<SEC-DOCUMENT>0001157523-11-002653.txt : 20110503
<SEC-HEADER>0001157523-11-002653.hdr.sgml : 20110503
<ACCEPTANCE-DATETIME>20110503161320
ACCESSION NUMBER:		0001157523-11-002653
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20110503
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20110503
DATE AS OF CHANGE:		20110503

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			WORLD FUEL SERVICES CORP
		CENTRAL INDEX KEY:			0000789460
		STANDARD INDUSTRIAL CLASSIFICATION:	WHOLESALE-PETROLEUM & PETROLEUM PRODUCTS (NO BULK STATIONS) [5172]
		IRS NUMBER:				592459427
		STATE OF INCORPORATION:			FL
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09533
		FILM NUMBER:		11805469

	BUSINESS ADDRESS:	
		STREET 1:		9800 N.W. 41ST STREET
		STREET 2:		SUITE 400
		CITY:			MIAMI
		STATE:			FL
		ZIP:			33178
		BUSINESS PHONE:		305-428-8001

	MAIL ADDRESS:	
		STREET 1:		9800 N.W. 41ST STREET
		STREET 2:		SUITE 400
		CITY:			MIAMI
		STATE:			FL
		ZIP:			33178

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INTERNATIONAL RECOVERY CORP
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a6707694.htm
<DESCRIPTION>WORLD FUEL SERVICES CORPORATION 8-K
<TEXT>
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    <p style="text-align: center">
      <font style="font-size: 18pt; font-family: Times New Roman"><b>UNITED
      STATES</b></font><font style="font-size: 18pt"><br style="font-size: 18pt"></font><font style="font-size: 18pt; font-family: Times New Roman"><b>SECURITIES
      AND EXCHANGE COMMISSION</b></font><br><font style="font-size: 12pt; font-family: Times New Roman"><b>WASHINGTON,
      D.C. 20549</b></font><br>
    </p>
    <hr style="color: #000000; text-align: center; width: 20%; height: 1.0 pt">


    <p style="text-align: center">
      <font style="font-size: 18pt; font-family: Times New Roman"><b>FORM 8-K</b></font>
    </p>
    <hr style="color: #000000; text-align: center; width: 20%; height: 1.0 pt">


    <p style="text-align: center">

    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>CURRENT
      REPORT</b></font><font style="font-size: 12pt; font-family: Times New Roman"><br style="font-size: 12pt; font-family: Times New Roman"></font><font style="font-size: 12pt; font-family: Times New Roman"><br style="font-size: 12pt; font-family: Times New Roman"></font><font style="font-size: 12pt; font-family: Times New Roman"><b>PURSUANT
      TO SECTION 13 OR 15(d) OF</b></font><font style="font-size: 12pt; font-family: Times New Roman"><br style="font-size: 12pt; font-family: Times New Roman"></font><font style="font-size: 12pt; font-family: Times New Roman"><br style="font-size: 12pt; font-family: Times New Roman"></font><font style="font-size: 12pt; font-family: Times New Roman"><b>THE
      SECURITIES EXCHANGE ACT OF 1934</b></font><br><br><font style="font-size: 10pt; font-family: Times New Roman"><b>Date
      of Report (Date of earliest event reported): &#160;May 3, 2011</b></font><br>
    </p>
    <hr style="color: #000000; text-align: center; width: 20%; height: 1.0 pt">


    <p style="text-align: center">
      <font style="font-size: 20pt; font-family: Times New Roman"><b>WORLD
      FUEL SERVICES CORPORATION</b></font><font style="font-size: 12pt; font-family: Times New Roman"><br style="font-size: 12pt; font-family: Times New Roman"></font><font style="font-size: 10pt; font-family: Times New Roman">(Exact
      name of registrant as specified in its charter)</font>
    </p>
    <hr style="color: #000000; text-align: center; width: 20%; height: 1.0 pt">


    <p style="text-align: center">
      <br>

    </p>
    <div style="text-align:center">
    <table cellspacing="0" style="font-size: 10pt; margin-left:auto;margin-right:auto; margin-bottom: 10.0px; width: 100%; font-family: Times New Roman">
      <tr>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; width: 33%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Florida</b>
          </p>
        </td>
        <td valign="bottom" style="text-align: center; padding-right: 0.0px; padding-left: 0.0px; width: 34%; white-space: nowrap">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>1-9533</b>
          </p>
        </td>
        <td valign="bottom" style="text-align: center; padding-right: 0.0px; padding-left: 0.0px; width: 33%; white-space: nowrap">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>59-2459427</b>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px; width: 33%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>(State or other jurisdiction of</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>incorporation)</b>
          </p>
        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px; width: 34%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>(Commission File Number)</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px; width: 33%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>(I.R.S. Employer</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Identification No.)</b>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>
      <br>

    </p>
    <div style="text-align:center">
    <table cellspacing="0" style="font-size: 10pt; margin-left:auto;margin-right:auto; margin-bottom: 10.0px; width: 100%; font-family: Times New Roman">
      <tr>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; width: 40%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>9800 N.W. 41<sup>st</sup> Street, Suite 400</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Miami, Florida</b>
          </p>
        </td>
        <td style="width: 20%">
          &#160;
        </td>
        <td valign="bottom" style="text-align: center; padding-right: 0.0px; padding-left: 0.0px; width: 40%; white-space: nowrap">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>33178</b>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; width: 40%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt; font-family: Times New Roman"><b>(Address
            of principal executive offices)</b></font>
          </p>
        </td>
        <td style="width: 20%">

        </td>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; width: 40%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt; font-family: Times New Roman"><b>(Zip
            Code)</b></font>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      <br>
      <font style="font-size: 10pt"><b>Registrant&#8217;s telephone number,
      including area code: (305) 428-8000</b></font><br>
    </p>
    <hr style="text-align: center; color: #000000; width: 20%; height: 1.0 pt">


    <p style="text-align: center">

    </p>
    <p>
      <font style="font-size: 10pt; font-family: Times New Roman">Check the
      appropriate box below if the Form 8-K filing is intended to
      simultaneously satisfy the filing obligation of the registrant under any
      of the following provisions:</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font><br>
    </p>
    <hr style="text-align: center; color: #000000; width: 100%; height: 1.5 pt">


    <p>

    </p>
    <p>

    </p>
    <div style="text-indent: 0pt; margin-bottom: 10pt; margin-left: 0pt; margin-right: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>Item 2.02. Results of Operations and Financial Condition </b>
    </p>
    <p>
      <b>Item 7.01. Regulation FD Disclosure</b>
    </p>
    <p style="font-size: 10pt; text-indent: 30.0px; font-family: Times New Roman">
      The following information is provided pursuant to Item 7.01 of Form 8-K,
      &#8220;Regulation FD Disclosure&#8221; and Item 2.02 of Form 8-K, &#8220;Results of
      Operations and Financial Condition.&#8221;
    </p>
    <p style="font-size: 10pt; text-indent: 30.0px; font-family: Times New Roman">
      On May 3, 2011, World Fuel Services Corporation issued a press release
      reporting its financial results for the first quarter of 2011.&#160;&#160;A copy
      of the press release is attached hereto as Exhibit 99.1.
    </p>
    <p style="font-size: 10pt; text-indent: 30.0px; font-family: Times New Roman">
      This information and the information contained in Exhibit 99.1 shall not
      be deemed &#8220;filed&#8221; for purposes of Section 18 of the Securities Exchange
      Act of 1934, as amended (the &#8220;Exchange Act&#8221;), or incorporated by
      reference in any filing under the Securities Act of 1933 as amended, or
      the Exchange Act, except as may be expressly set forth by specific
      reference in any such filing.&#160;
    </p>
    <p style="white-space: nowrap">
      <b>Item 9.01.&#160;&#160;Financial Statements and Exhibits</b>
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 10pt; margin-bottom: 10.0px; width: 100%; font-family: Times New Roman">
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 7%">
          &#160;
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 5%">
          (d)
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 12%">
          Exhibits
        </td>
        <td style="width: 76%">

        </td>
      </tr>
      <tr>
        <td style="width: 7%">

        </td>
        <td style="width: 5%">

        </td>
        <td style="width: 12%">

        </td>
        <td style="width: 76%">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 7%">

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 5%">

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 12%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>Exhibit No.</b></u>
          </p>
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 76%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>Description</b></u>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 7%">

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 5%">

        </td>
        <td valign="top" style="text-align: left; padding-right: 0.0px; padding-left: 20.0px; width: 12%; white-space: nowrap">
          <p style="margin-top: 0px; margin-bottom: 0px">
            99.1
          </p>
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 76%">
          Press Release, dated May 3, 2011.
        </td>
      </tr>
    </table>
    </div>
    <p style="text-indent: 60.0px; white-space: nowrap">

    </p>
    <div style="text-indent: 0pt; margin-bottom: 10pt; margin-left: 0pt; margin-right: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-align: center">

    </p>
    <p style="text-align: center">
      <font style="font-size: 10pt; font-family: Times New Roman"><b>SIGNATURES</b></font><br>
    </p>
    <p style="text-align: left; text-indent: 30.0px">
      <font style="font-size: 10pt; font-family: Times New Roman">Pursuant to
      the requirements of the Securities Exchange Act of 1934, the registrant
      has duly caused this report to be signed on its behalf by the
      undersigned, thereunto duly authorized.</font><br><br><br>
    </p>
    <div style="text-align:center">
    <table cellspacing="0" style="font-size: 10pt; margin-left:auto;margin-right:auto; margin-bottom: 10.0px; width: 100%; font-family: Times New Roman">
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 5%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Date:
          </p>
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 45%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            May 3, 2011
          </p>
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 40%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>World Fuel Services Corporation</b>
          </p>
        </td>
        <td style="width: 10%">

        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="width: 40%">

        </td>
        <td style="width: 10%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td valign="top" style="border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px; width: 40%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            /s/ Ira M. Birns
          </p>
        </td>
        <td style="width: 10%">

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 5%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 45%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 40%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Ira M. Birns
          </p>
        </td>
        <td style="width: 10%">

        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 40%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Executive Vice President and Chief Financial
          </p>
        </td>
        <td style="width: 10%">

        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 40%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Officer
          </p>
        </td>
        <td style="width: 10%">

        </td>
      </tr>
    </table>
    </div>
    <div style="text-indent: 0pt; margin-bottom: 10pt; margin-left: 0pt; margin-right: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-align: center">

    </p>
    <p style="text-align: center">
      EXHIBIT INDEX<br><br>
    </p>
    <div style="text-align:center">
    <table cellspacing="0" style="font-size: 10pt; margin-left:auto;margin-right:auto; margin-bottom: 10.0px; width: 100%; font-family: Times New Roman">
      <tr>
        <td valign="top" style="border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px; width: 15%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Exhibit
          </p>
        </td>
        <td valign="top" style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px; width: 10%">
          &#160;
        </td>
        <td valign="top" style="border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px; width: 75%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Description
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; width: 15%; white-space: nowrap">
          <p style="margin-top: 0px; margin-bottom: 0px">
            99.1
          </p>
        </td>
        <td style="width: 10%">

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 75%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Press Release, dated May 3, 2011.
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">

    </p>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a6707694-ex991.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title></title>
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<!--All rights reserved www.businesswire.com-->
  </head>
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    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>World
      Fuel Services Corporation Reports Record Quarterly Results</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>-- Net
      Income Increases 22% Year-Over-Year --</b></font>
    </p>
    <p>
      MIAMI--(BUSINESS WIRE)--May 3, 2011--World Fuel Services Corporation
      (NYSE: INT), a leading fuel logistics company, principally engaged in
      the marketing, sale and distribution of aviation, marine and land fuel
      products and related services, today reported first quarter net income
      of $41.1 million or $0.58 diluted earnings per share compared to $33.7
      million or $0.56 diluted earnings per share in the first quarter of
      2010. Non-GAAP net income for the first quarter, which excludes
      share-based compensation and amortization of acquired intangible assets,
      was $46.8 million or $0.66 non-GAAP diluted earnings per share compared
      to $36.2 million or $0.60 non-GAAP diluted earnings per share in the
      first quarter of 2010.
    </p>
    <p>
      The company&#8217;s aviation segment generated gross profit of $70.1 million
      in the first quarter of 2011, an increase of $12.1 million or 21%
      sequentially, and an increase of $21.8 million or 45% year-over-year.
      The marine segment generated gross profit of $40.2 million, a decrease
      of $1.3 million or 3% sequentially, but an increase of $800 thousand or
      2% from last year&#8217;s results. The company&#8217;s land segment posted gross
      profit of $26.4 million in the first quarter, an increase of $2.4
      million or 10% sequentially, and $15.4 million or 139% year-over-year.
    </p>
    <p>
      &#8220;During the quarter, we continued to demonstrate our ability to leverage
      our risk management disciplines, while profitably growing the business,&#8221;
      said Paul H. Stebbins, chairman and chief executive officer of World
      Fuel Services Corporation. &#8220;We are pleased with our strong results in
      what continues to be a very challenging operating environment.&#8221;
    </p>
    <p>
      &#8220;We closed and integrated the NCS acquisition during the quarter, which
      will allow us to leverage our existing business activities in the fuel
      logistics marketplace,&#8221; stated Michael J. Kasbar, president and chief
      operating officer. &#8220;We have also recently completed the acquisition of
      Ascent, which combined with the other recent acquisitions and core
      business, strengthens our leadership position in the general and
      business aviation space.&#8221;
    </p>
    <div style="text-indent: 0pt; margin-bottom: 10pt; margin-left: 0pt; margin-right: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <u>Non-GAAP Financial Measures</u>
    </p>
    <p>
      This press release includes selected financial information that has not
      been prepared in accordance with accounting principles generally
      accepted in the United States (&#8220;GAAP&#8221;). This information includes
      non-GAAP net income and non-GAAP diluted earnings per share. The
      non-GAAP financial measures exclude costs associated with share-based
      compensation and amortization of acquired intangible assets, primarily
      because we do not believe they are reflective of the company&#8217;s core
      operating results. We believe that these non-GAAP financial measures,
      when considered in conjunction with our financial information prepared
      in accordance with GAAP, are useful for investors to evaluate our core
      operating results and trends.
    </p>
    <p>
      Non-GAAP financial measures should not be considered in isolation from,
      or as a substitute for, financial information prepared in accordance
      with GAAP. In addition, our presentation of non-GAAP net income and
      non-GAAP diluted earnings per share may not be comparable to the
      presentation of such metrics by other companies. Investors are
      encouraged to review the reconciliation of these non-GAAP measures to
      their most directly comparable GAAP financial measure. A reconciliation
      of GAAP to non-GAAP results has been provided in the financial statement
      tables included in this press release.
    </p>
    <p>
      <u>Information Relating to Forward-Looking Statements</u>
    </p>
    <p>
      With the exception of historical information in this news release, this
      document includes forward-looking statements that involve risks and
      uncertainties, including, but not limited to, quarterly fluctuations in
      results, the creditworthiness of customers and counterparties and our
      ability to collect accounts receivable, fluctuations in world oil prices
      or foreign currency, changes in political, economic, regulatory, or
      environmental conditions, adverse conditions in the markets or
      industries in which we or our customers operate, our failure to
      effectively hedge certain financial risks associated with the use of
      derivatives, non-performance by counterparties or customers on
      derivatives contracts, the integration of acquired businesses, uninsured
      losses, our ability to retain and attract senior management and other
      key employees and other risks detailed from time to time in the
      Company&#8217;s Securities and Exchange Commission filings. Actual results may
      differ materially from any forward-looking statements set forth herein.
    </p>
    <p>
      <u>About World Fuel Services Corporation</u>
    </p>
    <p>
      Headquartered in Miami, Florida, World Fuel Services is a leading global
      fuel logistics company, principally engaged in the marketing, sale and
      distribution of aviation, marine and land fuel products and related
      services on a worldwide basis. World Fuel Services sells fuel and
      delivers services to its clients at more than 6,000 locations in 200
      countries and territories, including airports, seaports, tanker truck
      loading terminals and other customer storage locations. With 48
      strategically located global offices, World Fuel Services offers its
      clients a value-added outsource service for the supply, quality control,
      logistical support and price risk management of marine, aviation and
      land fuel.
    </p>
    <p>
      The Company's global team of market makers provides deep domain
      expertise in all aspects of marine, aviation and land fuel management.
      Aviation customers include commercial airlines, cargo carriers, private
      aircraft and fixed base operators (FBO&#8217;s), as well as the United States
      and foreign governments. World Fuel Services' marine customers include
      international container and tanker fleets, cruise lines and time-charter
      operators, as well as the United States and foreign governments. Land
      customers include petroleum distributors, retail petroleum operators,
      and industrial, commercial and government accounts. For more
      information, call 305-428-8000 or visit <u>www.wfscorp.com</u>.
    </p>
    <div style="text-indent: 0pt; margin-bottom: 10pt; margin-left: 0pt; margin-right: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; margin-bottom: 10.0px; width: 100%; font-family: Times New Roman">
      <tr>
        <td valign="top" colspan="12" style="text-align: center; padding-left: 0.0px">
          <b>WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES</b>
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="12" style="text-align: center; padding-left: 0.0px">
          <b>CONSOLIDATED STATEMENTS OF INCOME</b>
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="12" style="text-align: center; padding-left: 0.0px">
          (UNAUDITED - IN THOUSANDS, EXCEPT PER SHARE DATA)
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" colspan="7" style="text-align: center; padding-left: 0.0px">
          For the Three Months ended
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" colspan="7" style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px">
          March 31,
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="border-bottom: solid black 1.0pt; text-align: center; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          2011
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="border-bottom: solid black 1.0pt; text-align: center; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          2010
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="4" style="text-align: left; padding-left: 0.0px">
          Revenue
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          7,079,406
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          3,918,021
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" colspan="4" style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px">
          Cost of revenue
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          6,942,638
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          3,819,203
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" colspan="2" style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px">
          Gross profit
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          136,768
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          98,818
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="4" style="text-align: left; padding-left: 0.0px">
          Operating expenses:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" colspan="3" style="text-align: left; padding-left: 0.0px">
          Compensation and employee benefits
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          47,069
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          34,801
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" colspan="3" style="text-align: left; padding-left: 0.0px">
          Provision for bad debt
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          796
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          369
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" colspan="3" style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px">
          General and administrative
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          33,378
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          21,523
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" colspan="2" style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px">
          Total operating expenses
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          81,243
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          56,693
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" colspan="2" style="text-align: left; padding-left: 0.0px">
          Income from operations
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          55,525
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          42,125
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" colspan="4" style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px">
          Non-operating expenses, net
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          (3,453
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          (604
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="4" style="text-align: left; padding-left: 0.0px">
          Income before income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          52,072
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          41,521
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" colspan="4" style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px">
          Provision for income taxes
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          10,415
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          7,681
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="4" style="text-align: left; padding-left: 0.0px">
          Net income including noncontrolling interest
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          41,657
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          33,840
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" colspan="4" style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px">
          Net income attributable to noncontrolling interest
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          548
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          137
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="4" style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px">
          Net income attributable to World Fuel
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          41,109
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          33,703
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="4" style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px">
          Basic earnings per share
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          0.59
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          0.57
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="4" style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px">
          Basic weighted average common shares
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          69,970
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          59,324
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="4" style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px">
          Diluted earnings per share
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          0.58
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          0.56
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="4" style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px">
          Diluted weighted average common shares
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          70,982
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          60,601
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="4">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="text-indent: 0pt; margin-bottom: 10pt; margin-left: 0pt; margin-right: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; margin-bottom: 10.0px; width: 100%; font-family: Times New Roman">
      <tr>
        <td valign="top" colspan="11" style="text-align: center; padding-left: 0.0px">
          <b>WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES</b>
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="11" style="text-align: center; padding-left: 0.0px">
          <b>CONSOLIDATED BALANCE SHEETS</b>
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="11" style="text-align: center; padding-left: 0.0px">
          (UNAUDITED - IN THOUSANDS)
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" colspan="6" style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px">
          As of
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" colspan="2" style="text-align: center; padding-left: 0.0px">
          March 31,
        </td>
        <td>

        </td>
        <td valign="top" colspan="3" style="text-align: center; padding-left: 0.0px">
          December 31,
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="border-bottom: solid black 1.0pt; text-align: center; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          2011
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="border-bottom: solid black 1.0pt; text-align: center; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          2010
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="4" style="text-align: left; padding-left: 5.0px">
          Assets:
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="top" colspan="4" style="text-align: left; padding-left: 5.0px">
          Current assets:
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" colspan="3" style="text-align: left; padding-left: 5.0px">
          Cash and cash equivalents
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          93,374
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          272,893
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" colspan="3" style="text-align: left; padding-left: 5.0px">
          Accounts receivable, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          1,892,307
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          1,386,700
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" colspan="3" style="text-align: left; padding-left: 5.0px">
          Inventories
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          312,379
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          211,526
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" colspan="3" style="text-align: left; padding-bottom: 2.0px; padding-left: 5.0px">
          Prepaid expenses and other current assets
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          213,226
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          196,748
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 5.0px">
          Total current assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          2,511,286
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          2,067,867
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="4" style="text-align: left; padding-left: 5.0px">
          Property and equipment, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          64,899
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          64,106
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="4" style="text-align: left; padding-right: 0.0px; padding-bottom: 2.0px; padding-left: 5.0px; white-space: nowrap">
          Goodwill, identifiable intangible and non-current other assets
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          461,598
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          434,477
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-bottom: 4.0px; padding-left: 55.0px">
          Total assets
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          3,037,783
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          2,566,450
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="4" style="text-align: left; padding-left: 5.0px">
          Liabilities and equity:
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="top" colspan="4" style="text-align: left; padding-left: 5.0px">
          Liabilities:
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="top" colspan="4" style="text-align: left; padding-left: 5.0px">
          Current liabilities:
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" colspan="3" style="text-align: left; padding-left: 5.0px">
          Short-term debt
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          17,401
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          17,076
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" colspan="3" style="text-align: left; padding-left: 5.0px">
          Accounts payable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          1,488,592
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          1,131,228
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" colspan="3" style="text-align: left; padding-bottom: 2.0px; padding-left: 5.0px">
          Accrued expenses and other current liabilities
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          213,103
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          210,180
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 5.0px">
          Total current liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          1,719,096
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          1,358,484
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="4" style="text-align: left; padding-left: 5.0px">
          Long-term debt
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          64,133
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          24,566
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" colspan="4" style="text-align: left; padding-bottom: 2.0px; padding-left: 5.0px">
          Other long-term liabilities
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          59,787
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          56,836
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-bottom: 2.0px; padding-left: 55.0px">
          Total liabilities
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          1,843,016
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          1,439,886
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="4" style="text-align: left; padding-left: 5.0px">
          Equity:
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" colspan="3" style="text-align: left; padding-left: 5.0px">
          World Fuel shareholders' equity
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          1,194,084
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          1,127,208
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" colspan="3" style="text-align: left; padding-bottom: 2.0px; padding-left: 5.0px">
          Noncontrolling interest equity (deficit)
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          683
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          (644
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-bottom: 2.0px; padding-left: 55.0px">
          Total equity
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          1,194,767
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          1,126,564
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-bottom: 4.0px; padding-left: 55.0px">
          Total liabilities and equity
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          3,037,783
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          2,566,450
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="text-indent: 0pt; margin-bottom: 10pt; margin-left: 0pt; margin-right: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; margin-bottom: 10.0px; width: 100%; font-family: Times New Roman">
      <tr>
        <td valign="top" colspan="15" style="text-align: center; padding-left: 0.0px">
          <b>WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES</b>
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="15" style="text-align: center; padding-left: 0.0px">
          <b>CONSOLIDATED STATEMENTS OF CASH FLOWS</b>
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="15" style="text-align: center; padding-left: 0.0px">
          (UNAUDITED - IN THOUSANDS)
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" colspan="7" style="text-align: center; padding-left: 0.0px">
          For the Three Months ended
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" colspan="7" style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px">
          March 31,
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="border-bottom: solid black 1.0pt; text-align: center; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          2011
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="border-bottom: solid black 1.0pt; text-align: center; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          2010
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="7" style="text-align: left; padding-left: 0.0px">
          Cash flows from operating activities:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" colspan="6" style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px">
          Net income including noncontrolling interest
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          41,657
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          33,840
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" colspan="6" style="text-align: left; padding-left: 0.0px">
          Adjustments to reconcile net income including
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" colspan="5" style="text-align: left; padding-left: 0.0px">
          noncontrolling interest to net cash (used in)
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" colspan="5" style="text-align: left; padding-left: 0.0px">
          provided by operating activities:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" colspan="3" style="text-align: left; padding-left: 0.0px">
          Depreciation and amortization
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          8,167
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          4,419
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" colspan="3" style="text-align: left; padding-left: 0.0px">
          Provision for bad debt
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          796
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          369
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" colspan="3" style="text-align: left; padding-left: 0.0px">
          Share-based payment award compensation costs
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          2,865
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          1,306
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" colspan="3" style="text-align: left; padding-left: 0.0px">
          Other
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          (249
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          (1,185
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" colspan="3" style="text-align: left; padding-right: 0.0px; padding-bottom: 2.0px; padding-left: 0.0px; white-space: nowrap">
          Changes in assets and liabilities, net of acquisitions
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          (197,722
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          (22,183
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px">
          Total adjustments
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          (186,143
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          (17,274
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" colspan="5" style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px">
          Net cash (used in) provided by operating activities
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          (144,486
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          16,566
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="7" style="text-align: left; padding-left: 0.0px">
          Cash flows from investing activities:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" colspan="6" style="text-align: left; padding-left: 0.0px">
          Acquisition of businesses, net of cash acquired
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          (67,000
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          (8,315
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" colspan="4" style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px">
          Other
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          (2,628
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          (891
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" colspan="5" style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px">
          Net cash used in investing activities
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          (69,628
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          (9,206
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="7" style="text-align: left; padding-left: 0.0px">
          Cash flows from financing activities:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" colspan="6" style="text-align: left; padding-left: 0.0px">
          Borrowings under revolving credit facility, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          40,000
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          -
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" colspan="4" style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px">
          Other
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          (6,562
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          (2,097
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" colspan="5" style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px">
          Net cash provided by (used in) financing activities
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          33,438
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          (2,097
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="7" style="text-align: left; padding-left: 0.0px">
          Effect of exchange rate changes on cash and
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" colspan="6" style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px">
          cash equivalents
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          1,157
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          (1,026
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="7" style="text-align: left; padding-left: 0.0px">
          Net (decrease) increase in cash and cash equivalents
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          (179,519
        </td>
        <td valign="bottom" style="text-align: left; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          4,237
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="7" style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px">
          Cash and cash equivalents, at beginning of period
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          272,893
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          298,843
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="7" style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px">
          Cash and cash equivalents, at end of period
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          93,374
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          303,080
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="7">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="text-indent: 0pt; margin-bottom: 10pt; margin-left: 0pt; margin-right: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; margin-bottom: 10.0px; width: 100%; font-family: Times New Roman">
      <tr>
        <td valign="top" colspan="10" style="text-align: center; padding-left: 0.0px">
          <b>WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES</b>
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="10" style="text-align: center; padding-left: 0.0px">
          <b>RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES</b>
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="10" style="text-align: center; padding-left: 0.0px">
          (UNAUDITED - IN THOUSANDS, EXCEPT PER SHARE DATA)
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" colspan="5" style="text-align: center; padding-left: 0.0px">
          For the Three Months ended
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" colspan="5" style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px">
          March 31,
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="border-bottom: solid black 1.0pt; text-align: center; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          2011
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="border-bottom: solid black 1.0pt; text-align: center; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          2010
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="4" style="text-align: left; padding-left: 0.0px">
          GAAP net income attributable to World Fuel
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          41,109
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          33,703
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="4" style="text-align: left; padding-left: 25.0px">
          Share-based compensation expense, net of taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          2,009
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          1,003
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="4" style="text-align: left; padding-right: 0.0px; padding-bottom: 2.0px; padding-left: 25.0px; white-space: nowrap">
          Intangible asset amortization expense, net of taxes
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          3,662
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          1,494
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="4" style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px">
          Non-GAAP net income attributable to World Fuel
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          46,780
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          36,200
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="4" style="text-align: left; padding-left: 0.0px">
          GAAP diluted earnings per share
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          0.58
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          0.56
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="4" style="text-align: left; padding-left: 25.0px">
          Share-based compensation expense, net of taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          0.03
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          0.02
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="4" style="text-align: left; padding-bottom: 2.0px; padding-left: 25.0px">
          Intangible asset amortization expense, net of taxes
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          0.05
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          0.02
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="4" style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px">
          Non-GAAP diluted earnings per share
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          0.66
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          0.60
        </td>
      </tr>
      <tr>
        <td colspan="4">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="text-indent: 0pt; margin-bottom: 10pt; margin-left: 0pt; margin-right: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; margin-bottom: 10.0px; width: 100%; font-family: Times New Roman">
      <tr>
        <td valign="top" colspan="10" style="text-align: center; padding-left: 0.0px">
          <b>WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES</b>
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="10" style="text-align: center; padding-left: 0.0px">
          <b>BUSINESS SEGMENT INFORMATION</b>
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="10" style="text-align: center; padding-left: 0.0px">
          (UNAUDITED - IN THOUSANDS)
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" colspan="5" style="text-align: center; padding-left: 0.0px">
          For the Three Months ended
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" colspan="5" style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px">
          March 31,
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="border-bottom: solid black 1.0pt; text-align: center; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          2011
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="border-bottom: solid black 1.0pt; text-align: center; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          2010
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="4" style="text-align: left; padding-left: 0.0px">
          Revenue:
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="top" colspan="4" style="text-align: left; padding-left: 25.0px">
          Aviation segment
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          2,646,592
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          1,459,724
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="4" style="text-align: left; padding-left: 25.0px">
          Marine segment
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          2,999,419
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          2,098,612
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="4" style="text-align: left; padding-bottom: 2.0px; padding-left: 25.0px">
          Land segment
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          1,433,395
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          359,685
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          7,079,406
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          3,918,021
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="4" style="text-align: left; padding-left: 0.0px">
          Gross profit:
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="top" colspan="4" style="text-align: left; padding-left: 25.0px">
          Aviation segment
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          70,128
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          48,375
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="4" style="text-align: left; padding-left: 25.0px">
          Marine segment
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          40,215
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          39,389
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="4" style="text-align: left; padding-bottom: 2.0px; padding-left: 25.0px">
          Land segment
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          26,425
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          11,054
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          136,768
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          98,818
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="4" style="text-align: left; padding-left: 0.0px">
          Income from operations:
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="top" colspan="4" style="text-align: left; padding-left: 25.0px">
          Aviation segment
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          38,170
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          26,694
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="4" style="text-align: left; padding-left: 25.0px">
          Marine segment
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          17,355
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          20,007
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="4" style="text-align: left; padding-bottom: 2.0px; padding-left: 25.0px">
          Land segment
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          10,663
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          2,348
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          66,188
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          49,049
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="4" style="text-align: left; padding-bottom: 2.0px; padding-left: 25.0px">
          Corporate overhead
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          10,663
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          6,924
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          55,525
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap">
          42,125
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p>
      CONTACT:<br>World Fuel Services Corporation<br>Ira M. Birns, 305-428-8000<br>Executive
      Vice President &amp; Chief Financial Officer<br>or<br>Francis X. Shea,
      305-428-8000<br>Executive Vice President &amp; Chief Risk and Administrative
      Officer
    </p>
    <p>

    </p>
  </body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
