SYDNEY, 12 June 2012 — Morningstar Australasia, a subsidiary of Morningstar, Inc. (NASDAQ: MORN), a leading provider of independent investment research, has been selected to provide investment research to Madison Financial Group.

Madisons has 80 financial advisers in New South Wales, Queensland, Victoria, South Australia, and the Australian Capital Territory, collectively representing approximately A$2.70 billion under advice.

"We're pleased to put our capabilities to work for Madisons' advisers and their clients," said Morningstar Australasia Chief Executive Officer Anthony Serhan. "This represents further recognition of the quality and depth of our investment research and the user-friendliness of our adviser tools. Madisons, like Morningstar, also recognises the value of research and tools that have been designed with client education and engagement front of mind. Our commitment to helping investors puts our clients in a strong position to respond to the requirements of an ever-changing environment."

Morningstar is providing Madisons' advisers with research on managed funds, exchange-traded funds, stocks, and hybrids, as well as economic and investment commentaries. The research is delivered through Morningstar® Adviser Research CentreTM, a web-based solution developed specifically for dealer groups and advisers that also includes proprietary Morningstar tools such as Morningstar® FundScreenerTM, Morningstar® Portfolio X-RayTM, and Morningstar® Investment IllustratorTM.

"Madisons' mission is to become the pre-eminent provider of financial, investment, and insurance-related advice in the industry. This includes sourcing the best services available to enable our advisers to support their clients to achieve their income, wealth, and financial security objectives," said Madisons' General Manager Jeff Lehner. "We evaluated a number of offerings, and determined that Morningstar's suite of research and tools was the best fit both for our existing needs and for the ongoing development of our business in the Future of Financial Advice environment."

About Morningstar Australasia and Morningstar, Inc.
Morningstar Australasia Pty Limited is a subsidiary of Morningstar, Inc., a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offers an extensive line of products and services for individuals, financial advisers, and institutions. Morningstar provides data on more than 380,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than eight million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment management subsidiaries and had more than US$190.0 billion in assets under advisement or management at 31 March 2012. The company has operations in 27 countries.

About Madison Financial Group
Madison Financial Group is a boutique financial services firm 100.0 percent-owned by PHAROS Financial Group on trust for its management and advisers. Since 1983, Madisons advisers have been supporting their clients to achieve their income, wealth, and financial security objectives. The Madisons vision is to facilitate the development of clients' financial wealth objectives through a combination of listening, planning, guiding, executing, and reviewing. The Madisons mission is to become the pre-eminent provider of financial, investment, and insurance-related advice in the industry. To achieve this, Madisons has sought to attract and retain only the very best advisers and practice owners. Madisons' selection and governance standards are unashamedly high, which in turn means that clients can be assured that those whom they are entrusting to advise them are qualified, capable, and reputable.