1. Each restricted stock unit represents a contingent right to receive one share of Morningstar, Inc. common stock. The restricted stock units vest 50% on November 15, 2018 and 50% on November 15, 2019.

2. Each restricted stock unit represents a contingent right to receive one share of Morningstar, Inc. common stock. The restricted stock units vest in four equal annual installments beginning November 15, 2018.

3. The market stock units earned will be based on the company's cumulative total shareholder return for the three year performance period ending November 14, 2020.