<SEC-DOCUMENT>0001193125-19-191967.txt : 20190711
<SEC-HEADER>0001193125-19-191967.hdr.sgml : 20190711
<ACCEPTANCE-DATETIME>20190710180457
ACCESSION NUMBER:		0001193125-19-191967
CONFORMED SUBMISSION TYPE:	SC 13E3/A
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20190711
DATE AS OF CHANGE:		20190710
GROUP MEMBERS:		AMERIGAS PARTNERS, L.P.
GROUP MEMBERS:		AMERIGAS PROPANE HOLDINGS, INC.
GROUP MEMBERS:		AMERIGAS PROPANE HOLDINGS, LLC
GROUP MEMBERS:		AMERIGAS PROPANE, INC.
GROUP MEMBERS:		AMERIGAS, INC.

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AMERIGAS PARTNERS LP
		CENTRAL INDEX KEY:			0000932628
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-RETAIL STORES, NEC [5990]
		IRS NUMBER:				232787918
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		SC 13E3/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-56353
		FILM NUMBER:		19950134

	BUSINESS ADDRESS:	
		STREET 1:		460 N GULPH RD
		STREET 2:		BOX 965
		CITY:			VALLEY FORGE
		STATE:			PA
		ZIP:			19406
		BUSINESS PHONE:		6103377000

	MAIL ADDRESS:	
		STREET 1:		460 NORTH GULPH ROAD
		CITY:			KING OF PRUSSIA
		STATE:			PA
		ZIP:			19406

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			UGI CORP /PA/
		CENTRAL INDEX KEY:			0000884614
		STANDARD INDUSTRIAL CLASSIFICATION:	GAS & OTHER SERVICES COMBINED [4932]
		IRS NUMBER:				232668356
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		SC 13E3/A

	BUSINESS ADDRESS:	
		STREET 1:		460 N GULPH RD
		STREET 2:		P O BOX 858
		CITY:			KING OF PRUSSIA
		STATE:			PA
		ZIP:			19406
		BUSINESS PHONE:		6103371000

	MAIL ADDRESS:	
		STREET 1:		460 NORTH GULPH ROAD
		CITY:			KING OF PRUSSIA
		STATE:			PA
		ZIP:			19406

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NEW UGI CORP
		DATE OF NAME CHANGE:	19600201
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13E3/A
<SEQUENCE>1
<FILENAME>d732888dsc13e3a.htm
<DESCRIPTION>SC 13E3/A
<TEXT>
<HTML><HEAD>
<TITLE>SC 13E3/A</TITLE>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>WASHINGTON, D.C. 20549 </B></P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE
13E-3 </B></P>  <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>(Amendment No.&nbsp;2) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Rule 13e-3 Transaction Statement Under Section 13(e) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>of the Securities Exchange Act of 1934 </B></P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:22pt; font-family:Times New Roman" ALIGN="center"><B>AMERIGAS
PARTNERS, L.P. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Name of the Issuer) </B></P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>UGI
Corporation </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AmeriGas, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AmeriGas Propane, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AmeriGas Propane Holdings, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AmeriGas Partners, L.P. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AmeriGas Propane Holdings, LLC </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Names of Persons Filing Statement) </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>COMMON UNITS REPRESENTING LIMITED PARTNER INTERESTS </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Title of Class of Securities) </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>030975 106 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(CUSIP Number
of Class of Securities) </B></P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Michelle Bimson Maggi</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Group Counsel and Director of</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Government Affairs</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AmeriGas Propane, Inc.</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>460 North Gulph Road</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>King
of Prussia, PA 19406</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(610) 337-1000</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Monica M. Gaudiosi</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Vice President and General Counsel, Secretary</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>UGI Corporation </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>460
North Gulph Road</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>King of Prussia, PA 19406</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(610) 337-1000</B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Name, Address, and Telephone Numbers of Person Authorized to Receive Notices and Communications on Behalf of
the Persons Filing Statement)</B></P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><I>With copies
to</I></B></P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Joshua Davidson</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Andrew J. Ericksen</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Baker
Botts L.L.P.</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>910 Louisiana Street</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Houston, TX 77002</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(713)
229-1234</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Mark A. Morton</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Thomas A. Mullen</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Potter
Anderson &amp; Corroon LLP</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>1313 North Market Street, 6<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> Floor Wilmington, DE
19801</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(302) 984-6078</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Ryan J. Maierson</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>John M. Greer</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Latham
&amp; Watkins LLP</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>811 Main Street, Suite 3700</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Houston, TX 77002</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(713)
546-5400</B></P></TD></TR>
</TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This statement is filed in connection with (check the appropriate box): </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">a.&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">&#9746;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">The filing of solicitation materials or an information statement subject to Regulation 14A, Regulation 14C or Rule 13E-3(c) under the Securities Exchange Act of 1934.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">b.&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">&#9746;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">The filing of a registration statement under the Securities Act of 1933.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">c.&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">&#9744;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">A tender offer.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">d.&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">&#9744;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">None of the above.</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the following box if the soliciting materials or information statement referred to in checking box (a) are preliminary
copies:&nbsp;&#9746; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the following box if the filing is a final amendment reporting the results of the transaction:&nbsp;&#9744; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CALCULATION OF FILING FEE </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


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<TD WIDTH="48%"></TD></TR>
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<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER:1px solid #000000; padding-left:8pt"><B>Transaction Valuation*</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"><B>Amount of Filing Fee**</B></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">$ 2,413,804,775</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">$ 292,554</TD></TR>
</TABLE>  <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">*</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Calculated solely for the purpose of determining the filing fee in accordance with Rule 0-11(b)(1) under the
Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;). The transaction valuation is calculated based on (a) the product of (i)&nbsp;$34.86, the average of the high and low prices per AmeriGas common unit as reported on the New
York Stock Exchange on July&nbsp;8, 2019, and (ii)&nbsp;69,242,822, the estimated maximum number of AmeriGas common units that may be exchanged for the merger consideration (the &#147;Transaction Valuation&#148;). </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">**</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The filing fee, calculated in accordance with Rule 0-11 of the Exchange Act, is calculated by multiplying the
Transaction Valuation by 0.0001212. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9746;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Check the box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the
filing with which the offsetting fee was previously paid. Identify the previous filing by registration statement number, or the Form or Schedule, and the date of its filing. </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Amount&nbsp;Previously&nbsp;Paid:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$302,539</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">Filing&nbsp;Party:</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">UGI&nbsp;Corporation</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Form&nbsp;or&nbsp;Registration&nbsp;No.:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Registration Statement on Form S-4<BR>(File No. 333-231242)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top">Date Filed:</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">May&nbsp;6, 2019</TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>INTRODUCTION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Amendment No. 2 to Rule 13e-3 Transaction Statement on Schedule 13E-3 amends and supersedes the Rule 13e-3 Transaction Statement on
Schedule 13E-3 originally filed on May 6, 2019 and Amendment No. 1 thereto, filed on June&nbsp;27, 2019 (as amended, this &#147;Transaction Statement&#148;), which, together with the exhibits hereto, is being filed with the Securities and Exchange
Commission (the &#147;SEC&#148;) pursuant to Section&nbsp;13(e) of the Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;), by AmeriGas Partners, L.P., a Delaware limited partnership (the &#147;Partnership&#148;) and the
issuer of the common units representing limited partner interests in the Partnership (the &#147;Common Units&#148;) that are subject to the Rule <FONT STYLE="white-space:nowrap">13e-3</FONT> transaction; UGI Corporation, a Pennsylvania corporation
(&#147;UGI&#148;); AmeriGas, Inc., a Pennsylvania corporation; AmeriGas Propane, Inc., a Pennsylvania corporation (the &#147;General Partner&#148;); AmeriGas Propane Holdings, Inc., a Delaware corporation (&#147;Holdings&#148;); and AmeriGas Propane
Holdings, LLC, a Delaware limited liability company (&#147;Merger Sub&#148;). Collectively, the persons filing this Transaction Statement are referred to as the &#147;filing persons.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Transaction Statement relates to the Agreement and Plan of Merger, dated as of April&nbsp;1, 2019 (the &#147;Merger Agreement&#148;), by
and among UGI, Holdings, Merger Sub, the Partnership and the General Partner. Pursuant to the Merger Agreement, Merger Sub shall merge with and into the Partnership, the separate existence of Merger Sub shall cease and the Partnership shall survive
and continue to exist as an indirect, wholly owned subsidiary of UGI (the &#147;Merger&#148;). The Merger Agreement provides that, at the effective time of the Merger (the &#147;Effective Time&#148;), each Common Unit issued and outstanding or
deemed issued and outstanding as of immediately prior to the Effective Time, other than (a)&nbsp;Common Units held by the General Partner (&#147;Sponsor Units&#148;) or (b)&nbsp;the Partnership or any of its subsidiaries or UGI or any of its
affiliates (excluding the Sponsor Units) (the &#147;Affiliate Units&#148;), will be converted into the right to receive, at the election of each such holder of Common Units (the &#147;Unaffiliated AmeriGas Unitholders&#148;), but subject to any
applicable withholding tax and proration as described below, one of the following forms of consideration (collectively, the &#147;merger consideration&#148;): (i) 0.6378 shares of common stock, no par value, of UGI (all shares of such common stock,
the &#147;UGI Shares&#148; and such election, a &#147;Share Election&#148;); (ii) $7.63 in cash, without interest, and 0.500 UGI Shares (such election, a &#147;Mixed Election&#148;); or (iii) $35.325 in cash, without interest (such election, a
&#147;Cash Election&#148;). In addition, until the closing of the Merger, the holders of Common Units (the &#147;Unitholders&#148;) will continue to receive regular quarterly distributions, in the ordinary course of business consistent with past
practice but subject to certain restrictions and requirements contained in the Merger Agreement, of not less than $0.95 per Common Unit with respect to any completed quarter prior to closing. As of the Effective Time, all of the Common Units
converted into the right to receive the merger consideration will no longer be outstanding and will automatically be cancelled and cease to exist. Immediately prior to the Effective Time, the General Partner&#146;s economic general partner interest
in the Partnership will be converted into (a) 10,615,711 Common Units, which will not be converted into the merger consideration and will remain outstanding as partnership interests in the Partnership following the Effective Time and (b)&nbsp;a <FONT
STYLE="white-space:nowrap">non-economic</FONT> general partner interest in the Partnership as the surviving entity. The Sponsor Units will be unaffected by the Merger and will remain outstanding following the Effective Time. Immediately prior to the
Effective Time, the Affiliate Units will be automatically cancelled and cease to exist, with no consideration being paid thereon. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The
merger consideration is subject to a proration (the &#147;proration&#148;) designed to ensure that the number of UGI Shares issuable as part of the merger consideration will equal approximately 34,621,206 UGI Shares. Unitholders may elect the Share
Election, the Mixed Election or the Cash Election. However, the ability for Unitholders to receive the merger consideration they elected will depend on the elections of other Unitholders. The proration of the merger consideration payable to
Unitholders in the Merger will not be known until Computershare, Inc. tallies the results of the elections made by Unitholders, which will not occur until near or after completion of the Merger. If no valid election is made with respect to a Common
Unit, such Unitholder will receive such merger consideration as is determined in accordance with the proration provisions of the Merger Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Merger is subject to certain closing conditions, including approval by the holders of a majority of the outstanding Common Units at a
special meeting of Unitholders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The audit committee of the board of directors of the General Partner (the &#147;GP Board&#148; and such
audit committee, the &#147;GP Audit Committee&#148;), consisting of four members of the GP Board who meet the independence qualifications under the Fourth Amended and Restated Agreement of Limited Partnership of AmeriGas Partners, L.P., dated as of
July&nbsp;27, 2009, as amended (the &#147;Partnership Agreement&#148;), and the Charter of the GP Audit Committee for membership on the GP Audit Committee, unanimously (i)&nbsp;determined that the Merger Agreement and the transactions contemplated
thereby, including the Merger, are fair and reasonable to, and in the best interests of, the Partnership and the Unaffiliated AmeriGas Unitholders, (ii)&nbsp;approved, and recommended that the GP Board approve, the Merger Agreement and the
transactions contemplated thereby, including the Merger, and (iii)&nbsp;resolved, and recommended that the GP Board resolve, to recommend approval of the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>

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Merger Agreement to the Unitholders, with such recommendation and approval constituting &#147;Special Approval&#148; as such term is defined in the Partnership Agreement. In making its
recommendation, the GP Audit Committee considered, among other things, the opinion of Tudor Pickering Holt&nbsp;&amp; Co Advisors LP (&#147;TPH&#148;), the independent financial advisor to the GP Audit Committee, that, as of the date of its opinion,
based upon and subject to the assumptions made, procedures followed, matters considered and qualifications and limitations of the review undertaken by TPH in connection with the preparation of its opinion set forth therein, the Merger Consideration
(as defined in TPH&#146;s opinion) to be paid to the Unaffiliated AmeriGas Unitholders in the Merger pursuant to the Merger Agreement was fair from a financial point of view to such Unaffiliated AmeriGas Unitholders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The GP Board, after considering various factors, including the unanimous determination and recommendation of the GP Audit Committee,
unanimously (i)&nbsp;determined that the Merger Agreement and the transactions contemplated thereby, including the Merger, are fair and reasonable to, and in the best interests of, the Partnership and the Unaffiliated AmeriGas Unitholders,
(ii)&nbsp;approved the Merger Agreement and the transactions contemplated thereby, including the Merger, and (iii)&nbsp;resolved to submit the Merger Agreement to a vote of the Unitholders and recommend approval of the Merger Agreement by the
Unitholders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Concurrently with the filing of this Transaction Statement, UGI is filing with the SEC an amended registration statement on
Form <FONT STYLE="white-space:nowrap">S-4,</FONT> which includes a notice of meeting and a proxy statement/prospectus (as amended, the &#147;Proxy Statement/Prospectus&#148;) with respect to (i)&nbsp;the issuance of UGI Shares as a portion of the
merger consideration and (ii)&nbsp;the special meeting of Unitholders, at which Unitholders will be asked to consider and vote on, among other matters, a proposal to approve the Merger Agreement. A copy of the Proxy Statement/Prospectus is attached
hereto as Exhibit (a)(1) and a copy of the Merger Agreement is attached as Annex A to the Proxy Statement/Prospectus. All references in this Transaction Statement to Items numbered 1001 to 1016 are references to Items contained in Regulation <FONT
STYLE="white-space:nowrap">M-A</FONT> under the Exchange Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to General Instruction F to Schedule <FONT
STYLE="white-space:nowrap">13E-3,</FONT> the information contained in the Proxy Statement/Prospectus, including all annexes thereto, is incorporated herein by reference in its entirety, and responses to each item herein are qualified in their
entirety by the information contained in the Proxy Statement/Prospectus and the annexes thereto. The cross-references below are being supplied pursuant to General Instruction G to Schedule <FONT STYLE="white-space:nowrap">13E-3</FONT> and show the
location in the Proxy Statement/Prospectus of the information required to be included in response to the items of Schedule <FONT STYLE="white-space:nowrap">13E-3.</FONT> As of the date hereof, the Proxy Statement/Prospectus is in preliminary form
and is subject to completion. Terms used but not defined in this Transaction Statement shall have the meanings given to them in the Proxy Statement/Prospectus. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">All information concerning each filing person contained in, or incorporated by reference into, this Transaction Statement was supplied by such
filing person. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>ITEM&nbsp;1.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>SUMMARY TERM SHEET </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Regulation <FONT STYLE="white-space:nowrap">M-A</FONT> Item 1001 </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The information set forth in the Proxy Statement/Prospectus under the following captions is incorporated herein by reference: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Summary&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Questions and Answers&#148; </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>ITEM&nbsp;2.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>SUBJECT COMPANY INFORMATION </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Regulation <FONT STYLE="white-space:nowrap">M-A</FONT> Item 1002 </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(a) Name and Address</B>.<B> </B>The information set forth in the Proxy Statement/Prospectus under the following captions is incorporated herein by
reference: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Summary&#151;The Parties&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;The Parties&#148; </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(b)
Securities</B>.<B> </B>The information set forth in the Proxy Statement/Prospectus under the following captions is incorporated herein by reference: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Summary&#151;The Special Meeting; AmeriGas Common Units Entitled to Vote; Required Vote&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;The Special Meeting&#151;Record Date; Outstanding Units; AmeriGas Common Units Entitled to Vote&#148; </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(c) Trading Market and Price</B>.<B> </B>The information set forth in the Proxy Statement/Prospectus under the following captions is incorporated herein by
reference: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Common Unit Market Price and Distribution Information&#151;Where AmeriGas Common Units Are Traded&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Common Unit Market Price and Distribution Information&#151;Common Unit Market Price Information&#148; </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(d) Dividends</B>. The information set forth in the Proxy Statement/Prospectus under the following captions is incorporated herein by reference: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Summary&#151;Comparative Share/Unit Prices and Distributions&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Common Unit Market Price and Distribution Information&#148; </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(e) Prior Public Offerings</B>. Not applicable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(f)
Prior Stock Purchases</B>. Not applicable. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>ITEM&nbsp;3.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>IDENTITY AND BACKGROUND OF FILING PERSON </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Regulation <FONT STYLE="white-space:nowrap">M-A</FONT> Item 1003</B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(a)-(c) Name and Address; Business and Background of Entities; Business and Background of Natural Persons</B>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The information set forth in the Proxy Statement/Prospectus under the following captions is incorporated herein by reference: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Summary&#151;The Parties&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;The Parties&#148; </I></P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>ITEM&nbsp;4.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>TERMS OF THE TRANSACTION </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Regulation <FONT STYLE="white-space:nowrap">M-A</FONT> Item 1004</B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(a) Material Terms</B>. The information set forth in the Proxy Statement/Prospectus under the following captions is incorporated herein by reference: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Summary&#148; </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;The Special Meeting&#151;Required Vote&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;Effect of the Merger&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;Background of the Merger&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;Recommendation of the GP Audit Committee and the GP Board; Reasons for Recommending Approval of the Merger&#148;
</I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;Position of the UGI Filing Parties as to the Fairness of the Merger&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;The UGI Filing Parties&#146; Reasons for the Merger&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;Primary Benefits and Detriments of the Merger&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;Interests of Directors and Executive Officers of the General Partner in the Merger&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;Accounting Treatment of the Merger&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;No Dissenters&#146; Rights or Appraisal Rights&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Questions and Answers&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Proposal 1: The Merger Agreement&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;The Support Agreement&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Material U.S. Federal Income Tax Consequences of the Merger&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Comparison of Rights of UGI Shareholders and AmeriGas Unitholders&#148; </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Annex A: Agreement and Plan of Merger </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Annex C: Support Agreement </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(b)
Purchases</B>. The information set forth in the Proxy Statement/Prospectus under the following captions is incorporated herein by reference: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Summary&#151;Interests of Directors and Executive Officers of the General Partner in the Merger&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;Interests of Directors and Executive Officers of the General Partner in the Merger&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Equity Security Ownership&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Certain Purchases and Sales of Common Units&#148; </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(c) Different Terms</B>.<B> </B>The information set forth in the Proxy Statement/Prospectus under the following captions is incorporated herein by
reference: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Summary&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;Effect of the Merger&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;Interests of Directors and Executive Officers of the General Partner in the Merger&#148; </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;Provisions for Unaffiliated AmeriGas Unitholders&#148;
</I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;No Dissenters&#146; Rights or Appraisal Rights&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Questions and Answers&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Proposal 1: The Merger Agreement&#148; </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Annex A: Agreement and Plan of Merger </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(d)
Appraisal Rights</B>.<B> </B>The information set forth in the Proxy Statement/Prospectus under the following captions is incorporated herein by reference: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Summary&#151;No Dissenters&#146; Rights or Appraisal Rights&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;No Dissenters&#146; Rights or Appraisal Rights&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Questions and Answers&#148; </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(e)
Provisions for Unaffiliated Security Holders</B>.<B> </B>The information set forth in the Proxy Statement/Prospectus under the following caption is incorporated herein by reference: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;Provisions for Unaffiliated AmeriGas Unitholders&#148; </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(f)</B> <B>Eligibility for Listing or Trading</B>. The information set forth in the Proxy Statement/Prospectus under the following captions is incorporated
herein by reference: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Summary&#151;Listing of UGI Shares; Delisting and Deregistration of AmeriGas Common Units&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;Listing of UGI Shares; Delisting and Deregistration of AmeriGas Common Units&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Proposal 1: The Merger Agreement&#151;Conditions to Completion of the Merger&#148; </I></P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>ITEM&nbsp;5.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>PAST CONTACTS, TRANSACTIONS, NEGOTIATIONS AND AGREEMENTS </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Regulation <FONT STYLE="white-space:nowrap">M-A</FONT> Item 1005</B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(a) (1)-(2) Transactions</B>.<B> </B>The information set forth in the Proxy Statement/Prospectus under the following captions is incorporated herein by
reference: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Summary&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;Interests of Directors and Executive Officers of the General Partner in the Merger&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;The Parties&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Certain Purchases and Sales of Common Units&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Where You Can Find More Information&#148; </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(b)-(c) Significant Corporate Events; Negotiations or Contacts</B>.<B> </B>The information set forth in the Proxy Statement/Prospectus under the following
captions is incorporated herein by reference: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Summary&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;Effect of the Merger&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;Background of the Merger&#148; </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;Recommendation of the GP Audit Committee and the GP Board;
Reasons for Recommending Approval of the Merger&#148; </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;Interests of Directors and Executive Officers of
the General Partner in the Merger&#148; </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;Position of the UGI Filing Parties as to the Fairness of the
Merger&#148; </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;The UGI Filing Parties&#146; Reasons for the Merger&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Proposal 1: The Merger Agreement&#148; </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Annex A: Agreement and Plan of Merger </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(e)
Agreements Involving the Subject Company&#146;s Securities</B>.<B> </B>The information set forth in the Proxy Statement/Prospectus under the following captions is incorporated herein by reference: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Summary&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;Effect of the Merger&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;Interests of Directors and Executive Officers of the General Partner in the Merger&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Questions and Answers&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;The Special Meeting&#151;Quorum&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;The Special Meeting&#151;Required Vote&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Proposal 1: The Merger Agreement&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;The Support Agreement&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Common Unit Market Price and Distribution Information&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Equity Security Ownership&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Where You Can Find More Information&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Proposal 3: The Advisory Compensation Proposal&#148; </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Annex A: Agreement and Plan of Merger </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Annex C: Support Agreement </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>ITEM&nbsp;6.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>PURPOSES OF THE TRANSACTION AND PLANS OR PROPOSALS. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Regulation <FONT STYLE="white-space:nowrap">M-A</FONT> Item 1006</B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(a)-(b) Purposes; Use of Securities Acquired</B>.<B> </B>The information set forth in the Proxy Statement/Prospectus under the following captions is
incorporated herein by reference: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Summary&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;Effect of the Merger&#148; </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;Position of the UGI Filing Parties as to the Fairness of the
Merger&#148; </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;The UGI Filing Parties&#146; Reasons for the Merger&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;Primary Benefits and Detriments of the Merger&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;Listing of UGI Shares; Delisting and Deregistration of AmeriGas Common Units&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;Interests of Directors and Executive Officers of the General Partner in the Merger&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Questions and Answers&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Proposal 1: The Merger Agreement&#148; </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Annex A: Agreement and Plan of Merger </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(c)
(1)-(8) Plans</B>.<B> </B>The information set forth in the Proxy Statement/Prospectus under the following captions is incorporated herein by reference: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Summary&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;Background of the Merger&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;Recommendation of the GP Audit Committee and the GP Board; Reasons for Recommending Approval of the Merger&#148;
</I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;Position of the UGI Filing Parties as to the Fairness of the Merger&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;The UGI Filing Parties&#146; Reasons for the Merger&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;Primary Benefits and Detriments of the Merger&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;Interests of Directors and Executive Officers of the General Partner in the Merger&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;Listing of UGI Shares; Delisting and Deregistration of AmeriGas Common Units&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Questions and Answers&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Proposal 1: The Merger Agreement&#148; </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Annex A: Agreement and Plan of Merger </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>ITEM&nbsp;7.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>PURPOSES, ALTERNATIVES, REASONS AND EFFECTS </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Regulation <FONT STYLE="white-space:nowrap">M-A</FONT> Item 1013</B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(a) Purposes</B>.<B> </B>The information set forth in the Proxy Statement/Prospectus under the following captions is incorporated herein by reference: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Summary&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;Effect of the Merger&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;Background of the Merger&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;Recommendation of the GP Audit Committee and the GP Board; Reasons for Recommending Approval of the Merger&#148;
</I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;Position of the UGI Filing Parties as to the Fairness of the
Merger&#148; </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;The UGI Filing Parties&#146; Reasons for the Merger&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;Primary Benefits and Detriments of the Merger&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;Interests of Directors and Executive Officers of the General Partner in the Merger&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Questions and Answers&#148; </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(b)
Alternatives</B>.<B> </B>The information set forth in the Proxy Statement/Prospectus under the following captions is incorporated herein by reference: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;Background of the Merger&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;Recommendation of the GP Audit Committee and the GP Board; Reasons for Recommending Approval of the Merger&#148;
</I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;Position of the UGI Filing Parties as to the Fairness of the Merger&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;The UGI Filing Parties&#146; Reasons for the Merger&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;Primary Benefits and Detriments of the Merger&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;Opinion of the Financial Advisor to the GP Audit Committee&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;J.P. Morgan Securities LLC Financial Advisor Materials&#148; </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(c) Reasons</B>.<B> </B>The information set forth in the Proxy Statement/Prospectus under the following captions is incorporated herein by reference: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;Effect of the Merger&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;Background of the Merger&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;Recommendation of the GP Audit Committee and the GP Board; Reasons for Recommending Approval of the Merger&#148;
</I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;Position of the UGI Filing Parties as to the Fairness of the Merger&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;The UGI Filing Parties&#146; Reasons for the Merger&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;Primary Benefits and Detriments of the Merger&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;Interests of Directors and Executive Officers of the General Partner in the Merger&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;Opinion of the Financial Advisor to the GP Audit Committee&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;J.P. Morgan Securities LLC Financial Advisor Materials&#148; </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(d) Effects</B>.<B> </B>The information set forth in the Proxy Statement/Prospectus under the following captions is incorporated herein by reference: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Summary&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;Effect of the Merger&#148; </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;Background of the Merger&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;Recommendation of the GP Audit Committee and the GP Board; Reasons for Recommending Approval of the Merger&#148;
</I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;Position of the UGI Filing Parties as to the Fairness of the Merger&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;The UGI Filing Parties&#146; Reasons for the Merger&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;Primary Benefits and Detriments of the Merger&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;Financing of the Merger&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;Interests of Directors and Executive Officers of the General Partner in the Merger&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Questions and Answers&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Material U.S. Federal Income Tax Consequences of the Merger&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Proposal 1: The Merger Agreement&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Proposal 3: The Advisory Compensation Proposal&#148; </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Annex A: Agreement and Plan of Merger </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>ITEM&nbsp;8.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>FAIRNESS OF THE TRANSACTION </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Regulation <FONT STYLE="white-space:nowrap">M-A</FONT> Item 1014 </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(a)-(b) Fairness; Factors Considered in Determining Fairness</B>.<B> </B>The information set forth in the Proxy Statement/Prospectus under the following
captions is incorporated herein by reference: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Summary&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;Background of the Merger&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;Recommendation of the GP Audit Committee and the GP Board; Reasons for Recommending Approval of the Merger&#148;
</I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;Position of the UGI Filing Parties as to the Fairness of the Merger&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;The UGI Filing Parties&#146; Reasons for the Merger&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;Primary Benefits and Detriments of the Merger&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;Interests of Directors and Executive Officers of the General Partner in the Merger&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;Opinion of the Financial Advisor to the GP Audit Committee&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;J.P. Morgan Securities LLC Financial Advisor Materials&#148; </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Annex B: Opinion of Tudor Pickering Holt&nbsp;&amp; Co Advisors LP </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(c) Approval of Security Holders</B>.<B> </B>The information set forth in the Proxy Statement/Prospectus under the following captions is incorporated
herein by reference: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Summary&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Questions and Answers&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;Recommendation of the GP Audit Committee and the GP Board; Reasons for Recommending Approval of the Merger&#148;
</I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;Position of the UGI Filing Parties as to the Fairness of the Merger&#148; </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;The Special Meeting&#151;Record Date; Outstanding Units; AmeriGas Common Units
Entitled to Vote&#148; </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;The Special Meeting&#151;Quorum&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;The Special Meeting&#151;Required Vote&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Proposal 1: The Merger Agreement&#151;Conditions to Completion of the Merger&#148; </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(d) Unaffiliated Representative</B>.<B> </B>The information set forth in the Proxy Statement/Prospectus under the following captions is incorporated herein
by reference: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Summary&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;Effect of the Merger&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;Background of the Merger&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;Recommendation of the GP Audit Committee and the GP Board; Reasons for Recommending Approval of the Merger&#148;
</I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;Position of the UGI Filing Parties as to the Fairness of the Merger&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;The UGI Filing Parties&#146; Reasons for the Merger&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;Primary Benefits and Detriments of the Merger&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;Interests of Directors and Executive Officers of the General Partner in the Merger&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;Opinion of the Financial Advisor to the GP Audit Committee&#148; </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Annex B: Opinion of Tudor Pickering Holt&nbsp;&amp; Co Advisors LP </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(e) Approval of Directors</B>.<B> </B>The information set forth in the Proxy Statement/Prospectus under the following captions is incorporated herein by
reference: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Summary&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Questions and Answers&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;Background of the Merger&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;Recommendation of the GP Audit Committee and the GP Board; Reasons for Recommending Approval of the Merger&#148;
</I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;Position of the UGI Filing Parties as to the Fairness of the Merger&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Questions and Answers&#148; </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(f)
Other Offers. </B>Not Applicable.<B> </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>

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<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>ITEM&nbsp;9.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>REPORTS, OPINIONS, APPRAISALS AND CERTAIN NEGOTIATIONS </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Regulation <FONT STYLE="white-space:nowrap">M-A</FONT> Item 1015 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(a)-(b) Report, Opinion or Appraisal; Preparer and Summary of the Report, Opinion or Appraisal</B>.<B> </B>The discussion materials prepared by J.P. Morgan
Securities LLC and provided to UGI, dated January&nbsp;17, 2019, January&nbsp;25, 2019, February&nbsp;25, 2019, March&nbsp;4, 2019 and April&nbsp;1, 2019 are set forth as Exhibits (c)(3) &#151; (c)(7), respectively, hereto and are incorporated
herein by reference. The presentation materials prepared by Tudor Pickering Holt&nbsp;&amp; Co Advisors LP and provided to the GP Audit Committee, dated January&nbsp;31, 2019, February&nbsp;12, 2019, February&nbsp;14, 2019, February&nbsp;19, 2019
(referring to two presentations), February&nbsp;26, 2019, February&nbsp;28, 2019, March&nbsp;5, 2019, March&nbsp;13, 2019, March&nbsp;18, 2019 (referring to two presentations), March&nbsp;29, 2019 and April&nbsp;1, 2019 are set forth as Exhibits
(c)(8) &#151; (c)(20), respectively, hereto and are incorporated herein by reference. The information set forth in the Proxy Statement/Prospectus under the following captions is incorporated herein by reference: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Summary&#151;Opinion of the Financial Advisor to the GP Audit Committee&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Summary&#151;J.P. Morgan Securities LLC Financial Advisor Materials&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;Effect of the Merger&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;Background of the Merger&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;Recommendation of the GP Audit Committee and the GP Board; Reasons for Recommending Approval of the Merger&#148;
</I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;Opinion of the Financial Advisor to the GP Audit Committee&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;J.P. Morgan Securities LLC Financial Advisor Materials&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;Position of the UGI Filing Parties as to the Fairness of the Merger&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;The UGI Filing Parties&#146; Reasons for the Merger&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;Fees and Expenses&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Where You Can Find More Information&#148; </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Annex B: Opinion of Tudor Pickering Holt&nbsp;&amp; Co Advisors LP </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(c) Availability of Documents</B>.<B> </B>The reports, opinions or appraisals referenced in this Item 9 are filed herewith and will be made available for
inspection and copying at the principal executive offices of the Partnership during its regular business hours by any interested Unitholder. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>ITEM&nbsp;10.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>SOURCE AND AMOUNTS OF FUNDS OR OTHER CONSIDERATION </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Regulation <FONT STYLE="white-space:nowrap">M-A</FONT> Item 1007 </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(a)-(b), (d) Source of Funds; Conditions; Borrowed Funds</B>.<B> </B>The information set forth in the Proxy Statement/Prospectus under the following
captions is incorporated herein by reference: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;Background of the Merger&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;Recommendation of the GP Audit Committee and the GP Board; Reasons for Recommending Approval of the Merger&#148;
</I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;Financing of the Merger&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;Interests of Directors and Executive Officers of the General Partner in the Merger&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;Fees and Expenses&#148; </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(c) Expenses</B>.<B> </B>The information set forth in the Proxy Statement/Prospectus under the following
captions is incorporated herein by reference: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Summary&#151;Expenses&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;Financing of the Merger&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;Fees and Expenses&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Proposal 1: The Merger Agreement&#151;Effect of Termination; Termination Fee and Expenses&#148; </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Annex A: Agreement and Plan of Merger </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>ITEM&nbsp;11.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>INTEREST IN SECURITIES OF THE SUBJECT COMPANY </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Regulation <FONT STYLE="white-space:nowrap">M-A</FONT> Item 1008 </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(a)-(b) Securities Ownership; Securities Transactions</B>.<B> </B>The information set forth in the Proxy Statement/Prospectus under the following captions
is incorporated herein by reference: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Summary&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;The Special Meeting&#151;Common Unit Ownership of and Voting by the General Partner&#146;s and UGI&#146;s Directors, Executive
Officers and Affiliates&#148; </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;Effect of the Merger&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;Interests of Directors and Executive Officers of the General Partner in the Merger&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Certain Purchases and Sales of Common Units&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Equity Security Ownership&#148; </I></P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>ITEM&nbsp;12.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>THE SOLICITATION OR RECOMMENDATION </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Regulation <FONT STYLE="white-space:nowrap">M-A</FONT> Item 1012 </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(d)-(e) Intent to Tender or Vote in a Going-Private Transaction; Recommendations of Others</B>.<B> </B>The information set forth in the Proxy
Statement/Prospectus under the following captions is incorporated herein by reference: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Summary&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;Recommendation of the GP Audit Committee and the GP Board; Reasons for Recommending Approval of the Merger&#148;
</I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;Position of the UGI Filing Parties as to the Fairness of the Merger&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;The UGI Filing Parties&#146; Reasons for the Merger&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;Interests of Directors and Executive Officers of the General Partner in the Merger&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Questions and Answers&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;The Special Meeting&#151;Common Unit Ownership of and Voting by the General Partner&#146;s and UGI&#146;s Directors, Executive
Officers and Affiliates&#148; </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Proposal 1: The Merger Agreement&#151;Conditions to Completion of the Merger&#148; </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Proposal 1: The Merger Agreement&#151;GP Audit Committee and GP Board
Recommendation and AmeriGas Adverse Recommendation Change&#148; </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;The Support Agreement&#148; </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Annex A: Agreement and Plan of Merger </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Annex C: Support Agreement </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>ITEM&nbsp;13.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>FINANCIAL INFORMATION </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Regulation <FONT STYLE="white-space:nowrap">M-A</FONT> Item 1010 </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(a) Financial Statements</B>.<B> </B>The information set forth in the Proxy Statement/Prospectus under the following captions is incorporated herein by
reference: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Summary&#151;Summary Historical Consolidated Financial Data of AmeriGas&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Common Unit Market Price and Distribution Information&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Where You Can Find More Information&#148; </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Partnership&#146;s Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the fiscal year ended September&nbsp;30, 2018 is incorporated
herein by reference. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Partnership&#146;s Quarterly Report on Form <FONT STYLE="white-space:nowrap">10-Q</FONT> for the quarterly period ended
March&nbsp;31, 2019 is incorporated herein by reference. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(b) Pro Forma Information</B>.<B> </B>The information set forth in the Proxy
Statement/Prospectus under the following caption is incorporated herein by reference: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;UGI Corporation Unaudited Pro Forma
Financial Information&#148; </I></P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>ITEM&nbsp;14.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>PERSONS/ASSETS, RETAINED, EMPLOYED, COMPENSATED OR USED </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Regulation <FONT STYLE="white-space:nowrap">M-A</FONT> Item 1009 </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(a)-(b) Solicitations or Recommendations; Employees and Corporate Assets</B>.<B> </B>The information set forth in the Proxy Statement/Prospectus under the
following captions is incorporated herein by reference: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Summary&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;Background of the Merger&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;Recommendation of the GP Audit Committee and the GP Board; Reasons for Recommending Approval of the Merger&#148;
</I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;Opinion of the Financial Advisor to the GP Audit Committee&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;J.P. Morgan Securities LLC Financial Advisor Materials&#148; </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;Interests of Directors and Executive Officers of the General
Partner in the Merger&#148; </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Special Factors&#151;Fees and Expenses&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Questions and Answers&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;The Special Meeting&#151;Recommendation of the GP Board&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;The Special Meeting&#151;Solicitation of Proxies&#148; </I></P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>ITEM&nbsp;15.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>ADDITIONAL INFORMATION </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Regulation <FONT STYLE="white-space:nowrap">M-A</FONT> Item 1011 </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(b) Golden Parachute Compensation</B>.<B> </B>The information set forth in the Proxy Statement/Prospectus under the following captions is incorporated
herein by reference: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Summary&#151;Treatment of Performance Units, Restricted Units, Phantom Units and AmeriGas Equity
Plans</I>&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Special Factors&#151;Interests of Directors and Executive Officers of the General Partner in the
Merger</I>&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Proposal 1: The Merger Agreement&#151;Treatment of AmeriGas LTIP Awards</I>&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Proposal 3: The Advisory Compensation Proposal&#148; </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(c) Other Material Information</B>.<B> </B>The information set forth in the Proxy Statement/Prospectus, including all annexes thereto, is incorporated
herein by reference. There is litigation related to the Merger. The information set forth under caption &#147;Special Factors&#151;Litigation Related to the Merger&#148; in the Proxy Statement/Prospectus is incorporated herein by reference. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>ITEM&nbsp;16.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>EXHIBITS </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Regulation <FONT STYLE="white-space:nowrap">M-A</FONT> Item 1016 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD WIDTH="93%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; " ALIGN="center"><B>Exhibit<BR>No.</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; " ALIGN="center"><B>Description</B></P></TD></TR>


<TR STYLE="font-size:1pt">
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>(a)(1)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Proxy Statement/Prospectus of UGI (incorporated herein by reference to UGI&#146;s amended Form <FONT STYLE="white-space:nowrap">S-4</FONT> filed concurrently with the SEC).</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>(a)(2)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Form of Proxy Card (incorporated herein by reference to the Proxy Statement/Prospectus).</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>(a)(3)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Letter to Unitholders (incorporated herein by reference to the Proxy Statement/Prospectus).</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>(a)(4)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Notice of Special Meeting of Unitholders (incorporated herein by reference to the Proxy Statement/Prospectus).</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>(a)(5)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Press Release of the Partnership, dated as of April&nbsp;2, 2019 (incorporated herein by reference to Exhibit 99.1 to the Partnership&#146;s Current Report on Form <FONT STYLE="white-space:nowrap">8-K,</FONT> filed April&nbsp;2,
2019).</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>(b)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Commitment Letter, dated as of July&nbsp;10, 2019, by and between JPMorgan Chase Bank, N.A. and UGI.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>(c)(1)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Opinion of Tudor Pickering Holt&nbsp;&amp; Co Advisors LP (incorporated herein by reference to Annex B of the Proxy Statement/Prospectus).</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>(c)(2)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Opinion of J.P. Morgan Securities LLC (incorporated herein by reference to Exhibit (c)(2) of the Rule 13e-3 Transaction Statement on Schedule 13E-3 filed by the filing persons on May 6, 2019 (the &#147;Original Transaction
Statement&#148;)).</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>(c)(3)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Presentation materials prepared by J.P. Morgan Securities LLC, dated January&nbsp;17, 2019, for the board of directors of UGI (the &#147;UGI Board&#148;) (incorporated herein by reference to Exhibit (c)(3) of the Original
Transaction Statement).</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>(c)(4)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Presentation materials prepared by J.P. Morgan Securities LLC, dated January&nbsp;25, 2019, for the UGI Board (incorporated herein by reference to Exhibit (c)(4) of the Original Transaction Statement).</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>(c)(5)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Presentation materials prepared by J.P. Morgan Securities LLC, dated February&nbsp;25, 2019, for the UGI Board (incorporated herein by reference to Exhibit (c)(5) of the Original Transaction Statement).</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>(c)(6)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Presentation materials prepared by J.P. Morgan Securities LLC, dated March&nbsp;4, 2019, for the UGI Board (incorporated herein by reference to Exhibit (c)(6) of the Original Transaction Statement).</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">14 </P>

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<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD WIDTH="94%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; " ALIGN="center"><B>Exhibit<BR>No.</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; " ALIGN="center"><B>Description</B></P></TD></TR>


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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>(c)(7)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Presentation materials prepared by J.P. Morgan Securities LLC, dated April&nbsp;1, 2019, for the UGI Board (incorporated herein by reference to Exhibit&nbsp;(c)(7) of the Original Transaction Statement).</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>(c)(8)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Presentation materials prepared by Tudor Pickering Holt&nbsp;&amp; Co Advisors LP, dated January&nbsp;31, 2019, for the GP Audit Committee (incorporated herein by reference to Exhibit&nbsp;(c)(8) of the Original Transaction
Statement).</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>(c)(9)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Presentation materials prepared by Tudor Pickering Holt&nbsp;&amp; Co Advisors LP, dated February&nbsp;12, 2019, for the GP Audit Committee (incorporated herein by reference to Exhibit&nbsp;(c)(9) of the Original Transaction
Statement).</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>(c)(10)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Presentation materials prepared by Tudor Pickering Holt&nbsp;&amp; Co Advisors LP, dated February&nbsp;14, 2019, for the GP Audit Committee (incorporated herein by reference to Exhibit&nbsp;(c)(10) of the Original Transaction
Statement).</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>(c)(11)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Presentation materials prepared by Tudor Pickering Holt&nbsp;&amp; Co Advisors LP, dated February&nbsp;19, 2019, for the GP Audit Committee (incorporated herein by reference to Exhibit&nbsp;(c)(11) of the Original Transaction
Statement).</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>(c)(12)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Presentation materials prepared by Tudor Pickering Holt&nbsp;&amp; Co Advisors LP, dated February&nbsp;19, 2019, for the GP Audit Committee (incorporated herein by reference to Exhibit&nbsp;(c)(12) of the Original Transaction
Statement).</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>(c)(13)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Presentation materials prepared by Tudor Pickering Holt&nbsp;&amp; Co Advisors LP, dated February&nbsp;26, 2019, for the GP Audit Committee (incorporated herein by reference to Exhibit&nbsp;(c)(13) of the Original Transaction
Statement).</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>(c)(14)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Presentation materials prepared by Tudor Pickering Holt&nbsp;&amp; Co Advisors LP, dated February&nbsp;28, 2019, for the GP Audit Committee (incorporated herein by reference to Exhibit&nbsp;(c)(14) of the Original Transaction
Statement).</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>(c)(15)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Presentation materials prepared by Tudor Pickering Holt&nbsp;&amp; Co Advisors LP, dated March&nbsp;5, 2019, for the GP Audit Committee (incorporated herein by reference to Exhibit&nbsp;(c)(15) of the Original Transaction
Statement).</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>(c)(16)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Presentation materials prepared by Tudor Pickering Holt&nbsp;&amp; Co Advisors LP, dated March&nbsp;13, 2019, for the GP Audit Committee (incorporated herein by reference to Exhibit&nbsp;(c)(16) of the Original Transaction
Statement).</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>(c)(17)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Presentation materials prepared by Tudor Pickering Holt&nbsp;&amp; Co Advisors LP, dated March&nbsp;18, 2019, for the GP Audit Committee (incorporated herein by reference to Exhibit&nbsp;(c)(17) of the Original Transaction
Statement).</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>(c)(18)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Presentation materials prepared by Tudor Pickering Holt&nbsp;&amp; Co Advisors LP, dated March&nbsp;18, 2019, for the GP Audit Committee (incorporated herein by reference to Exhibit&nbsp;(c)(18) of the Original Transaction
Statement).</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>(c)(19)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Presentation materials prepared by Tudor Pickering Holt&nbsp;&amp; Co Advisors LP, dated March&nbsp;29, 2019, for the GP Audit Committee (incorporated herein by reference to Exhibit&nbsp;(c)(19) of the Original Transaction
Statement).</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>(c)(20)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Presentation materials prepared by Tudor Pickering Holt&nbsp;&amp; Co Advisors LP, dated April&nbsp;1, 2019, for the GP Audit Committee (incorporated herein by reference to Exhibit&nbsp;(c)(20) of the Original Transaction
Statement).</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>(d)(1)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Agreement and Plan of Merger, dated as of April&nbsp;1, 2019, by and among UGI, Holdings, Merger Sub, the Partnership and the General Partner (incorporated herein by reference to Annex A of the Proxy Statement/Prospectus).</TD></TR>

<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>(d)(2)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Support Agreement, dated as of April&nbsp;1, 2019, by and between the Partnership and the General Partner (incorporated herein by reference to Annex&nbsp;C of the Proxy Statement/Prospectus).</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>(f)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">None.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>(g)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">None.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>(h)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">None.</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">15 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">After due inquiry and to the best of each of the undersigned&#146;s knowledge and belief, each of the undersigned certifies that the
information set forth in this statement is true, complete and correct. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dated as of July 10, 2019 </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>AMERIGAS PARTNERS, L.P.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">AMERIGAS PROPANE, INC.,</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">its general partner</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Ann P. Kelly</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Ann P. Kelly</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Vice President and Chief Financial Officer</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>UGI CORPORATION</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ John L. Walsh</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">John L. Walsh</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">President and Chief Executive Officer</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>AMERIGAS, INC.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Ted J. Jastrzebski</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Ted J. Jastrzebski</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">President</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>AMERIGAS PROPANE, INC.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Ann P. Kelly</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Ann P. Kelly</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Vice President and Chief Financial Officer</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>AMERIGAS PROPANE HOLDINGS, INC.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Ted J. Jastrzebski</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Ted J. Jastrzebski</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">President</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>AMERIGAS PROPANE HOLDINGS, LLC</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Ted J. Jastrzebski</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Ted J. Jastrzebski</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">President</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">16 </P>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(B)
<SEQUENCE>2
<FILENAME>d732888dex99b.htm
<DESCRIPTION>EX-99.(B)
<TEXT>
<HTML><HEAD>
<TITLE>EX-99.(b)</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit (b) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">EXECUTION VERSION </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g732888g07q68.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">July 10, 2019 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>UGI Corporation </U></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>Senior
Credit Facilities </U></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>Commitment Letter </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">UGI Corporation </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">460 North Gulph Road </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">King of Prussia, PA 19406 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attention: Ted J. Jastrzebski, </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Executive Vice President&nbsp;&amp; Chief Financial Officer </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">You (the
&#147;<U>Borrower</U>&#148;) have requested that JPMorgan Chase Bank, N.A. (&#147;<U>JPMorgan</U>&#148;, and in its capacity as the sole lead arranger and sole bookrunner, the &#147;<U>Lead Arranger</U>&#148;), agree to arrange and syndicate senior,
unsecured term loan facilities in an initial aggregate principal amount of up to $550,000,000 and a senior, unsecured revolving credit facility in an initial aggregate principal amount of up to $300,000,000 (together, the &#147;<U>Senior Credit
Facilities</U>&#148;), that JPMorgan commit to provide<I> </I>a portion of the Senior Credit Facilities and that JPMorgan agree to serve as administrative agent for the Senior Credit Facilities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The Lead Arranger is pleased to advise you that it agrees to act as sole lead arranger and sole bookrunner for the Senior Credit Facilities.
Furthermore, (i)&nbsp;JPMorgan is pleased to advise you of its commitment to provide $150,000,000<I> </I>of the aggregate principal amount of the Senior Credit Facilities on the hereinafter defined applicable Commitment Effective Date, to be
allocated ratably to each of the Senior Credit Facilities, and (ii)&nbsp;JPMorgan is pleased to advise you of its agreement to use commercially reasonable efforts to assemble a syndicate of financial institutions identified by JPMorgan with your
consent or identified by you and reasonably acceptable to JPMorgan (together with JPMorgan, the &#147;<U>Lenders</U>&#148;) to provide the balance of the necessary commitments for the Senior Credit Facilities, in each case upon the terms and subject
to the conditions set forth or referred to in this commitment letter and in the Summary of Terms and Conditions attached hereto as <U>Exhibit A</U> (the &#147;<U>Term Sheet</U>&#148; and, together with this commitment letter, the &#147;<U>Commitment
Letter</U>&#148;). It is a condition to JPMorgan&#146;s commitment hereunder that the portion of the Senior Credit Facilities not being provided by JPMorgan shall be provided by the other Lenders. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Titles and Roles</U> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">It is agreed that JPMorgan will act as the sole and exclusive administrative agent (the &#147;<U>Administrative Agent</U>&#148;) and that the
Lead Arranger will act as the sole and exclusive lead arranger and sole bookrunner for the Senior Credit Facilities; provided, that the Borrower agrees that JPMorgan may perform its responsibilities hereunder through its affiliate, J.P. Morgan
Securities LLC. It is further agreed that in any Information Materials (as defined below) and all other offering or marketing materials in respect of the Senior Credit Facilities, JPMorgan shall have &#147;left side&#148; designation and shall
appear on the top left and shall hold the leading role and responsibility customarily associated with such &#147;top left&#148; placement. You agree that no other agents, <FONT STYLE="white-space:nowrap">co-agents,</FONT> bookrunners or arrangers
will be appointed, no other titles will be awarded and no compensation (other than that expressly contemplated by the Term Sheet and in the Fee Letter referred to below) will be paid in connection with the Senior Credit Facilities unless you and
JPMorgan shall so agree. </P>

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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Syndication; Absence of Fiduciary Relationships</U> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The Lead Arranger intends to syndicate the Senior Credit Facilities (including, with the Borrower&#146;s consent, part of JPMorgan&#146;s
commitment hereunder in the event commitments received from the Lenders (including JPMorgan) exceed $850,000,000, in which case any such excess shall, at the option of JPMorgan and subject to the Borrower&#146;s consent, reduce JPMorgan&#146;s
commitment hereunder, provided that JPMorgan shall be allocated at the largest commitment level among the Lenders on the closing of the Senior Credit Facilities but in any event not to exceed its commitment amount hereunder) to the Lenders. The Lead
Arranger intends to commence syndication efforts promptly upon the execution of this Commitment Letter, and you agree actively to assist JPMorgan in completing a syndication satisfactory to it. Such assistance shall include (a)&nbsp;your using
commercially reasonable efforts to ensure that the syndication efforts benefit from your existing lending relationships, (b)&nbsp;direct contact between senior management and advisors of the Borrower and the proposed Lenders at reasonable times,
(c)&nbsp;the hosting, with the Lead Arranger, of one or more meetings of prospective Lenders at reasonable times and places as the Lead Arranger may reasonably request and (d)&nbsp;as set forth below, assistance in the preparation of materials to be
used in connection with the syndication (collectively with the Term Sheet, the &#147;<U>Information Materials</U>&#148;). With your prior written consent, you hereby authorize the Lead Arranger and JPMorgan to download copies of the Borrower&#146;s
trademark logos from its website and post copies thereof and any Information Materials to a deal site on IntraLinks, DebtDomain, SyndTrak, Clearpar or any other electronic platform chosen by the Lead Arranger to be their electronic transmission
system (an &#147;<U>Electronic Platform</U>&#148;) established by the Lead Arranger to syndicate the Senior Credit Facilities and use the Borrower&#146;s trademark logos on any confidential information memorandum, presentations and other marketing
materials prepared in connection with the syndication of the Senior Credit Facilities (to which your consent is hereby given, solely with respect to such postings and use of trademark logos, for the period commencing on the date hereof through and
ending on the latest Commitment Effective Date) or in any advertisements that the Lead Arranger or JPMorgan may place after the closing of the Senior Credit Facilities in financial and other newspapers and journals, or otherwise, at its own expense
describing its services to the Borrower hereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">If requested, you will assist us in preparing Information Materials, including but not
limited to a Confidential Information Memorandum or lender slides, for distribution to prospective Lenders. Before distribution of any Information Materials, you agree to execute and deliver to us a letter in which you authorize distribution of the
Information Materials to a prospective Lender&#146;s employees willing to receive material <FONT STYLE="white-space:nowrap">non-public</FONT> information (within the meaning of United States federal securities laws) with respect to the Borrower and
any of its securities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The Lead Arranger will manage (in consultation with you) all aspects of the syndication, including decisions as to
the selection of institutions to be approached and when they will be approached, when their commitments will be accepted, which institutions will participate, the allocations of the commitments among the Lenders and the amount and distribution of
fees among the Lenders (it being understood that the institutions to be approached and the Lenders and their respective allocations of commitments shall be reasonably acceptable to you). The Lead Arranger will have no responsibility other than to
arrange the syndication as set forth herein and the Lead Arranger is acting solely in the capacity of an arm&#146;s length contractual counterparty to the Borrower with respect to the arrangement of the Senior Credit Facilities (including in
connection with determining the terms of the Senior Credit Facilities) and not as a financial advisor or a fiduciary to, or an agent of, the Borrower or any other person. The Borrower agrees that it will not assert any claim against the Lead
Arranger or JPMorgan based on an alleged breach of fiduciary duty by such Lead Arranger or JPMorgan in connection with this Commitment Letter and the transactions contemplated hereby. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">You agree that JPMorgan and the Lead Arranger will act under this Commitment Letter as
independent contractors and that nothing in this Commitment Letter will be deemed to create an advisory, fiduciary or agency relationship or fiduciary or other implied duty between the Lead Arranger or JPMorgan and you and your respective equity
holders or your and their respective affiliates. You acknowledge and agree that (i)&nbsp;the transactions contemplated by this Commitment Letter are <FONT STYLE="white-space:nowrap">arm&#146;s-length</FONT> commercial transactions between JPMorgan
and the Lead Arranger and, if applicable, their affiliates, on the one hand, and you, on the other, (ii)&nbsp;in connection therewith and with the process leading to such transaction each of JPMorgan, the Lead Arranger, and, if applicable, their
affiliates, is acting solely as a principal and has not been, is not and will not be acting as an advisor, agent or fiduciary of you, your management, equity holders, creditors, affiliates or any other person and (iii)&nbsp;each of JPMorgan, the
Lead Arranger, and, if applicable, their affiliates, has not assumed an advisory or fiduciary responsibility or any other obligation in favor of you or your affiliates with respect to the transactions contemplated hereby or the process leading
thereto (irrespective of whether JPMorgan, the Lead Arranger or any of their affiliates has advised or is currently advising you or your affiliates on other matters) except the obligations expressly set forth in this Commitment Letter. You further
acknowledge and agree that (i)&nbsp;you are responsible for making your own independent judgment with respect to such transactions and the process leading thereto, (ii)&nbsp;you are capable of evaluating and understand and accept the terms, risks
and conditions of the transactions contemplated hereby and the Lead Arranger shall have no responsibility or liability to you with respect thereto, and (iii)&nbsp;the Lead Arranger is not advising the Borrower or any of its affiliates as to any
legal, tax, investment, accounting, regulatory or any other matters in any jurisdiction. The Borrower shall consult with its own advisors concerning such matters and shall be responsible for making its own independent investigation and appraisal of
the transactions contemplated hereby, and the Lead Arranger shall have no responsibility or liability to the Borrower or any of its affiliates with respect thereto. Any review by the Lead Arranger of the Borrower, the transactions contemplated
hereby or other matters relating to such transactions will be performed solely for the benefit of the Lead Arranger and JPMorgan and their affiliates and shall not be on behalf of the Borrower or any of its affiliates. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Information</U> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">To assist the Lead Arranger in its syndication efforts, you agree promptly to prepare and provide to the Lead Arranger and JPMorgan all
information with respect to the Borrower, its subsidiaries and the transactions contemplated hereby, including all written financial information and projections (the &#147;<U>Projections</U>&#148;) as the Lead Arranger or JPMorgan may reasonably
request in connection with the arrangement and syndication of the Senior Credit Facilities. You hereby represent and covenant that (a)&nbsp;all written information (other than the Projections and information of a general economic or
industry-specific nature) (the &#147;<U>Information</U>&#148;) that has been or will be made available to the Lead Arranger or JPMorgan by you or any of your representatives, when taken as a whole, is or will be, when furnished, complete and correct
in all material respects and does not or will not, when furnished, contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements contained therein not materially misleading in light of the
circumstances under which such statements are made and (b)&nbsp;the Projections that have been or will be made available to JPMorgan or the Lead Arranger by you or any of your representatives have been or will be prepared in good faith based upon
assumptions believed by you to be reasonable at the time furnished; it being understood that Projections are not viewed as facts and that the actual results during the period or periods covered by the Projections may differ materially from projected
results. If, at any time prior to the termination of this Commitment Letter, any of the representations and warranties in the preceding sentence would not be accurate and complete in any material respect if the Information or Projections were being
furnished, and such representations and warranties were being made, at such time, then you agree to promptly supplement the Information and/or Projections so that the representations and warranties contained in this paragraph remain accurate and
complete in all material respects under those circumstances. You understand that in arranging and syndicating the Senior Credit Facilities we may use and rely on the Information and Projections without independent verification thereof. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>


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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Fees</U> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">As consideration for JPMorgan&#146;s commitments hereunder and the Lead Arranger&#146;s agreement to perform the services described herein,
you agree to pay to JPMorgan and the Lead Arranger the nonrefundable fees set forth in <U>Annex I</U> to the Term Sheet and in the Fee Letter of even date herewith and delivered by you (the &#147;<U>Fee Letter</U>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">You agree that, once paid, the fees or any part thereof payable hereunder or under the Fee Letter shall not be refundable under any
circumstances, regardless of whether the transactions or borrowings contemplated by this Commitment Letter are consummated, except as otherwise agreed in writing by you and JPMorgan. All fees payable hereunder and under the Fee Letter shall be paid
in immediately available funds in U.S. Dollars and shall not be subject to reduction by way of withholding, setoff or counterclaim or be otherwise affected by any claim or dispute related to any other matter. In addition, all fees payable hereunder
shall be paid without deduction for any taxes, levies, imposts, duties, deductions, charges or withholdings imposed by any national, state or local taxing authority, or will be grossed up by you for such amounts. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Conditions</U> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">JPMorgan&#146;s commitment hereunder and the Lead Arranger&#146;s agreement to perform the services described herein are subject to
(a)&nbsp;there not occurring or becoming known to us any material adverse condition or material adverse change in or affecting the business, assets, operations or condition (financial or otherwise) of the Borrower and its subsidiaries, taken as a
whole, since September&nbsp;30, 2018, (b) our not becoming aware after the date hereof of any information or other matter (including any matter relating to financial models and underlying assumptions relating to the Projections and Information
resulting from our completion of a due diligence investigation of the Borrower and its subsidiaries) affecting the Borrower or the transactions contemplated hereby which, in our judgment, is inconsistent in a material and adverse manner with any
Information disclosed to us prior to the date hereof or the Projections, (c)&nbsp;our satisfaction that prior to the latest Commitment Effective Date there shall be no competing offering, placement or arrangement of any debt securities or bank
financing by or on behalf of the Borrower or any subsidiary thereof (other than any financings being entered into by UGI Energy Services, LLC in connection with the Midstream Acquisition (as defined in the Term Sheet)), (d) the negotiation,
execution and delivery on or before November&nbsp;1, 2019 of Credit Documentation (as defined in the Term Sheet) satisfactory to JPMorgan and counsel to the Administrative Agent, (e)&nbsp;with respect to the Tranche
<FONT STYLE="white-space:nowrap">A-1</FONT> Term Facility, the Tranche <FONT STYLE="white-space:nowrap">A-1</FONT> Commitment Termination Date (as defined in the Term Sheet) shall not have occurred, (f)&nbsp;with respect to the Tranche <FONT
STYLE="white-space:nowrap">A-2</FONT> Term Facility, the Tranche <FONT STYLE="white-space:nowrap">A-2</FONT> Commitment Termination Date (as defined in the Term Sheet) shall not have occurred, (g)&nbsp;with respect to the Revolving Credit Facility,
each of the Tranche <FONT STYLE="white-space:nowrap">A-1</FONT> Commitment Termination Date and the Tranche <FONT STYLE="white-space:nowrap">A-2</FONT> Commitment Termination Date shall not have occurred, and (h)&nbsp;the other conditions set forth
or referred to in the Term Sheet. The terms and conditions of JPMorgan&#146;s commitments hereunder and of the Senior Credit Facilities are not limited to those set forth herein and in the Term Sheet. Those matters that are not covered by the
provisions hereof and of the Term Sheet are subject to the approval and agreement of the Lead Arranger, JPMorgan and the Borrower. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">6.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Indemnity</U> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">You agree (a)&nbsp;to indemnify and hold harmless JPMorgan, the Lead Arranger<I> </I>and their respective affiliates and the respective
officers, directors, employees, advisors, affiliates and agents of such persons </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
(each, an &#147;<U>indemnified person</U>&#148;) from and against any and all losses, claims, damages and liabilities to which any such indemnified person may become subject arising out of or in
connection with this Commitment Letter, the Fee Letter, the Senior Credit Facilities, the use of the proceeds thereof or any related transaction or any claim, litigation, investigation or proceeding relating to any of the foregoing, (each a
&#147;<U>Proceeding</U>&#148;) regardless of whether any indemnified person is a party thereto and whether or not such Proceedings are brought by you, your equity holders, affiliates, creditors or by any other person, and to reimburse each
indemnified person upon demand for any legal or other expenses incurred in connection with investigating or defending any of the foregoing, <U>provided</U> that the foregoing indemnity will not, as to any indemnified person, apply to losses, claims,
damages, liabilities or related expenses to the extent they (x)&nbsp;arise from a dispute that does not involve any action or omission by you or any of your affiliates and is solely among the indemnified persons (other than any claims against an
indemnified person in its capacity as Administrative Agent or Lead Arranger) or (y)&nbsp;are found by a final, <FONT STYLE="white-space:nowrap">non-appealable</FONT> judgment of a court of competent jurisdiction to arise from the willful misconduct
or gross negligence of such indemnified person or, pursuant to a claim brought by you against such indemnified person, for breach in bad faith of such indemnified person&#146;s material obligations hereunder, and (b)&nbsp;to reimburse JPMorgan and
the Lead Arranger, and their affiliates on demand for all reasonable and documented <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> expenses (including due diligence expenses, syndication expenses,
electronic distribution expenses (including for use of Electronic Platforms), travel expenses and documented reasonable fees, charges and disbursements of Sidley Austin LLP, counsel to the Administrative Agent) incurred in connection with the Senior
Credit Facilities and any related documentation (including this Commitment Letter, the Term Sheet, the Fee Letter and the definitive financing documentation) or the administration, amendment, modification or waiver thereof. No indemnified person
shall be liable for (i)&nbsp;any damages arising from the use by others of Information or other materials obtained through electronic telecommunications or other information transmission systems (including an Electronic Platform or otherwise via the
internet), other than for direct or actual damages resulting from the willful misconduct or gross negligence of such indemnified person as determined by a final, <FONT STYLE="white-space:nowrap">non-appealable</FONT> judgment of a court of competent
jurisdiction or (ii)&nbsp;any special, indirect, consequential or punitive damages in connection with the Senior Credit Facilities or its activities related thereto. You shall not be liable for any settlement of any Proceedings if such settlement
was effected without your consent (which consent shall not be unreasonably withheld, conditioned or delayed), but if settled with your written consent or if there is a final judgment for the plaintiff in any such Proceedings, you agree to indemnify
and hold harmless each indemnified person from and against any and all losses, claims, damages, liabilities and related expenses by reason of such settlement or judgment in accordance with the foregoing. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">7.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Confidentiality</U> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">This Commitment Letter is delivered to you on the understanding that neither this Commitment Letter, the Term Sheet or the Fee Letter nor any
of their terms or substance shall be disclosed, directly or indirectly, to any other person (including, without limitation, other potential providers or arrangers of financing) except (a)&nbsp;to your officers, directors, employees, attorneys,
accountants, agents and advisors who are directly involved in the consideration of this matter and for whom you shall be responsible for any breach by any one of them of this confidentiality undertaking, (b)&nbsp;in the case of the Commitment Letter
only, in public filings with the Securities and Exchange Commission or other governmental or regulatory authorities to the extent required by applicable law, (c)&nbsp;as may be compelled in a legal, judicial or administrative proceeding or as
otherwise required by law, court order, order of any administrative agency, regulation or any compulsory legal process or as requested by a governmental or regulatory authority having jurisdiction over you (in which case you agree, to the extent
practicable and permitted by law, to inform us promptly thereof), (d)&nbsp;to the extent necessary in connection with the exercise of any remedy or enforcement of any rights hereunder or under the Fee Letter, (e)&nbsp;if the Lead Arranger consents
to such proposed disclosure, (f)&nbsp;in the case of the Term Sheet and the existence of the Commitment Letter only, to any rating agency in connection with the transactions contemplated hereby and (g)&nbsp;you may disclose the existence of
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
the Fee Letter and the fees contained therein as part of generic disclosure regarding fees and expenses in connection with any syndication of the Senior Credit Facilities without disclosing any
specific fees set forth therein, or on a redacted basis in a manner reasonably acceptable to the Lead Arranger or for customary accounting purposes, including accounting for deferred financing costs. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">JPMorgan agrees that it shall use all information provided to it by or on behalf of you hereunder solely for the purpose of providing the
services which are the subject of this Commitment Letter and shall treat confidentially all such information; provided, that nothing herein shall prevent JPMorgan or its affiliates from disclosing any such information (a)&nbsp;as may be compelled in
a legal, judicial or administrative proceeding or as otherwise required by law, court order, order of any administrative agency, regulation or any compulsory legal process or as requested by a governmental or regulatory authority (in which case
JPMorgan agrees, to the extent practicable and permitted by law, to inform you promptly thereof), (b) upon the request or demand of any regulatory authority having jurisdiction over JPMorgan or any of its affiliates (in which case JPMorgan agrees
(except with respect to any audit or examination conducted by bank accountants or any self-regulatory authority or governmental or regulatory authority exercising examination or regulatory authority), to the extent practicable and permitted by law,
to inform you promptly thereof), (c) to the extent that such information becomes publicly available other than by reason of improper disclosure by JPMorgan, or any of its affiliates in violation of this Commitment Letter, (d)&nbsp;to the extent that
such information is received by JPMorgan from a third party that is not to JPMorgan&#146;s knowledge subject to confidentiality obligations to you, (e)&nbsp;to the extent that such information is independently developed by JPMorgan or its
affiliates, in each case, so long as not based on information obtained in a manner that would otherwise violate this provision, (f)&nbsp;to JPMorgan&#146;s affiliates and to JPMorgan&#146;s and such affiliates&#146; employees, legal counsel,
independent auditors and other experts, advisors or agents (collectively, the &#147;<U>Representatives</U>&#148;) who need to know such information in connection with the transactions contemplated hereby and are informed of the confidential nature
of such information (provided, that JPMorgan shall be responsible for its affiliates and Representatives&#146; compliance with this paragraph), (g) in connection with the exercise of any remedies hereunder or any suit, action, proceeding, or claim
relating to this Commitment Letter or the Fee Letter or the transactions contemplated hereby or enforcement hereof or thereof, (h)&nbsp;solely with respect to information pertaining to the Senior Credit Facilities, that is routinely provided by
arrangers, to data service providers, including league table providers, that serve the lending industry, (i)&nbsp;to prospective Lenders, participants or any potential counterparty (or its advisors) to any swap or derivative transaction relating to
the Borrower or any of its subsidiaries or any of their respective obligations, in each case who agree to be bound by the terms of this paragraph (or language substantially similar to this paragraph) or (j)&nbsp;to ratings agencies in connection
with the transactions contemplated hereby; provided that the disclosure of any such information to prospective Lenders, participants or contractual counterparties, in each case referred to in clause (i)&nbsp;above, shall be made subject to the
acknowledgment and acceptance by such prospective Lender, participant or counterparty that such information is being disseminated on a confidential basis (on substantially the terms set forth in this paragraph or as is otherwise reasonably
acceptable to you and JPMorgan in accordance with the standard syndication processes of JPMorgan or customary market standards for dissemination of such type of information); provided further that the foregoing obligations of JPMorgan shall remain
in effect until the earlier of (i)&nbsp;one year from the date hereof and (ii)&nbsp;the date of execution of the Credit Documentation at which time any confidentiality undertaking in the Credit Documentation shall supersede the provisions in this
paragraph. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">8.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Affiliate Activities; Sharing of Information</U> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">You acknowledge that JPMorgan, the Lead Arranger and their affiliates may be providing debt financing, equity capital or other services
(including financial advisory services) to other companies in respect of which you may have conflicting interests regarding the transactions described herein and otherwise. Neither JPMorgan nor the Lead Arranger will use confidential information
obtained from you by virtue of the transactions contemplated by this letter or their other relationships with you in connection </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
with the performance by JPMorgan and the Lead Arranger of services for other companies, and will not furnish any such information to other companies. You also acknowledge that JPMorgan and the
Lead Arranger have no obligation to use in connection with the transactions contemplated by this letter, or to furnish to you, confidential information obtained from other companies. You further acknowledge that JPMorgan is a full service securities
or banking firm engaged in securities trading and brokerage activities as well as providing investment banking and other financial services. In the ordinary course of business, JPMorgan may provide investment banking and other financial services to,
and/or acquire, hold or sell, for its own accounts and the accounts of customers, equity, debt and other securities and financial instruments (including bank loans and other obligations) of, you and other companies with which you may have commercial
or other relationships. With respect to any securities and/or financial instruments so held by JPMorgan or any of its respective customers, all rights in respect of such securities and financial instruments, including any voting rights, will be
exercised by the holder of the rights, in its sole discretion. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">JPMorgan and the Lead Arranger may employ the services of its affiliates
in providing certain services hereunder and, in connection with the provision of such services, may exchange with such affiliates information concerning you and the other companies that may be the subject of the transactions contemplated by this
Commitment Letter, and, to the extent so employed, such affiliates shall be entitled to the benefits of JPMorgan or the Lead Arranger hereunder. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">9.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Miscellaneous</U> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">This Commitment Letter shall not be assignable by you without the prior written consent of JPMorgan and the Lead Arranger (and any purported
assignment without such consent shall be null and void), is intended to be solely for the benefit of the parties hereto and the indemnified persons and is not intended to confer any benefits upon, or create any rights in favor of, any person other
than the parties hereto and the indemnified persons. This Commitment Letter may not be amended or waived except by an instrument in writing signed by you, JPMorgan and the Lead Arranger. This Commitment Letter may be executed in any number of
counterparts, each of which shall be an original, and all of which, when taken together, shall constitute one agreement. Delivery of an executed signature page of this Commitment Letter by electronic or facsimile transmission shall be effective as
delivery of a manually executed counterpart hereof. This Commitment Letter<I> </I>and the Fee Letters are the only agreements that have been entered into among us with respect to the Senior Credit Facilities and set forth the entire understanding of
the parties with respect thereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">This Commitment Letter shall be governed by, and construed and interpreted in accordance with, the law
of the State of New York. The Borrower hereby irrevocably and unconditionally consents to the exclusive jurisdiction and venue of the United States District Court for the Southern District of New York, sitting in the Borough of Manhattan (or, if
such court lacks subject matter jurisdiction, the Supreme Court of the State of New York sitting in the Borough of Manhattan). Nothing in this Commitment Letter shall affect any right that the Lead Arranger or JPMorgan may otherwise have to bring
any action of proceeding relating to this Commitment Letter, the Term Sheet or the Fee Letter against the Borrower or its properties in the courts of any jurisdiction. Each party hereto irrevocably waives, to the fullest extent permitted by
applicable law, (a)&nbsp;any right it may have to a trial by jury in any legal proceeding arising out of or relating to this Commitment Letter, the Term Sheet, the Fee Letter or the transactions contemplated hereby or thereby (whether based on
contract, tort or any other theory) and (b)&nbsp;any objection that it may now or hereafter have to the laying of venue of any such legal proceeding in the state or federal courts located in the City of New York, Borough of Manhattan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">JPMorgan and the Lead Arranger hereby notifies you that pursuant to the requirements of the U.S.A. PATRIOT ACT (Title III of Pub. L. 107 56
(signed into law October&nbsp;26, 2001)) (the &#147;<U>Patriot Act</U>&#148;), it and each of the Lenders may be required to obtain, verify and record information that identifies you and </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
your subsidiaries, which information may include your name, address, tax identification number and other information that will allow JPMorgan and the Lead Arranger and each of the Lenders to
identify you and your subsidiaries in accordance with the Patriot Act. This notice is given in accordance with the requirements of the Patriot Act and is effective for JPMorgan, the Lead Arranger and each of the Lenders and each of their respective
affiliates. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The compensation, reimbursement, indemnification and confidentiality provisions contained herein and in the Fee Letter and
any other provision herein or therein which by its terms expressly survives the termination of this Commitment Letter shall remain in full force and effect regardless of whether definitive financing documentation shall be executed and delivered and
notwithstanding the termination of this Commitment Letter or JPMorgan&#146;s commitment hereunder in accordance with the terms of this Commitment Letter, except to the extent such compensation, reimbursement, indemnification and confidentiality
(other than with respect to the Fee Letter which shall be subject to the confidentiality provisions therein) provisions are covered by provisions in the applicable Credit Documentation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section headings used herein are for convenience of reference only and are not to affect the construction of, or to be taken into
consideration in interpreting, this Commitment Letter. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">If the foregoing correctly sets forth our agreement, please indicate your
acceptance of the terms hereof and of the Term Sheet and the Fee Letter by returning to JPMorgan executed counterparts hereof and of the Fee Letter not later than 5:00&nbsp;p.m., New York City time, on July&nbsp;10, 2019. JPMorgan&#146;s commitment
and the Lead Arranger&#146;s agreements herein will expire at such time in the event JPMorgan has not received such executed counterparts in accordance with the immediately preceding sentence. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>[</B>Signature Page Follows<B>]</B> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We are pleased to have been given the opportunity to assist you in connection with this important
financing. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="92%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3">Very truly yours,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3">JPMORGAN CHASE BANK, N.A.</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Helen D. Davis</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name: Helen D. Davis</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title: Authorized Officer</TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Accepted and agreed to as of</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">the
date first written above by:</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3">UGI CORPORATION</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Ted J. Jastrzebski</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name: Ted J. Jastrzebski</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title: Chief Financial Officer</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Signature Page to
Commitment Letter </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><U>Exhibit A </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">UGI CORPORATION </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SENIOR CREDIT
FACILITIES </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Summary of Terms and Conditions </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">July&nbsp;<B></B>10<B></B>, 2019 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="24%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="69%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>I</B>.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><U><B>Parties</B></U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Borrower:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">UGI Corporation (the &#147;<U>Borrower</U>&#148;).</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Guarantors:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">None.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Sole Lead Arranger <BR>and Sole Bookrunner:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">JPMorgan Chase Bank, N.A. (&#147;<U>JPMorgan</U>&#148; and, in such capacity, the &#147;<U>Lead Arranger</U>&#148;).</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Administrative Agent:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">JPMorgan (in such capacity, the &#147;<U>Administrative Agent</U>&#148;).</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Syndication Agent:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><B>[</B>TBD<B>]</B> (&#147;<B>[</B>__<B>]</B>&#148; and, in such capacity, the &#147;<U>Syndication Agent</U>&#148;)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Documentation Agent:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><B>[</B>TBD<B>]</B> (&#147;<B>[</B>__<B>]</B>&#148; and, in such capacity, the &#147;<U>Documentation Agent</U>&#148;).</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Lenders:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">A syndicate of banks, financial institutions and other entities, including JPMorgan, arranged by the Lead Arranger (collectively, the &#147;<U>Lenders</U>&#148;).</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>II.</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"><B><U>Revolving Credit Facility</U></B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Type and Amount of Revolving Credit Facility:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Five-year revolving credit facility (the &#147;<U>Revolving Credit Facility</U>&#148;) in an amount of up to $300,000,000 (the loans thereunder, the &#147;<U>Revolving Credit Loans</U>&#148;).</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Availability:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The Revolving Credit Facility shall be available on a revolving basis during the period commencing on the Closing Date (as defined below) and ending on the fifth anniversary of the Initial Commitment Effective Date (as defined
below) (the &#147;<U>Revolving Credit Termination Date</U>&#148;).</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>


<p Style='page-break-before:always'>
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<TR>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="24%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="69%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Letters of Credit:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">A portion of the Revolving Credit Facility not in excess of $10,000,000 shall be available for the issuance of letters of credit (the &#147;<U>Letters of Credit</U>&#148;) by JPMorgan or other Lenders acceptable to the
Administrative Agent and the Borrower (the &#147;<U>Issuing Lender</U>&#148;). No Letter of Credit shall have an expiration date after the earlier of (a)&nbsp;one year after the date of issuance and (b)&nbsp;five (5) business days prior to the
Revolving Credit Termination Date, <U>provided</U> that any Letter of Credit with a <FONT STYLE="white-space:nowrap">one-year</FONT> tenor may provide for the renewal thereof for additional <FONT STYLE="white-space:nowrap">one-year</FONT> periods
(which shall in no event extend beyond the date referred to in clause&nbsp;(b) above).</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Drawings under any Letter of Credit shall be reimbursed by the Borrower (whether with its own funds or with the proceeds of Revolving Credit Loans) on the same business day. To the extent that the Borrower does not so reimburse the
Issuing Lender, the Lenders under the Revolving Credit Facility shall be irrevocably and unconditionally obligated to reimburse the Issuing Lender on a <U>pro</U> <U>rata</U> basis.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Maturity:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The Revolving Credit Termination Date.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Purpose:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The proceeds of the Revolving Credit Loans shall be used (i)&nbsp;to finance the acquisition of a portion of the issued and outstanding public common units of AmeriGas Partners, L.P. not currently owned indirectly by the Borrower
pursuant to that certain Agreement and Plan of Merger, dated as of April&nbsp;1, 2019, by and among UGI Corporation, AmeriGas Propane, Inc., AmeriGas Propane Holdings, Inc., AmeriGas Propane Holdings, LLC and AmeriGas Partners, L.P. (as in effect as
of April&nbsp;1, 2019, the &#147;<U>AmeriGas Acquisition Agreement</U>&#148;) and related fees and expenses (collectively, the &#147;<U>AmeriGas Acquisition</U>&#148;), (ii)&nbsp;to finance the acquisition of 100% of the outstanding membership
interests in Columbia Midstream Group, LLC from Columbia Midstream&nbsp;&amp; Minerals Group, LLC (the &#147;<U>Seller</U>&#148;) pursuant to the Purchase and Sale Agreement dated as of July&nbsp;2, 2019 among the Seller, UGI Energy Services, LLC,
the Borrower and TransCanada PipeLine USA Ltd. (as in effect as of July&nbsp;2, 2019, the &#147;<U>Midstream Acquisition Agreement</U>&#148;) and related fees and expenses (collectively, the &#147;<U>Midstream Acquisition</U>&#148;) and
(iii)&nbsp;for general corporate purposes of the Borrower and its subsidiaries in the ordinary course of business.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>III.</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><B><U>Term Facilities</U></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Type and Amount of Term Facilities:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">(i) A five-year term loan facility (the &#147;<U>Tranche <FONT STYLE="white-space:nowrap">A-1</FONT> Term Facility</U>&#148;) in an amount of up to $250,000,000 (the loans thereunder, the &#147;<U>Tranche <FONT
STYLE="white-space:nowrap">A-1</FONT> Term Loans</U>&#148;) and (ii)&nbsp;a three-year term loan facility (the &#147;<U>Tranche <FONT STYLE="white-space:nowrap">A-2</FONT> Term Facility</U>&#148;, and together with the Tranche <FONT
STYLE="white-space:nowrap">A-1</FONT> Term Facility, the &#147;<U>Term Facilities</U>&#148;; and the Term Facilities together with the Revolving Credit Facility, the &#147;<U>Senior Credit Facilities</U>&#148;) in an amount of up to $300,000,000
(the loans thereunder the &#147;<U>Tranche <FONT STYLE="white-space:nowrap">A-2</FONT> Term Loans</U>&#148;, and together with the Tranche <FONT STYLE="white-space:nowrap">A-1</FONT> Term Loans, the &#147;<U>Term
Loans</U>&#148;).</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


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<TR>
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<TD WIDTH="24%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="69%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Availability:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">From and after the date of the execution and delivery of the definitive documentation for the Senior Credit Facilities by the parties thereto, each Term Facility will be available in a single drawing in U.S. Dollars on the
applicable Commitment Effective Date with respect to such Term Facility. Amounts borrowed under any Term Facility that are repaid or prepaid may not be reborrowed.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Maturity Date:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The Tranche <FONT STYLE="white-space:nowrap">A-1</FONT> Term Facility will mature on the day that is five (5)&nbsp;years after the Tranche <FONT STYLE="white-space:nowrap">A-1</FONT> Commitment Effective Date with respect to such
Term Facility. The Tranche <FONT STYLE="white-space:nowrap">A-2</FONT> Term Facility will mature on the day that is three (3)&nbsp;years after the Tranche <FONT STYLE="white-space:nowrap">A-2</FONT> Commitment Effective Date. The aggregate
outstanding principal amount of the Term Loans under each Term Facility will be repayable at maturity of such Term Facility.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Amortization:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Tranche <FONT STYLE="white-space:nowrap">A-1</FONT> Term Loans will amortize in equal quarterly installments in an aggregate annual
amount equal to the percentage set forth below of the original principal amount of the Tranche <FONT STYLE="white-space:nowrap">A-1</FONT> Term Facility:</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Year 1:&nbsp;&nbsp;&nbsp;&nbsp;0%</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Year
2:&nbsp;&nbsp;&nbsp;&nbsp;0%</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Year 3:&nbsp;&nbsp;&nbsp;&nbsp;0%</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Year 4:&nbsp;&nbsp;&nbsp;&nbsp;15%</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Year
5:&nbsp;&nbsp;&nbsp;&nbsp;15%</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The Tranche <FONT STYLE="white-space:nowrap">A-2</FONT> Term Loans will have no amortization.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Purpose:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The proceeds of the Tranche <FONT STYLE="white-space:nowrap">A-1</FONT> Term Facility shall be used for funding the AmeriGas Acquisition. The proceeds of the Tranche <FONT STYLE="white-space:nowrap">A-2</FONT> Term Facility shall be
used for the funding of the Midstream Acquisition.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>IV.</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"><B><U>[RESERVED]</U></B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>V.</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"><B><U>Certain Payment Provisions</U></B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Fees and Interest Rates:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">As set forth on <U>Annex I</U>.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Optional Prepayments and Commitment Reductions:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Loans may be prepaid and commitments may be reduced by the Borrower in minimum amounts to be agreed upon. Optional prepayments of the Tranche <FONT STYLE="white-space:nowrap">A-1</FONT> Term Loans shall be applied to the remaining
amortization payments under the Tranche <FONT STYLE="white-space:nowrap">A-1</FONT> Term Facility as directed by the Borrower (and absent such direction, in direct order of maturity
thereof).</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>


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<TR>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="24%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="69%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Mandatory Prepayments:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Revolving Credit Loans will be required to be prepaid if the aggregate revolving credit exposure under the Revolving Credit Facility exceeds
the aggregate commitments thereunder. In addition, the Credit Documentation will contain a mandatory prepayment provision that will require a prepayment of amounts outstanding under the Term Facilities on a pro rata basis:<B> </B></P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">(a)<B> </B>at any time<B> </B>the Net Leverage Ratio (as defined
below and calculated as of the last day of the previous fiscal quarter for which financial statements were required to have been delivered) is greater than or equal to 3.75 to 1.00, with 100% of the net cash proceeds from a sale or transfer of the
equity interests of any of UGI Utilities, Inc., UGI Energy Services, LLC, AmeriGas Partners, L.P. and UGI International, LLC (collectively, the &#147;<U>Specified Subsidiaries</U>&#148;); and</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">(b) with 100% of the net cash proceeds from the issuance of any
indebtedness not permitted to be incurred under the Credit Documentation.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">With
respect to the Tranche <FONT STYLE="white-space:nowrap">A-1</FONT> Term Facility, such mandatory prepayments shall be applied pro rata to the remaining scheduled principal installments thereafter of the Tranche
<FONT STYLE="white-space:nowrap">A-1</FONT> Term Loans.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>VI.</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><B><U>Certain Conditions</U></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Initial Conditions to Closing:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The closing and effectiveness of the Credit Documentation shall be conditioned upon satisfaction of, among other things, the following conditions precedent (the date upon which all such conditions precedent shall be satisfied, the
&#147;<U>Closing Date</U>&#148;) on or before November&nbsp;1, 2019; it being understood and agreed that the commitments of the Lenders under the Senior Credit Facilities shall not be effective unless and until the occurrence of the applicable
Commitment Effective Date (as defined below):</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">(a) The Borrower shall have executed and delivered satisfactory definitive financing documentation with respect to the
Senior Credit Facilities (the &#147;<U>Credit Documentation</U>&#148;) (it being understood and agreed that, except as expressly set forth herein or as otherwise mutually agreed, the Credit Documentation shall contain provisions substantially
similar to those set forth in that certain Second Amended and Restated Credit Agreement dated as of February&nbsp;29, 2016, by and among the UGI Energy Services, LLC, the lenders party thereto and JPMorgan, as administrative agent (as amended prior
to the Closing Date, the &#147;<U>Existing UGI Energy Services Credit Agreement</U>&#148;), with only such changes modifications that are necessary or appropriate to (i)&nbsp;reflect the terms of this term sheet, (ii)&nbsp;reflect any changes in law
or accounting standards since the date of the Existing UGI Energy Services Credit Agreement, (iii)&nbsp;reflect the Administrative Agent&#146;s current agency and back-office practices and operations (including, without limitation, the
Administrative Agent&#146;s customary provisions in respect of the discontinuation of LIBOR), as reasonably agreed to by the Borrower, (iv)&nbsp;the documentation and policy requirements of the Administrative Agent and the Lenders, (v)&nbsp;take
into account the capital structure and the operational and strategic requirements of the Borrower and its subsidiaries in light of their size, geographic locations, industry, business, business practice, and operations and (vi)&nbsp;effect such
other changes as are mutually agreeable to the parties to the Credit Documentation).</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>


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<TR>
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<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="24%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="69%"></TD></TR>
<TR STYLE="font-size:1pt">
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<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">(b) The Administrative Agent and the Lead Arranger shall have received all fees required to be paid, and all expenses
for which invoices have been presented, on or before the Closing Date.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">(c) The Lenders shall have received (i)&nbsp;satisfactory audited consolidated financial statements of the Borrower,
and of each of the Specified Subsidiaries, for the two most recent fiscal years ended prior to the Closing Date as to which such financial statements are available, (ii)&nbsp;satisfactory unaudited interim consolidated financial statements of the
Borrower and of each Specified Subsidiary for each quarterly period ended subsequent to the date of the latest financial statements delivered pursuant to clause (i)&nbsp;of this paragraph as to which such financial statements are available and
(iii)&nbsp;satisfactory quarterly consolidated and consolidating income statements through and including the Borrower&#146;s 2022 fiscal year and a satisfactory annual consolidated balance sheet and cash flow statement projections through and
including the Borrower&#146;s 2022 fiscal year, in each case, based on the 2019 fiscal year budget and the plans for 2020 through 2022 plans, as adjusted for the AmeriGas Acquisition and the Midstream Acquisition and associated distributable cash
flow, EBITDA projections, pro forma adjustments, adjustments for dividends by the Borrower, debt reductions and deferred taxes, together with such information as the Administrative Agent and the Lenders shall reasonably request (including, without
limitation, a detailed description of the assumptions used in preparing such projections).</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">(d) The Administrative Agent shall have received such legal opinions, documents, certificates and other instruments
consistent in form and substance with those delivered in connection with the Existing UGI Energy Services Credit Agreement.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">(e) The Administrative Agent shall have completed all business due diligence, and the Administrative Agent&#146;s and the Lead
Arranger&#146;s counsel shall have completed all legal due diligence.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">(f) The Administrative Agent shall have received, at least five (5)&nbsp;days prior to the Closing Date, all documentation and other
information regarding the Borrower requested at least ten (10)&nbsp;business days prior to the Closing Date in connection with applicable &#147;know your customer&#148; and anti-money laundering rules and regulations, including the Patriot Act.</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">(g) The Administrative Agent and each requesting Lender shall have
received, at least five (5)&nbsp;days prior to the Closing Date, in connection with applicable &#147;beneficial ownership&#148; rules and regulations, a customary certification regarding beneficial ownership or control of the Borrower if requested
at least ten (10)&nbsp;business days prior to the Closing Date in a form reasonably satisfactory to the Administrative Agent and each requesting Lender.</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>


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<TR>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="24%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="69%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Initial Conditions to Commitment Effectiveness:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The effectiveness of the Lenders&#146; commitments under the Senior Credit Facilities and the borrowings under the applicable Term Facilities and availability of the Revolving Credit Facility shall be conditioned upon satisfaction
of, among other things, the following conditions precedent (the date upon which all such applicable conditions precedent shall be satisfied, (i)&nbsp;with respect to the satisfaction in respect of the Tranche
<FONT STYLE="white-space:nowrap">A-1</FONT> Term Facility (which shall require the satisfaction of clauses&nbsp;(a) through (g) below), the &#147;<U>Tranche <FONT STYLE="white-space:nowrap">A-1</FONT> Commitment Effective Date</U>&#148;,
(ii)&nbsp;with respect to the satisfaction in respect of the Tranche <FONT STYLE="white-space:nowrap">A-2</FONT> Term Facility (which shall require the satisfaction of clauses&nbsp;(a), (b) and (h)&nbsp;through (l) below), the &#147;<U>Tranche <FONT
STYLE="white-space:nowrap">A-2</FONT> Commitment Effective Date</U>&#148; (and each of the Tranche <FONT STYLE="white-space:nowrap">A-1</FONT> Commitment Effective Date, the Tranche <FONT STYLE="white-space:nowrap">A-2</FONT> Commitment Effective
Date and the Initial Commitment Effective Date being a &#147;<U>Commitment Effective Date</U>&#148;), and (iii)&nbsp;with respect to the Revolving Credit Facility, the earliest to occur of clause&nbsp;(i) and (ii), the &#147;<U>Initial Commitment
Effective Date</U>&#148;) on or before November&nbsp;1, 2019:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">(a) The Closing Date shall have occurred.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">(b) The Administrative Agent and the Lead Arranger shall have received all fees required to be paid, and all expenses for which invoices
have been presented, on or before the applicable Commitment Effective Date.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">(c) The Lenders shall have received satisfactory unaudited interim consolidated financial statements of the Borrower and
of each Specified Subsidiary for each quarterly period ended more than 45 days before the Tranche <FONT STYLE="white-space:nowrap">A-1</FONT> Commitment Effective Date for which financial statements have not been delivered pursuant to clause
(c)&nbsp;of &#147;Initial Conditions to Closing&#148; section above, including a balance sheet as of the end of such latest quarterly period and pro forma for the AmeriGas Acquisition.</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">(d) The Administrative Agent shall have received evidence that the
AmeriGas Acquisition shall have been consummated pursuant to and on the terms set forth in the AmeriGas Acquisition Agreement.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">(e) Since September&nbsp;30, 2018, there has not occurred any change, effect, event or occurrence that, individually or in the aggregate,
has resulted, or would reasonably be likely to result, in a &#147;Partnership Material Adverse Effect&#148; (as defined in the AmeriGas Acquisition Agreement).</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>


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<TD VALIGN="bottom" WIDTH="2%"></TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">(f) The Administrative Agent shall have received a solvency certificate from the chief financial officer or chief
financial officer of the Borrower to the effect that the Borrower and its subsidiaries, taken as a whole on a consolidated basis and pro forma for the AmeriGas Acquisition, will be solvent.</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">(g) The Tranche <FONT STYLE="white-space:nowrap">A-1</FONT>
Commitment Termination Date shall not have occurred. &#147;<U>Tranche <FONT STYLE="white-space:nowrap">A-1</FONT> Commitment Termination Date</U>&#148; shall mean the first to occur of (i)&nbsp;the consummation of the AmeriGas Acquisition without
the use of the Tranche <FONT STYLE="white-space:nowrap">A-1</FONT> Term Facility, (ii)&nbsp;the termination of the AmeriGas Acquisition Agreement in accordance with its terms, (iii)&nbsp;public announcement of the abandonment or termination by the
Borrower of the definitive documentation for the AmeriGas Acquisition, including the AmeriGas Acquisition Agreement, and (iv)&nbsp;November&nbsp;1, 2019.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">(h) The Lenders shall have received satisfactory unaudited interim consolidated financial statements of the Borrower and of each Specified
Subsidiary for each quarterly period ended more than 45 days before the Tranche <FONT STYLE="white-space:nowrap">A-2</FONT> Commitment Effective Date for which financial statements have not been delivered pursuant to clause&nbsp;(c) of &#147;Initial
Conditions to Closing&#148; section above, including a balance sheet as of the end of such latest quarterly period and pro forma for the Midstream Acquisition.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">(i) The Administrative Agent shall have received evidence that the Midstream Acquisition shall have been consummated pursuant to and on the
terms set forth in the Midstream Acquisition Agreement.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">(j)
Since May&nbsp;31, 2019, there shall have not been any &#147;Material Adverse Effect&#148; (as defined in the Midstream Acquisition Agreement).</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">(k) The Administrative Agent shall have received a solvency certificate from the chief financial officer or chief financial officer of the
Borrower to the effect that the Borrower and its subsidiaries, taken as a whole on a consolidated basis and pro forma for the Midstream Acquisition, will be solvent.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">(l) The Tranche <FONT STYLE="white-space:nowrap">A-2</FONT> Commitment Termination Date shall not have occurred. &#147;<U>Tranche <FONT
STYLE="white-space:nowrap">A-2</FONT> Commitment Termination Date</U>&#148; shall mean the first to occur of (i)&nbsp;the consummation of the Midstream Acquisition without the use of the Tranche <FONT STYLE="white-space:nowrap">A-2</FONT> Term
Facility, (ii)&nbsp;the termination of the Midstream Acquisition Agreement in accordance with its terms, (iii)&nbsp;public announcement of the abandonment or termination by the Borrower of the definitive documentation for the Midstream Acquisition,
including the Midstream Acquisition Agreement, and (iv)&nbsp;November&nbsp;1, 2019.</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>


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<TD VALIGN="bottom" WIDTH="2%"></TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">On-Going</FONT> Conditions:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The making of each extension of credit shall be conditioned upon (a)&nbsp;all representations and warranties in the Credit Documentation (including, without limitation, the material adverse change and litigation representations and
warranties) being true and correct in all material respects (or, to the extent otherwise qualified by materiality, in all respects) and (b)&nbsp;there being no default or event of default in existence at the time of, or after giving effect to the
making of, such extension of credit. As used herein and in the Credit Documentation a &#147;material adverse change&#148; shall mean any event, development or circumstance that has had or could reasonably be expected to have a material adverse
effect on (a)&nbsp;the business, assets, operations or condition (financial or otherwise) of the Borrower and its subsidiaries taken as a whole, (b)&nbsp;the validity or enforceability of any of the Credit Documentation, (c)&nbsp;the ability of the
Borrower to perform any of its obligations under the Credit Documentation or (d)&nbsp;the rights or remedies of the Administrative Agent and the Lenders under the Credit Documentation.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>VII.</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"><B><U>Certain Documentation Matters</U></B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The Credit Documentation shall contain representations, warranties, covenants and events of default customary for financings of this type and other terms deemed reasonably appropriate by the Lenders, with customary baskets,
materiality thresholds and grace periods to be mutually agreed upon, including without limitation:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Representations and Warranties:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Financial statements; absence of undisclosed liabilities; no material adverse change since September&nbsp;30, 2018; corporate existence; compliance with law; corporate power and authority; enforceability of Credit Documentation; no
conflict with law or contractual obligations; no material litigation; no default; ownership of property; intellectual property; taxes; Federal Reserve regulations; ERISA; Investment Company Act; subsidiaries; environmental matters; labor matters;
solvency and accuracy of disclosure; and anti-corruption laws, sanctions and 31 C.F.R. &#167;&nbsp;1010.230 (beneficial ownership requirements for legal entity customers), including policies and procedures with respect thereto; EEA financial
institutions.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Affirmative Covenants:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Delivery (with deemed delivery to the extent publicly accessible) of financial statements (which shall include a requirement for delivery (with deemed delivery to the extent publicly accessible) of annual and quarterly consolidated
financial statements for each of the Borrower and each Specified Subsidiary), shareholder reports and other items publicly filed with the SEC, annual consolidated projections for each of the Borrower and each Specified Subsidiary consistent with
such company&#146;s annual budget and plan, officers&#146; certificates and other information requested by the Lenders; payment of other obligations; continuation of business and maintenance of existence and material rights and privileges;
compliance with laws (including environmental laws, implementation and maintenance of policies and procedures in respect of anti-corruption laws, sanctions and beneficial ownership requirements for legal entity customers) and material contractual
obligations; maintenance of property and insurance; maintenance of books and records; right of the Lenders to inspect property and books and records; notices of defaults, litigation and other material events; and use of proceeds (including in
respect of anti-corruption laws and sanctions).</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>


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<TD HEIGHT="8" COLSPAN="2"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Financial Covenants:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Borrower will comply with the following financial covenants (with definitions to be mutually agreed upon):</P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">-&#8194;&#8202;N<U>et Leverage Ratio</U>. The
Borrower shall maintain as of the last day of each fiscal quarter (other than any such fiscal quarter within an Acquisition Period) a ratio of Consolidated Net Indebtedness at such time to consolidated EBITDA for the four fiscal quarter period then
ending of not more than (a)&nbsp;4.50 to 1.00, stepping down to 4.25 to 1.00 on June&nbsp;30, 2021, and to 4.00 to 1.00 on June&nbsp;30, 2022, and (b)&nbsp;0.50 greater than the then effective maximum net leverage ratio (but in any event not greater
than 4.875 to 1.00) during any fiscal quarter during an Acquisition Period. &#147;Consolidated Net Indebtedness&#148; shall mean an amount equal to (i)&nbsp;consolidated indebtedness of the Borrower and its subsidiaries (excluding contingent
obligations attributable to letters of credit, bankers&#146; acceptances and surety bonds at such time, in an aggregate amount not to exceed $250,000,000) minus (ii)&nbsp;domestic unrestricted cash, cash investments and short-term bank deposits held
by the Borrower or the Borrower&#146;s domestic subsidiaries (other than operating companies) and included in the cash accounts listed on the consolidated balance sheet of the Borrower and its subsidiaries (&#147;<U>Cash and Cash
Equivalents</U>&#148;) to the extent such Cash and Cash Equivalents shall exceed $50,000,000, but in an aggregate amount not to exceed $225,000,000. &#147;Acquisition Period&#148; means any period commencing on the date that any acquisition (whether
by direct purchase, merger or otherwise and whether in a single transaction or series of related transactions) in which the value of the assets acquired is greater than or equal to $250,000,000 (any such acquisition is referred to herein as a
&#147;<U>Material Acquisition</U>&#148;) is consummated through and including the last day of the second full fiscal quarter following the date on which such acquisition is consummated; provided that (i)&nbsp;no Acquisition Period shall commence at
any time a default or event of default shall have occurred and be continuing, (ii)&nbsp;if on or before September&nbsp;30, 2019, the Borrower consummates more than one Material Acquisition, the Acquisition Period will be the period commencing on the
date that such acquisition is consummated through and including the last day of the third full fiscal quarter following the date on which such acquisition is consummated, and (iii)&nbsp;there shall be at least two full fiscal quarters between any
two Acquisition Periods; provided that for up three times during the term of the Senior Credit Facilities, only one full fiscal quarter between any two Acquisition Periods shall be
required.</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>


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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">-&#8194;&#8202;<U>Interest Coverage Ratio</U>. At all times other than during any period after the
Election Date (as defined below) that the Borrower shall maintain ratings of its Index Debt of (i)&nbsp;Baa3 or <FONT STYLE="white-space:nowrap">BBB-</FONT> from both of Moody&#146;s and Fitch, or (ii)&nbsp;Baa2 or higher or BBB or higher from
either Moody&#146;s or Fitch, the Borrower shall maintain as of the last day of each fiscal quarter a ratio of consolidated EBITDA to consolidated interest expense, in each case for the four fiscal quarter period then ending, of not less than 3.50
to 1.00.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:3.00em; font-size:10pt; font-family:Times New Roman">For the calculation of consolidated EBITDA,
(i)&nbsp;any unrealized gains or losses on derivative instruments and any realized gains or losses on derivative instruments not associated with current period transactions which are included in net income shall be excluded but any realized
gains/losses on derivative instruments which are settled and are associated with the relevant period shall remain included in net income, (ii)&nbsp;any net <FONT STYLE="white-space:nowrap">after-tax</FONT> extraordinary, unusual or <FONT
STYLE="white-space:nowrap">non-recurring</FONT> gains or losses shall be excluded, (iii)&nbsp;any net <FONT STYLE="white-space:nowrap">after-tax</FONT> gains or losses attributable to asset dispositions shall be excluded, (iv)&nbsp;any net <FONT
STYLE="white-space:nowrap">after-tax</FONT> gains or losses attributable to the early extinguishment of debt shall be excluded, (v)&nbsp;any <FONT STYLE="white-space:nowrap">non-cash</FONT> expenses related to stock based compensation shall be
excluded, and (vi)&nbsp;any transaction costs and expenses incurred in connection with the Senior Credit Facilities, acquisitions, dispositions, investment, issuance of equity, issuance, repayment, refinancing, amendment or modification of any debt,
in each case, whether or not successful, all calculated for the Borrower and its subsidiaries in accordance with GAAP on a consolidated basis. Consolidated EBITDA will be adjusted on a pro forma basis for Material Acquisitions and material
dispositions.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:3.00em; font-size:10pt; font-family:Times New Roman">Financial covenants shall be calculated without
giving effect to any election under Accounting Standards Codification <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">825-10-25</FONT></FONT> (or any other Accounting Standards Codification of Financial Accounting Standard having a
similar result or effect to value any indebtedness or other liabilities of the Borrower or any subsidiary at &#147;fair value&#148;, as defined therein and without giving effect to any treatment of indebtedness in respect of convertible debt
instruments under Accounting Standards Codification <FONT STYLE="white-space:nowrap">470-20</FONT> (or any other Accounting Standards Codification or Financial Accounting Standard having a similar result or effect) to value any such indebtedness in
a reduced or bifurcated manner as described therein, and such indebtedness shall at all times be valued at the full stated principal amount thereof.</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>


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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Negative Covenants:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Limitations on: indebtedness (which, for the avoidance of doubt, shall permit performance guaranties and guaranties with respect to surety bonds incurred in the ordinary course of business and similar bonding obligations and
guaranties of swap and other hedging agreements incurred in the ordinary course of business and other scheduled debt to be mutually agreed) (which restrictions (i)&nbsp;with respect to the Borrower shall prohibit the incurrence of any indebtedness
other than the Senior Credit Facilities, unless the Net Leverage Ratio is less than or equal to 3.875 to 1.00 (calculated as of the last day of the previous fiscal quarter for which financial statements were required to have been delivered, and
after giving pro forma effect to such incurrence as of the first day of such period) and (ii)&nbsp;with respect to the Borrower&#146;s subsidiaries shall require pro forma compliance with the Net Leverage Ratio (calculated as of the last day of the
previous fiscal quarter for which financial statements were required to have been delivered, and after giving pro forma effect to such incurrence as of the first day of such period) upon the incurrence of any indebtedness by any such subsidiary);
liens; mergers, consolidations, liquidations and dissolutions; sales of assets; dividends and other payments in respect of equity interests and investments, loans, advances, guarantees and acquisitions (provided that, in each case, no event of
default shall have occurred and be continuing and the Borrower shall be in compliance with the Net Leverage Ratio (calculated as of the last day of the previous fiscal quarter for which financial statements were required to have been delivered, and
after giving pro forma effect to such transaction); transactions with affiliates; sale and leasebacks; speculative swap and other hedging agreements; changes in fiscal year; restrictive agreements limiting the incurrence of liens or making
distributions by subsidiaries; and changes in lines of business.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Events of Default:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Nonpayment of principal when due; nonpayment of interest, fees or other amounts after a grace period of five (5)&nbsp;business days; material inaccuracy of representations and warranties; Credit Documentation ceasing to be in full
force and effect or any party thereto so asserting; violation of covenants (subject, in the case of certain affirmative covenants as set forth in the Existing UGI Energy Services Credit Agreement, to a <FONT STYLE="white-space:nowrap">30-day</FONT>
grace period); cross-default in respect of indebtedness and swap obligations of the Borrower or any Subsidiary in excess of $100,000,000 (subject to any grace period applicable thereto contained in any document relating to such indebtedness or swap
obligation); bankruptcy events; certain ERISA events; undischarged judgments in excess of $100,000,000; and a customary change of control provision (including the Borrower ceasing to own at least 51% of the equity interests of the Specified
Subsidiaries, and 51% of any material subsidiary (to be defined as any acquired or created subsidiary holding, directly or indirectly, more than 15% of the assets, or generating more than 15% of the revenue, of the Borrower and its subsidiaries on a
consolidated basis)).</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>


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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Voting:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Amendments and waivers with respect to the Credit Documentation shall require the approval of Lenders holding greater than 50% of the aggregate amount of the Term Loans, Revolving Credit Loans, participations in Letters of Credit
and unused commitments under the Senior Credit Facilities, except that (a)&nbsp;the consent of each Lender directly affected thereby shall be required with respect to (i)&nbsp;reductions in the amount or extensions of the scheduled date of final
maturity of any Loan, (ii)&nbsp;reductions in the rate of interest or any fee or extensions of any due date thereof and (iii)&nbsp;increases in the amount or extensions of the expiry date of any Lender&#146;s commitment and (b)&nbsp;the consent of
100% of the Lenders shall be required with respect to modifications to any of the voting percentages or pro rata sharing provisions.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Assignments<BR>and Participations:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The Lenders shall be permitted to assign to certain eligible assignees all or a portion of their Loans and commitments with the consent, not to be unreasonably withheld, of (a)&nbsp;the Borrower (provided that the Borrower shall be
deemed to have consented to any such assignment unless it shall object thereto by written notice to the Administrative Agent within five (5)&nbsp;business days after having received notice thereof), unless (i)&nbsp;the assignee is a Lender or an
affiliate of a Lender or (ii)&nbsp;an Event of Default has occurred and is continuing, (b)&nbsp;the Administrative Agent and (c)&nbsp;in the case of assignments of Revolving Credit Loans only, the Issuing Lender. In the case of partial assignments
(other than to another Lender, or to an affiliate of a Lender), the minimum assignment amount shall be $5,000,000, unless otherwise agreed by the Borrower and the Administrative Agent. The Administrative Agent shall receive a processing and
recordation fee of $3,500 in connection with all assignments.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The Lenders shall also be permitted to sell participations in their Loans to certain eligible participants. Participants shall have the same benefits as the Lenders with respect to yield protection and increased cost provisions (up
to the amounts receivable by the applicable participating Lender in respect thereof). Voting rights of participants shall be limited to those matters with respect to which the affirmative vote of the Lender from which it purchased its participation
would be required as described under &#147;Voting&#148; above. Pledges of Loans in accordance with applicable law shall be permitted without restriction. Promissory notes shall be issued under the Senior Credit Facilities only upon
request.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Yield Protection:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The Credit Documentation shall contain customary provisions (a)&nbsp;protecting the Lenders against increased costs or loss of yield resulting from changes in reserve, tax, capital adequacy, liquidity and other requirements of law
and from the imposition of or changes in withholding or other taxes, on the terms set forth in the Existing UGI Energy Services Credit Agreement with updates to reflect current market standards in respect of such provisions (including, in the case
of increased costs, reflecting that both (x)&nbsp;the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules,</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>


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<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="69%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">guidelines, requirements and directives thereunder, issued in connection therewith or in implementation thereof and (y)&nbsp;all requests, rules, guidelines, requirements and directives promulgated by the Bank for International
Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III shall, in the case of each of the foregoing clause&nbsp;(x)
and clause&nbsp;(y), be deemed to be a change in law regardless of the date enacted, adopted, issued or implemented) and from the imposition of or changes in withholding or other taxes and (b)&nbsp;indemnifying the Lenders for &#147;breakage
costs&#148; incurred in connection with, among other things, any prepayment of a Eurodollar Loan (as defined in <U>Annex&nbsp;I</U>) on a day other than the last day of an interest period with respect thereto.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Expenses and Indemnification:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The Borrower shall pay (a)&nbsp;all reasonable and documented <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> expenses of the Administrative Agent and JPMorgan and their affiliates
associated with the syndication of the Senior Credit Facilities and the preparation, execution, delivery and administration of the Credit Documentation and any amendment or waiver with respect thereto (including the reasonable fees, disbursements
and other charges of counsel) and (b)&nbsp;all documented <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> expenses of the Administrative Agent and the Lenders (including the documented fees,
disbursements and other charges of counsel) in connection with the enforcement of the Credit Documentation.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The Administrative Agent, the Lead Arrangers, the Lenders and their affiliates and the respective officers, directors, employees, advisors and agents of such persons will have no liability for, and will be indemnified and held
harmless against, any loss, liability, cost or expense incurred in respect of the financing contemplated hereby or the use or the proposed use of proceeds thereof (except to the extent determined by a court of competent jurisdiction by a final and
nonappealable judgment to have resulted from the gross negligence or willful misconduct of the indemnified party).</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Defaulting Lenders and EU <FONT STYLE="white-space:nowrap">Bail-In:</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The Credit Documentation will contain the Administrative Agent&#146;s customary provisions in respect of defaulting lenders (which shall include the bankruptcy or insolvency of a Lender) and contractual recognition of EU <FONT
STYLE="white-space:nowrap">bail-in.</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Governing Law and Forum:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">State of New York.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Counsel to the <BR>Administrative Agent <BR>and JPMorgan:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><BR><BR>Sidley Austin LLP.</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><U>Annex I </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>Interest and Certain Fees </U></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">Interest Rate Options:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The Borrower may elect that the Loans comprising each borrowing bear interest at a rate per annum equal to:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">the ABR <U>plus</U> the Applicable Margin; or</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">the Adjusted LIBO Rate <U>plus</U> the Applicable Margin.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">As used herein:</TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&#147;<U>ABR</U>&#148; means the highest of (i)&nbsp;the rate of interest last quoted by The Wall Street Journal in the U.S. as the prime rate in effect (the &#147;<U>Prime Rate</U>&#148;), (ii) the NYFRB Rate from time to time
<U>plus</U> 0.5% and (iii)&nbsp;the Adjusted LIBO Rate for a one month interest period <U>plus</U> 1%. If the ABR as determined pursuant to the foregoing would be less than 1.00%, such rate shall be deemed to be 1.00%.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&#147;<U>Adjusted LIBO Rate</U>&#148; means the LIBO Rate, as adjusted for statutory reserve requirements for eurocurrency liabilities.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&#147;<U>Applicable Margin</U>&#148; means a percentage determined in accordance with the pricing grid attached hereto as Annex <FONT STYLE="white-space:nowrap">I-A.</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&#147;<U>LIBO Rate</U>&#148; means, with respect to any Eurocurrency Loan for any applicable currency and for any interest period, the LIBO Screen Rate at approximately 11:00 a.m., London time, two (2)&nbsp;business days prior to
the commencement of such interest period; <U>provided</U> that if the LIBO Screen Rate shall not be available at such time for such interest period (an &#147;<U>Impacted Interest Period</U>&#148;) with respect to the applicable currency then the
LIBO Rate shall be the Interpolated Rate.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&#147;<U>LIBO Screen Rate</U>&#148; means, for any day and time, with respect to any Eurocurrency Loan for any applicable currency and for any interest period, the London interbank offered rate as administered by ICE Benchmark
Administration (or any other person that takes over the administration of such rate for the relevant currency for a period equal in length to such interest period as displayed on pages LIBOR01 or LIBOR02 of the Reuters screen that displays such rate
(or, in the event such rate does not appear on a Reuters page or screen, on any successor or substitute page on such screen that displays such rate, or on the appropriate page of such other information service that publishes such rate from time to
time as selected by the Administrative Agent in its reasonable discretion); <U>provided</U> that if the LIBO Screen Rate as so determined would be less than zero, such rate shall be deemed to zero for the purposes of calculating such rate.</TD></TR>

<TR STYLE="font-size:1pt">
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&#147;<U>NYFRB</U>&#148; means the Federal Reserve Bank of New York.</TD></TR></TABLE>

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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;<U>NYFRB Rate</U>&#148; means, for any day, the greater of (a)&nbsp;the federal funds</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">effective rate in effect on such day and (b)&nbsp;the Overnight Bank Funding Rate in effect on such day; provided, that if any of the aforesaid rates shall be
less than zero, such rate shall be deemed to be zero for purposes of calculating such rate.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&#147;<U>Overnight Bank Funding Rate</U>&#148; means, for any day, the rate comprised of both overnight federal funds and overnight Eurocurrency borrowings by U.S.-managed banking offices of depository institutions, as such
composite rate shall be determined by the NYFRB as set forth on its public website from time to time, and published on the next succeeding business day by the NYFRB as an overnight bank funding rate (from and after such date as the NYFRB shall
commence to publish such composite rate).</TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The Credit Documentation will contain provisions to be mutually agreed with respect to a replacement of the LIBO Rate.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Interest Payment Dates:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">In the case of Loans bearing interest based upon the ABR (&#147;<U>ABR Loans</U>&#148;), quarterly in arrears.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">In the case of Loans bearing interest based upon the Adjusted LIBO Rate (&#147;<U>Eurodollar Loans</U>&#148;), on the last day of each relevant interest period and, in the case of any interest period longer than three months, on
each successive date three months after the first day of such interest period.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Commitment Fees / Ticking Fees:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The Borrower shall pay (i)&nbsp;a commitment fee determined in accordance with the pricing grids attached hereto as Annex <FONT STYLE="white-space:nowrap">I-A</FONT> on the average daily unused amount of the Revolving Credit
Facility, commencing on the earlier of the 90th day after the Closing Date and the Initial Commitment Effective Date, and payable quarterly in arrears, (ii)&nbsp;a ticking fee determined in accordance with the pricing grids attached hereto as Annex <FONT
STYLE="white-space:nowrap">I-A</FONT> on the amount of the Tranche <FONT STYLE="white-space:nowrap">A-1</FONT> Term Facility, for the period, if any, commencing on the 90th day after the Closing Date (unless the Tranche <FONT
STYLE="white-space:nowrap">A-1</FONT> Commitment Effective Date has already occurred at such time) and ending on the Tranche <FONT STYLE="white-space:nowrap">A-1</FONT> Commitment Effective Date, and payable quarterly in arrears and on the Tranche <FONT
STYLE="white-space:nowrap">A-1</FONT> Commitment Effective Date, and (iii)&nbsp;a ticking fee determined in accordance with the pricing grids attached hereto as Annex <FONT STYLE="white-space:nowrap">I-A</FONT> on the amount of the Tranche <FONT
STYLE="white-space:nowrap">A-2</FONT> Term Facility, for the period, if any, commencing on the 90th day after the Closing Date (unless the Tranche <FONT STYLE="white-space:nowrap">A-2</FONT> Commitment Effective Date has already occurred at such
time) and ending on the Tranche <FONT STYLE="white-space:nowrap">A-2</FONT> Commitment Effective Date, and payable quarterly in arrears and on the Tranche <FONT STYLE="white-space:nowrap">A-2</FONT> Commitment Effective Date.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Letter of Credit Fees:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The Borrower shall pay a commission on all outstanding Letters of Credit at a per annum rate equal to the Applicable Margin then in effect with respect to Eurodollar Loans on the face amount of each such Letter of Credit. Such
commission shall be shared ratably among the Lenders and shall be payable quarterly in arrears.</TD></TR></TABLE>

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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">A fronting fee equal to 0.175&nbsp;% per annum on the face amount of each Letter of Credit shall be payable quarterly in arrears to the Issuing Lender for its own account. In addition, customary administrative, issuance, amendment,
payment and negotiation charges shall be payable to the Issuing Lender for its own account.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Default Rate:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">At any time when the Borrower is in default in the payment of any amount of principal due under the Senior Credit Facilities, such amount shall bear interest at 2% above the rate otherwise applicable thereto. Overdue interest, fees
and other amounts shall bear interest at 2% above the rate applicable to ABR Loans.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Rate and Fee Basis:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">All per annum rates shall be calculated on the basis of a year of 360 days (or 365/366 days, in the case of ABR Loans the interest rate payable on which is then based on the Prime Rate) for actual days elapsed.</TD></TR>
</TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><U>Annex <FONT STYLE="white-space:nowrap">I-A</FONT> </U></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="6%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" COLSPAN="15" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Applicable Margin
(Leverage-Based)</B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Level</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Net Leverage<BR>Ratio</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Applicable LIBOR<BR>Margin for the<BR>Revolving
Credit<BR>Facility and the<BR>Tranche <FONT STYLE="white-space:nowrap">A-1</FONT> Term<BR>Facility</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Applicable<BR>ABR</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Margin for<BR>the&nbsp;Revolving<BR>Credit<BR>Facility and<BR>the Tranche<BR><FONT STYLE="white-space:nowrap">A-1</FONT>
Term<BR>Facility</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Applicable<BR>Commitment<BR>Fee Rate
for<BR>the&nbsp;Revolving<BR>Credit<BR>Facility/</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Applicable<BR>Ticking Fee<BR>for the<BR>Tranche
<FONT STYLE="white-space:nowrap">A-1</FONT><BR>Term Facility</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Applicable<BR>LIBOR<BR>Margin for<BR>Tranche<BR><FONT
STYLE="white-space:nowrap">A-2</FONT> Term<BR>Facility</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Applicable<BR>ABR</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Margin<BR>for&nbsp;the<BR>Tranche<BR><FONT STYLE="white-space:nowrap">A-2</FONT> Term<BR>Facility</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Applicable<BR>Ticking<BR>Fee for the<BR>Tranche<BR><FONT
STYLE="white-space:nowrap">A-2</FONT> Term<BR>Facility</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="FONT-FAMILY:SYMBOL">&#163;</FONT> 2.75:1:00</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">162.5 bps</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">62.5&nbsp;bps</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">25.0 bps</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">137.5 bps</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">37.5 bps</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">22.5 bps</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">&gt; 2.75:1.00 and&nbsp;<FONT STYLE="FONT-FAMILY:SYMBOL">&#163;</FONT><BR>3.25:1.00</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">175.0 bps</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">75.0 bps</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">27.5 bps</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">150.0 bps</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">50.0 bps</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">25.0 bps</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">&gt; 3.25:1.00 and&nbsp;<FONT STYLE="FONT-FAMILY:SYMBOL">&#163;</FONT><BR>3.75:1.00</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">200.0 bps</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">100.0&nbsp;bps</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">35.0 bps</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">175.0&nbsp;bps</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">75.0 bps</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">32.5 bps</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">4</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">&gt; 3.75:1.00 and&nbsp;<FONT STYLE="FONT-FAMILY:SYMBOL">&#163;</FONT><BR>4.25:1.00</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">225.0 bps</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">125.0 bps</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">40.0 bps</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">200.0 bps</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">100.0&nbsp;bps</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">37.5&nbsp;bps</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">5</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">&gt; 4.25:1.00</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">250.0 bps</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">150.0 bps</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">45.0 bps</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">225.0 bps</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">125.0 bps</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">42.5 bps</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="19%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="8%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="9%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="6%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" COLSPAN="15" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Applicable Margin
(Ratings-Based)</B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Category</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Index Debt Rating</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Applicable<BR>LIBOR Margin<BR>for the Revolving<BR>Credit
Facility<BR>and the Tranche<BR><FONT STYLE="white-space:nowrap">A-1</FONT> Term Facility</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Applicable<BR>ABR</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Margin for<BR>the&nbsp;Revolving<BR>Credit<BR>Facility and<BR>the Tranche<BR><FONT STYLE="white-space:nowrap">A-1</FONT>
Term<BR>Facility</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Applicable<BR>Commitment<BR>Fee Rate for<BR>the
Revolving<BR>Credit&nbsp;Facility/</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Applicable<BR>Ticking Fee<BR>for the<BR>Tranche <FONT STYLE="white-space:nowrap">A-1</FONT><BR>Term
Facility</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Applicable<BR>LIBOR<BR>Margin<BR>for&nbsp;the<BR>Tranche<BR><FONT
STYLE="white-space:nowrap">A-2</FONT> Term<BR>Facility</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Applicable<BR>ABR</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Margin<BR>for&nbsp;the<BR>Tranche<BR><FONT STYLE="white-space:nowrap">A-2</FONT> Term<BR>Facility</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Applicable<BR>Ticking<BR>Fee for the<BR>Tranche<BR><FONT
STYLE="white-space:nowrap">A-2</FONT> Term<BR>Facility</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Baa2 or<BR>BBB<BR></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">or above</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">137.5 bps</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">37.5 bps</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">25.0 bps</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">112.5 bps</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">12.5 bps</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">22.5 bps</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Baa3 or<BR>BBB-</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">162.5 bps</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">62.5 bps</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">27.5 bps</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">137.5 bps</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">37.5 bps</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">25.0 bps</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Ba1 or BB+</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">200.0 bps</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">100.0 bps</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">35.0 bps</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">175.0 bps</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">75.0 bps</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">32.5 bps</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">4</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Ba2 or BB</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">225.0 bps</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">125.0 bps</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">40.0 bps</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">200.0 bps</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">100.0 bps</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">37.5 bps</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">5</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Ba3 or <FONT STYLE="white-space:nowrap">BB-</FONT><BR>or Unrated<BR>or below</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">250.0&nbsp;bps</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">150.0&nbsp;bps</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">45.0&nbsp;bps</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">225.0&nbsp;bps</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">125.0&nbsp;bps</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">42.5&nbsp;bps</TD></TR>
</TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;<U>Index Debt</U>&#148; means, as of any date, with respect to Moody&#146;s Investors Service, Inc.
(&#147;<U>Moody&#146;s</U>&#148;) and Fitch Ratings (&#147;<U>Fitch</U>&#148;; and together with Moody&#146;s, each a &#147;<U>Rating Agency</U>&#148;), the most recent rating publicly announced on or before such date by such rating agency for the
Borrower&#146;s <FONT STYLE="white-space:nowrap">non-credit-enhanced,</FONT> senior unsecured long-term debt. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In determining the applicable grid and the
appropriate Level or Category, as applicable: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(A) at any time commencing on the Closing Date and prior to the Election Date, Applicable Margin and
Commitment Fees shall be determined by reference to the grid titled &#147;Applicable Margin (Leverage-Based)&#148; as set forth above, and be based on the Leverage Ratio applicable at such time and the corresponding Level; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(B) at any time thereafter if the Borrower has ratings of its Index Debt (i)&nbsp;from both Rating Agencies of Baa3 and BBB, or (ii)&nbsp;from either Rating
Agency of Baa2 or higher or BBB or higher, and the Borrower elects (which election shall be <FONT STYLE="white-space:nowrap">one-time,</FONT> irrevocable and effective upon prior written notice from the Borrower to the Administrative Agent) that
Applicable Margin and Commitment Fees shall be determined by reference to the grid titled &#147;Applicable Margin (Ratings-Based)&#148; as set forth above (the date of such election, the &#147;<U>Election Date</U>&#148;): </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(i) at any time that the Borrower has a rating of its Index Debt from both Rating Agencies, the Category shall be determined (x)&nbsp;by
reference to the Category in which both such ratings reside if such ratings both reside in the same Category, (y)&nbsp;if such ratings differ by one Category, by reference to the Category of the higher of the two ratings, or (z)&nbsp;if such ratings
differ by two Categories, by reference to the Category one level above the Category of the lowest rating; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(ii) at any time that the
Borrower has a rating of its Index Debt from only one Rating Agency, (x)&nbsp;if such Rating Agency is Moody&#146;s, the Category shall be determined by reference to the Category in which such rating resides, and (y)&nbsp;if such Rating Agency is
Fitch, it shall be deemed that there is a second rating that is Category&nbsp;5 and the provisions of clause&nbsp;(i) above shall otherwise apply; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(iii) at any time that the Borrower does not subsequently have a rating of its Index Debt from any Rating Agency, Category&nbsp;5 shall apply.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notwithstanding anything to the contrary set forth in this Annex <FONT STYLE="white-space:nowrap">I-A,</FONT> for the period commencing on the Closing
Date and ending on the date which financial statements for the fiscal year ending December&nbsp;31, 2019, are delivered, Level V (or, if the Election Date has occurred, Category&nbsp;5) shall apply. </P>
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