X0306 4 2020-03-13 0001289419 Morningstar, Inc. MORN 0001324069 Mansueto Joseph D C/O MORNINGSTAR, INC. 22 WEST WASHINGTON STREET CHICAGO IL 60602 1 1 1 0 Executive Chairman Common Stock 2020-03-13 4 S 0 3208 114.4891 D 20727787 D Common Stock 2020-03-13 4 S 0 2448 115.5802 D 20725339 D Common Stock 2020-03-13 4 S 0 2994 116.6267 D 20722345 D Common Stock 2020-03-13 4 S 0 4912 117.6656 D 20717433 D Common Stock 2020-03-13 4 S 0 2524 118.3801 D 20714909 D Common Stock 2020-03-13 4 S 0 4077 119.7278 D 20710832 D Common Stock 2020-03-13 4 S 0 822 120.3179 D 20710010 D Common Stock 150000 I By Trust The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on November 26, 2018. The transaction was executed in multiple trades at prices ranging from $114.09 to $115.02. The price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, Morningstar or a shareholder of Morningstar full information regarding the number of shares and prices at which the transaction was effected. The transaction was executed in multiple trades at prices ranging from $115.12 to $116.00. The price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, Morningstar or a shareholder of Morningstar full information regarding the number of shares and prices at which the transaction was effected. The transaction was executed in multiple trades at prices ranging from $116.12 to $117.07. The price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, Morningstar or a shareholder of Morningstar full information regarding the number of shares and prices at which the transaction was effected. The transaction was executed in multiple trades at prices ranging from $117.13 to $118.11. The price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, Morningstar or a shareholder of Morningstar full information regarding the number of shares and prices at which the transaction was effected. The transaction was executed in multiple trades at prices ranging from $118.13 to $119.08. The price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, Morningstar or a shareholder of Morningstar full information regarding the number of shares and prices at which the transaction was effected. The transaction was executed in multiple trades at prices ranging from $119.1450 to $120.11. The price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, Morningstar or a shareholder of Morningstar full information regarding the number of shares and prices at which the transaction was effected. The transaction was executed in multiple trades at prices ranging from $120.15 to $120.41. The price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, Morningstar or a shareholder of Morningstar full information regarding the number of shares and prices at which the transaction was effected. These shares are held in trusts for the benefit of the reporting person's children. The reporting person's spouse is trustee of the trusts. /s/ Patrick Maloney, by power of attorney 2020-03-17