An exact truthmaker for A is a state which, as well as guaranteeing A’s truth, is wholly relevant to it. States with parts irrelevant to whether A is true do not count as exact truthmakers for A. Giving semantics in this way produces a very unusual consequence relation, on which conjunctions do not entail their conjuncts. This feature makes the resulting logic highly unusual. In this paper, we set out formal semantics for exact truthmaking and characterise the resulting notion of entailment, showing that it is compact and decidable. We then investigate the effect of various restrictions on the semantics. We also formulate a sequent-style proof system for exact entailment and give soundness and completeness results.