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Margaret Kirch Cohenmargaret.cohen@morningstar.com
Morningstar, Inc. Prices Initial Public Offering of Common Stock

CHICAGO, May 2, 2005 – Morningstar, Inc. (Nasdaq: MORN) today announced that it has priced the initial public offering of 7,612,500 shares of its common stock at $18.50 per share. All of the shares are being sold by affiliates of SOFTBANK Finance Corporation, a wholly owned subsidiary of SOFTBANK Corp. The shares will commence trading on May 3 on the Nasdaq National Market under the symbol “MORN.” In addition, Morningstar has granted the underwriters the right to purchase up to an additional 1,141,875 shares at the initial public offering price to cover over-allotments, if any.

WR Hambrecht + Co acted as the sole managing underwriter of the offering, which was made through WR Hambrecht + Co’s OpenIPOÒ auction-based process. A copy of the prospectus relating to these securities may be obtained by going to WR Hambrecht’s Web site, www.wrhambrecht.com, by calling 800-673-6476, or by writing to WR Hambrecht + Co, P.O. Box 677, Berwyn, PA 19312.

Chicago-based Morningstar, Inc. is a leading provider of independent investment research in the United States and in major international markets. The company offers an extensive line of Internet, software, and print-based products and services for individuals, financial advisors, and institutions. The company has operations in 16 countries.

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