UGI : Investor Update

About This Presentation

This press release contains statements, estimates and projections that are forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended). Management believes that these are 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 a more extensive list of factors that could affect results. Among them are adverse weather conditions (including increasingly uncertain weather patterns due to climate change) and the seasonal nature of our business; cost volatility and availability of all energy products, including propane, natural gas, electricity and fuel oil as well as the availability of LPG cylinders; increased customer conservation measures; the impact of pending and future legal or regulatory proceedings, inquiries or investigations, liability for uninsured claims and for claims in excess of insurance coverage; domestic and international political, regulatory and economic conditions in the United States and in foreign countries, including the current conflicts in the Middle East and the withdrawal of the United Kingdom from the European Union, and foreign currency 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 inability to complete pending or future energy infrastructure projects; our ability to achieve the operational benefits and cost efficiencies expected from the completion of pending and future transformation initiatives including the impact of customer disruptions resulting in potential customer loss due to the transformation activities; uncertainties related to the global pandemics, including the duration and/or impact of the COVID-19 pandemic; and the extent to which we are able to utilize certain tax benefits currently available under the CARES Act and similar tax legislation and whether such benefits will remain available in the future.

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, UGI Corporation Adjusted Earnings before interest, taxes, depreciation, and amortization ("EBITDA"), Midstream & Marketing Total Margin and UGI International Total Margin. 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 provides useful information to investors to more effectively evaluate period-over-period earnings, profitability and cash flow generation of the Company's businesses. Reconciliations of these non-GAAP financial measures to the most directly comparable financial measure calculated and presented in accordance with GAAP are presented in the Appendix of this presentation.

Corporate Overview

UGI Corporation is a distributor and marketer of energy products and services including natural gas, propane, butane, and electricity.

Financial Growth Stability

7.1%

EPS 10-year CAGR1

$253M

Average Free Cash Flow 2011-202

6.9%

Dividend 10-year CAGR

33 years

Increasing dividends paid

136 years

Consecutively paying common dividends

$850M

FY21E Capital Expenditures

Strong Presence

18

11,300+

Countries

Employees

~3M

Customers3

1,800+

~12,300

LPG Storage LocationsMiles of Gas Mains

1. 10-year CAGR assumes midpoint of 2021 guidance. 2. Free Cash flow calculated as Cash Flow from Operations - Dividends - Capital Expenditures. Please see appendix for reconciliation; 2020 values for the peer group are calculated on LTM basis based on latest available data. Peers, in no particular order, include: ATO, CPK, NI, NJR, NWN, OGS, SJI, SPH, SR, and SWX. 3. Represents physically connected customers across all UGI subsidiaries.

A Compelling Value Proposition

Leading market positions in our target markets

Long track record of solid EPS and dividend growth driven by disciplined investmentsDiversified operations - superior range of clean and sustainable energy solutions to our customersStrong track record of redeploying capital at attractive long-term rates of return

Culture of innovation to succeed in changing environments

Fiscal Year 2021 YTD Update

Key Accomplishments

Natural GasGlobal LPG

• • Entered agreement to purchase Mountaineer Gas Co - largest Gas LDC in West Virginia

• • Bethlehem LNG plant placed in service, adding 70,000Dth/day peaking capacity

• • UGI Utilities commenced construction on a project to deliver natural gasto UPS Fuel Services1, for a large regional fleet of CNG2 delivery vehicles

• • UGI Utilities signed agreement to bring RNG supply into its system. When fully operational, this will be the largest RNG supply point in the US to-date

• • Acquired Pine Run Midstream through a joint venture, adding to UGI's portfolio of midstream assets in the Appalachian basin

• • Continued National Accounts growth and 25% year-over-year increase in Cylinder Exchange at AmeriGas in Q1 FY21

• • Q1 FY21 performance at UGI International strengthened by margin management and disciplined expense management

• • Secured exclusive rights to Ekobenz' supply of bioLPG, a renewable form of propane-butane produced from advanced bioethanol

Adjusted EPS3 - Segment Split

$1.174

$1.185

Q1 FY20

Q1 FY21

• • Q1 FY21 GAAP diluted EPS of $1.44 vs GAAP diluted EPS of $1.00 in Q1 FY20

• • Benefits of both geographic and operational diversification

1. A subsidiary of United Parcel Services, Inc. 2. Compressed natural gas. 3. Adjusted EPS is a non-GAAP measure. See the Appendix for the reconciliation. 4. Includes ($0.06) Corporate & Other. Other

5. Includes ($0.01) Corporate &

Major Achievements in FY 2020

Strengthened Foundations

• • Completed acquisitions complementing our growth plan:

  • • AmeriGas - Expanded cash flow

  • • UGI Appalachia - Strategic assets and fee-based income

• • LPG Transformation

  Foundations that support scalability of competencies

  • • EPS / Dividend commitments

    Maintained Momentum

  • • LNG network expansion

  • • Infrastructure upgrade

  • • ACE and National Accounts growth

  • • Continued digitization across Global LPG

  Expanding ESG Activities

  • • Continuing to build our portfolio of renewable solutions:

    • • GHI - Platform for growth of renewable capabilities

    • • RNG Project (Idaho) - Complementary capabilities to RNG platform

    • • Fully divested Conemaugh interest (a 6% stake)

  Positioned as a Differentiated Renewable Energy Solutions Provider

• • Belonging, Inclusion, Diversity and Equity (BIDE)

Optimizing competencies to provide renewable solutions

Developments that strengthen competencies

Well Positioned for Leadership in Renewables

The Next Opportunity - Renewable Energy Solutions

2015-19

•  Began marketing Bio-LPG in parts of Northern Europe

•  Acquired DVEP, a marketer of wind and solar energy

•  Completed 110+ solar projects, installing ~30,000 solar panels on behalf of our customers

•  Methane and landfill gas consumption at Broad Mountain generation facility

•  Sourcing bio-molecules from Preem's refinery in Sweden to augment existing Bio-LPG sources

2020

•  Acquired GHI, which will serve as a strong foundation for RNG growth

•  Invested in utility-scale RNG project in Idaho

2021-25

•  Renewable Solutions team

•  Potential Renewable Solutions opportunities of up to $1 billion over the next five years at attractive returns

•  Bio-LPG, rDME

•  Renewable hydrogen (and H2 blends), battery storage, and other technologies

•  Invest in feedstock infrastructure

The Foundation of Sustainable Energy Future

UGI's connection to customers, core competencies, and core infrastructure enable UGI to provide renewable energy solutions with minimal disruption to our customers

Core competencies:

Connected to base customers:

Core infrastructure:

1. Includes owned and leased trucks. 2. Combined throughput across UGI Utilities and UGI Energy Services. 3. Represents physically connected customers across all UGI subsidiaries.

Our Capital Allocation Strategy Evolution

Our innovation-focused growth drivers align us with our goal of a greener portfolio

• • CNG

• • RNG

• • Bio-Gas (BioLPG, rDME etc.)

• • Hydrogen

• 1. The forward-looking information used on this slide is for illustrative purposes only. Actual capital deployment may differ substantially from the capital allocation figures presented.

• 2. Values rounded to the nearest 5%.

6-10% EPS Growth with a 4-pronged Growth Strategy

Robust pipeline of organic, inorganic, and renewable opportunities provides a stable foundation for the future.

Significant cash generation provides funding source for ongoing investments and balance sheet management.

$4.00

$2.751

FY 2020 Adj. EPS

6-10% EPS Growth

FY 2024E Adj. EPS2

1. $2.75 was the midpoint of the original guidance range for FY 2020. 2.Because we are unable to predict certain potentially material items affecting diluted earnings per share on a GAAP basis, principally mark-to-market gains and losses on commodity and certain foreign currency derivative instruments we cannot reconcile fiscal year 2024 adjusted diluted earnings per share, a non-GAAP measure, to diluted earnings per share, the most directly comparable GAAP measure, in reliance on the "unreasonable efforts" exception set forth in SEC rules.

Our Strategic Evolution

Adjusted

EPS1

Breaking Down SilosOur Expanding Strategic Focus

• • Core-competency focus

  •

• • Leverage the asset base

  •

• • Executing capital projects

•

Strategic oversight - LPG and	•	Renewable energy solutions
Natural gas	provider
Cross-business synergies	•	Achieving ESG goals
ESG Priorities	•	Expanding renewables offerings

Deliver on EPS and Dividend Commitments

1. Adjusted EPS is a Non-GAAP measure. Please see appendix for reconciliation. 2.Because we are unable to predict certain potentially material items affecting diluted earnings per share on a GAAP basis, principally mark-to-market gains and losses on commodity and certain foreign currency derivative instruments we cannot reconcile fiscal year 2021 adjusted diluted earnings per share, a non-GAAP measure, to diluted earnings per share, the most directly comparable GAAP measure, in reliance on the "unreasonable efforts" exception set forth in SEC rules.

Cash Flow Stability and Growth

Cash flow stability and growth remains a key differentiator for UGI. Focus on liquidity provides resilience against macro risks as well as flexibility in our capital project execution and operational process innovation.

UGI Cash

Flows ($ Million)

1.

Free Cash flow calculated as Cash Flow from Operations - Dividends - Capital Expenditures. Please see appendix (page 48) for reconciliation; 2020 values for the peer group are calculated on LTM basis based on latest available data.

Cash Engine Drives Future EPS and Dividend Growth

All figures represent multi-year average targets.

Our Cash Deployment

• • Continuing to build a resilient company ready for the next phase of sustainable growth

• • Capital plan at Utilities

• • Renewable energy solutions

• • Organic growth on UGI Appalachia system

• • Natural Gas infrastructure buildout

• • LPG Business Transformation

• • Meet commitment to shareholders to grow annual dividend by 4%

• • Maintain competitive dividend payout ratio of 35% - 45%

• • Reduce consolidated leverage to levels before recent strategic transactions

Sustainable and Growing Cash Flows

Blueprint for Less Weather Sensitivity

• • Growing less weather-sensitive business lines:

  • • Utilities business

  • • LNG peaking services

  • • ACE / NA

  • • Renewable fuels for transport

• • Margin management:

  • • Fee-based Margin - take or pay contracts

    Driving Financial Sustainability

    • • Continuous cost improvement efforts institutionalized to stay ahead of highly dynamic environment

    • • Moving from a 15-year to a 10-year normal weather benchmark, while maintaining financial commitments

  • • Effective cost management

Business Transformation

• • Global LPG: Utilize technology and data analytics to optimize operations

• • Corporate Functions: Unite and streamline processes to optimize inter-division synergies

Q1 FY21 Liquidity Update

• • Cash flows remain strong - Cash from Operating Activities grew by 28% in Q1 FY21 compared to the prior-year period

• • Strong balance sheet position - total available liquidity as of 12/31/20: $1.5 billion

• • Well within debt covenant levels

• • Strong policy of managing debt at the entity level and capacity at the Corp level

• • UGI's Board of Directors declared a quarterly dividend of $0.33 per share on Feb 3rd

Available Liquidity

$1.6

Dec-19

Mar-20

Jun-20 Sep-20Liquidity (in $Bn)Dec-20

Balance Sheet - Leverage

Leverage1,2,3

• • UGI's philosophy is to hold debt at its business units and keep capacity at the holding company level for truly compelling strategic opportunities

  • • Enabled UGI to use its balance sheet to finance a portion of the AmeriGas merger and CMG acquisition in FY19 at the holding company level

• • Limited near term financing needs

  4.7xFY19AFY20AFY21EFY22EFY23EFY24E

Debt Maturities ($ Million)

AmeriGas

Midstream & MarketingUGI Corp

$2,000

UGI InternationalUGI Utilities

1,800

1,600

1,400

1,200

1,000

800

600

400

200 -

1202 2202 3202 4202 5202 6202 7202 05-8202

1.

Estimated using long-term business planning and debt repayment assumptions. 2. Total debt over Adjusted EBITDA. Adjusted EBITDA is a non-GAAP measure. Please see Appendix for reconciliation. 3. We are evaluating potential acquisition financing for Mountaineer Gas Company.

Achieving our Guidance

$2.95

$2.67

FY 2020 Adjusted EPS1

FY 2021E Adjusted EPS2

1. Adjusted EPS is a non-GAAP measure. Please refer to the appendix for reconciliation. 2.Because we are unable to predict certain potentially material items affecting diluted earnings per share on a GAAP basis, principally mark-to-market gains and losses on commodity and certain foreign currency derivative instruments we cannot reconcile fiscal year 2021 adjusted diluted earnings per share, a non-GAAP measure, to diluted earnings per share, the most directly comparable GAAP measure, in reliance on the "unreasonable efforts" exception set forth in SEC rules.

History of Meeting EPS and Dividend Commitments

Long-Term Commitments

• • EPS Growth: 6 - 10%

• • Dividend Growth: 4%

AdjustedEarningsPerShare1($)

2.02 2.01

2.29

2.74

2.28

2.67

2.95

2.65

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021E4

EPS

10-year CAGR2

7.1%

Dividend

10-year CAGR

6.9%

EPS($) 3

DPS ($)3

1. Adjusted EPS is a Non-GAAP measure. Please see appendix for reconciliation. 2. 10-year CAGR assumes midpoint of 2021 guidance. 3. Adjusted for stock splits. 4.Because we are unable to predict certain potentially material items affecting diluted earnings per share on a GAAP basis, principally mark-to-market gains and losses on commodity and certain foreign currency derivative instruments we cannot reconcile fiscal year 2021 adjusted diluted earnings per share, a non-GAAP measure, to diluted earnings per share, the most directly comparable GAAP measure, in reliance on the "unreasonable efforts" exception set forth in SEC rules.

Natural Gas Business Overview1

2nd largest regulated gas utility in Pennsylvania2

System Throughput	Customers
~310 BCF	~740,000
Gas Volume Sold by Customer Type
11% Residential C&I 89%
Miles of gas mains	Replacement Opportunity
~12,300	• Bare steel (8% of gas mains) • Cast iron (2% of gas mains)

Strategically positioned Midstream assets and energy marketing business

System Throughput	Customers
0.5+ TCF	~14,000
Pipeline Capacity	Storage Capacity
~4 BCF/day	~15 BCF
Assets owned
LNG, Natural Gas and Propane Storage, Gathering Systems and Pipelines, Electric Generation, RNG
Distribution Collaborations
• Marketing on 43 local gas utilities • Transmission lines of 20 utility systems

1 The information included on this page is as of fiscal year ended September 30, 2020. 2 Based on total customers.

Natural Gas - A Platform for Continued Growth

Natural Gas - Strategic Advantage

Sustainable Investments: Strategic investments coupled with deep experience are helping UGI fuel a cleaner, sustainable energy future

Scalable Infrastructure: Distinctive capabilities built over multiple decades position UGI well to pursue renewable energy opportunities nationwide by leveraging deep experience and solid partnerships

Our Natural Gas businesses see continued significant growth driven by our core businesses, and are well positioned to drive a clean energy future.

• • FOUNDATION

• • CUSTOMERS

• • ENVIRONMENT

Natural Gas - 3-Pronged Growth Strategy

Growing the

FOUNDATION

ENSURE RESOURCE

OPTIMIZATION Leveraging assets and regulatory expertiseServing the evolving needs of our

CUSTOMERS

KEEP ENERGY AFFORDABLE Providing our customers the highest value energy solutions

Transforming our culture and developing leaders who drive growth

DEVELOPING OUR TALENT AND CULTURE

EXPAND OUR REACH

Ensuring safety and sustainabilityImproving our

ENVIRONMENT

REDUCE CARBON

FOOTPRINT Supporting a clean future

Flexible Working Environment: Create a framework for efficient work more efficiently, maintain high levels of customer service and safe operations post COVID-19

Think Clean: Driving a culture across the Natural Gas businesses that aligns with overall goal of utilizing cleaner forms of energy.

A Strong Foundation for Growth

ENSURE RESOURCE OPTIMIZATION

•  Rate base growth (FY20-FY24 CAGR of 11%+)

•  A strong and consistent history of growth, while improving our environment

FOUNDATION

•  Strategic midstream footprint in the Appalachian basin

•  Marketing natural gas on 42 LDC systems

•  ~4 BCF/day of pipeline capacity and 15 BCF of reservoir storage

•  Expertise navigating evolving legislative and regulatory landscapes

•  Physically connected to ~740,000 gas and electric customers

•  Take-or-pay contracts underpin stable, predictable growth (~80% fee based by 2023)

•  Expanding geographic reach - RNG Marketing

•  Growing portfolio of renewable energy solutions

Meeting Customers' Needs - Today and Tomorrow

MAKE ENERGY AFFORDABLE

Improve access and integrity

•  ~ 675,000 conversion prospects within 1 mile of gas mains

•  GET Gas program enables growth in underserved areas

•  Locally sourced supply provides affordability and reliability

•  Plan to spend ~$2 billion over next 5 years for infrastructure upgrade

CUSTOMERS EXPAND OUR REACH

Improve energy efficiency and sustainability

•  Combined Heat and Power Projects

•  Natural Gas Vehicle fueling stations

•  RNG and other sustainable technologies

•  Energy Efficiency & Conservation (EE&C) program

Annual Customer Growth at UGI Utilities

(in '000)

~400,000 net customers added in UGI

Utilities since 2001

Contributing to a Cleaner Environment

REDUCE CARBON FOOTPRINT

Smart portfolio rebalancing

•  Investment in feedstock infrastructure (RNG project in Idaho)

•  Cleaner sources such as RNG (GHI)

•  Investments advance GHG reduction commitment

•  Divestiture of Conemaugh reduces direct emissions by 30% Delivering Methane Reductions

ENVIRONMENT

Infrastructure upgrades - Driving safety and a cleaner environment

•  Pipeline replacement and betterment for achieving ambitious methane reduction goals

•  Enhanced Leak Detection for better system management, safety, and system integrity

Mountaineer Acquisition Highlights

Aligns with UGI Corp Strategy

• • Be the preferred provider in all markets

• • Leverage strengths and expertise

• • Grow earnings through acquisitions, capital projects and organic growth

  Investment

  Opportunities Benefit Customers

• • Opportunity to make investments to support customer growth, ensure safe operations, and reduce carbon emissions

• • Expect to grow rate base by approximately 10% - 12% CAGR over the long term

• • Similar investment approach to our PA utility

  Increases Regulatory

  Diversity

• • Adds new state, WV, to regulated footprint

• • Increases customer base by ~30% and utility rate base by ~14% at time of closing

  Enhances Financial

  Profile

• • Accretive to adjusted EPS in first full year of combined operations

• • Accretion grows significantly over the next few decades as we execute on investment opportunities

• • Supports UGI's financial commitments to increase adjusted EPS by 6% - 10% and dividend by 4% annually

A Strategic Fit

/

Rebalancing UGI's Business Mix

• • Growth investment in natural gas and renewable solutions opportunities

• • Gas LDCs provide stable, long term investment platform

• • Sustainable and growing cash flows

• • Less weather sensitivity

Platform for Renewable Energy Future

• • Infrastructure replacement program will lower methane and other GHG emissions

• • Assess other opportunities currently being used or explored at UGI Utilities such as increasing CNG vehicles in the company fleet and RNG

• • Large pipeline replacement program driving investment and growth

  Regulated Growth

  • • Majority of projected capex is rate recoverable with minimal regulatory lag through WV's Infrastructure Replacement and Expansion Program (IREP)

• • Accelerate customer growth by expanding distribution systems into unserved and underserved areas of service territory

Transaction Summary

Transaction and Purchase

Price

• • On December 29, 2020, UGI entered into a definitive agreement to acquire Mountaineer Gas Company ("Mountaineer")

• • Enterprise Value of $540 million including the assumption of Mountaineer's long-term debt ($140 million)

• • Enterprise value represents a 1.4x projected 2021 rate base ($378 million)

Financing

Plan

• • Expect to finance the transaction through debt and / or equity linked securities and existing liquidity

• • Do not expect to issue common equity

Required	•	Public Service Commission of West Virginia
Approvals
•	Hart-Scott-Rodino

Timing

• • Expected to close in the second half of calendar year 2021

Overview of Mountaineer Gas Company

Largest LDC in West Virginia, serving ~215,000 customers (90% residential) across 50 of WV's 55 counties

• • Fully rate-regulated business with $378 million rate base1

• • ~6,000 miles of pipe (25% bare steel)

• • West Virginia has a constructive regulatory and political landscape

• • Customer base is ~90% residential, with the remaining comprised of commercial and industrial customers

• • Well-managed company with history of excellent customer service

• • ~470 full-time employees

1. Projected 2021 rate base.

Strengthening Our Rate-Base Growth

/

• • Strong existing stand-alone rate base at UGI Utilities projected to grow at a CAGR stronger than its historical growth rate

• • UGI Utilities has demonstrated the value of long-term system enhancement

  • • Expect to make similar commitment in West Virginia

• • Opportunity to increase our regulated investment and grow rate base by approximately 10%-12% CAGR over the long term

• • Steadily grow rate base by investing in the safety and reliability of the distribution system

4.5

4.0

Anticipate MGC rate base to grow by approximately 10% - 12% CAGR over the long term; in line with expected rate base growth at UGI Utilities

$Billions

3.5

3.0

2.5

2.0

1.5

1.0

0.5

-

2013 2014 2015 2016 2017 2018 2019 2020F 2021B 2022B 2023B 2024B

UGI is committed to be the supplier of choice by continuing to provide the most affordable, reliable, and resilient solutions for our customers

Key Takeaways - Natural Gas

FOUNDATION

CUSTOMERS

ENVIRONMENT

•  Strategically located asset network and ability to navigate an evolving regulatory environment

  •  Strong customer growth

  •  Significant investment opportunities at both Utilities and Energy Services

•  Geographic Expansion - RNG Marketing

•  As demand for clean, renewable energy continues to grow, we have the distinctive capabilities to thrive in the space

  •  Continuously evaluating ways to improve affordability and efficiency

•  Investment opportunities in feedstock infrastructure

Our Global LPG Strategic Focus

LPG Business Overview 1

Largest LPG Distributor in the U.S.2

Largest LPG distributor in France, Austria, Belgium, Norway, Denmark, and Luxembourg

LPG Volume	Customers	Free Cash Flow3
LPG Volume	Customers	Free Cash Flow3
~1.1 billion retail	1.5+ million	$239M	~870 million retail	515,000+ bulk	$164M
gallons	gallons	customers

LPG Volume Sold by Customer Type

LPG Volume Sold by Customer Type

8%

18%

C&I

Residential

Motor Fuel

Agriculture & Transport

Trucks

~1mm tanks with 120+ gallon capacity

Locations

~1,800 propane distribution locations

21%

Energy Marketing

C&I

Residential

Wholesale & Other

Agriculture

~29 BCF natural gas / 3,400+ Gwh electricity

Natural gas and electricity marketing across France, Belgium, the Netherlands, and the UK

1. The information included on this page is as of fiscal year ended September 30, 2020. 2. Based on volume of propane gallons distributed annually. . 3. Free Cash Flow figures presented for AmeriGas and UGI International are calculated as Cash Flow from Operations less Capital Expenditures. This calculation does not include the effects of dividends paid from subsidiaries to UGI or other subsidiaries as these transactions are eliminated when we consolidate. Please see appendix (page 49) for reconciliation.

LPG - A Clear Path Forward

A Platform:

• • Enhance our renewable solutions platform

• • LPG infrastructure serving needs of 2+ million1 customers

• • Significant strategically located supply assets

Focus-Develop-Grow strategy provides a clear path to build Global LPG business of the future through organic and inorganic growth strategies

• • FOCUS

• • DEVELOP

• • GROW

1. Represents customers across AmeriGas and UGI International businesses.

Global LPG Vision

FOCUS on LPG

EMBED CONTINUAL

IMPROVEMENT

To keep us efficient, safe, and reliable

MODERNIZE FOR FUTURE

To serve our customers harmoniously, digitally, and autonomously

With a modest investment, we build relationships with customers that could last beyond a decade.

Reliable Business Model:

DEVELOP beyond LPG

BRING NEW MARKET

OPPORTUNITIES To build for our futureGROW way beyond

DRIVE BUSINESS EVOLUTION

To expand beyond our current limits

Renewable Solutions: Expand bio-LPG offering and explore investment potential of rDME

Move up the Value Chain: Continue to identify opportunities to move into the development and production of renewables

LPG Focus - Culture of Continuous Improvement

EMBED CONTINUAL IMPROVEMENT

Launched Two Transformation Projects

• • Re-engineered processes across Global LPG to reduce costs and improve effectiveness

FOCUS

Operations Excellence

• • Continued rollout of tools and systems to drive efficiencies

MODERNIZE FOR OUR FUTURE

Customer Digital Experience

• • Deploy optimized web platforms, customer portals and enhanced digital tools across the businesses to drive customer engagement and efficiencies

Global LPG Transformation Benefits

Global LPG Transformation Estimated Benefits

AmeriGas

Identified incremental $20 Million in benefits; expect to realize $140 Million in permanent annual savings by FY22

• o Increasing projected spend by $25 Million

• o Total estimated cost to implement: ~$200 Million

• o Expect to invest about a third of our AmeriGas 2.0 cost savings in high-value customer retention initiatives

UGI International

No anticipated changes

• o Expect to spend ~€55 Million to implement transformation initiatives

• o On track to deliver over €30 Million of permanent benefits by FY22

Develop and Grow Platform for Renewable Solutions

• • Automatic vending solution

  • • Home delivery

• • Business Model evolutionDRIVE LPG BUSINESS EVOLUTION Tech-enabled Sales Channel Development

Key Takeaways - Global LPG

FOCUS

DEVELOP

GROW

•  Transformation programs set the stage for cost reduction

  •  Molecules in supply chain will be de-fossilized

•  Evolving efficiency culture in place

  •  Expansion of renewables in energy marketing business

  •  Continue investing in customer journey, vending, home delivery, and digital interface

•  Customer journey re-engineered

•  Strategic bolt on acquisitions with attractive post-acquisition synergies

•  New geographies will continuously be explored as energy landscape evolves

Key Takeaways

We continue to remain well-positioned to deliver on our long-term commitments to shareholders of 6-10% annual EPS growth and 4% dividend growth and position UGI as a leader of a renewable energy future.

•  We will continue to:

  •  We will accelerate:

    • • Build a more weather-resilient business and grow cash flow

      • • Establishing UGI as a leader of Differentiated Renewable Energy Solutions

    • • Replace and improve pipelines to ensure system integrity and to achieve methane reduction goals

      • • Investments in feedstock infrastructure

    • • Improve customer experience by providing high-quality, safe, and reliable energy

      • • Rebalancing of UGI's business mix. The acquisition of Mountaineer accelerates the rebalancing of UGI's business mix

  • • Acquire businesses that fit our long-term strategic, financial and operational goals

UGI Corp Adjusted Net Income and Adjusted Earnings Per Share

(Millions of dollars, except per share amounts)

NON-GAAP RECONCILIATION:

Adjusted net income attributable to UGI Corporation:

Year Ended September 30,

2010	2011	2016
8	(17)	(30)
-	-	-	-	-	-
-	-	-	-	-	-	-
-	-	-	-	-	-	-
-	-	-	-	-
-	-	-	-
-	-	-	-	-	(29)
-	-	-	-	-	-
$1.24	$1.60	$1.92	$1.60	$2.08	$2.46
(0.05)	(0.02)	0.04	0.30	(0.17)	(0.29)
-	-	0.03	0.08	0.10	0.15
-	-	-	-	-	0.08
0.01	-	-	-	0.04	0.05
-	-	-	-	-	-
-	-	-	-	-	-
-	-	-	-	-	-
-	-	-	-	-	-
-	-	-	0.03	-	-
-	-	0.03	-	-	-
0.05	0.03	-	-	-	-
-	-	-	-	-	-
-	-	-	-	-	(0.16)
-	-	-	-	-	-
-	-	-	-	-	-
$1.25	$1.61	$2.02	$2.01	$2.05	$2.29

2012

2013

2014

2015

2017	2018
(51)	(69)
14	(20)
-	-
-
-	-	-
-	-	-
(12)
-	-	-
$4.06	$1.41	$2.54
(0.39)	0.82	(0.39)
0.10	-	-
(0.11)	(0.13)	0.12
-	0.02	-
-	0.01	-
-	0.06	0.01
-	0.09	0.21
-	-	0.18
-	-	-
-	-	-
-	-	-
0.08	-	-
(0.07)	-	-
(0.93)	-	-
-	-	-
$2.74	$2.28	$2.67

2019

2020

Net income attributable to UGI Corporation

$252 $245 $210 $278 $337 $281 $365 $437 $719 $256 $532

Net losses (gains) on commodity derivative instruments not associated with current-period transactions (net of tax of $(6), $12, $6, $3, $(5), $(31), $14, $32, $27, $(60) and $35 respectively) (a) (b)

(9)

(4)

7 53 148 (82)

Integration and acquisition expenses associated with Finagaz (net of tax of $(2), $(8), $(11), $(14) and $(12) in 2014, 2015, 2016, 2017 and 2018 respectively) (a)

- - - - 4 15 17 26 19 - -

Unrealized losses (gains) on foreign currency derivative instruments (net of tax of $(10) $9, $9, $(10) in 2017, 2018, 2019 and 2020, respectively) (a)

- (23) 26

Loss on extinguishments of debt (net of tax of $(1), $(5), $(6) and $(2) in 2012, 2016, 2017 and 2019 respectively) (a)

- - 2 - - - 8 9 - 4 -

AmeriGas Merger expenses (net of tax $0 across all years) (a)

- 1

Acquisition and integration expenses associated with the CMG Acquisition (net of tax of $(5) and $(1) in 2019 and 2020, respectively) (a)

- - - - - - - - - 11 1

LPG business transformation expenses (net of tax of $(5) and $(17) in 2019 and 2020, respectively) (a)

- 16 45

Loss on disposals of Conemaugh and HVAC (net of tax of $(15) in 2020) (a)

- - - - - - - - - - 39

Costs associated with extinguishment of debt (net of tax of $(7) and $(6) in 2011 and 2015 respectively) (a) (c)

-

10 5

Impact of retroactive change in French tax law

- - - - 6 - - - - - -

Integration and acquisition expenses associated with the acquisition of Heritage Propane (net of tax of $(6) and $(3) in 2012 and 2013 respectively) (a)

-

-

9

4

Impairment of Partnership tradenames and trademarks (net of tax of $(6) in 2018) (a)

- - - - - - - - 15 - -

Impact from change in French tax rate

Reameasurement impact from TCJA

- - - - - - - - (166) - -

- -

-

Gain on sale of Atlantic Energy (net of tax of $19 in 2010) (a)

(17)

Adjusted net income attributable to UGI Corporation (d)

$243 $238 $212 $278 $354 $354 $360 $406 $486 $413 $561

Adjusted diluted earnings per common share attributable to UGI stockholders:

UGI Corporation earnings per share - diluted

Net losses (gains) on commodity derivative instruments not associated with current-period transactions (b) Integration and acquisition expenses associated with Finagaz

Unrealized losses (gains) on foreign currency derivative instruments Loss on extinguishments of debt

AmeriGas Merger expenses

Acquisition and integration expenses associated with the CMG Acquisition LPG business transformation expenses

Loss on disposals of Conemaugh and HVAC Costs associated with extinguishment of debt Impact of retroactive change in French tax law

Integration and acquisition expenses associated with the the acquisition of Heritage Propane Impairment of Partnership tradenames and trademarks

Impact from change in French tax rate Reameasurement impact from TCJA Gain on sale of Atlantic Energy Adjusted diluted earnings per share (d)

• (a) Income taxes associated with pre-tax adjustments determined using statutory business unit tax rate.

  $1.52 0.05 - - - - - - - - - - - - - (0.11) $1.46

  $1.45 (0.10)

  - - 0.06 - - - - - - - - - - - $1.41

• (b) Includes the effects of rounding.

• (c) Costs associated with extinguishment of debt in 2015 are included in interest expense on the Consolidated Statements of Income.

(d) Management uses "adjusted net income attributable to UGI Corporation" and "adjusted diluted earnings per share," both of which are financial measures not in accordance with GAAP, when evaluating UGI's overall performance. Non-GAAP 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 that these non-GAAP measures provide meaningful information to investors about UGI's performance because they eliminate the impact of gains and losses on commodity and certain foreign currency derivative instruments not associated with current-period transactions and other significant discrete items that can affect the comparison of period-over-period results

UGI Corporation Free Cash Flow($ in millions)

Year Ended September 30,

2011	2012	2013	2014	2015
Net Cash Provided By Operating Activities	$555	$708	$802	$1,005	$1,164
Less: Expenditures for property, plant, and equipment	(361)	(339)	(486)	(457)	(491)
Less: Dividends	(114)	(119)	(126)	(136)	(154)
Free Cash Flow	$80	$250	$190	$412	$519
2016	2020
Net Cash Provided By Operating Activities	$970	$1,102
Less: Expenditures for property, plant, and equipment	(564)	(655)
Less: Dividends	(161)	(273)
Free Cash Flow	$245	$174

Year Ended September 30,

2017 $964 (639) (169) $156

2018

2019

• $1,085 $1,078

• (575) (705)

• (177) (200)

$333

$173

Year Ended September 30, 2020	AmeriGas	UGI International
Net Cash Provided by Operating Activities
$374	$253
Less: Expenditures for property, plant and equipment
(135)	(89)
Free Cash Flow
$239	$164

Free Cash Flow for the LPG Businesses($ in millions)

2000	2020
Total Revenues	$51	$2,127
Total Cost of Sales	(30)	(1,191)
Total Margin	$21	$936

UGI International Margins($ in millions)

Year Ended September 30,

Midstream & Marketing Margins($ in millions)

Year Ended September 30,

2000	2020
Total Revenues	$147	$1,247
Total Cost of Sales	141	(892)
Total Margin	$6	$355

UGI Corporation Adjusted EBITDA and Leverage Ratio

($ in millions)

Year Ended September 30,

2019	2020
Net income including noncontrolling interests	$308	$532
Income taxes	93	135
Interest expense	258	322
Depreciation and amortization	448	484
EBITDA	1,107	1,473
Unrealized losses (gains) on commodity derivative instruments	290	(117)
Unrealized (gains) losses on foreign currency derivative instruments	(32)	36
Loss on extinguishments of debt	6	-
AmeriGas Merger expenses	6	-
Acquisition and integration expenses associated with the CMG Acquisition	16	2
LPG business transformation expenses	23	62
Loss on disposals of Conemaugh and HVAC	-	54
Adjusted EBITDA	$1,416	$1,510
Total Debt	$6,600	$6,381
Leverage	4.7x	4.2x

Q1 FY21	Q1 FY20
AmeriGas Propane	$0.35	$0.43
UGI International	0.44	0.34
Midstream & Marketing	0.17	0.17
UGI Utilities	0.23	0.29
Corporate & Other (a)	0.25	(0.23)
Earnings per share - diluted	1.44	1.00
Net (gains) losses on commodity derivative instruments not associated with current-period transactions	(0.40)	0.05
Unrealized losses on foreign currency derivative instruments	0.07	0.06
Acquisition and integration expenses associated with the CMG Acquisition	-	-
Acquisition expenses associated with the pending Mountaineer Acquisition	0.01	-
Business transformation expenses	0.06	0.06
Total Adjustments (a)	(0.26)	0.17
Adjusted earnings per share - diluted	$1.18	$1.17

First Quarter Adjusted Diluted Earnings per Share

(a) Corporate & Other includes certain adjustments made to our reporting segments in arriving at net income attributable to UGI Corporation. These adjustments have been excluded from the segment results to align with the measure used by our Chief Operating Decision Maker in assessing segment performance and allocating resources.