2 0 0 3 A N N U A L R E P O R T

CORPORATE OVERVIEW

FINANCIAL HIGHLIGHTS

World Fuel Services Corporation is a global leader in the

downstream marketing and financing of aviation and

marine fuel products and related services. The major oil

companies’ marketer of choice in the aviation and shipping industries,

World Fuel Services provides fuel to commercial and corporate aircraft

and ships at more than 2,200 airports and seaports worldwide. The

Company’s market share is estimated at 2% of the global aviation market

and 12% of the global marine market.

Our mission is to sustain long-term, profitable growth for share-

holders and maintain a global leadership position in the

downstream marketing and financing of aviation and marine

fuel products and related services. We will accomplish this by providing

exceptional service and value to customers and suppliers and maintain-

ing a corporate environment that provides employees with opportunities

for personal and professional advancement.

1

W O R L D F U E L S E R V I C E S C O R P O R A T I O N

’02 ’03 ’02** ’03 ’02 ’03 ’02 ’03

REVENUE(in millions)

$1,8

98.2

$2,6

61.8

NET INCOME(in millions)

$14.

3

$21.

9

TOTAL ASSETS(in millions)

$312

.3 $357

.7

STOCKHOLDERS’EQUITY(in millions)

$127

.7 $148

.4

* Includes non-recurring executive severance charges of $4.5 million.** Reflects two non-recurring, after-tax charges totaling $3.7 million, or $0.34 per diluted share, relating to executive severance and debt settlement.

FINANCIAL HIGHLIGHTSAs of, and for the

As of, and for the Year Nine Months As of, and for the YearEnded December 31, Ended December 31, Ended March 31,

2003 2002 Change 2002 2001 2002 2001(In thousands, except diluted earnings per share data and financial ratios)

Income Statement Data

Revenue $2,661,790 $1,898,181 40.2% $1,546,897 $1,013,781 $1,365,065 $1,529,242

Income from operations 26,990 20,169* 33.8% 13,786 14,906 21,289 14,152

Net income 21,874 14,345** 52.5% 9,872 12,762 17,235 10,634

Diluted earnings per share $1.96 $1.32** 48.5% $0.91 $1.20 $1.62 $1.00

Diluted weighted average shares 11,169 10,895 2.5% 10,900 10,652 10,646 10,663

Balance Sheet Data

Total assets $ 357,678 $ 312,287 $ 312,287 $ 209,693 $ 257,923 $ 222,165

Stockholders’ equity 148,379 127,730 127,730 113,792 116,439 103,860

Financial Ratios

Current ratio 1.5 1.5 1.5 1.9 1.6 1.7

Debt/equity ratio 2.4% 4.6% 4.6% 5.3% 8.6% 5.3%

Return on assets 6.8% 5.3%** 4.6% 7.7% 7.6% 4.8%

Return on equity 15.9% 12.1%** 11.0% 15.7% 15.7% 10.5%

Aglobal team animated by a keen sense of shared mission can achieve extraordinary things.Never has this been more clearly demonstrated than it was this last year at World Fuel. TheCompany reported record levels of revenue, volume and earnings for 2003 and it is with

great pride that we applaud each and every one of our people for their contribution to this collec-tive success. Of course, true success is measured in many ways. Certainly, it is about financial per-formance, good corporate governance and transparency. But, as important are the more intangiblemetrics of success: passion, hard work, integrity, determination, commitment to excellence and auniversal appreciation that (as Andy Grove, of Intel Corporation once said) “No one of us is assmart as all of us.” Success is about having a deep-rooted belief that we have something of genuinevalue to offer our customers, suppliers and partners around the world. Success is projecting confi-dence. Success is building a culture of responsiveness and communication. Success is about solidconsistent execution. Success is about the open exchange of ideas and challenging the status quo.Ultimately, success is about character. And it is the character of the people who make up the WorldFuel team we most value and appreciate. It is character which informs our sense of corporate citi-zenship and defines our relationship with the market. It is character which will drive this Company’scontinued transformation and serve as an essential ingredient in future growth and expansion.

FOR THE YEAR 2003:For calendar 2003, total revenue for the Company was $2.7 billion, an increase of $764 million, or

40%, versus calendar 2002. The revenue increase was a result of both growth in volume and increasedprices. Diluted earnings per shareincreased by 49% from $1.32 to $1.96.Included in the results for 2002 werethe effects of the non-recurring, after-tax charges of the executive severanceand a debt settlement. Excludingthese non-recurring after-tax charges,diluted earnings per share would havebeen $1.66 for the calendar year 2002.Our day sales outstanding improved to25 days, reflecting the continued suc-cess of the Company’s effort toimprove the overall quality of itsaccounts receivables.

2

PROVIDINGMARINE AND

TO OUR SHAREHOLDERS:

Michael J. KasbarPresident and Chief Operating Officer

Paul H. StebbinsChairman and Chief Executive Officer

FINANCIAL STRENGTHS:World Fuel Services is anchored by a solid balance sheet. At December 31, 2003, our cash balance

was $76 million, with working capital of $106 million and shareholders’ equity of $148 million.Total assets at World Fuel exceeded $357 million.

On December 19, 2003, the Company announced a new $100 million revolving credit facilitywith LaSalle Bank, HSBC, Merrill Lynch, Commercebank and IDB. Arranging this facility pro-vided an opportunity for a number of banks to conduct an in-depth review of our financials andour business model and we are pleased that the offering was over-subscribed. We could not be hap-pier with the final list of participating banks and feel confident that they will not only support ourcurrent plans for business growth, but will be able to continue to grow with us in the years ahead.

AVIATION DIVISION:In the aviation segment, 2003 was a year of significant

developments across the spectrum. Our corporate flight divi-sion, Baseops, had a very good year with continued growthin the sale of fuel and flight services to a diversified portfo-lio of corporate and commercial customers. Our partnershipwith Jeppesen continues to grow, has added hundreds of newfuel customers and led to a broader global collaboration withBaseops in international flight services. Closer to home, ourpartnership with Signature Flight Support has expanded aswe increased our volume of supply to their network of FBO’sand worked on joint marketing initiatives with their ASIGdivision. On the fuel management front, we continued toexpand our service offering with the announcement of anout-sourcing agreement with America West and a processingagreement with United Airlines and Morgan Stanley. Bothinitiatives represent significant strategic developmentswhich will create economies of scale and have enhanced andcomplimented our core business in the cargo, charter andpassenger markets. Looking forward we will continue togrow volume, improve our service offering, focus on helpingour customers with price risk management and refine ourexpertise in processing.

3

AVIATIONFUEL WORLDWIDE

REVENUE(in millions)

INCOME FROMOPERATIONS

(in millions)

AVIATION

$615

.1

$1,0

24.8

’02 ’03

$18.

9 $21.

8

’02 ’03

W O R L D F U E L S E R V I C E S C O R P O R A T I O N

MARINE DIVISION:In our marine segment, our global team demonstrated their ability to

respond quickly to the changing economic climate. As the shipping indus-try recovered throughout 2003, so did our overall results. Traded volume,sales, gross profit and operating income were all up this year as a directresult of the shift in industry fortunes and the highly focused initiatives ofour sales force. And while we continue to grow organically, we also contin-ued to pursue our strategy for growth through acquisition. On April 2,2004, we were very pleased to announce the acquisition of the TrampOil group of companies based in the U.K., one of the largest marine fuelservices groups in the market. The acquisition of Tramp, largest in theCompany’s history, brings a tremendous team of seasoned professionals,expands our global footprint, increases our market share, adds a complimen-tary portfolio of business and will be accretive to earnings. We are excitedabout the acquisition and will dedicate the remainder of the year to thechallenges of careful integration. Looking forward we will continue toemphasize deeper penetration of global accounts with a focus on our pur-chasing out-source model, supply specialization and custom tailoredproduct offerings in the area of price risk management.

FUTURE OUTLOOK:It is a very exciting time at World Fuel Services Corporation. We are extremely proud of our global

team and the outstanding performance delivered by our aviation and marine segments. We have successfully expanded our business model and laid a strong foundation for future growth. With ourunique global position, robust service offerings and strong balance sheet, we know that the future holdsgreat promise for World Fuel. And as we grow, we remain committed to transparency, good governanceand value creation for our shareholders, customers, suppliers and business partners around the world.We also remain committed to creating opportunity and prosperity for our employees while contributingto the global community we serve.

Sincerely,

Paul H. Stebbins Michael J. KasbarChairman and Chief Executive Officer President and Chief Operating Officer

4

FINANCIALLY ANDCULTURALLY

STRONG

W O R L D F U E L S E R V I C E S C O R P O R A T I O N

REVENUE(in millions)

INCOME FROMOPERATIONS

(in millions)

MARINE

$1,2

83.1 $1

,637

.0

’02 ’03

$13.

6

$18.

3

’02 ’03

BOARD OF DIRECTORS

Paul H. StebbinsChairman and Chief Executive OfficerWorld Fuel Services Corporation

Michael J. KasbarPresident and Chief Operating OfficerWorld Fuel Services Corporation

Ken BakshiMember of the Compensation CommitteePresident and Chief Executive OfficerRow 2 Technologies (Software Development)

John R. BenbowChairman of the Compensation Committeeand Member of the Audit CommitteePresident, Benbow & Associates, Inc.(Construction Management)

Richard A. KassarMember of the Audit CommitteeSenior Vice President and Chief FinancialOfficer, The Meow Mix Company (Consumer Products)

Myles KleinChairman of the Audit Committee andMember of the Compensation CommitteePartner, Klein & Barreto, P.A.(Certified Public Accountants)

J. Thomas PresbyMember of the Audit CommitteeRetired Partner, Deloitte & Touche Tohmatsu(Certified Public Accountants)

Jerome SidelMember of the Compensation CommitteePresident, New York Store Leasing, Inc.(Services)

Luis R. TinocoPartner, Lara, Lopez, Matamoros, Rodriquez and Tinoco(Law Firm, Costa Rica)

CORPORATE HEADQUARTERS

World Fuel Services Corporation9800 Northwest 41st Street, Suite 400Miami, Florida 33178Telephone: (305) 428-8000Fax: (305) 392-5600Website: www.worldfuel.com

ANNUAL MEETING

The Annual Meeting is to be held May 27, 2004 at 10:00 a.m. at the Company’s corporate headquarters.

EXECUTIVE OFFICERS

Paul H. StebbinsChairman and Chief Executive OfficerWorld Fuel Services Corporation

Michael J. KasbarPresident and Chief Operating OfficerWorld Fuel Services Corporation

Francis X. SheaExecutive Vice President andChief Financial Officer

Michael S. ClementiPresident and Chief Operating OfficerAviation Fuel Services

Robert S. TocciPresident and Chief Operating OfficerMarine Fuel Services

MARINE FUEL SERVICES

Robert S. TocciPresident and Chief Operating Officer

Steven A. ScoppetuoloChief Financial Officer

Francis LeeAsia Regional Manager

Wade DeClarisNorth Pacific Rim Regional Manager

William MergenthalerU.S. East Coast Regional Manager

Karel PetersEurope Regional Manager

AVIATION FUEL SERVICES

Michael ClementiPresident and Chief Operating Officer

Carlos M. VelazquezChief Financial Officer

LEGAL COUNSEL

R. Alexander Lake, Jr.General Counsel and Corporate SecretaryWorld Fuel Services Corporation

Shutts & Bowen LLPMiami, Florida

INDEPENDENTPUBLIC ACCOUNTANTS

PricewaterhouseCoopers LLPMiami, Florida

STOCK LISTING

Common Stock is traded on the New York Stock Exchange (NYSE) under the symbol: INT

TRANSFER AGENT AND REGISTRAR

For change of address, lost stock certifi-cates and other stock certificate-relatedinquiries, please contact:

American Stock Transfer & Trust Company59 Maiden LaneNew York, New York 10038Telephone: (800) 937-5449Telephone: (718) 921-8124Fax: (718) 236-2641Website: www.amstock.com

STOCKHOLDER INQUIRIES

For copies of the Company’s recent newsreleases and Securities and ExchangeCommission (SEC) filings, includingForms 10-K and 10-Q, free of charge,please contact:

Investor RelationsAlexander Garcia Senior Vice President of FinanceWorld Fuel Services CorporationTelephone: (305) 428-8064Fax: (305) 392-5621e-mail: algarcia@wfscorp.com

investors@wfscorp.com

Public RelationsAllen & Caron Inc.156 Fifth Avenue, Suite 934New York, New York 10010Telephone: (212) 691-8087Fax: (212) 691-8116e-mail: michaelm@allencaron.com

For copies of materials filed by theCompany with the SEC, please contact:

SEC’s Public Reference Room450 Fifth Street, N.W.Washington, D.C. 20549Telephone: (800) SEC-0330

The SEC also maintains a website ofmaterials electronically filed by theCompany, such as reports, proxy andinformation statements, and other information, at www.sec.gov.

CORPORATE INFORMATION

United States9800 N.W. 41st Street, Suite 400Miami, Florida 33178Telephone: (305) 428-8001Fax: (305) 392-5621

333 Cypress Run, Suite 200Houston, Texas 77094Telephone: (281) 556-2400Fax: (281) 556-2500

4995 East Anderson AvenueFresno, California 93727Telephone: (559) 252-7140Fax: (559) 252-7180

201 S. Orange Avenue, Suite 1575Orlando, Florida 32801Telephone: (407) 206-5300Fax: (407) 206-5369

6011 West Tree DriveAnchorage, Alaska 99507Telephone: (907) 346-4419Fax: (907) 346-4421

325 North RoadSenoia, Georgia 30276Telephone: (770) 599-3162Fax: (770) 599-1370

Singapore101 Thomson Road #13-03/04United Square, Singapore 307591Telephone: 65 6256 3166Fax: 65 6356 3166

United KingdomKingfisher House, Northwood ParkGatwick Road, CrawleyWest Sussex, England RH10 2XNTelephone: 44 1293 400333 (World Fuel)

Fax: 44 1293 404333 (World Fuel)

Telephone: 44 1293 400777 (Baseops)

Telephone: 44 1293 400888 (AirData)

Fax: 44 1293 400666 (AirData)

Costa RicaOficentro Ejecutivo La Sabana SurEdificio 5, Primer PisoSan Jose, Costa RicaTelephone: 506 296 4328Fax: 506 296 4338

MexicoAvenida Fuerza Aerea Mexicana 465, Colonia Federal15700 Mexico, D.F.Telephone: 52 55 717 812Fax: 52 55 717 818

ColombiaCalle 93B No. 11A-44, oficina 303Bogota, ColombiaTelephone: 57 1 618 4858Fax: 57 1 618 4857

RussiaSlavjanskaya Business Ctr, 8th Fl.Europe Square 2, Moscow 121059Russian FederationTelephone: 7 095 941 8640Fax: 7 095 941 8639

MARINE FUEL DIRECTORY OF OFFICES

AVIATION FUEL DIRECTORY OF OFFICES

United States9800 N.W. 41st Street, Suite 400Miami, Florida 33178Telephone: (305) 428-8001Fax: (305) 392-5620

Raritan Plaza III101 Fieldcrest Avenue, Suite 2BEdison, New Jersey 08837Telephone: (732) 623-2400Fax: (732) 623-2401

2 Greenwich Office ParkGreenwich, Connecticut 06830Telephone: (203) 863-0001Fax: (203) 863-0055

1101 Fifth Avenue, Suite 280San Rafael, California 94901Telephone: (415) 925-1995Fax: (415) 925-1998

Singapore101 Thomson Road #13-03/04United Square, Singapore 307591Telephone: 65 6223 6977Fax: 65 6223 0977

70 Shenton Way#17-01A Marina HouseSingapore 079118Telephone: 65 6221 1255Fax: 65 6227 0420

South KoreaRm 403, Anglican Church Bldg.3-7, Chung-Dong, Chung-KuSeoul 100-120, South KoreaTelephone: 82 2 739 0437Fax: 82 2 739 0599

Rm 1206, 12th Fl., Doryum Bldg.60 Doryum-DongChongro-Ku, Seoul, KoreaTelephone: 82 2 720 1255Fax: 82 2 737 0420

ChinaNo. 1 Pudong AvenueMarine Tower, Room 1206Shanghai 200120, ChinaTelephone: 86 21 6886 0671Fax: 86 21 6886 1547

Hong Kong18/F, Yam Tze Commercial Bldg.23 Thomson RoadWanchai, Hong KongTelephone: 852 2520 0157Fax: 852 2865 1700

Japan4th Floor, Tozan Building, 4-4-2Nihonbashi Hon-cho, Chuo-KuTokyo 103-0023Telephone: 81 3 3245 0379Fax: 81 3 3245 2789

United KingdomWestminster Tower3 Albert EmbankmentLondon, England SE1 7SPTelephone: 44 207 828 3299Fax: 44 207 834 4951

Wells House15-17 Elmfield RoadBromley, KentEngland BR1 1LTTelephone: 44 2083 157777Fax: 44 20 8315 7788

7 Priory Tec ParkSaxon Way, HessleHull, East Yorkshire England HU13 9PBTelephone: 44 1482 629669Fax: 44 1482 629691

DenmarkGammelbyvej 2Karise, Denmark 4653Telephone: 45 5678 8200Fax: 45 5678 8222

GermanyBremer Str. 2D-28816 StuhrBrinkum, GermanyTelephone: 49 421 165 6100Fax: 49 421 165 6161

NorwayNiels Juels Fate 11B0272 Oslo, NorwayTelephone: 47 2308 6780Fax: 47 2308 6799

NetherlandsVasteland 63011 BK Rotterdam, NetherlandsTelephone: 31 10 4000 888Fax: 31 10 4117 593

GreecePoseidonos 60 Avenue, Third FloorGlyFada 166-75Athens, GreeceTelephone: 30 210 898 5920 Fax: 30 210 898 3680

United Arab EmiratesAl Moosa Tower IIOffice No. 904Shk Zayed RoadP.O. Box 24676Dubai, United Arab EmiratesTelephone: 971 4 3310400Fax: 971 4 3310078

TurkeyYener Sok, Ayaz Apr No. 12D-3 Erenkoy, Istanbul, TurkeyTelephone: 90 216 411 4127Fax: 90 216 411 4160

Russia34 ap. 3 Georgiy Kimitrov Str236000 Kaliningrad, RussiaTelephone: 7 011 255 1036Fax: 7 011 255 5150

CyprusP.O. Box 56384CY-3306Limassol, CyprusTelephone: 357 25873 524Fax: 357 25311 505

South AfricaThe Foundry, 4th Floor, Unit 1Cardiff Road, Green PointCape Town, South Africa 8001Telephone: 27 21 425 4443Fax: 27 21 425 4052

Costa RicaOficentro Ejecutivo La Sabana SurEdificio 5, Primer PisoSan Jose, Costa RicaTelephone: 506 220 0716Fax: 506 290 0893

ChileAvenida Libertad 798 – Suite 301Vina del Mar, ChileTelephone: 56 32 460 155Fax: 56 32 460 105

BrazilAv Rio Branco 181/3004Rio de Janeiro, 20040 007 RJ,BrazilTelephone: 55 21 3231 2080Fax: 55 21 3231 2070

ArgentinaTucuman 373 piso 3, 1049 CFBuenos Aires, ArgentinaTelephone: 54 11 4312 2600Fax: 54 11 4312 9496

Michael J. KasbarPresident and Chief Operating Officer

Michael S. ClementiPresident and Chief Operating Officer Aviation Division

Francis X. SheaExecutive Vice Presidentand Chief Financial Officer

Robert S. TocciPresident and Chief Operating OfficerMarine Division

Paul H. StebbinsChairman and Chief Executive Officer

R. Alexander Lake, Jr.General Counsel andCorporate Secretary

SENIOR MANAGEMENT

9800 N.W. 41st Street • Suite 400 • Miami, Florida 33178(305) 428-8001 • (305) 392-5621 Fax • www.worldfuel.com • (NYSE: INT)