Morningstar Inc

In addition to the other information set forth in this Quarterly Report, you should carefully consider the risk factors in Part I, “Item 1A. Risk Factors” in our Annual Report, as updated in this Quarterly Report, when deciding whether to invest in our common stock or otherwise evaluating our business. If any of those risks or uncertainties materialize, our business, financial condition, and/or operating results could suffer. In that case, the trading price of our common stock could decline, and you may lose all or part of your investment. Our operations could also be affected by other risks and uncertainties that are not presently known to us or that we currently consider immaterial to our operations.

Failure to successfully complete certain strategic transactions could adversely impact our ability to execute our business strategy and our business and operating results.

We periodically evaluate and pursue strategic opportunities including dispositions, acquisitions, and investments, as a means to implement our business strategy, including the recent entry into an agreement to dispose of certain of our U.S. turnkey asset management platform assets. The strategic transactions we ultimately pursue may be subject to various closing conditions, including review or approval by foreign and domestic regulatory authorities. If regulatory approval or clearance is not obtained or any such transaction does not close on a timely basis or at all, such failure could adversely impact on our financial and operating results. In addition, strategic transactions may present financial, managerial and operational challenges such as diversion of managerial resources from core business functions, increased expenses associated with the transaction, potential disputes with customers, suppliers, or acquirers of disposed assets, and failure to achieve the expected economic benefits of the transaction, any of which could have a material adverse effect on our business and operating results.