2020 Financial Performance

Key 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®

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