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1、APPLE COMPUTERINC.PreliminaryConfidentialOffering MemorandumAny reproductionor distributionof thisoffering memorandum,inwhole orinpart,orthe divulgenceof any of its contents,withoutthe prior writtenconsent of Apple is prohibited.iCopyof_APPLE COMPUTERINC.PreliminaryConfidentialOffering Memorandum150

2、,000 shares of Common Stock at$per share with a par value of$0.00 per shareThe informationcontainedherein is deemed confidentialbythe company,has not been released publicly and is disclosedforthe sole purpose of evaluationby a potentialpurchaserof thecompanys Common Stock.Any estimatesor projections

3、as to eventsthat may occur in the future(including projectionsof income,expense and net income)are based upon the best judgmentof companymanagementas of the date of this prospectus.Whether or not suchestimatesor projections may be achieved will depend upon thecompany achievingits over-allbusiness ob

4、jectives,includingavailabilityof funds resultingfrom the sale of the shares offeredherein.The shares are offered to a limited number of individualsqualifiedas sophisticatedinvestors,and as a private placement withoutregis-tration under the SecuritiesAct of 1933 in reliance upon specificexemptionsund

5、er that act relatingto transactionsnot involving apublic offering or solicitation.Transferof the shares is subjectto all of the requirementsof the Federal and CaliforniaSecuritiesAct.THE SALE OF THE SHARES WHICH ARE THE SUBJECT OF THIS OFFERINGHAS NOT BEEN QUALIFIED WITH THE COMMISSIONEROF CORPORATI

6、ONSOFTHE STATE OF CALIFORNIA.THE ISSUANCE OF SUCH SECURITIESOR THEPAYMENT OR RECEIPT OF ANY PART OF THE CONSIDERATIONTHEREFORPRIORTO SUCH QUALIFICATIONIS UNLAWFUL.THE RIGHTS OF ANY PARTY TO THISOFFERING ARE EXPRESSLY CONDITIONEDUPON SUCH QUALIFICATIONBEINGOBTAINED.THE COMMISSIONEROF CORPORATIONSDOES

7、 NOT RECOMMEND ORENDORSE THE PURCHASE OF THESE SECURITIES.SUMMARY OF PROPOSED OFFERINGNumber of Shares OfferedThe maximumnumber of shares offered will be 150,000 sharesat$per share with maximumproceeds to the company of$Apple retains the option to close the offering at 100,000 shares at$per share wi

8、th proceeds of$i iRisk FactorsOperatingHistory:Apple ComputerInc.is a new companywhich has not establisheda long history of operationuponwhich to base opinions of accuracy of forecasts,financialprojectionsor operationsefficiency.Manufacturing:Apple has experiencedextreme difficultyin obtainingits cu

9、stom injection molded cases.There is noassurancethat this problem will be solved through establishingadditionalsources of supply.Cash Flow vs Rapid Growth:Apple managementexpectsthat rapid growth and potential marketfluctuationsmaypresent severe cash flow managementdifficulties.Management:Apple Comp

10、utersManagementteam is youngand relativelyin-experiencedin the high volume consumerelectronicsbusiness.iiiTABLEOF CONTENTSIntroductionandSummary1Productand MarketingPlan1TheMarket.4ProductPlan15MarketingPlan19Competi tion21OperatingPlanOrganizationandStaffing25ManufacturingPlan.32FinancialPlan.34App

11、endixINTRODUCTION AND SUMMARYApple ComputerInc.began as Apple ComputerCo.,a partnership,in January of 1976.The company wasoperated from Los Altos,California,supplying AppleI,a single board hobby computer,until January of 1977.Apple I was successfullyacceptedamong the thenembryoniccomputer hobbyist c

12、ommunityand severalhundred systems were sold.During the latter part of1976 it became evident to the two founders that a muchlarger and more profitable market would come intoexistenceas small computers moved from the hobbymarketinto the home(consumer)market.By Januaryof 1977,a third member was identi

13、fied who alsosupplied$250,000.00initial financialbacking,andthe company was incorporated;a second,more consumerorientedproduct,Apple II,was defined,and productionand marketingplans were laid for 1977.Shipments of Apple II began in late May.By theend of September,cumulativerevenues were$756,391with a

14、 net retained earnings of$48,882.Three newmainframeproducts and new peripheralshad been definedand scheduled for introductionfrom October77 toJune79,over 180 authorizeddealer locationshad beensigned up and stocked,and a separateEuropean distributioncompany,Eurapple,had been structuredand staffed.The

15、 current business plan indicatesthe companysrevenues for fiscal 78 will be in excess of13 millionwithearningsof2 million.Capital needs will beapproximately3million*whichthec9mpanyintendstoraise from a combinationof equity financing,profits,and long term debt.PRODUCTAND MARKETINGPLANSTHE MARKET:The P

16、ersonal Computer Marketis defined to includeall computers,related peripheralsand softwareto besold for non-businessuses.Non-businessuses are definedas uses not specificallyeconomicallyjustifiedin astrictly business environment,e.g.a computersoldspecificallyto keep inventory and financialsfor a oneow

17、ner hardware store would be definedhere as a businessuse.A computersold to a doctor for use at home tomaintainand update a personal diagnosticsdata basewhich he mayormay not use,promote,charge for in hispracticeis defined as part of the personal computermarket.*Note:Anadditional2 millionwillbeneeded

18、by2nd quarterFY79to paydeferred78incometaxes.-1-The marketfor Applesproductsis young,growing rapidly(approximately250%/yr),diversein character,highly dependenton new technology,and subject to the whims of the generalconsumer.It is generallytrue that new technologyisapplied in the consumer marketlong

19、 after it has been developedand used in the militaryor industrial/commercialmarkets.Such is the case with computertechnology.The average consumertoday is aware of the benefitsand problems that extensiveuse of computershas broughtto the business world,but has very little concept of thefunctionshe can

20、 perform or the resultantbenefits to beobtained from operatinghis own,personal,home computer.Some of these benefits are listed below:personal pleasure and enjoymentincreased variety of entertainmenttime savedmoney savedbetter financial decisionsincreased leisure timecomplete security of personalinfo

21、rmationeliminationof wastedpaper,energy and storage spaceincreased personal comfortimproved standard of livingincreased learning efficiencyincreased knowledge of computersand related technologyprotectionfrom fire,theft,and personalinjurynon-verbalcommunicationsabilityreduced pollutionThe followingta

22、ble provides a perspectiveof therelative size of the personal computer market as comparedtoother consumer orientedelectronicproducts.(See TableI)Apples overall strategy for attacking(developing?)this marketis to simultaneouslymaintaina posture of bothproduct and qualityleadership.As is the case with

23、 all new markets,the advantageofbeing first is immenselyimportant,and may result in:1.Large marketshare.35%long term.2.Competitionedge-competitorsmust copyand thereforelag in product availabilityand cost.3.Greater abilityto determineproper newproduct directionsthrough more extensioncustomer contact

24、and feedback.-2-MARKET SIZE BY PRODUCT TYPETable II forecasts the personalcomputer market placesegmented into mainframesand peripherals.Units,retailselling price and total dollars are included for both.Thetechnique used to forecast the value of the peripherals marketconsists of estimating the aged d

25、ollar expenditureforexisting and future products as a percentageof the originalpurchase price.For example,an average1976system such asan IMSAI8080will have approximatelytwo times its purchaseprice spent for peripheralsover the useful lifetime of thesystem.Apple managementhas estimatedthat this ratio

26、will increase to2.5through1985and then begin decreasingagain.This occurs because of the embryonicnature of themarket and its expected rapid growth.Initially,largenumbers of various peripherals will be developedand offeredfor sale as add-on items.As the market developssome ofthese devices will become

27、 standard items sold with everymainframe.As these standarditems are determined,theywill be incorporated into the mainframe,thereby,reducingthe ratio of peripheral to mainframedollars.In addition,asthe market matures,we expect that severalspecific appli-cations or groups of applicationswill become.la

28、rge enoughsegments of the market that systems specificallytailored tothese segments will be offered,again incorporatingvariousperipheralsinto the mainframe.Each of these factors wasconsidered in estimatingthe ratios shown in Table III.TableIV shows the total peripheralsales for the personal computer

29、market as estimated by Apple ComputerIncorporated.The personal computer market(non-business)may besegmented as follows:Hobby Market-computer technologyused on apersonal basis in the home by a relativelysophisticatedperson who is capable of de-signing,constructingand programminghis ownequipment.This

30、market began developingin1975as a result of the developmentof thesingle chip microprocessor.Entertainment Market-The first truly largemarket(;:;$500million in1978)is currentlycomprised of video games such as pong,hockey,etc.The applicationof microprocessortech-nology to this market providesthe user

31、withthe ability to create his own games(both audioand video)and expandsthe users horizon tocreating computer color graphic displays andcomputer generated music.Apple expects to-4-participate only in the top end of thevideo games market and to be a dominantfactor in the color graphics and musicmarket

32、s.ProgrammablePersonal Calculator Market-This market is comprised of the current usersof prpducts similar to the TI SR-52 and theHP 67/97 calculators.Apple estimates themarket to be in excess of$100M in 1977.Our products offer increased capability andmore care of use features than any of theportable

33、 products currently available.It is felt that Apple products although trulyportable,are not sufficientlysmall inphysical size to gain a dominant share ofthis business.We do not intend to expenda major effort to penetrate this business,but expect that the advantages of our productwill capture the top

34、 end.Educational Market-The institutionaleducation market for computersis estimated at$150M annually today with essentiallynoparticipation(.6%)from small(less than$5000.00)systems.It is expected thatgovernmentalsluggishness willprevent an extremely rapid change over tosmall systems,resultingin a gro

35、wth fromabout$lM in 1977 to approximately$35M in1982.Home Market-The major distinguishingcharacteristicof the true home computingmarket is the relative lack of technical,mathematicalor scientificallyrelatedinterest of the user.In addition,due toa general lack of knowledge of the benefitsoffered by t

36、he computer,most potentialcustomers of 1980 do not have even theslightest desire to purchase one today.Itwill therefore be necessary to educate themarket regarding the benefits derived fromownership.(See Page 2 for a partial list)It is forecasted that indeed,by 1985,ahousehold using a computer will

37、have sig-nificant advantages over one that doesnt.Some examples of these are:-5-1.Better financial decision and controlswith complete privacy.2.Better security from theft and fire.3.Better environmentalcontrol withattendant energy cost savings.4.More free time for any purpose.leisureor profit.5.Bett

38、er educational opportunity.especiallyfor school-age family member.6.Lower cost communications.7.Immediate access to all family records.financial.medical.educational.etc.8.Increased family interactionthroughthe entertainment aspects of the machine.The process required to develop this marketwill be ex

39、pensive and time consuming.Simplycommunicating with 75 millionhouseholdsisan expensive proposition.let alone educatingeach one about the benefits of owning a computer.Apples limited experience with existing productsindicates that a minimum of two hours of one-on-onedisucssion is needed to convinceJo

40、e Averagethat he needs a computer.Mass media such asradio.TV and consumer magazineswill be em-ployed to accomplish much of this educationalgoal.Tables V and VI delineate the relative sizes ofthe five market segmentsasdefined above;Figure 4 illustrates graphicallythe growth ofeach segment.Table V als

41、o projects Applesmarket share of each segment.-6-II-NIRev$8MUnits10KFig.1MarketForecastMainFrames10010FASP$2001FASP$200Rev$4MUnits20KFig.2PeripheralsMarket100101$lB$100M$10MPERSONALCOMPUTERMARKETTOTALREVENUE76777879Fig.3-13-808182Fig.4MarketSegmentsasa%oftotalMarketEntertainment20%76Hobby777879Year-

42、14-Home808182PRODUCT PLANMainframesApple II-(Manufacturing cost$400.00to$300.00)A single board computer based on the 6502 micro-processor.The system includes a structural foam injectedmolded case,a high efficiencyswitching power supplyand a typewriter style keyboard.A complete operationalsystem requ

43、ires an additionaldisplay device,CRT,printer,LED,LCD,etc.,and an optional magnetictape bulk storagedevice.The most common system configurationis an Apple II,a common home color TV an inexpensive($20.00)RFmodulator,and an audio cassette tape recorder.With the above configuration,the user may toreprog

44、rams and data permanently on tape or conversely.retrieve them.These programs may be either written bythe user or purchased from Apple ComputerIncorporated.Typical applicationsinclude home financial analysis,home environmentalcontrols and color video games.Apple II has several features which are not

45、characteristicof competitiveproducts.The most important of these are:1.Color graphics capabilityin two modes.a)40 x48 Array in 15 colorsb)280 x192 Array in 4 colors2.Four Analog-to-Digitalinputs for controllers,sensors or game paddles.3.Fast,extremelypowerful,BASIC programminglanguage in Read-Only-M

46、emory(ROM).4.Eight peripheral connectorsfor maximum easeof expandability.5.Quiet,cool,fan-less operation.6.True portabilityin size and weight(less than11pounds).7.Minimum parts count and fully socketed boardfor maximum reliability and ease of service.Combined,these features put Apple II approximatel

47、y12 months ahead of current competitiveentries.Apple II A-(Manufacturing cost$300.00to$225.00)Functionally equivalentto Apple II with 6 colorHigh Resolution graphics and full floating point BASICin ROM.Maximum cost reduced implementationaccomplishedmainly by:1.lower cost keyboard2.soldered-in compon

48、ents3.lower cost case4.high volume materialspurchases-15-Apple IIA prlclng will be announcedin January 1977at the Consumer Electronics Show in Las Vegas.Theproduct will be sold as a$995.00 ensemble includingcassette recorder and color TV monitor,Apple lIS-(Manufacturing cost$250.00-150.00)Functional

49、ly equivalentto Apple IIA with improvedfloating point BASIC,and somewhat reduced flexibility.FCC approved for use with any standard TV.Drasticallyreduced component count through the use of 1 to 3 custom LSIchips.Cartridge type peripheral s such as music syn-thesize voice recognitionsystem,telephone

50、interface,etc.Specific jacks for modular peripheralssuch as the Appleprinter and Floppy Disc.Completelyredesigned case.Apple II Bwill be announced at the June78 CES.First shipments are planned for September78.The retailprice will be between$600.00 and$700.00 at announcement.Apple III-(project leapfr

51、og)Currently defined to incorporate all features ofApple II B plus significantlyimproved programminglanguage,built in printerinterface,built in bulk storage(Bubble memory?),and major advance in input technology.Voice and character recognition are both being consideredas built in features.Possibility

52、 of UHF very short rangetransmitter for wirelessdisplay capability depending onFCC approval.Ultra low cost LSI design.PERIPHERALSOCTllNOVllNOVllNOVll1.Hobby Board-prototypingboardfor computer hobbyist.2.Printer Board-a general purposeparallel printer interface board.3.Model 33 TeletypeInterface-a ca

53、ble with a potted DIP connector onone end and a teletype connector on theother end.For use with 20 mA currentloop teletypes.4.Terminal Board-100 and 300 baudserial interface board for telephonecommunicationsvia standard acousticcouplers.-16-DEC?DEC?JAN785.RS232 Serial Printer Board-Generalpurposeser

54、ialboard withsoftware selectablespeed up to 9600 Baud.6.PROM Programmer&PersonalityBoard-2716 PROM programmer with personalitysockets.7.TelephoneInterface Board-Hard wire touch tone generator with operatingsystem to automaticallydial,send messages,and answer using standard Bell system phonelines.JAN

55、788.Printer-low cost electro-resistiveprinter($250.00 retail)High speed,40or 80 charactersper line,4 wide print out.JAN789.Color TV Monitor-l3diagonal picturetube direct video input jack,$300.00 retailprice.JAN7810.Audio Cassette Recorder-PanasonicRQ309,$40.00 retail price.1st Half7811.Clock and Cal

56、endar Board-Batteryoperated time and date,firmware datecalculation.1st Half 7812.Isolated Power Control Board-Provides convenient control for 24 VACto 110VAC solenoids,small appliances,etc.1st Half 7813.Voice Recognition System-Designedand manufacturedby HeuristicsInc.,64word vocabulary.1st Half 781

57、4.AC Remote Control System-Designed and manufacturedby MountainHardware,Inc.Uses standard 110 VAChouse wiring for RF transmissionof controland polling signals.Remote receiver hasrelay isolation for solenoid and smallappliance control.1st HALF78I5.PAL&SECAM Conversion Board-Designed and manufacturedb

58、y Eurapple.Converts Apple II video output to PALor SECAM standards for Europe,Arabia andother countries.-17-1st Half 7816.220 VAC Power Convertor-Step downtransformer with various plug configurations,converts European 50,220 VAC line voltagesto Apple II compatible supply1st Half 7817.IEEE Interface

59、Board-For interfacinglaboratory instruments.UNSCHED.UNSCHED.UNSCHED.UNSCHED.UNSCHED.UNSCHED.MemoryMAY 77MAY 77JAN 7818.Bar Code Reader19.Optica1 Character Reader20.Music Synthesis System21-Voice Synthesis System22.Light Pen23.Acoustic Coupler1.4K Byte Add-In memory2.16K Byte Add-In memory3.Floppy Di

60、scJAN 784.Floppy Disc Memory-Dual densitymini-floppy with minimal operating system.1st Half 785.Software Controlled Cassette-Inexpensive substitute for floppy discwhere speed is not important(15 secmax access).Retail price$350.00.AccessoriesMAY 77l.Vinyl Carrying CaseMAY 772.Misc.Cables&Power CordsM

61、AY 773.Apple II Operators Manual-Fina1version in December 77.MAY 774.Game Paddles1st Half 785.Joy Sticks-18-MARKETINGPLANMerchandisingDue to the broadscopeof the marketplace,nosinglemerchandisingtoolcan provideadequateoverallcoverage.Applesstrategyis to use severalavenuesto reachboth dealersand pote

62、ntialcustomers.Media-our currentadvertisingprogramwillbeincreasedto run in computerhobbybooks,consumerelectronicsbooksand otherconsumerand professionalperiodicalssuch as ScientificAmerican.At least3 separateads willbe producedfor this purpose.Final mediaselectionwillbe based on markettrendsand 1977

63、responses.Co-op Advertising-a budgetof 5%of sales willbe allocatedfor individualdealersuse in supportoflocaladvertisingand merchandisingprograms.Applewillprovide(at Applesexpense)some materialstodealersfor this purpose.Point-of Sale-Posters,freesoftware,brochures,displayracks,personalvisits,and semi

64、narswillall beused to assistdealersinsellingAppleproducts.PublicRelations-majoreffortswillbe directedtowardobtainingmassiveeditorialcoveragethrougheditorvisits,industryshow participation,suchasCES,and freesupportof radioand TV coverage.(We have alreadybeen featuredon both NBC and ABCnewsspecialsin C

65、aliforniaand Texas.We alsoreceivednearly5 minutesof air time on CBS.In addition,our MarketingSystemEvaluationProgramwillbe continued.Thisprogramprovideseditorsand otherkey figureswitha loanersystemfor theiruse and evaluation.Five systemshavecurrentlybeen allocatedfor this purpose.DirectMail-a semi-m

66、onthlypublicationwillbeproducedsimilarto the HP PersonalCalculatorDigest.It willbe in a slick magazineformat,4 colorcover,2 colorinteriorwithone or 2-4 colorinteriorpages.The piece willbe mailedto all Appleownersand dealersand as a responseto ad inquiries.-19-The contentsof the book are as follows:I

67、.Testimoniallettersto the editorII.ProductdatasheetsIII.A minimumof one applicationnoteIV.A minimumof one documentedprogramlistingV.Updatedlistingof the AppleSoftwareBankVI.New productsVII.UpdateddealerlistingEachissue willbe a specialissueon one of themajorapplicationareassuchas homefinance,utility

68、controls,or entertainment.The overallexpenditurerequiredto supportthisprogramis$500K duringcalendar1978.DistributionDuring1977,Applewassuccessfulin establishing180 authorizeddealersacrossthe UnitedStates.Of these,approximatelyhalf are a chainof highlysuccess-ful consumerelectronicsretailers-TEAMELEC

69、TRONICS.TEAMis a subsidiaryof DaytonHudsonCorporation,alarge retailingorganization.Thisis Applesfirststep(in distribution)towardthe eventualtruehome market.Carefulconsiderationwas givento severalalternativechannelssuch as Sears,Wards,etc.withthe conclusionbeingthat Applecouldnot possiblysupporta pro

70、gramofthat magnitude,nor can any of our competitors.It isour strategyto buildour wayinto the marketby layinga soundfoundationeachstep of the way.TEAM wasalogicalfirststepsincethey operateonlyabout100stores,are morecompetentat sellinga complexproductthanthe averagesalespersonat a majordepartmentstore

71、,and werewillingto committo a formal,two daytrainingprogrampriorto any locationphysicallyhandlingthe product.We have alreadyheld the firstof3 trainingmeetingswiththe owners,managersand salespersonnelfrom24 storesin attendance.During1978 we willcontinueto distributethroughour existingchannels.Dependi

72、ngon the relativesuccessof the TEAMoutlets,we willdecidewhetheror not to sellApplelIB throughthe largerdepartmentstorechains.-20-Our mainstrategyin distributionis to insurethat eachcustomerestablishesa positiveon-goingrelationshipwiththe local Appledealer.This wouldbe impossibleto do throughmailorde

73、rhouses,directmail,or throughexistingdepartmentstoreorganizations.Anotherreasonfor thischoicehas to do withservice.One of our competitorsclaimsthat his productwillbe serviceableby any local TV repairman.Basedon the averagecompetencelevel of todaysTV repairman,it is Applesopinionthatthistechniquesimp

74、lywillnot succeed!Our approachis to serviceAppleproductsat local dealerlocations.Sincethe dealerwantstosell futureperipherals,he has a stakein seeingthathis customerremainssatisfied.Appleis in the processof settingup a WarrantyServiceCenterAuthorizationandTrainingProgram,whichwillresultin manyexisti

75、ngdealersalsobecomingauthorizedwarrantyservicestations.The programwillbe fullyoperationalby February78.CompetitionThe currentcompetitorsmay be groupedinto threecategories:1.HobbyManufacturers2.SmallBusinessManufacturers3.PersonalComputerManufacturersThe firstgroupis characterizedby productswhichwere

76、designedto be sold as kits.Examplesof thistypeare SouthwestTechnicalProducts,Inc.,ProcessorTechnology,Inc.,and CromemcoInc.Companieslike thesehavedominatedthe hobby marketuntilrecentlywhenseveralassembledproductswereannouncedby manufacturerssuch asApple.Becauseof thepenneypinchingnatureof theaverage

77、computerhobbyist,and the productand businessmanagementstrategiesof the companiesparticipatinginthe market,no one companyhas gaineda dominantmarketshare.It is highlylikelythat Applewill.Sincethisbecomesa smallfractionof the overallmarketby 1982,nomajoreffortwillbe expendedby Appleto satisfytheon-goin

78、gneedsof the kit buildinghobbyist.Becauseof the applicationsdevelopmentabilityofthe softwareorientedhobbyist,Applewillcontinuetoservicehis needs.-21-The small business manufacturersare lead byMITS,Inc.,now a division of Pertec,and IMS,producerof the IMSAI 8080 system.Both of these companieshaveset t

79、heir courses strongly in the direction of smallbusiness,and away from the consumer.Average prices forinstalled systems of this type range from$10,000 to$20,000 dollars.We do not expect to compete with themdirectly.The last category is characterizedby manufacturerssuch as Commodore Business Machines

80、and Tandy Corporation.These two machines will be our major competitionduring1978.Apple expects at least three additional andprobably stronger competitorsby the end of 1978.Themost likely are Atari,Texas Instruments,and RCA.Tandy-TRS 80The system configurationis divided intofburseparate elements;a CR

81、T monitor(poor quality black andwhite),a power supply,a recorder,and a keyboard withcabinet which also houses the main computer board.Theunit includes a 4K byte BASIC in ROM which is entirelyunsuitablein todays market.The keyboard has no n-keyrollover making rapid typing impossible.There are noprovi

82、sions for direct connection of analog devices such asgame paddles or resistive sensors,and the system lacksa speaker for audio effects.Tandy claims that a floppyand printer will be availablein the future but makes nocommitment as to when.Advantagesof the system are:1.Up to 16K bytes of memory may be

83、 installeddirectly.2.Some canned software has already beendeveloped for it.Overall,it is a very poor second after the PET.AppleIrAwill definitely outsell the TRS 80 handsdown regardless of the large number of potential retaillocations in the Radio Shack chain.Corrrnodore-PETThe PET computeris simila

84、r to the TRS80 in thatit has a black and white display only,has no speaker orprovision for analog inputs,and sells for the same$600.00price.-22-The important differencesare:1.PET has a calculatorstyle keyboard-completely unacceptablefor dataentry or major programmingefforts.2.The PET BASICis much mo

85、re powerfulthan the Tandy machine and resides in12K bytes of ROM.3.The CRT and cassette are built in.4.PET is limited to 8K bytes of RAMinternally.Note:The PET uses 4Kstatic RAMs from MOS technology.Theretail price for 4K bytes is$200.00over twice the Apple price for 4K bytesof dynamic RAM.5.PET has

86、 an IEEE interface port.6.PET has 64 graphics characters for usein graphic displays.Both systems are severely limited in expandabilitywhen compared with Apple II or Apple IIA.Commodorescurrenttostpro-jeet-;-onYor-PET-through the end of theyear is$360.00.Commodorehas publicly stated thattheir softwar

87、e will be developed mostly by users,notby Commodore.The current strategy for distributionof the PETmachine is to sell through the major department storechains.Apple expects that this effort will be plaguedby both service and support problems.Neither thedepartmentstores nor Commodorehas an organizati

88、oncapableof answering the questions that will be generated by thesale of several thousand machines.Apples strategyinthis regard is to let Corrmodore hang themselves duringthe fist half of1978,while we build an organizationcompetentto train departmentstore personnel(throughexperience with TEAM)and to

89、 train competentservicepersonnel(through the dealer warrantytraining program).At the same time the Apple Software Bank will grow tonearly 700 canned programs.In June of 78 we will beready to properly support a major departmentstore typeof distributionchannel,will be announcing Apple lIB,and will alr

90、eady have the broadest product line with18 peripherals and 2 main frames.This combinationofevents should put us in a position to become a favoredsupplier to the Sears,Wards and Penneys type ofstores in time for Christmas of 78.-23-Surely both Tandy and Commodore will revise andupdate their products

91、by June78,but it is expectedthat Apple lIB will be as far ahead of PET II andTRS 8011 as our current productis ahead of PET andTRS 80.Apple expects more formidablecompetitionfromTexas Instrumentsand Atari.It is likely that eachwill obtain at least a 20%marketshare within18 months of their entry into

92、 the market.It isimpossible at this time to obtain reliableinformationon either product or strategy from either company.An estimate of marketshares vs time is given in Table VII.197819801982APPLE18%35%35%ATARI0%15%25%1.!.0%15%25%COMMODORE10%10%TANDY5%5%ALL OTHERS67%20%15%TABLE VIIMarket Share-Estima

93、te-24-OPERATINGPLANSTAFFA.C.Markkula,Chairmanof the Boardand V.P.MarketingMSEE,BSEEUniversityof SouthernCaliforniaMTS-HughesAircraftCo.-4 Yrs.MarketingMgr.-FairchildSemiconductor-4 Yrs.MarketingMgr.-IntelCorporation-4 Yrs.M.M.Scott,PresidentBSPH,CaliforniaInstituteof TechnologyEngineer,BeckmanInst.-

94、2 Yrs.MarketingMgr.-FairchildSemiconductor-4 Yrs.MarketingMgr.-NationalSemciondcutor-2 Yrs.DirectorHybridOperations-NationalSemi.-4 Yrs.S.P.Jobs,V.P.OperationsAttendedStanfordandReedCollegeEngineer-Atari-2 YrsS.G.Wozniak,V.P.EngineeringAttendedUniversityof Coloradoand UniversityofCaliforniaat Berkly

95、Engr.Tennant-1Yr.Engr.Electroglass-1Yr.Engr.-Hewlett-Packard-3 Yrs.F.R.Holt,ChiefEngineerBSc.OhioStateUniversityEngineering1lgr,R&DHickockElect.-9 Yrs.AssistantChiefEngineer,MB/Gilmore-2 Yrs.Dr.W.B.Sander,StaffScientistBSEE,MSEEand PhDEE,IowaStateUniversityDesignEngineer-ITT Gilgilian2 Yrs.SeniorEng

96、ineer-TaskerIndustries-6 Yrs.DepartmentManager,FairchieldR&D-13 Yrs.GeneCarter,Directorof DealerMarketingAASMilwaukeeSchoolof EngineeringSandiaCorporation(AEC)6 YrsFairchildSemiconductor-MOSMarketingMgr.and LinearMarketingMgr.-3 Yrs.NationalSemiconductor-MOSMarketingMgr.-1 Yr.IC MarketingManager,4 Y

97、rs.,Directorof Marketing1 Yr.,Directorof MicroprocessorMkt.2 1/2 Yrs.-30-GrossSalesReturns&1l.11owanceset SalesStd COSJtherCOSfotalCOSAPPLECOMPUTERINC.INCOMESTATEMENT1977AdjustedYeartoTota 1Sept.Aug.JulyJuneMayApr.Mar.Feb.Jan.Tota 1Date19771977197719771977197719771977197719771977Adjustments756391756

98、39114167725749219831011778922067100086268991029546011398556156487012867103807502351416772526221970241177892206710008626899102953503273503277042911996290653550326362350325396832462915132915132979858007392475183846640216813234895442410641840641840100227177969129900106870530022203132673135125656)per Pr

99、ofit:st Taxes6854019568-1766410839541450746536712410919-30935-21031-31811-66133732218238190844639let Profi t48882221917107323212555696712410919-30935-21031-31811-66134639APPENDIXAAPPENDIXBAPPLE SOFTWARE BANK&POLICYROUGH DRAFTRedington10-5-77Apple Computer Inc.,referred to in this paper as APPLE,has

100、de-veloped a way of increasing the availabilityof APPLE software and inextending the usefulness of the Apple II computer system.APPLE wouldlike to introduceit to all present and potential Apple users.It iscalled the APPLE Software Bank.This paper describesthe APPLE Soft-ware Bank,the APPLE Software

101、Policy,the two bank sections:Usersupported software and APPLE supported software,the SoftwareBankContributorsGuide,and what this bank will do for the user.APPLE SOFTWARE BANKThe APPLE Software Bank is a repository for all APPLE programs,procedures,and related documentation.The enormous amount of mai

102、l thathas been received from Apple users has been the inspiration.forestab-lishing this software bank.This mail has consistedof numerous soft-ware and product suggestionsand many exciting,clever and useful pro-grams.Apple Computer Inc.has created this software bank with theuser in mind.APPLE Softwar

103、e PolicyThe foundation of this bank is the APPLE SoftwarePolicy.Policyas used here means a method of action to guide and determinepresent andfuture decisions concerning APPLE software.As a processthe APPLESoftware Policy has several steps.They are:1.Apple ComputerInc.encouragesinterestedusers to dev

104、elop software for the Apple computer.2.APPLE encouragesits users to submit theirdeveloped software:APPLE will then carefullysurvey its potential utility with the Applecomputer system and then make it availabletoall Appleusers.3.Apple ComputerInc.encouragesits users whocontributesoftware by awarding

105、them with anROUGH DRAFTII.APPLE ProgramCassette-a recordedprogramon a high qualitylow noise APPLE tape cassette.Some of these steps may be omitted or expandeddependingupon thenature of the softwareinvolved.ContributorsGuideApple Computer Inc.is developingthe APPLESoftwareBank Con-tributorsGuide.This

106、 manual will explainthe process,step by step,in submittinga programto the softwarebank.More informationon theContributorsGuide will be availableafter October24th,1977.Any questions,suggestionsand programsmay be mailedto:APPLESOFTWAREBANKApple ComputerInc.20863 StevensCreek Blvd.,B3-CCupertino,Califo

107、rnia95014(408)-996-1010The APPLE SoftwareBank will afford Appleusers more effectiveutilizationof their Apple Systems.The chancesare that someone,an Apple user or AppleComputerInc.,has already writtensoftwarefor a particularapplicationto satisfy a need that is similarifnot identicalto anotherusers ne

108、ed;this software,if existingwillbe availablethrough the softwarebank.The bank will save time.As a result of the APPLE SoftwareBank,the user will have easy ac-cess to a large number of programs and applicationsinformation.Theuser will be able to contributealmost any kind of software.TheAPPLE Software

109、Bank has been created to increasethe usefulnessandenjoymentof the AppleII system and is availableto all Appleusers.ROUGH DRAFTAPPLE SUPPORTEDSOFTWAREApple supportedsoftwareis the secondbank section.It will primarilycontainall softwarewrittenand supportedby Apple ComputerInc.And.it willcontaincontrib

110、utionscon-sideredto be outstandingby APPLEsSoftwareDevelopmentLab.personnel.All software availablethroughthis sectionwillbe fullydocumentedand supportedby AppleComputerInc.Programsin thissectionwill contain:I.A PROGRAM BOOKLETA.PROGRAM DESCRIPTION-a mini-essayonwhat the programis intendedto do.B.PRO

111、GRAM INSTRUCTIONS-how to load anduse the programon the AppleII System.C.PROGRAM LISTING-a hardcopylistingofthe programthat is annotatedwithappropriatecommentsexplainingprogramconcepts.D.PROGRAM FLOWCHART-an APPLEflowchartdiagram showingschmaticallythe flowof the program.E.PROGRAM MODIFICATION-a list

112、 of sug-gestions for changingcertainvariablesand/or parts of the programto meetspecific user needs.F.GLOSSARY-a list of wordsand theirdefinitionsthat are usedin the program.ROUGH DRAFTAPPLE Product Gift Certificatein appreciationof their contribution.The value of the certif-icate will vary depending

113、 on the value of thecontributionand or an honorariumfor an outstand-ing programmingcontributionThis policy provides a means for easy contribution,access,and dis-tribution of software to all Apple users through two bank sections.USER SUPPORTEDSOFTWAREThe first bank section is User Supported Software.

114、Software;pro-grams,tapes,and listings,availablethrough this section will be sup-ported and maintainedby their contributors.APPLE will periodicallypublisha User SoftwareListing for all user contributedsoftware.Each softwarelisting will contain:I.ContributorsSoftwareList-a listing of the name andmaili

115、ng address of each contributoralong with a listingof all of the software they have authoredand submitted.II.User ContributedProgramsA.PROGRAM NAME-the name given to the programsbytheir contributorsand a referencenumber desig-nated by APPLE.B.PROGRAM ABSTRACT-a brief descriptionof the soft-ware.It wi

116、ll answer the questions:i)what the softwareis intendedfor.ii)what are its limitations,if any.iii)what are its system requirements(program language,minimummemorysize,etc.,).C.ACQUISITIONOF SOFTWARE-describes;i)how an interesteduser can obtain alist of a particularprogram.ii)how,for how much,where,and

117、 by whomto obtain a specificprogramlisted inthe user supportedsoftwarebank.PROGIWI STAlUSPJU:L1HIIWlTPRODUCT IlllIVERSllllIVERSllllIEHTERTAIICI1EHTSOfTIAJU:Nlt18ERTAPEDOCTAPEDOCBreakoutIZT-llOlE-I04-TBYes11-1-7111-1-71SurtrekIZT-llOZE-116-TBYes11-1-7111-1-71IlorllYtM1ZT-l103E-104-TBTes11-1-7111-1-71

118、CllessIZT-llOSE-XI6-TB110Pong&Handba 11IZT-oofiE-104-T8Yes3-1-783-1-78Etch&Sketch8ZT-l107E-104-TBYes11-1-7811-1-78ColoreaurIl2T-l)08-I04-nYes2-1-78Z1-7;M!ste!1nd8ZT-l10E-1C4-Tafei1-1-781-78fortuneTellerIZT-ollE-I04-TB3-7.83-78SpaceWar1ZT-oIZE-116-TB9-Z6-7111-1-7111-1-71TrsofHanoIlZT-ol3E-I04-TNo3-1-

119、783-1-78(heck_k1ZT-llOlf-116-TYes.11-1-1711-1-71tkJelef1n.neeaZT-OOZf-HI6-T1-1-781-1-78Loan AmortIzatIon1ZT-l103f-HI6-TlZ-1-7112-1-71LEARNING&EOUCATllllIHangonan8ZT-001L-104-TBYes11-1-7111-1-71ColorIIothaZT-llOZL-I04-TBYes11-1-7111-1-71LeamlngIIothaZT-003L-1041-1-781-78_toProgr In BASIC82T-004L-1044

120、K Color0etn0/8reakout8ZT-001K-104-TBYesNoNoNoStartrek/HI-Res82T-l102K-104-TBYesNoNoNoColorGraphDeooaZT-003K-I04-TBYesNoNo110Ren_r/Append8ZT-004K-104-TBYesNo11-1-7111-1-71HI-Res_aZT-OOSK-116-TBYesHoZ-1-782-1-78Huslc8ZT-oofiK-104-TA-1-781-1-78Bouncer82T-007K-104-T8Yes2-1-782-1-78ApplesoftBASIC82T-0081

121、I-116-T89-30-71lZ-l-7112-1-71!ill!KItchen82T-001U104-TA1-1-781-1-78WORK&8USINESS RELATEDIIolllngl1st12T-llOII/-No12-17lZ-1-71CalendarIZT-OOll/-No1-1-781-1-78TelephonedIrectoryaZT-0031/-No1-1-781-1-78HI-ResTextGraphIcs82T-0041/-No1-1-781-1-78IlEYYESIftelnsavaIlableNOIM.nsnota llable-.nsin development

122、XX-XX-XXROansestlteddateof n.bllityAPPENDIXC(EURAPPLEORGANIZATION)AppleComputer,Europe(Eurapple)representsa largepotentialmarketbutit hasrequirementsofits own.First,thetelevisionsystemin Europeistwo-display,625linesinsteadof the525linesof theU.S.Second,the mainpoweris220V,50Hzinsteadof110V,60Hz.Thir

123、d,theconnectinghardware-plugs,jacks,coaxconnectors-betweenelectronicsystemsisdimensioneddifferentlythanin theU.S.Fourth,thevarietyoflanguages,at leasttwo,Frenchand Germandictatesto trans-latetechnicalinformation,manualsandliterature.Thecomputerlanguageitself,BAS!C,canremainin Englishsinceit is treat

124、edas mnemonics.Andlast,the waysand meansof doingbusinesslocally,theexport-importprocedures,theselection,appointmentandsupportoflocaldistributorsrequirea groupof peoplewhohavehadexperiencein marketingtechnicalproductsin Europeor moregenerallyabroad.Forallthesereasons,Applehadoriginallydecidedto delay

125、theEuropeanmarketa yearor two,andconcentrateits engineering,marketingandcashflowresourcesto thedomesticmarket.In April,1977,Applewasapproachedby AndreSousan,whohadrecentlyresignedfromthe positionofcorporateV.P.of engineeringandboardmemberof CommodoreElectronicsLtd.,the operatingsubsidiaryof Commodor

126、eInternational.AndreSousanhaddisagreementswithCommodoreon productand managementphilosophy.He wasfamiliarwithApple,in 1976 whenApplewasoperatingin agaragehe triedtointerestCommodorein thenewapproachApplehadin thepersonalcomputermarket.Mr.SousanofferedApplethe opportunityto set upthe Europeanoperation

127、s,financepersonallytherequiredengineeringchangesthatwouldneedto be made,theimplementationofa Europeanoperationsgroup,andlatermergetheseoperationswithAppleComputerwhenboth companieswouldbeat a productivelevel.ThiswasaccomplishedwhenMr.Sousanset up Eurappleas adistributorfor Appleto all EuropeanCountr

128、iesand moregenerallyfor allcountriesthathavea televisionsystemsimilarto theEuropeanversion.EurapplepurchasesfromApple,maintainsitsownengineeringand manufacturingfor theadd-onconvertersbetweenAppleII andthe EuropeanTVreceivers,its ownproductinventoryandits ownsalesand marketinggroup.Mr.Sousanholdsa d

129、octoratein physicsfromtheUniversityofParis,a masterin ElectronicsfromtheSuperiorSchoolofRadio-electronicsin Paris.He wasin EuropefiveyearsforTexasInstrumentsas marketingmanagerandassistantto theEuropeanV.P.,thenwasscientificdirectorfor Thomson-CSFengineeringoperations,withEuropeand UStechnicalrespon

130、sibility.Hethenmovedto VicePresident,Europeanoperationsfor VaradynebeforejOiningCommodorein 1971.At Commodore,hetraveledextensivelyto Europeandto the FarEast,bothfor productmarketingand manufacturingengineeringpurposes.Eurapplehasappointeda residentEuropeandirector,JacquesBoivinwhowaswithThomsonCSFa

131、s an electronicengineerandthenwaswithEuropeansubsidiaryof Wang,withEuropeanmarketingresponsiblity.Jacquesis locatedin ParisbuttravelsconstantlythroughoutEurope.Thefirststepof Eurapplehasbeentoimplementa distributornetworkin Europeandat thesametimepromotethe AppleII.AppleII is currentlydemonstratedin

132、 all majorelectronicsshowsthisfall/winterseason;theSicobin Paris,Systems77in Munich,EuroMicroin Amsterdam,datafairin London,andthe USdepartmentof Commercesponsoredcomputershowin Londonin January.At thisshow,Mr.Sousanwillmakethefinalselectionbetween4 companieswhohaveconfirmeda stronginterestin distri

133、butingAppleII respectivelyin Englandand4 othersin Germany(whichneeds3 distributors,North,CentralandSouth).Eurapplewillhavea hospitalitysuitein Londonat thesametimeas theshowto moreefficientlycbnductitsbusiness.Eurapplehasalreadysold,sinceit beganshippingin September,approximately20 systemsin Eurpoea

134、ndhasapproximately50systems backloggedas of thisdate.Eurapplehasappointed2distributorsin France,onein theBenelux,onein Spain,oneforallArabcountries,onein Australia,onein Singaporeandonein India.Allthesedistributorshaveextensivecapabilitiesin marketingcomputerequipment,includingprogrammersandservicet

135、echnicians.Asan example,theArabcountriesdistributoristhe Atarilicenseefor videogamesandhas paidfor there-designof AppleII throughEurappleto makeAppleII displayitscharactersin theArabiclanguage.Theheadofthiscompanyin Egyptis a computersciencesmajorfromStanfordUniversity.ORGANIZATIONALCHARTFOR EURAPPL

136、E-lII.-rappleermanyA.SOUSANCALIFORNIAIIIIDist.SalesArabCount.Eng.Adminitr.EuropeanSingaporeTBAMarn8DirectorMgr.-IndiaMfg.J.BoivinAustralia(Subcontract)ParisSouthAmercaI-1-1-II.Administ.SoftwareSr.EurappleEurapplec:Assist.EngineerU.K.FranceT.B.A.Mar78T.B.A.Mar78-FranceEnglandGermanyBeneluxSpainGreece

137、(2 Dist.)(1 Dist.)(3 Dist.)(1 Dist.)(l Dist.)(1 Dist.).-Scandinavi aSwitz.AustriaItaly(1 Dist.)(1 Dist.)(1 Dist.)(1 Dist.)JUDGEDBACKLOGOCTNOVDECOrderProbOrderProbOrderProbDealers6782749968109-405040Hi TchVVVAllied402040204020Team363624402450Eurapple101020203030Computerland595090609080ComputerSotre10

138、1012251230Direct51015Subtotal262253310314304374AdditionalOrdersresultingfrom:F.P.Basicand253550PeripheralAvailabilityTotal2783494247/27/77ALS/stAPPLE PRODUCT DEVELOPMENT PROGRAM1.Competition based development1.1Does competition have features that would make our product sell better?(e.g.floating poin

139、t basic.floppy.etc.)Identify those features.Do wehave the resources to add them,in house or subcontract?Schedule.1.2Does competition sell a comparable product to ours at a lower price?Identify.1.3If competition product is identified as comparable to Apple II,does compe-tition deliver?If yes.how and

140、when do we plan to meet the price?1.4If competition product is identified as generally comparable to Apple IIbut less performance or features,does this justify price difference?Listall differences(e.g.color.expandability,etc.)Go over differences oneby one.Can a dealer be sold on price difference bec

141、ause of them?Canuser be sold?Ask marketing.Define market portion that will belong tocompetition because of features/price difference combination.Evaluatelost sales accordingly.Is it worth it?If not.how and when to remedy?1.5If we agree to lower price models to meet competition,how to restructureour

142、expenses to assign engineering budget?Do we do all of engineering inhouse or part on subcontract?Do we attempt private label with customerdevelopment or any other possible source of additional funds?2.Innovation based development.2.1Do we have unique ideas that will make our product a favored buy wi

143、th regardto competition?Can we patent those ideas?How and when do we implementthem?2.2Do we have better ideas that will save cost on our product?(independentlyof the normal engineering/purchasingcost reduction program)How and whendo we implement them?2.3Do we keep a close look to technological devel

144、opments(new micro architectures.new memories.etc.)and evaluate how and when they may impact our product?3.Market based development3.1Do we have the right product configurations for the existing markets?(Software-peripherals-packaging,etc.)Do we have to modify anything?3.2Do we anticipate market eval

145、uations that will call for new configurations?Do we prepare for them and when?GrossSalesReturns&AllowancesNetSalesAPPLECOMPUTERINC.INCOMESTATEMENT1977AdjustedYeartoTotalSept.Aug.JulyJuneMayApr.Mar.Feb.Jan.TotalDate19771977197719771977197719771977197719771977Adjustments756391756391 141677 257492 1983

146、10 117789 2206710008626899102954601139855615648701286710380750235 141677252622 197024 117789 220671000862689910295StdCOSOtherCOSTotalCOS35032729151364184035032770429119962906535503263623503253968324629151329798580073924751838 46640 21681 3234895442410641840 100227177969 129900 106870 53002 22031 326

147、73135125656OperProfitEstTaxes6854019568-1766410839541450-7465367114109193093521031-31811-6613I3732218238190844639NetProfit48882221917107323212555696712410919-30935-21031-31811-66134639StandardCostsAppleIIMotherPCBRAM(Bytes)PowerSupplyCaseAssy.ShipKitTotalMatl+1%BurdenLabor+OHTotalMfg.Cost4K$137.0921

148、.2051.15102.3211.00$332.763.2334.11$360.1016K$137.09(includessubassy)144.00($18 ea.for16K)51.15(includessubassy)102.3211.00$445.564.4634.11($5.95/hr.270%)$484.13AppleII AAverageStd.Cost15/85mix=$465.53Sameas AppleII except1.Floatingpointbasicin ROM2.6 vs.4 colorHiResand HiResROM3.Colorkillerin TextM

149、ode4.NewCaseMatlbutsamestyle5.Newlow costkeyboard4K16KPCBRAMAddlROMPowerSupplyCaseAssyShipKit$100.0018.009.0037.7557.003.00$100.00100.009.0037.7557.003.00(includessub.assy)($12.50ea16K)FP+HeRes(includessub.assy)TotalMfg.Cost$224.75+1%Burden2.25Labor+OH22.41TotalMfg.Cost$249.41306.753.0722.41($6.20/h

150、r 220%)$332.23_!eStd.Cost15/85mix=$318.81AppleII BStandardCostEstimatesCartridgeAdd-insFCCApprovedULApprovedKeyboard8K RAMCaseCPU10K ROMCustomIC(40 pin)Connectors&SocketsPCBPowerSupplyPaddlesTTLDemoCartridgeShipKitTotalMatl+1%BurdenSubAssyLabor+OHTotalMfg.Cost$13.0028.0015.005.0015.007.005.005.0015.

151、004.005.005.003.00$125.001.3510.004.95$141.30(CPU Scanned)Injection65K+16KWallXformer8 ICs(sub contractor)($4.25/hr.220%ApplePlug-inPeripherialCardsEst.AverageMatlLab+OHTotalMfg.CostAppleII BMiniFloppy.Est.AverageMatlLabor+OHTotal$26.267.70($7.00/hr220%)$33.96$101.00(subassy)15.40($7.00/hr.220)$116.

152、40FINANCIALPLANAPPLECOMPUTERBALANCESHEETSeptemberProFormaAssetsCurrentAssetsCashAccountsReceivableAccountsReceivableInventoriesDepositsTotalCurrentAssetsFixedAssetsEquipmentDepr.NetFixedAssetsOtherAssetsTotalAssetsLiabilitiesAccountsPayableCustomerDepositB of A LoanAccruedWages&Exp.SalesTax PayableT

153、otalLiability20916170877other140617073123944945160001593594290150000419191300366324434511605356868411380Equity&RetainedEarningsEquityR/ETotalEquity56304888254512TotalLiabilitiesand Equity-34-411380APPLE COMPUTERINC.INCOME STATEMENT19774601139855615648701286710380750235 141677252622197024117789 22067

154、1000862756391 141617257492198310117789 220671000862689910295689910295Jan.1977Feb.1977Mar.1977MayApr.19771977June1977July1977Aug.1977Sept.1977Year toTotalDate1977AdjustmentsAdjustedTotal1977756391Gross Sales-Returns&AllowancesNet SalesStd COSOther COSTota1 COS35032735032770429119962906535503263623503

155、253968324629151329151329798580073924751838 46640 216813234895442410641840.641840 100227177969129900106870 53002 2203132673135125656Oper Profit6854010839541450.7465367124109193093521031-31811-6613I4639Est Taxes19568-17664373221823819084Net Profit48882221917107323212555696712410919-30935-21031-31811-6

156、6134639-r-1._Il!.1.:-;OJ:,1.;1!:;.-rr-.-1-r-,IIl-r:-.:-;:l1-j:,-.-III_)G;,:IJ 1 M.!:!;:!In.I:-,I!+-:.r:I,._.-l-.,_.L_i,.,II,tiIiII,I,iI.II I I,IIII.i4-W.-61l-n-Q-61!IJ-!II.j0-.III I)6:-r.2:$:i,a,-II.,!.IIC I.-LI:.,.-,.,.I-,.,1-,-i_I-,.,I,I-I-iI,!I.,.t.i.I.j.T,.t-1-:-I1II+-.-.-l-i:-=-r=,.II,I:I,I,II

157、IjI i!iIJJ-1.r:.(51.-1);6f.+r-r-:=r-.,.I-,I,l-:;:I-I-.,._.jI-j!rl-lIi+:-.,r-.!iII:-o-f-;-r.+_:)d-nq-,.;_.LJ.p:-J.II-.,i-lo.011.1a .ir-Sf.3Is.1q;r-g-r:;-:-:.,.i-;.v._-/-._I.;I1.:1I.Tg-;on _.-.III-+-:I!j!Ii!-.I:!.,i,III,!I,I-l I,I:I I,I,I!,IIII;i!I.,Ii1,1,I,II;I I,:I,I1:if,II,:II,oJIiit.,1iI!jl ii!:I:II:I11I,II.?!I:AI,cII,-:1II.-I!-I-.jI.:=t-=_.:-I=_.-II,_roo.1-:T-r-.-_.I-._-_.-,-.j.-f-.r-IIII.!II.,iI;:;.-IIIIII I-I:.IiiI:;:Sit-IIIIIIII,.,IiIIIII-I-I-:.i:I-:f:-i:=-T-=,II-e-l.i:.-:.r.:.-_-=r-:.r-.I!,I.:CO-;-,-.,.!tJdl.,.,.f-1:._1.:,.!.1,;o-Qd:(D-;.7(tJ-:O:.-v.t.11II-IJ-:._)0