#1Investor Presentation 04 and FY 2020 O2020 Morningstar. All Rights Reserved. MORNINGSTAR#2Disclaimer 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 financial performance. Forward looking statements by their nature address matters that are, to different 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 differ significantly from what we expect. More information about factors that could affect Morningstar's business and financial results are in our filings 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. 2 In addition, this presentation references non-GAAP financial measures including, but not limited to, organic revenue, adjusted EBITDA and free cash flow. These non-GAAP measures may not be comparable to similarly titled measures reported by other companies. A reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures is provided at the end of this presentation. MORNINGSTAR®#33 Empowering Investor Success Since 1984 We've continuously innovated and acquired capabilities to illuminate many aspects of an investor's portfolio, starting with mutual funds and evolving to include stocks, bonds, private market investments, and ESG factors Mutual Fund Sourcebook Morningstar Principle Osed-End Funds CE MINIS MORNINGSTAR Top S aning agency stars in está tak The Year (ditional and maaha aufted albert Phase Fund Fesyenings Ricker That Home Worth Ma Mark und E AAA B A CCC BB AA BBB 84 85 91 92 97 01 02 05 06 10 11 MORNINGSTAR Office Search Cents Secures and Pica Activity -1.29% Lists Sens DBRS $1.4bil 16 17 19 20 ibbotson * Gold PitchBook SUSTAINALYTICS Silver Bronze Neutral Negative MORNINGSTAR®#4Morningstar is a Mission-Driven Firm Our mission fuels our strategy, gives meaning to our work, resonates with clients, and strengthens our brand OUR MISSION Empowering investor success 4 OUR STRATEGY Delivering insights and experiences essential to investing InПn W Our values Investors first Great products Great people Uncompromising ethics Entrepreneurial spirit Financial success Our work Proprietary data Forward-looking research Effective investment strategies Meaningful analytics Our clients Individual investors Advisors Asset managers Private market investors Our brand Advocacy Independence Empowerment Clarity Advocacy MORNINGSTAR®#5Our Strategic Priorities 5 Deliver differentiated insights across asset classes to public and private market investors Shifting investor needs and expectations, innovative investment approaches and technologies, and a changing political and regulatory environment continue to drive the evolution of the financial services industry. We remain committed to ensuring that the modern investor is empowered with new data, research, and analytics. Establish leading ESG position across each business Driving ESG across the investing landscape is a pivotal part of our strategy, and our recent acquisition of Sustainalytics reinforces that commitment. We remain focused on the growth of Sustainalytics and its ESG ratings, while prioritizing ESG integration across all areas of our business to empower investors with ESG research, solutions, and tools to inform their investment choices. Drive operational excellence and scalability to support growth targets We have grown significantly in the last few years, and as we continue to focus on growth in 2021 and beyond across our businesses, we will emphasize execution and scalability in our operations, processes, and technology. Build an inclusive culture that drives exceptional talent engagement and development Morningstar is committed to investing in talent, building an equitable culture, and cultivating diversity. Our diversity, equity, and inclusion (DEI) initiatives are embedded in all areas of our business. We believe that an inclusive workplace maximizes the employee experience and supports innovation. MORNINGSTAR®#6We Participate in Large, Growing Markets We've identified these markets as particularly favorable for longer-term growth Financial Data / Analysis $32bil global spend 5.6% growth YoY Private Capital Markets Data $2.3bil total addressable market 27.8% growth YoY AUM in Managed Accounts $9.3tril total addressable market 20.6% growth YoY Global Indexes Industry $3.7bil 8.0% growth YoY US / EU Sustainable Funds AUM $900bil 54.6% growth YoY Sustainable Bonds / Loans Issuance $465bil 54.5% growth YoY Source: Morningstar estimates, Burton-Taylor, Cerulli Advisors; Data as of 12/31/19 נט 6 Global Credit Ratings Industry $8.1bil 5.6% growth YoY MORNINGSTAR®#7Integrated ESG Data and Research for All Investors. We are aligned across Morningstar to meet investor needs for ESG data, research, ratings, and solutions 7 ESG ESG Risk Comes Into Focus Companies focus on their ESG risks to build profitability for the long term. Travis Miller, Tancrede Fulop, and Seth Sherwood MORNINGSTAR Svefnhe MORNINGSTAR MORNINGSTAR Measuring Transition Risk in Fund Portfolios The Morningstar Sustainable Investing Handbook The Morningstar Portfolio Carbon Risk Score фор ф Menu Research Topics Active Investing: Search for Alpha Morningstar Canada +alphalo Search Quotes and S MORNINGSTAR Planv Research v Port 456 Documents 58 Miss Ago 8480 Documents As Hour Age Environmental, Social, and Governance Investing Sustainable investing is an overarching investment approach that incorporates environmental, social and corporat governance (ESG) criteria throughout the investment process. Explore our insights on the area and how you can incorporate ESG into your portfolio. Featured SUSTAINABLE INVESTING ESG Risk Comes Into Focus Companies focus on their ESG risks to build profitability for the long term Q&A: A New View of Band Q&A: Identifying Oppertunities Through ESG A How Does Iwasting ESG Companies Affect Retuval SUSTAINABLE NESTINE ESG Investing Comes of Age How religious conviction and changing public sentiment led to the rise of investing for values and when comperies have done to keep up Jan Hale ESG is a Pain S 10 Sustainable ling States and Their Implications for 2001 Mamingstar Sustainability Rating Enhanc ability ng Eplans Mas Intung New Way to Se ESG Portfelies How to Build an ESG Pardo E30 ETF Partles for Rent Savery ESS ETF Backa Pord Interested in Sustainable Investing? Here's What You Need to Know About Sustainable Funds How to tell different ESG factors apart in your investing decisione 3 Myths About Sustainable fash Des Sestainable Invading Help ar Hart Peta? Q&A: Identifying Opportunities Through ESG Analysis Morsiast Liquid Alts Goals-Based Investing ли ми w Search for Securities and Research... **** The Stovetop and and big th BY cinco fandton eingem APAC Manager Research MORNINGSTAR Professional & Individual Investor Solutions License-based Morningstar Data Morningstar.com Pitch Book Research Morningstar Direct Sustainalytics Sustainable Investing: Surfacing ESG Data and Research Align investments Within 811 Documents 7 Hour Aga Exchange-Traded Products show you how you See What's New fanta Sotany ingang our fade of sto factors in the Ministar Cood. So what dying a Asset Management Solutions Asset-based Workplace Managed Portfolios Indexes 2025 115 Documents 15 Hours Ago 98 Documents 15 Hours Ago 570 Documents 23 Hours Ago Download Now Rese Active Passive Barometer ESS Matual Fund Bucket Portfolies for Autis ESG Mutual Fund Portalesfor Uncover trends in active-funds by fee love in our report on the performance of US active managers again Mare Jana Sustainability Mate Download Now Bead the testas how the parag the markers and what iteators can c.18 ESG Data For Asset Managers Solutions for Issuers Transaction-based Credit Ratings Sustainable Finance MORNINGSTAR®#8Key Products/Solutions Drive Outsized Growth for the Firm We expect these solutions to provide a greater contribution to growth over the long-run Clients served Morningstar Data Asset Managers, Wealth Managers, and Redistributors MORNINGSTAR Direct PitchBookⓇ Asset Managers, Wealth Managers, and Asset Owners Morningstar Data Revenue ($mil) 185.21 2018 Morningstar Direct Revenue ($mil) 137.9 2018 215.1 2020 158.1 2020 PitchBook Platform Revenue ($mil) 201.1 Private Equity, Venture Capital, Corporates, and Buyside 99.6 Source: Morningstar. 1 The adoption of ASC Topic 606 favorably impacted Morningstar Data revenue during 2018 by $1.5 million;. 8 2018 2020 MORNINGSTAR®#9Key Products/Solutions Drive Outsized Growth for the Firm (Cont.) We expect these solutions to provide a greater contribution to growth over the long-run. Investment Management MORNINGSTAR Managed Portfolios Workplace Solutions MORNINGSTAR Retirement Manager MORNINGSTAR DBRS Clients served Independent Financial Advisors Retirement Plan Providers, and RIAs Corporates, Financial Institutions, and Sovereign Entities 9 Source: Morningstar. 1 Morningstar Credit Ratings and DBRS combined to form DBRS Morningstar on July 2, 2019. Investment Management Revenue ($mil) 111.2 2018 Morningstar Workplace Solutions Revenue ($mil) 75.3 2018 DBRS Morningstar Revenue ($mil) 118.3 2020 84.5 2020 DBRS Morningstar¹ 207.3 Morningstar Credit Ratings 36.3 2018 2020 MORNINGSTAR®#10Five Year Historical Financial Performance We have a track record of delivering strong growth Revenue ($mil) 1 $1,389.5 $1,179.0 $1,019.9 $911.7 $798.6 2016 2017 2018 2019 2020 Operating Income ($mil) Adjusted Operating Income ($mil) Free Cash Flow ($mil) 1,3 $316.7 $236.5 $200.2 $233.3 $193.4 $180.8 $169.8 $215.8 $189.6 $215.2 2016 2017 2018 2019 2020 $150.9 $183.5 $307.6 $238.7 $254.4 2016 2017 2018 12018 Revenue includes a $10.5 million revenue benefit related to an amended license agreement and a corresponding favorable cash impact 2019 2020 2 2 Adjusted operating income is considered a non-GAAP measure and is defined as consolidated operating income, excluding intangible amortization expense and all mergers and acquisitions (M&A)-related expenses (including M&A-related earn-outs). 3 Free cash flow is considered a non-GAAP measure and is calculated as cash from operating activities less capital expenditures. 10 MORNINGSTAR®#112020 Financial Performance Our business showed resilience in 2020 2019 2020 ↑17.9% YoY $1,389.5 ↑ 35.7% YoY ↑ 13.5% YoY $316.7 $1,179.0 $233.3 $215.2 $189.6 Revenue Operating Income Adjusted Operating Income 1 $254.4 1 Adjusted operating income is defined as operating income, excluding intangible amortization expense and all mergers and acquisitions. Free cash flow is defined as cash provided by operating activities less capital expenditures. 11 FCF 20.9% YoY $307.6 MORNINGSTAR®#12Morningstar Investment Highlights 1 Differentiated Global Brand and Mission 2 Industry-leading Products and Services 3 Focused and Consistent Long-term Growth Strategy 4 Diversification Across Product Portfolio 5 $Sizable Recurring Revenue Base 6 Operating Leverage Leads to Strong Cash Flow H 7 Balance Sheet Provides Financial Flexibility 12 MORNINGSTAR®#131 Differentiated Global Brand and Mission The qualities that set us apart support brand awareness 13 لا Largest Independent Analyst Research Staff High-Quality Data Goals-Based Investing Design that Simplifies \\/ Technology that Enables Workflows Investor Advocacy MORNINGSTAR®#14①Industry-leading Products and Services Our innovation drives unique IP and capabilities that differentiate our products and comprehensive solutions Products/Solutions 14 Product Differentiating Examples Morningstar Data Pitchbook Morningstar Direct DBRS Morningstar The Morningstar Rating TM for funds (the star rating) enjoys an industry-leading position and remains one of the most well-known pieces of Morningstar intellectual property. PitchBook offers private company valuations, including pre- and post-money valuations, and comprehensive data on the entire private investment lifecycle from early-stage funding to public/private market exit strategy. Global, multi-asset investment database, including historical portfolio holdings, equities, Model Portfolios, CITS, Separate Accounts, ETFs, indexes, strategy-level data, ESG data, and fixed-income data DBRS Morningstar is the world's fourth largest credit ratings agency. In Canada it is a standard-setting industry leader and the company is poised for growth in Europe and the U.S. Investment Management Morningstar Managed Portfolios offers investment strategies consistent with Morningstar's valuation-based, long-term investment philosophy Workplace Solutions The Morningstar Retirement Manager (MRA) has back-end connections with its record-keeper clients, ensuring data connectivity, security, and privacy. The platform delivers personalized recommendations to retirement plan participants based on Morningstar's research and Total Wealth methodology MORNINGSTAR®#15③Focused and Consistent Long-term Growth Strategy We prioritize organic growth initiatives and remain opportunistic with M&A Organic and total revenue growth Organic Revenue Growth ¹ Revenue Growth 2 1.7% 1.2% 2016 14.2% 7.6% 2017 3 11.9% 11.4% 2018 15.6% 17.9% 8.4% 8.2% 2019 2020 ¹Organic revenue is considered a non-GAAP measure under SEC regulations and excludes the impact of M&A and foreign currency translations. 2 In 2016, organic revenue growth was higher than total revenue growth due to the effect of foreign currency translations. ³Revenue and organic revenue in 2018 include a $10.5 million revenue benefit related to an amended license agreement and a corresponding favorable cash impact. 15 MORNINGSTAR®#163 ③ Recent Acquisitions Provide Unique Opportunities for Growth Rationales include mission-driven culture, unique capabilities, and expectations for strong returns on investment Morningstar sector thesis Addressable market MORNINGSTAR DBRS (July 2019) Long-term opportunity to improve transparency of the credit ratings industry $8.1bn global credit ratings industry SUSTAINALYTICS (July 2020) ESG has become an essential part of long-term investing, which creates a need for an independent source of data and research on ESG risk factors $900bn US/EU sustainable funds AUM Transaction rationale Key metrics 16 Builds scale and increases diversification in credit ratings across markets and asset classes 4th largest credit rating agency Rates over 3,000 issuers Covers over 60,000 securities Advances Morningstar's leadership in innovative ESG data and research while improving the accessibility of ESG-related content for all investors Offers data on 40,000 companies worldwide Provides ratings on 20,000 companies and 172 countries MORNINGSTAR®#174 Diversification Across Product Portfolio Revenue and geographic diversification provides many avenues for growth and profitability FY 2020 Revenues by product area Workplace Solutions 6.1% Investment Management 8.5% Morningstar Direct 11.4% 17 Pitchbook 14.5% FY 2020 Revenues by geography Asia 2% Other Australia 3% 1% Canada 7% Remainder 29.1% Continental Europe 8% DBRS Morningstar Morningstar Data 15.5% 14.9% United Kingdom 9% United States 70% MORNINGSTAR®#18⑤Sizable Recurring Revenue Basel High license-based renewal rates support revenue predictability; all categories important to growth and profitability FY 2020 revenues by type¹ Transaction-based 17% Asset-based 16% License-based 67% High renewal rates in aggregate... FY 2020 revenue renewal rates for license-based products 96% 99% 100% 100% 99% 2016 2017 2018 2019 2020 and across individual products FY 2020 revenue renewal rates by product 101.0% 115.0% 96.0% 91.0% Morningstar Data Morningstar Direct PitchBook Morningstar Advisor Workstation 1 License-based revenue includes Morningstar Data, Morningstar Direct, Morningstar Advisor Workstation, PitchBook, and other similar products. Asset-based revenue includes Morningstar Investment Management, Workplace Solutions, and Morningstar Indexes. Transaction- based revenue includes DBRS Morningstar, Internet advertising sales, and conferences 18 MORNINGSTAR®#19⑥Strong Operating and Free Cash Flow Our business model exhibits high operating leverage and relatively stable capex needs which leads to strong cash flow conversion Strong cash flow generation ($mil) 450 400 350 300 $250.1 250 $213.7 200 150 150 100 00 50 50 0 $150.9 ■Operating Cash Flow ■Free cash flow 1 $314.8 $238.7 $183.5 $334.4 $254.4 $384.3 $307.6 2016 2017 2018 2019 2020 1 Free cash flow, which the Company defines as cash provided by operating activities less capital expenditures, is considered a non-GAAP financial measure. This measure is not equivalent to any measure required to be reported under U.S. generally accepted accounting principles (GAAP) and may not be comparable to similarly titled measures reported by other companies. 19 MORNINGSTAR®#20①Balance Sheet Supports Financial Flexibility Strong free cash flow and low leverage supports financial flexibility to pursue growth both organically and inorganically Leverage ($mil) $500.0 $450.0 $400.0 $350.0 $300.0 $250.0 $200.0 $150.0 $100.0 $449.1 ■Debt Cash ■Net Debt $422.5 $50.0 $26.6 $0.0 20 20 Revolver Capacity, $350.0 Cash and Credit Capacity as of Dec 31, 2020 U.S. Cash, $150.9 Non-U.S. Cash, $271.6 MORNINGSTAR®#21Reconciliation of Non-GAAP Measures ($ in millions) Adjustments GAAP Operating Income 2016 2017 2018 2019 2020 $180.8 $169.8 $215.8 $189.6 $215.2 M&A Costs 7.2 14.9 All intangible amortization 19.4 23.6 20.7 36.5 58.8 Earn-out 27.8 Adjusted Operating Income $200.2 $193.4 $236.5 $233.3 $316.7 Reconciliation from cash provided by operating activities to free cash flow: Cash Provided by Operating Activities $213.7 $250.1 $314.8 $334.4 $384.3 Capital Expenditures (62.8) (66.6) (76.1) (80.0) (76.7) Free Cash Flow 150.9 183.5 238.7 254.4 307.6 Reconciliation from consolidated revenue growth to organic revenue growth: Consolidated Revenue Growth 1.2% 14.2% 11.9% 15.6% 17.9% Adoption of Accounting Changes/ Acquisitions/Divestitures 0.7% 6.6% 0.1% 8.4% 9.5% Effect of Foreign Currency Translations (1.2%) 0.4% (1.2%) 0.2% Organic Revenue Growth 1.7% 7.6% 11.4% 8.4% 8.2% 21 MORNINGSTAR®#22MORNINGSTAR