J.P.Morgan Investment Banking Pitch Book

Illustrative 2020E sum-of-the-parts analysis for UGI - For reference only ($mm, except per share data) $4,580 UGI Utilities $4,363 $4,427 UGI Utilities AmeriGas UGI International Midstream & Marketing. Capitalized corporate costs, net $1,586 AmeriGas UGI International Midstream & 23 Firm value Metric $14.955 Net income EBITDA EBITDA EBITDA EBITDA Capitalized Firm value Less: Marketing (pre-corporate) corporate costs, (post-corporate) Consolidated net debt net 2020E $mm $149 $12 $521 $437 $187 $1 Low $14,968 Multiple range 20.00x 7.00x 9.00x 8.00x 9,00x ($4,369) High 26,50x 9.75x 11.25x 9.00x 10.00x ($764) Less: NCIS Low $4,095 $3,647 $3,935 CONFIDENTIAL $1,493 $12 Implied price per share: -$55.36 $9,835 Firm value range Consolidated equity value High $5,065 $5,079 $4,919 $1,679 $13 J.P.Morgan Source: UGI projections as provided and approved by UGI management Note Projections based on 09/30 fiscal year end: FactSet as of 03/29/19, Assumes net debt of $4,369mm; Assumes-178mm diluted shares outstanding based on treasury stock method, AUGI Utities implied firm value calculated by taking implied equity value (estimated net income multiplied by 13 selected P/E multiple range) and adding net debt ($1,110mm) as per latest public UGI Usities flings: AmeriGas and Midstream & Marketing EBITDA adjusted by implied taxes of 25.2% and 28.9% of budget EBIT, respectively Midstream & Marketing includes UGI Enterprises: Comprised of costs associated with UGI Holding and UGI Properties: NCT calculated based on 74.5% of the resulting LP equity value utilizing the sum of-the-parts APU firm value less APU net debt of $2.962mm less APU GP value of $375mm

View entire presentation