Alejandro Ritch Mexico Jean-François Bay France Werner Hedrich Germany Anthony Serhan Australia/New Zealand • • • • • • • • • • • • • • • • • • • Our four new country managers are a talented group that fully embraces the Morningstar  mission and way of doing business. We added four new country managers over the past year. In Australia and Germany, we promoted from within  by naming Anthony Serhan as  CEO of Morningstar Australasia and Werner Hedrich as CEO of Morningstar  Germany. As I mentioned earlier, we named Jean-François Bay as  CEO of Morningstar France. Finally, we started  operations in Mexico and named Alejandro Ritch as  CEO of Morningstar Mexico. Alejandro comes to  us from Mas Fondos, a fund distribution company. They’re a talented group that fully embraces the Morningstar  mission and way of doing business. Bevin Desmond runs our international operations with energy and a strong ability to recruit talent and manage  global organizations. An area of focus for us is becoming more of a global company. Our main business  lines all have a global mandate. We want to leverage our global capabilities but have strong local presences in  the countries where we operate. That takes much communication and coordination. Bevin is a key person in  getting that done. In our  2005 annual report, I wrote about initiating a selling plan for some of my Morningstar shares.  Up to that point— 22 years—I had never sold a share. But I wanted to diversify my assets and implemented a  sales plan to sell about  4% of my shares per year. The plan ran continuously for about four years and I  ended it last year. This reduced my holdings by about  16%, from 30 million shares to about 25 million shares. I never enjoyed  selling Morningstar shares and, candidly, I am glad the program is over. I will continue to review my  22 My Sales Plan