TK Q4 2011: Teekay Corporation Fourth Quarter 2011 Earnings Presentation

Teekay Corporation Fourth Quarter and Fiscal 2011 Earnings Presentation

February 23, 2012

2

Forward Looking Statements

This presentation contains forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended) whichreflect management’s current views with respect to certain future events and performance, including statements regarding: tanker marketfundamentals, including the balance of supply and demand in the tanker market and the impact of seasonal factors on spot tanker charterrates; future operating results, including increasing cash flows and cost reductions and related lower cash flow break-even levels, results ofmanaging spot exposure; the timing and certainty of the Company’s pending acquisition of the Voyageur FPSO from Sevan and the estimatedremaining cost to complete the Voyageur FPSO upgrade; the Teekay LNG-Marubeni Joint Venture’s pending acquisition of the Maersk LNGCarriers, including the timing and certainty of closing of the transaction, expected results of the transaction to the Company, the purchase pricefor such vessels, and the financing associated with the transaction; the expected timing of newbuilding deliveries and in-chartered vesselredeliveries; the future revenue contribution of the Foinaven FPSO; offhire duration, repairs and future operations of the Banff FPSO, includingexpected losses of operating cash flow during 2012 and 2013, and anticipated insurance recoveries relating to damage to the unit; theCompany’s future capital expenditure commitments and the debt financings that the Company expects to obtain for its remaining unfinancedcapital expenditure commitments; and the Company’s future business priorities. The following factors are among those that could causeactual results to differ materially from the forward-looking statements, which involve risks and uncertainties, and that should be considered inevaluating any such statement: changes in production of or demand for oil, petroleum products, LNG and LPG, either generally or in particularregions; greater or less than anticipated levels of tanker newbuilding orders or greater or less than anticipated rates of tanker scrapping;changes in trading patterns significantly affecting overall vessel tonnage requirements; changes in applicable industry laws and regulationsand the timing of implementation of new laws and regulations; changes in the typical seasonal variations in tanker charter rates; changes inthe offshore production of oil or demand for shuttle tankers, FSOs and FPSOs; decreases in oil production by or increased operating expensesfor FPSO units; trends in prevailing charter rates for shuttle tanker and FPSO contract renewals; failure to satisfy the closing conditions for theacquisition of the Maersk LNG carriers, including obtaining approvals from the charters and relevant regulatory authorities; obtaining financingfor the Maersk LNG carrier transaction; potential delays in repairs to the Banff FPSO unit, failure to implement expected vessel operatingexpense reductions, or challenges to insurance coverage for its storm damage; the potential for early termination of long-term contracts andinability of the Company to renew or replace long-term contracts or complete existing contract negotiations; changes affecting the offshoretanker market; shipyard production delays and cost overruns; changes in the Company’s expenses; the Company’s future capital expenditurerequirements and the inability to secure financing for such requirements; the inability of the Company to complete vessel sale transactions toits public company subsidiaries or to third parties; conditions in the United States capital markets; and other factors discussed in Teekay’sfilings from time to time with the SEC, including its Report on Form 20-F for the fiscal year ended December 31, 2010. The Companyexpressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements containedherein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances onwhich any such statement is based.

3

Recent Highlights

TEEKAY CORP

NYSE: TK

TEEKAY LNG

PARTNERS L.P.

NYSE: TGP NYSE: TNK

NYSE: TOO

NYSE: TOO

TEEKAY OFFSHORE

PARTNERS L.P.

TEEKAY TANKERS

LTD.

» Maersk LNG transaction fully financed and expected to close February 28, 2012

» Paid Q4-11 distribution of $0.63 per unit – expect 7% distribution increase effective in Q1-12

» Generated consolidated Q4-11 $189.9m of cash flow from vessel operations1

» Q4-11 consolidated adjusted net income attributable to Teekay of $1.6m, or $0.02 per share2 compared to $0.58 adjusted net loss per share in Q3-113

» Completed Sevan transaction

» Completed accretive acquisition of the Piranema FPSO from Sevan Marine and financed by $170m private placement

» Paid Q4-11 distribution of $0.50 per unit

» Completed $66m public equity offering – pro forma liquidity of ~$360m available for investment

» Fixed cover now at 58% for Q1-12 and 47% for 2012

» Declared Q4-11 dividend of $0.11 per share

1 Cash flow from vessel operations (CFVO) is a non-GAAP financial measure used by certain investors to measure the financial performance of shipping companies. Please see the Company’s website at www.teekay.com for a reconciliation of this non-GAAP measure as used in this presentation to the most directly comparable GAAP financial measure.

2 Adjusted net income attributable to stockholders of Teekay excludes specific items which increased GAAP net income by $46.8m, or $0.67 per share, as detailed in Appendix A of the Q4-11 earnings release.

3 Adjusted net loss attributable to stockholders of Teekay excludes specific items which increased GAAP net loss by $250.6m, or $3.62 per share, as detailed in Appendix A of the Q3-11 earnings release.

4

Delivered on Value Creation in 2011

Return of Capital to

Shareholders

GeneralPartnerValue Growth

Investment in Higher-returnOpportunities

» Completed Acquisitions:• Remaining Teekay Parent

49% OPCO interest to TOO

• 4 Angola LNG carriers and Skaugen vessels to TGP

• Last 2 “Explorer” class newbuilding shuttle tankers to TOO

» Future Growth:• TGP-Marubeni JV to acquire

Maersk LNG fleet (6 vessels)

• TOO acquired PiranemaFPSO

• New shuttle tanker contract for 4 newbuilding shuttle tankers in Brazil (2013 delivery)

» Acquisitions:• 40% shareholding in

Sevan Marine ASA

• Hummingbird FPSO and agreed to purchase Voyageur FPSO on completion of upgrade

» Organic Growth:• FPSO contract with BG

for Knarr field

• $70m fixed-return VLCC mortgage loan

» Share repurchases• $162m since Nov 2010

» Dividends declared by all Teekay entities for 2011:

• TK: $88m

• TGP: $166m (5.0% increase per unit in 2011)

• TOO: $139m(5.3% increase per unit in 2011)

• TNK: $46m

5

» Realized higher year-over-year revenue on the Foinaven FPSO contract due to strong production and higher oil prices

» Negotiated improved rates for the Petrojarl1 FPSO

» Renewed contracts at higher rates and realized OPEX savings in shuttle tanker business

» Employed Arctic Spirit and rechartered Polar Spirit LNG carriers

» Achieved cost savings in conventional tanker fleet through slow steaming and other initiatives

» Continued to redeliver time-chartered in conventional tankers

Progress on Operational Initiatives

6

Strategic Sevan Transaction Completed

Transaction Recap:

» Piranema FPSO acquired by Teekay Offshore for ~$165m and currently operating in Brazil

• Annual Cash Flow: $23-$27m

» Hummingbird FPSO acquired by Teekay Parent for ~$179m and currently operating in the North Sea

• Annual Cash Flow: $22m, increasing to $33m from April 1, 2013

» Finance the upgrade of the Voyageur FPSO and will purchase when the unit starts generating cash flow in early Q4-12

• Annual Cash Flow: ~$75m

» Teekay Parent invested $25m for a 40% ownership interest in Sevan Marine (OSE:SEVAN)

Strategic Benefits:

» Industry consolidation in the harsh environment FPSO space

» Broadens Teekay FPSO offering to include both ship shape and cylindrical FPSO solutions

» Additional source of growth for Teekay Offshore

» Sevan Marine continues to generate revenue as an engineering house with proprietary technology

7

FPSOFloatingProductionStorageOffloading

FAUFloatingAccomodationUnit

FDPSOFloatingDrillingProductionStorageOffloading

MSVMultipurposeSupportVessel

GTWGasToWire(Offshore powerplant)

MODUMobileOffshoreDrillingUnit

FLNGFloatingLiquefiedNaturalGas production

Potential Applications of Sevan Technology

8

Maersk LNG Transaction Update

» Teekay LNG – Marubeni jointly venture will now acquire ownership of 6 LNG carriers from A.P. Moller-Maersk for $1.33 billion on February 28, 2012

• Pre-emption rights exercised on two previously included 26% owned vessels

» 18-year extension option exercised by Total in November 2011 for the Maersk Meridian contract

» Maersk Methane recently chartered for three years at a rate of over $130,000 per day

» 6 acquired vessels expected to generate~$40m of distributable cash flows for the Partnership in 2012

LNG Carrier Year Delivered

Ownership Time-CharterExpiry Date

Extension Options

Maersk Meridian 2010 100% November 2030 n/a

Woodside Donaldson 2009 100% June 2026 5 + 5 years

Maersk Magellan 2009 100% September 2013 n/a

Maersk Arwa 2008 100% April 2029 1 + 5 + 5 years

Maersk Marib 2008 100% March 2029 1 + 5 + 5 years

Maersk Methane 2008 100% March 2015 1 year

Management intends to recommend a 7% distribution increase

commencing in Q1-12

9

» Recent offshore and LNG acquisitions and projects will drive further fixed-rate cash flow growth

1 Excludes $59 million of catch-up payments related to prior periods under the amended Foinaven FPSO contract.2 Does not include charterers’ options.

Sevan and Maersk LNG Transactions Will Further Enhance Fixed-Rate Cash Flows

Total Forward Fixed-Rate Consolidated Revenues

Segment # of Vessels on Fixed Charters

Average Contract Duration (years)

Forward Fixed-Rate Revenues ($b)

Gas Carriers 32 14.7 $6.5

Shuttle Tankers 40 5.6 2.7

FSO 5 3.6 0.2

FPSO 10 5.6 5.4

Conventional Tankers 41 3.8 1.2

Weighted Average 9.1 years $16.8 billion

$0

$100

$200

$300

$400

$500

$600

$700

$800

2006 2007 2008 2009 2010 2011

$ Millions

Fixed-rate Conventional Tanker Shuttle & FSO FPSO Gas

Teekay Annual Fixed-rate Cash Flow from Vessel Operations

» Including Sevan and Maersk LNG transactions, total forward fixed-rate revenues will increase to ~$17 billion, with an average contract length of over 9 years2

1

2

10

Offshore Market Outlook: Positive Shuttle Tanker and FPSO Fundamentals in the North Sea

» Johan Sverdrup discovery off Norway estimated at 1.7-3.3 billion barrels

• World’s largest oil discovery in 2011

• Higher end of estimate would make it the 3rd largest Norwegian oilfield

» Skrugard / Havis discovery in Barents Sea estimated at 400-600 million barrels

Exploration Is Yielding Significant Results

Several Fields Progressing Towards Development

» Norway approved 11 PDOs (Plan for Development and Operation) in 2011

• 9 potential PDOs in 2012 / 13

» 15 North Sea oil projects currently in the planning phase may utilize an FPSO

• Expected to come online 2013-18

Record high level of exploration

*Source: Norwegian Petroleum Directorate

Norwegian Exploration Wells Drilled

*Source: International Maritime Associates

11

LNG Market Outlook: Wave of Projects Coming 2015+

200

250

300

350

400

450

500

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

LNG Supply (MTPA)

Expected LNG Supply Increase By Region*

Others

MiddleEast

Canada

Other Asia

Africa

USA

Russia

Australia

Existing

*Excludes high risk / unlikely projects; assumes some project start-up delays

4.1% p.a. growth in LNG supply 2011-15;

Japanese nuclear restarts a key demand variable

7.7% p.a. growth in LNG supply 2015-20;

Potential upside from US export projects

12

Tanker Market Outlook: Improved Fundamentals From End-2012/Early-2013

Global recession;

accelerating fleet growth

Floating storage

steadied the market

Source: Platou / Internal estimates

Slowdown in demand;

fleet growth dominates

Moving towards balance by end

of 2012 –economy /

demand is the wild card

Tanker market recovery on the back of lower fleet

growth

Demand Range Supply Range

13

2012 Teekay Corporation Priorities

» Continue to meet market leading HSE and operational KPIs

» Integrate Sevan and Maersk LNG transactions

» Project execution

» Re-charter existing assets

» Continue to grow general partnership value

» Continue to drive profitability of existing operations

» Banff FPSO repair and delivery

» Tiro Sidon FPSO conversion and delivery

» Voyageur FPSO upgrade and delivery

» Knarr FPSO construction

» BG shuttle tanker construction

» Re-employment of Magellan LNG carrier (September 2013)

» Re-employment of Hummingbird FPSO

» Progress negotiations to redeploy assets at higher rates (e.g. Petrojarl1 FPSO, Banff FPSO, shuttle tankers, etc.)

» Charter-out conventional tankers

14

Q4-2011 Consolidated Adjusted Income Statement

1 See Appendix to this presentation for description of Appendix A items.

2 Please refer to footnote (1) to the Summary Consolidated Statements of Income (Loss) in the Q4-11 earnings release.

Three Months Ended

September 30, 2011

Reclass for

(in thousands of US dollars, except Realized Gains/

per share amounts) Losses

As Reported Appendix A Items (1) on Deriviatives (2) As Adjusted As Adjusted

NET REVENUES

Revenues 512,730 - - 512,730 468,100

Voyage expenses 40,005 - - 40,005 39,595

Net revenues 472,725 - - 472,725 428,505

OPERATING EXPENSES

Vessel operating expense 169,021 (49) (870) 168,102 168,139

Time charter hire expense 50,301 (2,651) - 47,650 47,433

Depreciation and amortization 110,590 - - 110,590 107,746

General and administrative 53,324 (1,947) - 51,377 48,509

Asset impairments/net loss on sale of vessels

and equipment 49,845 (49,845) - - -

Bargain purchase gain (58,235) 58,235 - - -

Total operating expenses 374,846 3,743 (870) 377,719 371,827

Income from vessel operations 97,879 (3,743) 870 95,006 56,678

OTHER ITEMS

Interest expense (37,645) - (34,464) (72,109) (66,872)

Interest income 2,762 - - 2,762 2,394

Realized and unrealized (loss) gain on

derivative instruments (44,269) 11,336 32,933 - -

Equity income 4,971 1,197 - 6,168 5,374

Income tax recovery (expense) 31 - - 31 (1,487)

Foreign exchange gain 13,921 (14,582) 661 - -

Other - net 10,540 (9,545) - 995 766

Total other items (49,689) (11,594) (870) (62,153) (59,825)

Net income (loss) 48,190 (15,337) - 32,853 (3,147)

Less: Net (income) loss attributable to non-

controlling interest 160 (31,420) - (31,260) (37,421)

NET INCOME (LOSS) ATTRIBUTABLE TO

STOCKHOLDERS OF TEEKAY CORP. 48,350 (46,757) - 1,593 (40,568)

Fully diluted earnings (loss) per share 0.69 0.02 (0.58)

Three Months Ended

December 31, 2011

15

Income Statement Item

Q1-2012Outlook

Net Revenues

» Fixed-Rate Fleet (expected changes from Q4-11):

• $35m decrease from Foinaven FPSO due to annual recognition of operational and oil price tariff revenue in Q4-11

• $10m decrease from Banff FPSO unit off-hire

• $25m increase from full quarter impact of the two Sevan FPSO units

• $3m increase from Polar Spirit drydocking in Q4-11

» Spot Fleet:

• Approximately two-thirds of Q1-12 spot revenue days fixed at $10,000/day and $21,000/day, respectively, for Aframaxes and Suezmaxes compared to $9,300/day and $12,600/day, respectively, in Q4-11

Vessel Operating Expenses (OPEX)» Increase of approximately $8m to $10m (from Q4-11) due to full quarter impact of

Sevan FPSO units, partially offset by cost savings from Banff FPSO unit

Time-charter Hire Expense» Decrease of approximately $7m to $9m (from Q4-11) due to vessel redeliveries and

less spot-in chartering activity in shuttle tanker fleet

Depreciation & Amortization» Increase of approximately $2m (from Q4-11) due to full quarter impact of Sevan

FPSO units, partially offset by the impact of Q4-11 vessel write-downs

General & Administrative » Expected range: $52m - $54m

Net Interest Expense» Increase of $2m (from Q4-11) due to full quarter impact of Sevan FPSO units and

Teekay Offshore Norwegian bond offering completed in January 2012

Equity Income

» Increase of $3m to $4m (from Q4-11) due to Maersk LNG transaction (end-Feb close) and delivery of final Angola LNG carrier

» Will increase further in Q2-12 from full quarter of Maersk LNG

Income Tax Expense » Expected total: $2m

Non-controlling Interest Expense » Expected range: $37m - $39m

Q1-2012 Outlook – Teekay Consolidated

16

Parent and Daughter Companies Are Financially Well Positioned

Note: All figures as of December 31, 2011.1 Net of restricted cash.2 Adjusted to exclude $220m of VIE debt pertaining to the Voyageur Spirit FPSO will not be acquired by Teekay Parent until the unit commences its time-charter contract in Q4-12.3 Cash flow from vessel operations (CFVO) is a non-GAAP financial measure used by certain investors to measure the financial performance of shipping companies. Please see the Company’s website at www.teekay.com for a reconciliation of this non-GAAP measure as used in this presentation to the most directly comparable GAAP financial measure. CFVO figures based on Q4-11 amounts, annualized. 4 Adjusted for $66m of proceeds received from the February 2012 equity offering.

($ millions)

Teekay Parent

Total Debt 1,747

Cash (403)

Net Debt1

1,344

Adjusted Net Debt2

1,124

Net Debt/Total Capitalization 48%

Adj. Net Debt/Total Capitalization2

44%

Liquidity:

As at Dec. 31, 2011 461

As at Feb. 22, 2012 620

Includes:• $462m construction

installments• $220m Voyageur

FPSO VIE debt• $180m Hummingbird

FPSO purchase

Teekay LNG Partners

Total Debt1

1,467

Cash (94)

Net Debt1

1,373

Net Debt/CFVO3

4.8x

Liquidity:

As at Dec. 31, 2011 539

As at Feb. 22, 2012 500

Teekay Offshore Partners

Total Debt 2,029

Cash (180)

Net Debt 1,849

Net Debt/CFVO3

4.5x

Liquidity:

As at Dec. 31, 2011 202

As at Feb. 22, 2012 400

Teekay Tankers

Total Debt 349

Cash (16)

Net Debt 333

Adjusted Net Debt4

267

Net Debt/Total Capitalization 40%

Adj Net Debt/Total Capitalization4

32%

Liquidity:

As at Dec. 31, 2011 293

As at Feb. 22, 2012 360

17

$1.6 Billion of Debt Financings Completed Since November 2011

Project Name Amount Entity Status

Tiro & Sidon FPSO (50% portion) $150 million Teekay Parent• Completed

(Drawn)

Madrid Sprit (Refinancing)EUR150 million

(USD 200 million)Teekay LNG

• Completed(Drawn)

Piranema FPSO $130 million Teekay Offshore• Completed

(Drawn)

NOK 5-year Unsecured BondNOK 600 million

(USD 100 million)Teekay Offshore

• Completed(Drawn)

Hummingbird FPSO $200 million Teekay Parent• Completed

(Drawn)

Voyageur FPSO $230 million Teekay Parent• Completed(To be Novated Upon

Acqusition)

Maersk LNG (Bridge Facility - 52% portion) $550 million Teekay LNG • Completed(Drawdown on Feb 27)

Wah Kwong JV VLCC (50% portion) $34.3 million Teekay Tankers • In Final Documentation(Drawdown in March)

Total $1.6 billion

Knarr FPSO (Construction Bridge Facility) $300 million Teekay Parent • In process

BG Shuttle Tankers $300-$350 million Teekay Offshore • In process

18

Conventional Tankers – Spot 1 $334

Conventional Tankers – Fixed 1 316

FPSOs 1 600

Newbuildings 2 462

JVs and Other Investments 3 223

FMV of Teekay Parent Assets $1,935

Teekay Parent Net Debt 4 $(1,344)

Addback: Voyageur VIE Debt $220

Equity Value of Teekay Parent Assets $811

TGP $960

TOO 664

TNK 68

Implied value of GP equity 7 503

Total Equity Investment in Daughters $2,195

Teekay Parent Net Asset Value $3,006

Teekay Corporation Shares Outstanding (millions) 68.7

Teekay Parent Net Asset Value per Share $43.75

1 Management estimates.2 Progress payments on existing newbuildings as of December 31, 2011. 3 Includes $70m investment in first priority VLCC mortgage loan.4 As at December 31, 2011.

Teekay Parent Assets

Teekay Parent Equity Investment in Daughters 5,6

($ millions, except per share amounts)

vs. Share Price 6: $27.53

5 Based on Teekay Parent’s current percentage ownership.6 Closing share prices as of February 22, 2012.7 Implied value calculated by annualizing Q4-11 GP cash flows of $6.0m and

multiplying by the current 21.1x average P/DCF multiple for publicly traded GPs.

GP contribution from Maersk LNG carriers and

Piranema FPSO not yet reflected

Voyageur FPSO not yet reflected

Maersk LNG and Sevan Assets will Enhance Teekay’s Sum-of-the-Parts Value

Appendix

20

Q4 2011 Appendix A Item DescriptionsQ4 - 2011

(in thousands of US dollars) Appendix A Items Explanation of Items

NET VOYAGE REVENUES

Revenues -

Voyage expenses -

Net revenues -

OPERATING EXPENSES

Vessel operating expense (49) Unrealized losses on derivative instrumentsTime charter hire expense (2,651) In-charter early termination feeDepreciation and amortization -

General and administrative (1,947) Sevan acquisition costs, office systems write-off and unrealized losses on derivative instruments

Asset impairments/net loss on vessel sales (49,845) Vessel and equipment impairments

Bargain purchase gain 58,235 Gain on Sevan acquisitionRestructuring charges -

Total operating expenses 3,743

Income from vessel operations (3,743)

OTHER ITEMS

Interest expense -

Interest income -

Realized and unrealized loss on derivative

instruments 11,336 Realized loss on interest rate swap termination and unrealized gains on derivative instrumentsEquity income 1,197 Unrealized losses on derivative instruments in joint ventures and joint venture acquisition costsIncome tax recovery -

Foreign exchange gain (14,582) Unrealized foreign exchange gains

Other - net (9,545) Sale of marketable securities and non-recurring adjustments to accrualsTotal other items (11,594)

Net Loss (15,337)

Less: Net income attributable to non-controlling

interest

(31,420) Non-controlling interest on applicable items noted above

NET LOSS ATTRIBUTABLE TO STOCKHOLDERS

OF TEEKAY CORP. (46,757)

21

Q3 2011 Adjusted Net Income Reconciled to GAAP Net Income

1 Please refer to Appendix A in the Q3-11 earnings release.

Reclass for

(in thousands of US dollars, except Realized Gains/

per share amounts) Losses

As Reported Appendix A Items (1) on Deriviatives (2) As Adjusted

NET REVENUES

Revenues 468,106 - (6) 468,100

Voyage expenses 39,595 - - 39,595

Net revenues 428,511 - (6) 428,505

OPERATING EXPENSES

Vessel operating expense 172,372 (168) (4,065) 168,139

Time charter hire expense 47,433 - - 47,433

Depreciation and amortization 107,746 - - 107,746

General and administrative 48,801 (145) (147) 48,509

Asset impairments/net loss on vessel

sales 91,809 (91,809) - -

Goodwill impairment charge 36,652 (36,652) - -

Restructuring charges 69 (69) - -

Total operating expenses 504,882 (128,843) (4,212) 371,827

(Loss) income from vessel operations (76,371) 128,843 4,206 56,678

OTHER ITEMS

Interest expense (33,649) (33,223) (66,872)

Interest income 2,394 - - 2,394

Realized and unrealized (loss) gain on

derivative instruments (219,570) 191,329 28,241 -

Equity (loss) income (40,624) 45,998 - 5,374

Income tax expense (1,487) - - (1,487)

Foreign exchange gain (loss) 26,230 (27,006) 776 -

Other - net 766 - - 766

Total other items (265,940) 210,321 (4,206) (59,825)

Net (loss) income (342,311) 339,164 - (3,147)

Less: Net (income) loss attributable to non-

controlling interest 51,149 (88,570) - (37,421)

NET (LOSS) INCOME ATTRIBUTABLE TO

STOCKHOLDERS OF TEEKAY CORP. (291,162) 250,594 - (40,568)

Fully diluted loss per share (4.20) (0.58)

Three Months Ended

September 30, 2011

22

Teekay Parent – Conventional Tanker Fleet Employment (Q1-12 to Q4-13)

1 Spot revenue days include total owned and in-chartered vessels in the Teekay Parent fleet but exclude commercially managed vessels (of third parties) in the pools.2 Average time-charter rates exclude the cost of spot in-chartering vessels for contract of affreightment cargoes. 3 Time-charter days are adjusted for synthetic time-charters and forward freight agreements (FFAs) and short-term time-charters and fixed-rate contracts of affreightment that are

initially one year or greater in duration. Estimated rates do not include adjustments for deferred revenue. For vessel classes in which STCs and FFAs are, a corresponding reduction in spot revenue days is made in each of the respective periods.

Three Months Ending

Mar. 31 Jun. 30 Sep. 30 Dec. 31 Mar. 31 Jun. 30 Sep. 30 Dec. 31

2012E 2012E 2012E 2012E 2013E 2013E 2013E 2013E

Suezmax

Spot revenue days 1 546 605 552 460 540 546 552 552

Average time-charter rate 2 23,525 20,366 20,858 20,858 20,825 20,827 20,829 20,584

Time-charter revenue days 3 364 299 276 276 180 182 184 166

Aframax




LR2


MR

Spot revenue days 1 - - - - 6 140 184 184



23

Teekay Parent – Q4-2011 In-chartered Fleet

1 Includes one in-chartered VLCC at a rate of $35,000 per day from June 14, 2010 through May 14, 2011. Excludes four vessels on back-to-back spot in-charter. 2 Includes amortization of deferred gains, drydocking and capital upgrades; excludes adjustments to carrying value of deferred drydock costs.3 Includes eight Aframax tankers owned by Teekay Offshore and, prior to August 2011, one additional Aframax tanker owned by Teekay Offshore, all of which were in-chartered to

Teekay Parent fleet. 4 Includes adjustments for bunker costs.5 Includes two LNG carriers, two shuttle tankers and two FSOs in-chartered to the Teekay Parent fleet.

Three Months Ended

Dec. 31 Sept.30 31-Dec

2011 2011 2010

Suezmax 1

Average in-charter rate 28,792 29,466 32,502

In-charter days 182 113 361

Aframax - external in-charters



Average bareboat-in rate 2 17,753 14,453 15,698

Bareboat-in days 400 468 828

Aframax - intra-group in-charters 3

Average in-charter rate 4 27,765 31,694 31,070


LR2



MR

Average bareboat-in rate 2 13,875 14,089 14,743

Bareboat-in days 151 184 134

Other intra-group in-charters 5



24

Teekay Parent – In-chartered Fleet (Q1-12 to Q4-13)

1 Excludes four vessels on back-to-back spot charter-in. 2 Excludes amortization of deferred gains, drydocking and capital upgrades which are included in historical period rates provided in the Appendix to this presentation.3 Prior to December 2011, included eight Aframax tankers owned by Teekay Offshore chartered-in to the Teekay Parent fleet. Subsequently, includes six Aframax tankers owned by

Teekay Offshore chartered-in to the Teekay Parent fleet.4 Excludes adjustments for bunker costs which are included in historical period rates provided in the Appendix to this presentation.5 Includes two LNG carriers, two shuttle tankers and two FSOs chartered-in to the Teekay Parent fleet.

Three Months Ending

Mar. 31 Jun. 30 Sep. 30 Dec. 31 Mar. 31 Jun. 30 Sep. 30 Dec. 31

2012E 2012E 2012E 2012E 2013E 2013E 2013E 2013E

Suezmax 1

Average in-charter rate 28,750 28,750 28,750 - - - - -

In-charter days 182 176 92 - - - - -

Aframax - external in-charters

Average in-charter rate 23,005 17,020 19,867 19,867 20,010 20,010 20,010 20,010

In-charter days 393 397 276 276 270 273 276 276

Average bareboat-in rate 2 12,969 11,833 11,625 11,625 11,924 12,437 12,437 12,437

Bareboat-in days 364 284 276 276 228 182 184 184

Aframax - intra-group in-charters 3

Average in-charter rate 4 27,516 27,687 27,687 27,687 27,687 27,687 27,687 27,687

In-charter days 546 364 368 368 360 364 368 368

LR2

Average in-charter rate 22,100 21,020 - - - - - -

In-charter days 182 132 - - - - - -

MR

Average bareboat-in rate 2 17,000 17,000 17,000 17,000 17,000 17,000 - -

Bareboat-in days 91 91 92 92 90 29 - -

Other intra-group in-charters 5

Average in-charter rate 30,764 30,701 30,701 31,508 32,955 35,601 35,601 35,601

In-charter days 543 546 552 510 439 364 368 368

25

2012 Drydock Schedule

Note: In the case that a vessel drydock straddles between quarters, the drydock has been allocated to the quarter in which the majority of drydock days occur.

Entity Segment

Vessels

Drydocked

Total

Offhire

Days

Vessels

Drydocked

Total

Offhire

Days

Vessels

Drydocked

Total

Offhire

Days

Vessels

Drydocked

Total

Offhire

Days

Vessels

Drydocked

Total

Offhire

Days

Teekay Parent Spot Tanker - - - - - - - - - -

Fixed-Rate Tanker - - - - - - - - - -

- - - - - - - - - -

Teekay LNG Fixed-Rate Tanker - - - - - - 1 24 1 24

Liquefied Gas - - - - 1 37 - - 1 37

- - - - 1 37 1 24 2 61

Teekay Offshore Spot Tanker - - - - - - - - - -

Fixed-Rate Tanker - - - - - - - - - -

FSO - - - - 1 38 - - 1 38

Shuttle Tanker - - 4 116 4 39 1 9 9 164

- - 4 116 5 77 1 9 10 202

Teekay Tankers Spot Tanker - - - - - - - - - -

Fixed-Rate Tanker - - - - 2 88 - - 2 88

- - - - 2 88 - - 2 88

Teekay Consolidated Spot Tanker - - - - - - - - - -

Fixed-Rate Tanker - - - - 2 88 1 24 3 112

Liquefied Gas - - - - 1 37 - - 1 37

FSO - - - - 1 38 - - 1 38

Shuttle Tanker - - 4 116 4 39 1 9 9 164

- - 4 116 8 202 2 33 14 351

Total 2012 (E) March 31, 2012 (E) June 30, 2012 (E) September 30, 2012 (E) December 31, 2012 (E)

26

Daughter Cash Flows from Teekay Parent Common Share/Unit Ownership

1 Includes Class A and Class B shareholdings.

December 31, September 30, June 30, March 31, December 31,

2011 2011 2011 2011 2010

Teekay LNG Partners

Distribution per common unit $0.63 $0.63 $0.63 $0.63 $0.63

Common units owned by Teekay Parent 25,208,274 25,208,274 25,208,274 25,208,274 25,208,274

Total distribution $15,881,213 $15,881,213 $15,881,213 $15,881,213 $15,881,213

Teekay Offshore Partners

Distribution per common unit $0.50 $0.50 $0.50 $0.50 0.475

Common units owned by

Teekay Parent 22,362,814 22,362,814 22,362,814 22,362,814 14,800,000

Total distribution $11,181,407 $11,181,407 $11,181,407 $11,181,407 $7,030,000

Teekay Tankers

Dividend per share $0.11 $0.15 $0.21 $0.25 $0.22

Shares owned by Teekay Parent1 16,112,244 16,112,244 16,112,244 16,112,244 16,112,244

Total dividend $1,772,347 $2,416,837 $3,383,571 $4,028,061 $3,544,694

Three Months Ended

Investor Relations

TK Q4 2011: Teekay Corporation Fourth Quarter 2011 Earnings Presentation