Denmark $14.6 million Denmark Software $14.1 million U.S. Software We’re working on integrating OBSR with Morningstar’s UK business. We’ll combine our research teams and  investment consulting businesses and, over time, harmonize our fund rating methodologies. It’s a lot of work, but  it should give us a strong position in the  UK fund research market. In July 2010, we acquired an additional 75% interest in Morningstar Denmark from Phosphorus A/S,  increasing our ownership to  100%. As the sole owner, we plan to offer a broader range of products and services  to investors in Denmark. Peter Meyer, Morningstar Denmark’s chief executive officer, and Torben Bruun,  the chief operating officer, have been instrumental in building a solid foundation for us in Denmark and will  continue to head up our operation there.  We acquired the annuity intelligence business from Advanced Sales and Marketing Corporation ( ASMC) for  $14 million. ASMC’s main business is its Annuity Intelligence Report, which is a plain-English variable annuity  report that helps advisors better assess the risks and benefits of a variable annuity. Variable annuities are complicated and difficult to sell properly.  ASMC estimates that more than one-third  are titled incorrectly because they are so complex. The Annuity Intelligence Report is an important tool to help  advisors avoid those problems. It simplifies the annuity sales process by helping advisors determine  whether an annuity is suitable for a client and making comparison of variable annuities easier. It will be a  popular addition to our advisor software platform. Morningstar, Inc. 2010 Annual Report 19 Morningstar Denmark Advanced Sales and Marketing Advanced Sales & Marketing Corporation