<SEC-DOCUMENT>0001157523-14-000584.txt : 20140212
<SEC-HEADER>0001157523-14-000584.hdr.sgml : 20140212
<ACCEPTANCE-DATETIME>20140212161032
ACCESSION NUMBER:		0001157523-14-000584
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20140212
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20140212
DATE AS OF CHANGE:		20140212

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:		14600315

	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>a50803174.htm
<DESCRIPTION>WORLD FUEL SERVICES CORPORATION 8-K
<TEXT>
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    <p style="text-align: center">
      <br>
      <font style="font-family: Times New Roman; font-size: 18pt"><b>UNITED
      STATES</b></font><font style="font-size: 18pt"><br style="font-size: 18pt"></font><font style="font-family: Times New Roman; font-size: 18pt"><b>SECURITIES
      AND EXCHANGE COMMISSION</b></font><br><font style="font-family: Times New Roman; font-size: 12pt"><b>WASHINGTON,
      D.C. 20549</b></font><br>
    </p>
    <hr style="width: 20%; text-align: center; height: 1.0 pt; color: #000000">


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


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

    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>CURRENT
      REPORT</b></font><font style="font-family: Times New Roman; font-size: 12pt"><br style="font-size: 12pt; font-family: Times New Roman"></font><font style="font-family: Times New Roman; font-size: 12pt"><br style="font-size: 12pt; font-family: Times New Roman"></font><font style="font-family: Times New Roman; font-size: 12pt"><b>PURSUANT
      TO SECTION 13 OR 15(d) OF</b></font><font style="font-family: Times New Roman; font-size: 12pt"><br style="font-size: 12pt; font-family: Times New Roman"></font><font style="font-family: Times New Roman; font-size: 12pt"><br style="font-size: 12pt; font-family: Times New Roman"></font><font style="font-family: Times New Roman; font-size: 12pt"><b>THE
      SECURITIES EXCHANGE ACT OF 1934</b></font><br><br><font style="font-family: Times New Roman; font-size: 10pt"><b>Date
      of Report (Date of earliest event reported): &#160;February 12, 2014</b></font><br>
    </p>
    <hr style="width: 20%; text-align: center; height: 1.0 pt; color: #000000">


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


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

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

    </p>
    <div style="text-align:center">
    <table style="width: 100%; margin-bottom: 10.0px; margin-left:auto;margin-right:auto; font-size: 10pt; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="width: 50%; text-align: center; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>9800 N.W. 41<sup>st</sup> Street, Suite 400</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Miami, Florida</b>
          </p>
        </td>
        <td style="width: 50%; padding-right: 0.0px; text-align: center; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>33178</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 50%; text-align: center; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-family: Times New Roman; font-size: 10pt"><b>(Address
            of principal executive offices)</b></font>
          </p>
        </td>
        <td style="width: 50%; text-align: center; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-family: Times New Roman; font-size: 10pt"><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="width: 20%; text-align: center; height: 1.0 pt; color: #000000">


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

    </p>
    <p style="font-size: 10pt; font-family: Times New Roman">
      <font style="font-family: Times New Roman; font-size: 10pt">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 style="font-size: 10pt; font-family: Times New Roman; margin-left: 30.0px">
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font><br>
    </p>
    <p style="font-size: 10pt; font-family: Times New Roman; margin-left: 30.0px">
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font><br>
    </p>
    <p style="font-size: 10pt; font-family: Times New Roman; margin-left: 30.0px">
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font><br>
    </p>
    <p style="font-size: 10pt; font-family: Times New Roman; margin-left: 30.0px">
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font><br>
    </p>
    <p>

    </p>
<div style="text-align:left">
    <table style="width: 100%; margin-bottom: 10.0px; font-size: 10pt; font-family: Times New Roman" cellspacing="0">
      <tr>
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          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <div style="margin-bottom: 10pt; width: 100%; margin-right: 0pt; margin-left: 0pt; text-indent: 0pt">
      <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="height: 1.5pt; color: black">

        </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="text-align: justify">
      &#160;&#160;&#160;&#160;&#160;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="text-align: justify">
      &#160;&#160;&#160;&#160;&#160;On February 12, 2014, World Fuel Services Corporation issued a
      press release reporting its financial results for the fourth quarter and
      fiscal year ended December 31, 2013.&#160;&#160;A copy of the press release is
      attached hereto as Exhibit 99.1.
    </p>
    <p style="text-align: justify">
      &#160;&#160;&#160;&#160;&#160;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>
      <b>Item 9.01.&#160;&#160;Financial Statements and Exhibits</b>
    </p>
    <p style="text-indent: 60.0px">
      (d) &#160;&#160;&#160;&#160;Exhibits
    </p>
    <p style="margin-left: 30.0px; text-indent: 60.0px">
      <u><b>Exhibit No.</b></u><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Description</u></b>
    </p>
    <p style="margin-left: 30.0px; text-indent: 60.0px">
      <b>&#160;&#160;&#160;&#160;&#160;&#160;</b>99.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Press
      Release, dated February 12, 2014.
    </p>
    <p style="margin-left: 30.0px; text-indent: 60.0px">

    </p>
    <div style="margin-bottom: 10pt; width: 100%; margin-right: 0pt; margin-left: 0pt; text-indent: 0pt">
      <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="height: 1.5pt; color: black">

        </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-family: Times New Roman; font-size: 10pt"><b>SIGNATURES</b></font><br>
    </p>
    <p style="text-align: left; text-indent: 30.0px">
      <font style="font-family: Times New Roman; font-size: 10pt">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>
    </p>
    <p style="text-align: left">

    </p>
    <div style="text-align:center">
    <table style="width: 100%; margin-bottom: 10.0px; margin-left:auto;margin-right:auto; font-size: 10pt; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="width: 5%; text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Date:
          </p>
        </td>
        <td style="width: 45%; text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            February 12, 2014
          </p>
        </td>
        <td style="text-align: left; padding-left: 0.0px" colspan="2" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>World Fuel Services Corporation</b>
          </p>
        </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 style="width: 40%; text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            /s/ Ira M. Birns
          </p>
        </td>
        <td style="width: 10%">

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

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

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

        </td>
        <td style="text-align: left; padding-left: 0.0px" colspan="2" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Executive Vice President and Chief Financial Officer
          </p>
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-bottom: 10pt; width: 100%; margin-right: 0pt; margin-left: 0pt; text-indent: 0pt">
      <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="height: 1.5pt; color: black">

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

        </td>
        <td style="width: 75%; text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Press Release, dated February 12, 2014.
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">

    </p>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a50803174ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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    <title></title>
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    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>World
      Fuel Services Corporation Reports Fourth Quarter and Full Year Earnings</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>Generated
      $264 million of Operating Cash Flow for the Full Year</b></font>
    </p>
    <p>
      MIAMI--(BUSINESS WIRE)--February 12, 2014--World Fuel Services
      Corporation (NYSE: INT), a leading global fuel logistics company,
      principally engaged in the marketing, sale and distribution of aviation,
      marine and land fuel and related products and services, today reported
      full year net income of $203.1 million or $2.83 diluted earnings per
      share. This compares to $189.3 million or $2.64 diluted earnings per
      share for the same period in 2012. Non-GAAP net income and diluted
      earnings per share for the full year, excluding share-based
      compensation, amortization of acquired intangible assets and expenses
      related to certain acquisitions were $230.5 million and $3.22,
      respectively, compared to $215.9 million and $3.01 in 2012.
    </p>
    <p>
      For the fourth quarter, net income was $51.9 million or $0.73 diluted
      earnings per share. This compares to $42.8 million or $0.60 diluted
      earnings per share in the fourth quarter of 2012. Non-GAAP net income
      and diluted earnings per share for the fourth quarter, excluding
      share-based compensation, amortization of acquired intangible assets and
      expenses related to certain acquisitions were $60.1 million and $0.85,
      respectively, compared to $52.3 million and $0.73 in the fourth quarter
      of 2012.
    </p>
    <p>
      &#8220;Considering continued macro-economic headwinds, we are pleased with our
      strong results in the fourth quarter,&#8221; stated Michael J. Kasbar,
      president and chief executive officer of World Fuel Services
      Corporation. &#8220;We continue to expand the breadth of our fuel and service
      offerings, further enhancing our value proposition and enabling us to
      continue to grow faster than the markets in which we participate.&#8221;
    </p>
    <p>
      For the full year, the company&#8217;s aviation segment generated gross profit
      of $327.2 million, an increase of approximately $32.6 million or 11.1%
      year-over-year. The company&#8217;s marine segment generated gross profit of
      $177.1 million, a decrease of $31.0 million or 14.9% year-over-year. The
      company&#8217;s land segment posted gross profit of $248.5 million, an
      increase of $77.7 million or 45.5% year-over-year.
    </p>
    <p>
      &#8220;We posted strong operating cash flow in 2013 and have now generated
      more than $410 million of operating cash flow during the past two
      years,&#8221; said Ira M. Birns, executive vice president and chief financial
      officer. &#8220;Our solid cash flow profile has enabled us to invest
      organically and through strategic acquisitions and more recently,
      repurchase company stock as we did again during the fourth quarter, all
      while maintaining a strong and liquid balance sheet.&#8221;
    </p>
    <div style="width: 100%; margin-bottom: 10pt; margin-right: 0pt; margin-left: 0pt; text-indent: 0pt">
      <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="height: 1.5pt; color: black">

        </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, amortization of acquired intangible assets and expenses
      related to certain acquisitions primarily because we do not believe they
      are reflective of the Company's core operating results. We believe the
      exclusion of share-based compensation from operating expenses is useful
      given the variation in expense that can result from changes in the fair
      value of our common stock, the effect of which is unrelated to the
      operational conditions that give rise to variations in the components of
      our operating costs. Also, we believe the exclusion of the amortization
      of acquired intangible assets, as well as the expenses related to the
      anticipated acquisition of Watson Petroleum Limited and the acquisition
      of select assets of the Multi Service business, are useful for purposes
      of evaluating operating performance of our core operating results and
      comparing them period-over-period. We believe that these non-GAAP
      financial measures, when considered in conjunction with our financial
      information prepared in accordance with GAAP, are useful to investors to
      further aid in evaluating the ongoing financial performance of the
      Company and to provide greater transparency as supplemental information
      to our GAAP results.
    </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 common share may not be comparable to the
      presentation of such metrics by other companies. Non-GAAP diluted
      earnings per common share is computed by dividing non-GAAP net income
      attributable to World Fuel and available to common shareholders by the
      sum of the weighted average number of shares of common stock, stock
      units, restricted stock entitled to dividends not subject to forfeiture
      and vested restricted stock units outstanding during the period and the
      number of additional shares of common stock that would have been
      outstanding if our outstanding potentially dilutive securities had been
      issued. Investors are encouraged to review the reconciliation of these
      non-GAAP measures to their most directly comparable GAAP financial
      measures.
    </p>
    <p>
      <u>Information Relating to Forward-Looking Statements</u>
    </p>
    <p>
      This release includes forward-looking statements within the meaning of
      the Private Securities Litigation Reform Act of 1995, including
      statements regarding our expectations about opportunities for growth and
      our value proposition. These forward-looking statements are qualified in
      their entirety by cautionary statements and risk factor disclosures
      contained in the company&#8217;s Securities and Exchange Commission (&quot;SEC&quot;)
      filings, including the company&#8217;s Annual Report on Form 10-K filed with
      the SEC on February 21, 2013. Actual results may differ materially from
      any forward-looking statements due to risks and uncertainties,
      including, but not limited to: our ability to effectively integrate and
      derive benefits from acquired businesses, our ability to capitalize on
      new market opportunities, potential liabilities and the extent of any
      insurance coverage, the outcome of pending litigation and other
      proceedings, the impact of quarterly fluctuations in results, the
      creditworthiness of our 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 and suppliers operate, our failure to effectively hedge
      certain financial risks associated with the use of derivatives,
      non-performance by counterparties or customers on derivatives contracts,
      loss of, or reduced sales, to a significant government customer,
      uninsured losses, the impact of natural disasters, adverse results in
      legal disputes, unanticipated tax liabilities, 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 SEC filings. New risks
      emerge from time to time and it is not possible for management to
      predict all such risk factors or to assess the impact of such risks on
      our business. Accordingly, we undertake no obligation to publicly update
      or revise any forward-looking statements, whether as a result of new
      information, changes in expectations, future events, or otherwise.
    </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 and related products and
      services on a worldwide basis. World Fuel Services sells fuel and
      delivers services to its clients at more than 8,000 locations in more
      than 200 countries and territories worldwide.
    </p>
    <p>
      The company's global team of market makers provides deep domain
      expertise in all aspects of aviation, marine and land fuel management.
      Aviation customers include commercial airlines, cargo carriers, private
      aircraft and fixed base operators (FBOs), 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. The company also
      offers transaction management services which consist of card payment
      solutions and merchant processing services to customers in the aviation,
      marine and land transportation industries. For more information, call
      305-428-8000 or visit <u>www.wfscorp.com</u>.
    </p>
    <div style="margin-bottom: 10pt; width: 100%; margin-right: 0pt; margin-left: 0pt; text-indent: 0pt">
      <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="height: 1.5pt; color: black">

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; width: 100%; font-size: 8pt; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td colspan="7">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: center" colspan="7" valign="top">
          <b>WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center" colspan="7" valign="top">
          <b>CONSOLIDATED BALANCE SHEETS</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" colspan="7" valign="top">
          (UNAUDITED - IN THOUSANDS)
        </td>
      </tr>
      <tr>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td style="text-align: center; border-bottom: solid black 1.0pt" colspan="5" valign="top">
          As of
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: center; white-space: nowrap" colspan="2" valign="top">
          December 31,
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: center; white-space: nowrap" colspan="2" valign="top">
          December 31,
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" colspan="2" valign="bottom">
          2013
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" colspan="2" valign="bottom">
          2012
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Current assets:
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Cash and cash equivalents
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          292,061
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          172,740
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Accounts receivable, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          2,538,642
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          2,193,866
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Inventories
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          655,046
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          572,313
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px; padding-bottom: 2.0px" valign="top">
          Prepaid expenses and other current assets
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          329,752
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          342,458
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 35.0px" valign="top">
          Total current assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          3,815,501
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          3,281,377
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Property and equipment, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          129,685
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          112,525
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap; padding-bottom: 2.0px" valign="top">
          Goodwill, identifiable intangible and other non-current assets
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          794,091
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          713,849
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 55.0px; padding-bottom: 4.0px" valign="top">
          Total assets
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          4,739,277
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          4,107,751
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Liabilities:
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Current liabilities:
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Short-term debt
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          14,647
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          26,065
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Accounts payable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          2,210,427
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1,814,794
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px; padding-bottom: 2.0px" valign="top">
          Accrued expenses and other current liabilities
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          289,441
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          308,439
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 30.0px" valign="top">
          Total current liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          2,514,515
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          2,149,298
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          449,064
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          354,253
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px" valign="top">
          Other long-term liabilities
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          96,804
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          62,576
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 55.0px; padding-bottom: 2.0px" valign="top">
          Total liabilities
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          3,060,383
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          2,566,127
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          World Fuel shareholders' equity
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1,673,898
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1,517,174
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px; padding-bottom: 2.0px" valign="top">
          Noncontrolling interest equity
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          4,996
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          24,450
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 55.0px; padding-bottom: 2.0px" valign="top">
          Total equity
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          1,678,894
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          1,541,624
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 55.0px; padding-bottom: 4.0px" valign="top">
          Total liabilities and equity
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          4,739,277
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          4,107,751
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-bottom: 10pt; width: 100%; margin-right: 0pt; margin-left: 0pt; text-indent: 0pt">
      <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="height: 1.5pt; color: black">

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; width: 100%; font-size: 8pt; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td colspan="17">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" colspan="17" valign="top">
          <b>WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" colspan="17" valign="top">
          <b>CONSOLIDATED STATEMENTS OF INCOME</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" colspan="17" valign="top">
          (UNAUDITED - IN THOUSANDS, EXCEPT EARNINGS PER SHARE DATA)
        </td>
      </tr>
      <tr>
        <td>

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

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

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

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

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

        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; text-align: center; padding-left: 0.0px; white-space: nowrap" colspan="7" valign="top">
          For the Year ended
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" colspan="3" valign="bottom">
          2013
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" colspan="3" valign="bottom">
          2012
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" colspan="3" valign="bottom">
          2013
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" colspan="3" valign="bottom">
          2012
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          10,404,653
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          9,935,813
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          41,561,947
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          38,945,338
        </td>
        <td>

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

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          10,209,073
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          9,772,476
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          40,809,189
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          38,271,891
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px; padding-bottom: 2.0px" valign="top">
          Gross profit
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          195,580
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          163,337
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          752,758
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          673,447
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 15.0px; white-space: nowrap" valign="top">
          Compensation and employee benefits
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          73,663
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          60,809
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          288,021
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          237,362
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Provision for bad debt
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          6,070
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          377
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          11,745
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          4,790
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px; padding-bottom: 2.0px" valign="top">
          General and administrative
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          51,369
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          47,790
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          188,634
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          174,272
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 30.0px; padding-bottom: 2.0px" valign="top">
          Total operating expenses
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          131,102
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          108,976
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          488,400
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          416,424
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 30.0px" valign="top">
          Income from operations
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          64,478
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          54,361
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          264,358
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          257,023
        </td>
        <td>

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

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          (3,668
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          (4,341
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          (17,693
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          (17,428
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          60,810
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          50,020
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          246,665
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          239,595
        </td>
        <td>

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

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          7,415
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          4,995
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          39,505
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          38,244
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          53,395
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          45,025
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          207,160
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          201,351
        </td>
        <td>

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

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          1,533
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          2,189
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          4,085
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          12,006
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          51,862
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          42,836
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          203,075
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          189,345
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          0.73
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          0.60
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          2.85
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          2.66
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          70,870
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          71,232
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          71,224
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          71,154
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          0.73
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          0.60
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          2.83
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          2.64
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          71,459
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          71,906
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          71,800
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          71,817
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-bottom: 10pt; width: 100%; margin-right: 0pt; margin-left: 0pt; text-indent: 0pt">
      <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="height: 1.5pt; color: black">

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; width: 100%; font-size: 8pt; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td colspan="17">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" colspan="17" valign="top">
          <b>WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" colspan="17" valign="top">
          <b>CONSOLIDATED STATEMENTS OF CASH FLOWS</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" colspan="17" valign="top">
          (UNAUDITED - IN THOUSANDS)
        </td>
      </tr>
      <tr>
        <td>

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

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

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

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

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

        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; text-align: center; padding-left: 0.0px; white-space: nowrap" colspan="7" valign="top">
          For the Year ended
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" colspan="3" valign="bottom">
          2013
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" colspan="3" valign="bottom">
          2012
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" colspan="3" valign="bottom">
          2013
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" colspan="3" valign="bottom">
          2012
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px; padding-bottom: 2.0px" valign="top">
          Net income including noncontrolling interest
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          53,395
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          45,025
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          207,160
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          201,351
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Adjustments to reconcile net income including
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 20.0px; white-space: nowrap" valign="top">
          noncontrolling interest to net cash provided by
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="top">
          operating activities:
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 30.0px" valign="top">
          Depreciation and amortization
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          11,898
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          9,914
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          44,710
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          36,714
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 30.0px" valign="top">
          Provision for bad debt
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          6,070
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          377
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          11,745
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          4,790
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 30.0px" valign="top">
          Share-based payment award compensation costs
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          4,138
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          3,738
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          16,716
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          14,079
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 30.0px" valign="top">
          Other
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (11,935
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          292
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (12,397
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (7,193
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 30.0px" valign="top">
          Changes in cash collateral with financial counterparties
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (9,873
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (18,000
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          9,920
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (11,059
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 30.0px; padding-bottom: 2.0px" valign="top">
          Changes in assets and liabilities, net of acquisitions
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          (3,138
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          56,174
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          (13,552
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          (92,891
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 45.0px; padding-bottom: 2.0px" valign="top">
          Total adjustments
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          (2,840
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          52,495
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          57,142
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          (55,560
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px; padding-bottom: 2.0px" valign="top">
          Net cash provided by operating activities
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          50,555
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          97,520
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          264,302
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          145,791
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Acquisitions and other investments, net of cash acquired
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (36,542
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (146,445
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (76,954
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (217,782
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Capital expenditures
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (32,430
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (9,717
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (82,716
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (28,454
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Purchase of short-term investments
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (21,588
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Proceeds from the sale of short-term investments
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          21,588
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px; padding-bottom: 2.0px" valign="top">
          Other
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          (14,421
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

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

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          (14,890
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          (386
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 30.0px; padding-bottom: 2.0px" valign="top">
          Net cash used in investing activities
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          (83,393
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          (156,162
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          (174,560
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          (246,622
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Borrowings of debt, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          5,134
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          93,096
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          80,314
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          80,236
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Dividends paid on common stock
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (2,659
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (2,666
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (10,679
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (10,685
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px; padding-bottom: 2.0px" valign="top">
          Other
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          (11,695
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          1,919
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          (40,126
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          (2,693
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 30.0px; padding-bottom: 2.0px" valign="top">
          Net cash (used in) provided by financing activities
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          (9,220
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          92,349
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          29,509
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          66,858
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 5.0px; padding-bottom: 2.0px" valign="top">
          cash equivalents
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          896
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          (368
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          70
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          1,298
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (41,162
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          33,339
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          119,321
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          (32,675
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          333,223
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          139,401
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          172,740
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          205,415
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          292,061
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          172,740
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          292,061
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          172,740
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-bottom: 10pt; width: 100%; margin-right: 0pt; margin-left: 0pt; text-indent: 0pt">
      <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="height: 1.5pt; color: black">

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; width: 100%; font-size: 8pt; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td colspan="2">

        </td>
        <td colspan="15">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" colspan="17" valign="top">
          <b>WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" colspan="17" valign="top">
          <b>RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" colspan="17" valign="top">
          (UNAUDITED - IN THOUSANDS, EXCEPT EARNINGS PER SHARE DATA)
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

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

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

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: center; white-space: nowrap" colspan="5" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            For the Three Months ended
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: center; white-space: nowrap" colspan="7" valign="top">
          For the Year ended
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; border-bottom: solid black 1.0pt" colspan="5" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            December 31,
          </p>
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" colspan="2" valign="bottom">
          2013
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" colspan="2" valign="bottom">
          2012
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" colspan="3" valign="bottom">
          2013
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" colspan="3" valign="bottom">
          2012
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap" colspan="2" valign="top">
          Non-GAAP financial measures and reconciliation:
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" colspan="2" valign="top">
          GAAP net income attributable to World Fuel
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          51,862
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          42,836
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td>
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          203,075
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td>
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          189,345
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Share-based compensation expense, net of income taxes <sup>(1)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          2,812
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          3,054
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          11,182
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          9,637
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Intangible asset amortization expense, net of income taxes <sup>(2)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          3,639
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          3,500
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          14,448
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          14,037
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" rowspan="2" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Expenses related to certain acquisitions, net of income taxes of
            $1,574 for 2012<sup> (3)</sup>
          </p>
        </td>
        <td colspan="3">

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          1,822
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          2,924
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          1,822
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          2,924
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; padding-bottom: 4.0px" colspan="2" valign="top">
          Non-GAAP net income attributable to World Fuel
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          60,135
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          52,314
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          230,527
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          215,943
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" colspan="2" valign="top">
          GAAP diluted earnings per common share
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.73
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.60
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          2.83
        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          2.64
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Share-based compensation expense, net of income taxes <sup>(1)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.04
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.04
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.16
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.13
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Intangible asset amortization expense, net of income taxes <sup>(2)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.05
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.05
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.20
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.20
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" rowspan="2" valign="top">
          Expenses related to certain acquisitions, net of income taxes<sup>
          (3)</sup>
        </td>
        <td colspan="3">

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          0.03
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          0.04
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          0.03
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          0.04
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; padding-bottom: 4.0px" colspan="2" valign="top">
          Non-GAAP diluted earnings per common share
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          0.85
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          0.73
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          3.22
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          3.01
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <sup>(1)</sup>
          </p>
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap" colspan="16" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            The pre-tax amount of share-based compensation expense was $4,137
            and $4,529 for the three months ended<br>December 31, 2013 and
            2012, respectively, and $16,716 and $14,079 for the year ended
            December 31, 2013<br>and 2012, respectively.
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <sup>(2)</sup>
          </p>
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap" colspan="16" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            The pre-tax amount of intangible asset amortization expense was
            $5,666 and $4,950 for the three months<br>ended December 31, 2013
            and 2012, respectively, and $22,576 and $18,127 for the year ended
            December 31,<br>2013 and 2012, respectively.
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <sup>(3)</sup>
          </p>
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap" colspan="16" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            The expenses incurred in 2013 relate to the anticipated 2014
            acquisition of Watson Petroleum Limited. The<br>2012 expenses
            relate to the acquisition of the Multi Service business.
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="15">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-bottom: 10pt; width: 100%; margin-right: 0pt; margin-left: 0pt; text-indent: 0pt">
      <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="height: 1.5pt; color: black">

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; width: 100%; font-size: 8pt; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td colspan="14">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" colspan="14" valign="top">
          <b>WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" colspan="14" valign="top">
          <b>BUSINESS SEGMENTS INFORMATION</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" colspan="14" valign="top">
          (UNAUDITED - IN THOUSANDS)
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
        <td>

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

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

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

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

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; text-align: center; padding-left: 0.0px; white-space: nowrap" colspan="5" valign="top">
          For the Year ended
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; border-bottom: solid black 1.0pt" colspan="5" valign="top">
          December 31,
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" colspan="2" valign="bottom">
          2013
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" colspan="2" valign="bottom">
          2012
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" colspan="2" valign="bottom">
          2013
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" colspan="2" valign="bottom">
          2012
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" colspan="2" valign="top">
          Revenue:
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Aviation segment
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          4,232,935
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          3,909,286
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          16,087,611
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          14,692,042
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Marine segment
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          3,530,317
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          3,448,996
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          14,790,342
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          14,750,425
        </td>
      </tr>
      <tr>
        <td>

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

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          2,641,401
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          2,577,531
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          10,683,994
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          9,502,871
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          10,404,653
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          9,935,813
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          41,561,947
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          38,945,338
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Aviation segment
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          84,395
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          76,319
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          327,178
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          294,601
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Marine segment
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          42,815
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          47,243
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          177,052
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          208,028
        </td>
      </tr>
      <tr>
        <td>

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

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          68,370
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          39,775
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          248,528
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          170,818
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          195,580
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          163,337
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          752,758
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          673,447
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Aviation segment
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          41,131
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          35,552
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          150,886
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          128,153
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Marine segment
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          17,430
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          20,557
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          73,770
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          103,229
        </td>
      </tr>
      <tr>
        <td>

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

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          21,159
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          12,554
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          84,767
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          75,291
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          79,720
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          68,663
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          309,423
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          306,673
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; white-space: nowrap; padding-bottom: 2.0px" valign="top">
          Corporate overhead - unallocated
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          15,242
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          14,302
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          45,065
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: solid black 1.0pt; white-space: nowrap" valign="bottom">
          49,650
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          64,478
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          54,361
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          264,358
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; border-bottom: double black 2.25pt; white-space: nowrap" valign="bottom">
          257,023
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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