�if��l^M��5� �Ҩ�{����6J��ZJ�����P�*�����Y���ݛu�_4�9�I8�7���������,^ToR���m4�H��?�N�S�ѕw��/S��甍�@�9H�S�T��t�ƻ���ʒU��*{Xs�@����f�����֒Li�K{H�w^���������Ϥm�tq���s� ���ք��f:��o~s��g�r��ט� �S�ѱC�e]�x���a��) ���(b-$(�j>�7q�B?ӕ�F��hV25r[7 Y� }L�R��}����*sg+��x�r�2�U=�*'WS��ZDW]�WǞ�<��叓���{�$�9Ou4��y�90-�1�'*D`�c�^o?(�9��u���ݐ��'PI&� f�Jݮ�������:wS����jfP1F:X �H�9dԯ���˝[�_54 �}*;@�ܨ�� ð�yn�T���?�ןd�#���4rG�ͨ��H�1�|-#���Mr�S3��G�3�����)�.᧏3v�z֑��r����$G"�`j �1t��x0<Ɔ�Wh6�y�6��,œ�Ga��gA����y��b��)��h�D��ß�_�m��ü �gG;��e�v��ݝ�nQ� ��C����-�*��o���y�a��M��I�>�<���]obD��"�:���G�A��-\%LT�8���c�)��+y76���o�Q�#*{�(F�⽕�y����=���rW�\p���۩�c���A���^e6��K������ʐ�cVf5$�'->���ՉN"���F�"�UQ@�f��Gb~��#�&�M=��8�ט�JNu9��D��[̤�s�o�~������ G��9T�tW^g5y$b��Y'��س�Ǵ�=��U-2 #�MC�t(�i� �lj�@Q 5�̣i�*�O����s�x�K�f��}\��M{E�V�{�υ��Ƈ�����);�H����I��fe�Lȣr�2��>��W�I�Ȃ6������i��k�� �5�YOxȺ����>��Y�f5'��|��H+��98pj�n�.O�y�������jY��~��i�w'������l�;�s�2��Y��:'lg�ꥴ)o#'Sa�a�K��Z� �m��}�`169�n���"���x��I ��*+� }F<��cГ���F�P�������ֹ*�PqX�x۩��,� ��N�� �4<-����%����:��7����W���u�`����� $�?�I��&����o��o��`v�>��P��"��l���4��5'�Z�gE���8���?��[�X�7(��.Q�-��*���ތL@̲����v��.5���[��=�t\+�CNܛ��,g�SQnH����}*F�G16���&:�t��4ُ"A��̣��$�b �|����#rs��a�����T�� ]�<�j��BS�('$�ɻ� �wP;�/�n��?�ݜ��x�F��yUn�~mL*-�������Xf�wd^�a�}��f�,=t�׵i�.2/wpN�Ep8�OР���•��R�FJ� 55TZ��T �ɭ�<��]��/�0�r�@�f��V��V����Nz�G��^���7hZi����k��3�,kN�e|�vg�1{9]_i��X5y7� 8e]�U����'�-2,���e"����]ot�I��Y_��n�(JҼ��1�O ]bXc���Nu�No��pS���Q_���_�?i�~�x h5d'�(qw52] ��'ޤ�q��o1�R!���`ywy�A4u���h<קy���\[~�4�\ X�Wt/� 6�����n�F�a8��f���z �3$�t(���q��q�x��^�XWeN'p<-v�!�{�(>ӽDP7��ո0�y)�e$ٕv�Ih'Q�EA�m*�H��RI��=:��� ���4牢) �%_iN�ݧ�l]� �Nt���G��H�L��� ɱ�g<���1V�,�J~�ٹ�"K��Q�� 9�HS�9�?@��k����r�;we݁�]I�!{ �@�G�[�"��`���J:�n]�{�cA�E����V��ʆ���#��U9�6����j�#Y�m\��q�e4h�B�7��C�������d<�?J����1g:ٳ���=Y���D�p�ц� ׈ǔ��1�]26؜oS�'��9�V�FVu�P�h�9�xc�oq�X��p�o�5��Ա5$�9W�V(�[Ak�aY錎qf;�'�[�|���b�6�Ck��)��#a#a˙��8���=äh�4��2��C��4tm^ �n'c���]GQ$[Wҿ��i���vN�{Fu ��1�gx��1┷���N�m��{j-,��x�� Ūm�ЧS�[�s���Gna���䑴�� x�p 8<������97�Q���ϴ�v�aϚG��Rt�Һ׈�f^\r��WH�JU�7Z���y)�vg=����n��4�_)y��D'y�6�]�c�5̪�\� �PF�k����&�c;��cq�$~T�7j ���nç]�<�g ":�to�t}�159�<�/�8������m�b�K#g'I'.W�����6��I/��>v��\�MN��g���m�A�yQL�4u�Lj�j9��#44�t��l^�}L����n��R��!��t��±]��r��h6ٍ>�yҏ�N��fU�� ���� Fm@�8}�/u��jb9������he:A�y�ծw��GpΧh�5����l}�3p468��)U��d��c����;Us/�֔�YX�1�O2��uq�s��`hwg�r~�{ R��mhN��؎*q 42�*th��>�#���E����#��Hv�O����q�}�����6�e��\�,Wk�#���X��b>��p}�դ��3���T5��†��6��[��@�P�y*n��|'f�֧>�lư΂�̺����SU�'*�q�p�_S�����M�� '��c�6�����m�� ySʨ;M��r���Ƌ�m�Kxo,���Gm�P��A�G�:��i��w�9�}M(�^�V��$ǒ�ѽ�9���|���� �a����J�SQ�a���r�B;����}���ٻ֢�2�%U���c�#�g���N�a�ݕ�'�v�[�OY'��3L�3�;,p�]@�S��{ls��X�'���c�jw�k'a�.��}�}&�� �dP�*�bK=ɍ!����;3n�gΊU�ߴmt�'*{,=SzfD� A��ko~�G�aoq�_mi}#�m�������P�Xhύ����mxǍ�΂���巿zf��Q���c���|kc�����?���W��Y�$���_Lv����l߶��c���`?����l�j�ݲˏ!V��6����U�Ђ(A���4y)H���p�Z_�x��>���e��R��$�/�`^'3qˏ�-&Q�=?��CFVR �D�fV�9��{�8g�������n�h�(P"��6�[�D���< E�����~0<@�`�G�6����Hг�cc�� �c�K.5��D��d�B���`?�XQ��2��ٿyqo&+�1^� DW�0�ꊩ���G�#��Q�nL3��c���������/��x ��1�1[y�x�პCW��C�c�UĨ80�m�e�4.{�m��u���I=��f�����0QRls9���f���������9���~f�����Ǩ��a�"@�8���ȁ�Q����#c�ic������G��$���G���r/$W�(��W���V�"��m�7�[m�A�m����bo��D� j����۳� l���^�k�h׽����� ��#� iXn�v��eT�k�a�^Y�4�BN��ĕ��0 !01@Q"2AaPq3BR������?���@4�Q�����T3,���㺠�W�[=JK�Ϟ���2�r^7��vc�:�9 �E�ߴ�w�S#d���Ix��u��:��Hp��9E!�� V 2;73|F��9Y���*ʬ�F��D����u&���y؟��^EA��A��(ɩ���^��GV:ݜDy�`��Jr29ܾ�㝉��[���E;Fzx��YG��U�e�Y�C���� ����v-tx����I�sם�Ę�q��Eb�+P\ :>�i�C'�;�����k|z�رn�y]�#ǿb��Q��������w�����(�r|ӹs��[�D��2v-%��@;�8<a���[\o[ϧw��I!��*0�krs)�[�J9^��ʜ��p1)� "��/_>��o��<1����A�E�y^�C��`�x1'ܣn�p��s`l���fQ��):�l����b>�Me�jH^?�kl3(�z:���1ŠK&?Q�~�{�ٺ�h�y���/�[��V�|6��}�KbX����mn[-��7�5q�94�������dm���c^���h� X��5��<�eޘ>G���-�}�دB�ޟ� ��|�rt�M��V+�]�c?�-#ڛ��^ǂ}���Lkr���O��u�>�-D�ry� D?:ޞ�U��ǜ�7�V��?瓮�"�#���r��չģVR;�n���/_� ؉v�ݶe5d�b9��/O��009�G���5n�W����JpA�*�r9�>�1��.[t���s�F���nQ� V 77R�]�ɫ8����_0<՜�IF�u(v��4��F�k�3��E)��N:��yڮe��P�`�1}�$WS��J�SQ�N�j�ٺ��޵�#l���ј(�5=��5�lǏmoW�v-�1����v,W�mn��߀$x�<����v�j(����c]��@#��1������Ǔ���o'��u+����;G�#�޸��v-lη��/(`i⣍Pm^���ԯ̾9Z��F��������n��1��� ��]�[��)�'������:�֪�W��FC����� �B9،!?���]��V��A�Վ�M��b�w��G F>_DȬ0¤�#�QR�[V��kz���m�w�"��9ZG�7'[��=�Q����j8R?�zf�\a�=��O�U����*oB�A�|G���2�54 �p��.w7� �� ��&������ξxGHp� B%��$g�����t�Џ򤵍z���HN�u�Я�-�'4��0��;_��3 !01"@AQa2Pq#3BR������?��ʩca��en��^��8���<�u#��m*08r��y�N"�<�Ѳ0��@\�p��� �����Kv�D��J8�Fҽ� �f�Y��-m�ybX�NP����}�!*8t(�OqѢ��Q�wW�K��ZD��Δ^e��!� ��B�K��p~�����e*l}z#9ң�k���q#�Ft�o��S�R����-�w�!�S���Ӥß|M�l޶V��!eˈ�8Y���c�ЮM2��tk���� ������J�fS����Ö*i/2�����n]�k�\���|4yX�8��U�P.���Ы[���l��@"�t�<������5�lF���vU�����W��W��;�b�cД^6[#7@vU�xgZv��F�6��Q,K�v��� �+Ъ��n��Ǣ��Ft���8��0��c�@�!�Zq s�v�t�;#](B��-�nῃ~���3g������5�J�%���O������n�kB�ĺ�.r��+���#�N$?�q�/�s�6��p��a����a��J/��M�8��6�ܰ"�*������ɗud"\w���aT(����[��F��U՛����RT�b���n�*��6���O��SJ�.�ij<�v�MT��R\c��5l�sZB>F��<7�;EA��{��E���Ö��1U/�#��d1�a�n.1ě����0�ʾR�h��|�R��Ao�3�m3 ��%�� ���28Q� ��y��φ���H�To�7�lW>����#i`�q���c����a��� �m,B�-j����݋�'mR1Ήt�>��V��p���s�0IbI�C.���1R�ea�����]H�6����������4B>��o��](��$B���m�����a�!=��?�B� K�Ǿ+�Ծ"�n���K��*��+��[T#�{E�J�S����Q�����s�5�:�U�\wĐ�f�3����܆&�)����I���Ԇw��E T�lrTf6Q|R�h:��[K�� �z��c֧�G�C��%\��_�a�84��HcO�bi��ؖV��7H �)*ģK~Xhչ0��4?�0��� �E<���}3���#���u�?�� ��|g�S�6ꊤ�|�I#Hڛ� �ա��w�X��9��7���Ŀ%�SL��y6č��|�F�a 8���b��$�sק�h���b9RAu7�˨p�Č�_\*w��묦��F ����4D~�f����|(�"m���NK��i�S�>�$d7SlA��/�²����SL��|6N�}���S�˯���g��]6��; �#�.��<���q'Q�1|KQ$�����񛩶"�$r�b:���N8�w@��8$�� �AjfG|~�9F ���Y��ʺ��Bwؒ������M:I岎�G��`s�YV5����6��A �b:�W���G�q%l�����F��H���7�������Fsv7��k�� 403WebShell
403Webshell
Server IP : 172.67.215.126  /  Your IP : 108.162.242.52
Web Server : Apache/2.4.52 (Ubuntu)
System : Linux ip-172-31-19-221 6.8.0-1029-aws #31~22.04.1-Ubuntu SMP Thu Apr 24 21:16:18 UTC 2025 x86_64
User : www-data ( 33)
PHP Version : 8.1.28
Disable Function : NONE
MySQL : OFF  |  cURL : ON  |  WGET : ON  |  Perl : ON  |  Python : OFF  |  Sudo : ON  |  Pkexec : ON
Directory :  /efsdata/authorproof.omicsgroup.co.in/paper-submissions-new/2020/Jul/06/

Upload File :
current_dir [ Writeable ] document_root [ Writeable ]

 

Command :


[ Back ]     

Current File : /efsdata/authorproof.omicsgroup.co.in/paper-submissions-new/2020/Jul/06/source-1594026162.doc
��ࡱ�>��	����������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������	
����
 !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~���������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������Root Entry��������	�F�WordDocument��������j1Table��������tData
��������������8	

 !"#$%&'()*+,-./0123456789��������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������J���������666666666vvvvvvvvv666666>666666666666666666666666666�6666666666�666666666666hH66666666666666666666666666666666666666666666666666666666666666666�62���� 0@P`p������2(�� 0@P`p������ 0@P`p������ 0@P`p������ 0@P`p������ 0@P`p������ 0@P`p��8X�V~(�(NormalDA�D	Default Paragraph Font6i�60Table Normal(k�(	0No List� �G�M�NnO,P:Q�Q�TlUHV�VdWXjX�X�]�^�b�cd�dTj�o,w��������l�^_`abcdefghijklmnopqrstuvwxyz{�x6 H�T:UvU�UbV�V0WfW�W*X`X�X�XY^4^F^h^�^�^�^�^�^___�b�c�c�c.drd�d�hpilj�j�j�jk,k�o*v�v�v whw�wn������l�|}~������������������������������������������������������M'�0�=�L�Yh5hjh�h�h	i>i�Y��page1page2page3page4page5page6page7��M'�0�=�L�Y��M'�0�=�L�Y�T��,b�$Φ��J����ӳ���^si����p�(	�
��8�
�
#�A�  "���6
�S����	?�7�YT$����^$t@G��* ��Times New Roman5��Symbol3.��* ��Arial7.���{ @�CalibriA���� B�Cambria Math ���h���'���'�������02����@P	�	$P�2!xx����	��l�	�i�Y�4�t4�(�x
0uZ�<	 ��J*`V
"+	+
FORECASTING THE IMPACT OF SHARE MARKET DEVELOPMENT INDICATORS ON FIXED CAPITAL FORMATION AND TRADE

Elhachemi Abdelkader Hacine Gherbi, College of Business Administration, Imam Abdulrahman Bin Faisal University, eagherbi@iau.edu.sa

Abstract

This paper investigates the long run impact of share market development in term of size and activity on gross fixed capital formation and trade in Saudi Arabia country and shows the causality hypothesis exist over the period of 1985 to 2018. The study uses Auto Regressive Distributed Lag ARDL analysis technique. The long run finding generally shows that the share market activity development proxies (value of shares traded and stock transaction) are insignificantly linked to the economic growth indicators (GFCF and Trade). Meanwhile, the share market size development proxies (Market value and Number of shares traded) is positively and significantly linked to the economic growth indicators (GFCF and Trade. It is thus imperative for the Saudi policymakers to establish policies that bring improvements to the stock financial market in their respective country, particularly in terms of market activity development. We recommend that the entire stock trading market be transformed to developed market for superior exchange performance.

Keywords: Share, Capital, Trade, Value, Causality, ARDL.

INTRODUCTION

The transformation of a an underdeveloped economy to a developed one calls for high proportion of the population to be inclined towards immaterial well-being, to look ahead and to be exposed to risks, to be interested in techniques and innovations, to persevere and to be able to collaborate with other people and to adhere to specific rules. A fundamental equation was proposed by Solow (1956) that identifies the time path of capital accumulation that must be adhered to if the entire available labor is to be used. In this regard, Solow s growth model displayed diminishing returns to labor and capital distinctly and constant interrelations to the factors in a combined way. Also, technological progress became the resulting factor that explains long-term growth and its level was deemed to be exogenously determined (Todaro, 1997).

In addition to the supply side of the financial sector and its activities, the demand side and the economic units that may need financial services are covered under the financial system concept. Several economic units require these financial services but basically households accumulating wealth or with carrying earnings over from a period to the next and the firms needing capital for investment make up majority of their clients. Hence, the financial system of a country can be understood along with how real investment is undertaken by households and how surplus units accumulate and transfer assets. The answers to the following questions have to be determined, how households and other surplus units finance firms and deficit units? How risk protection is ensured by households and firms? Moreover, the state also plays a part in the

financial system not just for the supply and demand of financial services but also for the regulation and oversight of the financial sector.

THEORETICAL FRAMEWORK

The more robust arguments promulgating the importance of finance in bringing about economic growth are encompassed within the theories proposed in varying growth models, namely the classical, the neo-classical, and the endogenous theory. More specifically, the Harrod-Domar classical growth model has been proposed for a closed economy and it posits that the ratios of national savings and national capital output facilitate the growth rate of the gross national product (GNP). Following this argument, the expansion of new capital stock via investments occurs when the economies save a part of their national income. The new income produced via savings will result in economic growth and development. The Harrod-Domar growth model was expanded by Kennedy (1966) to also be applicable to open economies where savings were given similar implications.

the main effective economics development strategies are industrialization, rapid accumulation of capital, movement of underemployed workers, and economic planning. Moreover, the actual limitations of classical development economics stem from the lack of recognition that economic growth is just a means to other aims, and its focus on national product, aggregate income and total supply of specific goods as opposed to non-entitlements of individuals and capabilities such entitlements produce (Sen, 1983). However, three economic development failure interpretations have been presented (Mukherjee, 1994) which are; the failure to use output permitted by the current technical knowledge, outdated level and character of economic performance related to some country, and failure to achieve acceptable level of living in a significant population proportion.

In addition, there is significant portion of literature dedicated to the financial development and economic growth relationship but to date; there is lack of consensus view on the nature of this relationship and the causality direction. Three different hypotheses are proposed by Patrick and Reimer (1966) to this end; supply-leading, demand-following, and bidirectional causality. The fourth and final view contends the absence of the causality between the two (Graff, 1999; Lucas Jr,1988).

LITERATURE REVIEW

Financial markets and banking intermediation ensure superior savings mobilisation and sustainable economic growth, as well as assists in the agglomeration of the financial resources of the economy. It also enables the conduct of risk diversification to individual investment projects and offers savers increased benefit investments which in turn lead to financial savings, as opposed to the retention of only a few profitable assets. Such an approach supports the development of the financial system (Goaied & Sassi, 2010).

Following a thorough review of literature concerning finance and economy, the primary function of financial market is categorized into five by Levine (1997). According to him, financial systems functions are to (Make trading, hedging, diversifying and pooling of risk easier, conduct resource allocation, oversee managers and take complete corporate control, mobilize savings, and finally Exchanging goods and services)

FUTURE ECONOMICS AND INVESTMENTS OBJECTIVES IN KSA BASED ON 2030 VISION

Earlier 2017 year, the Saudi Arabia government published new economic strategy Vision which call 2030 vision, which established to achieve the following main objectives: deep and ambitious socio-economic change, long term budgetary balance, develop financial sector and supporting non-oil revenues and local content and long term spending strategy based on programs and projects. In addition, there are three economic objectives among the 2030 vision goals which are as follow; first, unemployment rate target decrease from 11.6% to 7%, second, supporting SME to increase their contribution to GDP from 20% to 35% and third is women's participation in the workforce should increase from 22% to 30% by 2030 year.

These main objectives will be achieved by supporting small businesses and productive families. In addition, small and medium-sized enterprises (SMEs) are among the main agents of economic growth; create jobs, innovation and stimulate exports. The SMEs of the Kingdom are not yet the main contributions to the GDP, especially compared to the advanced economies. Therefore, they decide to strive to create appropriate employment opportunities for citizens by supporting SME entrepreneurship, privatization and investments in new industries.

The main strategy mechanism based on supporting private sector in the Kingdom. Especially small and medium enterprises to create more jobs and help them to develop their business scale in local and international markets, by promoting sound governance principles, particularly in following priority sectors, mobility and automotive parts, battery technology, industrial and electrical equipment, renewables, metalworking, industrial digital software and hardware, and robotics. Investors.

RESEARCH METHODOLOGY

This study adopted the Autoregressive Distributive Lag (ADRL) model to determine the long run impact of share market indicators development on KSA economic growth in term of gross fixed capital formation and trade using yearly data from 1985 to 2018 gathered from the World Bank and Saudi Arabian Monetary Agency (SAMA) websites .

This study used Number of Shares Traded (NST) and Market Value of Shares (MVS) as share market size development. While, Value of Shares Traded (VST) and Number of Transactions (NT) as share market activity development. The specific equation, within which each variable follows the dependent variable, is presented as follows.

"a (        )  "1 = 0 + "  =1 �1  a "a a  lna (        )  "1 + "  =0 �2  a "a lna (      )  "1 + "  =0 �3  a "a lna (    )  "1 + "  =0 �4  a "a (      )  "1 + "  =0 �5  a "a lna (      )  "1 +

"  =0 �6  a "a (          )  "1 + 1a (        )  "1 + 2lna (      )  "1+a   3lna (    )  "1 + 4a (      )  "1 + a   5lna (      )  "1 + 6a (          )  "1 + � & &  (01)

"a (          )  "1 = 0 + "  =1 1  a "a a  lna (          )  "1 + "  =0 2  a "a lna (      )  "1 + "  =0 3  a "a lna (    )  "1 + "  =0 4  a "a (      )  "1 + "  =0 5  a "a lna (      )  "1 +

"  =0 6  a "a (        )  "1 + 1a (          )  "1 + 2lna (      )  "1+a   3lna (    )  "1 + 4a (      )  "1 + a   5lna (      )  "1 + 6a (        )  "1 + & &  (02)

Upon completing the entire equation, the Granger-causality test is conducted to calculate the long and short run estimation and the variables relationships. The corresponding equation is a composite of short run and error correction estimation presented as follows.
"a (        )  "1=0+ "� a "a a  lna (        )  "1+ "� a "a lna (      )  "1+  =1  1    =02  "� a "a lna (    )  "1+ "�a "a (      )  "1+ "�a "a lna (      )  "1+ a   a         a (03)  =03    =04    =05    "1"a (          )  "1=+"a "a a  lna (          )  "1+ "a "a lna (      )  "1+0  =11    =02  "a "a lna (    )  "1+ "a "a (      )  "1+ "a "a lna (      )  "1+  =03    =04    =05  "a "a (        )  "1+a   a       (04)  =06    "1In this study, the ARDL model analysis involved three phases adopted from Kouakou (2011). First, the variables are determined and calculated using unit root test, then co-integration relationship among the variables was tested through bound test, and lastly, the causality test of Ganger was determined to examine and determine the variables relationship.

RESULTS AND DISCUSSIONS

The results of the unit root stationarity for the variables are tabulated in Table 1 and from the table, all variables are stationary at first, using ADF test. The suitable analysis technique to be utilized is the ARDL model.

Table 1: Unit Root Tests
VariabADFlesLFDLNST--5.96***LVST--3.89**LMVS--6.74***LNT--3.34**GFCF--5.66***TRAD--4.44***E
Note: The null hypothesis represents no stationarity and the significance levels of *** represent stationarity at 1% and ** and represent stationarity at 5%.

The previous step is followed by the examination of the bound test (refer to Table 2). From the table, F-statistics values of GFCF and TRADE exceeded the upper bound of 1% in significance, indicating significant co-integration relationship between variables at the significance level of 1%.

Table 3: Bound Test Result

DependentF-statisticsI(0)(10%)I(1)(10%)I(0) (5%)I(1)(5%)I(0) (1%)I(1) (1%)VariableGFCF6.01***2.263.352.623.793.414.68TRADE7.37***2.753.793.124.253.935.23
Note: * denotes 10%, ** denotes 5% and *** denotes 1% significance levels. The null hypothesis represents no co-integration. Critical values were adopted form Pesaran and Pesaran (2001).

The bound test results indicated a significant long run relationship between share market development and both of gross fixed capital formation and in term of size and activity and sum of exports and imports of goods and services (TRADE) represented by the equation.

GFCF= +11.55 LMVS*** +0.21LNST -8.48 LNT**+ 3.35 LVST +0.34 TRADE **(05)TRADE= +29.37LMVS***+ 4.78 LNST*** +2.13 LNT-17.1 LVST***- 2.5 GFCF***(06)The diagnostic test results for long-run equilibrium model are presented in Table 3.

Test StatisticGFCF ModelTRADE ModelProbProbSerial Correlation0.620.71Heteroscedasticity0.920.13Normality0.40.78
The diagnostic test results show that the model doesn t suffer from any of Serial correlation, Normality and Heteroscedasticity problems and the lag order for GFCF and TRADE models are (1.2.1.2.0.2) and (1.1.1.1.1.1), respectively on the basis of the Akaike information criterion.

The ECM coefficients for both of GFCF and TRADE models are negative and significant at 1 percent significant level (-0.69) and (-0.74), respectively. Which reinforcing the idea of the existence of long-run relationship among the variables. Also, for both models R2 is around 75% which provide accepted explanatory power.

Table 4 show the Granger causality test, providing that share market development indicators in terms of size and activity (MVS, NST, NT and VST) Granger cause Gross foxed capital formation, while, GFCF doesn t Granger cause share market development indicators. In other words, supply leading causality hypothesis exist between share market development indicators and fixed capital formation in KSA.

Furthermore, the table shows that there is no Granger causality exist between share market development indicators in terms of size and activity (MVS, NST, NT and VST) and trade indicator as proxy of growth. Moreover, only trade granger causes fixed capital formation in KSA, therefor is unidirectional hypothesis exist between them.

Table 4 Granger Causality Hypothesis Results

VariablesGFCFTRADEGFCF-Uni-directional (TRADE cause GFCF)TRADEUni-directional (TRADE cause GFCF)-LMVSSupply LeadingBi-DirectionalLNSTSupply LeadingBi-DirectionalLNTSupply LeadingBi-Directional
The results in equations 05 and 06 show that share market activity development indicators have insignificant impact on fixed capital formation and trade, which is against theory. Vaithilingam, Nair and Samudram (2006) argued that the financial system forms a crucial part of the economy, a weak financial system would jeopardise long-term economic sustainability and ultimately lead to a financial crisis. Furthermore, Romer (1986 believes that the financial system functions influence steady-state growth through the changes in the technology innovation rate. Levine (1997) stated that an increasing volume of the body of literature has urged skeptics to consider the notion that the development of financial markets and institutions is a critical and interconnected part of the process of growth, as opposed to limiting their beliefs to the view that the financial system merely reacts passively to economic growth and industrialization.

Whereas, the results in equations 05 and 06 show that share market size development indicators have significant positive impact on fixed capital formation and trade which is with theory. Lucas Jr (1988) and Rebelo (1992) state that there are two streams through which every financial function may affect growth in the economy. These streams are capital accumulation and technological innovation. In other words, steady state growth is influenced through the financial system functions via the rate of capital formation. Capital formation is influenced by the

financial system through conducting changes on the rate of savings or the reallocation of savings among differing capital generating technologies.

In addition, according to Harrod-Domar Kennedy (1966) study, the expansion of new capital stock via investments occurs when the economies save a part of their national income. The new income produced via savings will result in economic growth and development. Moreover, Goaied and Sassi (2010) state that financial markets ensure superior savings mobilization and sustainable economic growth, as well as assists in the agglomeration of the financial resources of the economy. It also enables the conduct of risk diversification to individual investment projects and offers savers increased benefit investments which in turn lead to financial savings, as opposed to the retention of only a few profitable assets.

It is noticeable from the above long run estimated results, that KSA financial market is suffering from high speculations capital volume, this led to negative and insignificant impact on capital accumulation and technological innovation. Moreover, the results show that financial market development in terms of size based on supporting foreigner consumption product rather than domestic products, which lead to decrease on riyal currency value. Moreover, KSA Share market indicators show that Saudi Arabia economy is most related to external market in case of consumption instead of producer.

CONCLUSION

Based on the findings, it is thus imperative for the Saudi policymakers to establish policies that bring improvements to the share market in their respective country, particularly in terms of secondary market development. We recommend that the entire stock trading market be transformed to developed market for superior exchange performance.

Hence, certain measures need to be established to boost the share market development in terms of capital and liquidity. Such measures may include the enhancement of second-tier stock markets, the launching of online trading, minimizing the period of settlement, adding on more branches, stock market integration in other markets (particularly in the context of emerging nations) and the introduction of more instruments into the stock exchanges which are aligned with the people s demands and needs such as Islamic financial products which are aligned with shariah compliance. These will gradually cultivate economic growth, prevent internal financial crisis, and contribute towards the management of the global financial crisis.

Further, serious local investors should be given the opportunity to participate in the market and take part in formulating policy. Policies that contribute to active participation, specifically by local real investors, will enhance liquidity and attract foreign investors. Such policies may include tax holidays, relaxation of tax withholding, capital gain tax, and the establishment of a high degree of transparency in order to attract investors. Such transparency may be in the form of integrating periodic review of listed companies  reports and the sanctioning of firms that commit errors. Hence, policymakers would be required to review the legal and institutional arrangements which contribute towards financial repression, in order to hinder financial sector efficiency and restrict the speculators (Arabi, 2014).

In particular, the Saudi financial sector was badly affected and rather than dealing with the situation via the international financial system, it dealt with international brokers, black market traders, brokers and currency traders. The impact of such activities did not only affect the government of KSA but also its private sector especially owing to the country s weak financial institutions. This weakness resulted in the bankruptcy of such institutions, the shutting down of some and the merging of others.

Another justification for the outcome of the study is that one of the major functions of the stock market is risk management, implemented by the facilitation of risk pooling and risk allocation by households and firms (Merton & Bodie, 1995). In this regard, finance malpractices that led to the crisis. Ahmed (2009) shed light that the mismanagement of risks at institutional, organizational and production levels precipitated the financial crisis. Risk can be categorized into inherent and residual risk, where the former refers to risks that exist prior to taking any controls and the latter refers to the exposure following the implementation of certain corrective measures/effective controls. Risk management tools would be to minimize inherent risks and keep them at manageable levels in order to satisfy stakeholders  risk appetite. This will in turn boost their engagement in growth-developing and wealth-generating economic activities.

Several ways can be adopted by policymakers to bring about such developments. These include the creation of real business and economic environment and review of the application of the financial market regulation that adhere to the actual aim to realize discipline in governance application, to enhance and develop understanding and to manage risks.

REFERENCES

Ahmed, H. (2009). Financial crisis, risks and lessons for Islamic finance. ISRA International Journal of Islamic Finance, 1(1), 7-32.

Graff, M. (1999). Financial Development and Economic Growth-A New Empirical Analysis.
Dresden Discussion Papers in Economics(5/99).

Goaied, M., & Sassi, S. (2010). Financial development and economic growth in the MENA region: What about Islamic banking development. Institut des Hautes Etudes Commerciales, Carthage, 1-23.

Harrod, R. F., Friedman, M., & Jacobson, A. (1966). A Monetary History of the United States 1867-1960.JSTOR.

Sen, A. (1983). Development: Which way now? The Economic Journal, 93(372), 745-76

Solow, R. M. (1956). A contribution to the theory of economic growth. The quarterly journal of economics, 70(1), 65-94.

Todaro, M. (1997). Economic development beyond regulation: the informal economy in Latin
America. M: Addsion-Wesley. 6th Edition.[Links].

Kennedy, C. (1966). Samuelson on induced innovation. The Review of Economics and Statistics, 442-444.

Patrick, R., & Reimer, C. W. (1966). The diatoms of the United States. Academy of Natural Sciences

Pesaran, M. H., Shin, Y., & Smith, R. J. (2001). Bounds testing approaches to the analysis of level relationships. Journal of applied econometrics, 16(3), 289-326.

Mukherjee, B., Heberlein, L. T., & Levitt, K. N. (1994). Network intrusion detection.
IEEE network, 8(3), 26-41.

Lucas Jr, R. E. (1988). On the mechanics of economic development. Journal of monetary economics, 22(1), 3-42.

Levine, R. (1997). Financial development and economic growth: views and agenda. Journal of economic literature, 35(2), 688-726.

Merton, R. C., & Bodie, Z. (1995). A conceptual framework for analyzing the financial environment. The global financial system: A functional perspective, 3-31.

Vaithilingam, S., Nair, M., & Samudram, M. (2006). Key drivers for soundness of the banking sector: lessons for developing countries. Journal of Global Business and Technology, 2, 1-11.
���	�	�	�	"|�����(*��� 7@JS]fpy�������������OJPJQJCJOJPJQJCJ$5OJPJQJCJOJPJQJCJ5OJPJQJCJOJPJQJCJ5OJPJQJCJOJPJQJCJ6OJPJQJCJOJPJQJCJ56OJPJQJCJ6OJPJQJCJOJPJQJCJOJPJQJCJ5OJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJOJPJQJCJ� � !!�'�'^.`.82:2^2`2x6z6�9�9V:X:�?�? D"D�G�G<CMT]dmt}��������������OJPJQJOJPJQJCJ5OJPJQJOJPJQJCJOJPJQJOJPJQJCJOJPJQJOJPJQJCJOJPJQJOJPJQJCJ5OJPJQJOJPJQJCJOJPJQJOJPJQJCJOJPJQJOJPJQJCJ5OJPJQJOJPJQJCJOJPJQJOJPJQJCJOJPJQJOJPJQJCJOJPJQJ�GH H�J�JDMFM^MfMlMnMvM~M�M�M�M�M�M�M�M�M�M7AHQXahq{������������OJPJQJCJ5OJPJQJOJPJQJCJOJPJQJOJPJQJCJOJPJQJOJPJQJCJOJPJQJCJ
H*OJPJQJCJOJPJQJCJ
H*OJPJQJCJOJPJQJCJ
H*OJPJQJCJOJPJQJCJ
H*OJPJQJCJOJPJQJCJ
H*OJPJQJCJOJPJQJCJ
H*OJPJQJCJOJPJQJCJ
H*OJPJQJCJ�M�M�MNNN$N,N4N<N@NFN\NdNlNtNxN~N�N�N�N�N7AJT]gpz������������OJPJQJCJ
H*OJPJQJCJOJPJQJCJ
H*OJPJQJCJOJPJQJCJ
H*OJPJQJCJOJPJQJCJ
H*OJPJQJCJOJPJQJCJ
H*OJPJQJCJOJPJQJCJ
H*OJPJQJCJOJPJQJCJ
H*OJPJQJCJOJPJQJCJ
H*OJPJQJCJOJPJQJCJ
H*OJPJQJCJOJPJQJCJ
H*OJPJQJCJOJPJQJ�N�N�N�N�N�N�N�N�NO
OOO(O0O8O:OLOTOZO\OnO7@JS]fpy������������OJPJQJCJOJPJQJCJH*OJPJQJCJOJPJQJCJH*OJPJQJCJOJPJQJCJH*OJPJQJCJOJPJQJCJH*OJPJQJCJOJPJQJCJH*OJPJQJCJOJPJQJCJH*OJPJQJCJOJPJQJCJH*OJPJQJCJOJPJQJCJH*OJPJQJCJOJPJQJCJH*OJPJQJCJOJPJQJCJH*OJPJQJCJnOvO�O�O�O�O�O�O�O�O�O�O�O�O�OPPPPP&P,P7AJT]gpz�������������OJPJQJCJH*OJPJQJCJOJPJQJCJH*OJPJQJCJOJPJQJCJH*OJPJQJCJOJPJQJCJH*OJPJQJCJOJPJQJCJH*OJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJOJPJQJCJOJPJQJCJH*OJPJQJCJOJPJQJCJH*OJPJQJCJOJPJQJCJH*OJPJQJCJH*,PTP\PdPnPtP�P�P�P�P�P�P�P�P�P�P�PQQQQ:Q7@JS]gpz������������OJPJQJCJOJPJQJCJH*OJPJQJCJOJPJQJCJH*OJPJQJCJH*OJPJQJCJOJPJQJCJH*OJPJQJCJOJPJQJCJH*OJPJQJCJH*OJPJQJCJOJPJQJCJH*OJPJQJCJOJPJQJCJH*OJPJQJCJH*OJPJQJCJOJPJQJCJH*OJPJQJCJOJPJQJCJH*OJPJQJCJH*OJPJQJCJ:QBQHQJQLQVQ\QvQ~Q�Q�Q�Q�Q�Q�Q�Q�Q�Q�Q�Q�Q�Q7AJQZdnw�������������OJPJQJCJH*OJPJQJCJOJPJQJOJPJQJCJOJPJQJCJH*OJPJQJCJH*OJPJQJCJOJPJQJCJH*OJPJQJCJOJPJQJCJH*OJPJQJCJOJPJQJCJH*OJPJQJCJOJPJQJCJH*OJPJQJCJOJPJQJCJH*OJPJQJCJOJPJQJCJH*OJPJQJCJOJPJQJCJH*OJPJQJCJ�Q�QRR R"R8R@RFRHR^RfRlRpRrR|R~R�T�T�T�T�T7AJT]gpz�������������OJPJQJCJH*OJPJQJCJOJPJQJCJH*OJPJQJCJOJPJQJCJH*OJPJQJCJOJPJQJCJH*OJPJQJCJOJPJQJCJH*OJPJQJCJOJPJQJCJH*OJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJ�T�T�T�T�TU&U0U4U8U:U<U>U@UBUDUFUZU\U^U`UbUlU9BKT]fox�������������OJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJlUtUvUxUzU|U�U�U�U�U�U�U�U�U�U�U�U�UVV2V>VHV9BKT]foy�������������OJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJH*OJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJHVPVRVTVVVXVbVjVlVnVxV�V�V�V�V�V�V�V�V�V�V�V�V9BKT]fox�������������OJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJ�V�V�V�V�VWWWW0W:W@WBWDWFWHWJWLWPWRW\WdW7@JS^gpy�������������OJPJQJCJOJPJQJCJ(H*OJPJQJCJOJPJQJCJRHTOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJRHQOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJdWfWhWjWlWnWxW�W�W�W�W�W�W�W�W�W�W�W�W�WXXX9BKT]fox�������������OJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJH*OJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJXXX"X*X,X.X0X2X<XDXFXHXJXTX\X^X`XbXdXfXjX7@IR[dmv������������OJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJjXnXpX�X�X�X�X�X�X�X�X�X�X�X�X�X�X�X�X�X�X�X�X9CLU^gpy�������������OJPJQJCJH*OJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJ�X�X�X�X�X�X�X�XYYYYY
YYYY�[�[\\�]�]9BKT]fox��������������OJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJOJPJQJCJ5OJPJQJOJPJQJCJOJPJQJ�]^^^ ^(^,^.^6^@^D^F^Z^d^h^j^|^�^�^�^�^�^�^9CLU^gpy�������������OJPJQJCJ5OJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJ�^�^�^�^�^�^�^�^�^�^_________ _\`^`�b9BKT]fox��������������OJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJOJPJQJCJOJPJQJOJPJQJCJ�b�b�b�b�b�bc"c6cJc\cpc�c�c�c�c�c�c�c�c�c�c�c9@JQZcku}�������������OJPJQJOJPJQJCJ5OJPJQJOJPJQJCJOJPJQJRHcOJPJQJ5OJPJQJ5RHcOJPJQJ5OJPJQJ5RHbOJPJQJ5RHcOJPJQJ5OJPJQJ5OJPJQJCJ	OJPJQJOJPJQJCJ	OJPJQJCJ	OJPJQJCJ	OJPJQJCJ	OJPJQJCJ	OJPJQJCJ	OJPJQJCJ	OJPJQJCJ
�c�c�c�c�c�c�c�c�c�c�c�c�c�c�c�c�c�c�c�c�c�cd9BKT]fox��������������OJPJQJCJ
OJPJQJCJ
OJPJQJCJ
OJPJQJCJ
OJPJQJCJ
OJPJQJCJ
OJPJQJCJ
OJPJQJCJ
OJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJ5OJPJQJ5OJPJQJOJPJQJRHaddd d,d.d0d2d4d6d8d:d<d@dBdNd^dhdrd|d�d�d�d�d<ENU\enw��������������OJPJQJRHaOJPJQJRHaOJPJQJOJPJQJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJ5OJPJQJ5OJPJQJOJPJQJRHaOJPJQJRHaOJPJQJRHaOJPJQJOJPJQJOJPJQJCJ�d�d�d�d�d�d�d�d�d�d(f*f@hBh�h�hfitijj j>jTj9BKT]fox��������������OJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJOJPJQJCJOJPJQJOJPJQJCJOJPJQJOJPJQJCJ5OJPJQJCJOJPJQJCJ5OJPJQJCJOJPJQJCJOJPJQJCJ5>*OJPJQJOJPJQJCJ5OJPJQJCJ5Tjnjpjzj�j�j�j�j�j�j�j�j�jkk"k.k0k�kbmdm�o�o9CLU^gpy��������������OJPJQJCJ5OJPJQJCJ
OJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJOJPJQJCJOJPJQJCJOJPJQJOJPJQJCJOJPJQJ�o�qss�u�u�uvvv,v6v:v�v�v�v�v�vw"w,w4=FMV]gnx�����������OJPJQJCJOJPJQJCJOJPJQJOJPJQJCJOJPJQJOJPJQJCJ5OJPJQJOJPJQJCJ5OJPJQJCJ5RHaOJPJQJCJ5RHcOJPJQJCJ5OJPJQJCJRHcOJPJQJCJOJPJQJCJ5OJPJQJCJOJPJQJCJRHcOJPJQJCJ5OJPJQJCJRHcOJPJQJCJOJPJQJCJ5,wJwjwrw�w�w�w�w||n�p�����(�*�̎Ύ����9DMWbku|��������������OJPJQJCJRHcOJPJQJCJOJPJQJCJ5OJPJQJCJRHcOJPJQJCJOJPJQJCJUOJPJQJOJPJQJCJOJPJQJCJOJPJQJCJOJPJQJOJPJQJCJOJPJQJOJPJQJCJOJPJQJOJPJQJCJOJPJQJOJPJQJCJOJPJQJOJPJQJCJ5OJPJQJOJPJQJCJ����P�H�J�x�����������&���֫ث�������������<CLU\enu~�������������OJPJQJOJPJQJCJOJPJQJCJOJPJQJOJPJQJCJOJPJQJCJOJPJQJOJPJQJCJOJPJQJCJOJPJQJOJPJQJCJOJPJQJCJOJPJQJOJPJQJCJOJPJQJOJPJQJCJ5OJPJQJOJPJQJCJOJPJQJCJ6OJPJQJCJOJPJQJCJ6OJPJQJCJOJPJQJ���������H�J�����T�b�d����
���Ʊȱ�������9BLU\eox��������������OJPJQJCJOJPJQJCJ6OJPJQJCJOJPJQJOJPJQJCJOJPJQJCJ6OJPJQJCJOJPJQJCJ6OJPJQJOJPJQJCJOJPJQJCJ6OJPJQJOJPJQJCJOJPJQJCJ6OJPJQJOJPJQJCJOJPJQJCJ6OJPJQJCJOJPJQJCJ6OJPJQJCJOJPJQJOJPJQJCJ�������|�ȳ޳�*�������������`���ԶֶZ���9BLU\eox�������������OJPJQJCJOJPJQJCJ6OJPJQJCJOJPJQJOJPJQJCJOJPJQJCJ6OJPJQJCJOJPJQJOJPJQJCJOJPJQJCJ6OJPJQJCJOJPJQJCJ6OJPJQJOJPJQJCJOJPJQJCJ6OJPJQJOJPJQJCJOJPJQJCJ6OJPJQJCJ6OJPJQJOJPJQJCJOJPJQJCJ6����������T�h�j�������|�������\�l�-6@IPYclv�������OJPJQJCJOJPJQJCJ6OJPJQJCJOJPJQJOJPJQJCJOJPJQJCJ6OJPJQJCJOJPJQJCJ6OJPJQJCJOJPJQJOJPJQJCJOJPJQJCJ6OJPJQJCJOJPJQJOJPJQJCJOJPJQJCJ6OJPJQJCJ���	�	�	�	����(*�����������������d�$d�a$d����d�]�x^��`���d��$da$d�$d�a$d�d^��d��$da$d�$��d�a$`��d�$��d�a$`������ � !!�'�'^.`.82:2^2`2x6���������������$��d�a$`��d��$d�a$d�	$da$]�1�d�$��d�a$`��d�$��d�a$`��d�$��d�a$`��d�$da$d�$��d�a$`��x6z6�9�9�9V:X:�?�? D"D�G�GH Hy~������������d�$��d�a$`��$��d�a$`��d�����d�]��^��`���d�$��d�a$`��d�$��d�a$`��d�$��d�a$`��d�	$da$]�1�d� H�J�JDMFM�N�N�O�OHQJQ|R~R�T�T�T���������������$��d�a$`��d�$��d�a$`��d��
��d�]��`��d��d�]��d��
��d�]�\`��d��d�]��d��$��d�a$`��	d$Ifd�^��$If�T�T�T�T�T�T�TU&U0U4U6U8U:Uqz�����������	d��$Ifd�^�($If$d��a$$Ifd�^�($Ifd�^��$If	d��$Ifd�^�($Ifd�^�$If	d��$If$d�a$]��$If	d$IfFf	d$If
:U<U>U@UBUDUFUZU\U^U`UbUlUtUvUy�������������	d$If	d$If	d$If	d$If	d$If	d$Ifd^��$If	d$If	d$If	d$If	d$Ifd^�@$Ifd^��$If	d$IfvUxUzU|U~U�U�U�U�U�U�U�U�U�U�Uy�������������	d$If	d$If	d$If	d$IfFf	d�$Ifd�^�$If	d��$Ifd�^�($Ifd�^�$If	d�$If	d��$Ifd�^�($If	d$If�U�U�UVV2V<V>VHVPVRVTVVVXVbVy�������������	d�$If	d$If	d�$If	d��$If$d�a$]��$If$d�a$$IfFf@dW�^��$IfdW�^��$If	d$If	d$If	d$If	d$If	dW�$IfbVjVlVnVxV�V�V�V�V�V�V�V�V�V�Vy�������������dW�^��$If	d$If	d$IfdW�^��$IfdW�^��$If	d$If	d$If	d$If	d$If	d$If$dW�a$]�:$If	d$IfFf�
�V�V�V�V�V�V�V�V�VWWWW0Wqz�����������	d$If$da$^��$If	d$If$da$]�L$If$da$$Ifdu�^�$If	d$Ifd^�$If	d$Ifd^�$If	d$If	d$If$da$$If
0W:W>W@WBWDWFWHWJWLWPWRW\WdWfWy�������������	d$If$da$$IfFf�	d$If	d$If	d$If	d$If	d$If	d$If$da$$If	d$Ifd^��$Ifd^��$If	d$IffWhWjWlWnWxW�W�W�W�W�W�W�W�W�Wy�������������	d$If	d$If	d$If	d$Ifd^��$Ifd^��$If	d$If	d$If	d$If	d$IfFfP	d�$If	d$If$d�a$$If�W�W�W�W�W�WXXXXXX"X*Xqz�����������	d�$If$d�a$$Ifd�^��$If$d�a$$Ifd�^�($Ifd�^�$If	d�$If$d�a$]��$If	d$If	d$IfFf�d^��$Ifd^��$If
*X,X.X0X2X<XDXFXHXJXTX\X^X`Xqz�����������	d$If	d$If	d$If	d$If$da$]�X$Ifd^�$If	d$If	d$If	d$Ifd^��$Ifd^��$If	d$If	d$If
`XbXdXfXhXjXnXpX�X�X�X�X�X�X�Xy�������������	d$If	d$If	d$If	d$IfFf�	d�$If	d$If$d�a$$If	d��$If$d�a$$If	d$If	d$If$d�a$]�g$If	d$If�X�X�X�X�X�X�X�X�X�X�X�X�X�X�Xy�������������	d$If	d$If	d$If	d$If	d$If	d$If	d$If	d$If	d$IfFf d��^��$Ifd��^��$If	d$If	d$If�X�X�X�X�X�X�X�XYYYYY
YYy�������������	d$If	d$Ifd��^��$If	d$If	d$If	d$If	d$If	d$If	d$If	d$If	d$If	d$If	d$If	d$IfYYYY�[�[\\�]�]^^^^qz�����������	d$If	d$IfFf "
$��d�a$^�x`��d�	$da$]���d�
$��d�a$^�x`��d��d^�xd�^�H$Ifd�^�4$If	d$If
^ ^(^,^.^4^-�����$$If��Fh�h@h�0������������������������4�
4�a�
p��������,�d��^�x$Ifd��^�4$If	d$Ifd��^�,$If4^6^@^D^F^$����$$If��\h�
�h8h�0����������������������������4�
4�a�
p�(���������,�d��^�H$Ifd��^�4$If	d$IfF^X^Z^d^h^$/��d��^�,$If�$$If��\h�
�h8h�0����������������������������4�
4�a�
p�(���������,�d^�H$Ifd^�4$Ifh^j^z^|^�^$-8�	d$Ifd^�,$If�$$If��\h�
�h8h�0����������������������������4�
4�a�
p�(���������,�d^�H$If�^�^�^�^�^$/8Cd^�4$If	d$Ifd^�,$If�$$If��\h�
�h8h�0����������������������������4�
4�a�
p�(���������,��^�^�^�^�^$/:Cd^�H$Ifd^�4$If	d$Ifd^�,$If�^�^�^�^�^$����$$If��\h�
�h8h�0����������������������������4�
4�a�
p�(���������,�d^�H$Ifd^�4$If	d$If�^�^�^�^�^$/��d^�,$If�$$If��\h�
�h8h�0����������������������������4�
4�a�
p�(���������,�d^�H$Ifd^�4$If�^�^___$-8�	d$Ifd^�,$If�$$If�4�\h�
�h`8`h�0����������������������������4�
4�a�
p�(���������,�d^�x$If_____$-6?	d$If	d$If	d$If�$$If�4�\h�
�`h 8 h�0����������������������������4�
4�a�
p�(����������,�_____$-6?	d$If	d$If	d$If	d$If__ _\`^`�b-�����$$If�4�\h�
� h8h�0����������������������������4�
4�a�
p�(����������,�d��	$d�a$^�xd�	$d�a$^�x�b�b�b�b�b�bc"c6cJc\cpc�c�cqv}����������d�d^�xd��	d$If$da$$If$da$$If$da$$If$da$$If$da$$If$da$$If$da$$If$da$$IfFf�&
�c�c�c�c�c�c�c�c�c�c�c�c�c�c�cy�������������	d$If$d�a$$If	d$If	d$If	d$If	d$If	d$If	d$If	d$IfFf�(	d$If	d$If	d$If	d$If�c�c�c�c�c�c�c�c�c�c�c�c�c�c�cy�������������	d$If	d$If	d$If	d$If	d$IfFf +	d$If	d$If	d$If	d$If	d$If	d$If	d$If	d$If�c�c�c�c�c�c�cddd d*d,d.dqz����������	d$IfFfp-	d$Ifd^�P$If$da$$If$da$$If$da$$If$da$$If$da$$If$da$$If$da$$IfFf�/	d$If
.d0d2d4d6d8d:d<d>d@dBdNd^dhdrdy�������������	d$If	d$If	d$If	d$If	d$If	d$If	d$If	d$IfFf
2	d$Ifd^�P$If$da$$If$da$$If$da$$Ifrd|d�d�d�d�d�d�d�d�d�d�d�d�d�dy�������������$da$$If$da$$If$da$$If$da$$IfFfW4	d$If	d$If	d$If	d$If	d$If	d$If	d$If	d$If	d$If�d�d�d(f*f@hBh�h�hFKPZ_inwFf�6d��	$d�a$^�xd�	$d�a$^�xd�	d$If$da$$If�h�hfipi��$$If��0x�"�$8"��0��������������������4�
4�a�xp������,�	d$If$da$$Ifpiritij j>jTjlj>������$$If��0x�"�$8"��0��������������������4�
4�a�xp������?,�d^�xd��d^�H$Ifd^�$Ifd^�0$Ifljnjpjzj�j$����$$If�4�F
�`
�	�
�0������������������������4�
4�a�
p��������,�	d$Ifd��^�4$Ifd��^� $If�j�j�j�j�j$����$$If�4�F
� 
`�	`�
�0������������������������4�
4�a�
p��������z,�	d$If	d$If	d$If�j�j�j�j�j$����$$If�4�F
�
 �	 �
�0������������������������4�
4�a�
p���������,�d��^�x$Ifd��^�4$Ifd��^� $If�j�j�j�jk$����$$If��F
�
�	�
�0������������������������4�
4�a�
p��������
,�d��^�x$Ifd��^�4$Ifd��^� $Ifkkk"k,k$����$$If��F
�
�	�
�0������������������������4�
4�a�
p��������
,�d��^�x$Ifd��^�4$Ifd��^� $If,k.k0kbmdm�o�o5������$$If��F
�
�	�
�0������������������������4�
4�a�
p��������
,�d��
$�d�a$^�x`�d�
$��d�a$^�x`��d��oss�u�u�uvvv*vO]bpu|���
$��d�a$^�x`��d�
$��d�a$^�x`��d��d^�xd��d^�x$If$da$^�0$If$da$^�0$If	*v,v6v:v�v$����$$If��F�h$�x�0������������������������4�
4�a�
p��������,�d��^�x$If$d��a$^�0$Ifd��^�P$If�v�v�v�v�v$����$$If��F�h$�x�0������������������������4�
4�a�
p��������
,�d��^�x$Ifd��^�P$If$d��a$^�0$If�v�v�vw w$����$$If��F�h$�x�0������������������������4�
4�a�
p��������
,�d��^�x$If$d��a$^�0$If$d��a$^�0$If w"w,wJwhw$����$$If��F�h$�x�0������������������������4�
4�a�
p��������
,�d��^�x$If$d��a$^�0$If$d��a$^�0$Ifhwjwrw�w�w$����$$If��F�h$�x�0������������������������4�
4�a�
p��������,�d��^�x$If$d��a$^�0$If$d��a$^�0$If�w�w�wl�n�5������$$If��F�h$�x�0������������������������4�
4�a�
p��������
,�d�	$d�a$^�xd�	$d�a$^�x	$d�a$^�xn�p�����(�*�̎Ύ������H�J��������������������d��$d�a$d�$��d�a$`��d�$��d�a$`��d��$da$d�$��d�a$`��d�$��d�a$`��d�$��d�a$`��d�����������֫ث���������������������������$��d�a$`��$��d�a$`��d��$��d�a$`��d�$��d�a$`��d��d^��d�
$�1�d�a$^��`�1�d��dd^��d�
$�1�d�a$^��`�1�����b�d��
���������޳���������������������d�
$�1�d�a$^��`�1�d��dd�
$�1�d�a$^��`�1�d��dd^��d�
$�1�d�a$^��`�1�d�$��d�a$`��d�$��d�a$`������Զֶ������������l�`elqv������d��d^��dd�
$�1�d�a$^��`�1�d�
$�1�d�a$^��`�1�d�
$�1�d�a$^��`�1�d�
$�1�d�a$^��`�1�3	0�0��$����/ ��=!��"��#��$��1�h3	0�0��$����/ ��=!��"��#��$��1�h3	0�0��$����/ ��=!��"��#��$��1�h3	0�0�%����/ ��=!�("��#�$��1�h3	0�0�%����/ ��=!�("��#��$��1�h3	0�0��$����/ ��=!��"��#��$��1�h3	0�0��$����/ ��=!��"��#��$�v1�hn�VΦ��J����ӳ����PNG


IHDR�wS�IDAT�c```�
�IEND�B`�$$If�4�"
���	(
�����!,$��`T�`x�`T��`@���0���������4��������������4��������������4��������������4�������������4�
4�a�pւ����������������������������,�
.$$If�4֦��p�	(
TX���,���!,$�� Td@ x,�@l Txl0TD @���0���������L��������������������L��������������������L��������������������L�������������������4�
4�a�p־���������������������������������������H,�n$$If�4�N�0pT�X�P�,��!,$�P`@�Tp`@l��x�`T��0���������<����������������<����������������<����������������<���������������4�
4�a�p֖��������������������������������,�.$$If�4֦��0p�	(
T�XP��,���!,$��x @@x,Tp @�@l0 TD@���0���������L��������������������L��������������������L��������������������L�������������������4�
4�a�p־����������������������������������������,�n$$If�4�NxX�$	TD8d������ �!�x`T0��,,`T��x�`@��0���������<����������������<����������������<����������������<���������������4�
4�a�xp֖��������������������������������,��$$If�4��xX�l��$	TD8d|�������� �!�@�(< T0��,@�� T�@�� @��0���������T����������������������T����������������������T����������������������T���������������������4�
4�a�xp���������������������������������������������H,�$$If�4�"
xX���T|������ �!�@�`@�(`@��`@�@��0���������4��������������4��������������4��������������4�������������4�
4�a�xpւ����������������������������,�
.$$If�4֦xX�l��$	D8d|�������� �!�@�( @P �, @�D�� @�@��0���������L��������������������L��������������������L��������������������L�������������������4�
4�a�xp־���������������������������������������H,��$$If�4֐xX�l�D8d��������� �!�@�`hp�,X��T��x��@��0���������H�������������������H�������������������H�������������������H������������������4�
4�a�xpִ��������������������������������������,�^$$If�4ּxX�l�$	T8d|��������� �!�@� hP0�,@��T��x��@��0���������P���������������������P���������������������P���������������������P��������������������4�
4�a�xp�������������������������������������������^,�N$$If�4��	��|�����$x`�`$`8`8`�`�`��0���������$����������$����������$����������$���������4�
4�a�p�Z�������������������	,�	N$$If�4��	��|�����$x` � $ 8 8 � � ��0���������$����������$����������$����������$���������4�
4�a�p�Z�������������������q,�	N$$If�4��	��|�����$x �$88����0���������$����������$����������$����������$���������4�
4�a�p�Z�������������������s,�	K$$If���	��|�����$x�$88����0���������$����������$����������$����������$���������4�
4�a�p�Z�������������������,�	K$$If���	��|�����$x�$88����0���������$����������$����������$����������$���������4�
4�a�p�Z��������������������,�	K$$If���	��|�����$x�$88����0���������$����������$����������$����������$���������4�
4�a�p�Z�������������������%,�	K$$If���	��|�����$x�$88����0���������$����������$����������$����������$���������4�
4�a�p�Z��������������������,�	K$$If���	��|�����$x�$88����0���������$����������$����������$����������$���������4�
4�a�p�Z�������������������#,�	

Youez - 2016 - github.com/yon3zu
LinuXploit