X0306 4 2020-05-12 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 2020-05-12 4 S 0 1724 144.5343 D 20448283 D Common Stock 2020-05-12 4 S 0 2905 145.8435 D 20445378 D Common Stock 2020-05-12 4 S 0 7540 146.6095 D 20437838 D Common Stock 2020-05-13 4 S 0 10362 144.7627 D 20427476 D Common Stock 2020-05-13 4 S 0 4769 145.4658 D 20422707 D Common Stock 2020-05-13 4 S 0 1708 146.4798 D 20420999 D Common Stock 150000 I ByTrust The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on November 5, 2019. The transaction was executed in multiple trades at prices ranging from $144.30 to $145.22. 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 $145.33 to $146.27. 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 $146.30 to $147.20. 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 $144.12 to $145.1150. 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 $145.12 to $146.07. 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 $146.15 to $146.77. 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 2020-05-14