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Monthly Investor Q&A

April 22, 2022

Do you expect to generate synergies over time? Can you loosely quantify some of the potential sales synergies around, for example, cross-selling, up-selling, or bundling LCD with PitchBook to each other’s customer bases? What are loose targets for other sales synergies in other parts of Morningstar’s business, including indexing and asset-based products? Ultimately, what will the acquisition do incrementally for Morningstar's overall growth and profitability profile when forecasting three to

April 22, 2022

Given that asset-based revenues are “below average” margins, at what level of assets under management or scale will this business reach the corporate average margin? How should shareholders think about incremental margins for this business for every $1 of incremental revenue for Morningstar’s asset-based segment?

April 22, 2022

What is the range of fees (basis points on average assets under management) for Morningstar Managed Portfolios? What would the breakdown be between “gross” fees versus “net” fees here, if applicable, from a GAAP revenue recognition standpoint? How does this fee rate break down based on type of service (e.g. TAMP versus strategist models)? For 2017, the 10-K filing discloses mutual fund and ETF portfolios generally range from 20 to 40 basis points; how have fee rates trended since then on a l

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