Getty Realty Corp. Announces That a Settlement in Principle Has Been Reached by the Getty Petroleum Marketing Inc. Trust of Its

  Getty Realty Corp. Announces That a Settlement in Principle Has Been Reached
  by the Getty Petroleum Marketing Inc. Trust of Its Lawsuit against Lukoil
  for $93 Million

  - Company Anticipates Realizing Initial Cash Proceeds of Approximately $32
                    Million Pending Additional Hearings -

Business Wire

JERICHO, N.Y. -- July 17, 2013

Getty Realty Corp. (NYSE: GTY) (“Getty” or the “Company”) announced today that
the parties in the adversary proceeding brought in the United States
Bankruptcy Court, Southern District of New York, by the Getty Petroleum
Marketing Inc. Trust (the “GPMI Liquidating Trust”), as Plaintiff, against
Lukoil Americas Corporation, Lukoil North America LLC, OAO Lukoil, and certain
directors and officers of Getty Petroleum Marketing Inc. (“GPMI”), as
Defendants, based on claims, among others, of fraudulent conveyance and breach
of the fiduciary duties (the “Lukoil Lawsuit”), have agreed upon a settlement.
The terms of the settlement include a release of the Defendants from the
claims alleged by the Plaintiff in its complaint and a collective payment by
or on behalf of the Defendants to the Plaintiff of $93 million.

As previously disclosed by the Company, pursuant to a litigation funding
agreement between the Company and the GPMI Liquidating Trust (the “Litigation
Funding Agreement”), the Company has been funding the Plaintiff's prosecution
costs for the Lukoil Lawsuit, as well as certain expenses incurred by the GPMI
Liquidating Trust in connection with the wind-down of its estate. The
Litigation Funding Agreement provides that the Company is entitled to receive
proceeds from the successful prosecution of the Lukoil Lawsuit (including by
way of settlement) in an amount equal to the sum of (i) all funds advanced for
wind-down costs and expert witness and consultant fees plus interest on such
advances; (ii) the greater of all funds advanced for legal fees and expenses
relating to the prosecution of the litigation plus interest on such advances
or 24% of the gross proceeds from the settlement; and (iii) reimbursement of
certain additional legal fees incurred by Getty in connection with the
Litigation Funding Agreement. In addition to its claims under the Litigation
Funding Agreement, the Company also has an unrecovered balance on its priority
administrative claim plus accrued interest thereon and a significant unsecured
claim for which it will receive its pro rata share of any remaining proceeds
of the settlement that are distributed to unsecured creditors.

The $93 million settlement payment to the GPMI estate is conditioned, among
other things, on approval by the Bankruptcy Court and may be subject to
objections by creditors or other parties in interest. A hearing to consider
the settlement and any objections thereto has been scheduled for July 29,
2013. The Bankruptcy Court’s decision as to the settlement is anticipated to
be rendered soon after the hearing. If the Bankruptcy Court approves the
settlement, the Company would realize initial cash proceeds from the
settlement aggregating approximately $32 million, based on the return under
the Litigation Funding Agreement and payment of its remaining priority
administrative claim, plus additional distributions the Company may receive
from the GPMI estate for its pro-rata share of the remainder of the settlement
amount available to satisfy unsecured claims.

About Getty Realty Corp:

Getty Realty Corp. is the leading publicly-traded real estate investment trust
in the United States specializing in ownership, leasing and financing of
convenience store/gas station properties. The Company owns and leases
approximately 1,040 properties nationwide.

CERTAIN STATEMENTS IN THIS NEWS RELEASE MAY CONSTITUTE “FORWARD LOOKING
STATEMENTS” WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT
OF 1995. WHEN THE WORDS “BELIEVES,” “EXPECTS,” “PLANS,” “PROJECTS,”
“ESTIMATES” AND SIMILAR EXPRESSIONS ARE USED, THEY IDENTIFY FORWARD-LOOKING
STATEMENTS. THESE FORWARD-LOOKING STATEMENTS ARE BASED ON MANAGEMENT’S CURRENT
BELIEFS AND ASSUMPTIONS AND INFORMATION CURRENTLY AVAILABLE TO MANAGEMENT AND
INVOLVE KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND OTHER FACTORS WHICH MAY
CAUSE THE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS OF THE COMPANY TO BE
MATERIALLY DIFFERENT FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS
EXPRESSED OR IMPLIED BY THESE FORWARD-LOOKING STATEMENTS. EXAMPLES OF
FORWARD-LOOKING STATEMENTS INCLUDE THE COMPANY’S EXPECTATION THAT IT WILL
REALIZE CASH PROCEEDS FROM THE SETTLEMENT BASED ON THE LITIGATION FUNDING
AGREEMENT AND RECEIVE UNCOLLECTED AMOUNTS RELATED TO ITS PRIORITY
ADMINISTRATIVE CLAIM AND OTHER UNSECURED CLAIMS.

INFORMATION CONCERNING FACTORS THAT COULD CAUSE THE COMPANY’S ACTUAL RESULTS
TO DIFFER MATERIALLY FROM THESE FORWARD-LOOKING STATEMENTS CAN BE FOUND IN THE
COMPANY’S PERIODIC REPORTS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION.
THE COMPANY UNDERTAKES NO OBLIGATION TO PUBLICLY RELEASE REVISIONS TO THESE
FORWARD-LOOKING STATEMENTS TO REFLECT FUTURE EVENTS OR CIRCUMSTANCES OR
REFLECT THE OCCURRENCE OF UNANTICIPATED EVENTS.

Contact:

Getty Realty Corp.
Thomas J. Stirnweis, 516-478-5403