Morningstar, Inc. — Director's Dealing 2012

Nov 27, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Morningstar, Inc. (MORN)
CIK: 0001289419
Period of Report: 2012-11-27

Reporting Person: Robbins Richard E (General Counsel and Secretary)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-11-27	Common Stock	M	1250	$43.215	Acquired	26056	Direct
2012-11-27	Common Stock	S	1250	$62.9046	Disposed	24806	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-11-27	Employee Stock Option (Right to Buy)	$43.215	M	1250	Disposed	2015-09-30	Common Stock (1250)	Direct

Footnotes

F1: The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on August 1, 2012.

F2: The exercise price increases over the term of the option at a rate equal to the 10-year Treasury bond yield as of the date of grant ($31.90). On November 27, 2012, the exercise price was $43.215.

F3: The transaction was executed in multiple trades at prices ranging from $62.62 to $63.08. 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.

F4: The options became exercisable in four equal installments on September 30, 2006, 2007, 2008 and 2009.