Exhibit 3

Exhibit 3 - Fresh Pasta Purchase Intent

Measure

Definitely would buy

Probably would buy
"Top Two" Box
Mean Likeability**
Mean Price/Value rating**

Cucina
Fresca
(N=300)

Industry
Median*

27%
49%
76%

20%
42%
62%

4.1
3.2

3.6
3.5

Exhibit 4
Exhibit 4 - Fresh Pasta Concept Likes & Dislikes

300

228

72

Total
(N=300)

Favorable
to Concept
(N=228)

Unfavorable
to Concept
(N=72)

LIKES
Food Qualities
Whole grain
Freshly made and dated
Looks appetizing

32%
38%
22%

35%
42%
25%

22%
26%
13%

Preparation
Product selection
Easy to prepare
Single meal portion size

17%
21%
16%

20%
24%
18%

9%
12%
10%

Other
TruEarth brand name
Good price

33%
18%

40%
22%

10%
7%

Attributes

DISLIKES
Limited selection
20%
15%
35%
Too expensive
8%
3%
25%
Limited time to product expiration
16%
10%
33%
Respondents are asked to select the attributes that they "like" or "dislike" about the product
concept.

Exhibit 5
Exhibit 5 - Fresh Pasta Purchase Volume Estimate, Year 1
Trial Purchase Intent
Definitely would buy
% of "Definites" who actually buy
"Definite" Purchases

27%
80%
21.6%

Probably would buy

% of "Probables" who actually buy
"Probable" Purchases

49%
30%
14.7%

Trial Rate (Definite + Probable)

36.3%

Marketing Plan Adjustment

Gross Rating Points
Projected Consumer Awareness

800
17%

All Commodity Volume distribution (ACV)

50%

Marketing Adjusted Trial Rate

Trial Rate x Awareness x ACV

3.0%

Target Households (MM)*

Trial Households (MM)

45.2
1.4

Repeat Purchase Inputs

Trial Households (MM)
Repeat Purchase Occasions
Repeat Transaction Amounts

1.4
2.1
1.6

Repeat Rate, by Product Scenario

Mediocre Product
Average Product
Excellent Product

21%
37%
49%

Repeat Volume, by Product Scenario (MM)

Mediocre Product
Average Product
Excellent Product

1.0
1.7
2.3

* Target households based on addressable market in metropolitan areas with annual household income over $50K

Exhibit 6
Exhibit 6 - Pizza Attributes & Substitution, Mall Intercept
Measures
(based on 10-point scale where 10 =
"Agree Strongly")

Takeout Pizza, based

on past experience
(N=300)

Refrigerated Pizza, base

on past experience
(N=137)

Favorable Evaluation of
TruEarth Pizza Concept
(N=181)

Usage attributes
Is a product for the whole family
Is convenient
Is easy to prepare

8.9
9.3
N/A

7.1
7.3
7.4

8.6
7.3
7.7

Taste attributes
Would taste fresh
Comes in varieties I like

9.4
9.1

7.2
6.3

7.9
6.7

Quality attributes
Is made from high-quality ingredients
Is made from healthy ingredients

7.1
6.5

6.2
5.9

8.1
9.1

% change with
% of Last 10 Pizza Eating % of Next 10 Pizza Eating
introduction of TruEarth
Occasions
Occasions
Pizza
TruEarth Whole Grain Pizza
N/A
17%
17%
Takeout/delivered pizza
47%
43%
-4%
Restaurant pizza
23%
22%
-1%
Refrigerated pizza
9%
3%
-6%
Frozen pizza
19%
14%
-5%
Homemade pizza
2%
1%
-1%
Total
100%
100%
0%
* To be read: Among those favorable to the TruEarth Whole Grain Pizza concept, on average, 47% of the last 10 instances of
pizza consumption were takeout. If TruEarth were available, the average respondent indicated that takeout pizza would
account for 43% of their next 10 pizza-eating occasions.
Substitution of TruEarth Pizza for
other choices (N=181)*

Example comments:
23-year old female: "I rarely eat pizza because it's not very healthy, but I miss it. I would definitely consider it more often if it
were healthier."
35-year old male: "Whole grain crust does not even sound like real pizza. It would probably have to taste better than the stuff I
can get from delivery."
42-year old female: "The whole family loves pizza, but it's important to me to provide something that's not terribly unhealthy. A
good whole grain crust just might do the trick."

Exhibit 7
Exhibit 7 - Pizza Concept Purchase Intent, Mall Intercept
300

225

75

Total
(N=300)

Non-Customers
(N=225)

TruEarth
Customers
(N=75)

Definitely would buy

Probably would buy
"Top Two" Box

18%
43%
60%

15%
39%
54%

26%
53%
79%

Mean Likeability**
Mean Price/Value rating**

3.7
3.0

3.5
3.0

4.2
3.1

Measure

Exhibit 8
Exhibit 8 - Pizza Concept Likes & Dislikes, Mall Intercept
300
Attributes

Total
(N=300)

181
Favorable
to Concept
(N=181)

119
Unfavorable
to Concept
(N=119)

LIKES
Food Qualities
Whole grain
Freshly made and dated
Looks appetizing

19%
31%
24%

25%
35%
31%

10%
26%
13%

Preparation
Product selection
Can purchase all items in one place
Can buy toppings separately
Can add amount & type of toppings desired
Easy to prepare

16%
27%
23%
18%
16%

20%
35%
31%
24%
20%

9%
15%
11%
9%
9%

Other
TruEarth brand name
Good price

24%
9%

33%
13%

11%
3%

DISLIKES
Limited selection
Too expensive
Limited time to product expiration

23%
27%
12%

18%
20%
3%

31%
38%
25%

Respondents are asked to select the attributes that they "like" or "dislike" about the product
concept.

Exhibit 9
Exhibit 9 - Pizza Product Likes & Dislikes, After Home Trial
109
Favorable
Attributes
to Product
(N=109)
KEY REASONS FOR FAVORABLE PURCHASE INTENT
Overall taste, texture, and quality
10%
Like the crust
13%
Like the cheese
18%
Like the sauce
22%
Like the toppings
19%
Like the fresh ingredients
21%
Easy to prepare
19%
Good price
9%
Family likes it
8%

59
Unfavorable
to Product
(N=59)

KEY REASONS FOR UNFAVORABLE PURCHASE INTENT

Too expensive
More expensive than restaurant or takeout
Overall taste, texture, and quality
Dislike the crust
Family dislikes it

45%
23%
12%
16%
11%

SUGGESTED IMPROVEMENTS (BOTH GROUPS)

Improve overall taste/flavor
Improve the sauce
Make crust less chewy
Lower price
No improvement needed

24%
9%
20%
35%
6%

8%
3%
7%
26%
28%

From the original sample of 300 respondents, 168 participated in the in-home
test. Of these, 109 indicated they were "favorable" to purchasing the product

Exhibit 10
Exhibit 10 - Typical Price Consumers Would Pay for 12 Pizza Serving, After Home Trial
168
109
59
Refrigerated Pizza
Favorable
Unfavorable
Total
to Product
to Product
(N=168)
(N=109)
(N=59)
$4.00 or less
9.7%
9.5%
10.1%
$4.01 to 6.00
10.9%
8.6%
15.2%
$6.01 to 8.00
17.4%
15.5%
21.0%
$8.01 to 10.00
12.8%
10.8%
16.6%
$10.01 to 12.00
14.5%
12.7%
17.9%
$12.01 to 14.00
12.6%
14.3%
9.5%
$14 to 16.00
8.5%
12.5%
1.1%
$16 to 18.00
7.9%
9.3%
5.2%
Over $18
5.6%
6.8%
3.4%
Mean Price
$10.09
$10.75
$8.86

Other Pizza
Delivered/
Frozen
Takeout
(N=168)
(N=168)
16.0%
1.2%
18.3%
4.3%
25.9%
10.8%
17.6%
16.0%
12.5%
18.5%
4.5%
20.2%
3.5%
18.0%
1.0%
9.3%
0.7%
1.7%
$7.43
$11.72

Assuming 1.25 toppings with each pizza, the average retail price for TruEarth Whole Grain Pizza is about $12.38

min

max

$0.00
$4.01
$6.01
$8.01
$10.01
$12.01
$14.00
$16.00

$4.00
$6.00
$8.00
$10.00
$12.00
$14.00
$16.00
$18.00

$2.00
$5.01
$7.01
$9.01
$11.01
$13.01
$15.00
$17.00
$20.00

Table A
Table A
Mediocre
Product

Average
Product

Excellent
Product

Pasta
Trial Volume
Repeat Purchase Volume
Total Estimated Volume (MM units)

1.4
1.0
2.3

1.4
1.7
3.1

1.4
2.3
3.6

Sauce
Trial Volume
Repeat Purchase Volume
Total Estimated Volume (MM units)

0.9
0.8
1.7

0.9
1.8
2.7

0.9
2.6
3.5

Minimum Business Requirement

$21M retail market ($14M wholesale)

Additional analysis for case facts

Price
Pasta
Sauce

$
$

5.75
4.50

Market ($M)
Pasta
Sauce

$
$

13.4
7.7

$
$

17.7
12.2

$
$

20.8
15.8

Retail
Wholesale @ 35% GM for Retailers

$
$

21.1
13.7

$
$

29.9
19.4

$
$

36.7
23.8

Table B
Table B
Target Households & Awareness
Target Households (30% bigger than pasta)
Cucina Fresca Pasta Customers
Customer Awareness
Non-Customer Awareness
ACV distribution
Purchase Assumptions
Units per purchase (pizza kit + 1.25 toppings)
Average spend per purchase (retail)
Repeat purchase occasions
% repurchasers (Excellent product)

58.8MM
11%
50%
12%
40%

1.25
$12.38
2.0
49%