1. 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) which
reflect management’s current views with respect to certain future events and performance, including statements regarding: tanker market
fundamentals, including the balance of supply and demand in the tanker market and the impact of seasonal factors on spot tanker charter
rates; future operating results, including increasing cash flows and cost reductions and related lower cash flow break-even levels, results of
managing spot exposure; the timing and certainty of the Company’s pending acquisition of the Voyageur FPSO from Sevan and the estimated
remaining cost to complete the Voyageur FPSO upgrade; the Teekay LNG-Marubeni Joint Venture’s pending acquisition of the Maersk LNG
Carriers, including the timing and certainty of closing of the transaction, expected results of the transaction to the Company, the purchase price
for such vessels, and the financing associated with the transaction; the expected timing of newbuilding deliveries and in-chartered vessel
redeliveries; the future revenue contribution of the Foinaven FPSO; offhire duration, repairs and future operations of the Banff FPSO, including
expected losses of operating cash flow during 2012 and 2013, and anticipated insurance recoveries relating to damage to the unit; the
Company’s future capital expenditure commitments and the debt financings that the Company expects to obtain for its remaining unfinanced
capital expenditure commitments; and the Company’s future business priorities. The following factors are among those that could cause
actual results to differ materially from the forward-looking statements, which involve risks and uncertainties, and that should be considered in
evaluating any such statement: changes in production of or demand for oil, petroleum products, LNG and LPG, either generally or in particular
regions; 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 regulations
and the timing of implementation of new laws and regulations; changes in the typical seasonal variations in tanker charter rates; changes in
the offshore production of oil or demand for shuttle tankers, FSOs and FPSOs; decreases in oil production by or increased operating expenses
for FPSO units; trends in prevailing charter rates for shuttle tanker and FPSO contract renewals; failure to satisfy the closing conditions for the
acquisition of the Maersk LNG carriers, including obtaining approvals from the charters and relevant regulatory authorities; obtaining financing
for the Maersk LNG carrier transaction; potential delays in repairs to the Banff FPSO unit, failure to implement expected vessel operating
expense reductions, or challenges to insurance coverage for its storm damage; the potential for early termination of long-term contracts and
inability of the Company to renew or replace long-term contracts or complete existing contract negotiations; changes affecting the offshore
tanker market; shipyard production delays and cost overruns; changes in the Company’s expenses; the Company’s future capital expenditure
requirements and the inability to secure financing for such requirements; the inability of the Company to complete vessel sale transactions to
its public company subsidiaries or to third parties; conditions in the United States capital markets; and other factors discussed in Teekay’s
filings from time to time with the SEC, including its Report on Form 20-F for the fiscal year ended December 31, 2010. The Company
expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained
herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on
which any such statement is based.
2

3. Recent Highlights
TEEKAY CORP
NYSE: TK
» 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
TEEKAY LNG TEEKAY OFFSHORE TEEKAY TANKERS
PARTNERS L.P. PARTNERS L.P. LTD.
NYSE: TGP NYSE: TOO NYSE: TNK
» Maersk LNG transaction fully » Completed accretive acquisition » Completed $66m public equity
financed and expected to close of the Piranema FPSO from offering – pro forma liquidity of
February 28, 2012 Sevan Marine and financed by ~$360m available for
NYSE: TOO
$170m private placement investment
» Paid Q4-11 distribution of $0.63
per unit – expect 7% » Paid Q4-11 distribution of $0.50 » Fixed cover now at 58% for
distribution increase effective in per unit Q1-12 and 47% for 2012
Q1-12 » 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.
3

4. Delivered on Value Creation in 2011
General
Investment in Return of
Partner
Higher-return Capital to
Value
Opportunities Shareholders
Growth
» Completed Acquisitions: » Acquisitions: » Share repurchases
• Remaining Teekay Parent • 40% shareholding in • $162m since Nov 2010
49% OPCO interest to TOO Sevan Marine ASA
• 4 Angola LNG carriers and • Hummingbird FPSO and » Dividends declared by all
Skaugen vessels to TGP agreed to purchase Teekay entities for 2011:
• Last 2 “Explorer” class Voyageur FPSO on • TK: $88m
newbuilding shuttle tankers to completion of upgrade
• TGP: $166m
TOO (5.0% increase per unit in 2011)
» Organic Growth:
• TOO: $139m
» Future Growth: • FPSO contract with BG (5.3% increase per unit in 2011)
• TGP-Marubeni JV to acquire for Knarr field • TNK: $46m
Maersk LNG fleet (6 vessels) • $70m fixed-return VLCC
• TOO acquired Piranema mortgage loan
FPSO
• New shuttle tanker contract
for 4 newbuilding shuttle
tankers in Brazil (2013
delivery)
4

5. Progress on Operational Initiatives
» 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
5

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
6

7. Potential Applications of Sevan Technology
FPSO GTW
Floating Gas
Production To
Wire
Storage (Offshore
Offloading powerplant)
MODU FDPSO
Mobile Floating
Offshore Drilling
Drilling Production
Unit Storage
Offloading
MSV FAU
Multipurpose Floating
Support FLNG Accomodation
Vessel Floating Unit
Liquefied
Natural
Gas production
7

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
LNG Carrier Year Ownership Time-Charter Extension
Delivered Expiry Date Options
Maersk Meridian 2010 100% November 2030 n/a Management intends
Woodside Donaldson 2009 100% June 2026 5 + 5 years to recommend a 7%
distribution increase
Maersk Magellan 2009 100% September 2013 n/a
commencing in Q1-12
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
» 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
8

9. Sevan and Maersk LNG Transactions Will Further Enhance Fixed-Rate Cash Flows
Teekay Annual Fixed-rate Cash Flow from Vessel Operations
$800
» Recent offshore and $700
LNG acquisitions and $600
$500
$ Millions
projects will drive $400
further fixed-rate cash $300
$200
flow growth $100
$0
2006 2007 2008 2009 2010 1 2011
Fixed-rate Conventional Tanker Shuttle & FSO FPSO Gas
Total Forward Fixed-Rate Consolidated Revenues
» Including Sevan and Maersk # of Vessels on Average Contract Forward Fixed-Rate
Segment Fixed Charters Duration (years) Revenues ($b)
LNG transactions, total Gas Carriers 32 14.7 $6.5
forward fixed-rate revenues Shuttle Tankers 40 5.6 2.7
will increase to ~$17 billion, FSO 5 3.6 0.2
with an average contract FPSO 10 5.6 5.4
Conventional Tankers 41 3.8 1.2
length of over 9 years2
2
Weighted Average 9.1 years $16.8 billion
1 Excludes $59 million of catch-up payments related to prior periods under the amended Foinaven FPSO contract.
2 Does not include charterers’ options.
9

10. Offshore Market Outlook: Positive Shuttle Tanker and FPSO Fundamentals in the North Sea
Norwegian Exploration Wells Drilled Exploration Is Yielding Significant Results
Record high level » Johan Sverdrup discovery off Norway
of exploration
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
*Source: Norwegian Petroleum Directorate
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
*Source: International Maritime Associates • Expected to come online 2013-18
10

11. LNG Market Outlook: Wave of Projects Coming 2015+
Expected LNG Supply Increase By Region*
500
7.7% p.a. growth in LNG
Others
supply 2015-20;
Potential upside from US
450 Middle
export projects
East
LNG Supply (MTPA)
Canada
400 4.1% p.a. growth in LNG
supply 2011-15;
Other Asia
Japanese nuclear restarts
a key demand variable
350 Africa
USA
300
Russia
250 Australia
Existing
200
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
*Excludes high risk / unlikely projects; assumes some project start-up delays
11

12. Tanker Market Outlook: Improved Fundamentals From End-2012/Early-2013
Demand Range Supply Range
Source: Platou / Internal estimates
Global Floating Slowdown in Moving towards Tanker market
recession; storage demand; balance by end recovery on
of 2012 –
accelerating steadied the fleet growth the back of
economy /
fleet growth market dominates demand is the lower fleet
wild card growth
12

13. 2012 Teekay Corporation Priorities
» Continue to meet market leading » Banff FPSO repair and delivery
HSE and operational KPIs » Tiro Sidon FPSO conversion and
delivery
» Integrate Sevan and Maersk LNG
» Voyageur FPSO upgrade and
transactions delivery
» Project execution » Knarr FPSO construction
» BG shuttle tanker construction
» Re-charter existing assets
» Continue to grow general » Re-employment of Magellan LNG
carrier (September 2013)
partnership value
» Re-employment of Hummingbird
» Continue to drive profitability of FPSO
existing operations » Progress negotiations to redeploy
assets at higher rates (e.g.
Petrojarl1 FPSO, Banff FPSO,
shuttle tankers, etc.)
» Charter-out conventional tankers
13

14. Q4-2011 Consolidated Adjusted Income Statement
Three Months Ended Three Months Ended
December 31, 2011 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 instrum ents (44,269) 11,336 32,933 - -
Equity incom e 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)
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.
14

15. Q1-2012 Outlook – Teekay Consolidated
Income Q1-2012
Statement Item Outlook
» 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
Net Revenues
• $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
» Increase of approximately $8m to $10m (from Q4-11) due to full quarter impact of
Vessel Operating Expenses (OPEX)
Sevan FPSO units, partially offset by cost savings from Banff FPSO unit
» Decrease of approximately $7m to $9m (from Q4-11) due to vessel redeliveries and
Time-charter Hire Expense
less spot-in chartering activity in shuttle tanker fleet
» Increase of approximately $2m (from Q4-11) due to full quarter impact of Sevan
Depreciation & Amortization
FPSO units, partially offset by the impact of Q4-11 vessel write-downs
General & Administrative » Expected range: $52m - $54m
» Increase of $2m (from Q4-11) due to full quarter impact of Sevan FPSO units and
Net Interest Expense
Teekay Offshore Norwegian bond offering completed in January 2012
» Increase of $3m to $4m (from Q4-11) due to Maersk LNG transaction (end-Feb close)
Equity Income 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
15

16. Parent and Daughter Companies Are Financially Well Positioned
Teekay Parent
Includes:
($ millions) Total Debt 1,747 • $462m construction
Cash (403) installments
1
Net Debt 1,344 • $220m Voyageur
2
Adjusted Net Debt 1,124 FPSO VIE debt
Net Debt/Total Capitalization 48% • $180m Hummingbird
2
Adj. Net Debt/Total Capitalization 44% FPSO purchase
Liquidity:
As at Dec. 31, 2011 461
As at Feb. 22, 2012 620
Teekay LNG Partners Teekay Offshore Partners Teekay Tankers
1
Total Debt 1,467 Total Debt 2,029 Total Debt 349
Cash (94) Cash (180) Cash (16)
1
Net Debt 1,373 Net Debt 1,849 Net Debt 333
4
Net Debt/CFVO
3
4.8x Net Debt/CFVO
3
4.5x Adjusted Net Debt 267
Liquidity: Liquidity: Net Debt/Total Capitalization 40%
4
As at Dec. 31, 2011 539 As at Dec. 31, 2011 202 Adj Net Debt/Total Capitalization 32%
As at Feb. 22, 2012 500 As at Feb. 22, 2012 400
Liquidity:
As at Dec. 31, 2011 293
As at Feb. 22, 2012 360
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.
16

17. $1.6 Billion of Debt Financings Completed Since November 2011
Project Name Amount Entity Status
• Completed
Tiro & Sidon FPSO (50% portion) $150 million Teekay Parent
(Drawn)
EUR150 million • Completed
Madrid Sprit (Refinancing) Teekay LNG
(USD 200 million) (Drawn)
• Completed
Piranema FPSO $130 million Teekay Offshore
(Drawn)
NOK 600 million • Completed
NOK 5-year Unsecured Bond Teekay Offshore
(USD 100 million) (Drawn)
• Completed
Hummingbird FPSO $200 million Teekay Parent
(Drawn)
• Completed
Voyageur FPSO $230 million Teekay Parent (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
17

18. Maersk LNG and Sevan Assets will Enhance Teekay’s Sum-of-the-Parts Value
Teekay Parent Assets
($ millions, except per share amounts)
Conventional Tankers – Spot 1 $334
Conventional Tankers – Fixed 1 316
Voyageur FPSO not
FPSOs 1 600
2
yet reflected
Newbuildings 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
Teekay Parent Equity Investment in Daughters 5,6
TGP $960
TOO 664 GP contribution
TNK 68 from Maersk LNG
Implied value of GP equity 7 503
carriers and
Total Equity Investment in Daughters $2,195
Piranema FPSO not
yet reflected
Teekay Parent Net Asset Value $3,006
Teekay Corporation Shares Outstanding (millions) 68.7
Teekay Parent Net Asset Value per Share $43.75 vs. Share Price 6: $27.53
1 Management estimates. 5 Based on Teekay Parent’s current percentage ownership.
2 Progress payments on existing newbuildings as of December 31, 2011. 6 Closing share prices as of February 22, 2012.
3 Includes $70m investment in first priority VLCC mortgage loan. 7 Implied value calculated by annualizing Q4-11 GP cash flows of $6.0m and
4 As at December 31, 2011. multiplying by the current 21.1x average P/DCF multiple for publicly traded GPs.
18

19. Appendix

20. Q4 2011 Appendix A Item Descriptions
Q4 - 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 instruments
Time charter hire expense (2,651) In-charter early termination fee
Depreciation 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 acquisition
Restructuring 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 instruments
Equity income 1,197 Unrealized losses on derivative instruments in joint ventures and joint venture acquisition costs
Income tax recovery -
Foreign exchange gain (14,582) Unrealized foreign exchange gains
Other - net (9,545) Sale of marketable securities and non-recurring adjustments to accruals
Total other items (11,594)
Net Loss (15,337)
Less: Net income attributable to non-controlling (31,420) Non-controlling interest on applicable items noted above
interest
NET LOSS ATTRIBUTABLE TO STOCKHOLDERS
OF TEEKAY CORP. (46,757)
20

21. Q3 2011 Adjusted Net Income Reconciled to GAAP Net Income
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
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)
1 Please refer to Appendix A in the Q3-11 earnings release.
21

22. Teekay Parent – Conventional Tanker Fleet Employment (Q1-12 to Q4-13)
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
Spot revenue days 1 958 830 890 920 881 910 920 920
Average time-charter rate 2 18,712 18,496 18,573 18,583 17,368 15,375 17,673 20,400
Time-charter revenue days 3 651 637 582 552 454 364 301 258
LR2
1
Spot revenue days 425 405 276 276 270 273 276 276
MR
Spot revenue days 1 - - - - 6 140 184 184
Average time-charter rate 2 29,119 29,119 29,122 29,122 29,250 30,181 30,319 30,319
Time-charter revenue days 3 364 364 368 368 354 162 92 92
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.
22

23. Teekay Parent – Q4-2011 In-chartered 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 in-charter rate 21,022 20,774 22,147
In-charter days 465 460 434
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
In-charter days 661 776 740
LR2
Average in-charter rate 21,924 22,387 20,402
In-charter days 179 178 118
MR
Average bareboat-in rate 2 13,875 14,089 14,743
Bareboat-in days 151 184 134
Other intra-group in-charters 5
Average in-charter rate 28,299 29,066 27,926
In-charter days 515 548 526
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.
23

24. Teekay Parent – In-chartered Fleet (Q1-12 to Q4-13)
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
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.
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25. 2012 Drydock Schedule
March 31, 2012 (E) June 30, 2012 (E) September 30, 2012 (E) December 31, 2012 (E) Total 2012 (E)
Total Total Total Total Total
Vessels Vessels Vessels Vessels Vessels
Offhire Offhire Offhire Offhire Offhire
Drydocked Drydocked Drydocked Drydocked Drydocked
Entity Segment Days Days Days Days 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
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.
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26. Daughter Cash Flows from Teekay Parent Common Share/Unit Ownership
Three Months Ended
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
1
Shares owned by Teekay Parent 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
1 Includes Class A and Class B shareholdings.
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