MORNINGSTAR INC

Ticker: MORN CUSIP: 617700109 Class: Common Stock

Ashe Capital Management, LP's Holding History (CIK: 0001632715)

Note: Option positions (PUT/CALL) are excluded.

Q3 2016

Shares 419,656 Value ($000) $33,266 Avg Close $82.20 Range $73.84 - $85.49

Q2 2016

Shares 666,100 Value ($000) $54,474 Avg Close $83.58 Range $76.57 - $89.44

Q1 2016

Shares 666,100 Value ($000) $58,797 Avg Close $79.71 Range $74.78 - $88.66

Q4 2015

Shares 1,254,334 Value ($000) $100,861 Avg Close $81.02 Range $77.61 - $84.99

Q3 2015

Shares 1,254,334 Value ($000) $100,673 Avg Close $81.64 Range $76.60 - $86.88

Q2 2015

Shares 1,254,334 Value ($000) $99,782 Avg Close $76.58 Range $71.89 - $80.93

Q1 2015

Shares 1,254,334 Value ($000) $93,962 Avg Close $70.94 Range $62.14 - $78.51

Q4 2014

Shares 1,229,444 Value ($000) $79,557 Avg Close $66.23 Range $61.03 - $71.08

Period	Shares	Value ($000)	Average Close	Price Range
Q3 2016	419,656	$33,266	$82.20	$73.84 - $85.49
Q2 2016	666,100	$54,474	$83.58	$76.57 - $89.44
Q1 2016	666,100	$58,797	$79.71	$74.78 - $88.66
Q4 2015	1,254,334	$100,861	$81.02	$77.61 - $84.99
Q3 2015	1,254,334	$100,673	$81.64	$76.60 - $86.88
Q2 2015	1,254,334	$99,782	$76.58	$71.89 - $80.93
Q1 2015	1,254,334	$93,962	$70.94	$62.14 - $78.51
Q4 2014	1,229,444	$79,557	$66.23	$61.03 - $71.08