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Teekay Corporation | Q1 2010 Earnings Presentation | Peter Evensen | Page 3 of 11 | May 18, 2013

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3 www.teekay.com First Quarter Highlights �f Adjusted net loss attributable to Teekay of $3.9m, or $0.05 per share (1) , improved from $0.45 per share loss in Q4-09 �f Q1-10 adjusted net loss excludes $30m, or $0.41 per share, catch-up payment related to Foinaven contract amendment �f Generated $203.8m of cash flow from vessel operations, a 57% increase over Q4 (2) �f Total consolidated liquidity of $2.9bn, including pre- arranged newbuild financing �f Dropdowns to daughter companies have resulted in further de-leveraging at Teekay Parent �f Pro forma net debt of only $567m - net debt/total cap of 15% �f Distributions from MLP daughter companies recently increased by over 5% (1) Adjusted net loss attributable to stockholders of Teekay excludes specific items which decreased net income by $10.1m, or $0.14 per share, as detailed in Appendix A of the Q1-10 earnings release. (2) 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 web site at www.teekay.com for a reconciliation of this non-GAAP measure as used in this release to the most directly comparable GAAP financial measure`.