Lex at Gorkana January, 2013

London

New York

Robert Armstrong

Work: +1 212 641 6134

Mobile: +1 646318 4592

(TMT, consumer, pharma)

Nicole Bullock

Work: +1 212 641 6348

Mobile: +1 917 519 4179

(Financials, energy)

Currently hiring

Hong Kong

Lex has quit the opinion arms race and is shrinking the size of the team

Jennifer Hughes

Work: +1 212 641 6134

Mobile: +1 646318 4592

(Asia ex-China/India)

Stuart Kirk

Work: +44 20 7873 3485

Mobile: +44 7702 761 037

(Head of Lex)

John Casey

Work: +44 20 7873 3938

Mobile: +44 7985 533 902

(Assistant editor)

Vince Boland

Work: +44 20 7873 4073

Mobile: +44 789 441 9108

(Energy, consumer, aerospace, utilities)

Richard Stovin-Bradford

Work: +44 20 7873 3554

Mobile: +44 7738 574 242

(Financials, mining)

Nikki Tait

Work: +44 20 7873 4254

Mobile: +44 7712 854 943

(Industrials, construction, transport, regulation)

Oliver Ralph

Work: +44 20 7873

Mobile: +44 7843 418 140

(TMT, pharma, food & drink, real estate)

Julia Grindell

Work: +1 212 641 6514

Mobile: +1 917 213 4502

(China and India)

Lex can cover anything, but it is predominantly a corporate column, seeing the world through the eyes of a investor either in equities or credit

Therefore, valuation is key. Companies (or any asset class for that matter) are never good or bad, they are only good or bad relative to a price

When Lex does write about stories beyond companies, we try to do it where possible from a company perspective

We only write purely macro or market stories when the news is significant AND we feel we can add value

Lex never, ever writes about politics

What is Lex allowed to write about?

There are plenty of opportunities throughout the day for PRs influence what goes on FT.com and in the paper

3

65

4

8

3

45

6

7

1211

10

9am in London

21

10

8

7

12

11

21

9

1:00pm

Asia 1st web feed

2:00pm

UK 1st web feed

9am in

New

Yo

rk9am

in Hong K

ong

5:00pm

UK 2nd web

2:00pm

US 1st web feed

5:00pm

US 2nd web feed

5:00pm

Asia 2nd

web feed

10:00am

UK email

10:00am

US email

10:00am

Asia email

Lex notes are written in three general timezones, each with its own edition

The aim is to feed the web with at least one note every four hours on average

The longest gap between published Lex notes is about 7 hours between US close and Asian lunch time

Perusing the news

MeetingsPrepare for

paper editions

Writing

Team at desks and amenable to calls

Editor deciding line up and thinking about who will write what

After team meeting editor discusses with each writer line, logic and argument

Team at desks but on deadline

A bad time to call with unrelated issue

Lunch meetings only if deadline met or off deadline

Best time to arrange meetings

Team busy polishing web-published notes for paper

9:30

- Te

am m

eetin

g10

:00

- Asi

a em

ail

2:00

– 1

st web

dea

dlin

e

7:00

pm –

Pap

er d

eadl

ine

Lunch

9:30am9am 1:30pm 2:30pm 4pm 7pm

When is the best and worst time to call, or to arrange meetings with Lex?

10:1

5 –

Edi

toria

l con

fere

nce

11:0

0 - E

urop

e em

ail

3:00

- U

S e

mai

l

Fair representation Transparency Accountability Edits between online and paper A ‘way in’ to editorial and newsroom An impartial sounding board Intellectual capital and analysis Another perspective to the news

story A contrarian take on a bad story A platform for something too weird for

the paper

What Lex wants What Lex can offer

Original thoughts, facts and hypotheses

Contact with management Access to internal data and research An impartial sounding board Rapid help if necessary Intelligence scoops Background, experience and history Ideas Ideas Ideas

How can external PRs be useful to Lex and how can Lex be useful in return?

Highlighting the good news, hiding the bad Repeating the company line Sloppy financial logic Arranging management calls at very short notice Joint interviews with the FT correspondent Over briefing chief executives Too many requests for feedback

Things that PRs sometimes do which, er, do not help

CEO/president/Chairman (High Quality), 2%

VP/Director (High Quality), 12%

Consultant, 6%

Gov't/Int'l org off icial, 1%

Manager/Supervisor, 12%

MBA Student, 1%Other (retired, student etc…), 34%

Professional, 11%

Senior Manager/Dept Head, 1%

Technical/Business Specialist, 6%

Other C Level (High Quality), 3%

Ow ner/Partner/Proprietor, 9%

Exec Mgmt (High Quality), 3%

Almost everyone reads Lex in the paper, and roughly a tenth of all visitors to ft.com do

Subscribers accessing Lex content

20% would be classed as “high quality” from an advertising targeting perspective

UK Readership

0%

2%

4%

6%

8%

10%

12%

0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23

Time of Visit (GMT)

Ave

rag

e D

aily

Rea

der

ship

(%

)

Weekly Average Monday Tuesday Wednesday Thursday Friday Weekend

When is Lex read online?

0

1

2

3

4

5

6

7

8

9

10

Lex Non-Lex

Ave

rag

e S

ite

Bro

wsi

ng

(m

ins)

Lex readers are a curious bunch, or very bored (or senior enough to have their own office)

Time spent on ft.com