Commentary & Deal Flow

• Issuer: UGI International, LLC (Ticker: UGI)
• Business: The largest Liquified Petroleum Gas distributor in France, Belgium, Denmark and Luxembourg and one of the largest Liquified Petroleum Gas distributors in Norway, the Netherlands, Sweden and Finland. It is a sub of UGI Corp. HQ: Valley Forge, PA, USA
• Expected Corporate Ratings: Ba2 (sta) / BB+ (neg) (Moody's/Fitch)
• Expected Issue Ratings: Ba2 / BB+ (Moody's/Fitch)
• Format: 144A/Reg S
• Size: €300,000,000
• Instrument: Senior Notes
• Tenor: 5 years
• Call Protection: NC2 (50%, 25%, PAR)
• Change of Control: PUT @ 101
• Use of Proceeds: Repay short term borrowings under the RCF associated with the dividend to UGI Corporation that was contributed to Amerigas Partners LP and a portion of which will be used to repay an intercompany loan owed to UGI International, LLC, repay other RCF drawings and prepay the Term Loan, and GCP
• Denominations: €100k x €1k
• Listing: The International Stock Exchange
• Governing Law: New York
• Day Count: 30/360
• Left Lead Bookrunner: BNP Paribas (B&D)
• Joint Book-Running Managers and Global Coordinators: BNP Paribas, HSBC
• Joint Book-Running Managers: Barc, CACIB, ING, NTX, RBI
• Co-Manager: Danske
• Marketing: GIC 12 May 2026 @ 11:00 UKT / 12:00 CET; Q&A Sessions 12-13 May
• Netroadshow: www.netroadshow.com/nrs/home/#!/?show=69fbe77c; ACCESS CODE: UGI2026

GIC REGISTRATION LINK: https://www.netroadshow.com/events/login/1PeTHmohY7TYjvfaod96mCZUsZnEMvXJDuDlk;

• Target Market: No EU PRIIPs key information document (KID) or UK PRIIPs KID/Consumer Composite Investments (CCI) product summary and no UK disclosure document required by DISC have been prepared as the notes are not available to retail in EEA or UK
• Sales into HK/China: No sales may be made to investors located in Hong Kong or mainland China
• Selling Restrictions: The notes should not be purchased, held or otherwise acquired by a “specified foreign entity” as defined in Section 7701(a)(51)(B) of the Internal Revenue Code of 1986, as amended (“specified foreign entity”). Each purchaser of the notes, by accepting such notes, will be deemed to have represented, warranted and agreed that it is not a “specified foreign entity.”