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Margaret Kirch Cohenmargaret.cohen@morningstar.com
Morningstar, Inc. Files Registration Statement for Initial Public Offering

CHICAGO, May 06, 2004 – Morningstar, Inc., a leading provider of independent investment research, today announced that it has filed a registration statement with the Securities and Exchange Commission (SEC) for an initial public offering of its common stock.  The number of shares to be offered and the price range for the offering have not yet been determined.  Morningstar and Softbank Finance Corporation, one of Morningstar’s shareholders, are expected to sell the shares to be offered.

The managing underwriter of the offering will be Morgan Stanley, acting as book-running manager, with Deutsche Bank Securities Inc. and William Blair & Company as co-managers.  When available, a preliminary prospectus relating to the offering may be obtained from Morgan Stanley’s prospectus department, 1585 Broadway, New York, NY, 10036-8200.

A registration statement relating to these securities has been filed with the SEC but has not yet become effective.  These securities may not be sold nor may offers to buy be accepted before 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.

About Morningstar
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 institutional clients.  As of Dec. 31, 2003, Morningstar tracked more than 100,000 investment offerings, including 54,700 mutual funds, and similar vehicles.  The company has operations in 16 countries.

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© 2004 Morningstar, Inc. All rights reserved.

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