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

We believe there are significant opportunities across our business, particularly within PitchBook and Indexes, that were factored into our analysis and expected returns from the transaction.  For PitchBook, we believe that the integration of LCD into the platform provides opportunities to better penetrate our current addressable market, expand business with existing PitchBook/LCD customers, and facilitate new logo expansion.  For Morningstar Indexes, we see the opportunity to launch new investable products based on LCD data and Morningstar intellectual property as well as expand our client base and ability to cross-sell LCD data with our other index products.  DBRS Morningstar will also benefit from LCD data and news, supporting credit analysts and credit investor workflows.

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