AmeriGas Partners, L.P. (APU)

AmeriGas Partners (Apu) is the largest retail propane distributor in the United States based on the volume of propane gallons distributed annually. Typically located in suburban and rural areas where natural gas is not readily available. No single customer represents, or is anticipated to represent, more than 5% of consolidated revenues. UGI Corporation, through subsidiaries, owns 44% of the Partnership and the public owns the remaining 56%.

AmeriGas's strategy is to grow their core business through acquisitions. In the short-term, to successfully absorb acquisitions. AmeriGas looks for growth through the acquisition of local, regional and national propane distributors. They compete for acquisitions with others engaged in the propane distribution business.

Residential customers use propane primarily for home heating, water heating, and cooking purposes. Commercial users, which include hotels, restaurants, churches, warehouses and retail stores, generally use propane for the same purposes as residential customers. Industrial customers use propane to fire furnaces, as a cutting gas and in other process applications. Other industrial customers are large-scale heating accounts and local gas utility customers who use propane as a supplemental fuel to meet peak load deliverability requirements. As a motor fuel, propane is burned in internal combustion engines that power over-the-road vehicles, forklifts and stationary engines. Agricultural uses include tobacco curing, chicken brooding, and crop drying. AmeriGas wholesale operations, principally sell propane to large industrial end-users and other propane distributors.

Limited Voting Rights Unlike the holders of common stock in a corporation, holders of outstanding common units have only limited voting rights on matters affecting the business.

AmeriGas Partners, L.P. is a holding company. Business is done through AmeriGas Propane, L.P including, its subsidiaries, and are managed by the general partner, AmeriGas Propane, Inc. The General Partner is a wholly owned subsidiary of UGI Corporation.

Executive offices, 460 North Gulph Road, King of Prussia, Pennsylvania 19406 Telephone (610) 337-7000 http://www.amerigas.com

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