Morningstar Australasia Pty LtdFinancial
Services Guide
ABN: 95 090 665 544
AFSL: 240 892
Updated: September 2023

This Financial Services Guide (FSG) has been prepared and issued by Morningstar
Australasia Pty Limited (“Morningstar”) ABN: 95 090 665 544. Morningstar
is a subsidiary of Morningstar, Inc., (NASDAQ: MORN), a leading provider ofindependent investment research in North America, Europe, Australia, and Asia.
This FSG is designed to provide you with important information to assist
you in determining whether to use any of the financial services provided byMorningstar. This FSG will provide you with information about Morningstar
and how we can be contacted; what financial services we are authorised
to provide to you; how we are remunerated; how we manage conflictsof interest; how we protect your information; and how we manage
complaints. We also provide important information you should be aware ofin relation to our research reports.

Who will be providing the financial service to me?
Morningstar Australasia Pty Limited
Australian Financial Services Licence Number: 240892
Principal Place of Business:
Level 3, International Tower 1,100 Barangaroo Avenue,
Barangaroo, NSW 2000Morningstar Investor subscribers and site visitors
Tel:1800 03 44 55
Email: help.au@morningstar.com
www.morningstar.com.auFirstlinks subscribers
Email: firstlinks@morningstar.com

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ABN: 95 090 665 544
AFSL: 240 892
Updated: September 2023

What kinds of financial services are you authorised to provide me?
Morningstar is authorised to provide general financial product advice to retail andwholesale clients on the following types of products:

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Basic deposit products
Derivatives
Government debentures, stocks, and bonds
Managed funds, including investor directed portfolio services
Securities
Superannuation

Morningstar currently provides its clients with financial product data, indexes
and information, research reports and general financial product advice throughnewsletters, other publications websites, data feeds and software products.
Our publications include articles and editorials prepared by our own staff, by ourauthorised representatives (who act as consultants in providing us with regular
articles about a range of economic and financial issues), and by third parties(including other AFSL holders) who are responsible for the contents of theirarticles.
Please note that to the extent that any of our publications, ratings, products orservices provide advice, this is general financial product advice only. This meansthat the advice has been prepared without taking into account your investment
objectives, financial situation or needs. Before acting on any advice, you should
consider the appropriateness of the advice, as well as any additional warnings,
disclaimers or qualifications. In the case of advice relating to financial productresearch, you should also consider the information provided by Morningstar as tothe scope of the research, the process by which products are selected for coverage,
the filters and research methodology applied, and the spread of ratings. For
further information in relation to our research please refer to the Research Report
Disclosure Document available at https://www.morningstar.com.au/s/documents/
RRDD.pdf, or at https://www.morningstar.com/company/disclosures#australiandisclosures.
Our publications, ratings products and services should be viewed as an additional
investment resource, not as your sole source of information. We recommend you
obtain appropriate financial, legal and taxation advice before making any financial
investment decision. In addition:••

you should be aware that past performance does not necessarily
indicate a financial product’s likely future performance, andif applicable, before making any decision to acquire a particularfinancial product, you should obtain and carefully consider the relevant
product disclosure statement.

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ABN: 95 090 665 544
AFSL: 240 892
Updated: September 2023

Please also note that we base our financial product research on current
information furnished to us by third parties (including the financial product issuers)
which we cannot necessarily verify. While we will use all reasonable efforts
to obtain information from reliable sources, we do not guarantee the accuracy
or completeness of that information. Our financial product research may be
withdrawn or changed at any time as other information becomes available to us.

How will I pay for the service?
If you have signed up to one of Morningstar’s free products, there is no payment
required. Morningstar operates a subscription-based business when you subscribe
to Morningstar Investor via the Morningstar.com.au website. When you subscribe
you will be required to pay a fixed fee according to the length of the subscription
period, excluding any trial period where you will have an opportunity to trial theproduct without charge.

How are Morningstar employees and authorised representatives paid?
All employees of Morningstar receive a salary and permanent employees are able
to participate in any bonus or sales commission plan relevant to their role, asoffered by Morningstar from time to time at its discretion. Certain employees may
also receive Restricted Stock Unit Grants in Morningstar, Inc. that are vested overa defined period. Authorised representatives are paid as consultants in accordancewith the particular services they provide.

Do you receive remuneration, commission, fees or other benefits in relation toproviding the financial services to me and how is that commission calculated?
As mentioned, we will receive a fixed fee from you in relation to your Morningstar
Investor subscription.
Except as stated in this FSG, Morningstar (including its related companies,
associates and directors) does not charge or accept payment or commissions fromfund managers, listed companies, or any other product issuers in relation to, or thatis attributable to, the services that we provide to you, nor for the production of ourresearch generally.
Some of our manager research employees participate from time to time in overseas
industry forums which product issuers pay to attend, and in relation to which
our employee travel and accommodation costs are met by the forum organisers,
which in turn charge fees to fund managers about which Morningstar may havepublished research reports. That is, the benefits are indirectly provided by theproduct issuers.

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ABN: 95 090 665 544
AFSL: 240 892
Updated: September 2023

Morningstar regularly reviews all gifts, benefits and entertainment received toensure adherence with internal policy requirements.
Morningstar generates the majority of its income from the following sources:

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Subscription fees from our clients for research, software products, andsubscriptions to websites and newsletters
Subscription fees from our clients for equity, credit and fund dataservices
Licence fees from financial planning and revenue management software
Licence fees from product issuers rated by us, giving them the right torepublish our ratings, and research in their promotional materials
Licence fees from product issuers to use Morningstar Indexes and basis
point income based on the assets in the product
Event and website sponsorship
Website advertising

To the extent that any income we receive from product issuers we prepare researchon or are rated by us, is in respect of, or attributable to, the services that we
provide you, as at the date of this FSG we cannot ascertain the amount that wereasonably expect to receive.
Morningstar may pay external parties who refer clients to us in connection with thefinancial services to which this FSG relates. The payment could be a single one-off
payment or a percentage of the total amount revenue generated by their referral.
If you wish to receive further particulars about remuneration and related benefits
that we are required to disclose to you, please contact us within a reasonable
period of time after you receive this FSG and before any financial service identified
in this FSG is provided to you.
Where Morningstar does provide any of the above services to product issuers thatare rated by us, all services are provided on an arms-length basis.

How do you manage potential conflicts of interest?
Morningstar has an associated business, Morningstar Investment Management
Australia, which provides investment management and consulting services.
Morningstar avoids potential conflicts of interest by not undertaking or publishingqualitative analyst research on Morningstar Investment Management’s investment
products.
Morningstar avoids potential conflicts of interest by not publishing qualitative
analyst research or qualitative ratings on investment products that track aMorningstar Index.

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ABN: 95 090 665 544
AFSL: 240 892
Updated: September 2023

No material interests are held by Morningstar, its staff, or related companies in thefinancial products that are the subject of our research reports or the product issuer.
Generally, equity analysts are not permitted to hold securities in entities that they rate
Our employees and authorised representatives are guided by the Morningstar, Inc.
Code of Ethics and our related conflicts of interest policies.
Our employees may from time to time receive nominal gifts/ hospitality fromclients and/or product providers. We have strict guidelines in place as to thecircumstances and extent to which our employees may accept any such gifts/
hospitality.
Morningstar permits financial product issuers to license the right to republish
our ratings and research in promotional materials. Licensing negotiations areundertaken by sales employees segregated from research employees. Any licensing
agreement takes place after the ratings and research have been completed andpublished to our clients and the wider marketplace, and the product provider
therefore cannot influence the outcomes of our assessments. Morningstar researchstaff are remunerated by salary and do not receive any commissions or fees. They
may be eligible for an annual bonus which is discretionary and relevant to their role
as offered by Morningstar from time to time at its discretion.

What information do you maintain in my file and can I examine my file?
The privacy of your personal information is important to us. Any personal
information we collect such as your name, address, phone, and email details arehandled in accordance with our Privacy Policy. Our Privacy Policy outlines how
we comply with the requirements of the Privacy Act 1988. A copy of the Privacy
Policy can be obtained by visiting our website or at https://www.morningstar.com/company/privacy-policy/apac/au. You can access your personal information inaccordance with our Privacy Policy.

Does Morningstar have professional indemnity insurance?
Yes. Morningstar holds a professional indemnity insurance policy in accordancewith its obligations under section 912B of the Corporations Act 2001.

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ABN: 95 090 665 544
AFSL: 240 892
Updated: September 2023

Who can I contact if I have a complaint about the provision of the financial
services to me?
If you are not satisfied with our service, please contact us using the contact details
on page 1. We will seek to resolve your complaint promptly and fairly.
If your complaint is not resolved to your satisfaction or 30 days have elapsed
since your complaint was given to Morningstar, you have the right to contact theAustralian Financial Complaints Authority (AFCA). AFCA is an external dispute
resolution scheme authorised to deal with complaints in relation to the financial
products and services. AFCA’s services are free to complainants and the operationis financed by contributions made by its members, including Morningstar. AFCA’s
contact details are:
Australian Financial Complaints Authority
GPO Box 3
Melbourne VIC 3001
Telephone: 1800 931 678 (free call)
Email: info@afca.org.au
Website: www.afca.org.au
This Publication is a Financial Services Guide for the purposes of section 941A ofthe Corporations Act 2001 to the extent that the recipient of the services describedin this document is a retail client as defined by the Corporations Act 2001; and isissued subject to the laws of the state of NSW and the Commonwealth of Australiaand all matters arising from it or its use shall be subject to the exclusive jurisdictionof the Courts of NSW.