Filed by UGI Corporation Pursuant to Rule 425 Under the Securities Act of 1933 And Deemed Filed Pursuant to Rule 14a-12 Under the Securities Exchange Act of 1934 Subject Company: AmeriGas Partners, L.P. Commission File No. 001-13692 Date: May 21, 2019 Filed by UGI Corporation Pursuant to Rule 425 Under the Securities Act of 1933 And Deemed Filed Pursuant to Rule 14a-12 Under the Securities Exchange Act of 1934 Subject Company: AmeriGas Partners, L.P. Commission File No. 001-13692 Date: May 21, 2019


About This Presentation This presentation contains certain forward-looking statements that management believes to be reasonable as of today’s date only. Actual results may differ significantly because of risks and uncertainties that are difficult to predict and many of which are beyond management’s control. You should read UGI’s Annual Report on Form 10-K for the fiscal year ended September 30, 2018, and its Quarterly Report on Form 10-Q for the three months ended March 31, 2019, for a more extensive list of factors that could affect results. Among them are adverse weather conditions, cost volatility and availability of all energy products, including propane, natural gas, electricity and fuel oil, increased customer conservation measures, the impact of pending and future legal proceedings, continued analysis of recent tax legislation, liability for uninsured claims and for claims in excess of insurance coverage, domestic and international political, regulatory and economic conditions in the UGI United States and in foreign countries, including the current conflicts in the Middle East, and foreign currency 2 CORPORATION exchange rate fluctuations (particularly the euro), the timing of development of Marcellus Shale gas production, the availability, timing and success of our acquisitions, commercial initiatives and investments to grow our business, our ability to successfully integrate acquired businesses and achieve anticipated synergies, the interruption, disruption, failure, malfunction, or breach of our information technology systems, including due to cyber-attack, the failure to realize the anticipated benefits of the AmeriGas Merger Transaction (as defined herein) , the possible diversion of management time on issues related to the AmeriGas Merger Transaction, the risk that the requisite approvals to complete the AmeriGas Merger Transaction are not obtained, the performance of AmeriGas, and the potential need to address any reviews, investigations or other proceedings by governmental authorities or shareholder actions. UGI undertakes no obligation to release revisions to its forward-looking statements to reflect events or circumstances occurring after today. In addition, this presentation uses certain non-GAAP financial measures. Please see the appendix for reconciliations of these measures to the most comparable GAAP financial measure. About This Presentation This presentation contains certain forward-looking statements that management believes to be reasonable as of today’s date only. Actual results may differ significantly because of risks and uncertainties that are difficult to predict and many of which are beyond management’s control. You should read UGI’s Annual Report on Form 10-K for the fiscal year ended September 30, 2018, and its Quarterly Report on Form 10-Q for the three months ended March 31, 2019, for a more extensive list of factors that could affect results. Among them are adverse weather conditions, cost volatility and availability of all energy products, including propane, natural gas, electricity and fuel oil, increased customer conservation measures, the impact of pending and future legal proceedings, continued analysis of recent tax legislation, liability for uninsured claims and for claims in excess of insurance coverage, domestic and international political, regulatory and economic conditions in the UGI United States and in foreign countries, including the current conflicts in the Middle East, and foreign currency 2 CORPORATION exchange rate fluctuations (particularly the euro), the timing of development of Marcellus Shale gas production, the availability, timing and success of our acquisitions, commercial initiatives and investments to grow our business, our ability to successfully integrate acquired businesses and achieve anticipated synergies, the interruption, disruption, failure, malfunction, or breach of our information technology systems, including due to cyber-attack, the failure to realize the anticipated benefits of the AmeriGas Merger Transaction (as defined herein) , the possible diversion of management time on issues related to the AmeriGas Merger Transaction, the risk that the requisite approvals to complete the AmeriGas Merger Transaction are not obtained, the performance of AmeriGas, and the potential need to address any reviews, investigations or other proceedings by governmental authorities or shareholder actions. UGI undertakes no obligation to release revisions to its forward-looking statements to reflect events or circumstances occurring after today. In addition, this presentation uses certain non-GAAP financial measures. Please see the appendix for reconciliations of these measures to the most comparable GAAP financial measure.


Use of Non-GAAP Measures In this presentation, Management uses certain non-GAAP financial measures, including UGI Corporation adjusted earnings per share, UGI Corporation Free Cash Flow, Midstream & Marketing Total Margin, UGI International Total Margin, and UGI France and AmeriGas Unit Margins. These financial measures are not in accordance with, or an alternative to, GAAP and should be considered in addition to, and not as a substitute for, the comparable GAAP measures. Management believes the presentation of these non-GAAP financial measures provide useful information to investors to more effectively evaluate period-over-period earnings, profitability UGI and cash flow generation of the Company’s businesses. Reconciliations of these non-GAAP 3 CORPORATION financial measures to the most directly comparable financial measure calculated and presented in accordance with GAAP are presented in the Appendix of this presentation. Use of Non-GAAP Measures In this presentation, Management uses certain non-GAAP financial measures, including UGI Corporation adjusted earnings per share, UGI Corporation Free Cash Flow, Midstream & Marketing Total Margin, UGI International Total Margin, and UGI France and AmeriGas Unit Margins. These financial measures are not in accordance with, or an alternative to, GAAP and should be considered in addition to, and not as a substitute for, the comparable GAAP measures. Management believes the presentation of these non-GAAP financial measures provide useful information to investors to more effectively evaluate period-over-period earnings, profitability UGI and cash flow generation of the Company’s businesses. Reconciliations of these non-GAAP 3 CORPORATION financial measures to the most directly comparable financial measure calculated and presented in accordance with GAAP are presented in the Appendix of this presentation.


Legal Disclaimer No Offer or Solicitation This presentation is for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy any securities pursuant to the proposed transaction or otherwise, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended. Additional Information and Where You Can Find It In connection with the AmeriGas Merger Transaction, UGI Corporation and AmeriGas Partners, L.P., as applicable, filed a registration statement on Form S-4, including a proxy statement/prospectus, and other related documents, including a Schedule 13E-3, with the SEC on May 6, 2019. In addition, UGI Corporation and AmeriGas Partners, L.P. each filed with the SEC on April 2, 2019 a Current Report on Form 8-K, which contained, among other things, a copy of the merger agreement and the support agreement. This presentation is not a substitute for the merger agreement, proxy statement/prospectus, the Schedule 13E-3 or any other document that UGI Corporation or AmeriGas Partners, L.P. may file with the SEC in connection with the transaction. BEFORE MAKING ANY UGI 4 VOTING DECISION OR ELECTION, SECURITY HOLDERS OF AMERIGAS ARE ADVISED TO CAREFULLY READ THE MERGER AGREEMENT, THE CORPORATION PROXY STATEMENT/PROSPECTUS (INCLUDING ALL AMENDMENTS AND SUPPLEMENTS THERETO), THE SCHEDULE 13E-3, AND ANY OTHER DOCUMENTS TO BE FILED WITH THE SEC IN CONNECTION WITH THE TRANSACTION, WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE TRANSACTION, THE PARTIES TO THE TRANSACTION AND THE RISKS ASSOCIATED WITH THE TRANSACTION. A definitive proxy statement/prospectus will be sent to AmeriGas Partners, L.P. unitholders in connection with the special meeting. Investors and security holders may obtain a free copy of the proxy statement/prospectus (when available), the Schedule 13E-3 (when available) and other relevant documents filed by UGI Corporation or AmeriGas Partners, L.P. with the SEC from the SEC’s website at www.sec.gov. Security holders and other interested parties will also be able to obtain, without charge, a copy of the proxy statement/prospectus, the Schedule 13E-3 and other relevant documents (when available) from www.ugicorp.com under the tab “Investor Relations” and then under the heading “SEC Filings.” Participants in the Solicitation UGI Corporation, AmeriGas Partners, L.P., AmeriGas Propane, Inc. and each of their respective directors, executive officers and certain other members of management may be deemed to be participants in the solicitation of proxies from their respective security holders with respect to the transaction. Information about these persons is set forth in UGI Corporation’s proxy statement relating to its 2019 Annual Meeting of Shareholders, which was filed with the SEC on December 20, 2018, and AmeriGas Partners, L.P.’s Annual Report on Form 10-K for the fiscal year ended September 30, 2018, which was filed with the SEC on November 20, 2018, and subsequent statements of changes in beneficial ownership on file with the SEC. Security holders and investors may obtain additional information regarding the interests of such persons, which may be different than those of the respective companies’ security holders generally, by reading the joint proxy statement/prospectus and other relevant documents regarding the transaction, which will be filed with the SEC. Legal Disclaimer No Offer or Solicitation This presentation is for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy any securities pursuant to the proposed transaction or otherwise, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended. Additional Information and Where You Can Find It In connection with the AmeriGas Merger Transaction, UGI Corporation and AmeriGas Partners, L.P., as applicable, filed a registration statement on Form S-4, including a proxy statement/prospectus, and other related documents, including a Schedule 13E-3, with the SEC on May 6, 2019. In addition, UGI Corporation and AmeriGas Partners, L.P. each filed with the SEC on April 2, 2019 a Current Report on Form 8-K, which contained, among other things, a copy of the merger agreement and the support agreement. This presentation is not a substitute for the merger agreement, proxy statement/prospectus, the Schedule 13E-3 or any other document that UGI Corporation or AmeriGas Partners, L.P. may file with the SEC in connection with the transaction. BEFORE MAKING ANY UGI 4 VOTING DECISION OR ELECTION, SECURITY HOLDERS OF AMERIGAS ARE ADVISED TO CAREFULLY READ THE MERGER AGREEMENT, THE CORPORATION PROXY STATEMENT/PROSPECTUS (INCLUDING ALL AMENDMENTS AND SUPPLEMENTS THERETO), THE SCHEDULE 13E-3, AND ANY OTHER DOCUMENTS TO BE FILED WITH THE SEC IN CONNECTION WITH THE TRANSACTION, WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE TRANSACTION, THE PARTIES TO THE TRANSACTION AND THE RISKS ASSOCIATED WITH THE TRANSACTION. A definitive proxy statement/prospectus will be sent to AmeriGas Partners, L.P. unitholders in connection with the special meeting. Investors and security holders may obtain a free copy of the proxy statement/prospectus (when available), the Schedule 13E-3 (when available) and other relevant documents filed by UGI Corporation or AmeriGas Partners, L.P. with the SEC from the SEC’s website at www.sec.gov. Security holders and other interested parties will also be able to obtain, without charge, a copy of the proxy statement/prospectus, the Schedule 13E-3 and other relevant documents (when available) from www.ugicorp.com under the tab “Investor Relations” and then under the heading “SEC Filings.” Participants in the Solicitation UGI Corporation, AmeriGas Partners, L.P., AmeriGas Propane, Inc. and each of their respective directors, executive officers and certain other members of management may be deemed to be participants in the solicitation of proxies from their respective security holders with respect to the transaction. Information about these persons is set forth in UGI Corporation’s proxy statement relating to its 2019 Annual Meeting of Shareholders, which was filed with the SEC on December 20, 2018, and AmeriGas Partners, L.P.’s Annual Report on Form 10-K for the fiscal year ended September 30, 2018, which was filed with the SEC on November 20, 2018, and subsequent statements of changes in beneficial ownership on file with the SEC. Security holders and investors may obtain additional information regarding the interests of such persons, which may be different than those of the respective companies’ security holders generally, by reading the joint proxy statement/prospectus and other relevant documents regarding the transaction, which will be filed with the SEC.


Corporate Overview UGI Corporation is a distributor and marketer of energy products and services including natural gas, propane, butane, and electricity Natural Gas Global LPG UGI 5 CORPORATION Midstream & Utilities UGI AmeriGas Marketing Natural gas & International Propane Energy marketing, electric utilities LPG distribution LPG distribution midstream, and Serving ~700,000 in 17 countries in all 50 states. power generation total customers Energy Master Limited in the Eastern marketing in 4 Partnership U.S. countries 33% 17% 31% 19% First half of 2019 First half of 2019 First half of 2019 First half of 2019 1 Adjusted EPS 1 1 1 Adjusted EPS Adjusted EPS Adjusted EPS 1 Adjusted EPS is a non-GAAP measure. Excludes Corporate & Other $(0.05). Please see Appendix for reconciliation. Corporate Overview UGI Corporation is a distributor and marketer of energy products and services including natural gas, propane, butane, and electricity Natural Gas Global LPG UGI 5 CORPORATION Midstream & Utilities UGI AmeriGas Marketing Natural gas & International Propane Energy marketing, electric utilities LPG distribution LPG distribution midstream, and Serving ~700,000 in 17 countries in all 50 states. power generation total customers Energy Master Limited in the Eastern marketing in 4 Partnership U.S. countries 33% 17% 31% 19% First half of 2019 First half of 2019 First half of 2019 First half of 2019 1 Adjusted EPS 1 1 1 Adjusted EPS Adjusted EPS Adjusted EPS 1 Adjusted EPS is a non-GAAP measure. Excludes Corporate & Other $(0.05). Please see Appendix for reconciliation.


A Compelling Value Proposition Highest 10-year free cash flow as a % of EBITDA among Outstanding cash generation Multi-Utilities in the S&P Utilities index Commitment FY 13-18 Actual Strong track record of disciplined 1 Adjusted EPS capital deployment and meeting our 6-10% 11.2% UGI 6 CORPORATION commitments Dividend 4% 6.8% ü Strong and growing natural gas demand ü Utility rate base and customer growth ü Marcellus-based infrastructure Clear path to growth ü National Accounts and Cylinder Exchange ü Targeted M&A ü LNG and energy marketing expansion ü Broadening of activities in Europe (1) Adjusted EPS is a non-GAAP measure. See Appendix for reconciliation. A Compelling Value Proposition Highest 10-year free cash flow as a % of EBITDA among Outstanding cash generation Multi-Utilities in the S&P Utilities index Commitment FY 13-18 Actual Strong track record of disciplined 1 Adjusted EPS capital deployment and meeting our 6-10% 11.2% UGI 6 CORPORATION commitments Dividend 4% 6.8% ü Strong and growing natural gas demand ü Utility rate base and customer growth ü Marcellus-based infrastructure Clear path to growth ü National Accounts and Cylinder Exchange ü Targeted M&A ü LNG and energy marketing expansion ü Broadening of activities in Europe (1) Adjusted EPS is a non-GAAP measure. See Appendix for reconciliation.


Core Strategic Principles Distribution and services business, marketing volume hedged back-to-back, LPG customer volume hedged as Minimize commodity exposure service offering Expanded into energy marketing in Europe, established Push boundaries of core business portable LNG, entered Italian market LPG market UGI 7 CORPORATION Outstanding cash flow, no debt at corporate level, Maintain strong balance sheet additional debt capacity Growing fee-based margin, AmeriGas Cylinder Exchange is counter-seasonal, National Accounts is less Reduce weather dependence over time weather-dependent, increasing Utility fixed charges in base rate cases Utilize a layered, three-year Fx hedging program to shave Reduce P&L currency exchange rate volatility “peaks and valleys” caused by currency fluctuations Core Strategic Principles Distribution and services business, marketing volume hedged back-to-back, LPG customer volume hedged as Minimize commodity exposure service offering Expanded into energy marketing in Europe, established Push boundaries of core business portable LNG, entered Italian market LPG market UGI 7 CORPORATION Outstanding cash flow, no debt at corporate level, Maintain strong balance sheet additional debt capacity Growing fee-based margin, AmeriGas Cylinder Exchange is counter-seasonal, National Accounts is less Reduce weather dependence over time weather-dependent, increasing Utility fixed charges in base rate cases Utilize a layered, three-year Fx hedging program to shave Reduce P&L currency exchange rate volatility “peaks and valleys” caused by currency fluctuations


AmeriGas Merger Transaction Summary • UGI Corp (NYSE: UGI) has executed a definitive agreement to acquire the 69.2 million common units of AmeriGas Partners, L.P. (NYSE: APU) not already owned by UGI for a total transaction value of 1 approximately $4.6 billion • AmeriGas unitholders will receive 0.500 shares of UGI plus $7.63 in cash for each common unit of AmeriGas • Implies a 21.9% premium to AmeriGas’ 30-day volume weighted average price and 13.5% premium to April 1, 2019 closing price • Allows UGI to increase its dividend by 25%; 15% increase to the next quarterly dividend and the remaining 10% UGI following transaction close 8 CORPORATION • All existing debt at AmeriGas will remain outstanding at close 2 • Transaction results in a significant step up in basis to UGI and is taxable to APU common unitholders • Filed S-4 Registration Statement with the SEC on May 6, 2019 • Transaction expected to close in FY19 Q4 • The transaction has been approved by the Boards of UGI and the general partner of AmeriGas (the “General Partner”) as well as the General Partner’s Audit Committee, comprised solely of independent directors • Requires approval from a majority of AmeriGas’ outstanding common units 1 Please see appendix for components of the transaction value 2 Taxes paid will vary depending on individual common unitholder tax attributes AmeriGas Merger Transaction Summary • UGI Corp (NYSE: UGI) has executed a definitive agreement to acquire the 69.2 million common units of AmeriGas Partners, L.P. (NYSE: APU) not already owned by UGI for a total transaction value of 1 approximately $4.6 billion • AmeriGas unitholders will receive 0.500 shares of UGI plus $7.63 in cash for each common unit of AmeriGas • Implies a 21.9% premium to AmeriGas’ 30-day volume weighted average price and 13.5% premium to April 1, 2019 closing price • Allows UGI to increase its dividend by 25%; 15% increase to the next quarterly dividend and the remaining 10% UGI following transaction close 8 CORPORATION • All existing debt at AmeriGas will remain outstanding at close 2 • Transaction results in a significant step up in basis to UGI and is taxable to APU common unitholders • Filed S-4 Registration Statement with the SEC on May 6, 2019 • Transaction expected to close in FY19 Q4 • The transaction has been approved by the Boards of UGI and the general partner of AmeriGas (the “General Partner”) as well as the General Partner’s Audit Committee, comprised solely of independent directors • Requires approval from a majority of AmeriGas’ outstanding common units 1 Please see appendix for components of the transaction value 2 Taxes paid will vary depending on individual common unitholder tax attributes


Benefits of AmeriGas Merger Transaction • Strong business with exceptional cash flow • Expected to increase cash available for growth investments and dividends • Over $200 million in additional annual free cash flow to UGI UGI • Funds growth opportunities across the business 9 CORPORATION • Reduces MLP administrative and structural complexities • Resolves AmeriGas’ distribution coverage challenges • Expected to be accretive to UGI beginning in FY20 Benefits of AmeriGas Merger Transaction • Strong business with exceptional cash flow • Expected to increase cash available for growth investments and dividends • Over $200 million in additional annual free cash flow to UGI UGI • Funds growth opportunities across the business 9 CORPORATION • Reduces MLP administrative and structural complexities • Resolves AmeriGas’ distribution coverage challenges • Expected to be accretive to UGI beginning in FY20


Strongest Cash Flow Among Sector Peers (1) 10 Year Free Cash Flow / 10 Year EBITDA S&P Utilities Index – Multi-Utilities 18% 15% 11% 8% 7% UGI 10 2% CORPORATION -1% -11% -20% -22% -32% UGI Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 Peer 10 (1) UGI Free Cash Flow = Cash Provided by Operations less Capital Expenditures and less Distributions on AmeriGas Partners Publically Held Units. Free cash flow is a non-GAAP measure. Please see appendix for reconciliation. Strongest Cash Flow Among Sector Peers (1) 10 Year Free Cash Flow / 10 Year EBITDA S&P Utilities Index – Multi-Utilities 18% 15% 11% 8% 7% UGI 10 2% CORPORATION -1% -11% -20% -22% -32% UGI Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 Peer 10 (1) UGI Free Cash Flow = Cash Provided by Operations less Capital Expenditures and less Distributions on AmeriGas Partners Publically Held Units. Free cash flow is a non-GAAP measure. Please see appendix for reconciliation.


Meeting our Commitments – EPS Growth $3.00 12.1% Adjusted EPS CAGR Above 6-10% Long Term Target $2.60 $2.74 $2.50 $2.40 $2.29 $2.00 $2.05 $2.02 $2.01 UGI 11 CORPORATION $1.50 $1.61 $1.57 $1.46 $1.41 $1.33 $1.26 $1.25 $1.18 $1.00 $1.10 $0.77 $0.76 $0.50 $0.60 $0.47 $0.36 $0.30 $0.28 $0.00 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019E Earnings per share (EPS) for 1998 – 2009 represents GAAP EPS, adjusted for stock splits. 2010-2018 EPS represents Adjusted EPS which is a non-GAAP measure. Please see appendix for reconciliation. Annual Earnings per Share Meeting our Commitments – EPS Growth $3.00 12.1% Adjusted EPS CAGR Above 6-10% Long Term Target $2.60 $2.74 $2.50 $2.40 $2.29 $2.00 $2.05 $2.02 $2.01 UGI 11 CORPORATION $1.50 $1.61 $1.57 $1.46 $1.41 $1.33 $1.26 $1.25 $1.18 $1.00 $1.10 $0.77 $0.76 $0.50 $0.60 $0.47 $0.36 $0.30 $0.28 $0.00 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019E Earnings per share (EPS) for 1998 – 2009 represents GAAP EPS, adjusted for stock splits. 2010-2018 EPS represents Adjusted EPS which is a non-GAAP measure. Please see appendix for reconciliation. Annual Earnings per Share


UGI to Increase Dividend by 25% • Two part increase • $0.04 increase to next quarterly dividend and an additional $0.025 following the closing of the transaction $1.40 7.1% CAGR 2 $1.30 Above 4% Long-Term Target $1.20 $1.00 $1.04 $1.00 UGI $0.95 12 CORPORATION $0.91 $0.87 $0.80 $0.75 $0.72 $0.69 $0.67 $0.60 $0.53 $0.51 $0.49 $0.47 $0.40 $0.45 $0.42 $0.38 $0.37 $0.36 $0.34 $0.33 $0.20 $0.00 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Red circles indicate dividend increases above 10% 1 Dividends per share, adjusted for stock splits. 2 Payable in FY20. Annualized for 25% dividend increase scheduled in FY19 in conjunction with APU transaction 1 Dividends per ShareUGI to Increase Dividend by 25% • Two part increase • $0.04 increase to next quarterly dividend and an additional $0.025 following the closing of the transaction $1.40 7.1% CAGR 2 $1.30 Above 4% Long-Term Target $1.20 $1.00 $1.04 $1.00 UGI $0.95 12 CORPORATION $0.91 $0.87 $0.80 $0.75 $0.72 $0.69 $0.67 $0.60 $0.53 $0.51 $0.49 $0.47 $0.40 $0.45 $0.42 $0.38 $0.37 $0.36 $0.34 $0.33 $0.20 $0.00 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Red circles indicate dividend increases above 10% 1 Dividends per share, adjusted for stock splits. 2 Payable in FY20. Annualized for 25% dividend increase scheduled in FY19 in conjunction with APU transaction 1 Dividends per Share


Outperformance Driven by Cadence of Disciplined Investments 3450 Manning LNG Project Total Shareholder Return CAGR (as of 3/31/19) Sunbury Pipeline project 2950 1 Year 5 Year 10 Year 20 Year Finagaz acquisition nearly UGI Corp 26.8% 17.7% 16.5% 18.5% doubles volume in France 2450 Union Dale S&P 500 8.8% 10.8% 15.9% 6.0% Pipeline Project S&P 500 Utilities 17.7% 10.5% 12.7% 7.5% PennEast Pipeline 1950 Announced S&P 400 Midcap 4.3% 8.7% 16.5% 10.2% Auburn II UGI 13 CORPORATION Project Heritage acquisition 1450 1 BCF expansion of Temple LNG Acquired gas utility Auburn I Project Acquired TXU operations of PPL Acquired utility Corp’s NE gas 950 operations of PG marketing Energy operation Entered France Columbia Propane 450 Entered Europe Acquisition Began Cylinder Exchange -50 UGI S&P 500 Total Return % Outperformance Driven by Cadence of Disciplined Investments 3450 Manning LNG Project Total Shareholder Return CAGR (as of 3/31/19) Sunbury Pipeline project 2950 1 Year 5 Year 10 Year 20 Year Finagaz acquisition nearly UGI Corp 26.8% 17.7% 16.5% 18.5% doubles volume in France 2450 Union Dale S&P 500 8.8% 10.8% 15.9% 6.0% Pipeline Project S&P 500 Utilities 17.7% 10.5% 12.7% 7.5% PennEast Pipeline 1950 Announced S&P 400 Midcap 4.3% 8.7% 16.5% 10.2% Auburn II UGI 13 CORPORATION Project Heritage acquisition 1450 1 BCF expansion of Temple LNG Acquired gas utility Auburn I Project Acquired TXU operations of PPL Acquired utility Corp’s NE gas 950 operations of PG marketing Energy operation Entered France Columbia Propane 450 Entered Europe Acquisition Began Cylinder Exchange -50 UGI S&P 500 Total Return %


Cash Engine Drives Future EPS and Dividend Growth $1.1 - $1.4 Billion UGI Dividends Cash from Base Business Operations and Share & Regulatory 62% Propane AmeriGas Transaction Repurchase 38% Nat Gas Earnings Growth increases free cash flow over $200 million UGI 14 CORPORATION Investment Capital Capital and M&A $150M - $200M Expenditures, Financing Earnings Growth M&A & Other 6% - 10% EPS Growth and 4% Dividend Growth All figures represent multi-year average targets. Cash Engine Drives Future EPS and Dividend Growth $1.1 - $1.4 Billion UGI Dividends Cash from Base Business Operations and Share & Regulatory 62% Propane AmeriGas Transaction Repurchase 38% Nat Gas Earnings Growth increases free cash flow over $200 million UGI 14 CORPORATION Investment Capital Capital and M&A $150M - $200M Expenditures, Financing Earnings Growth M&A & Other 6% - 10% EPS Growth and 4% Dividend Growth All figures represent multi-year average targets.


Record Capital Deployment CAPEX expected to increase to ~$900 million in FY20 Capital Expenditures: 2018-2022 Capital Expenditures: 2013-2017 $3.7 Billion $2.6 Billion UGI 15 CORPORATION 30% 36% 64% 70% Natural Gas LPG Natural Gas LPGRecord Capital Deployment CAPEX expected to increase to ~$900 million in FY20 Capital Expenditures: 2018-2022 Capital Expenditures: 2013-2017 $3.7 Billion $2.6 Billion UGI 15 CORPORATION 30% 36% 64% 70% Natural Gas LPG Natural Gas LPG


Second Half Update UGI FY19 Guidance 1 • Adjusted EPS $2.40 - $2.60 • Improvements versus prior years • OpEx Management • Additional margin increase from new Midstream assets • Realized margin from LPG price increases enacted in prior quarters at UGI International • Tax effect impact at UGI Utilities, $22.7 million revenue reduction in Q3 2018 not a factor in 2019 • UGI remains well-positioned to deliver long-term 6% - 10% EPS growth UGI $2.60 16 CORPORATION $0.02 - $0.07 $2.45 - $2.52 $2.50 $0.09 $2.40 $0.10 $2.30 $2.24 $2.20 $2.10 $2.00 $1.90 $1.80 $1.70 $1.60 YTD 2019 3-Year Historical Average Q3 2018 Tax Impact at Additional Net Income FY 2019 (Q3 & Q4) Utilities Opportunities 1 Adjusted EPS is a non-GAAP measure. Please see appendix for reconciliation. Second Half Update UGI FY19 Guidance 1 • Adjusted EPS $2.40 - $2.60 • Improvements versus prior years • OpEx Management • Additional margin increase from new Midstream assets • Realized margin from LPG price increases enacted in prior quarters at UGI International • Tax effect impact at UGI Utilities, $22.7 million revenue reduction in Q3 2018 not a factor in 2019 • UGI remains well-positioned to deliver long-term 6% - 10% EPS growth UGI $2.60 16 CORPORATION $0.02 - $0.07 $2.45 - $2.52 $2.50 $0.09 $2.40 $0.10 $2.30 $2.24 $2.20 $2.10 $2.00 $1.90 $1.80 $1.70 $1.60 YTD 2019 3-Year Historical Average Q3 2018 Tax Impact at Additional Net Income FY 2019 (Q3 & Q4) Utilities Opportunities 1 Adjusted EPS is a non-GAAP measure. Please see appendix for reconciliation.



UGI UTILITIES Business Overview Regulated gas & electric utilities Most contemporary serving over distribution system in Pennsylvania 700,000 customers 18 UTILITIES Service territories nd 2 Largest lie within or adjacent gas utility in to the Gas Utility 1 UGI Utilities (gas, ~642,000 customers) Pennsylvania Marcellus Shale Electric Utility serving 44 of 67 production area UGI Electric (electric, ~62,000 customers) counties 1 Based on total customers UGI UTILITIES Business Overview Regulated gas & electric utilities Most contemporary serving over distribution system in Pennsylvania 700,000 customers 18 UTILITIES Service territories nd 2 Largest lie within or adjacent gas utility in to the Gas Utility 1 UGI Utilities (gas, ~642,000 customers) Pennsylvania Marcellus Shale Electric Utility serving 44 of 67 production area UGI Electric (electric, ~62,000 customers) counties 1 Based on total customers


UGI UTILITIES Marcellus Advantage • Over 90% of UGI Utilities natural gas sourced from the Marcellus Shale • Marcellus natural gas priced at over 29% discount to NYMEX during FY18 • Strong demand for natural gas (conversions, power generation, etc.) 19 UTILITIES • Favorable environment for economic development Natural Gas • Significant value for customers Electric • Collectively, our customers paid ~$615MM less Marcellus Shale Area in 2018 than in 2008 • Average residential customer saved ~$1,000 in fiscal year 2018 vs. heating oil customers UGI UTILITIES Marcellus Advantage • Over 90% of UGI Utilities natural gas sourced from the Marcellus Shale • Marcellus natural gas priced at over 29% discount to NYMEX during FY18 • Strong demand for natural gas (conversions, power generation, etc.) 19 UTILITIES • Favorable environment for economic development Natural Gas • Significant value for customers Electric • Collectively, our customers paid ~$615MM less Marcellus Shale Area in 2018 than in 2008 • Average residential customer saved ~$1,000 in fiscal year 2018 vs. heating oil customers


UGI UTILITIES Marcellus Gas Driving Growth in PA Natural Gas Delivered to PA Natural Gas Delivered to Customers in PA Electric Power Customers 600,000 1,400,000 1,200,000 500,000 20 UTILITIES 1,000,000 400,000 800,000 300,000 600,000 200,000 400,000 100,000 200,000 0 0 Source: Energy Information Administration MMCF MMCF UGI UTILITIES Marcellus Gas Driving Growth in PA Natural Gas Delivered to PA Natural Gas Delivered to Customers in PA Electric Power Customers 600,000 1,400,000 1,200,000 500,000 20 UTILITIES 1,000,000 400,000 800,000 300,000 600,000 200,000 400,000 100,000 200,000 0 0 Source: Energy Information Administration MMCF MMCF


UGI UTILITIES Capital Investment Drives Rate Base Growth Capital Investment Rate Base Growth $450 $3.0 $380-$420/year $400 $350 $300 $2.0 $250 $200 21 UTILITIES $150 $1.0 $100 $50 $0 $0.0 2013 2014 2015 2016 2017 2018 2019P '20 - '22P 2013 2014 2015 2016 2017 2018 2019E 2020E 2021E 2022E Replacement & Betterment Growth Other Electric IT Capital Drivers FY19 – FY22 ($1.6B in planned capital spend) • Gradually increase infrastructure replacement and building and grounds investment • IT upgrade (Asset Management, Geographic Information Systems, Work Management) Millions Billions UGI UTILITIES Capital Investment Drives Rate Base Growth Capital Investment Rate Base Growth $450 $3.0 $380-$420/year $400 $350 $300 $2.0 $250 $200 21 UTILITIES $150 $1.0 $100 $50 $0 $0.0 2013 2014 2015 2016 2017 2018 2019P '20 - '22P 2013 2014 2015 2016 2017 2018 2019E 2020E 2021E 2022E Replacement & Betterment Growth Other Electric IT Capital Drivers FY19 – FY22 ($1.6B in planned capital spend) • Gradually increase infrastructure replacement and building and grounds investment • IT upgrade (Asset Management, Geographic Information Systems, Work Management) Millions Billions


UGI UTILITIES Annual Customer Growth 258,600 customers added 1999 - 2018 20,000 18,000 16,000 14,000 12,000 22 UTILITIES 10,000 8,000 6,000 4,000 2,000 0 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 New Homes Conversions Upgrades Commercial Annual Customer Additions UGI UTILITIES Annual Customer Growth 258,600 customers added 1999 - 2018 20,000 18,000 16,000 14,000 12,000 22 UTILITIES 10,000 8,000 6,000 4,000 2,000 0 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 New Homes Conversions Upgrades Commercial Annual Customer Additions


UGI UTILITIES Peak Day Growth 2.5 2.0 1.5 1.0 23 UTILITIES 0.5 - 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 PGC Customers Transportation Customers Capacity Reserve Requirement • Peak day demand growth driven by above average customer growth, power generation and large commercial & industrial customers • Peak Day Demand expected to increase by 10% 2018-2028 Assumes existing service agreements are renewed BCF UGI UTILITIES Peak Day Growth 2.5 2.0 1.5 1.0 23 UTILITIES 0.5 - 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 PGC Customers Transportation Customers Capacity Reserve Requirement • Peak day demand growth driven by above average customer growth, power generation and large commercial & industrial customers • Peak Day Demand expected to increase by 10% 2018-2028 Assumes existing service agreements are renewed BCF



Business Overview Midstream Assets • Nearly 200 miles of pipeline • 15 MMDth of natural gas storage • ~2 MMDth LNG and propane storage used to support liquefaction and vaporization peak shaving Commodity Marketing ENERGY 25 SERVICES • Serving 13,000 residential, commercial, and industrial customers on 41 gas utility systems and 20 electric utility systems Electricity Generation • ~300 MWs of electric generation capacity Significant assets in the Marcellus Shale – well positioned to participate in the build-out and serve growing natural gas demand through a broad range of investments Business Overview Midstream Assets • Nearly 200 miles of pipeline • 15 MMDth of natural gas storage • ~2 MMDth LNG and propane storage used to support liquefaction and vaporization peak shaving Commodity Marketing ENERGY 25 SERVICES • Serving 13,000 residential, commercial, and industrial customers on 41 gas utility systems and 20 electric utility systems Electricity Generation • ~300 MWs of electric generation capacity Significant assets in the Marcellus Shale – well positioned to participate in the build-out and serve growing natural gas demand through a broad range of investments


Midstream Assets Overview LNG Peaking: • Temple LNG (205,000 Dth/day vaporization, 1.25 MMdth storage) • Manning liquefaction (10,000 to 15,000 Dth/day) • Steelton vaporization (65,000 Dth/day) • Bethlehem vaporization (70,000 Dth/day) ENERGY 26 SERVICES • Portable LNG vaporization (15,000 Dth/day) Built Pipeline capacity: • Auburn system (470,000 Dth/day) • Sunbury Pipeline (200,000 Dth/day) • Union Dale (100,000 Dth/day) • Texas Creek (200,000 Dth/day) • Ponderosa (33,000 Dth/day) Storage: • 15 MMdth natural gas storage Midstream Assets Overview LNG Peaking: • Temple LNG (205,000 Dth/day vaporization, 1.25 MMdth storage) • Manning liquefaction (10,000 to 15,000 Dth/day) • Steelton vaporization (65,000 Dth/day) • Bethlehem vaporization (70,000 Dth/day) ENERGY 26 SERVICES • Portable LNG vaporization (15,000 Dth/day) Built Pipeline capacity: • Auburn system (470,000 Dth/day) • Sunbury Pipeline (200,000 Dth/day) • Union Dale (100,000 Dth/day) • Texas Creek (200,000 Dth/day) • Ponderosa (33,000 Dth/day) Storage: • 15 MMdth natural gas storage


Midstream – PennEast Pipeline PennEast Pipeline (Red) System Highlights • Connecting abundant Marcellus gas supply to high-value southeastern PA and NJ markets • 120 Mile, 36” diameter, $1.0+ billion interstate pipeline • Partnership between UGI (project manager), ENERGY 27 Spectra Energy Partners, Southern Company SERVICES Gas, New Jersey Resources, South Jersey Industries • System capable of moving 1.1 Bcf/d to multiple end markets • Construction type activities expected to begin in 2020: • Working through the PA and NJ permitting process Southern NJR UGI Spectra/ South Jersey Company Pipeline Energy Enbridge Industries Gas Company Services Midstream – PennEast Pipeline PennEast Pipeline (Red) System Highlights • Connecting abundant Marcellus gas supply to high-value southeastern PA and NJ markets • 120 Mile, 36” diameter, $1.0+ billion interstate pipeline • Partnership between UGI (project manager), ENERGY 27 Spectra Energy Partners, Southern Company SERVICES Gas, New Jersey Resources, South Jersey Industries • System capable of moving 1.1 Bcf/d to multiple end markets • Construction type activities expected to begin in 2020: • Working through the PA and NJ permitting process Southern NJR UGI Spectra/ South Jersey Company Pipeline Energy Enbridge Industries Gas Company Services


Cumulative Capital Investment $1,400,000 $1,200,000 $1,000,000 ENERGY 28 $800,000 SERVICES $600,000 $400,000 $200,000 $0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Midstream Power Generation Other Capital Expenditures ($ in thousands) Cumulative Capital Investment $1,400,000 $1,200,000 $1,000,000 ENERGY 28 $800,000 SERVICES $600,000 $400,000 $200,000 $0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Midstream Power Generation Other Capital Expenditures ($ in thousands)


Fee-Based Income Stabilizes Earnings 1 Anticipated 2022 Margin 2013 Margin ENERGY 29 SERVICES 44% 39% 61% 56% Fee-Based Margin All Other Margin 1 Margin is a non-GAAP measure. Please see appendix for reconciliation. Fee-Based Income Stabilizes Earnings 1 Anticipated 2022 Margin 2013 Margin ENERGY 29 SERVICES 44% 39% 61% 56% Fee-Based Margin All Other Margin 1 Margin is a non-GAAP measure. Please see appendix for reconciliation.


Diversified Portfolio – Natural Synergy Midstream ENERGY 30 SERVICES Supply Commodity (Wholesale/Asset Marketing Management) Diversified Portfolio – Natural Synergy Midstream ENERGY 30 SERVICES Supply Commodity (Wholesale/Asset Marketing Management)



UGI International Overview Operations in 17 Countries ~550,000 Total Customers LPG Energy Distribution Marketing INTERNATIONAL 32 ~28 BCF ~1 Billion gallons of natural gas sold in FY of LPG sold in FY 2018 2018 Largest distributor in France, Austria, Belgium, Denmark, Luxembourg, and ~5% of 2018 total Hungary margin 18.5 million cylinders in circulation Over 500,000 bulk customers LPG Distribution and Energy Marketing LPG Distribution UGI International Overview Operations in 17 Countries ~550,000 Total Customers LPG Energy Distribution Marketing INTERNATIONAL 32 ~28 BCF ~1 Billion gallons of natural gas sold in FY of LPG sold in FY 2018 2018 Largest distributor in France, Austria, Belgium, Denmark, Luxembourg, and ~5% of 2018 total Hungary margin 18.5 million cylinders in circulation Over 500,000 bulk customers LPG Distribution and Energy Marketing LPG Distribution


Evolution – Major Acquisitions 2017 2017 2015 2011 Italy 2017 2010 Belgium 2011 Finland INTERNATIONAL 33 2001 (20%) Luxembourg Denmark 2004 (100%) 2010 Norway Sweden Hungary 2006 Netherlands 1999 Poland United Kingdom Romania Switzerland 2004 France 2001 Austria 2018: 886MM retail gallons 1999 Czech Republic Slovakia 1999: ~44MM retail gallons $0.87 FY 18 Adjusted 1 1 EPS Adjusted EPS is a non-GAAP measure. See appendix for reconciliation. Evolution – Major Acquisitions 2017 2017 2015 2011 Italy 2017 2010 Belgium 2011 Finland INTERNATIONAL 33 2001 (20%) Luxembourg Denmark 2004 (100%) 2010 Norway Sweden Hungary 2006 Netherlands 1999 Poland United Kingdom Romania Switzerland 2004 France 2001 Austria 2018: 886MM retail gallons 1999 Czech Republic Slovakia 1999: ~44MM retail gallons $0.87 FY 18 Adjusted 1 1 EPS Adjusted EPS is a non-GAAP measure. See appendix for reconciliation.


Track Record of Margin Management 1.50 € 1.25 € 1.00 € INTERNATIONAL 34 0.75 € 0.50 € 0.25 € 0.00 € 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Avg. Platt's Cost Unit margin is a non-GAAP measure. Please see appendix for reconciliation. UGI France € per Gallon Track Record of Margin Management 1.50 € 1.25 € 1.00 € INTERNATIONAL 34 0.75 € 0.50 € 0.25 € 0.00 € 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Avg. Platt's Cost Unit margin is a non-GAAP measure. Please see appendix for reconciliation. UGI France € per Gallon


Strategically located LPG Supply Assets Provide Flexibility • UGI stores LPG at various Import terminal - SEA storage facilities and Import terminal - PIPELINE Import terminal - RAILCARS terminals across UGI Terminal - REFINERY Intra-Europe trade • Ownership interests in Depots / Railheads / Storage Hamina flows are increasing 10 primary storage facilities and over 70 INTERNATIONAL Mossmorran 35 secondary storage Esbjerg Stanlow facilities Malaszewicze Norgal • Manages extensive logistics Slawkow Donges Imports from outside and transportation network FR: 40+ Halmeu Europe growing (43% depots Ambes of consumption in 2017), particularly from US Lavera Strategically located LPG Supply Assets Provide Flexibility • UGI stores LPG at various Import terminal - SEA storage facilities and Import terminal - PIPELINE Import terminal - RAILCARS terminals across UGI Terminal - REFINERY Intra-Europe trade • Ownership interests in Depots / Railheads / Storage Hamina flows are increasing 10 primary storage facilities and over 70 INTERNATIONAL Mossmorran 35 secondary storage Esbjerg Stanlow facilities Malaszewicze Norgal • Manages extensive logistics Slawkow Donges Imports from outside and transportation network FR: 40+ Halmeu Europe growing (43% depots Ambes of consumption in 2017), particularly from US Lavera


Energy Marketing – A Focused Strategy FY18 GWh by Energy Type Total (Gas and Power) Volume Split by Segment 1% 9% 32% 19% INTERNATIONAL 36 68% 51% 20% SME Other Suppliers Government Electricity Natural Gas Our primary focus is on Small and Medium Enterprises (SME) - Offer customer-focused solutions - Support customers in energy purchase decisions - Fixed price requirement contracts hedged back to back to mitigate risk Energy Marketing – A Focused Strategy FY18 GWh by Energy Type Total (Gas and Power) Volume Split by Segment 1% 9% 32% 19% INTERNATIONAL 36 68% 51% 20% SME Other Suppliers Government Electricity Natural Gas Our primary focus is on Small and Medium Enterprises (SME) - Offer customer-focused solutions - Support customers in energy purchase decisions - Fixed price requirement contracts hedged back to back to mitigate risk


Energy Marketing – Renewable Portfolio • Our Energy Marketing business has a significant position in renewable energy including production through Wind and Solar • Installed 400MW Wind • Installed 70MW solar INTERNATIONAL 37 • Generating power equivalent to 40% of the total power demand of our electric customer portfolio • Additionally we undertake the planning and installation of Solar projects for our existing clients • Currently we have completed more than 110 projects, installing approximately 30,000 solar panels on behalf of our customers Energy Marketing – Renewable Portfolio • Our Energy Marketing business has a significant position in renewable energy including production through Wind and Solar • Installed 400MW Wind • Installed 70MW solar INTERNATIONAL 37 • Generating power equivalent to 40% of the total power demand of our electric customer portfolio • Additionally we undertake the planning and installation of Solar projects for our existing clients • Currently we have completed more than 110 projects, installing approximately 30,000 solar panels on behalf of our customers



AmeriGas Overview 1 Largest LPG Distributor in U.S. Agriculture & Transport 8% Residential Heating & Cooking Motor Fuel 36% ~1.1 billion 18% 1.7 million retail gallons sold customers in FY18 39 AMERIGAS Commercia l / Industrial 38% Bulk Distribution National Accounts Cylinder Exchange 1mm tanks with 120 – 1,200 gallon capacity Utilizing scale to serve regional and national customers Portable tanks for barbecues and outdoor heating 1 Based on volume of propane gallons distributed annually. AmeriGas Overview 1 Largest LPG Distributor in U.S. Agriculture & Transport 8% Residential Heating & Cooking Motor Fuel 36% ~1.1 billion 18% 1.7 million retail gallons sold customers in FY18 39 AMERIGAS Commercia l / Industrial 38% Bulk Distribution National Accounts Cylinder Exchange 1mm tanks with 120 – 1,200 gallon capacity Utilizing scale to serve regional and national customers Portable tanks for barbecues and outdoor heating 1 Based on volume of propane gallons distributed annually.


Business Overview 40 AMERIGAS 38% 36% 18% 8% Commercial / Residential Motor Agriculture Industrial Heating & Cooking Fuel & Transport Represents approximate percentages Business Overview 40 AMERIGAS 38% 36% 18% 8% Commercial / Residential Motor Agriculture Industrial Heating & Cooking Fuel & Transport Represents approximate percentages


Significant Transportation & Logistics Network Most flexible, reliable supply chain 12 Ability to quickly coverage in the retail Transflow 22 Units focus flexible truck, Terminals propane industry rail and trans- 920 loading assets to PTI Trailers areas in need 41 AMERIGAS Over 250 Propane (a) Suppliers 3,000 Bobtail Trucks 510 Rail Cars AmeriGas Airborne Specialized team from ~1,900 around the country that Distribution Locations reacts quickly to keep propane supply moving ~1.7 during extreme weather Million Customers (a) Domestic and international suppliers Significant Transportation & Logistics Network Most flexible, reliable supply chain 12 Ability to quickly coverage in the retail Transflow 22 Units focus flexible truck, Terminals propane industry rail and trans- 920 loading assets to PTI Trailers areas in need 41 AMERIGAS Over 250 Propane (a) Suppliers 3,000 Bobtail Trucks 510 Rail Cars AmeriGas Airborne Specialized team from ~1,900 around the country that Distribution Locations reacts quickly to keep propane supply moving ~1.7 during extreme weather Million Customers (a) Domestic and international suppliers


Technology to Drive Efficiency • Efficiency benefits are implemented across a broad platform • Improved distribution efficiency • Miles per stop improved 3% from FY17 and 7% from FY16 • Low fuel deliveries improved 7% from FY17 and 16% from FY16 42 AMERIGAS • Route planning and visualization • Enhanced performance monitoring • Technology-enabled marketing efforts • Ability to identify coaching and training opportunities Real-time performance AmeriMobile Routing indicators facilitate Cost Savings 2016- deeper insight into day- 2018 to-day management $20MM Technology to Drive Efficiency • Efficiency benefits are implemented across a broad platform • Improved distribution efficiency • Miles per stop improved 3% from FY17 and 7% from FY16 • Low fuel deliveries improved 7% from FY17 and 16% from FY16 42 AMERIGAS • Route planning and visualization • Enhanced performance monitoring • Technology-enabled marketing efforts • Ability to identify coaching and training opportunities Real-time performance AmeriMobile Routing indicators facilitate Cost Savings 2016- deeper insight into day- 2018 to-day management $20MM


National Accounts Program • Roughly 50% less weather Delivering to over sensitive than base business 50,000 • Customer-focused solution Customer Locations • Best in class back office 43 AMERIGAS • Turnkey installation options • Unparalleled footprint 21% • Leverage AmeriGas scale Volume increase since 2016 • 1,900 distribution points across all 50 states • Technology improvements (distribution, route optimization, etc.) National Accounts Program • Roughly 50% less weather Delivering to over sensitive than base business 50,000 • Customer-focused solution Customer Locations • Best in class back office 43 AMERIGAS • Turnkey installation options • Unparalleled footprint 21% • Leverage AmeriGas scale Volume increase since 2016 • 1,900 distribution points across all 50 states • Technology improvements (distribution, route optimization, etc.)


Cylinder Exchange Program – Key Attributes • Product of Convenience • Industry leader in automated vending • Home delivery pilot will go live this summer season • Continue to optimize distribution 44 AMERIGAS • National footprint • Expansion with major retailer and large convenience store chain • Roll-out several hundred “24/7” automated cylinder vending locations by the end of the calendar year Cylinder Exchange Program – Key Attributes • Product of Convenience • Industry leader in automated vending • Home delivery pilot will go live this summer season • Continue to optimize distribution 44 AMERIGAS • National footprint • Expansion with major retailer and large convenience store chain • Roll-out several hundred “24/7” automated cylinder vending locations by the end of the calendar year


Summary • Proven track record of exceeding our commitments to our shareholders • 6% - 10% long-term annual EPS growth • 4% annual dividend growth • Well-positioned to build on our momentum • Strong and growing natural gas demand • Utility rate base and customer growth UGI 45 CORPORATION • Marcellus-based infrastructure • Proposed AmeriGas transaction • National Accounts, Cylinder Exchange • Targeted M&A • LNG, energy marketing expansion • Broadening of activities in Europe • Enhanced technology platform to support growth and improve customer experience • Diversified and growing cash generation Summary • Proven track record of exceeding our commitments to our shareholders • 6% - 10% long-term annual EPS growth • 4% annual dividend growth • Well-positioned to build on our momentum • Strong and growing natural gas demand • Utility rate base and customer growth UGI 45 CORPORATION • Marcellus-based infrastructure • Proposed AmeriGas transaction • National Accounts, Cylinder Exchange • Targeted M&A • LNG, energy marketing expansion • Broadening of activities in Europe • Enhanced technology platform to support growth and improve customer experience • Diversified and growing cash generation


Appendix Appendix


UGI Corporation Adjusted Earnings Per Share (Million of dollars, except per share amounts)   Year Ended September 30, 2010 2011 2012 2013 2014 2015 2016 2017 2018 NON-GAAP RECONCILIATION: Adjusted net income attributable to UGI Corporation: Net income attributable to UGI Corporation $ 251.8 $ 245.4 $ 210.2 $ 278.1 $ 337.2 $ 281.0 $ 364.7 $ 4 36.6 $ 718.7 Net losses (gains) on commodity derivative instruments not associated with current-period transactions (net of tax of $(5.8), $11.5, 8.2 (17.4) (8.9) (4.3) 6.6 53.3 (29.9) (51.2) (68.1) $6.3, $3.1, $(4.5), $(30.9), $13.5, $31.9, and $26.7 respectively) (a) (b) Integration and acquisition expenses associated with Finagaz acquired on May 29, 2015 (net of tax of $0, $0, $0, $0, $(2.2), $(7.7), - - - - 4.3 14.9 17.3 26.2 18.5 $(10.6),$(13.7), and$(13.7) respectively) (a) Unrealized losses (gains) on foreign currenct derivative instruments (net of tax of $(9.9) and $9.3 in 2017 and 2018, respectively) (a) - - - - - - - 13.9 (19.6) Loss on extinguishments of debt (net of tax of $0, $0, $(1.4), $0, $0, $0, $(5.0),$(6.1), and $0 respectively) (a) - - 2.2 - - - 7.9 9.6 - Costs associated with extinguishment of debt (net of tax of $0, $(6.6), $0, $0, $0, $(5.7), $0, $0, and $0 respectively) (a) (c) - 10.4 - - - 4.6 - - Impact of retroactive change in French tax law - - - - 5.7 - - - - Integration and acquisition expenses associated with the retail propane businesses of Energy Transfer Partners, L.P. (“Heritage - - 8.8 4.4 - - - - - Propane”) acquired by the Partnership on January 12, 2012 (net of tax of $0, $0, $(5.6), $(2.8), $0, $0, $0, $0, and $0 respectively) (a) UGI 47 CORPORATION Impairment of Partnership tradenames and trademarks (net of tax of $(5.8) in 2018) - - - - - - - - 14.5 Impact from change in French tax rate - - - - - - - (29.0) (12.1) Reameasurement impact from TCJA - (166.3) Gain on sale of Atlantic Energy (net of tax of $19.3 in 2010) (17.2) $0.00 - - - - - - - Adjusted net income attributable to UGI Corporation (d) $ 242.8 $ 238.4 $ 212.3 $ 278.2 $ 353.8 $ 353.8 $ 360.0 $ 406.1 $ 485.6 Adjusted diluted earnings per common share attributable to UGI stockholders: UGI Corporation earnings per share - diluted $ 1.52 $ 1.45 $ 1 .24 $ 1.60 $ 1 .92 $ 1.60 $ 2 .08 $ 2.46 $ 4.06 Net losses (gains) on commodity derivative instruments not associated with current-period transactions (b) 0.05 (0.10) (0.05) (0.02) 0.04 0.30 (0.17) (0.29) (0.39) Integration and acquisition expenses associated with Finagaz acquired on May 29, 2015 - - - - 0.03 0.08 0.10 0.15 0.10 Unrealized losses(gains) on foreign currenct derivative instruments - - - - - - - 0.08 (0.11) Loss on extinguishments of debt - 0.06 0.01 - - - 0.04 0.05 - Costs associated with extinguishment of debt - - - - - 0.03 - - - Impact of retroactive change in French tax law - - - - 0.03 - - - - Integration and acquisition expenses associated with the retail propane businesses of Energy Transfer Partners, L.P. (“Heritage - - 0.05 0.03 - - - - - Propane”) acquired by the Partnership on January 12, 2012 Impairment of Partnership tradenames and trademarks - - - - - - - - 0.08 Impact from change in French tax rate - - - - - - - (0.16) (0.07) Reameasurement impact from TCJA - - - - - - - - (0.93) Gain on sale of Atlantic Energy (0.11) - - - - - - - - Adjusted diluted earnings per share (d) $ 1.46 $ 1.41 $ 1 .25 $ 1.61 $ 2 .02 $ 2 .01 $ 2.05 $ 2.29 $ 2.74UGI Corporation Adjusted Earnings Per Share (Million of dollars, except per share amounts) Year Ended September 30, 2010 2011 2012 2013 2014 2015 2016 2017 2018 NON-GAAP RECONCILIATION: Adjusted net income attributable to UGI Corporation: Net income attributable to UGI Corporation $ 251.8 $ 245.4 $ 210.2 $ 278.1 $ 337.2 $ 281.0 $ 364.7 $ 4 36.6 $ 718.7 Net losses (gains) on commodity derivative instruments not associated with current-period transactions (net of tax of $(5.8), $11.5, 8.2 (17.4) (8.9) (4.3) 6.6 53.3 (29.9) (51.2) (68.1) $6.3, $3.1, $(4.5), $(30.9), $13.5, $31.9, and $26.7 respectively) (a) (b) Integration and acquisition expenses associated with Finagaz acquired on May 29, 2015 (net of tax of $0, $0, $0, $0, $(2.2), $(7.7), - - - - 4.3 14.9 17.3 26.2 18.5 $(10.6),$(13.7), and$(13.7) respectively) (a) Unrealized losses (gains) on foreign currenct derivative instruments (net of tax of $(9.9) and $9.3 in 2017 and 2018, respectively) (a) - - - - - - - 13.9 (19.6) Loss on extinguishments of debt (net of tax of $0, $0, $(1.4), $0, $0, $0, $(5.0),$(6.1), and $0 respectively) (a) - - 2.2 - - - 7.9 9.6 - Costs associated with extinguishment of debt (net of tax of $0, $(6.6), $0, $0, $0, $(5.7), $0, $0, and $0 respectively) (a) (c) - 10.4 - - - 4.6 - - Impact of retroactive change in French tax law - - - - 5.7 - - - - Integration and acquisition expenses associated with the retail propane businesses of Energy Transfer Partners, L.P. (“Heritage - - 8.8 4.4 - - - - - Propane”) acquired by the Partnership on January 12, 2012 (net of tax of $0, $0, $(5.6), $(2.8), $0, $0, $0, $0, and $0 respectively) (a) UGI 47 CORPORATION Impairment of Partnership tradenames and trademarks (net of tax of $(5.8) in 2018) - - - - - - - - 14.5 Impact from change in French tax rate - - - - - - - (29.0) (12.1) Reameasurement impact from TCJA - (166.3) Gain on sale of Atlantic Energy (net of tax of $19.3 in 2010) (17.2) $0.00 - - - - - - - Adjusted net income attributable to UGI Corporation (d) $ 242.8 $ 238.4 $ 212.3 $ 278.2 $ 353.8 $ 353.8 $ 360.0 $ 406.1 $ 485.6 Adjusted diluted earnings per common share attributable to UGI stockholders: UGI Corporation earnings per share - diluted $ 1.52 $ 1.45 $ 1 .24 $ 1.60 $ 1 .92 $ 1.60 $ 2 .08 $ 2.46 $ 4.06 Net losses (gains) on commodity derivative instruments not associated with current-period transactions (b) 0.05 (0.10) (0.05) (0.02) 0.04 0.30 (0.17) (0.29) (0.39) Integration and acquisition expenses associated with Finagaz acquired on May 29, 2015 - - - - 0.03 0.08 0.10 0.15 0.10 Unrealized losses(gains) on foreign currenct derivative instruments - - - - - - - 0.08 (0.11) Loss on extinguishments of debt - 0.06 0.01 - - - 0.04 0.05 - Costs associated with extinguishment of debt - - - - - 0.03 - - - Impact of retroactive change in French tax law - - - - 0.03 - - - - Integration and acquisition expenses associated with the retail propane businesses of Energy Transfer Partners, L.P. (“Heritage - - 0.05 0.03 - - - - - Propane”) acquired by the Partnership on January 12, 2012 Impairment of Partnership tradenames and trademarks - - - - - - - - 0.08 Impact from change in French tax rate - - - - - - - (0.16) (0.07) Reameasurement impact from TCJA - - - - - - - - (0.93) Gain on sale of Atlantic Energy (0.11) - - - - - - - - Adjusted diluted earnings per share (d) $ 1.46 $ 1.41 $ 1 .25 $ 1.61 $ 2 .02 $ 2 .01 $ 2.05 $ 2.29 $ 2.74


2019 UGI Corporation Adjusted EPS by Segment UGI 48 CORPORATION 2019 UGI Corporation Adjusted EPS by Segment UGI 48 CORPORATION


Transaction Value ($69.2MM x 0.500) X $55.39 = $1.92BN Converted AmeriGas units times UGI’s current stock price Equity + + $7.63 X 69.2MM = $528MM Cash Cash consideration for each common unit of AmeriGas + UGI 49 CORPORATION + Debt $2.9BN X 0.74 = $2.15BN Proportion of total debt related to 74% ownership not held by UGI = affiliates Transaction Value = $1.92BN + $528MM + 2.15BN = $4.6BN Total Transaction Value Transaction Value ($69.2MM x 0.500) X $55.39 = $1.92BN Converted AmeriGas units times UGI’s current stock price Equity + + $7.63 X 69.2MM = $528MM Cash Cash consideration for each common unit of AmeriGas + UGI 49 CORPORATION + Debt $2.9BN X 0.74 = $2.15BN Proportion of total debt related to 74% ownership not held by UGI = affiliates Transaction Value = $1.92BN + $528MM + 2.15BN = $4.6BN Total Transaction Value


UGI Corporation Free Cash Flow ($ in millions) Year Ended September 30, 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 Net Cash Provided By Operating Activities $ 178.5 $ 1 41.9 $ 132.7 $ 203.5 $ 247.5 $ 249.1 $ 260.7 $ 437.7 $ 279.4 $ 456.2 $ 464.4 Less: Expenditures for property, plant, and equipment (69.2) (70.2) (71.0) (78.0) (94.7) (100.9) (133.7) (158.4) (191.7) (223.1) (2 32.1) Free Cash Flow Before Distributions on AmeriGas Partners Publically Held Common Units $ 109.3 $ 7 1.7 $ 61.7 $ 125.5 $ 152.8 $ 148.2 $ 127.0 $ 279.3 $ 87.7 $ 233.1 $ 232.3 Less: Distributions on AmeriGas Partners Publically Held Common Units (39.0) (39.0) (39.1) (44.3) (53.5) (56.4) (62.4) (66.6) (73.6) (8 5.0) (8 0.9) UGI 50 CORPORATION UGI Free Cash Flow After Distributions on AmeriGas Partners Publically Held Common Unit$ s 7 0.3 $ 3 2.7 $ 22.6 $ 81.2 $ 99.3 $ 91.8 $ 64.6 $ 212.7 $ 14.1 $ 148.1 $ 151.4 Year Ended September 30, 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Net Cash Provided By Operating Activities $ 6 65.0 $ 5 98.8 $ 554.7 $ 707.7 $ 801.5 $ 1,005.4 $ 1,163.8 $ 969.7 $ 964.4 $ 1,085.3 Less: Expenditures for property, plant, and equipment (301.8) (347.3) (360.7) (339.4) (486.0) (456.8) (490.6) (563.8) (638.9) (5 74.9) Free Cash Flow Before Distributions on AmeriGas Partners Publically Held Common Units $ 363.2 $ 251.5 $ 194.0 $ 368.3 $ 315.5 $ 548.6 $ 673.2 $ 405.9 $ 325.5 $ 510.4 Less: Distributions on AmeriGas Partners Publically Held Common Units (90.4) (89.1) (93.7) (181.7) (226.5) (237.7) (248.9) (257.3) (261.6) (2 63.0) UGI Free Cash Flow After Distributions on AmeriGas Partners Publically Held Common Unit$ s 2 72.8 $ 162.4 $ 100.3 $ 186.6 $ 89.0 $ 310.9 $ 424.3 $ 148.6 $ 63.9 $ 247.4UGI Corporation Free Cash Flow ($ in millions) Year Ended September 30, 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 Net Cash Provided By Operating Activities $ 178.5 $ 1 41.9 $ 132.7 $ 203.5 $ 247.5 $ 249.1 $ 260.7 $ 437.7 $ 279.4 $ 456.2 $ 464.4 Less: Expenditures for property, plant, and equipment (69.2) (70.2) (71.0) (78.0) (94.7) (100.9) (133.7) (158.4) (191.7) (223.1) (2 32.1) Free Cash Flow Before Distributions on AmeriGas Partners Publically Held Common Units $ 109.3 $ 7 1.7 $ 61.7 $ 125.5 $ 152.8 $ 148.2 $ 127.0 $ 279.3 $ 87.7 $ 233.1 $ 232.3 Less: Distributions on AmeriGas Partners Publically Held Common Units (39.0) (39.0) (39.1) (44.3) (53.5) (56.4) (62.4) (66.6) (73.6) (8 5.0) (8 0.9) UGI 50 CORPORATION UGI Free Cash Flow After Distributions on AmeriGas Partners Publically Held Common Unit$ s 7 0.3 $ 3 2.7 $ 22.6 $ 81.2 $ 99.3 $ 91.8 $ 64.6 $ 212.7 $ 14.1 $ 148.1 $ 151.4 Year Ended September 30, 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Net Cash Provided By Operating Activities $ 6 65.0 $ 5 98.8 $ 554.7 $ 707.7 $ 801.5 $ 1,005.4 $ 1,163.8 $ 969.7 $ 964.4 $ 1,085.3 Less: Expenditures for property, plant, and equipment (301.8) (347.3) (360.7) (339.4) (486.0) (456.8) (490.6) (563.8) (638.9) (5 74.9) Free Cash Flow Before Distributions on AmeriGas Partners Publically Held Common Units $ 363.2 $ 251.5 $ 194.0 $ 368.3 $ 315.5 $ 548.6 $ 673.2 $ 405.9 $ 325.5 $ 510.4 Less: Distributions on AmeriGas Partners Publically Held Common Units (90.4) (89.1) (93.7) (181.7) (226.5) (237.7) (248.9) (257.3) (261.6) (2 63.0) UGI Free Cash Flow After Distributions on AmeriGas Partners Publically Held Common Unit$ s 2 72.8 $ 162.4 $ 100.3 $ 186.6 $ 89.0 $ 310.9 $ 424.3 $ 148.6 $ 63.9 $ 247.4


Midstream & Marketing Total Margin ($ in millions) Year Ended September 30, 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Total Revenues $ 1,409.8 $ 1,696.4 $ 1,309.5 $ 1,222.6 $ 1,155.9 $ 942.2 $ 1 ,122.8 $ 1 ,473.7 $ 1,181.4 $ 876.6 $ 1 ,121.2 $ 1 ,421.7 Total Cost of Sales (1,282.3) (1,541.0) (1,147.8) (1,055.5) (986.5) (779.7) (927.3) (1,149.8) (872.4) (612.2) (856.7) (1,090.8) Net Margin $ 127.5 $ 155.3 $ 161.7 $ 167.1 $ 169.4 $ 1 62.5 $ 195.5 $ 323.9 $ 309.0 $ 264.4 $ 264.5 $ 330.9 UGI 51 CORPORATION Margin Breakdown: Commodity Marketing $ 42.7 $ 38.9 $ 42.2 $ 60.2 $ 67.5 $ 56.9 $ 57.6 $ 61.9 $ 60.6 $ 45.7 $ 48.8 $ 49.8 Midstream 30.7 46.1 49.0 47.4 51.7 57.5 74.9 184.9 180.4 161.1 168.0 225.0 Power Generation 27.5 39.2 35.0 27.7 18.2 16.0 31.5 45.5 43.6 34.2 27.9 34.9 HVAC 26.6 31.2 35.5 31.9 31.9 32.1 31.5 31.7 24.4 23.3 19.8 21.2 Net Margin $ 127.5 $ 155.3 $ 161.7 $ 167.1 $ 169.4 $ 1 62.5 $ 195.6 $ 323.9 $ 309.0 $ 264.4 $ 264.5 $ 330.9 Margin excludes commodity derivative mark-to-market adjustments Midstream & Marketing Total Margin ($ in millions) Year Ended September 30, 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Total Revenues $ 1,409.8 $ 1,696.4 $ 1,309.5 $ 1,222.6 $ 1,155.9 $ 942.2 $ 1 ,122.8 $ 1 ,473.7 $ 1,181.4 $ 876.6 $ 1 ,121.2 $ 1 ,421.7 Total Cost of Sales (1,282.3) (1,541.0) (1,147.8) (1,055.5) (986.5) (779.7) (927.3) (1,149.8) (872.4) (612.2) (856.7) (1,090.8) Net Margin $ 127.5 $ 155.3 $ 161.7 $ 167.1 $ 169.4 $ 1 62.5 $ 195.5 $ 323.9 $ 309.0 $ 264.4 $ 264.5 $ 330.9 UGI 51 CORPORATION Margin Breakdown: Commodity Marketing $ 42.7 $ 38.9 $ 42.2 $ 60.2 $ 67.5 $ 56.9 $ 57.6 $ 61.9 $ 60.6 $ 45.7 $ 48.8 $ 49.8 Midstream 30.7 46.1 49.0 47.4 51.7 57.5 74.9 184.9 180.4 161.1 168.0 225.0 Power Generation 27.5 39.2 35.0 27.7 18.2 16.0 31.5 45.5 43.6 34.2 27.9 34.9 HVAC 26.6 31.2 35.5 31.9 31.9 32.1 31.5 31.7 24.4 23.3 19.8 21.2 Net Margin $ 127.5 $ 155.3 $ 161.7 $ 167.1 $ 169.4 $ 1 62.5 $ 195.6 $ 323.9 $ 309.0 $ 264.4 $ 264.5 $ 330.9 Margin excludes commodity derivative mark-to-market adjustments


AmeriGas Unit Margins ($ in thousands) Year Ended September 30, 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Propane revenues $ 2,624,672 $ 2,091,890 $ 2,158,800 $ 2,360,439 $ 2,677,631 $ 2,884,766 $ 3,440,868 $ 2,612,401 $ 2,053,160 $ 2,183,538 $ 2,545,794 Propane cost of sales (1,836,917) (1,254,332) (1,340,615) (1,546,161) (1,642,658) (1,571,574) (2,034,592) (1,301,167) (719,842) (891,261) (1,215,616) UGI 52 Adjustment for Commodity Mark-to-Market (gain) loss - - - - - - 9,496 47,841 (66,079) (31,062) (12,473) CORPORATION Total adjusted propane margin $ 787,755 $ 837,558 $ 818,185 $ 814,278 $ 1,034,973 $ 1,313,192 $ 1,415,772 $ 1,359,075 $ 1,267,239 $ 1,261,215 $ 1,317,705 Total Retail and Wholesale Gallons Sold 1,104,400 1,047,900 1,022,600 999,000 1,123,100 1,347,000 1,369,000 1,238,700 1,115,222 1,096,010 1,143,565 Average Adjusted Propane Margin per Gallon $ 0.71 $ 0.80 $ 0.80 $ 0.82 $ 0.92 $ 0.97 $ 1.03 $ 1.10 $ 1.14 $ 1.15 $ 1.15AmeriGas Unit Margins ($ in thousands) Year Ended September 30, 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Propane revenues $ 2,624,672 $ 2,091,890 $ 2,158,800 $ 2,360,439 $ 2,677,631 $ 2,884,766 $ 3,440,868 $ 2,612,401 $ 2,053,160 $ 2,183,538 $ 2,545,794 Propane cost of sales (1,836,917) (1,254,332) (1,340,615) (1,546,161) (1,642,658) (1,571,574) (2,034,592) (1,301,167) (719,842) (891,261) (1,215,616) UGI 52 Adjustment for Commodity Mark-to-Market (gain) loss - - - - - - 9,496 47,841 (66,079) (31,062) (12,473) CORPORATION Total adjusted propane margin $ 787,755 $ 837,558 $ 818,185 $ 814,278 $ 1,034,973 $ 1,313,192 $ 1,415,772 $ 1,359,075 $ 1,267,239 $ 1,261,215 $ 1,317,705 Total Retail and Wholesale Gallons Sold 1,104,400 1,047,900 1,022,600 999,000 1,123,100 1,347,000 1,369,000 1,238,700 1,115,222 1,096,010 1,143,565 Average Adjusted Propane Margin per Gallon $ 0.71 $ 0.80 $ 0.80 $ 0.82 $ 0.92 $ 0.97 $ 1.03 $ 1.10 $ 1.14 $ 1.15 $ 1.15


UGI International Total Margin ($ in millions) UGI 53 CORPORATION Margin excludes commodity derivative mark-to-market adjustments UGI International Total Margin ($ in millions) UGI 53 CORPORATION Margin excludes commodity derivative mark-to-market adjustments


UGI France Unit Margins ($ in thousands) 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 LPG revenues $ 1,062,561 $ 8 37,676 $ 8 87,067 $ 1,050,628 $ 1,083,666 $ 1,244,753 $ 1,169,610 $ 9 42,511 $ 1,160,013 $ 1,144,939 $ 1,349,884 LPG cost of sales (615,944) (362,425) (465,867) (649,824) (650,305) (774,097) (727,029) (461,567) (432,429) (441,559) (612,295) Total adjusted LPG margin (USD) $ 446,617 $ 475,251 $ 421,200 $ 400,804 $ 433,361 $ 470,656 $ 442,581 $ 4 80,944 $ 727,584 $ 703,380 $ 737,589 Foreign Currency Exchange Rates (Euro/USD) 1.51 1 .35 1 .36 1.40 1.30 1.31 1.36 1.15 1.11 1.11 1.19 Total adjusted LPG margin (Euro) € 296,261 € 350,903 € 3 10,608 € 286,427 € 332,758 € 358,630 € 326,279 € 4 18,212 € 657,678 € 633,676 € 619,823 UGI 54 Total Retail Tons Sold 567 561 542 524 575 596 539 639 963 983 960 CORPORATION Gallons/ton 516 516 516 516 516 516 516 516 516 516 516 Total Retail Gallons Sold 292,616 289,290 279,889 270,542 296,704 307,771 278,320 329,947 497,028 507,228 495,360 Average Adjusted LPG Margin per Gallon € 1.01 € 1.21 € 1.11 € 1.06 € 1.12 € 1.17 € 1.17 € 1 .27 € 1.32 € 1.25 € 1.25 Margin excludes commodity derivative mark-to-market adjustments UGI France Unit Margins ($ in thousands) 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 LPG revenues $ 1,062,561 $ 8 37,676 $ 8 87,067 $ 1,050,628 $ 1,083,666 $ 1,244,753 $ 1,169,610 $ 9 42,511 $ 1,160,013 $ 1,144,939 $ 1,349,884 LPG cost of sales (615,944) (362,425) (465,867) (649,824) (650,305) (774,097) (727,029) (461,567) (432,429) (441,559) (612,295) Total adjusted LPG margin (USD) $ 446,617 $ 475,251 $ 421,200 $ 400,804 $ 433,361 $ 470,656 $ 442,581 $ 4 80,944 $ 727,584 $ 703,380 $ 737,589 Foreign Currency Exchange Rates (Euro/USD) 1.51 1 .35 1 .36 1.40 1.30 1.31 1.36 1.15 1.11 1.11 1.19 Total adjusted LPG margin (Euro) € 296,261 € 350,903 € 3 10,608 € 286,427 € 332,758 € 358,630 € 326,279 € 4 18,212 € 657,678 € 633,676 € 619,823 UGI 54 Total Retail Tons Sold 567 561 542 524 575 596 539 639 963 983 960 CORPORATION Gallons/ton 516 516 516 516 516 516 516 516 516 516 516 Total Retail Gallons Sold 292,616 289,290 279,889 270,542 296,704 307,771 278,320 329,947 497,028 507,228 495,360 Average Adjusted LPG Margin per Gallon € 1.01 € 1.21 € 1.11 € 1.06 € 1.12 € 1.17 € 1.17 € 1 .27 € 1.32 € 1.25 € 1.25 Margin excludes commodity derivative mark-to-market adjustments