

														Midstream & Marketing					UGI International
	Total			Elim- inations				AmeriGas Propane			UGI Utilities			Energy Services			Electric Generation		UGI France			Flaga & Other			Corporate & Other (b)
2016
Revenues	$	5,685.7		$	(143.9	)	(c)	$	2,311.8		$	768.5		$	813.8		$	62.8	$	1,344.7		$	524.1		$	3.9
Cost of sales	$	2,437.5		$	(141.5	)	(c)	$	864.8		$	289.8		$	583.7		$	28.5	$	597.6		$	306.2		$	(91.6	)
Operating income	$	988.0		$	0.2			$	356.3		$	200.9		$	141.8		$	4.9	$	166.1		$	40.5		$	77.3
Loss from equity investees	$	(0.2	)	$	—			$	—		$	—		$	—		$	—	$	(0.2	)	$	—		$	—
Loss on extinguishments of debt	$	(48.9	)	$	—			$	(48.9	)	$	—		$	—		$	—	$	—		$	—		$	—
Interest expense	$	(228.9	)	$	—			$	(164.1	)	$	(37.6	)	$	(2.1	)	$	—	$	(20.8	)	$	(3.6	)	$	(0.7	)
Income before income taxes	$	710.0		$	0.2			$	143.3		$	163.3		$	139.7		$	4.9	$	145.1		$	36.9		$	76.6
Net income attributable to UGI	$	364.7		$	0.1			$	43.2		$	97.4		$	83.5		$	3.6	$	84.2		$	27.4		$	25.3
Depreciation and amortization	$	400.9		$	(0.2	)		$	190.0		$	67.3		$	17.1		$	13.5	$	90.5		$	21.9		$	0.8
Noncontrolling interests’ net income (loss)	$	124.1		$	—			$	75.9		$	—		$	—		$	—	$	(0.1	)	$	0.1		$	48.2
Partnership Adjusted EBITDA (a)								$	543.0
Total assets	$	10,847.2		$	(136.6	)		$	4,071.8		$	2,743.1		$	765.6		$	272.6	$	2,338.8		$	526.3		$	265.6



														Midstream & Marketing					UGI International
	Total			Elim- inations				AmeriGas Propane			UGI Utilities			Energy Services			Electric Generation		UGI France				Flaga & Other			Corporate & Other (b)
Short-term borrowings	$	291.7		$	—			$	153.2		$	112.5		$	25.5		$	—	$	0.4			$	0.1		$	—
Capital expenditures	$	604.6		$	—			$	101.7		$	262.5		$	136.8		$	3.6	$	75.8			$	24.1		$	0.1
Investments in equity investees	$	25.9		$	—			$	—		$	—		$	17.4		$	—	$	4.6			$	3.9		$	—
Goodwill	$	2,989.0		$	—			$	1,978.3		$	182.1		$	11.6		$	—	$	723.2			$	93.8		$	—

2015 (e)
Revenues	$	6,691.1		$	(231.4	)	(c)	$	2,885.3		$	1,041.6		$	1,105.5		$	75.9	$	1,122.2			$	686.3		$	5.7
Cost of sales	$	3,736.5		$	(227.6	)	(c)	$	1,340.0		$	510.8		$	840.2		$	32.2	$	628.0			$	492.0		$	120.9
Operating income (loss)	$	834.9		$	(0.9	)		$	427.6		$	241.7		$	169.6		$	13.0	$	75.9			$	36.9		$	(128.9	)
Loss from equity investees	$	(1.2	)	$	—			$	—		$	—		$	—		$	—	$	(1.2	)		$	—		$	—
Interest expense	$	(241.9	)	$	—			$	(162.8	)	$	(41.1	)	$	(2.1	)	$	—	$	(31.6	)	(d)	$	(3.6	)	$	(0.7	)
Income (loss) before income taxes	$	591.8		$	(0.9	)		$	264.8		$	200.6		$	167.5		$	13.0	$	43.1			$	33.3		$	(129.6	)
Net income (loss) attributable to UGI	$	281.0		$	(0.6	)		$	61.0		$	121.1		$	97.9		$	9.6	$	27.5			$	25.2		$	(60.7	)
Depreciation and amortization	$	374.1		$	—			$	194.9		$	63.5		$	15.5		$	12.5	$	63.7			$	23.2		$	0.8
Noncontrolling interests’ net income (loss)	$	133.0		$	—			$	167.9		$	—		$	—		$	—	$	—			$	(0.1	)	$	(34.8	)
Partnership Adjusted EBITDA (a)								$	619.2
Total assets	$	10,514.2		$	(90.4	)		$	4,128.4		$	2,506.0		$	687.6		$	282.0	$	2,331.8			$	529.1		$	139.7
Short-term borrowings	$	189.9		$	—			$	68.1		$	71.7		$	49.5		$	—	$	0.1			$	0.5		$	—
Capital expenditures	$	475.4		$	—			$	102.0		$	197.7		$	71.3		$	16.7	$	65.0			$	22.5		$	0.2
Investments in equity investees	$	16.2		$	—			$	—		$	—		$	6.4		$	—	$	6.0			$	3.8		$	—
Goodwill	$	2,953.4		$	—			$	1,956.0		$	182.1		$	11.6		$	—	$	721.4			$	82.3		$	—

2014 (e)
Revenues	$	8,277.3		$	(321.3	)	(c)	$	3,712.9		$	1,086.9		$	1,388.6		$	85.1	$	1,295.5			$	1,026.9		$	2.7
Cost of sales	$	5,175.7		$	(317.7	)	(c)	$	2,107.1		$	562.9		$	1,110.2		$	39.6	$	848.1			$	809.9		$	15.6
Operating income (loss)	$	1,005.6		$	0.2			$	472.0		$	246.4		$	178.7		$	18.1	$	79.1			$	38.4		$	(27.3	)
Loss from equity investees	$	(0.1	)	$	—			$	—		$	—		$	—		$	—	$	(0.1	)		$	—		$	—
Interest expense	$	(237.7	)	$	—			$	(165.6	)	$	(38.5	)	$	(2.9	)	$	—	$	(25.1	)		$	(4.9	)	$	(0.7	)
Income (loss) before income taxes	$	767.8		$	0.2			$	306.4		$	207.9		$	175.8		$	18.1	$	53.9			$	33.5		$	(28.0	)
Net income (loss) attributable to UGI	$	337.2		$	—			$	63.0		$	124.1		$	104.1		$	12.6	$	20.6			$	27.7		$	(14.9	)
Depreciation and amortization	$	362.9		$	—			$	197.2		$	59.2		$	13.5		$	10.7	$	54.5			$	27.1		$	0.7
Noncontrolling interests’ net income (loss)	$	195.4		$	—			$	195.8		$	—		$	—		$	—	$	(0.4	)		$	—		$	—
Partnership Adjusted EBITDA (a)								$	664.8
Total assets	$	10,062.6		$	(86.5	)		$	4,351.4		$	2,352.1		$	601.5		$	277.7	$	1,656.8			$	643.6		$	266.0
Short-term borrowings	$	210.8		$	—			$	109.0		$	86.3		$	7.5		$	—	$	—			$	8.0		$	—
Capital expenditures	$	436.4		$	—			$	113.9		$	164.2		$	69.2		$	15.6	$	50.2			$	23.0		$	0.3
Investments in equity investees	$	0.6		$	—			$	—		$	—		$	—		$	—	$	—			$	0.6		$	—
Goodwill	$	2,833.4		$	—			$	1,945.1		$	182.1		$	12.6		$	—	$	601.2			$	92.4		$	—


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



	2016			2015			2014
Partnership Adjusted EBITDA	$	543.0		$	619.2		$	664.8
Depreciation and amortization	(190.0		)	(194.9		)	(197.2		)
Interest expense	(164.1		)	(162.8		)	(165.6		)
Loss on extinguishments of debt	(48.9		)	—			—
Noncontrolling interests (i)	3.3			3.3			4.4
Income before income taxes	$	143.3		$	264.8		$	306.4


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

(b)

Corporate & Other results principally comprise (1) revenues and expenses of UGI’s captive general liability insurance company and UGI’s corporate headquarters facility and (2) 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 (including such amounts attributable to noncontrolling interests) totaling $91.6, $(119.1) and $(18.0) in Fiscal 2016, Fiscal 2015 and Fiscal 2014, respectively. Corporate & Other assets principally comprise cash and cash equivalents of UGI and its captive insurance company; UGI corporate headquarters’ assets; and our investment in a private equity partnership. 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, UGI Utilities and AmeriGas Propane.


(d)	UGI France interest expense includes pre-tax costs of $10.3 associated with an extinguishment of debt (see Note 5).


(e)	Restated to reflect (1) the current-year changes in the presentation of our UGI Utilities and Energy Services reportable segments and (2) the adoption of new accounting guidance related to debt issuance costs (see Note 2 and Note 3).