

														Midstream & Marketing					UGI International
	Total			Elim- inations				AmeriGas Propane			Gas Utility			Energy Services			Electric Generation		Antargaz			Flaga & Other			Corporate & Other (b)
2013
Revenues	$	7,194.7		$	(223.8	)	(c)	$	3,168.8		$	839.0		$	969.4		$	71.4	$	1,322.6		$	856.6		$	190.7
Cost of sales	$	4,324.4		$	(217.5	)	(c)	$	1,657.2		$	407.2		$	836.9		$	39.9	$	845.0		$	653.4		$	102.3
Operating income	$	831.1		$	(1.1	)		$	394.4		$	196.5		$	82.5		$	7.5	$	111.4		$	35.6		$	4.3
Loss from equity investees	$	(0.4	)	—				—			—			—			—		(0.4		)	—			—
Interest expense	$	(240.3	)	—				(166.6		)	(37.4		)	(3.2		)	—		(25.3		)	(5.1		)	(2.7		)
Income before income taxes	$	590.4		$	(1.1	)		$	227.8		$	159.1		$	79.3		$	7.5	$	85.7		$	30.5		$	1.6
Net income attributable to UGI	$	278.1		$	(0.6	)		$	47.5		$	94.3		$	46.3		$	6.2	$	57.2		$	25.5		$	1.7
Depreciation and amortization	$	363.1		$	—			$	205.9		$	51.7		$	7.6		$	10.0	$	57.6		$	24.1		$	6.2
Noncontrolling interests’ net income (loss)	$	149.5		$	—			$	149.6		$	—		$	—		$	—	$	(0.2	)	$	0.1		$	—
Partnership EBITDA (a)								$	596.5
Total assets	$	10,008.8		$	(100.3	)		$	4,429.3		$	2,069.0		$	501.2		$	269.7	$	1,784.4		$	667.1		$	388.4
Bank loans	$	227.9		$	—			$	116.9		$	17.5		$	87.0		$	—	$	—		$	6.5		$	—
Capital expenditures	$	489.1		$	(1.1	)		$	111.1		$	144.4		$	133.8		$	22.6	$	53.4		$	17.4		$	7.5
Investments in equity investees	$	0.3		$	—			$	—		$	—		$	—		$	—	$	—		$	0.3		$	—
Goodwill	$	2,873.7		$	—			$	1,941.0		$	182.1		$	2.8		$	—	$	643.7		$	97.1		$	7.0



														Midstream & Marketing						UGI International
	Total			Elim- inations				AmeriGas Propane			Gas Utility			Energy Services			Electric Generation			Antargaz			Flaga & Other			Corporate & Other (b)

2012
Revenues	$	6,521.3		$	(178.8	)	(c)	$	2,921.5		$	785.4		$	816.4		$	43.9		$	1,121.4		$	824.7		$	186.8
Cost of sales	$	4,099.1		$	(174.0	)	(c)	$	1,722.4		$	402.5		$	701.9		$	28.0		$	685.5		$	640.3		$	92.5
Operating income (loss)	$	538.6		$	—			$	168.7		$	174.1		$	70.8		$	(6.5	)	$	88.3		$	23.6		$	19.6
Loss from equity investees	$	(0.3	)	—				—			—			—			—			(0.3		)	—			—
Loss on extinguishments of debt	$	(13.3	)	—				(13.3		)	—			—			—			—			—			—
Interest expense	$	(220.4	)	—				(141.5		)	(40.1		)	(4.8		)	—			(26.3		)	(4.6		)	(3.1		)
Income (loss) before income taxes	$	304.6		$	—			$	13.9		$	134.0		$	66.0		$	(6.5	)	$	61.7		$	19.0		$	16.5
Net income (loss) attributable to UGI	$	210.2		$	—			$	15.4		$	81.6		$	38.7		$	(1.0	)	$	51.4		$	13.8		$	10.3
Depreciation and amortization	$	315.0		$	—			$	168.1		$	49.0		$	3.7		$	9.0		$	57.1		$	22.1		$	6.0
Noncontrolling interests’ net (loss) income	$	(12.5	)	$	—			$	(12.7	)	$	—		$	—		$	—		$	0.2		$	—		$	—
Partnership EBITDA (a)								$	322.1
Total assets	$	9,676.9		$	(104.1	)		$	4,533.8		$	2,045.5		$	368.5		$	258.2		$	1,686.5		$	531.8		$	356.7
Bank loans	$	165.1		$	—			$	49.9		$	9.2		$	85.0		$	—		$	—		$	21.0		$	—
Capital expenditures	$	343.2		$	—			$	103.1		$	109.0		$	36.0		$	24.4		$	47.3		$	16.9		$	6.5
Investments in equity investees	$	0.3		$	—			$	—		$	—		$	—		$	—		$	—		$	0.3		$	—
Goodwill	$	2,818.3		$	—			$	1,919.2		$	182.1		$	2.8		$	—		$	612.0		$	95.2		$	7.0

2011
Revenues	$	6,090.9		$	(233.0	)	(c)	$	2,538.2		$	1,026.4		$	1,023.8		$	48.6		$	1,050.6		$	438.1		$	198.2
Cost of sales	$	3,982.7		$	(228.6	)	(c)	$	1,605.4		$	610.6		$	904.5		$	30.4		$	649.8		$	321.0		$	89.6
Operating income (loss)	$	642.4		$	—			$	241.6		$	199.6		$	81.9		$	(1.1	)	$	89.2		$	(3.1	)	$	34.3
Loss from equity investees	$	(0.9	)	—				—			—			—			—			(0.9		)	—			—
Loss on extinguishments of debt	$	(38.1	)	—				(38.1		)	—			—			—			—			—			—
Interest expense	$	(138.0	)	—				(63.5		)	(40.4		)	(2.0		)	(0.7		)	(25.5		)	(2.7		)	(3.2		)
Income (loss) before income taxes	$	465.4		$	—			$	140.0		$	159.2		$	79.9		$	(1.8	)	$	62.8		$	(5.8	)	$	31.1
Net income attributable to UGI	$	245.4		$	—			$	39.5		$	99.3		$	47.1		$	0.9		$	44.2		$	(3.2	)	$	17.6
Depreciation and amortization	$	227.7		$	—			$	94.5		$	48.4		$	2.4		$	5.6		$	52.1		$	18.5		$	6.2
Noncontrolling interests’ net income	$	74.6		$	—			$	74.3		$	—		$	—		$	—		$	0.3		$	—		$	—
Partnership EBITDA (a)								$	295.6
Total assets	$	6,660.9		$	(93.3	)		$	1,798.0		$	2,028.7		$	338.2		$	242.5		$	1,636.6		$	428.8		$	281.4
Bank loans	$	138.7		$	—			$	95.5		$	—		$	24.3		$	—		$	—		$	18.9		$	—
Capital expenditures	$	355.6		$	—			$	77.2		$	91.3		$	63.1		$	49.7		$	48.9		$	16.5		$	8.9
Investments in equity investees	$	0.3		$	—			$	—		$	—		$	—		$	—		$	—		$	0.3		$	—
Goodwill	$	1,562.2		$	—			$	696.3		$	182.1		$	2.8		$	—		$	591.8		$	82.2		$	7.0


(a)	The following table provides a reconciliation of Partnership EBITDA to AmeriGas Propane operating income:



Year ended September 30,	2013			2012			2011
Partnership EBITDA	$	596.5		$	322.1		$	295.6
Depreciation and amortization	(205.9		)	(168.1		)	(94.5		)
Loss on extinguishments of debt	—			13.3			38.1
Noncontrolling interests (i)	3.8			1.4			2.4
Operating income	$	394.4		$	168.7		$	241.6


(i)	Principally represents the General Partner’s 1.01% interest in AmeriGas OLP.

(b)

Corporate & Other results principally comprise (1) Electric Utility, (2) Enterprises’ heating, ventilation, air-conditioning, refrigeration and electrical contracting businesses (“HVAC”), (3) changes in the fair values of Midstream & Marketing’s unsettled commodity derivative instruments and gains and losses on settled commodity derivative instruments not associated with current period transactions, (4) net expenses of UGI’s captive general liability insurance company, and (5) UGI Corporation’s unallocated corporate and general expenses and interest income. Corporate & Other assets principally comprise cash, short-term investments, the assets of Electric Utility and HVAC, and an intercompany loan. The intercompany loan and associated interest is removed in the segment presentation.


(c)	Represents the elimination of intersegment transactions principally among Midstream & Marketing, Gas Utility and AmeriGas Propane.