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Margaret Kirch Cohenmargaret.cohen@morningstar.com
Morningstar Announces Launch of Proposed Auction-Based IPO

CHICAGO, April 8, 2005 – Morningstar, Inc. (proposed Nasdaq National Market Symbol: MORN) today announced that it has filed with the Securities and Exchange Commission an amendment to its registration statement relating to the proposed initial public offering of its common stock. All of the 7,612,500 shares proposed to be sold will be offered by affiliates of SOFTBANK Finance Corporation, a wholly owned subsidiary of SOFTBANK Corp. In addition, Morningstar will grant the underwriter the right to purchase up to an additional 1,141,875 shares to cover over-allotments. The public offering price is expected to be between $16 and $19 per share. Morningstar expects the auction to open the week of April 18 and expects to price the offering the week of May 2.

WR Hambrecht + Co is acting as the underwriter of the offering, which will be made through WR Hambrecht + Co’s OpenIPOÒ auction-based process. The public offering will be made only by means of a prospectus which, when available, 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.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission, 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 state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or 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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