X0306 4 2020-03-17 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 2020-03-17 4 S 0 720 108.0397 D 20709290 D Common Stock 2020-03-17 4 S 0 650 109.0603 D 20708640 D Common Stock 2020-03-17 4 S 0 551 111.2722 D 20708089 D Common Stock 2020-03-17 4 S 0 2101 112.2384 D 20705988 D Common Stock 2020-03-17 4 S 0 1958 112.9778 D 20704030 D Common Stock 2020-03-17 4 S 0 400 114.5888 D 20703630 D Common Stock 2020-03-17 4 S 0 2903 116.1890 D 20700727 D Common Stock 2020-03-17 4 S 0 1800 117.3473 D 20698927 D Common Stock 2020-03-17 4 S 0 4096 118.3656 D 20694831 D Common Stock 2020-03-17 4 S 0 1924 119.1003 D 20692907 D Common Stock 2020-03-17 4 S 0 1553 120.2014 D 20691354 D Common Stock 2020-03-17 4 S 0 1650 121.1758 D 20689704 D Common Stock 2020-03-17 4 S 0 1300 122.5515 D 20688404 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 $107.6450 to $108.60. 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 $108.84 to $109.71. 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 $110.60 to $111.56. 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 $111.74 to $112.64. 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 $112.74 to $113.19. 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 $114.16 to $114.82. 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 $115.52 to $116.44. 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 $116.73 to $117.72. 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 $117.76 to $118.75. 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 $118.76 to $119.50. 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 $119.79 to $120.67. 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 $1120.80 to $121.73. 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 $122.1201 to $123.0550. 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 2020-03-19