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not separately disclosed 

U.S. 

Research 

We’re also excited to have Jean-François aboard. He knows the French market well and is a respected opinion maker. We were so impressed with Jean-François that we’ve named him leader of our entire business in France. 

## Footnoted 

As I mentioned in last year’s letter, we also acquired the Footnoted.org website and the Footnoted Pro service in 2010. Footnoted provides value by surfacing crucial investment information from SEC filings for professional money managers and analysts, and it’s a nice complement to our investor-centric content on Morningstar.com. 

## Management Changes 

We said goodbye to two senior managers who made significant contributions to Morningstar over the past two decades. Tao Huang was most recently our chief operating officer. Tao came up through the technology side of our business and played a lead role in developing our software offerings. He went on to work closely with Bevin Desmond in building our international operations. In 2000, I named Tao as COO, and he’s been deeply involved in our operations since then. Tao helped make Morningstar what it is today, and I thank him for all he’s done. 

Patrick Reinkemeyer was instrumental in starting Morningstar Associates—our investment consulting business—in 1998. It was a big step for us to move from a research firm that offered opinions to an advisory firm that managed client assets. Patrick led that transition and did an exemplary job building our invest- ment consulting business into an industry leader. Both Tao and Patrick did their jobs with intelligence, energy, and good spirits. We’ll miss them both. 

