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Margaret Kirch Cohenmargaret.cohen@morningstar.com
Morningstar Embraces Auction Approach for IPO

CHICAGO, Jan. 07, 2005 – Morningstar, Inc., a leading provider of investment research, today announced that it has decided to use an auction format for the proposed initial public offering of its stock.

Joe Mansueto, chairman and chief executive officer, said, “The key benefit of an auction is equal access to shares and information. There are no preferential allocations, and every bid is handled in the same way. This equality resonated with us, and we’ve been considering this option for some time. It is in keeping with our company philosophy of helping all investors—not just large ones.”

Morningstar said it has engaged a new lead underwriter, WR Hambrecht + Co, a firm that has expertise in conducting auction-based public offerings.

“Our original group of underwriters elected not to participate in the auction approach, and we amicably parted ways,” Mansueto added. “Our previous lead underwriter, Morgan Stanley, did an outstanding job to get us to this stage, and I thank them for their efforts.”

A registration statement relating to these securities was filed with the Securities and Exchange Commission on May 6, 2004, but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

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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