Three Months Ended March 31, 2014:



														Midstream & Marketing					UGI International
	Total			Eliminations				AmeriGas Propane			Gas Utility			Energy Services			Electric Generation		Antargaz			Flaga & Other			Corporate & Other (b)
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 EBITDA (a)								$	331.3
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
Total assets (at period end)	$	10,720.5		$	(116.3	)		$	4,692.3		$	2,195.4		$	643.2		$	283.9	$	1,923.2		$	660.4		$	438.4
Bank loans (at period end)	$	260.1		$	—			$	198.0		$	6.5		$	51.5		$	—	$	—		$	4.1		$	—
Goodwill (at period end)	$	2,886.0		$	—			$	1,939.0		$	182.1		$	2.8		$	—	$	655.3		$	99.8		$	7.0

Three Months Ended March 31, 2013:



														Midstream & Marketing					UGI International
	Total			Eliminations				AmeriGas Propane			Gas Utility			Energy Services			Electric Generation		Antargaz			Flaga & Other			Corporate & Other (b)
Revenues	$	2,542.7		$	(61.1	)	(c)	$	1,183.3		$	368.6		$	304.0		$	17.4	$	452.6		$	230.9		$	47.0
Cost of sales	$	1,486.7		$	(58.8	)	(c)	$	612.4		$	196.7		$	246.1		$	10.9	$	285.8		$	177.4		$	16.2
Segment profit:
Operating income	$	507.7		$	(0.9	)		$	266.4		$	105.7		$	44.4		$	0.6	$	67.8		$	13.8		$	9.9
Income from equity investees	0.1			—				—			—			—			—		0.1			—			—
Interest expense	(60.1		)	—				(41.8		)	(9.3		)	(0.8		)	—		(6.3		)	(1.3		)	(0.6		)
Income before income taxes	$	447.7		$	(0.9	)		$	224.6		$	96.4		$	43.6		$	0.6	$	61.6		$	12.5		$	9.3
Partnership EBITDA (a)								$	314.9
Noncontrolling interests’ net income	$	161.0		$	—			$	160.7		$	—		$	—		$	—	$	0.3		$	—		$	—
Depreciation and amortization	$	89.6		$	—			$	50.9		$	12.7		$	1.9		$	2.4	$	14.2		$	5.8		$	1.7
Capital expenditures	$	93.6		$	(1.0	)		$	27.9		$	24.4		$	19.3		$	4.2	$	13.2		$	4.1		$	1.5
Total assets (at period end)	$	10,215.4		$	(110.8	)		$	4,682.6		$	2,184.8		$	450.4		$	261.7	$	1,847.7		$	551.3		$	347.7
Bank loans (at period end)	$	177.7		$	—			$	115.9		$	—		$	47.0		$	—	$	—		$	14.8		$	—
Goodwill (at period end)	$	2,813.8		$	—			$	1,919.2		$	182.1		$	2.8		$	—	$	610.0		$	92.7		$	7.0


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



Three Months Ended March 31,	2014			2013
Partnership EBITDA	$	331.3		$	314.9
Depreciation and amortization	(49.2		)	(50.9		)
Noncontrolling interests (i)	2.7			2.4
Operating income	$	284.8		$	266.4


(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) 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)	Principally represents the elimination of intersegment transactions among Midstream & Marketing, Gas Utility and AmeriGas Propane.

Six Months Ended March 31, 2014:



														Midstream & Marketing					UGI International
	Total			Elim- inations				AmeriGas Propane			Gas Utility			Energy Services			Electric Generation		Antargaz			Flaga & Other			Corporate & Other (b)
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
Total assets (at period end)	$	10,720.5		$	(116.3	)		$	4,692.3		$	2,195.4		$	643.2		$	283.9	$	1,923.2		$	660.4		$	438.4
Bank loans (at period end)	$	260.1		$	—			$	198.0		$	6.5		$	51.5		$	—	$	—		$	4.1		$	—
Goodwill (at period end)	$	2,886.0		$	—			$	1,939.0		$	182.1		$	2.8		$	—	$	655.3		$	99.8		$	7.0

Six Months Ended March 31, 2013:



														Midstream & Marketing					UGI International
	Total			Elim- inations				AmeriGas Propane			Gas Utility			Energy Services			Electric Generation		Antargaz			Flaga & Other			Corporate & Other (b)
Revenues	$	4,561.4		$	(119.6	)	(c)	$	2,055.2		$	616.9		$	531.8		$	32.4	$	871.9		$	476.5		$	96.3
Cost of sales	$	2,702.2		$	(116.1	)	(c)	$	1,061.7		$	320.3		$	435.6		$	20.5	$	565.7		$	372.3		$	42.2
Segment profit:
Operating income (loss)	$	801.9		$	(0.9	)		$	403.7		$	175.5		$	70.1		$	0.8	$	115.3		$	24.1		$	13.3
Income (loss) from equity investees	0.1			—				—			—			—			—		0.1			—			—
Interest expense	(121.6		)	—				(84.2		)	(18.9		)	(1.8		)	—		(12.8		)	(2.6		)	(1.3		)
Income (loss) before income taxes	$	680.4		$	(0.9	)		$	319.5		$	156.6		$	68.3		$	0.8	$	102.6		$	21.5		$	12.0
Partnership EBITDA (a)								$	500.8
Noncontrolling interests’ net income	$	226.3		$	—			$	225.9		$	—		$	—		$	—	$	0.4		$	—		$	—
Depreciation and amortization	$	177.4		$	—			$	101.0		$	25.3		$	3.5		$	4.9	$	28.3		$	11.3		$	3.1
Capital expenditures	$	184.8		$	(1.1	)		$	54.4		$	52.9		$	32.8		$	11.0	$	25.4		$	6.3		$	3.1
Total assets (at period end)	$	10,215.4		$	(110.8	)		$	4,682.6		$	2,184.8		$	450.4		$	261.7	$	1,847.7		$	551.3		$	347.7
Bank loans (at period end)	$	177.7		$	—			$	115.9		$	—		$	47.0		$	—	$	—		$	14.8		$	—
Goodwill (at period end)	$	2,813.8		$	—			$	1,919.2		$	182.1		$	2.8		$	—	$	610.0		$	92.7		$	7.0


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



Six Months Ended March 31,	2014			2013
Partnership EBITDA	$	561.5		$	500.8
Depreciation and amortization	(101.5		)	(101.0		)
Noncontrolling interests (i)	4.5			3.9
Operating income	$	464.5		$	403.7


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

(b)

Corporate & Other results principally comprise (1) Electric Utility, (2) 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)	Principally represents the elimination of intersegment transactions among Midstream & Marketing, Gas Utility and AmeriGas Propane.