

														Midstream & Marketing					UGI International
	Total			Elim- inations				AmeriGas Propane			Gas Utility			Energy Services			Electric Generation		Antargaz			Flaga & Other			Corporate & Other (b)
Three Months Ended March 31, 2015
Revenues	$	2,455.6		$	(114.7	)	(c)	$	1,100.3		$	468.0		$	409.4		$	24.8	$	347.2		$	172.9		$	47.7
Cost of sales	$	1,205.4		$	(114.0	)	(c)	$	505.2		$	258.2		$	296.5		$	9.4	$	200.3		$	123.3		$	(73.5	)
Segment profit:
Operating income	$	702.1		$	0.1			$	296.9		$	139.3		$	93.9		$	8.0	$	53.2		$	11.5		$	99.2
Loss from equity investees	(0.1		)	—				—			—			—			—		(0.1		)	—			—
Interest expense	(58.2		)	—				(41.1		)	(10.1		)	(0.5		)	—		(4.9		)	(0.9		)	(0.7		)
Income before income taxes	$	643.8		$	0.1			$	255.8		$	129.2		$	93.4		$	8.0	$	48.2		$	10.6		$	98.5
Partnership Adjusted EBITDA (a)								$	342.1
Noncontrolling interests’ net income	$	235.7		$	—			$	88.3		$	—		$	—		$	—	$	0.3		$	—		$	147.1
Depreciation and amortization	$	88.0		$	(0.1	)		$	48.1		$	14.5		$	3.6		$	3.3	$	11.8		$	5.2		$	1.6
Capital expenditures	$	91.4		$	—			$	26.8		$	39.2		$	5.9		$	2.3	$	9.6		$	5.4		$	2.2



														Midstream & Marketing					UGI International
	Total			Elim- inations				AmeriGas Propane			Gas Utility			Energy Services			Electric Generation		Antargaz			Flaga & Other			Corporate & Other (b)
Three Months Ended March 31, 2014
Revenues	$	3,163.3		$	(164.7	)	(c)	$	1,493.7		$	480.1		$	588.9		$	25.1	$	412.0		$	277.2		$	51.0
Cost of sales	$	2,001.3		$	(164.0	)	(c)	$	885.5		$	278.8		$	457.9		$	9.4	$	266.7		$	222.7		$	44.3
Segment profit:
Operating income (loss)	$	588.6		$	0.2			$	284.8		$	134.5		$	111.5		$	9.9	$	52.9		$	10.9		$	(16.1	)
Income from equity investees	—			—				—			—			—			—		—			—			—
Interest expense	(59.5		)	—				(42.0		)	(8.4		)	(1.0		)	—		(6.4		)	(1.1		)	(0.6		)
Income (loss) before income taxes	$	529.1		$	0.2			$	242.8		$	126.1		$	110.5		$	9.9	$	46.5		$	9.8		$	(16.7	)
Partnership Adjusted EBITDA (a)								$	331.2
Noncontrolling interests’ net income	$	173.4		$	—			$	173.2		$	—		$	—		$	—	$	0.2		$	—		$	—
Depreciation and amortization	$	87.7		$	(0.1	)		$	49.2		$	13.6		$	3.2		$	2.7	$	10.3		$	7.2		$	1.6
Capital expenditures	$	85.3		$	—			$	27.7		$	30.0		$	8.4		$	1.8	$	11.3		$	4.2		$	1.9



														Midstream & Marketing					UGI International
	Total			Elim- inations				AmeriGas Propane			Gas Utility			Energy Services			Electric Generation		Antargaz			Flaga & Other			Corporate & Other (b)
Six Months Ended March 31, 2015
Revenues	$	4,460.2		$	(182.4	)	(c)	$	1,989.1		$	728.5		$	706.4		$	41.3	$	685.1		$	397.5		$	94.7
Cost of sales	$	2,610.0		$	(181.0	)	(c)	$	967.6		$	385.4		$	530.9		$	17.4	$	409.6		$	295.9		$	184.2
Segment profit:
Operating income (loss)	$	785.4		$	0.1			$	436.6		$	211.1		$	140.1		$	7.3	$	91.6		$	26.6		$	(128.0	)
Loss from equity investees	(1.1		)	—				—			—			—			—		(1.1		)	—			—
Interest expense	(117.2		)	—				(82.1		)	(20.2		)	(1.1		)	—		(10.5		)	(1.9		)	(1.4		)
Income (loss) before income taxes	$	667.1		$	0.1			$	354.5		$	190.9		$	139.0		$	7.3	$	80.0		$	24.7		$	(129.4	)
Partnership Adjusted EBITDA (a)								$	530.6
Noncontrolling interests’ net income	$	201.8		$	—			$	155.1		$	—		$	—		$	—	$	0.4		$	—		$	46.3
Depreciation and amortization	$	179.0		$	(0.1	)		$	97.5		$	28.8		$	7.2		$	6.0	$	25.1		$	11.3		$	3.2
Capital expenditures	$	214.9		$	—			$	57.2		$	92.7		$	18.7		$	8.9	$	21.7		$	11.8		$	3.9
As of March 31, 2015
Total assets	$	10,182.7		$	(109.5	)		$	4,423.8		$	2,359.1		$	690.8		$	281.2	$	1,569.2		$	539.7		$	428.4
Short-term borrowings	$	89.9		$	—			$	55.0		$	30.5		$	—		$	—	$	0.1		$	4.3		$	—
Goodwill	$	2,731.2		$	—			$	1,949.7		$	182.1		$	5.6		$	—	$	510.9		$	76.7		$	6.2



														Midstream & Marketing					UGI International
	Total			Elim- inations				AmeriGas Propane			Gas Utility			Energy Services			Electric Generation		Antargaz			Flaga & Other			Corporate & Other (b)
Six Months Ended March 31, 2014
Revenues	$	5,479.2		$	(230.2	)	(c)	$	2,539.5		$	751.7		$	861.6		$	45.9	$	837.3		$	570.5		$	102.9
Cost of sales	$	3,431.2		$	(228.4	)	(c)	$	1,468.2		$	414.3		$	685.0		$	20.0	$	549.2		$	454.4		$	68.5
Segment profit:
Operating income (loss)	$	952.3		$	0.1			$	464.5		$	216.6		$	143.3		$	14.3	$	96.1		$	24.6		$	(7.2	)
Income from equity investees	—			—				—			—			—			—		—			—			—
Interest expense	(118.8		)	—				(83.6		)	(16.8		)	(2.0		)	—		(12.8		)	(2.4		)	(1.2		)
Income (loss) before income taxes	$	833.5		$	0.1			$	380.9		$	199.8		$	141.3		$	14.3	$	83.3		$	22.2		$	(8.4	)
Partnership EBITDA (a)								$	561.5
Noncontrolling interests’ net income	$	268.9		$	—			$	268.6		$	—		$	—		$	—	$	0.3		$	—		$	—
Depreciation and amortization	$	181.7		$	(0.1	)		$	101.5		$	27.0		$	5.8		$	5.3	$	25.3		$	13.8		$	3.1
Capital expenditures	$	188.1		$	(1.2	)		$	51.0		$	62.9		$	30.1		$	11.1	$	21.1		$	8.8		$	4.3
As of March 31, 2014
Total assets	$	10,720.5		$	(116.3	)		$	4,692.3		$	2,195.4		$	643.2		$	283.9	$	1,923.2		$	660.4		$	438.4
Short-term borrowings	$	260.1		$	—			$	198.0		$	6.5		$	51.5		$	—	$	—		$	4.1		$	—
Goodwill	$	2,886.0		$	—			$	1,939.0		$	182.1		$	2.8		$	—	$	655.3		$	99.8		$	7.0


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



	Three Months Ended March 31,						Six Months Ended March 31,
	2015			2014			2015			2014
Partnership Adjusted EBITDA	$	342.1		$	331.2		$	530.6		$	561.5
Depreciation and amortization	(48.1		)	(49.2		)	(97.5		)	(101.5		)
Noncontrolling interests (i)	2.9			2.8			3.5			4.5
Operating income	$	296.9		$	284.8		$	436.6		$	464.5


(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) net expenses of UGI’s captive general liability insurance company, and (4) UGI Corporation’s unallocated corporate and general expenses and interest income. In addition, Corporate & Other results also include net gains and (losses) on commodity derivative instruments not associated with current-period transactions totaling $102.2 and $(13.2) during the three months ended March 31, 2015 and 2014, respectively, and $(127.5) and $(6.0) during the six months ended March 31, 2015 and 2014, respectively. Corporate & Other assets principally comprise cash, short-term investments, the assets of Electric Utility and HVAC, and, in the three and six months ended March 31, 2014, 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.