THE FOUNDATION OF A RENEWABLE ENERGY FUTURE DECEMBER 7, 2020 Our - PowerPoint PPT Presentation

THE FOUNDATION OF A RENEWABLE ENERGY FUTURE DECEMBER 7, 2020

Our Management Team Welcomes You ion oratio rpor Corp GI Co UGI Joh John Wals lsh Ted Jas Jastr trzebski Robert Bear Beard Rog oger r Per erreault President & CEO CFO Executive VP, Natural Gas Executive VP, Global LPG 2

Our Agenda Today ion oratio rpor Corp GI Co UGI A Foundation for the Future Our Natural Gas Strategic Focus Our Global LPG Strategic Focus Our Financial Overview Q&A Q 3

About This Presentation ion oratio rpor Corp GI Co This presentation contains statements, estimates and projections that are forward-looking statements (as defined in Section 21E of UGI the Securities and Exchange Act of 1934, as amended). Management believes that these are reasonable as of today’s date only. Actual results may differ significantly because of risks and uncertainties that are difficult to predict and many of which are beyond management’s control. You should read UGI’s Annual Report on Form 10-K for a more extensive list of factors that could affect results. Among them are adverse weather conditions (including increasingly uncertain weather patterns due to climate change) and the seasonal nature of our business; cost volatility and availability of all energy products, including propane, natural gas, electricity and fuel oil; increased customer conservation measures; the impact of pending and future legal proceedings, liability for uninsured claims and for claims in excess of insurance coverage; domestic and international political, regulatory and economic conditions in the United States and in foreign countries, including the current conflicts in the Middle East and the withdrawal of the United Kingdom from the European Union, and foreign currency exchange rate fluctuations (particularly the euro); the timing of development of Marcellus Shale gas production; the availability, timing and success of our acquisitions, commercial initiatives and investments to grow our business; our ability to successfully integrate acquired businesses and achieve anticipated synergies; the interruption, disruption, failure, malfunction, or breach of our information technology systems, including due to cyber-attack; the inability to complete pending or future energy infrastructure projects; our ability to achieve the operational benefits and cost efficiencies expected from the completion of pending and future transformation initiatives at our business units; uncertainties related to the global pandemics, including the duration and/or impact of the COVID-19 pandemic; and the extent to which we are able to utilize certain tax benefits currently available under the CARES Act and similar tax legislation and whether such benefits will remain available in the future. Information presented herein is as of September 30, 2020 unless otherwise stated. 4

Use of Non-GAAP Measures ion oratio rpor Corp GI Co In this presentation, Management uses certain non-GAAP financial measures, including UGI Corporation adjusted UGI earnings per share, UGI Corporation Free Cash Flow, UGI Corporation Adjusted Earnings before interest, taxes, depreciation, and amortization (“EBITDA”), Midstream & Marketing Total Margin and UGI International Total Margin. These financial measures are not in accordance with, or an alternative to, GAAP and should be considered in addition to, and not as a substitute for, the comparable GAAP measures. Management believes the presentation of these non-GAAP financial measures provides useful information to investors to more effectively evaluate period- over-period earnings, profitability and cash flow generation of the Company’s businesses. Reconciliations of these non-GAAP financial measures to the most directly comparable financial measure calculated and presented in accordance with GAAP are presented in the Appendix of this presentation. 5

ion A Foundation for the Future oratio rpor Corp GI Co UGI 6

Our Mission and Vision ion oratio rpor Corp GI Co UGI At UGI, we believe that sa safe, relia iable le, affordable le, and sustainable le energy soluti tions are a necessity for our customers and communities. We strive to deliver this Vis ision fundamental need through best-in-class sa safety ty, operati tions, products ts, and serv rvic ices while enhancing the quality of life of our employees, customers, and the communities we serve. UGI’s mission is to be the preeminent energy dis istr tributio ion company in in our targeted markets ts by providing a superior Mis ission range of cle lean and sustainable energy solutions to our customers. 7

Growth of Core Businesses and Meeting Commitments ion oratio rpor Corp GI Co Mai Maintain ined Strengthened Str Exp Expandin ing UGI Mo Momentum Fou oundation ons RNG RNG Cap Capabil ilit itie ies • Completed acquisitions • EP • Continuing to build our portfolio of EPS S / / Div Divid idend Positioned as a complementing our commitments renewable solutions: Differentia Di iated • GHI – Platform for growth of growth plan: Ren enewable Ene Energy • LNG LNG ne network exp xpansion renewable capabilities Solut So utio ions Provid ider • Ame • Infr AmeriGas – Expanded frastructure upg upgrade • RNG RNG Proj oject (I (Ida daho) – cash flow • ACE CE and and Na Natio ional l Complementary capabilities to Accou Ac ounts gr growt wth RNG platform • UGI GI App Appala lachia ia – • Continued di Strategic assets and fee- digi gitiz izatio ion based income ac acros oss Glob obal LP LPG Optim Op imiz izin ing • LP LPG G Tran ansfor ormatio ion com ompetencies to o • Bel Belongin ing, Inc nclu lusio ion, pr provid ide ren enewable le Diversit Div ity and and Equ quit ity (BI (BIDE) ) De Develo lopments tha that solu olutions str trengthen com ompetencie ies Fou oundatio ions tha that supp upport scala labil ilit ity of of com ompetencie ies 8

Well Positioned for Leadership in Renewables ion oratio rpor Corp GI Co Why Ren enewables? UGI Rapidly growing customer demand Hydrogen Hy RNG RN Disp Disposa sal for or sa sale le Synergistic opportunities as a producer and distributor BIO of RNG and Bio-LPG Bi Bio H 2 O Methane HVO Eth thanol Strategic assets and Resi esidue proven competencies LPG LPG / Bi Bio Progressing supply chain rDME rDM Di Diesel partnerships providing long- term competitive advantages 9

Expanding Business Lines is a Core Competency ion oratio Midstream & Marketing rpor Corp GI Co 2015 2015-18 18 2019-20 2019 20 2000 2000-09 09 2010-12 2010 12 2013 2013-14 14 UGI UGI Appalachia Bethlehem Steelton LNG LNG facility $355 facilities Auburn III Temple LNG expansion Marcellus Shale facility Hunlock and LP / Air facility $6 2000 2000 2020 2020 Total Margin 1 Total Margin 1 23 23% CAGR ($ Million) ($ Million) Over er th the e past t 20 yea ears, Mid idstrea eam & Marketing has exp xpanded to o bec ecome a busin ines ess of of scale le of offering g a fu full ll suit ite e of of both oth mid idstream and marketing ser ervices in in th the e Appalachia ian basin in and th the e ea eastern US 10 1 Total Margin is a non-GAAP measure. Please see appendix for reconciliation.

Expanding Business Lines is a Core Competency ion oratio UGI International rpor Corp GI Co 2012 2012-16 16 2017 2017-18 18 2019 2019-20 20 2000-09 2000 09 2010-11 2010 11 UGI Fou our LPG LPG acquis isitio tions in n Belg lgium, the he Netherlands and Neth nd UK UK 1 $936 $21 2000 2000 2020 2020 Total Margin 2 21% CAGR 21 Total Margin 2 ($ Million) ($ Million) Over er th the e past t 20 yea ears, UGI In International has exp xpanded in into o 17 cou ountrie ies and now deliv elivers ~8 ~870 Milli illion gall llons of of LP LPG and has an en ener ergy marketing busin ines ess acr cross 4 cou ountrie ies. 11 1. Flaga was acquired on September 21, 1999 and began contributing to the results of operations in FY 2000. 2. Total Margin is a non-GAAP measure. Please see appendix for reconciliation.

The Next Opportunity – Renewable Energy Solutions ion oratio rpor Corp GI Co 2020 2020 2021-25 2021 25 2015 2015-19 19 UGI  Renewable Solutions team  Potential Renewable Solutions  Acquired GHI, opportunities of up up to o $1 bi billio ion which will serve as  Began marketing Bio Bio-LPG in parts of Northern Europe over the next five years at a strong  Acquired DVEP, a marketer of wind and solar energy attractive returns foundation for  Completed 110+ RNG growth + solar olar pr proj ojects, installing ~3 ~30,000 solar olar  Bio-LPG, rDME panels on behalf of our customers pan  Invested in utility-  Renewable hydrogen (and H 2  Methane and landfill gas consumption at Broad scale RNG project blends), battery storage, and Mountain generation facility in Idaho other technologies  Sourcing bio-molecules from Preem's refinery in  Invest in feedstock infrastructure Sweden to augment existing Bio-LPG sources 12