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Margaret Kirch Cohenmargaret.cohen@morningstar.com
Morningstar Selects Ernst & Young as Registered Independent Public Accounting Firm

CHICAGO, Nov. 30, 2005 – Morningstar, Inc., (Nasdaq: MORN) a leading provider of independent investment research, today announced it has selected Ernst & Young LLP as its registered independent public accounting firm for the fiscal year beginning Jan. 1, 2006.  Ernst & Young will replace Deloitte & Touche LLP, who will complete Morningstar’s fiscal year 2005 audit.

The audit committee of the board of directors of Morningstar made its selection after conducting a thorough formal review and soliciting proposals from several accounting firms. 

Cheryl Francis, chairman of Morningstar’s audit committee, said, “Our recent review follows good corporate governance practices and is in keeping with our committee responsibilities to evaluate and select the company’s independent auditors. We think it’s important for every public company to periodically review proposals from qualified firms.“

Francis added, “Morningstar has had a good working relationship with Deloitte for many years, and we thank them for their service. We look forward to working with Ernst & Young next year.”

About Morningstar, Inc.
Morningstar, Inc. is a leading provider of 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 institutional clients. Morningstar provides data on more than 125,000 investment offerings, including stocks, mutual funds, and similar vehicles. The company has operations in 16 countries.
 
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©2005 Morningstar Inc.  All rights reserved.

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