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Margaret Kirch Cohenmargaret.cohen@morningstar.com
Piper Jaffray Chooses Morningstar As Lead Provider of Equity Research

Morningstar Will Provide its Entire Universe of 1,600 Rated Stocks

CHICAGO, Nov. 3, 2005 –Piper Jaffray & Co. has selected Morningstar, Inc. as its lead provider of equity research for its financial advisors. Piper Jaffray’s financial advisors now have access to Morningstar research on 1,600 stocks.

Morningstar already provides Piper Jaffray with research on approximately 390 stocks under terms of the Global Analyst Research Settlement reached in 2003 with federal and state regulators. These reports are offered to Piper Jaffray clients in conjunction with Piper Jaffray’s own in-house research. The additional 1,200 Morningstar Analyst Reports will provide Piper Jaffray’s advisors with stock analysis on securities that are not covered by Piper Jaffray’s in-house research staff.

“Piper Jaffray’s financial advisors have been using a portion of Morningstar Equity Research for the past year and recognize the value of thorough, independent analysis,” said Catherine Odelbo, president of securities research for Morningstar. “By expanding the universe of available research to include all 1,600 of Morningstar’s Analyst Reports, Piper Jaffray is providing its advisors with even more comprehensive and timely information. Such broad-reaching coverage will help them make the best decisions for their clients.”

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.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This press release contains forward-looking statements. These statements relate to future events or to future financial performance and involve known and unknown risks, uncertainties, and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking statements.  In some cases, you can identify forward-looking statements by the use of words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” or “continue” or the negative of these terms or other comparable terminology.  You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond our control and that could materially affect actual results, levels of activity, performance, or achievements.
Other factors that could materially affect actual results, levels of activity, performance or achievements can be found in Morningstar’s filings with the Securities and Exchange Commission, including Morningstar’s Prospectus filed on May 4, 2005. If any of these risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may vary significantly from what we projected.  Any forward-looking statement you read in this press release reflects our current views with respect to future events and is subject to these and other risks, uncertainties, and assumptions relating to our operations, results of operations, growth strategy, and liquidity.  We assume no obligation to publicly update or revise these forward-looking statements for any reason, whether as a result of new information, future events, or otherwise.

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©2005 Morningstar Inc.  All rights reserved.


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