HONG KONG 3 February, 2009 - Morningstar, Inc. (NASDAQ: MORN), a leading provider of independent investment research, today announced an ambitious plan to provide investor-centric, analyst-driven qualitative research and ratings for European and Asian funds. The new ratings and accompanying analyst research reports complement the well-known, quantitative Morningstar Rating for funds (often referred to as its "star rating") to help provide investors and their advisers with a highly valuable tool to compare, screen, and research funds . Morningstar aims to rate and report on 3,000 funds in Europe and Asia, which would increase the total number of funds worldwide for which the company provides written analyses to more than 5,000. In addition, Morningstar tracks performance and operational data on approximately 110,000 funds globally.

The new ratings and research offer forward-looking insight into how a fund might behave under different market conditions and are based upon fundamental criteria such as expenses, manager experience, and investment approach. Morningstar does not charge fund groups to be rated, nor can they commission research, providing investors and their advisers with truly independent, objective information. The decision to report on a fund is driven by investor interest and analyst discretion.

"Given the global financial climate, the need for investors and their advisers to have access to objective, unbiased research borne of a completely transparent process has never been greater," said Christopher Traulsen, CFA, director of research for Morningstar Europe and Asia. "When others are cutting back their research, we're ramping up our efforts, because we want to elevate the debate beyond 'good fund/bad fund' and help investors maintain realistic performance expectations and manage their portfolios more wisely."

The new Morningstar Qualitative Rating TM for funds will be issued as one of five ratings - Elite, Superior, Standard, Inferior, or Impaired - based on the analyst's conviction in the fund's ability to outperform its peer group over the long term. The ratings scale is unique from other firms because analysts not only identify good funds, but mediocre and poor ones as well. Investors will be able to screen and filter their fund choices using the qualitative ratings.

Along with the qualitative rating, Morningstar will issue a detailed Morningstar(R) Fund Research Report, which contains the rationale behind the qualitative rating, the analysts' thoughts on the fund manager and team, an overview of the fund's investment process and portfolio positioning, an examination of the fund company and incentive structure, and an evaluation of the fund's performance and expense structure. These qualities are examined within the context of Morningstar's "Five Pillars" of fund research - People, Parent, Process, Performance and Price:

People
An assessment of the quality of a fund's managerial team, based on factors like experience, skills, temperament, workload, analytical support, and incentive structure.

Parent
An evaluation of quality of the investment firm, which considers ownership structure, compensation schemes, managerial stability, and firm culture that emphasises the investment process over profits.

Process
A review of overarching investment strategy and its execution - both in terms of security selection as well as portfolio construction. Analysts assess risks inherent to the strategy, looking not just at backward-looking measures of risk but forward-looking ones such as stock, sector, and geographic exposures, as well as valuation risk and asset size.

Performance
Morningstar takes a holistic view of performance analysis, in the context of the fund's investment objectives and drivers of performance. Analysts focus on performance over a full investment cycle to gain insight about how a fund might perform in the future under a variety of market environments.

Price
Morningstar research has established a strong relationship between fund expenses and future performance. Consequently, a fund's total expense ratio (TER) can have a significant impact on the analyst's opinion.

Each section is supported by detailed analytics, operational data, and performance illustrations. When selecting funds to cover, Morningstar's analysts consider asset size - particularly those funds with the greatest interest from retail investors - investment merit, and market demand. Because future outperformers are not necessarily the same as in the past, Morningstar does not limit coverage to funds meeting certain performance criteria or track record history. Further, Morningstar has a network of 28 fund analysts located in markets across Europe and Asia, who work closely with the company's global analyst teams in the United States, Canada, and Australia. Morningstar believes that local experts, who know their markets and can conduct interviews and write reports in their local languages, best serve investor needs.

Morningstar clients will be able to access the new ratings and research through Morningstar Adviser Workstation, Morningstar Direct - its flagship institutional platform, Morningstar Workstation - and across its various retail Web sites.

"Our goal is to help investors better determine a fund's overall investment merit, and select the funds capable of outperformance that best fit into a portfolio," Traulsen said. "The new qualitative ratings help advisers to better focus their research on the most promising funds, while the fund research reports are designed to help investors better understand the inner workings of each fund, to help them select the right funds for their individual needs and risk profile."

For more information about the Morningstar Qualitative Ratings and Research, please see the accompanying fact sheet and questions and answers at: global.morningstar.com/uk/qualratings             

Funds Available for Sale in Hong Kong

Fund Name	Morningstar Qualitative RatingTM	Date	Language	PDF
Aberdeen Glb Asia Pacific Eq A2 Acc	Superior	06/11/09	English
Aberdeen Glb World Equity A2 Acc	Superior	28/08/09	English
Aberdeen Glb World Equity A2 Acc	Superior	28/08/09	German
Aberdeen Glb World Equity A2 Acc	Superior	14/10/08	Spanish
Aberdeen Glb World Equity A2 Acc	Superior	08/06/08	Italian
Allianz RCM China A	Superior	10/07/09	English
Allianz RCM China A	Superior	10/07/09	German
Allianz RCM Global Equity AT EUR Acc	Superior	11/02/09	German
Allianz RCM Hong Kong A	Superior	25/09/09	German
Allianz RCM Hong Kong A	Superior	17/08/09	English
Baring Glbl Emer Markets Inc	Standard	09/09/09	English
Baring Glbl Emer Markets Inc	Standard	09/09/09	German
Baring Global Resources Fd Inc	Standard	26/10/09	English
BGF Asian Dragon A2 USD	Standard	18/05/09	French
BGF Asian Dragon A2 USD	Standard	18/05/09	German
BGF Asian Dragon A2 USD	Standard	18/05/09	Italian
BGF Asian Dragon A2 USD	Standard	18/05/09	English
BGF Asian Dragon A2 USD	Standard	18/05/09	Dutch
BGF Asian Dragon A2 USD	Standard	18/05/09	Spanish
BGF China A2 USD Acc	Standard	21/09/09	English
BGF Euro-Markets A2 EUR	Superior	15/07/09	Spanish
BGF Euro-Markets A2 EUR	Superior	15/07/09	Italian
BGF Euro-Markets A2 EUR	Superior	15/07/09	English
BGF Euro-Markets A2 EUR	Superior	15/07/09	German
BGF Euro-Markets A2 EUR	Superior	15/07/09	Dutch
BGF Euro-Markets A2 EUR	Superior	15/07/09	French
BGF European A2 EUR	Superior	23/10/09	Dutch
BGF European A2 EUR	Superior	23/03/09	German
BGF European A2 EUR	Superior	25/02/09	Spanish
BGF European A2 EUR	Superior	25/02/09	Italian
BGF European A2 EUR	Superior	25/02/09	English
BGF European A2 EUR	Superior	25/02/09	French
BGF European Growth A2 EUR	Standard	24/08/09	Italian
BGF European Growth A2 EUR	Standard	24/08/09	German
BGF European Growth A2 EUR	Standard	24/08/09	French
BGF European Growth A2 EUR	Standard	24/08/09	English
BGF European Growth A2 EUR	Standard	24/08/09	Spanish
BGF European Growth A2 EUR	Standard	24/08/09	Dutch
BGF European Opportunities A2 EUR	Standard	21/10/09	English
BGF European Opportunities A2 EUR	Standard	21/10/09	Dutch
BGF European Opportunities A2 EUR	Standard	21/10/09	Italian
BGF European Opportunities A2 EUR	Standard	21/10/09	French
BGF European Opportunities A2 EUR	Standard	21/10/09	German
BGF European Opportunities A2 EUR	Standard	21/10/09	Spanish
BGF European Value A2 EUR	Superior	15/07/09	Spanish
BGF European Value A2 EUR	Superior	15/07/09	Italian
BGF European Value A2 EUR	Superior	15/07/09	English
BGF European Value A2 EUR	Superior	15/07/09	German
BGF European Value A2 EUR	Superior	15/07/09	Dutch
BGF European Value A2 EUR	Superior	15/07/09	French
BGF Global Allocation A2 EUR	Elite	18/05/09	Italian
BGF Global Allocation A2 EUR	Elite	18/05/09	German
BGF Global Allocation A2 EUR	Elite	18/05/09	Spanish
BGF Global Allocation A2 EUR	Elite	18/05/09	Dutch
BGF Global Allocation A2 EUR	Elite	18/05/09	French
BGF Global Allocation A2 EUR	Elite	18/05/09	English
BGF Global Dynamic Equity A2 EUR	Superior	23/07/09	Spanish
BGF Global Dynamic Equity A2 EUR	Superior	23/07/09	German
BGF Global Dynamic Equity A2 EUR	Superior	23/07/09	Italian
BGF Global Dynamic Equity A2 EUR	Superior	23/07/09	English
BGF Global Dynamic Equity A2 EUR	Superior	23/07/09	Dutch
BGF Global Dynamic Equity A2 EUR	Superior	23/07/09	French
BGF Global Equity A2 USD	Superior	10/07/09	Spanish
BGF Global Equity A2 USD	Superior	10/07/09	Italian
BGF Global Equity A2 USD	Superior	10/07/09	English
BGF Global Equity A2 USD	Superior	10/07/09	German
BGF Global Equity A2 USD	Superior	10/07/09	Dutch
BGF Global Equity A2 USD	Superior	10/07/09	French
BGF India A2 USD	Standard	22/10/09	English
BGF India A2 USD	Standard	22/10/09	French
BGF India A2 USD	Standard	22/10/09	Spanish
BGF India A2 USD	Standard	22/10/09	Dutch
BGF Japan Value A2 USD	Standard	14/08/09	German
BGF Japan Value A2 USD	Standard	14/08/09	Italian
BGF Japan Value A2 USD	Standard	14/08/09	English
BGF Japan Value A2 USD	Standard	14/08/09	French
BGF Japan Value A2 USD	Standard	14/08/09	Dutch
BGF Japan Value A2 USD	Standard	14/08/09	Spanish
BGF Latin American Q2	Superior	20/10/09	Dutch
BGF Latin American Q2	Superior	20/10/09	English
BGF Latin American Q2	Superior	20/10/09	Italian
BGF Latin American Q2	Superior	20/10/09	French
BGF Latin American Q2	Superior	20/10/09	Spanish
BGF New Energy A2 EUR	Superior	22/10/09	French
BGF New Energy A2 EUR	Superior	20/10/09	English
BGF New Energy A2 EUR	Superior	20/10/09	Spanish
BGF US Basic Value Q2	Superior	16/11/09	English
BGF US Flexible Equity A2 USD	Superior	11/05/09	Dutch
BGF US Flexible Equity A2 USD	Superior	01/04/09	French
BGF US Flexible Equity A2 USD	Superior	01/04/09	German
BGF US Flexible Equity A2 USD	Superior	01/04/09	Italian
BGF US Flexible Equity A2 USD	Superior	01/04/09	English
BGF US Flexible Equity A2 USD	Superior	01/04/09	Spanish
BGF US Growth A2 EUR	Standard	30/10/09	Spanish
BGF US Growth A2 EUR	Standard	30/10/09	English
BGF US Growth A2 EUR	Standard	30/10/09	Dutch
BGF US Growth A2 EUR	Standard	18/05/09	Italian
BGF World Energy A2 EUR	Superior	29/09/09	English
BGF World Energy A2 EUR	Superior	29/09/09	German
BGF World Energy A2 EUR	Superior	29/09/09	Spanish
BGF World Energy A2 EUR	Superior	29/09/09	French
BGF World Gold A2 EUR	Elite	18/08/09	German
BGF World Gold A2 EUR	Elite	18/08/09	Italian
BGF World Gold A2 EUR	Elite	18/08/09	Spanish
BGF World Gold A2 EUR	Elite	18/08/09	Dutch
BGF World Gold A2 EUR	Elite	18/08/09	French
BGF World Gold A2 EUR	Elite	18/08/09	English
BGF World Healthscience A2 USD	Superior	15/07/09	Italian
BGF World Healthscience A2 USD	Superior	15/07/09	German
BGF World Healthscience A2 USD	Superior	15/07/09	English
BGF World Healthscience A2 USD	Superior	15/07/09	Spanish
BGF World Healthscience A2 USD	Superior	15/07/09	Dutch
BGF World Healthscience A2 USD	Superior	15/07/09	French
BGF World Mining A2 EUR	Elite	16/10/09	Dutch
BGF World Mining A2 EUR	Elite	18/08/09	German
BGF World Mining A2 EUR	Elite	18/08/09	Spanish
BGF World Mining A2 EUR	Elite	18/08/09	French
BGF World Mining A2 EUR	Elite	18/08/09	Italian
BGF World Mining A2 EUR	Elite	18/08/09	English
BNY Mellon Asian Equity A USD Acc	Superior	21/08/08	English
BNY Mellon Asian Equity A USD Acc	Superior	21/08/08	Spanish
Comgest Europe Acc	Elite	22/09/09	English
Comgest Europe Acc	Elite	22/09/09	French
Davis Value Fund A Acc	Elite	26/05/09	English
Davis Value Fund A Acc	Elite	26/05/09	German
DWS Invest Top 50 Asia LC Acc	Superior	13/11/09	German
Fidelity Funds - America A USD	Standard	07/07/09	English
Fidelity Funds - American Growth A USD	Superior	07/07/09	English
Fidelity Funds - Asia Pac Growth & Income A USD	Superior	23/06/09	English
Fidelity Funds - Asian Special Situations A USD	Elite	11/06/09	English
Fidelity Funds - China Focus A USD	Superior	14/05/09	English
Fidelity Funds - Euro Blue Chip A Euro	Superior	03/11/09	Spanish
Fidelity Funds - Euro Blue Chip A Euro	Superior	03/11/09	English
Fidelity Funds - Euro Blue Chip A Euro	Superior	03/11/09	German
Fidelity Funds - Euro Blue Chip A Euro	Superior	05/03/09	Norwegian
Fidelity Funds - Euro High Yield A Euro	Superior	02/11/09	English
Fidelity Funds - European Aggressive A Euro	Standard	10/11/09	English
Fidelity Funds - European Aggressive A Euro	Standard	10/11/09	Spanish
Fidelity Funds - European Dynamic Growth A Euro	Standard	15/04/09	English
Fidelity Funds - European Growth A Euro	Superior	24/03/09	German
Fidelity Funds - European Growth A Euro	Superior	06/03/09	English
Fidelity Funds - European Growth A Euro	Superior	06/03/09	Spanish
Fidelity Funds - European Larger Companies A Euro	Superior	18/05/09	English
Fidelity Funds - European Larger Companies A Euro	Superior	18/05/09	German
Fidelity Funds - European Larger Companies A Euro	Superior	18/05/09	Spanish
Fidelity Funds - European Smaller Comp A Euro	Superior	18/08/09	French
Fidelity Funds - European Smaller Comp A Euro	Superior	14/08/09	English
Fidelity Funds - European Smaller Comp A Euro	Superior	14/08/09	German
Fidelity Funds - European Special Sits A Euro	Standard	15/05/09	English
Fidelity Funds - France A Euro	Standard	31/08/09	French
Fidelity Funds - Glb Financial Services A Euro Inc	Standard	08/04/09	German
Fidelity Funds - Glb Financial Services A Euro Inc	Standard	18/02/09	English
Fidelity Funds - Global Consumer Industries A Euro	Superior	07/04/09	German
Fidelity Funds - Global Consumer Industries A Euro	Superior	19/03/09	English
Fidelity Funds - Global Health Care A Euro	Superior	24/04/09	German
Fidelity Funds - Global Health Care A Euro	Superior	23/02/09	English
Fidelity Funds - Global Industrials A Euro	Superior	01/04/09	German
Fidelity Funds - Global Industrials A Euro	Superior	19/03/09	English
Fidelity Funds - Iberia A Euro	Superior	04/11/09	Spanish
Fidelity Funds - Italy A Euro	Standard	05/11/09	Italian
First State Greater China Growth I Acc	Elite	08/09/09	English
Fortis L Equity Best Sel Asia ex-Jap Acc	Standard	22/07/09	English
Fortis L Equity Europe Emerg Acc	Standard	23/04/09	English
Fortis LF Equity Small Caps Eurp Acc	Standard	23/02/09	Norwegian
Fortis LF Equity Small Caps Eurp Acc	Standard	23/02/09	English
Franklin Mutual European A Acc €	Elite	25/09/09	French
Franklin Mutual European A Acc €	Elite	23/09/09	English
Franklin Mutual European A Acc €	Elite	27/05/09	German
Franklin Mutual Global Disc A Acc $	Superior	31/07/09	English
Franklin Mutual Global Disc A Acc $	Superior	31/07/09	Italian
Franklin Mutual Global Disc A Acc $	Superior	31/07/09	German
HSBC GIF Euroland Equity A Inc	Standard	11/08/09	French
HSBC GIF Euroland Equity A Inc	Standard	08/12/08	Spanish
ING (L) Invest Euro Hi Dividend P Acc	Superior	02/02/09	English
ING (L) Invest Euro Hi Dividend P Acc	Superior	02/02/09	Norwegian
ING (L) Invest Euro Hi Dividend P Acc	Superior	02/02/09	Spanish
ING (L) Invest Euro Hi Dividend P Acc	Superior	02/02/09	German
ING (L) Invest Glb Hi Div P EUR Acc	Standard	02/02/09	English
ING (L) Invest Glb Hi Div P EUR Acc	Standard	02/02/09	Spanish
ING (L) Invest New Asia P USD Acc	Superior	15/03/09	English
Invesco Cont European Eq Fd A Inc	Superior	07/10/09	English
Invesco Energy Fd A Acc	Standard	17/04/09	German
Invesco Energy Fd A Acc	Standard	08/04/09	English
Invesco Global Structured Eq A USD Inc	Superior	07/04/09	German
Invesco Global Structured Eq A USD Inc	Superior	07/04/09	English
Invesco Japanese Equity Core Fund A Inc	Standard	08/10/09	English
Invesco Pan European Structured Equity A	Superior	02/04/09	German
Invesco Pan European Structured Equity A	Superior	02/04/09	Italian
Investec GSF American Eq A Inc Grs USD	Superior	22/07/09	English
Investec GSF Asian Eq A Inc Grs USD	Superior	21/04/09	English
Investec GSF Glbl Energy A Inc Grs USD	Superior	22/04/09	English
Investec GSF Glbl Eq A Inc Grs USD	Superior	22/04/09	English
Investec GSF Glbl Str Eq A Inc Grs USD	Superior	26/02/09	English
JPM Emerging Markets Eqty A (acc) - USD	Superior	23/03/09	German
JPM Emerging Markets Eqty A (acc) - USD	Superior	05/03/09	English
JPM Global Natural Resources A USD Acc	Elite	29/10/09	English
JPMorgan Global Convertibles A EUR	Standard	23/07/09	English
JPMorgan Global Convertibles A EUR	Standard	23/07/09	Dutch
LM-LM Value Fd A Distr. (A) $	Superior	27/03/09	English
LM-LM Value Fd A Distr. (A) $	Superior	27/03/09	Spanish
M&G Global Basics A EUR Acc	Elite	13/05/09	German
Martin Currie GF Asia Pacific USD Inc	Superior	21/04/09	English
Martin Currie GF Glbl Resources	Superior	22/10/09	English
Martin Currie GF North American USD Inc	Superior	02/12/08	English
MS INVF Euro Corporate Bond A Acc	Superior	14/08/09	English
MS INVF Euro Corporate Bond A Acc	Superior	14/08/09	German
MS INVF European Curr H/Y Bond A Acc	Superior	28/05/09	English
MS INVF European Equity Alpha A Acc	Superior	15/04/09	English
MS INVF Glbl Conv Bond A Acc	Standard	03/08/09	English
Parvest Euro Equities C Acc	Standard	23/03/09	French
Parvest Europe Alpha C Inc	Standard	10/04/09	French
Parvest Europe Alpha C Inc	Standard	10/04/09	Spanish
Parvest Europe Dividend C Acc	Standard	10/03/09	French
Parvest Europe Dividend C Acc	Standard	10/03/09	Spanish
Parvest Europe Growth C Acc	Standard	27/03/09	French
Pictet F-Water P Acc	Standard	28/10/08	German
Pictet F-Water P Acc	Standard	28/10/08	Spanish
Pictet F-Water P Acc	Standard	28/10/08	English
Robeco Asia Pacific Eqs D EUR Acc	Standard	10/09/09	English
Robeco Chinese Eq D EUR Acc	Standard	08/05/09	English
Robeco Chinese Eq D EUR Acc	Standard	27/03/09	German
Robeco Chinese Eq D EUR Acc	Standard	02/02/09	Spanish
Robeco Energy Eq D EUR Acc	Standard	09/04/09	English
Robeco European MidCap Eq D EUR Acc	Standard	02/11/09	Dutch
Robeco European MidCap Eq D EUR Acc	Standard	15/10/09	English
Robeco US Premium Equities D Acc	Superior	27/10/09	English
Schroder ISF BRIC A Acc	Standard	03/08/09	English
Schroder ISF BRIC A Acc	Standard	03/08/09	German
Schroder ISF China Opportunities A Acc	Superior	18/11/09	English
Schroder ISF Em Mkts Debt Abs Ret A Acc	Superior	30/07/09	English
Schroder ISF Emerg Asia A Acc	Superior	18/06/09	English
Schroder ISF Emerg Eur A Inc	Standard	07/09/09	English
Schroder ISF Eur Smr Comp A Acc	Standard	08/10/09	English
Schroder ISF Euro Corp Bond A Acc	Standard	03/11/09	English
Schroder ISF Global Smaller Comp A Acc	Superior	23/06/09	English
Schroder ISF Global Smaller Comp A Acc	Superior	23/06/09	Dutch
Schroder ISF Greater China A Acc	Superior	26/06/09	English
Schroder ISF Greater China A Acc	Superior	26/06/09	German
Schroder ISF Hong Kong Eq A Acc	Superior	05/10/09	English
Schroder ISF Italian Eq A Acc	Standard	16/10/09	Italian
Schroder ISF Pacific Eq A Acc	Standard	07/07/09	English
Schroder ISF Taiwanese Eq A Acc	Superior	16/10/09	English
Schroder ISF UK Equity A Acc	Superior	29/10/09	English
Schroder ISF US Smaller Comp A Acc	Elite	22/04/09	English
SGAM Fd Bds Europe High Yield A Acc	Standard	17/06/09	French
SGAM Fd Eqs US Relative Val A Acc	Standard	25/05/09	French
Threadneedle Asia Ret Net GBP Acc	Standard	30/12/08	English
UBS (Lux) EF-Emerging Mkts (EUR) B Acc	Inferior	20/07/09	German
UBS (Lux) EF-Eurpn Opp. B(EUR)P Acc	Standard	28/05/09	German
UBS (Lux) EF-Global Innovators B Acc	Inferior	09/06/09	German
UBS (Lux) EF-Mid Caps Europe B Acc	Standard	26/06/09	German

About Morningstar, Inc.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offers an extensive line of Internet, software, and print-based products and services for individuals, financial advisors, and institutions. Morningstar provides data on more than 290,000 investment offerings, including stocks, mutual funds, and similar vehicles. The company has operations in 19 countries and minority ownership positions in companies based in three other countries.

About Morningstar Asia
Morningstar Asia was established in April 2000 and has expanded its businesses into Japan, Korea, India, Mainland China, Taiwan, Singapore and Hong Kong. Morningstar Asia not only offer timely information on mutual funds, but also insightful analyses, unbiased fund ratings, and sophisticated analytic tools to help both individual and professional investors make more intelligent investment decisions. Morningstar Asia does not own, operate, or hold any interest in mutual funds, stocks, or insurance products, ensuring its independence and objectivity.