MIRA INFORM REPORT

Report Date :

15.09.2012

IDENTIFICATION DETAILS

Name :	EXACTTARGET INC

Registered Office :	Suite 200, 20 North Meridian Street, Indianapolis, IN, 46204, Marion County

Country :	United States

Financials (as on) :	31.12.2011

Date of Incorporation :	2000

Legal Form :	Public Parent

Line of Business :	Provide marketers with a suite of integrated applications include e-mail, mobile, social media and sites, is built on its flexible multi-tenant etc.

No. of Employees :	1,133

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31^st, 2012

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

United States

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

UNITED STATES - ECONOMIC OVERVIEW

The US has the largest and most technologically powerful economy in the world, with a per capita GDP of $48,100. In this market-oriented economy, private individuals and business firms make most of the decisions, and the federal and state governments buy needed goods and services predominantly in the private marketplace. US business firms enjoy greater flexibility than their counterparts in Western Europe and Japan in decisions to expand capital plant, to lay off surplus workers, and to develop new products. At the same time, they face higher barriers to enter their rivals' home markets than foreign firms face entering US markets. US firms are at or near the forefront in technological advances, especially in computers and in medical, aerospace, and military equipment; their advantage has narrowed since the end of World War II. The onrush of technology largely explains the gradual development of a "two-tier labor market" in which those at the bottom lack the education and the professional/technical skills of those at the top and, more and more, fail to get comparable pay raises, health insurance coverage, and other benefits. Since 1975, practically all the gains in household income have gone to the top 20% of households. Since 1996, dividends and capital gains have grown faster than wages or any other category of after-tax income. Imported oil accounts for nearly 55% of US consumption. Oil prices doubled between 2001 and 2006, the year home prices peaked; higher gasoline prices ate into consumers' budgets and many individuals fell behind in their mortgage payments. Oil prices increased another 50% between 2006 and 2008. In 2008, soaring oil prices threatened inflation and caused a deterioration in the US merchandise trade deficit, which peaked at $840 billion. In 2009, with the global recession deepening, oil prices dropped 40% and the US trade deficit shrank, as US domestic demand declined, but in 2011 the trade deficit ramped back up to $803 billion, as oil prices climbed once more. The global economic downturn, the sub-prime mortgage crisis, investment bank failures, falling home prices, and tight credit pushed the United States into a recession by mid-2008. GDP contracted until the third quarter of 2009, making this the deepest and longest downturn since the Great Depression. To help stabilize financial markets, in October 2008 the US Congress established a $700 billion Troubled Asset Relief Program (TARP). The government used some of these funds to purchase equity in US banks and industrial corporations, much of which had been returned to the government by early 2011. In January 2009 the US Congress passed and President Barack OBAMA signed a bill providing an additional $787 billion fiscal stimulus to be used over 10 years - two-thirds on additional spending and one-third on tax cuts - to create jobs and to help the economy recover. In 2010 and 2011, the federal budget deficit reached nearly 9% of GDP; total government revenues from taxes and other sources are lower, as a percentage of GDP, than that of most other developed countries. The wars in Iraq and Afghanistan required major shifts in national resources from civilian to military purposes and contributed to the growth of the US budget deficit and public debt - through 2011, the direct costs of the wars totaled nearly $900 billion, according to US government figures. In March 2010, President OBAMA signed into law the Patient Protection and Affordable Care Act, a health insurance reform bill that will extend coverage to an additional 32 million American citizens by 2016, through private health insurance for the general population and Medicaid for the impoverished. Total spending on health care - public plus private - rose from 9.0% of GDP in 1980 to 17.9% in 2010. In July 2010, the president signed the DODD-FRANK Wall Street Reform and Consumer Protection Act, a law designed to promote financial stability by protecting consumers from financial abuses, ending taxpayer bailouts of financial firms, dealing with troubled banks that are "too big to fail," and improving accountability and transparency in the financial system - in particular, by requiring certain financial derivatives to be traded in markets that are subject to government regulation and oversight. Long-term problems include inadequate investment in deteriorating infrastructure, rapidly rising medical and pension costs of an aging population, sizable current account and budget deficits - including significant budget shortages for state governments - energy shortages, and stagnation of wages for lower-income families. Source : CIA

Company name and address

ExactTarget Inc

Suite 200
20 North Meridian Street

Indianapolis, IN 46204
United States

Tel:	317-423-3928
Fax:	317-396-1592
Toll Free:	866-362-4537

www.exacttarget.com

Employees:

1,133

Company Type:

Public Parent

Corporate Family:

5 Companies

Traded:

New York Stock Exchange:

Incorporation Date:

2000

Auditor:

KPMG LLP

Fiscal Year End:	31-Dec-2011
Reporting Currency:	US Dollar
Annual Sales:	207.5 ¹
Net Income:	(35.4)
Total Assets:	193.3 ²
Market Value:	1,371.1
	(24-Aug-2012)

Business Description

ExactTarget, Inc. is a global provider of cross-channel, interactive marketing software-as-a-service (SaaS) solutions. The Companys solutions provide marketers with a suite of integrated applications. Its suite of cross-channel, interactive marketing applications include e-mail, mobile, social media and sites, is built on its flexible multi-tenant SaaS platform. These channel applications are integrated with its campaign management, calendaring, dashboard, integrated reporting, marketing automation and data management tools. The Company also provides open application programming interfaces (APIs) and developer tools that allow third parties to embed its technology into their solutions and build applications on its platform. The Company generates revenue through the sale of subscriptions to its suite of cross-channel, interactive marketing SaaS solutions and the delivery of professional services. It serves a range of clients across many industries and sizes. For the six months ended 30 June 2012, ExactTarget Inc revenues increased 44% to $133.4M. Net loss increased 5% to $7.3M. Revenues reflect United States segment increase of 33% to $110M, International segment increase from $10.4M to $23.4M. Higher net loss reflects Sales & Marketing increase of 23% to $52.6M (expense), Research & Developments increase of 24% to $22.8M (expense). Basic Earnings per Share excluding Extraordinary Items remained

Industry

Industry	Software and Programming
ANZSIC 2006:	5420 - Software Publishing
NACE 2002:	7221 - Publishing of software
NAICS 2002:	51121 - Software Publishers
UK SIC 2003:	7221 - Publishing of software
UK SIC 2007:	5829 - Other software publishing
US SIC 1987:	7372 - Prepackaged Software

Key Executives (Emails Available)

Name	Title
Scott Dorsey	Chief Executive Officer & Co-Founder, Chairman
Steven A. Collins	Chief Financial Officer
Andrew J. Kofoid	Executive Vice President - Global Sales
Traci Dolan	Chief Administrative Officer and Secretary
Eric Frash	Director, Datacenter Facilities & Systems Administration

Significant Developments

Topic	#*	Most Recent Headline	Date
Equity Investments	3	ExactTarget Inc Announces Pricing of Follow-On Offering	12-Sep-2012
Positive Earnings Pre-Announcement	2	ExactTarget Inc Issues Q3 2012 Gudiance; Raises FY 2012 Guidance	9-Aug-2012
Initial Public Offerings	1	ExactTarget, Inc. Prices Initial Public Offering	22-Mar-2012

* number of significant developments within the last 12 months

>> View All >> View Last 12 Months

News

Title	Date
NYSE stocks posting largest volume increases Associated Press (345 Words)	12-Sep-2012
ExactTarget Inc at Pacific Crest Global Technology Leadership Forum - Final FD (Fair Disclosure) Wire (4839 Words)	12-Sep-2012
Best Websites in 96 Industries Announced By Web Marketing Association Associated Press (954 Words)	12-Sep-2012
ExactTarget prices follow-on public offering of its 7.5m of common stock at USD22.50 per share EquityBites (139 Words)	12-Sep-2012
ExactTarget Announces Pricing of Follow-On Offering Business Wire (389 Words)	11-Sep-2012

Financial Summary

As of 30-Jun-2012

Key Ratios	Company	Industry
Current Ratio (MRQ)	3.52	1.75
Debt to Equity (MRQ)	0.0055	0.29
Net Profit Margin (TTM) %	-14.42	20.18

Stock Snapshot

Traded: New York Stock Exchange: ET

As of 31-Aug-2012

Financials in: USD

Recent Price	21.17	EPS	-0.55
52 Week High	29.88	Price/Sales	6.74
52 Week Low	18.53
Avg. Volume (mil)	0.20
Market Value (mil)	1,398.18

	Price % Change	Rel S&P 500%
4 Week	-1.63%	-2.72%
13 Week	9.69%	-0.34%

Key IDSM Number:

46803957

ABI Number:

383175403

1 - Profit & Loss Item Exchange Rate: USD 1 = USD 1

2 - Balance Sheet Item Exchange Rate: USD 1 = USD 1

Corporate Overview

Location
Suite 200
20 North Meridian Street
Indianapolis, IN, 46204
Marion County
United States

Tel:	317-423-3928
Fax:	317-396-1592
Toll Free Tel:	866-362-4537

www.exacttarget.com

Quote Symbol - Exchange
ET - New York Stock Exchange

Sales USD(mil):	207.5
Assets USD(mil):	193.3
Employees:	1,133
Fiscal Year End:	31-Dec-2011



Industry:	Software and Programming

Incorporation Date:	2000
Company Type:	Public Parent
Quoted Status:	Quoted


Chief Executive Officer & Co-Founder, Chairman:	Scott Dorsey

Industry Codes

ANZSIC 2006 Codes:
5420	-	Software Publishing
7000	-	Computer System Design and Related Services
8101	-	Technical and Vocational Education and Training

NACE 2002 Codes:
7221	-	Publishing of software
8042	-	Adult and other education not elsewhere classified
7222	-	Other software consultancy and supply

NAICS 2002 Codes:
51121	-	Software Publishers
541511	-	Custom Computer Programming Services
611420	-	Computer Training

US SIC 1987:
7372	-	Prepackaged Software
8243	-	Data Processing Schools
7371	-	Computer Programming Services

UK SIC 2003:
7221	-	Publishing of software
7222	-	Other software consultancy and supply
8042	-	Adult and other education not elsewhere classified

UK SIC 2007:
5829	-	Other software publishing
8559	-	Other education n.e.c.
6202	-	Computer consultancy activities

Business Description

ExactTarget, Inc. is a global provider of cross-channel, interactive marketing software-as-a-service (SaaS) solutions. The Companyâ€™s solutions provide marketers with a suite of integrated applications. Its suite of cross-channel, interactive marketing applications include e-mail, mobile, social media and sites, is built on its flexible multi-tenant SaaS platform. These channel applications are integrated with its campaign management, calendaring, dashboard, integrated reporting, marketing automation and data management tools. The Company also provides open application programming interfaces (APIs) and developer tools that allow third parties to embed its technology into their solutions and build applications on its platform. The Company generates revenue through the sale of subscriptions to its suite of cross-channel, interactive marketing SaaS solutions and the delivery of professional services. It serves a range of clients across many industries and sizes. Professional services revenue consists primarily of fees associated with training, implementation, integration, deliverability, campaign services and strategic consulting.

The Companyâ€™s direct client base consisted of over 4,600 organizations, as of September 30, 2011, ranging from enterprises to small businesses in numerous industries, including retail and e-commerce, media and entertainment, travel and hospitality, financial services and insurance, technology, daily-deal and flash-sale and marketing service providers. Among its direct clients are the United States-based companies, such as Ally Financial, Inc., Angieâ€™s List, Inc., CareerBuilder, LLC, Groupon, Inc., Microsoft Corporation, Nationwide Mutual Insurance Company, Oakley, Inc., OneAmerica Financial Partners, Inc., One Kingâ€™s Lane, Inc., Papa Johnâ€™s International, Inc., priceline.com Incorporated, The Scotts Miracle-Gro Company, Tommy Hilfiger Group, WellPoint, Inc. and Zappos.com, Inc. Companies also include Abril Group (Brazil), Fairfax Media Limited (Australia), Icelandair Group (Iceland) and Telegraph Media Group Limited (United Kingdom).

Interactive Marketing Hub

The Interactive Marketing Hub provides marketers with a solution to engage in cross-channel marketing. The Interactive Marketing Hub integrates its e-mail, mobile, social media and sites Channel Applications with data management and marketing automation Hub Applications. Built on its cloud-based FUEL platform, these applications integrate with Hub Tools, which include a calendar, campaigns, dashboards and integrated reporting. Channel Applications provide interactive marketing engagement solutions to plan, automate, deliver and optimize messages across e-mail, mobile, social media and sites. The Companyâ€™s core edition is designed for small and medium-sized organizations, as well as departments within enterprises and provides content management tools, segmentation tools and reporting, such as opens, clicks, bounces and other performance metrics.

The Advanced Edition includes content syndication, dynamic content, relational data, advanced marketing automation, triggered and transactional communications for e-statements, alerts and order confirmations and advanced reporting. The Advanced Edition also provides full access to its FUEL platformâ€™s open integration framework and developer tools that facilitates integration with other business systems and applications. Enterprise Edition is built for large, distributed enterprises that need centralized control and compliance for e-mail marketing communications. The Enterprise Edition includes international sending, advanced role and permission administration, content locking and sharing, and enterprise analytics and reporting. The Enterprise Edition can also include its Xpress Sending interface that enables non-technical users within distributed marketing organizations to create and send e-mails using pre-approved content via defined templates.

The Companyâ€™s mobile applications enable marketers to create, automate, deliver personalized inbound and outbound short message service (SMS) mobile messages and support messaging in more than 80 countries worldwide. Through these applications, clients can easily create polls, quizzes, surveys, contests, mobile tickets, coupon redemption, SMS alerts and mobile opt-in for e-mail campaigns. Its social media applications provide solutions to manage engagement on social networks, such as Twitter and Facebook and integrate social data and interactions into cross-channel campaigns. SocialEngage (powered by CoTweet) provides a social media management application that enables teams to manage multiple social media accounts with administrator-defined user permissions and roles.

SocialPages provides a drag and drop interface that allows marketers to create, publish and manage branded Facebook pages and tabs that display content and incorporate engaging features, such as forms, YouTube videos, Flickr galleries and the Facebook Like button. The Companyâ€™s sites application provides a solution to create, manage, host and integrate data-driven landing pages and other types of microsites into cross-channel marketing campaigns. Hub Applications provide capabilities for advanced cross-channel marketing automation, data management, customer data segmentation and analysis. Audience Builder provides a drag-and-drop interface that enables marketers to explore multiple data scenarios through filtering and segmentation to create target audiences in for any campaign or automated messaging series.

Automation Studio provides a drag and drop interface to plan, create and execute complex, multi-stage, recurring cross-channel campaigns based on consumer behavior, time or custom attributes. Automated communications can be triggered by events, such as product purchases, online registrations or Website browsing behavior. The Companyâ€™s Hub Tools enable integrated planning, cross-channel campaign management and reporting. Calendar provides a single view of planned and completed campaigns, events and interactions across e-mail, mobile, Facebook, Twitter and Websites. Campaigns enables marketers to define interactive marketing campaigns and associated content and interactions across e-mail, mobile, Facebook, Twitter and Websites.

Pulse provides dashboards that display information, such as the number of Facebook fans, Twitter followers, e-mail subscribers and current status of automated programs and engagement metrics, such as opens, clicks and conversions. Integrated Reporting provides contextual and reporting throughout its Interactive Marketing Hub. The Companyâ€™s applications are built and delivered on its cloud-based FUEL platform. FUEL provides an open integration framework, enabling clients and third-party application providers to integrate data from systems, such as customer relationship management (CRM), Web analytics, and e-commerce through its partner ecosystem of productized integrations with providers, such as Microsoft Dynamics CRM, salesforce.com, inc., SAP, and Adobe Omniture.

Common Data Model creates a cross-channel view of each consumer by aggregating online behavioral data, channel engagement history, communication preferences and other online or offline data. Security provides a single sign-on environment for all Interactive Marketing Hub applications secured by multiple technologies, including but not limited to two-factor authentication, Internet protocol (IP) whitelisting and IP blocking, and enables monitoring and alerting of system activity. Developer Tools provide a library of user interface controls and APIs that enable developers to build applications with a common look and feel on its cloud-based platform. Integration Framework provides a suite of integration capabilities that include its open APIs, CRM and Web analytics integrations, Embedded/Xpress Marketing and HubExchange. Its Embedded/Xpress Marketing solution enables independent software vendors and developers to embed the functionality of its e-mail and mobile applications directly into their technology offerings. The Companyâ€™s HubExchange enables marketing technology providers to develop and sell applications built on its platform.

Services

The Company complements its suite of cross-channel, interactive marketing SaaS solutions with a range of professional services. Its collaborative and full-service offerings include Training, Implementation, Integration, Deliverability, Campaign Services and Strategic Consulting. The Company offers a variety of methods of introduction to its products, including self-help resources, Web-based and on-site training, enterprise workshops and train the trainer programs. Clients who purchase implementation services are assigned an implementation consultant who works with them to adopt and deployment its solutions. Through its platformâ€™s integration framework, the Companyâ€™s applications can be integrated with CRM, Web analytics, e-commerce and other business systems. It provides consulting and program management to help clients define, develop and implement interactive communication strategies.

The Company competes with Teradata Corporation, Experian Group Limited, eBay Inc., Eloqua Limited, Alliance Data Systems Corporation, Responsys, Inc., Silverpop Systems Inc., StrongMail Systems, Inc., International Business Machines Corporation and infoGROUP Inc., Buddy Media, Inc. and salesforce.com, inc

More Business Descriptions

Establishments primarily engaged in the retail sale of computers, computer peripheral equipment, and software.

ExactTarget is a global Software as a Service (SaaS) leader that powers all types of interactive marketing messages through a single integrated platform. Our messaging platform provides organizations a single platform to connect with customers via Email Marketing Mobile Marketing Social Media Marketing dynamic Sites & Landing Pages.

ExactTarget, Inc. is a (ExactTarget) is a software solution provider, based in the US. It provides on-demand email marketing and one-to-one digital communication software solution. The company's products include email, mobile, social, sites and xpress marketing. Its services include migrate, global support, operate, evolve and deliverability services. The companyâ€™s technologies include data centers, mission-critical sending, protected by exact target and platform. It provides Audience Builder, which provides a drag-and-drop interface that enables marketers to consolidate and segment data from any source to create targeted audiences for campaigns across email, mobile, social media, and the Web. The company operates Indianapolis, San Francisco, Seattle, London, Melbourne, Munich, Sydney and Sao Paulo. ExactTarget is headquartered in Indianapolis, Indiana, the US.

ExactTarget delivers on-demand email software solutions for permission-based email marketing. Home Depot, Scotts, Churchill Downs, Encyclopedia Britannica and more than 3,750 organizations worldwide rely on ExactTarget email solutions to strengthen their customer relationships and to control email throughout the enterprise. Privately owned and headquartered in Indianapolis, the company has more than 20 U.S. sales offices.

Developer and provider of e-mail marketing software applications. The company's technology allows it's users to create, deliver, and track their e-mail messages. Products are sold to multiple industries.

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Product Codes

Product Code	Product Description
SOF-OA-ME	E-mail marketing software
SOF-SM-I	E-mail marketing software
TEL-IF-D	Hosted e-mail marketing applications services

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Financial Data

Financials in:	USD(mil)

Revenue:	207.5
Net Income:	-35.4
Assets:	193.3
Long Term Debt:	15.6
Total Liabilities:	95.5
Working Capital:	0.0

Date of Financial Data:	31-Dec-2011

1 Year Growth

54.5%

57.2%

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Market Data

Quote Symbol:	ET
Exchange:	New York Stock Exchange
Currency:	USD
Stock Price:	20.8
Stock Price Date:	08-24-2012
52 Week Price Change %:	0.0
Market Value (mil):	1,371,105.0

SEDOL:	B7LRJ45
ISIN:	US30064K1051

Equity and Dept Distribution:
Common stock $0.0005 par, 3/12, 300M auth., 64,476,784 issd. Insiders own 1%. IPO: TBA
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Key Corporate Relationships

Auditor:	KPMG LLP

Auditor:	KPMG LLP

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Additional Infomation
ABI Number:	383175403
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Exact Target Inc

Credit Report as of 11/01/2011

Location
20 N Meridian St Ste: 200 Indianapolis, IN 46204-3023 United States

County:	Marion
MSA:	Indianapls, IN

Phone:	317-423-3928
Fax:	317-396-1592
URL:	http://exacttarget.com


ABI^©:	383175403

Annual Sales:	$207,493,000 (USD)
Employees:	1,133

Facility Size(ft²):	40,000+

Business Type:	Public
Location Type:	Headquarter

Ticker:	ET
Exchange:	NYSE









Primary Line of Business:
SIC:	5734-01 - Computer Software
NAICS:	443120 - Computer & Software Stores
Secondary Lines of Business:
SICs:	7372-98 - Prepackaged Software
	8742-13 - Marketing Programs & Services
	9999-66 - Federal Government Contractors
NAICS:	511210 - Software Publishers
	541613 - Marketing Consulting Svcs


Years in InfoUSA Database:	10+

Table of Contents

Profile Links

Similar Businesses in the Area

Closest Neighbors

Disclaimer

External Links

http://exacttarget.com

OneSource Company Profile

Stock Quote (ET)


Similar Businesses in the Area *

Business Informatics LLC 321 S Alabama St Indianapolis, IN 46204-3710	Digonex Technologies 150 W Market St Ste: 728 Indianapolis, IN 46204-2813	Computelligence 212 W 10th St Ste: B315 Indianapolis, IN 46202-5656
Merchandise Management Systems 101 W Ohio St Indianapolis, IN 46204-1906	Searchsoft Solutions 47 S Meridian St Ste: 307 Indianapolis, IN 46204-3558	Exact Target Global Technology Center 433 N Capitol Ave Indianapolis, IN 46204-1234
Bradley Mongomery 342 E Saint Joseph St Indianapolis, IN 46202-3326	Learning Made Easy 101 W Ohio St Indianapolis, IN 46204-1906	Blank Dvd & Cd Media Store 3601 E 38th St Indianapolis, IN 46218-1453


*	Similar Businesses are defined as the closest businesses sharing the same six-digit primary SIC code ( 5734-01 - Computer Software) regardless of size.
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Closest Neighbors

Barnard Associates Inc 20 N Meridian St Ste: 801 Indianapolis, IN 46204-3008	Chocolate Cafe The South Bend 20 N Meridian St Ste: 100 Indianapolis, IN 46204-3015	Rei Real Estate Services 20 N Meridian St Indianapolis, IN 46204-3007
Edward E Petri Co 20 N Meridian St Ste: 206 Indianapolis, IN 46204-3023	Nicky Blaine's 20 N Meridian St Indianapolis, IN 46204-3007	Arts Council Of Indianapolis 924 N Pennsylvania St Indianapolis, IN 46204-1021
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Disclaimer

Credit.net, a division of infoUSA, has developed a sophisticated computer model to assign credit ratings to most of the 14 million businesses in infoUSA's database. infoUSA's proven model considers information such as the number of employees, years in business, industry stability, census data and other factors to arrive at credit ratings that are sound indicators of ability to pay. It does not factor payment histories as many big companies intentionally "slow pay".

Credit.netâ€™s Credit Rating Scores are indicators of the probable ability to pay. We recommend that these ratings be used primarily as a starting point and should not be the sole factor used in making a credit decision. By necessity, credit decisions must be based upon the credit providerâ€™s policies as applied to each unique transaction. You should obtain additional information from bank and trade references, local credit bureaus, or other sources before extending credit. Credit.net is not a financial advisor and makes no representations or warranties as to the accuracy, timeliness or completeness of the rating codes, and as such will not be responsible for any losses resulting from the use of this information.

The information presented in this report is a direct representation of information used in developing the credit scores and credit limits. Where information differs between Business Browser and Credit.net (e.g. executive names), the user should utilize Business Browser as their primary information source.

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Corporate Family	Corporate Structure News:
	ExactTarget Inc
ExactTarget Inc Total Corporate Family Members: 5

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
ExactTarget Inc	Parent	Indianapolis, IN	United States	Software and Programming	207.5	1,133
Exact Target Global Technology Center	Branch	Indianapolis, IN	United States	Retail (Technology)	2.1	6
Co Tweet	Subsidiary	San Francisco, CA	United States	Communications Services
ExactTarget Australia	Subsidiary	Melbourne, VIC	Australia	Software and Programming
ExactTarget Australia	Branch	Sydney, NSW	Australia	Software and Programming

ExactTarget Inc

Competitors Report

CompanyName	Location	Employees	Ownership
Alliance Data Systems Corporation	Plano, Texas, United States	8,600	Public
Constant Contact, Inc.	Waltham, Massachusetts, United States	926	Public
Experian plc	Dublin, Ireland	15,737	Public
Google Inc	Mountain View, California, United States	54,604	Public
Microsoft Corporation	Redmond, Washington, United States	94,000	Public
Yahoo! Inc.	Sunnyvale, California, United States	14,100	Public

ExactTarget Inc

Indianapolis, Indiana, United States, Tel: 317-423-3928, URL: http://www.exacttarget.com

Executives Report

Board of Directors

Name

Title

Function

Scott Dorsey

View Email

Chief Executive Officer & Co-Founder, Chairman

Chairman

Biography:

Mr. Scott D. Dorsey is Chairman of the Board, Chief Executive Officer of ExactTarget Inc. He is co-founded ExactTarget in December 2000 and has served as Chief Executive Officer and a member of board of directors since that time. He has been the Chairman of board of directors since May 2010. Prior to co-founding ExactTarget, Mr. Dorsey held a variety of sales and marketing leadership roles with Steelcase, Inc. and Divine, Inc. Mr. Dorsey holds a B.S. in Marketing from Indiana University and an M.B.A. from the Kellogg Graduate School of Management at Northwestern University. While at the Kellogg Graduate School, Mr. Dorsey majored in Entrepreneurship and E-Commerce & Technology. As Chief Executive Officer and co-founder, Mr. Dorsey has developed intimate knowledge of business and operations, and believe Mr. Dorsey provides a perspective as Chairman of board of directors.

Age: 44

Education:

Northwestern University, MBA
Indiana University, BS (Marketing)

Compensation/Salary:$375,000

Compensation Currency: USD

Social:

Michael M. Brown

Independent Director

Director/Board Member

Biography:

Mr. Michael M. Brown is Independent Director of ExactTarget Inc., since May 2009. Since 2007, Mr. Brown has been a General Partner of Battery Ventures, a private equity and venture capital firm focused on technology companies, which he initially joined in 1998. He currently serves on the boards of several privately-held companies, including Digby Technology, Bluestem Brands and TradeKing Group, Inc. Mr. Brown was previously a member of the High Technology Group at Goldman, Sachs & Co., from 1996 to 1998 and worked as a Financial Analyst within Goldmanâ€™s Financial Institutions Group between 1994 and 1996. Mr. Brown graduated magna cum laude from Georgetown University with a dual B.S. in Finance and International Business. Mr. Brown provides the board with experience advising high-growth technology companies and in financial and accounting matters.

Age: 39

Education:

Georgetown University, BS (Finance and International Business)

Matthew W. Ferguson

Independent Director

Director/Board Member

Biography:

Mr. Matthew W. Ferguson is Independent Director of ExactTarget Inc., since January 2008. Mr. Ferguson has been the President and Chief Executive Officer of CareerBuilder, LLC, a human capital solutions company, since 2003, and previously served as its Chief Operating Officer. Mr. Ferguson also previously served as Senior Vice President of Business Development for Headhunter.net, which was acquired by CareerBuilder, LLC. Mr. Ferguson also held a position developing strategic partnerships for Digitalwork.com, started two entrepreneurial ventures, and was an attorney at Baker & McKenzie LLP. Mr. Ferguson holds a B.A. from Indiana University, an M.B.A. from the University of Chicago and a J.D. from Northwestern University. Based on his current role with CareerBuilder, LLC.

Age: 45

Education:

Northwestern University School of Law, JD
University of Chicago, M (Business Administration)
Indiana University, B

Timothy I. Maudlin

Lead Independent Director

Director/Board Member

Reuters

Biography:

Mr. Timothy I. Maudlin is Lead Independent Director of ExactTarget Inc., since May 2010 and he serves as director since May 2008. Since 2007, Mr. Maudlin has served as the lead independent director on the board of directors for Web.com Group, having previously served as a director since February 2002. Mr. Maudlin also serves as a director of Newegg, Inc., one of the online-only retailers in the United States, and is the Chairperson of its audit and governance committees and a member of its compensation committee. Mr. Maudlin served as a managing partner of Medical Innovation Partners, a venture capital firm from 1989 through 2007 and as President of its management company since 1985. Mr. Maudlin has served as a director of Sucampo Pharmaceuticals, Inc., a NASDAQ-listed pharmaceutical company since September 2006, and he is currently the Chairman of its audit committee and its nominating and corporate governance committee, and a member of the compensation committee. Mr. Maudlin is a certified public accountant and holds a B.A. from St. Olaf College and an M.M. from the Kellogg Graduate School of Management at Northwestern University.

Age: 61

Education:

Kellogg School of Management at Northwestern University, M
St. Olaf College, BA

Rory T. Oâ€™Driscoll

Director

Director/Board Member

Rory T. O'Driscoll

Independent Director

Director/Board Member

Biography:

Mr. Rory T. O'Driscolll is Independent Director of ExactTarget Inc., since May 2009. Mr. Oâ€™Driscoll has been a Managing Director at Scale Venture Partners, a venture capital firm focused on information technology companies, and its predecessor funds, since 1994. He currently serves on the boards of several privately-held companies, including Arena Solutions, Inc., Axcient, Inc., Box.net, Inc., DocuSign, Inc., Hubspan, Inc., Livescribe, Inc. and Vantage Media, LLC. Prior to joining Scale Venture Partners, Mr. Oâ€™Driscoll was founder and Chief Executive Officer of Mercia Ltd., a manufacturing company in the United Kingdom. Mr. Oâ€™Driscoll holds a B.Sc. from the London School of Economics. Mr. Oâ€™Driscoll provides the board with the benefit of his in advising high-growth technology companies, including his directorships at several publicly-held companies in the digital marketing arena, including Omniture, Inc., which was subsequently acquired by Adobe Systems Incorporated, and NetGenesis Corporation, which was subsequently acquired by SPSS Inc.

Age: 47

Education:

University of London, BS

David L. Yuan

Independent Director

Director/Board Member

Biography:

Mr. David L. Yuan is Independent Director of ExactTarget Inc., since November 2009. Mr. Yuan has been a General Partner at Technology Crossover Ventures, a private equity and venture capital firm, since 2005. He currently serves on the boards of several privately-held companies, including Merkle, Inc. Prior to joining Technology Crossover Ventures, Mr. Yuan managed investments at J.P. Morgan Partners and was also one of the first employees at 1stUp, an ISP, which was later sold to CMGi. Mr. Yuan began his career as a management consultant with Bain & Company. Mr. Yuan graduated from Harvard University with an A.B. in Economics, and holds an M.B.A. from the Stanford Graduate School of Business.

Age: 36

Education:

Harvard University, AB (Economics)
Stanford Business School, MBA

Executives

Name

Title

Function

Scott Dorsey

View Email

Chief Executive Officer & Co-Founder, Chairman

Chief Executive Officer

Biography:

Age: 44

Education:

Northwestern University, MBA
Indiana University, BS (Marketing)

Compensation/Salary:$375,000

Compensation Currency: USD

Social:

Andrew Clark

View Email

Strategic Partnerships

Division Head Executive

Social:

Jesse Engle

General Manager Cotweet

Division Head Executive

Biography:

Jesse leads ExactTargets Social Media Lab in San Francisco and spearheads the companys social media product offerings including the CoTweet platform. Jesses expertise in Web-based business and product development branding and user experience led him to CoTweet in 2009 where he transformed the company into the go-to social media platform for the worlds most admired brands - including Whole Foods McDonalds Microsoft Ford Dell Pepsi Sprint Delta Airlines Staples Target and Coca-Cola among others. Prior to CoTweet Jesse held senior leadership positions at Technologies Armstrong World Industries Breakaway Solutions Conducent and CKS Interactive. Jesse holds a bachelor degree in marketing and entrepreneurial management from The Wharton School of the University of Pennsylvania.

Peter D. McCormick

View Email

General Manager - ExactTarget Global

Division Head Executive

Biography:

Mr. Peter D. McCormick is General Manager - ExactTarget Global of ExactTarget Inc. He is co-founded ExactTarget in December 2000 and has served as General Manager, ExactTarget Global since August 2009. From July 2007 to August 2009, Mr. McCormick served as Executive Vice President, Partnerships, and from June 2006 to July 2007 as Executive Vice President, Client Services. Mr. McCormick held executive positions at ExactTarget with responsibility for services, product development and marketing from inception through June of 2006. Prior to co-founding ExactTarget, Mr. McCormick held sales and channel development leadership positions with Divine, Inc., Target, Inc., and Steelcase, Inc. Mr. McCormick holds a B.S. in finance from the University of Minnesota and an M.B.A. from the Carlson Graduate School of Management at the University of Minnesota.

Age: 43

Education:

University of Minnesota, MBA
University of Minnesota, BS (Finance)

Social:

Scott S. McCorkle

Chief Operating Officer

Operations Executive

Biography:

Mr. Scott S. McCorkle is Chief Operating Officer of ExactTarget, Inc., since December 2008. Previously, Mr. McCorkle served as Vice President, Technology and Product from August 2005 to July 2007 and as Executive Vice President, Technology and Product from August 2007 to December 2008. Prior to joining ExactTarget, Mr. McCorkle co-founded Mezzia, Inc., a company that provided on-demand software to manage the planning, budgeting, and execution of capital spending and project-based initiatives. Mr. McCorkle was with Mezzia from December 1999 to July 2005, first as its Vice President of Product and then as its President. Mr. McCorkle previously held senior management positions with IBMâ€™s customer management group and Software Artistry, a company acquired by IBM. Mr. McCorkle holds a B.S. in Computer Science from Ball State University and an M.B.A. from Indiana University.

Age: 45

Education:

Indiana University, MBA
Ball State University, BS (Computer Science)

Compensation/Salary:$300,000

Compensation Currency: USD

Tara Armstrong

Office Manager

Administration Executive

Tammy Cooke

Office Manager

Administration Executive

Traci Dolan

View Email

Chief Administrative Officer and Secretary

Administration Executive

Biography:

Ms. Traci M. Dolan is Chief Administrative Officer, Secretary of ExactTarget, Inc. She has served as Chief Administrative Officer since July 2011 and as Secretary since January 2007. Ms. Dolan served as Chief Financial Officer from February 2004 to June 2011, as Vice President of Finance and Administration from October 2004 to August 2007, and as Executive Vice President of Finance and Administration from August 2007 to July 2011. From March 2000 to December 2003, Ms. Dolan served as Chief Financial Officer, Vice President of Finance and Administration, Secretary and Treasurer of Made2Manage Systems, Inc., a publicly-traded software company. Ms. Dolan previously held financial management and operational positions with Macmillan Publishing, where she was Vice President of Finance and Operations, and with Coopers & Lybrand, where she was an audit manager. Ms. Dolan holds a B.S. in Accounting from Indiana University.

Age: 54

Education:

Indiana University, BS (Accounting)

Compensation/Salary:$265,000

Compensation Currency: USD

Social:

Steven A. Collins

View Email

Chief Financial Officer

Finance Executive

Biography:

Mr. Steven A. Collins is Chief Financial Officer of ExactTarget Inc., since June 2011. Prior to joining, Mr. Collins served as Senior Vice President and Chief Financial Officer of NAVTEQ Corporation, a digital mapping provider. Mr. Collins was with NAVTEQ from 2003 to 2011 and led a team of over 150 finance professionals with responsibility for Finance, Accounting, Tax, Treasury, Sourcing, Travel and Facilities. Before joining NAVTEQ, Mr. Collins served as a Partner at Grace Venture Partners, a venture capital firm that he co-founded, from 2000 to 2003. From 1991 through 2000, Mr. Collins held a variety of financial leadership positions with The Walt Disney Company. Mr. Collins holds a B.S. in Industrial Engineering from Iowa State University and an M.B.A. with concentrations in Finance and Strategy from the Wharton School of the University of Pennsylvania.

Age: 46

Education:

University of Pennsylvania, MBA
Iowa State University, BS (Industrial Engineering)

Jason Leet

View Email

Director, Finance

Finance Executive

Social:

Joanna Ewer

View Email

VP Account Services

Accounting Executive

Social:

Tara Masten

Director-Human Resources

Human Resources Executive

Social:

Todd Richardson

View Email

Vice President-Strategic Human Resources & General Counsel

Human Resources Executive

Biography:

Todd is primarily responsible for recruiting and retaining top talent for ExactTarget throughout the United States. In addition he oversees and coordinates the companys employee management risk management real estate and legal functions. Prior to ExactTarget Todd was General Counsel and Vice President of Legal Affairs and People Services for C.P. Morgan where he provided legal counsel to all divisions of the company in addition to strategic responsibilities. Previously Todd also worked as a labor and employment attorney at Hall Render Killian Heath & Lyman PSC where he advised national and international companies on labor and employment issues and compliance with federal and state laws. Todd has received numerous awards for his business and civic leadership including the Indianapolis Business Journals Forty Under 40 and the Junior Achievement/KPMGs Best and Brightest award. Todd earned an undergraduate degree in Political Science with a certificate in Public Policy from Indiana University and a Doctor of Jurisprudence from the Indiana University School of Law. He resides in Indianapolis IN with his wife and three children.

Education:

Indiana University, undergraduate (Political Science)
Indiana University School of Law, JD

Joel Book

View Email

Principal, ExactTarget Marketing Research & Education Group

Training Executive

Social:

Scott Bleczinski

Executive Vice President-Sales

Sales Executive

IUSA

Education:

Colgate University, BA (Political Science)

Source: OneSourceWeb

Kevin Bobowski

View Email

Sr. Director, Sales and Marketing, CoTweet

Sales Executive

Sean Brady

View Email

Corporate Sales Manager

Sales Executive

Social:

Ryan Brumback

View Email

Manager, Sales Development

Sales Executive

Janine Doty

View Email

Corporate Sales Consultant

Sales Executive

Doug Houton

Vice President-Client Services

Sales Executive

Sameer Kazi

View Email

Vice President-Client Services

Sales Executive

Biography:

Sameer is responsible for ExactTargets professional services and support organization including the program management office all consulting and functional delivery teams as well as the Client Success Center. Sameer is also responsible for the growth and success of the ExactTarget Consulting Partner Network an eco-system of partners providing extensible services delivery for ExactTarget. Prior to joining ExactTarget Sameer founded a technology startup with a focus on implementation and integration services for best of breed Software as a Service (SaaS) firms. He also served as Vice President of Business Development at Sentinel Technologies a Chicago-based full-service systems integration and technology consulting firm where he was responsible for market development consulting sales and delivery client management and partner alliances. In addition hes held several senior roles in management consulting and technology services firms. Sameer earned his undergraduate degree in Mechanical Engineering from the University of Arizona and an MBA from the Kellogg Graduate School of Management at Northwestern University. Sameer resides in Indianapolis IN with his wife and twin daughters.

Education:

University of Arizona, undergraduate (Mechanical Engineering)
Kellogg Graduate School of Management at Northwestern University, MBA

Andrew J. Kofoid

Executive Vice President - Global Sales

Sales Executive

Biography:

Mr. Andrew J. Kofoid is Executive Vice President - Global Sales of ExactTarget Inc., since May 2010. Prior to joining, Mr. Kofoid was Vice President of Sales at Dassault SystÃ¨mes S.A., a global enterprise product lifecycle management software provider. From 2002 to 2010, Mr. Kofoid served in various U.S.- and European-based sales positions, ranging from Regional Sales Director to Vice President of Sales where he managed over 200 sales and services team members. Before joining Dassault SystÃ¨mes, Mr. Kofoid served in sales and sales management positions at Oracle Corporation and IBM. Mr. Kofoid graduated from Purdue University with a B.S. in Electrical Engineering and holds an M.B.A. from the Kellogg Graduate School of Management at Northwestern University.

Age: 46

Education:

Northwestern University, MBA
Purdue University, BS (Electrical Engineering)

Compensation/Salary:$142,506

Compensation Currency: USD

D. Wayne Poole

Vice President-Sales & Client Success

Sales Executive

Christy Weymouth

View Email

Sales Development Manager

Sales Executive

Chris Baggott

View Email

Director-Marketing & Co-Founder

Marketing Executive

Education:

Evergreen College

Chip House

Vice President-Industry & Relationship Marketing

Marketing Executive

Education:

St. Thomas University, MBA

Tim Kopp

Chief Marketing Officer

Marketing Executive

Biography:

Mr. Timothy B. Kopp is Chief Marketing Officer of ExactTarget Inc., since December 2007. From December 2006 to December 2007, Mr. Kopp was the Chief Marketing Officer for WebTrends Inc., a provider of unified mobile, social and web analytics and engagement, where he led the companyâ€™s global marketing strategy and managed a team of more than 35 associates worldwide and an annual budget of approximately $10 million. Before joining WebTrends, Mr. Kopp was Vice President, Worldwide Interactive Marketing for The Coca Cola Company from October 2005 to February 2007. At Coca-Cola, Mr. Kopp managed a global team of more than 50 marketing professionals and a global budget in excess of $50 million. Mr. Kopp was also one of the founding members of Procter and Gambleâ€™s Interactive Marketing program where he was employed from January 1998 to October 2005. Mr. Kopp holds a B.B.A. in Finance and Accounting from the University of Cincinnati and an M.B.A. from the University of Dayton.

Age: 38

Education:

University of Dayton, MBA
University of Cincinnati, BBA (Finance)

Compensation/Salary:$250,000

Compensation Currency: USD

Jeff Renaud

Marketing

Marketing Executive

Jeffrey Rohrs

Vice President Marketing

Marketing Executive

Biography:

Jeffrey K. Rohrs serves as VP of Marketing for ExactTarget the market leader in on-demand email software solutions for permission-based email marketing. Prior to joining ExactTarget Jeff served as President of Optiem a full-service Internet marketing agency whose clients include Sherwin-Williams Things Remembered and Insurance.com. A recovering attorney Mr. Rohrs is well-versed in online marketing law. He is a highly-regarded speaker and moderator at many industry conferences. In December 2006 Mr. Rohrs authored The Sausage Manifesto an open letter to paid search networks about the click fraud problem. Over the years Mr. Rohrs has been quoted on variety of interactive marketing topics in publications including Advertising Age Wired.com Marketing Sherpa Target Marketing and ClickZ. Mr. Rohrs received his J.D. and Masters in Mass Communication from Boston University. He received his undergraduate degree from Miami University where he currently serves on the Advisory Board for the schools Interactive Media Studies Program.

Mindi Staley

Senior Specialist Interactive Marketing

Marketing Executive

Biography:

The article was written following an interview with Mindi Staley Senior Specialist Interactive Marketing at Scotts. Mindi will present this case study at next weeks Email Evolution Conference in Miami.

Chuck Tobar

Marketing

Marketing Executive

Mitch Frazier

Media Contact

Corporate Communications Executive

Paul Beck

View Email

Database Administrator

Information Executive

Darin Brown

Software Development

Information Executive

Steve Fouty

View Email

Information Technology

Information Executive

Eric Frash

View Email

Director, Datacenter Facilities & Systems Administration

Information Executive

Patrick Lynch

View Email

Network

Network Management Executive

Jason Feldhake

View Email

Software Support Specialist

Engineering/Technical Executive

Jason Greulich

View Email

Software Support Specialist

Engineering/Technical Executive

Brandon Hines

View Email

Software Support Specialist

Engineering/Technical Executive

Troy Maynard

View Email

Software Support Specialist

Engineering/Technical Executive

Jim Murphey

Technology Solutions Manager

Engineering/Technical Executive

Biography:

The second part of the session is a case study of some of the cool things that Best Buy has implemented. Eric and Jim started the presentation basic with their dynamic content that theyre using in their emails. The dynamic content is based on attributes in a data extension so it sounds like theyre basing dynamic content on more than just subscriber attributes. Theyre also including AMPscript in the emails for simple things like proper capitalization as well as for building rowsets to include the message. You can do things like include a purchase history using this functionality. I think that in this case theyre sending emails to alert customers when a product comes back in stock.

Jason Pardieck

View Email

Software Engineer

Engineering/Technical Executive

Ryan Storm

View Email

Software Support Specialist

Engineering/Technical Executive

Karen Jung

Product Marketing Professional

Product Management Executive

Biography:

Karen Jung is a product marketing professional with ExactTarget. In 2008 Karen took a leave from ExactTarget to volunteer in Petite Riviere de Nippes a small village about 60 miles west of Port au Prince. During her 15 months there she served as an administrator at US funded clinic and spent time working directly with the Haitians on broader community initiatives. Karen was also instrumental in helping re-define the Gift of Water program in Petite Riviere and her successful model there is the basis for the program moving forward.

Tim Kauble

Product Specialist

Product Management Executive

Biography:

Tim Kauble took the stage for the final portion of this presentation. Poor Tim--his phone junked out on him this morning and his data connection didnt work so were seeing a modified version of his presentation. Typical of technology! Tim talked about designing a system to allow him to manage his own tasks using text messages.

Kristen Brown

Vice President-Channel & Corporate Development

Business Development Executive

IUSA

Mike Fitzgerald

Senior Vice President, Corporate Development

Business Development Executive

Jim Roberts

View Email

Business Analyst

Business Development Executive

Brian Steacy

Northern California Business Development

Business Development Executive

Biography:

Before joining ClickMail Marketing Brian worked in the Northern California marketplace for ExactTarget a leading email service provider (ESP) for permission-based email marketing. Brian has been a sales and marketing professional for over 20 years working with both enterprise and start-up companies. The core of Brians career has been spent producing information technology sales for fast-growth companies such as Sun Microsystems. He is a graduate of UC Berkeley the two-year Business Professionals Course and he has completed eight years of advanced work in the Leadership Entrepreneurship Innovation and Power (LEIP) program offered by The Aji Network. At ClickMail Brian is responsible for guiding companys future growth and managing the ClickMail Marketing direct and channel sales teams.

Stephanie Zircher

View Email

Director-3sixty

Manufacturing Executive

Jason Baer

Founder Of Mighty Interactive

Other

Biography:

Jason Baer has been working in digital marketing since 1994 and was the founder of Mighty Interactive. The consummate entrepreneur Jason is at it again as the founder of Convince & Convert now a year old. Convince & Converts tagline is social media and email consulting so while he focuses on social media first dont let that (nor his 6000+ Twitter followers) lead you to believe he has moved on from email. His blog focuses on using technology to build community and he consistently provides sound advice on how to incorporate email into that process.

Source: OneSourceWeb

Tom Chute

View Email

Other

David Sears

View Email

Manager

Other

Keith Treco

View Email

Director

Other

ExactTarget Inc

Significant Developments

ExactTarget Inc Announces Pricing of Follow-On Offering

Sep 12, 2012

ExactTarget Inc announced the pricing of the follow-on public offering by certain of its stockholders of 7.5 million shares of its common stock at a price to the public of $22.50 per share. In addition, certain selling stockholders have granted the underwriters a 30-day option to purchase up to an additional 1.125 million shares of common stock on the same terms and conditions. The selling stockholders will receive all of the proceeds from this offering. No shares are being sold by ExactTarget. J.P. Morgan Securities LLC, Deutsche Bank Securities and Stifel Nicolaus Weisel are acting as joint book-runners for the offering, with RBC Capital Markets, Pacific Crest Securities, Canaccord Genuity and Raymond James acting as co-managers.

ExactTarget Inc Announces Public Offering

Sep 06, 2012

ExactTarget Inc announced a public offering of 6,500,000 shares of its common stock. Certain existing stockholders of ExactTarget propose to sell an aggregate of 6.5 million shares of common stock. The underwriters for the offering will have a 30-day option to purchase from the selling stockholders up to an additional 975,000 shares of common stock, on the same terms and conditions. ExactTarget will not receive any proceeds from the sale of the shares in the offering. J.P. Morgan Securities LLC, Deutsche Bank Securities and Stifel Nicolaus Weisel are acting as joint book-runners for the offering, with RBC Capital Markets, Pacific Crest Securities, Canaccord Genuity and Raymond James acting as co-managers. In connection with the proposed offering, J.P. Morgan Securities LLC, Deutsche Bank Securities and Stifel Nicolaus Weisel, the lead book-running managers of ExactTarget's initial public offering in March 2012, are releasing lock-up restrictions with respect to certain shares of ExactTarget common stock held by the selling stockholders that are participating in the offering announced. The release will take effect concurrently with the offering.

ExactTarget Inc Files Registration STATEMENT FOR Proposed Follow-On Offering

Aug 28, 2012

ExactTarget Inc announced that it has filed a registration statement with the U.S. Securities and Exchange Commission (the SEC) relating to a proposed public offering of its common stock by selling stockholders. The selling stockholders will receive all of the proceeds from the offering. No shares are being sold by ExactTarget. .P. Morgan, Deutsche Bank Securities and Stifel Nicolaus Weisel are acting as joint book-runners for the offering, with RBC Capital Markets, Pacific Crest Securities, Canaccord Genuity and Raymond James acting as co-managers.

ExactTarget Inc Issues Q3 2012 Gudiance; Raises FY 2012 Guidance

Aug 09, 2012

ExactTarget Inc announced that for third quarter of 2012, it expects revenue to be $71.0 million to $72.0 million, Adjusted Net (Loss) / Income to be $(3.0) million to $(4.0) million, Adjusted Net (Loss) / Income per share to be $(0.05) per share to $(0.06) per share on a basic and diluted basis (non-GAAP). For fiscal 2012, it expects Revenue to be $277.0 million to $280.0 million, Adjusted Net (Loss) / Income to be $(12.0) million to $(13.0) million, Adjusted Net (Loss) / Income per Share: expected to be $(0.21) per share to $(0.23) per share on a basic and diluted basis (non-GAAP).

ExactTarget, Inc. Issues Q2 2012 Guidance; Issues FY 2012 Guidance Above Analysts' Estimates

May 10, 2012

ExactTarget, Inc. announced that for the second quarter of 2012, it expects revenue to be in the range of $65.0 million to $66.0 million, adjusted net loss to be $5.0 million to $6.0 million, adjusted net loss excludes the effects of stock-based compensation expense and amortization of intangibles, which are expected to be approximately $3.0 million and $0.3 million, respectively and adjusted net loss of $0.08 to $0.09 per basic and diluted share (EPS). For fiscal 2012, the Company expects revenue to be in the range of $270.0 million to $273.0 million, adjusted net loss is expected to be $15.0 million to $16.0 million, adjusted net loss excludes the effects of stock-based compensation expense and amortization of intangibles, which are expected to be approximately $12.0 million and $1.2 million, respectively, and adjusted net loss of $0.27 to $0.29 per basic and diluted share. According to I/B/E/S Estimates, analysts on an average are expecting the Company to report revenue of $260.3 million, net income of $(21.1) million and EPS of $(0.45) for fiscal 2012.

ExactTarget, Inc. Prices Initial Public Offering

Mar 22, 2012

ExactTarget, Inc. announced the pricing of its initial public offering of 8,500,000 shares of common stock at a price to the public of $19.00 per share. The shares are expected to begin trading on The New York Stock Exchange on March 22, 2012 under the symbol ET. All of the shares being sold in the offering are being sold by ExactTarget. The underwriters have a 30-day option to purchase up to an additional 1,275,000 shares of common stock from ExactTarget to cover over-allotments, if any. J.P. Morgan, Deutsche Bank Securities and Stifel Nicolaus Weisel are acting as joint book-runners for the offering, with RBC Capital Markets, Pacific Crest Securities, Canaccord Genuity and Raymond James acting as co-managers.

News

NYSE stocks posting largest volume increases
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12-Sep-2012

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FD (Fair Disclosure) Wire (4839 Words)

12-Sep-2012

Best Websites in 96 Industries Announced By Web Marketing Association
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12-Sep-2012

ExactTarget prices follow-on public offering of its 7.5m of common stock at USD22.50 per share
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12-Sep-2012

ExactTarget Announces Pricing of Follow-On Offering
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11-Sep-2012

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07-Sep-2012

-ExactTarget enacts public offering and partial release of some lock-up agreements.
Internet Business News (203 Words)

07-Sep-2012

ExactTarget Announces Public Offering and Partial Release of Certain Lock-Up Agreements
Business Wire (479 Words)

06-Sep-2012

Exacttarget, Inc. Files SEC Form S-1, General Form For Registration of Securities Under The Securities Act of 1933
Computer Weekly News (183 Words)

05-Sep-2012

CONSTANT CONTACT INC at Canaccord Genuity's Global Growth Conference - Final
FD (Fair Disclosure) Wire (4662 Words)

04-Sep-2012

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29-Aug-2012

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25-Aug-2012

Portland Trail Blazers Select ExactTarget to Help Boost Ticket Sales
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16-Aug-2012

ExactTarget Reports Second Quarter 2012 Results
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16-Aug-2012

Portland Trail Blazers Leverage ExactTarget
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15-Aug-2012

ExactTarget Posts Second Quarter 2012 Results
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14-Aug-2012

-Basketball team seeks ticket sales boost from ExactTarget social media use
M2 EquityBites (EQB) (358 Words) (1 Page)

13-Aug-2012

ExactTarget Extends Global Enterprise Marketing Platform
Wireless News (307 Words) (1 Page)

11-Aug-2012

-ExactTarget 2Q 2012 revenue increased 42%
M2 EquityBites (EQB) (209 Words) (1 Page)

10-Aug-2012

ExactTarget Enhances Global Enterprise Marketing Platform
Professional Services Close-Up (191 Words) (1 Page)

06-Aug-2012

ExactTarget Inc

Indianapolis, Indiana, United States, Tel: 317-423-3928, URL: http://www.exacttarget.com

Annual Income Statement

Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)

Financial Glossary

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2011
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate (Period Average)	1	1	1	1	1
Auditor	KPMG LLP	KPMG LLP	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified

Net Sales	207.5	134.3	95.4	72.3	48.0
Revenue	207.5	134.3	95.4	72.3	48.0
Total Revenue	207.5	134.3	95.4	72.3	48.0

Cost of Revenue	70.2	43.9	30.8	20.1	12.2
Cost of Revenue, Total	70.2	43.9	30.8	20.1	12.2
Gross Profit	137.3	90.4	64.7	52.2	35.8

Selling/General/Administrative Expense	119.5	81.1	52.7	35.8	23.7
Total Selling/General/Administrative Expenses	119.5	81.1	52.7	35.8	23.7
Research & Development	41.4	27.4	14.8	9.9	8.1
Total Operating Expense	231.1	152.4	98.3	65.8	44.0

Operating Income	-23.6	-18.2	-2.8	6.5	4.0

Other Non-Operating Income (Expense)	-1.0	-0.1	0.1	0.0	0.2
Other, Net	-1.0	-0.1	0.1	0.0	0.2
Income Before Tax	-24.6	-18.2	-2.8	6.5	4.2

Total Income Tax	10.8	-6.1	-0.8	3.0	1.7
Income After Tax	-35.4	-12.1	-2.0	3.6	2.5

Net Income Before Extraord Items	-35.4	-12.1	-2.0	3.6	2.5
Net Income	-35.4	-12.1	-2.0	3.6	2.5

Preferred Dividends	0.0	0.0	-59.1	0.0	-0.3
Total Adjustments to Net Income	0.0	0.0	-59.1	0.0	-0.3
Income Available to Common Excl Extraord Items	-35.4	-12.1	-61.1	3.6	2.2

Income Available to Common Incl Extraord Items	-35.4	-12.1	-61.1	3.6	2.2

Basic/Primary Weighted Average Shares	64.5	64.5	64.5	64.5	64.5
Basic EPS Excl Extraord Items	-0.55	-0.19	-0.95	0.06	0.03
Basic/Primary EPS Incl Extraord Items	-0.55	-0.19	-0.95	0.06	0.03
Dilution Adjustment	0.0	0.0	0.0	-	-
Diluted Net Income	-35.4	-12.1	-61.1	3.6	2.2
Diluted Weighted Average Shares	64.5	64.5	64.5	64.5	64.5
Diluted EPS Excl Extraord Items	-0.55	-0.19	-0.95	0.06	0.03
Diluted EPS Incl Extraord Items	-0.55	-0.19	-0.95	0.06	0.03
Dividends per Share - Common Stock Primary Issue	0.00	0.00	0.00	0.00	0.00
Gross Dividends - Common Stock	0.0	0.0	0.0	0.0	0.0
Depreciation, Supplemental	15.5	10.2	7.0	-	-
Normalized Income Before Tax	-24.6	-18.2	-2.8	6.5	4.2

Inc Tax Ex Impact of Sp Items	10.8	-6.1	-0.8	3.0	1.7
Normalized Income After Tax	-35.4	-12.1	-2.0	3.6	2.5

Normalized Inc. Avail to Com.	-35.4	-12.1	-61.1	3.6	2.2

Basic Normalized EPS	-0.55	-0.19	-0.95	0.06	0.03
Diluted Normalized EPS	-0.55	-0.19	-0.95	0.06	0.03
Amort of Intangibles, Supplemental	1.2	0.8	0.2	-	-
Rental Expenses	4.2	2.6	1.6	-	-
Advertising Expense, Supplemental	5.5	4.8	3.2	-	-
Research & Development Exp, Supplemental	41.4	27.4	14.8	9.9	8.1
Normalized EBIT	-23.6	-18.2	-2.8	6.5	4.0
Normalized EBITDA	-7.0	-7.2	4.4	6.5	4.0
Current Tax - Domestic	0.0	0.0	-0.1	-	-
Current Tax - Foreign	0.2	-	-	-	-
Current Tax - Local	0.0	0.8	0.0	-	-
Current Tax - Total	0.3	0.8	-0.1	-	-
Deferred Tax - Domestic	9.2	-5.6	-0.6	-	-
Deferred Tax - Local	1.3	-1.3	-0.1	-	-
Deferred Tax - Total	10.5	-7.0	-0.7	-	-
Income Tax - Total	10.8	-6.1	-0.8	-	-
Defined Contribution Expense - Domestic	1.0	0.6	0.4	-	-
Total Pension Expense	1.0	0.6	0.4	-	-

Annual Balance Sheet

Financials in: USD (mil)

Financial Glossary

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2011
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate	1	1	1	1	1
Auditor	KPMG LLP	KPMG LLP	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified

Cash & Equivalents	60.7	22.8	-	-	-
Cash and Short Term Investments	60.7	22.8	-	-	-
Trade Accounts Receivable - Net	43.4	27.6	-	-	-
Other Receivables	0.4	0.3	-	-	-
Total Receivables, Net	43.8	27.9	-	-	-
Prepaid Expenses	8.7	4.4	-	-	-
Deferred Income Tax - Current Asset	0.0	1.0	-	-	-
Other Current Assets	2.1	0.9	-	-	-
Other Current Assets, Total	2.1	1.9	-	-	-
Total Current Assets	115.3	57.0	-	-	-

Buildings	10.9	5.7	-	-	-
Machinery/Equipment	78.8	56.9	-	-	-
Construction in Progress	1.5	1.5	-	-	-
Property/Plant/Equipment - Gross	91.2	64.1	-	-	-
Accumulated Depreciation	-36.6	-26.9	-	-	-
Property/Plant/Equipment - Net	54.6	37.2	-	-	-
Goodwill, Net	18.4	15.9	-	-	-
Intangibles - Gross	5.4	3.5	-	-	-
Accumulated Intangible Amortization	-2.1	-1.0	-	-	-
Intangibles, Net	3.3	2.6	-	-	-
Deferred Income Tax - Long Term Asset	0.0	9.6	-	-	-
Other Long Term Assets	1.7	0.8	-	-	-
Other Long Term Assets, Total	1.7	10.4	-	-	-
Total Assets	193.3	123.0	-	-	-

Accounts Payable	8.1	2.9	-	-	-
Accrued Expenses	24.9	18.3	-	-	-
Notes Payable/Short Term Debt	0.0	0.0	-	-	-
Current Portion - Long Term Debt/Capital Leases	4.8	3.9	-	-	-
Customer Advances	39.3	31.6	-	-	-
Other Current liabilities, Total	39.3	31.6	-	-	-
Total Current Liabilities	77.1	56.7	-	-	-

Long Term Debt	15.6	8.4	-	-	-
Total Long Term Debt	15.6	8.4	-	-	-
Total Debt	20.4	12.2	-	-	-

Other Long Term Liabilities	2.8	1.5	-	-	-
Other Liabilities, Total	2.8	1.5	-	-	-
Total Liabilities	95.5	66.6	-	-	-

Redeemable Convertible Preferred Stock	227.9	158.0	-	-	-
Redeemable Preferred Stock	227.9	158.0	-	-	-
Common Stock	0.0	0.0	-	-	-
Common Stock	0.0	0.0	-	-	-
Additional Paid-In Capital	17.0	9.2	-	-	-
Retained Earnings (Accumulated Deficit)	-146.1	-110.7	-	-	-
Other Comprehensive Income	-1.1	-0.1	-	-	-
Other Equity, Total	-1.1	-0.1	-	-	-
Total Equity	97.7	56.4	-	-	-

Total Liabilities & Shareholdersâ€™ Equity	193.3	123.0	-	-	-

Shares Outstanding - Common Stock Primary Issue	64.5	64.5	-	-	-
Total Common Shares Outstanding	64.5	64.5	-	-	-
Employees	1,133	-	-	-	-
Number of Common Shareholders	156	-	-	-	-
Accumulated Intangible Amort, Suppl.	2.1	1.0	-	-	-
Deferred Revenue - Current	39.3	31.6	-	-	-
Total Long Term Debt, Supplemental	18.4	-	-	-	-
Long Term Debt Maturing within 1 Year	4.2	-	-	-	-
Long Term Debt Maturing in Year 2	7.1	-	-	-	-
Long Term Debt Maturing in Year 3	7.1	-	-	-	-
Long Term Debt Maturing in 2-3 Years	14.2	-	-	-	-
Long Term Debt Matur. in Year 6 & Beyond	0.0	-	-	-	-
Interest Costs	-0.1	-	-	-	-
Total Capital Leases, Supplemental	0.9	-	-	-	-
Capital Lease Payments Due in Year 1	0.7	-	-	-	-
Capital Lease Payments Due in Year 2	0.3	-	-	-	-
Capital Lease Payments Due in Year 3	0.0	-	-	-	-
Capital Lease Payments Due in 2-3 Years	0.4	-	-	-	-
Total Operating Leases, Supplemental	25.2	-	-	-	-
Operating Lease Payments Due in Year 1	3.9	-	-	-	-
Operating Lease Payments Due in Year 2	4.2	-	-	-	-
Operating Lease Payments Due in Year 3	4.3	-	-	-	-
Operating Lease Payments Due in Year 4	4.1	-	-	-	-
Operating Lease Payments Due in Year 5	3.4	-	-	-	-
Operating Lease Pymts. Due in 2-3 Years	8.5	-	-	-	-
Operating Lease Pymts. Due in 4-5 Years	7.4	-	-	-	-
Oper. Lse. Pymts. Due in Year 6 & Beyond	5.3	-	-	-	-

Annual Cash Flows

Financials in: USD (mil)

Financial Glossary

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2011
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate (Period Average)	1	1	1	1	1
Auditor	KPMG LLP	KPMG LLP	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified

Net Income/Starting Line	-35.4	-12.1	-2.0	-	-
Depreciation	16.6	11.0	7.2	-	-
Depreciation/Depletion	16.6	11.0	7.2	-	-
Deferred Taxes	10.5	-7.0	-0.7	-	-
Other Non-Cash Items	9.9	5.7	3.7	-	-
Non-Cash Items	9.9	5.7	3.7	-	-
Accounts Receivable	-17.0	-5.9	-8.2	-	-
Prepaid Expenses	-6.3	-1.2	-2.2	-	-
Accrued Expenses	3.8	4.0	1.1	-	-
Payable/Accrued	8.2	0.9	1.3	-	-
Other Liabilities	6.8	8.2	6.5	-	-
Changes in Working Capital	-4.4	6.0	-1.5	-	-
Cash from Operating Activities	-2.8	3.6	6.7	-	-

Purchase of Fixed Assets	-31.2	-18.7	-13.3	-	-
Capital Expenditures	-31.2	-18.7	-13.3	-	-
Acquisition of Business	-2.7	-5.8	-1.0	-	-
Sale/Maturity of Investment	0.0	2.0	0.5	-	-
Purchase of Investments	0.0	-2.0	-0.5	-	-
Other Investing Cash Flow Items, Total	-2.7	-5.8	-1.0	-	-
Cash from Investing Activities	-33.9	-24.6	-14.3	-	-

Other Financing Cash Flow	-1.4	-0.7	2.8	-	-
Financing Cash Flow Items	-1.4	-0.7	2.8	-	-
Sale/Issuance of Common	0.4	0.8	1.5	-	-
Repurchase/Retirement of Common	0.0	0.0	-112.0	-	-
Common Stock, Net	0.4	0.8	-110.5	-	-
Sale/Issuance of Preferred	69.9	0.0	145.0	-	-
Preferred Stock, Net	69.9	0.0	145.0	-	-
Issuance (Retirement) of Stock, Net	70.4	0.8	34.5	-	-
Long Term Debt Issued	9.8	0.0	0.0	-	-
Long Term Debt Reduction	-1.0	-0.5	-0.3	-	-
Long Term Debt, Net	5.5	9.4	-0.3	-	-
Issuance (Retirement) of Debt, Net	5.5	9.4	-0.3	-	-
Cash from Financing Activities	74.5	9.5	37.0	-	-

Foreign Exchange Effects	0.0	-0.1	0.0	-	-
Net Change in Cash	37.9	-11.5	29.4	-	-

Net Cash - Beginning Balance	22.8	34.3	5.0	-	-
Net Cash - Ending Balance	60.7	22.8	34.3	-	-
Cash Interest Paid	0.5	0.0	0.0	-	-
Cash Taxes Paid	0.0	-2.3	0.3	-	-

ExactTarget Inc

Indianapolis, Indiana, United States, Tel: 317-423-3928, URL: http://www.exacttarget.com

Annual Income Statement

Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2011
Filed Currency	USD	USD	USD	USD	USD
Exchange Rate (Period Average)	1	1	1	1	1
Auditor	KPMG LLP	KPMG LLP	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified

Subscription	170.7	115.6	83.1	-	-
Professional services	36.8	18.7	12.3	-	-
Revenue	-	-	-	72.3	48.0
Total Revenue	207.5	134.3	95.4	72.3	48.0

Cost of revenue	-	-	-	20.1	12.2
Subscription	40.3	25.9	18.8	-	-
Professional services	29.9	18.0	12.0	-	-
Sales and marketing	93.6	64.0	39.3	28.4	20.0
Research and development	41.4	27.4	14.8	9.9	8.1
General and administrative	26.0	17.2	13.4	7.4	3.7
Total Operating Expense	231.1	152.4	98.3	65.8	44.0

Other Income	-1.0	-0.1	0.1	0.0	0.2
Net Income Before Taxes	-24.6	-18.2	-2.8	6.5	4.2

Provision for Income Taxes	10.8	-6.1	-0.8	3.0	1.7
Net Income After Taxes	-35.4	-12.1	-2.0	3.6	2.5

Net Income Before Extra. Items	-35.4	-12.1	-2.0	3.6	2.5
Net Income	-35.4	-12.1	-2.0	3.6	2.5

Adjustment for redemption of preferred s	0.0	0.0	-58.6	0.0	-0.1
Preferred Dividends	0.0	0.0	-0.5	0.0	-0.2
Income Available to Com Excl ExtraOrd	-35.4	-12.1	-61.1	3.6	2.2

Income Available to Com Incl ExtraOrd	-35.4	-12.1	-61.1	3.6	2.2

Basic Weighted Average Shares	64.5	64.5	64.5	64.5	64.5
Basic EPS Excluding ExtraOrdinary Items	-0.55	-0.19	-0.95	0.06	0.03
Basic EPS Including ExtraOrdinary Items	-0.55	-0.19	-0.95	0.06	0.03
Dilution Adjustment	0.0	0.0	0.0	-	-
Diluted Net Income	-35.4	-12.1	-61.1	3.6	2.2
Diluted Weighted Average Shares	64.5	64.5	64.5	64.5	64.5
Diluted EPS Excluding ExtraOrd Items	-0.55	-0.19	-0.95	0.06	0.03
Diluted EPS Including ExtraOrd Items	-0.55	-0.19	-0.95	0.06	0.03
DPS-Common Stock	0.00	0.00	0.00	0.00	0.00
Gross Dividends - Common Stock	0.0	0.0	0.0	0.0	0.0
Normalized Income Before Taxes	-24.6	-18.2	-2.8	6.5	4.2

Inc Tax Ex Impact of Sp Items	10.8	-6.1	-0.8	3.0	1.7
Normalized Income After Taxes	-35.4	-12.1	-2.0	3.6	2.5

Normalized Inc. Avail to Com.	-35.4	-12.1	-61.1	3.6	2.2

Basic Normalized EPS	-0.55	-0.19	-0.95	0.06	0.03
Diluted Normalized EPS	-0.55	-0.19	-0.95	0.06	0.03
Depreciation	15.5	10.2	7.0	-	-
Amort of Intangibles, Supplemental	1.2	0.8	0.2	-	-
Research & Development	41.4	27.4	14.8	9.9	8.1
Advertising Expense	5.5	4.8	3.2	-	-
Rental Expense	4.2	2.6	1.6	-	-
Current Tax - Federal	0.0	0.0	-0.1	-	-
Current Tax - State & Local	0.0	0.8	0.0	-	-
Foreign	0.2	-	-	-	-
Current Tax - Total	0.3	0.8	-0.1	-	-
Deferred Tax - Federal	9.2	-5.6	-0.6	-	-
Deferred Tax - State & Local	1.3	-1.3	-0.1	-	-
Deferred Tax - Total	10.5	-7.0	-0.7	-	-
Income Tax - Total	10.8	-6.1	-0.8	-	-
Defined Contribution Expense - Domestic	1.0	0.6	0.4	-	-
Total Pension Expense	1.0	0.6	0.4	-	-

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2011
Filed Currency	USD	USD
Exchange Rate	1	1
Auditor	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified

Cash & Cash Equivalents	60.7	22.8
Accounts Receivable	43.4	27.6
Prepaid Expenses	8.7	4.4
Deferred income taxes	0.0	1.0
Income tax receivable	0.4	0.3
Other Current Assets	2.1	0.9
Total Current Assets	115.3	57.0

Furniture & Equipment	55.6	37.9
Software	23.2	19.0
Leasehold Improvements	10.9	5.7
Construction in progress	1.5	1.5
Accumulated Depreciation	-36.6	-26.9
Goodwill	18.4	15.9
Intangible - Gross	5.4	3.5
Accumulated Amortization	-2.1	-1.0
Other Assets	1.7	0.8
Deferred income taxes	0.0	9.6
Total Assets	193.3	123.0

Accounts Payable	8.1	2.9
Accrued Liabilities	10.7	8.2
Accrued Compensation	14.2	10.1
Current Portion of Long Term Debt	4.8	3.9
Deferred revenue	39.3	31.6
Total Current Liabilities	77.1	56.7

Long Term Obligations	2.3	1.7
Long-term portion of debt	13.3	6.7
Total Long Term Debt	15.6	8.4

Long Term Portion of Straight Line Rent	2.8	1.5
Total Liabilities	95.5	66.6

Series E, F & G Redeemable Convertible P	63.0	33.0
Common Stock	0.0	0.0
Series A, B & C Preferred Stock	164.9	124.9
Additional paid in capital	17.0	9.2
Accumulated other comprehensive loss	-1.1	-0.1
Accumulated Deficit	-146.1	-110.7
Total Equity	97.7	56.4

Total Liabilities & Shareholders' Equity	193.3	123.0

S/O-Common Stock	64.5	64.5
Total Common Shares Outstanding	64.5	64.5
Deferred Revenue	39.3	31.6
Accumulated Intangible Amort, Suppl.	2.1	1.0
Full-Time Employees	1,133	-
Number of Common Shareholders	156	-
Long Term Debt Maturing within 1 Year	4.2	-
Long Term Debt Maturing in Year 3	14.2	-
Total Long Term Debt, Supplemental	18.4	-
Capital Leases Due Within 1 Year	0.7	-
Capital Leases Due Within 2 Years	0.3	-
Capital Leases Due Within 3 Years	0.0	-
Interest Costs	-0.1	-
Total Capital Leases, Supplemental	0.9	-
Operating Leases Due Within 1 Year	3.9	-
Operating Leases Due Within 2 Years	4.2	-
Operating Leases Due Within 3 Years	4.3	-
Operating Leases Due Within 4 Years	4.1	-
Operating Lease Payments Due in Year 5	3.4	-
Operating Leases - Remaining Marurities	5.3	-
Total Operating Leases, Supplemental	25.2	-

Annual Cash Flows

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009
Period Length	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2011
Filed Currency	USD	USD	USD
Exchange Rate (Period Average)	1	1	1
Auditor	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified

Net Income	-35.4	-12.1	-2.0
Depreciation	16.6	11.0	7.2
Lease incentives received from lessor	0.6	0.1	0.7
Write off of deferred offering costs	0.0	0.0	1.2
Provision for doubtful accounts	2.3	1.1	1.2
Share Based Compensation	7.0	4.4	3.3
Excess tax benefit from stock-based comp	0.0	0.0	-2.8
Deferred Tax	10.5	-7.0	-0.7
Other	0.1	0.0	0.0
Accounts Receivable	-17.3	-8.5	-7.8
Income tax receivable and payable	0.3	2.6	-0.4
Prepaid Expenses	-6.3	-1.2	-2.2
Accounts Payable & Accrued	8.2	0.9	1.3
Accrued Compensation	3.8	4.0	1.1
Deferred Revenue	6.8	8.2	6.5
Cash from Operating Activities	-2.8	3.6	6.7

Business combination, net of cash acquir	-2.7	-5.8	-1.0
Capital Expenditures	-31.2	-18.7	-13.3
Purchase of Short Term Investments	0.0	-2.0	-0.5
Sale of Short Term Investments	0.0	2.0	0.5
Cash from Investing Activities	-33.9	-24.6	-14.3

Net proceeds from revolving line of cred	9.8	0.0	0.0
Proceeds from Notes Payable	-3.3	9.9	0.0
Repayments on Capital Leases	-1.0	-0.5	-0.3
Proceeds from Issuance of Stock	0.4	0.8	1.5
Payments of contingent consideration	-1.4	-0.7	0.0
Proceeds from issuance of preferred stoc	69.9	0.0	145.0
Repurchase & Retirement of Stock	0.0	0.0	-112.0
Excess Tax Benefit	0.0	0.0	2.8
Cash from Financing Activities	74.5	9.5	37.0

Foreign Exchange Effects	0.0	-0.1	0.0
Net Change in Cash	37.9	-11.5	29.4

Net Cash - Begining Balance	22.8	34.3	5.0
Net Cash - Ending Balance	60.7	22.8	34.3
Cash Interest Paid	0.5	0.0	0.0
Cash Taxes Paid	0.0	-2.3	0.3

ExactTarget Inc

Indianapolis, Indiana, United States, Tel: 317-423-3928, URL: http://www.exacttarget.com

Financial Health

Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)

Key IndicatorsÂ USD (mil)
Â	Quarter Ending 30-Jun-2012	Quarter Ending Yr Ago	Annual Year End 31-Dec-2011	1 Year Growth	3 Year Growth	5 Year Growth
Total Revenue (?)	69.3	41.94%	207.5	54.54%	42.08%	-
Research & Development (?)	11.7	17.27%	41.4	51.06%	61.09%	-
Operating Income (?)	-2.5	-	-23.6	-	-	-
Income Available to Common Excl Extraord Items (?)	-2.6	-	-35.4	-	-	-
Basic EPS Excl Extraord Items (?)	-0.04	-	-0.55	-	-	-
Capital Expenditures (?)	9.1	-	31.2	66.21%	-	-
Cash from Operating Activities (?)	8.0	-	-2.8	-	-	-
Free Cash Flow (?)	-1.2	-	-33.9	-	-	-
Total Assets (?)	346.8	-	193.3	57.20%	-	-
Total Liabilities (?)	81.2	-	95.5	43.56%	-	-
Total Long Term Debt (?)	0.0	-	15.6	86.86%	-	-
Employees (?)	-	-	1133	-	-	-
Total Common Shares Outstanding (?)	66.0	-	64.5	0.00%	-	-
Market Cap (?)	1,443.6	-	-	-	-	-

Key Ratios
Â	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Profitability
Gross Margin (?)	66.17%	67.31%	67.76%	72.22%	74.51%
Operating Margin (?)	-11.39%	-13.53%	-2.98%	9.00%	8.34%
Pretax Margin (?)	-11.87%	-13.57%	-2.90%	9.05%	8.65%
Net Profit Margin (?)	-17.08%	-9.00%	-64.00%	4.92%	4.48%
Financial Strength
Current Ratio (?)	1.50	1.01	-	-	-
Long Term Debt/Equity (?)	0.16	0.15	-	-	-
Total Debt/Equity (?)	0.21	0.22	-	-	-
Management Effectiveness
Return on Assets (?)	-22.41%	-	-	-	-
Return on Equity (?)	30.59%	-	-	-	-
Efficiency
Receivables Turnover (?)	5.79	-	-	-	-
Asset Turnover (?)	1.31	-	-	-	-

Market ValuationÂ USD (mil)
Enterprise Value (?)	1,188.1	.	Price/Sales (TTM) (?)	5.64
Enterprise Value/Revenue (TTM) (?)	4.79	.	Price/Book (MRQ) (?)	5.26
Market Cap as of 31-Aug-2012 (?)	1,398.2	.

ExactTarget Inc

Indianapolis, Indiana, United States, Tel: 317-423-3928, URL: http://www.exacttarget.com

Ratio Comparisons

Traded: New York Stock Exchange: ET	Financials in: USD (actual units)
Industry: Software & Programming	As of 30-Jun-2012
Sector: Technology

	Company	Industry	Sector	S&P 500
Valuation Ratios
P/E Excluding Extraordinary (TTM) (?)	-	24.10	22.09	19.68
P/E High Excluding Extraordinary - Last 5 Yrs (?)	-	31.67	42.91	32.79
P/E Low Excluding Extraordinary - Last 5 Yrs (?)	-	12.04	12.36	10.71
Beta (?)	-	1.12	1.19	1.00
Price/Revenue (TTM) (?)	5.64	5.01	4.07	2.57
Price/Book (MRQ) (?)	5.26	5.23	4.73	3.67
Price to Tangible Book (MRQ) (?)	5.65	8.68	6.85	5.21
Price to Cash Flow Per Share (TTM) (?)	-	20.21	17.48	14.22
Price to Free Cash Flow Per Share (TTM) (?)	-	20.90	23.00	26.26

Dividends
Dividend Yield (?)	-	1.52%	1.65%	2.26%
Dividend Per Share - 5 Yr Avg (?)	-	0.77	0.71	1.99
Dividend 5 Yr Growth (?)	-	0.59%	7.13%	0.08%
Payout Ratio (TTM) (?)	-	9.53%	10.38%	25.98%

Growth Rates (%)
Revenue (MRQ) vs Qtr 1 Yr Ago (?)	41.94%	28.49%	28.50%	15.58%
Revenue (TTM) vs TTM 1 Yr Ago (?)	49.15%	2.00%	18.25%	17.69%
Revenue 5 Yr Growth (?)	-	17.12%	16.94%	8.97%
EPS (MRQ) vs Qtr 1 Yr Ago (?)	31.37%	41.61%	41.24%	19.49%
EPS (TTM) vs TTM 1 Yr Ago (?)	-110.84%	39.67%	49.53%	32.55%
EPS 5 Yr Growth (?)	-	16.41%	20.44%	9.86%
Capital Spending 5 Yr Growth (?)	-	15.27%	9.78%	-2.04%

Financial Strength
Quick Ratio (MRQ) (?)	-	1.56	1.98	1.24
Current Ratio (MRQ) (?)	3.52	1.75	2.38	1.79
LT Debt/Equity (MRQ) (?)	0.00	0.25	0.31	0.64
Total Debt/Equity (MRQ) (?)	0.01	0.29	0.36	0.73
Interest Coverage (TTM) (?)	-	5.91	11.30	13.80

Profitability Ratios (%)
Gross Margin (TTM) (?)	65.10%	78.08%	55.32%	45.21%
Gross Margin - 5 Yr Avg (?)	-	75.68%	53.24%	44.91%
EBITD Margin (TTM) (?)	-0.19%	32.12%	25.78%	24.43%
EBITD Margin - 5 Yr Avg (?)	-	28.68%	21.39%	22.84%
Operating Margin (TTM) (?)	-8.06%	27.02%	22.29%	20.63%
Operating Margin - 5 Yr Avg (?)	-	24.82%	17.62%	18.28%
Pretax Margin (TTM) (?)	-8.37%	26.44%	22.54%	17.95%
Pretax Margin - 5 Yr Avg (?)	-	25.60%	18.75%	17.10%
Net Profit Margin (TTM) (?)	-14.42%	20.18%	17.35%	13.65%
Net Profit Margin - 5 Yr Avg (?)	-	13.93%	12.72%	12.10%
Effective Tax Rate (TTM) (?)	-	24.70%	23.73%	28.45%
Effective Tax rate - 5 Yr Avg (?)	-	20.75%	24.82%	29.92%

Management Effectiveness (%)
Return on Assets (TTM) (?)	-	13.48%	12.89%	8.54%
Return on Assets - 5 Yr Avg (?)	-	12.51%	10.70%	8.40%
Return on Investment (TTM) (?)	-	11.60%	13.09%	7.90%
Return on Investment - 5 Yr Avg (?)	-	11.60%	11.50%	8.27%
Return on Equity (TTM) (?)	-	25.59%	25.23%	19.72%
Return on Equity - 5 Yr Avg (?)	-	24.42%	21.05%	20.06%

Efficiency
Revenue/Employee (TTM) (?)	218,893.20	454,748.69	617,868.03	927,613.77
Net Income/Employee (TTM) (?)	-31,555.16	112,222.04	132,630.14	116,121.92
Receivables Turnover (TTM) (?)	-	7.04	8.08	13.25
Inventory Turnover (TTM) (?)	-	18.94	19.61	14.53
Asset Turnover (TTM) (?)	-	0.51	0.75	0.93

xactTarget Inc

Indianapolis, Indiana, United States, Tel: 317-423-3928, URL: http://www.exacttarget.com

Annual Ratios

Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Financial Strength
Current Ratio (?)	1.50	1.01	-	-	-
Quick/Acid Test Ratio (?)	1.36	0.90	-	-	-
Working Capital (?)	38.2	0.3	-	-	-
Long Term Debt/Equity (?)	0.16	0.15	-	-	-
Total Debt/Equity (?)	0.21	0.22	-	-	-
Long Term Debt/Total Capital (?)	0.13	0.12	-	-	-
Total Debt/Total Capital (?)	0.17	0.18	-	-	-
Payout Ratio (?)	0.00%	0.00%	0.00%	0.00%	0.00%
Effective Tax Rate (?)	-	-	-	45.65%	40.72%
Total Capital (?)	118.2	68.6	-	-	-

Efficiency
Asset Turnover (?)	1.31	-	-	-	-
Receivables Turnover (?)	5.79	-	-	-	-
Days Receivables Outstanding (?)	63.08	-	-	-	-
Revenue/Employee (?)	183,136	-	-	-	-
Operating Income/Employee (?)	-20,861	-	-	-	-
EBITDA/Employee (?)	-6,190	-	-	-	-

Profitability
Gross Margin (?)	66.17%	67.31%	67.76%	72.22%	74.51%
Operating Margin (?)	-11.39%	-13.53%	-2.98%	9.00%	8.34%
EBITDA Margin (?)	-3.38%	-5.36%	4.59%	9.00%	8.34%
EBIT Margin (?)	-11.39%	-13.53%	-2.98%	9.00%	8.34%
Pretax Margin (?)	-11.87%	-13.57%	-2.90%	9.05%	8.65%
Net Profit Margin (?)	-17.08%	-9.00%	-64.00%	4.92%	4.48%
R&D Expense/Revenue (?)	19.95%	20.41%	15.55%	13.69%	16.90%
COGS/Revenue (?)	33.83%	32.69%	32.24%	27.78%	25.49%
SG&A Expense/Revenue (?)	57.61%	60.43%	55.19%	49.53%	49.27%

Management Effectiveness
Return on Assets (?)	-22.41%	-	-	-	-
Return on Equity (?)	30.59%	-	-	-	-

Valuation
Free Cash Flow/Share (?)	-0.53	-0.23	-	-	-
Operating Cash Flow/Share (?)	-0.04	0.06	-	-	-

Current Market Multiples
Market Cap/Earnings (TTM) (?)	-38.25
Market Cap/Equity (MRQ) (?)	5.26
Market Cap/Revenue (TTM) (?)	5.64
Market Cap/EBIT (TTM) (?)	-69.95
Market Cap/EBITDA (TTM) (?)	-2,993.97
Enterprise Value/Earnings (TTM) (?)	-32.50
Enterprise Value/Equity (MRQ) (?)	4.47
Enterprise Value/Revenue (TTM) (?)	4.79
Enterprise Value/EBIT (TTM) (?)	-59.44
Enterprise Value/EBITDA (TTM) (?)	-2,544.08

ExactTarget Inc

Indianapolis, Indiana, United States, Tel: 317-423-3928, URL: http://www.exacttarget.com

Stock Report

Stock Snapshot

Traded: New York Stock Exchange: ET

As of 31-Aug-2012 US Dollars

Recent Price	$21.17	EPS	$-0.55
52 Week High	$29.88	Price/Sales	6.74
52 Week Low	$18.53
Avg. Volume (mil)	0.20
Market Value (mil)	$1,398.18

	Price % Change	Rel S&P 500%
4 Week	-1.63%	-2.72%
13 Week	9.69%	-0.34%

Source: Reuters

2 Year Weekly End Price & Volume

Stock History

Market Cap History
	30-Jun-12	% Chg	31-Mar-12	% Chg
Total Common Shares Outstanding	66	0.2	66	-
Market Cap	1,443.6	-15.7	1,713.4	-

Monthly Price History
Price Ending Date	Open	High	Low	Close	Volume
31-Aug-12	22.86	24.88	19.87	21.17	5,570,731
31-Jul-12	21.89	24.62	20.53	22.80	1,867,143
29-Jun-12	19.50	23.50	18.53	21.86	5,697,020
31-May-12	27.33	27.84	19.06	19.81	5,466,257
30-Apr-12	26.00	27.91	23.00	27.01	3,956,153
30-Mar-12	23.05	29.88	22.50	26.00	13,864,999

No Price History Data

Standard & Poor’s

United States of America Long-Term Rating Lowered To 'AA+' Due To Political Risks, Rising Debt Burden; Outlook Negative

Publication date: 05-Aug-2011 20:13:14 EST

· We have lowered our long-term sovereign credit rating on the United States of America to 'AA+' from 'AAA' and affirmed the 'A-1+' short-term rating.

· We have also removed both the short- and long-term ratings from CreditWatch negative.

· The downgrade reflects our opinion that the fiscal consolidation plan that Congress and the Administration recently agreed to falls short of what, in our view, would be necessary to stabilize the government's medium-term debt dynamics.

· More broadly, the downgrade reflects our view that the effectiveness, stability, and predictability of American policymaking and political institutions have weakened at a time of ongoing fiscal and economic challenges to a degree more than we envisioned when we assigned a negative outlook to the rating on April 18, 2011.

· Since then, we have changed our view of the difficulties in bridging the gulf between the political parties over fiscal policy, which makes us pessimistic about the capacity of Congress and the Administration to be able to leverage their agreement this week into a broader fiscal consolidation plan that stabilizes the government's debt dynamics any time soon.

· The outlook on the long-term rating is negative. We could lower the long-term rating to 'AA' within the next two years if we see that less reduction in spending than agreed to, higher interest rates, or new fiscal pressures during the period result in a higher general government debt trajectory than we currently assume in our base case.

TORONTO (Standard & Poor's) Aug. 5, 2011--Standard & Poor's Ratings Services said today that it lowered its long-term sovereign credit rating on the United States of America to 'AA+' from 'AAA'. Standard & Poor's also said that the outlook on the long-term rating is negative. At the same time, Standard & Poor's affirmed its 'A-1+' short-term rating on the U.S. In addition, Standard & Poor's removed both ratings from CreditWatch, where they were placed on July 14, 2011, with negative implications.

The transfer and convertibility (T&C) assessment of the U.S.--our assessment of the likelihood of official interference in the ability of U.S.-based public- and private-sector issuers to secure foreign exchange for

debt service--remains 'AAA'.

We lowered our long-term rating on the U.S. because we believe that the prolonged controversy over raising the statutory debt ceiling and the related fiscal policy debate indicate that further near-term progress containing the growth in public spending, especially on entitlements, or on reaching an agreement on raising revenues is less likely than we previously assumed and will remain a contentious and fitful process. We also believe that the fiscal consolidation plan that Congress and the Administration agreed to this week falls short of the amount that we believe is necessary to stabilize the general government debt burden by the middle of the decade.

Our lowering of the rating was prompted by our view on the rising public debt burden and our perception of greater policymaking uncertainty, consistent with our criteria (see "Sovereign Government Rating Methodology and Assumptions ," June 30, 2011, especially Paragraphs 36-41). Nevertheless, we view the U.S. federal government's other economic, external, and monetary credit attributes, which form the basis for the sovereign rating, as broadly unchanged.

We have taken the ratings off CreditWatch because the Aug. 2 passage of the Budget Control Act Amendment of 2011 has removed any perceived immediate threat of payment default posed by delays to raising the government's debt ceiling. In addition, we believe that the act provides sufficient clarity to allow us to evaluate the likely course of U.S. fiscal policy for the next few years.

The political brinksmanship of recent months highlights what we see as America's governance and policymaking becoming less stable, less effective, and less predictable than what we previously believed. The statutory debt ceiling and the threat of default have become political bargaining chips in the debate over fiscal policy. Despite this year's wide-ranging debate, in our view, the differences between political parties have proven to be extraordinarily difficult to bridge, and, as we see it, the resulting agreement fell well short of the comprehensive fiscal consolidation program that some proponents had envisaged until quite recently. Republicans and Democrats have only been able to agree to relatively modest savings on discretionary spending while delegating to the Select Committee decisions on more comprehensive measures. It appears that for now, new revenues have dropped down on the menu of policy options. In addition, the plan envisions only minor policy changes on Medicare and little change in other entitlements,

the containment of which we and most other independent observers regard as key to long-term fiscal sustainability.

Our opinion is that elected officials remain wary of tackling the structural issues required to effectively address the rising U.S. public debt burden in a manner consistent with a 'AAA' rating and with 'AAA' rated sovereign peers (see Sovereign Government Rating Methodology and Assumptions," June 30, 2011, especially Paragraphs 36-41). In our view, the difficulty in framing a consensus on fiscal policy weakens the government's ability to manage public finances and diverts attention from the debate over how to achieve more balanced and dynamic economic growth in an era of fiscal stringency and private-sector deleveraging (ibid). A new political consensus might (or might not) emerge after the 2012 elections, but we believe that by then, the government debt burden will likely be higher, the needed medium-term fiscal adjustment potentially greater, and the inflection point on the U.S. population's demographics and other age-related spending drivers closer at hand (see "Global Aging 2011: In The U.S., Going Gray Will Likely Cost Even More Green, Now," June 21, 2011).

Standard & Poor's takes no position on the mix of spending and revenue measures that Congress and the Administration might conclude is appropriate for putting the U.S.'s finances on a sustainable footing.

The act calls for as much as $2.4 trillion of reductions in expenditure growth over the 10 years through 2021. These cuts will be implemented in two steps: the $917 billion agreed to initially, followed by an additional $1.5 trillion that the newly formed Congressional Joint Select Committee on Deficit Reduction is supposed to recommend by November 2011. The act contains no measures to raise taxes or otherwise enhance revenues, though the committee could recommend them.

The act further provides that if Congress does not enact the committee's recommendations, cuts of $1.2 trillion will be implemented over the same time period. The reductions would mainly affect outlays for civilian discretionary spending, defense, and Medicare. We understand that this fall-back mechanism is designed to encourage Congress to embrace a more balanced mix of expenditure savings, as the committee might recommend.

We note that in a letter to Congress on Aug. 1, 2011, the Congressional Budget Office (CBO) estimated total budgetary savings under the act to be at least $2.1 trillion over the next 10 years relative to its baseline assumptions. In updating our own fiscal projections, with certain modifications outlined below, we have relied on the CBO's latest "Alternate Fiscal Scenario" of June 2011, updated to include the CBO assumptions contained in its Aug. 1 letter to Congress. In general, the CBO's "Alternate Fiscal Scenario" assumes a continuation of recent Congressional action overriding existing law.

We view the act's measures as a step toward fiscal consolidation. However, this is within the framework of a legislative mechanism that leaves open the details of what is finally agreed to until the end of 2011, and Congress and the Administration could modify any agreement in the future. Even assuming that at least $2.1 trillion of the spending reductions the act envisages are implemented, we maintain our view that the U.S. net general government debt burden (all levels of government combined, excluding liquid financial assets) will likely continue to grow. Under our revised base case fiscal scenario--which we consider to be consistent with a 'AA+' long-term rating and a negative outlook--we now project that net general government debt would rise from an estimated 74% of GDP by the end of 2011 to 79% in 2015 and 85% by 2021. Even the projected 2015 ratio of sovereign indebtedness is high in relation to those of peer credits and, as noted, would continue to rise under the act's revised policy settings.

Compared with previous projections, our revised base case scenario now assumes that the 2001 and 2003 tax cuts, due to expire by the end of 2012, remain in place. We have changed our assumption on this because the majority of Republicans in Congress continue to resist any measure that would raise revenues, a position we believe Congress reinforced by passing the act. Key macroeconomic assumptions in the base case scenario include trend real GDP growth of 3% and consumer price inflation near 2% annually over the decade.

Our revised upside scenario--which, other things being equal, we view as consistent with the outlook on the 'AA+' long-term rating being revised to stable--retains these same macroeconomic assumptions. In addition, it incorporates $950 billion of new revenues on the assumption that the 2001 and 2003 tax cuts for high earners lapse from 2013 onwards, as the Administration is advocating. In this scenario, we project that the net general government debt would rise from an estimated 74% of GDP by the end of 2011 to 77% in 2015 and to 78% by 2021.

Our revised downside scenario--which, other things being equal, we view as being consistent with a possible further downgrade to a 'AA' long-term rating--features less-favorable macroeconomic assumptions, as outlined below and also assumes that the second round of spending cuts (at least $1.2 trillion) that the act calls for does not occur. This scenario also assumes somewhat higher nominal interest rates for U.S. Treasuries. We still believe that the role of the U.S. dollar as the key reserve currency confers a government funding advantage, one that could change only slowly over time, and that Fed policy might lean toward continued loose monetary policy at a time of fiscal tightening. Nonetheless, it is possible that interest rates could rise if investors re-price relative risks. As a result, our alternate scenario factors in a 50 basis point (bp)-75 bp rise in 10-year bond yields relative to the base and upside cases from 2013 onwards. In this scenario, we project the net public debt burden would rise from 74% of GDP in 2011 to 90% in 2015 and to 101% by 2021.

Our revised scenarios also take into account the significant negative revisions to historical GDP data that the Bureau of Economic Analysis announced on July 29. From our perspective, the effect of these revisions underscores two related points when evaluating the likely debt trajectory of the U.S. government. First, the revisions show that the recent recession was deeper than previously assumed, so the GDP this year is lower than previously thought in both nominal and real terms. Consequently, the debt burden is slightly higher. Second, the revised data highlight the sub-par path of the current economic recovery when compared with rebounds following previous post-war recessions. We believe the sluggish pace of the current economic recovery could be consistent with the experiences of countries that have had financial crises in which the slow process of debt deleveraging in the private sector leads to a persistent drag on demand. As a result, our downside case scenario assumes relatively modest real trend GDP growth of 2.5% and inflation of near 1.5% annually going forward.

When comparing the U.S. to sovereigns with 'AAA' long-term ratings that we view as relevant peers--Canada, France, Germany, and the U.K.--we also observe, based on our base case scenarios for each, that the trajectory of the U.S.'s net public debt is diverging from the others. Including the U.S., we estimate that these five sovereigns will have net general government debt to GDP ratios this year ranging from 34% (Canada) to 80% (the U.K.), with the U.S. debt burden at 74%. By 2015, we project that their net public debt to GDP ratios will range between 30% (lowest, Canada) and 83% (highest, France), with the U.S. debt burden at 79%. However, in contrast with the U.S., we project that the net public debt burdens of these other sovereigns will begin to decline, either before or by 2015.

Standard & Poor's transfer T&C assessment of the U.S. remains 'AAA'. Our T&C assessment reflects our view of the likelihood of the sovereign restricting other public and private issuers' access to foreign exchange needed to meet debt service. Although in our view the credit standing of the U.S. government has deteriorated modestly, we see little indication that official interference of this kind is entering onto the policy agenda of either Congress or the Administration. Consequently, we continue to view this risk as being highly remote.

The outlook on the long-term rating is negative. As our downside alternate fiscal scenario illustrates, a higher public debt trajectory than we currently assume could lead us to lower the long-term rating again. On the other hand, as our upside scenario highlights, if the recommendations of the Congressional Joint Select Committee on Deficit Reduction--independently or coupled with other initiatives, such as the lapsing of the 2001 and 2003 tax cuts for high earners--lead to fiscal consolidation measures beyond the minimum mandated, and we believe they are likely to slow the deterioration of the government's debt dynamics, the long-term rating could stabilize at 'AA+'.

On Monday, we will issue separate releases concerning affected ratings in the funds, government-related entities, financial institutions, insurance, public finance, and structured finance sectors.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.72
UK Pound	1	Rs.88.60
Euro	1	Rs.71.34

INFORMATION DETAILS

Report Prepared by :

PDT

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.