X0202 3 2005-05-02 0 0001289419 Morningstar, Inc. MORN 0001323964 Kirscher Elizabeth C/O MORNINGSTAR, INC. 225 WEST WACKER DRIVE CHICAGO IL 60606 0 1 0 0 Pres., Data Services Business Stock Option (Right to Buy) 2.00 2007-06-30 Common Stock 2586 D Stock Option (Right to Buy) 2.77 2008-06-30 Common Stock 1290 D Stock Option (Right to Buy) 2.77 2008-12-01 Common Stock 1284 D Stock Option (Right to Buy) 10.98 2009-06-30 Common Stock 1095 D Stock Option (Right to Buy) 2.77 2008-12-31 Common Stock 15000 D Stock Option (Right to Buy) 10.98 2009-12-01 Common Stock 1011 D Stock Option (Right to Buy) 14.13 2010-03-17 Common Stock 22500 D Stock Option (Right to Buy) 14.13 2010-05-01 Common Stock 70000 D Stock Option (Right to Buy) 14.13 2011-05-01 Common Stock 7500 D Stock Option (Right to Buy) 14.13 2011-05-01 Common Stock 7500 D Stock Option (Right to Buy) 10.95 2012-05-01 Common Stock 10000 D Stock Option (Right to Buy) 8.57 2013-05-01 Common Stock 10000 D Stock Option (Right to Buy) 14.96 2014-12-01 Common Stock 50000 D Immediately exercisable. The option vests and becomes exercisable over a period of four years in equal annual installments beginning on the initial vesting date of May 1, 2002. The option vests and becomes exercisable over a period of four years in equal annual installments beginning on the initial vesting date of May 1, 2003. The option vests and becomes exercisable over a period of four years in equal annual installments beginning on the initial vesting date of May 1, 2004. The option vests and becomes exercisable over a period of four years in equal annual installments beginning on the initial vesting date of May 1, 2005. The exercise price is determined by the daily indexing of the fair market value of the shares on the grant date ($14.70) against the 10-Year U.S. Treasury Bond Rate on November 15, 2004, compounded annually. Therefore the exercise price is subject to change throughout the life of the option. On April, 30, 2005, the exercise price was $14.96. /s/ Peter Olson, by power of attorney 2005-05-02