PROSPECTUS SUMMARY
The following summary contains certain information about us and the offering of the Equity Units. It does not contain all of the information
that may be important to you in making a decision to invest in the Equity Units. We urge you to carefully read the entire prospectus supplement, the accompanying prospectus and the documents incorporated by reference herein, including our financial
statements and related notes. You should also read the sections entitled Note About Forward-Looking Information and Risk Factors in this prospectus supplement, the Forward-Looking Information and Risk
Factors sections our Annual Report on Form 10-K for the fiscal year ended September 30, 2020, filed with the SEC on November 20, 2020, and any subsequently filed Exchange Act reports, for a
discussion of important risks that you should consider before investing in the Equity Units.
UGI Corporation
UGI Corporation is a holding company that, through subsidiaries and affiliates, distributes, stores, transports and markets energy products and
related services. In the United States, we own and operate (1) a retail propane marketing and distribution business, (2) natural gas and electric distribution utilities, and (3) energy marketing, midstream infrastructure, storage,
natural gas gathering and processing, natural gas production, electricity generation and energy services businesses. In Europe, we market and distribute LPG and other energy products and services. Our subsidiaries and affiliates operate principally
in the following four business segments:
The AmeriGas Propane segment consists of the propane distribution business of AmeriGas Partners, L.P., a Delaware limited partnership and an
indirect wholly owned subsidiary of UGI (the Partnership). In addition to distributing propane, the Partnership also sells, installs, and services propane appliances, including heating systems. The Partnership conducts its propane
distribution business through its principal operating subsidiary, AmeriGas Propane, L.P., and is the nations largest retail propane distributor. The general partner of AmeriGas Partners is our wholly owned subsidiary, AmeriGas Propane, Inc.
Following completion of the merger of AmeriGas Propane Holdings, LLC with and into the Partnership on August 21, 2019, the Partnership is an indirect, wholly owned subsidiary of UGI.
The UGI International segment consists of LPG distribution businesses conducted by our subsidiaries and affiliates in France, Poland, Austria,
Hungary, the Czech Republic, Slovakia, Switzerland, Romania, Belgium, the Netherlands, Luxembourg, the United Kingdom, Italy, Finland, Denmark, Norway and Sweden. In addition, UGI International conducts an energy marketing business in France,
Belgium, the Netherlands and the United Kingdom. Based on Fiscal 2020 volumes, UGI International believes that it is the largest distributor of LPG in France, Austria, Belgium, Denmark, Luxembourg and Norway and one of the largest distributors of
LPG in Poland, Hungary, the Czech Republic, Slovakia, the Netherlands and Sweden.
The Midstream & Marketing segment consists of
energy-related businesses conducted by our indirect, wholly owned subsidiary, UGI Energy Services, LLC (Energy Services). These businesses (i) conduct energy marketing, including renewable natural gas, in the Mid-Atlantic region of the United States and California, (ii) own and operate natural gas liquefaction, storage and vaporization facilities and propane-air mixing assets,
(iii) manage natural gas pipeline and storage contracts, (iv) develop, own and operate pipelines, gathering infrastructure and gas storage facilities in the Marcellus and Utica Shale regions of Pennsylvania, eastern Ohio, and the panhandle
of West Virginia, and (v) own electricity generation facilities. Energy Services and its subsidiaries storage, liquefied natural gas and portions of its midstream transmission operations are subject to regulation by the Federal Energy
Regulatory Commission (FERC).