

														Midstream & Marketing					UGI International
	Total			Elim- inations				AmeriGas Propane			Gas Utility			Energy Services			Electric Generation		UGI France				Flaga & Other			Corporate & Other (b)
2015
Revenues	$	6,691.1		$	(232.6	)	(c)	$	2,885.3		$	933.1		$	1,041.8		$	75.9	$	1,122.2			$	686.3		$	179.1
Cost of sales	$	3,736.5		$	(228.8	)	(c)	$	1,340.0		$	448.6		$	800.9		$	32.2	$	628.0			$	492.0		$	223.6
Operating income (loss)	$	834.9		$	(0.9	)		$	427.6		$	226.5		$	171.8		$	13.0	$	75.9			$	36.9		$	(115.9	)
Loss from equity investees	(1.2		)	—				—			—			—			—		(1.2		)		—			—
Interest expense	(241.9		)	—				(162.8		)	(39.1		)	(2.1		)	—		(31.6		)	(d)	(3.6		)	(2.7		)
Income (loss) before income taxes	$	591.8		$	(0.9	)		$	264.8		$	187.4		$	169.7		$	13.0	$	43.1			$	33.3		$	(118.6	)
Net income (loss) attributable to UGI	$	281.0		$	(0.6	)		$	61.0		$	115.8		$	99.3		$	9.6	$	27.5			$	25.2		$	(56.8	)
Depreciation and amortization	$	374.1		$	—			$	194.9		$	59.0		$	14.6		$	12.5	$	63.7			$	23.2		$	6.2
Noncontrolling interests’ net income (loss)	$	133.0		$	—			$	167.9		$	—		$	—		$	—	$	—			$	(0.1	)	$	(34.8	)
Partnership Adjusted EBITDA (a)								$	619.2



														Midstream & Marketing					UGI International
	Total			Elim- inations				AmeriGas Propane			Gas Utility			Energy Services			Electric Generation		UGI France			Flaga & Other			Corporate & Other (b)
Total assets	$	10,546.6		$	(90.4	)		$	4,150.0		$	2,362.4		$	664.3		$	282.0	$	2,340.4		$	529.1		$	308.8
Short-term borrowings	$	189.9		$	—			$	68.1		$	71.7		$	49.5		$	—	$	0.1		$	0.5		$	—
Capital expenditures	$	475.4		$	—			$	102.0		$	189.7		$	71.5		$	16.7	$	65.0		$	22.5		$	8.0
Investments in equity investees	$	16.2		$	—			$	—		$	—		$	6.4		$	—	$	6.0		$	3.8		$	—
Goodwill	$	2,953.4		$	—			$	1,956.0		$	182.1		$	5.6		$	—	$	721.4		$	82.3		$	6.0

2014
Revenues	$	8,277.3		$	(321.3	)	(c)	$	3,712.9		$	977.3		$	1,305.5		$	85.1	$	1,295.5		$	1,026.9		$	195.4
Cost of sales	$	5,175.7		$	(317.7	)	(c)	$	2,107.1		$	496.8		$	1,058.8		$	39.6	$	848.1		$	809.9		$	133.1
Operating income (loss)	$	1,005.6		$	0.2			$	472.0		$	236.2		$	180.5		$	18.1	$	79.1		$	38.4		$	(18.9	)
Loss from equity investees	(0.1		)	—				—			—			—			—		(0.1		)	—			—
Interest expense	(237.7		)	—				(165.6		)	(36.6		)	(2.9		)	—		(25.1		)	(4.9		)	(2.6		)
Income (loss) before income taxes	767.8			0.2				306.4			199.6			177.6			18.1		53.9			33.5			(21.5		)
Net income (loss) attributable to UGI	$	337.2		$	—			$	63.0		$	118.8		$	105.2		$	12.6	$	20.6		$	27.7		$	(10.7	)
Depreciation and amortization	$	362.9		$	—			$	197.2		$	54.8		$	12.3		$	10.7	$	54.5		$	27.1		$	6.3
Noncontrolling interests’ net income (loss)	$	195.4		$	—			$	195.8		$	—		$	—		$	—	$	(0.4	)	$	—		$	—
Partnership Adjusted EBITDA (a)								$	664.8
Total assets	$	10,093.0		$	(86.5	)		$	4,377.0		$	2,214.1		$	569.0		$	277.7	$	1,659.1		$	643.6		$	439.0
Short-term borrowings	$	210.8		$	—			$	109.0		$	86.3		$	7.5		$	—	$	—		$	8.0		$	—
Capital expenditures	$	436.4		$	—			$	113.9		$	156.4		$	67.8		$	15.6	$	50.2		$	23.0		$	9.5
Investments in equity investees	$	0.6		$	—			$	—		$	—		$	—		$	—	$	—		$	0.6		$	—
Goodwill	$	2,833.4		$	—			$	1,945.1		$	182.1		$	5.6		$	—	$	601.2		$	92.4		$	7.0

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 Adjusted 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
Short-term borrowings	$	227.9		$	—			$	116.9		$	17.5		$	87.0		$	—	$	—		$	6.5		$	—
Capital expenditures	$	488.0		$	(1.1	)		$	111.1		$	144.4		$	133.8		$	22.6	$	53.4		$	17.4		$	6.4
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


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



	2015			2014			2013
Partnership Adjusted EBITDA	$	619.2		$	664.8		$	596.5
Depreciation and amortization	(194.9		)	(197.2		)	(205.9		)
Noncontrolling interests (i)	3.3			4.4			3.8
Operating income	$	427.6		$	472.0		$	394.4


(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 the effects of net pre-tax gains and (losses) on commodity derivative instruments not associated with current-period transactions totaling $(119.1), $(18.0) and $7.4 in Fiscal 2015, Fiscal 2014 and Fiscal 2013, respectively. Corporate & Other assets principally comprise cash, short-term investments, the assets of Electric Utility and HVAC. Through March 2014, Corporate & Other also had an intercompany loan. The intercompany loan interest is removed in the segment presentation.


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


(d)	Includes pre-tax loss of $10.3 associated with an early extinguishment of debt (see Note 6).