UGI Corporation
Industry: Energy

UGI Corporation is a holding company with three major subsidiaries: AmeriGas Partners, L.P., a national marketer of propane; UGI Utilities, Inc., a natural gas and electric utility serving eastern Pennsylvania; and UGI Enterprises, Inc., a supplier of energy services and developer of growth opportunities domestically and internationally. GASMARK is a UGI Enterprise company providing natural gas and other energy services domestically. UGI's Current Annual Report provides details of its business and financial operations, including a Corporate Overview and Shareholder Information. Additional information can be found in UGI's current Proxy Statement, SEC filings, and Transactions in UGI Securities by Directors and Officers.

Business Summary
UGI Corporation, through its subsidiaries, engages in the distribution and marketing of energy products and related services in the United States and internationally. The company primarily operates in five segments: AmeriGas Propane, International Propane, Gas Utility, Electric Utility, and Energy Services. The AmeriGas Propane segment, through AmeriGas Partners, L.P., distributes propane to residential, commercial/industrial, motor fuel, agricultural, and wholesale consumers. It also sells, installs, and services propane appliances, including heating systems. The International Propane segment distributes liquefied petroleum gas (LPG) in France, Austria, the Czech Republic, Slovakia, and China. The Gas Utility segment distributes regulated natural gas to approximately 300,000 customers in 14 eastern and southeastern Pennsylvania counties, as of September 30, 2004. The Electric Utility segment distributes regulated electric services to approximately 62,000 customers, as of the above date. The Energy Services segment markets natural gas, oil, and electricity in the eastern United States under the trade names GASMARK and POWERMARK. It operates electric generation assets, and LPG and propane peak-shaving plants in eastern Pennsylvania. The company also owns and operates a heating, ventilation, air conditioning, and refrigeration service business in the Mid-Atlantic region. UGI Corporation was incorporated in 1991 and is based in King of Prussia, Pennsylvania.

Financial Summary
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