Fourth Quarter 2021   Supplemental Presentation February 24, 2022

This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform   Act of 1995. These statements are based on our current expectations about future events or future fnancial performance. Forward-looking statements by their nature address matters that are, to diferent degrees, uncertain, and often contain words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” or “continue.” These statements involve known and unknown risks and uncertainties that may cause the events we discuss not to occur or to difer signifcantly from what we expect. More information about factors that   could afect Morningstar’s business and fnancial results are in our flings with the SEC, including our most recent 8-K, 10-K and 10-Q. Morningstar undertakes no obligation to publicly update any forward-looking statements as a result   of new information, future events, or otherwise, except as required by law. In addition, this presentation references non-GAAP fnancial measures including, but not limited to, organic revenue, adjusted operating income and free cash fow. These non-GAAP measures may not be comparable to similarly titled measures reported by other companies. A reconciliation of non-GAAP fnancial measures to the most directly comparable GAAP fnancial measures is provided in the appendix to this presentation and in our flings with the SEC, including our most recent 8-K, 10-K and 10-Q.

2021 Financial Performance ($mil) $257.0 $215.2 21 20 $363.4 ＋22.3% ＋19.4% ＋14.7% 21 20 $1,699.3 $1,389.5 21 20 $316.7 $348.1 ＋13.2% 21 20 $307.6 Adjusted operating income excludes intangible amortization expense and all mergers and acquisitions (M&A)-related expenses from operating income.   Free cash fow is defned as operating cash fow less capital expenditures.   Operating Income Free Cash Flow** Revenue Adjusted   Operating Income* * **

Q4 2021 Financial Performance ($mil) $ 74.8 $65.1 21 20 $91.2 ＋21.5% ＋14.9% ＋7.8% 21 20 $462.2 $380.4 21 20 $84.6 $105.7 ＋14.1% 21 20 $92.6 Adjusted operating income excludes intangible amortization expense and all mergers and acquisitions (M&A)-related expenses from operating income.   Free cash fow is defned as operating cash fow less capital expenditures.   Operating Income Free Cash Flow** Revenue Adjusted   Operating Income* * **

Q4 2021 Revenue Walk *Organic revenue excludes revenue from acquisitions for a period of 12 months upon completion of the acquisition, and the efect of foreign currency translations. 21.5% Reported Revenue   Growth Impact of Currency and M&A 21.4% 0.1% Contributors of Organic Revenue Growth License-Based 18.5% Asset-Based 17.7% Transaction-Based 35.3% Organic Revenue  Growth*

Quarterly Revenue Growth Trend ($mil) Bars represent reported revenue. Percentages represent YOY organic revenue growth, which is a non-GAAP measure.

Q4 2021 Revenue Drivers:   License-Based Revenue Growth ($mil) +18.3% Reported +18.5% Organic 21 20 License-Based Revenue Drivers: PitchBook (50.1%), Sustainalytics (45.1%), and Morningstar Data (12.0%) were the primary contributors to license-based organic revenue growth   in Q4 2021. PitchBook had an exceptionally strong close to the year with growth in new and existing clients. Sustainalytics experienced strong demand from both investor and corporate clients. Morningstar Data benefted from the expansion of use cases, ongoing demand for data to support regulatory needs, and growing interest in fund- level sustainability data. Bars represent reported revenue. Organic revenue growth is a non-GAAP measure. $254.8 $301.4

License-Based Quarterly Trends PitchBook ($mil) 47.5% 53.0% 42.9% 40.2% 36.8% 32.6% 33.6% 36.0% 61.8% 61.4% 59.7% 67.5% 53.2% 48.3% 42.5% 38.5% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% $0.0 $15.0 $30.0 $45.0 $60.0 $75.0 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 PitchBook Revenue YOY Organic Revenue Growth YOY License Growth 47.5% 53.0% 42.9% 40.2% 36.8% 32.6% 33.6% 36.0% 61.8% 61.4% 59.7% 67.5% 53.2% 48.3% 42.5% 38.5% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% $0.0 $15.0 $30.0 $45.0 $60.0 $75.0 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 PitchBook Revenue YOY Organic Revenue Growth YOY License Growth 6.5% 5.5% 6.5% 6.5% 6.5% 5.5% 6.5% 6.9% 7.3% 6.2% 5.8% 3.9% 4.0% 4.0% 3.0% 3.1% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% $0.0 $10.0 $20.0 $30.0 $40.0 $50.0 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Morningstar Direct Revenue YOY Organic Revenue Growth YOY License Growth 6.5% 5.5% 6.5% 6.5% 6.5% 5.5% 6.5% 6.9% 7.3% 6.2% 5.8% 3.9% 4.0% 4.0% 3.0% 3.1% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% $0.0 $10.0 $20.0 $30.0 $40.0 $50.0 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Morningstar Direct Revenue YOY Organic Revenue Growth YOY License Growth Morningstar Direct ($mil)

License-Based Quarterly Trends Advisor Workstation ($mil) -4.3% -1.7% 3.2% -2.4% -1.3% -1.7% 3.2% 3.9% -5.0% -4.0% -3.0% -2.0% -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% $0.0 $5.0 $10.0 $15.0 $20.0 $25.0 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Advisor Workstation Revenue YOY Organic Revenue Growth Morningstar Data ($mil) 8.7% 8.6% 9.5% 8.9% 8.7% 8.6% 9.5% 10.2% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% $0.0 $10.0 $20.0 $30.0 $40.0 $50.0 $60.0 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Morningstar Data Revenue YOY Organic Revenue Growth

Q4 2021 Revenue Drivers:   Asset-Based Revenue Growth ($mil) Bars represent reported revenue. Organic revenue growth is a non-GAAP measure.  Asset-Based Revenue Drivers: Morningstar Indexes (63.5%), Workplace Solutions (16.7%), and Investment Management (8.0%) all contributed to asset-based organic revenue growth in Q4 2021. Asset-based revenue growth refected strong performance across global asset classes and positive net fows across product areas. +18.4% Reported +17.7% Organic 21 20 $59.4 $70.3

Asset-Based Quarterly Trends:   Investment Management ($bil) Investment Management Q4 2021 AUM/A: Investment Management assets increased 11.8%   year over year in aggregate, primarily driven by market performance in Morningstar Managed Portfolios. The drop from Q4 2019 to Q1 2020 in Managed   Portfolios—Non-Wholesale is related to the previously disclosed change in fee arrangement and subsequent client loss. $0.0 $10.0 $20.0 $30.0 $40.0 $50.0 $60.0 $70.0 $80.0 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Institutional Asset Management Asset Allocation Managed Portfolios - Nonwholesale** Managed Portfolios - Wholesale* Managed Portfolios – Wholesale: Through our distribution sales team, we ofer investment strategies and services directly to fnancial advisors in bank, broker/dealer who have a corporate RIA, insurance and RIA channels that ofer our investment strategies and services to their clients (the end investor). This remains our strategic focus. **Managed Portfolios – Non-Wholesale: We sell services directly to fnancial institutions such as broker dealers, discount brokers, and wirehouses. Our distribution sales team is not involved with the advisers of these frms * $0.0 $10.0 $20.0 $30.0 $40.0 $50.0 $60.0 $70.0 $80.0 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Institutional Asset Management Asset Allocation Managed Portfolios - Non-Wholesale** Managed Portfolios - Wholesale* $0.0 $10.0 $20.0 $30.0 $40.0 $50.0 $60.0 $70.0 $80.0 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Institutional Asset Management Asset Allocation Managed Portfolios - Non-Wholesale** Managed Portfolios - Wholesale*

Asset-Based Quarterly Trends:   Workplace Solutions ($bil) Workplace Solutions Q4 2021 AUM/A: Workplace Solutions assets grew 18.1% year   over year, driven by market performance and further adoption of Managed Accounts. *Managed Accounts includes Retirement Manager and Advisor Managed Accounts. **Fiduciary Services helps retirement plan sponsors build appropriate investment lineups for their participants. ***Custom Models/CIT ofer customized investment lineups for clients based on plan participant demographics or other specifc factors.   $0.0 $50.0 $100.0 $150.0 $200.0 $250.0 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Custom Models/CIT Fiduciary Services Managed Accounts $0.0 $50.0 $100.0 $150.0 $200.0 $250.0 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Custom Models/CIT Fiduciary Services Managed Accounts

Q4 2021 Revenue Drivers:   Transaction-Based Revenue Growth ($mil) Bars represent reported revenue. Organic revenue growth is a non-GAAP measure. Transaction-Based Revenue Drivers: DBRS Morningstar’s 39.7% organic revenue   growth stemmed primarily from robust commercial mortgage-backed securities issuance and   ongoing expansion in the U.S. middle market and European corporate market, alongside outsized issuance in Canadian non-bank fnancials. +36.7% Reported +35.3% Organic 21 20 $66.2 $90.5

Quarterly Transaction-Based Trends:   DBRS Morningstar Revenue Growth by Geography ($mil) DBRS Morningstar Q4 2021 Revenue Drivers: DBRS Morningstar experienced strong growth   in the U.S. and EMEA in constant currency terms. Revenue grew 6.4% in EMEA on strong   RMBS issuance. Revenue declined 0.9% in Canada, when compared against record 2020 corporate issuance activity. Revenue grew 81.6% in the U.S. on strong mortgage- backed securities issuance and continued expansion in the U.S. corporate middle market. Bars represent reported revenue. Percentages represent organic revenue growth.

Quarterly Transaction-Based Trends:   DBRS Morningstar Revenue by Asset Class ($mil) DBRS Morningstar Q4 2021 Revenue Drivers: Category mix in Q4 2021 was 69% Structured Finance vs. 31% Fundamental Ratings. Momentum in Canadian corporate debt issuance slowed in Q4 2021 following record levels in 2020. Recovery in structured credit markets was the primary driver of revenue growth in the quarter, led by higher CMBS and RMBS issuance. Recurring revenue represented 30.0% of   consolidated total. *Fundamental Ratings (Corporate, Financial Institutions, Sovereign) & Other **Structured Finance (Asset-Backed Securities, Commercial Mortgage-Backed Securities,   Residential Mortgage-Backed Securities) *

Q4 2021 Operating Margins Adjusted Operating Margin Operating Margin 21 20 ＋16.2% ＋19.8% 21 20 Adjusted operating margin is a non-GAAP fnancial measure. ＋17.1% ＋22.3% Operating Margin Drivers: Key contributors to operating expense growth   included compensation, commission expense, and professional fees. Higher bonus expense, which refects higher headcount and the Company's strong year-to-date fnancial performance, was the primary driver of adjusted operating margin decline in the quarter.

Quarterly Operating Margin Trends Adjusted operating margin is a non-GAAP fnancial measure.

YOY Cash Flow Comparison   and Capital Allocation ($mil) ($mil) Capital Expenditures 101.8 Debt Repayment, Net 90.0 Dividends Paid 54.2 Equity Method Investments 29.8 M&A 24.8 Share Repurchases 1.3 21 20 $449.9 Operating   Cash Flow Free Cash   Flow Capital Allocation 21 20 $384.3 $348.1 $307.6

Appendix

Reconciliation from Reported to   Organic Revenue Growth

Reconciliation from Reported to   Organic Revenue Growth DBRS Morningstar EMEA DBRS Morningstar Canada

Reconciliation from Operating to   Adjusted Operating Margin

Reconciliation from Cash Provided by   Operating Activities to Free Cash Flow Q4 2021 Q4 2020 135.9 -30.2 105.7 114.6 -22.0 92.6 18.6% 37.3% 14.1% change (in millions) Cash provided by operating activities Capital expenditures Free cash fow