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Monthly Investor Q&A

July 9, 2021

When customers do not renew their Morningstar Data or Direct licenses, excluding situations involving consolidation or restructuring, which competitor do they most frequently switch to?
a. Has there been any significant change to the competitive landscape for these products?
b. Are there any emerging vendors that have been winning against Morningstar Data and Direct more frequently?

July 9, 2021

What were the key drivers behind the decrease in Morningstar Direct’s annual revenue renewal / retention rate?
a. How did pandemic related headwinds impact that rate and have you seen those headwinds subside as you’ve moved into 2021?

July 9, 2021

We know that passive managers are some of your biggest clients, but help us understand how the shift from active to passive management impacts revenue at Morningstar Data and Direct? How much do passive managers pay for your services on average when compared to similar AUM active managers?
a. For example, on an apples to apples basis, when an active manager terminates you while a passive manager hires you, what is the net revenue impact to Morningstar in the majority of cases?

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