Morningstar Associates Subpoenaed by New York Attorney General

CHICAGO, IL, December 15, 2004 -- Morningstar Associates, LLC, a wholly owned subsidiary of Morningstar, Inc., received a request in the form of a subpoena Monday, Dec. 13, from the State of New York, Office of the Attorney General Eliot Spitzer, seeking information and documents from the company related to an investigation Mr. Spitzer's office is conducting. Joe Mansueto, chairman and chief executive officer of Morningstar, said, "While the request is very broad, it specifically asks for information about the investment consulting services we offer to retirement plan providers, including fund lineup recommendations for retirement plan sponsors."

Mansueto added, "We will cooperate fully with Mr. Spitzer's office and work diligently to provide his staff with information that will assist them with their investigation. We understand the importance of protecting investors' interests, and we have always been committed to managing our business with integrity, openness, and honesty."

About Morningstar, Inc. and Morningstar Associates, LLC

Morningstar, Inc. is a leading provider of independent investment research in the United States and in major international markets. The company offers an extensive line of Internet, software, and print-based products and services for individuals, financial advisors, and institutional clients. Morningstar tracks more than 100,000 investment offerings, including stocks, mutual funds, and similar vehicles. The company has operations in 16 countries. Morningstar Associates, LLC, is a registered investment advisor and wholly owned subsidiary of Morningstar, Inc.

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