-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 Sq+VT/+Jgj1juuFiin2Dp0xtGcEjVutmOIVwRtGdANvEnboFqZ8na/j599qjxVBf
 CjBOlFjKqvMiGwbundl+xA==

<SEC-DOCUMENT>0000945234-06-000468.txt : 20060519
<SEC-HEADER>0000945234-06-000468.hdr.sgml : 20060519
<ACCEPTANCE-DATETIME>20060518202242
ACCESSION NUMBER:		0000945234-06-000468
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20060509
FILED AS OF DATE:		20060519
DATE AS OF CHANGE:		20060518

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TEEKAY SHIPPING CORP
		CENTRAL INDEX KEY:			0000911971
		STANDARD INDUSTRIAL CLASSIFICATION:	DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			1T
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12874
		FILM NUMBER:		06853472

	BUSINESS ADDRESS:	
		STREET 1:		TK HOUSE, BAYSIDE EXECUTIVE PARK
		STREET 2:		WEST BAY ST & BLAKE RD, PO BOX AP-59213
		CITY:			NASSAU BAHAMAS
		STATE:			C5
		ZIP:			00000
		BUSINESS PHONE:		8093228020

	MAIL ADDRESS:	
		STREET 1:		SUITE 2000,  BENTALL 5
		STREET 2:		550 BURRARD STREET
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6C 2K2

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VIKING STAR SHIPPING INC
		DATE OF NAME CHANGE:	19930914
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>o31085e6vk.htm
<DESCRIPTION>NOTICE OF ANNUAL MEETING AND PROXY STATEMENT
<TEXT>
<HTML>
<HEAD>
<TITLE>Notice of Annual Meeting and Proxy Statement</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<P align="center" style="font-size: 14pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>

<DIV align="center" style="font-size: 12pt"><B>WASHINGTON, D.C. 20549</B>
</DIV>

<P align="center" style="font-size: 18pt"><B>FORM 6-K</B>


<P align="center" style="font-size: 10pt">Report of Foreign Private Issuer



<P align="center" style="font-size: 10pt">Pursuant to Rule&nbsp;13a-16 or 15d-16 of<BR>
the Securities Exchange Act of 1934



<DIV align="center" style="font-size: 10pt"><HR size="1" noshade width="10%" align="center" color="#000000">
Date of report: May&nbsp;9, 2006
</DIV>


<P align="center" style="font-size: 24pt"><B>TEEKAY SHIPPING CORPORATION</B>


<DIV align="center" style="font-size: 10pt"><HR size="1" noshade width="80%" align="center" color="#000000">
(Exact name of Registrant as specified in its charter)</DIV>



<P align="center" style="font-size: 10pt">TK House<BR>
Bayside Executive Park<BR>
West Bay Street &#038; Blake Road<BR>
P.O. Box AP-59212, Nassau, The Bahamas


<DIV align="center" style="font-size: 10pt"><HR size="1" noshade width="50%" align="center" color="#000000">
(Address of principal executive office)</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#091;Indicate by check mark whether the registrant files or will file annual reports under cover
Form 20-F or Form 40-F.&#093;

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="70%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">Form&nbsp;20-F&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#254;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Form&nbsp;40- F&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#111;</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#091;Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation&nbsp;S-T Rule&nbsp;101(b)(1):<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#093;

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="70%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">Yes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">No&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#254;</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#091;Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation&nbsp;S-T Rule&nbsp;101(b)(7):<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#093;

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="70%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">Yes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">No&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#254;</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#091;Indicate by check mark whether the registrant by furnishing the information contained in this
Form is also thereby furnishing the information to the Commission pursuant to Rule&nbsp;12g3-2(b) under
the Securities Exchange Act of 1934.&#093;

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="70%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">Yes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">No&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#254;</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#091;If &#147;Yes&#148; is marked, indicate below the file number assigned to the registrant in connection
with Rule&nbsp;12g3-2(b):82-<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#093;


<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<DIV style="font-family: 'Times New Roman',Times,serif">








<P align="center" style="font-size: 10pt"><B>SIGNATURES</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">TEEKAY SHIPPING CORPORATION<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">Date: May 9, 2006&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Peter Evensen
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Peter Evensen&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Executive Vice President<BR>and Chief Financial Officer<BR>
(Principal Financial and Accounting Officer)&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>


<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 9.0pt; ">

<TR style="font-size: 1pt;">
    <TD width="22%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="75%">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <IMG src="o31085o3108502.gif" alt="(TEEKAY LOGO)"></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <B>TEEKAY SHIPPING CORPORATION<BR>
    Bayside House, Bayside Executive Park, West Bay
    Street&nbsp;&#38; Blake Road<BR>
    P.O. Box&nbsp;AP-59212, Nassau, The Bahamas</B></TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
April&nbsp;28, 2006
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Dear Shareholder:
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On behalf of the Board of Directors, it is my pleasure to extend
to you an invitation to attend the 2006 Annual Meeting of
Shareholders of Teekay Shipping Corporation. The annual meeting
will be held at:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="5%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><B>Place:</B></TD>
    <TD align="left">
    The Royal Automobile Club <BR>
     89 Pall Mall <BR>
     London, England</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Date:&nbsp;&nbsp;</B>Wednesday, May&nbsp;31, 2006
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Time:&nbsp;&nbsp;</B>9:00&nbsp;a.m. (London time)
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Notice of Annual Meeting and Proxy Statement is enclosed and
describes the business to be transacted at the annual meeting
and provides other information concerning Teekay. The principal
business to be transacted at the annual meeting will be
(1)&nbsp;the election of directors, (2)&nbsp;approval of amended
and restated articles of incorporation, and (3)&nbsp;the
ratification of the selection of Ernst&nbsp;&#38; Young LLP,
Chartered Accountants, as Teekay&#146;s independent auditors for
the fiscal year ending December&nbsp;31, 2006.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Board of Directors unanimously recommends that shareholders
vote for the election of the nominated directors, for the
approval of the amended and restated articles of incorporation,
and for the ratification of Ernst&nbsp;&#38;&nbsp;Young LLP,
Chartered Accountants, as Teekay&#146;s independent auditors.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>We know that many of our shareholders will be unable to
attend the annual meeting. Proxies are solicited so that each
shareholder has an opportunity to vote on all matters that are
scheduled to come before the annual meeting. Whether or not you
plan to attend the annual meeting, we hope that you will have
your stock represented by completing, signing, dating and
returning your proxy card in the enclosed envelope as soon as
possible. You may, of course, attend the annual meeting and vote
in person even if you have previously returned your proxy
card.</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Sincerely,
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<IMG src="o31085o3108503.gif" alt="-s- Bjorn Moller">
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
BJORN MOLLER
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
President and Chief Executive Officer
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<!-- TOC -->
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name="tocpage"></A>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>2006 ANNUAL MEETING OF SHAREHOLDERS</B>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 10pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>NOTICE OF ANNUAL MEETING AND PROXY STATEMENT</B>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 10pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>TABLE OF CONTENTS</B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 3pt; ">

<TR style="font-size: 1pt;">
    <TD width="3%">&nbsp;</TD>
    <TD width="84%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Page</B></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="white">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>&nbsp;<A HREF='#101'>NOTICE OF ANNUAL MEETING OF
    SHAREHOLDERS</A></B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    1</TD>
</TR>

<TR>
    <TD colspan="4">&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="white">
    <TD colspan="2" align="left" valign="top">
    <B>&nbsp;<A HREF='#102'>QUESTIONS AND ANSWERS ABOUT THE PROXY
    MATERIALS AND THE ANNUAL&nbsp;MEETING</A></B></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    2</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <I>&nbsp;<A HREF='#103'>Why am I receiving these
    materials?</A></I></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    2</TD>
</TR>

<TR valign="bottom" bgcolor="white">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <I>&nbsp;<A HREF='#104'>What information is contained in this
    proxy statement?</A></I></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    2</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <I>&nbsp;<A HREF='#105'>How may I obtain Teekay&#146;s annual
    report to shareholders?</A></I></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    2</TD>
</TR>

<TR valign="bottom" bgcolor="white">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <I>&nbsp;<A HREF='#106'>How may I obtain Teekay&#146;s Annual
    Report on Form&nbsp;20-F filed with the SEC?</A></I></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    2</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <I>&nbsp;<A HREF='#107'>What items of business will be voted on
    at the annual meeting?</A></I></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    2</TD>
</TR>

<TR valign="bottom" bgcolor="white">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <I>&nbsp;<A HREF='#108'>How does the Board recommend that I
    vote?</A></I></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    2</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <I>&nbsp;<A HREF='#109'>What shares can I vote?</A></I></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    2</TD>
</TR>

<TR valign="bottom" bgcolor="white">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <I>&nbsp;<A HREF='#110'>What is the difference between holding
    shares as a shareholder of record and as a beneficial
    owner?</A></I></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    3</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <I>&nbsp;<A HREF='#111'>How can I attend the annual
    meeting?.</A></I></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    3</TD>
</TR>

<TR valign="bottom" bgcolor="white">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <I>&nbsp;<A HREF='#112'>How can I vote my shares in person at
    the annual meeting?</A></I></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    3</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <I>&nbsp;<A HREF='#113'>How can I vote my shares without
    attending the annual meeting?</A></I></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    3</TD>
</TR>

<TR valign="bottom" bgcolor="white">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <I>&nbsp;<A HREF='#114'>Can I change my vote?</A></I></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    4</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <I>&nbsp;<A HREF='#115'>Is my vote confidential?</A></I></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    4</TD>
</TR>

<TR valign="bottom" bgcolor="white">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <I>&nbsp;<A HREF='#116'>How many shares must be present or
    represented to conduct business at the annual meeting?</A></I></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    4</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <I>&nbsp;<A HREF='#117'>How are votes counted?</A></I></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    4</TD>
</TR>

<TR valign="bottom" bgcolor="white">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <I>&nbsp;<A HREF='#118'>What is the voting requirement to
    approve each of the proposals?</A></I></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    5</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <I>&nbsp;<A HREF='#119'>Is cumulative voting permitted for the
    election of directors?</A></I></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    5</TD>
</TR>

<TR valign="bottom" bgcolor="white">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <I>&nbsp;<A HREF='#120'>What happens if additional matters are
    presented at the annual meeting?</A></I></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    5</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <I>&nbsp;<A HREF='#121'>What should I do if I receive more than
    one set of voting materials?</A></I></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    5</TD>
</TR>

<TR valign="bottom" bgcolor="white">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <I>&nbsp;<A HREF='#122'>How may I obtain a separate set of
    voting materials?</A></I></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    5</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <I>&nbsp;<A HREF='#123'>Who will bear the cost of soliciting
    votes for the annual meeting?</A></I></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    5</TD>
</TR>

<TR valign="bottom" bgcolor="white">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <I>&nbsp;<A HREF='#124'>Where can I find the voting results of
    the annual meeting?</A></I></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    6</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <I>&nbsp;<A HREF='#125'>What is the deadline to propose actions
    for consideration at next year&#146;s annual meeting of
    shareholders or to nominate individuals to serve as
    directors?</A></I></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    6</TD>
</TR>

<TR valign="bottom" bgcolor="white">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <I>&nbsp;<A HREF='#127'>How may I communicate with Teekay&#146;s
    Board or the non-management directors on Teekay&#146;s
    Board?</A></I></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    7</TD>
</TR>

<TR>
    <TD colspan="4">&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="white">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>&nbsp;<A HREF='#128'>CORPORATE GOVERNANCE PRINCIPLES AND
    BOARD MATTERS</A></B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    8</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#129'>Board Independence</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    8</TD>
</TR>

<TR valign="bottom" bgcolor="white">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#130'>Board Structure and Committee
    Composition</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    8</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#131'>Consideration of Director Nominees</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    10</TD>
</TR>

<TR valign="bottom" bgcolor="white">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#132'>Executive Sessions</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    11</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#133'>Communications with the Board</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    11</TD>
</TR>

<TR>
    <TD colspan="4">&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="white">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>&nbsp;<A HREF='#134'>DIRECTOR COMPENSATION</A></B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    12</TD>
</TR>

<TR>
    <TD colspan="4">&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="white">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>&nbsp;<A HREF='#135'>PROPOSALS TO BE VOTED ON</A></B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    13</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#136'>PROPOSAL NO. 1: Election of Directors</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    13</TD>
</TR>

<TR valign="bottom" bgcolor="white">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#137'>PROPOSAL NO. 2: Approval of Amended and
    Restated Articles of Incorporation</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    16</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#138'>PROPOSAL NO. 3: Ratification of Independent
    Auditors</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    17</TD>
</TR>

<TR>
    <TD colspan="4">&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="white">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>&nbsp;<A HREF='#139'>COMMON STOCK OWNERSHIP OF CERTAIN
    BENEFICIAL OWNERS AND MANAGEMENT</A></B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    18</TD>
</TR>

</TABLE>
</CENTER>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">i

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; ">

<TR style="font-size: 1pt;">
    <TD width="3%">&nbsp;</TD>
    <TD width="84%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Page</B></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="4">&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="white">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>&nbsp;<A HREF='#140'>CERTAIN RELATIONSHIPS AND RELATED
    TRANSACTIONS</A></B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    19</TD>
</TR>

<TR>
    <TD colspan="4">&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="white">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>&nbsp;<A HREF='#141'>EXECUTIVE OFFICERS</A></B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    20</TD>
</TR>

<TR>
    <TD colspan="4">&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="white">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>&nbsp;<A HREF='#142'>EXECUTIVE COMPENSATION</A></B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    22</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#143'>Summary Compensation Table</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    22</TD>
</TR>

<TR valign="bottom" bgcolor="white">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#144'>Option/ SAR Grants in Fiscal 2005</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    22</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#145'>Aggregated Fiscal 2005&nbsp;Year-End
    Options/ SARs</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    23</TD>
</TR>

<TR valign="bottom" bgcolor="white">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &nbsp;<A HREF='#146'>Report of the Compensation and Human
    Resources Committee of the Board of Directors on Executive
    Compensation</A></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    24</TD>
</TR>

<TR>
    <TD colspan="4">&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="white">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>&nbsp;<A HREF='#147'>STOCK PERFORMANCE GRAPH</A></B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    27</TD>
</TR>

<TR>
    <TD colspan="4">&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="white">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>&nbsp;<A HREF='#148'>PRINCIPAL AUDITOR FEES AND
    SERVICES</A></B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    28</TD>
</TR>

<TR>
    <TD colspan="4">&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="white">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>&nbsp;<A HREF='#149'>REPORT OF THE AUDIT COMMITTEE OF THE
    BOARD OF DIRECTORS</A></B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    29</TD>
</TR>

<TR>
    <TD colspan="4">&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="white">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>&nbsp;<A HREF='#150'>Exhibit&nbsp;A&nbsp;&#151; Amended and
    Restated Articles of Incorporation of Teekay Shipping
    Corporation</A></B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    30</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<!-- /TOC -->
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">ii

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>TEEKAY SHIPPING CORPORATION</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<A name='101'></A>
</DIV>

<!-- link1 "NOTICE OF ANNUAL MEETING OF SHAREHOLDERS" -->

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>NOTICE OF ANNUAL MEETING OF SHAREHOLDERS</B>
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="16%"></TD>
    <TD width="1%"></TD>
    <TD width="83%"></TD>
</TR>

<TR>
    <TD valign="top">
    <B>Time and Date</B></TD>
    <TD></TD>
    <TD valign="top">
    Wednesday, May&nbsp;31, 2006, 9:00&nbsp;a.m. (London time)</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <B>Place</B></TD>
    <TD></TD>
    <TD valign="top">
    The Royal Automobile Club, 89 Pall Mall, London, England</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <B>Items of Business</B></TD>
    <TD></TD>
    <TD valign="top">
    (1)&nbsp;To elect three directors to Teekay&#146;s Board of
    Directors for a term of three years.</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    (2)&nbsp;To approve Teekay&#146;s amended and restated articles
    of incorporation.</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    (3)&nbsp;To ratify the selection of Ernst&nbsp;&#38; Young LLP,
    Chartered Accountants, as Teekay&#146;s independent auditors for
    the fiscal year ending December&nbsp;31, 2006.</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    (4)&nbsp;To transact such other business as may properly come
    before the annual meeting or any adjournment or postponement of
    the meeting.</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <B>Adjournments and Postponements</B></TD>
    <TD></TD>
    <TD valign="top">
    Any action on the items of business described above may be
    considered at the annual meeting at the time and on the date
    specified above or at any time and date to which the annual
    meeting may be properly adjourned or postponed.</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <B>Record Date</B></TD>
    <TD></TD>
    <TD valign="top">
    The record date for the annual meeting is April&nbsp;7, 2006.
    Only shareholders of record at the close of business on that
    date will be entitled to notice, and to vote at, the annual
    meeting or any adjournment or postponement of the meeting.</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <B>Voting</B></TD>
    <TD></TD>
    <TD valign="top">
    <B>Your vote is very important. Whether or not you plan to
    attend the annual meeting, we encourage you to read this proxy
    statement and submit your proxy or voting instructions as soon
    as possible. You may submit your proxy for the annual meeting by
    completing, signing, dating and returning your proxy card in the
    enclosed envelope. For specific instructions on how to vote your
    shares, please refer to the section entitled Questions and
    Answers beginning on page&nbsp;2 of this proxy statement and the
    instructions on the proxy or voting instruction card.</B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
By Order of the Board of Directors
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<IMG src="o31085o3108504.gif" alt="-s- Arthur J. Bensler">
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
ARTHUR J. BENSLER
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
Secretary
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 24pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
April&nbsp;28, 2006
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 21pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<I>This notice of annual meeting and proxy statement and form of
proxy are being distributed on or about</I>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<I>April&nbsp;28, 2006.</I>
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">1

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='102'></A>
</DIV>

<!-- link1 "QUESTIONS AND ANSWERS ABOUT THE PROXY MATERIALS AND THE ANNUAL MEETING" -->

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>QUESTIONS AND ANSWERS ABOUT THE PROXY MATERIALS AND THE
ANNUAL MEETING</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<A name='103'></A>
</DIV>

<!-- link1 "Q:Why am I receiving these materials?" -->

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD><B> <I>Q:</I></B></TD>
    <TD>
    <B><I>Why am I receiving these materials?</I></B></TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>A:</TD>
    <TD align="left">
    The Board of Directors (or <I>Board</I>) of Teekay Shipping
    Corporation, a corporation organized in the Republic of the
    Marshall Islands (or<I> Teekay</I>), is providing these proxy
    materials for you in connection with Teekay&#146;s Annual
    Meeting of Shareholders, which will take place on May&nbsp;31,
    2006. As a shareholder, you are invited to attend the annual
    meeting and are entitled and requested to vote on the items of
    business described in this proxy statement.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='104'></A>
</DIV>

<!-- link1 "Q:What information is contained in this proxy statement?" -->

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD><B> <I>Q:</I></B></TD>
    <TD>
    <B><I>What information is contained in this proxy
    statement?</I></B></TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>A:</TD>
    <TD align="left">
    The information included in this proxy statement relates to the
    proposals to be voted on at the annual meeting, the voting
    process, the compensation of directors and our most highly-paid
    executive officers, and certain other information about Teekay.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='105'></A>
</DIV>

<!-- link1 "Q:How may I obtain Teekay&#146;s annual report to shareholders?" -->

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD><B> <I>Q:</I></B></TD>
    <TD>
    <B><I>How may I obtain Teekay&#146;s annual report to
    shareholders?</I></B></TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>A:</TD>
    <TD align="left">
    A copy of our annual report to shareholders is enclosed.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='106'></A>
</DIV>

<!-- link1 "Q:How may I obtain Teekay&#146;s Annual Report on Form 20-F filed with the SEC?" -->

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD><B> <I>Q:</I></B></TD>
    <TD>
    <B><I>How may I obtain Teekay&#146;s Annual Report on
    Form&nbsp;<FONT style="white-space: nowrap">20-F</FONT> filed
    with the SEC?</I></B></TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>A:</TD>
    <TD align="left">
    Shareholders may request a free copy of our 2005 Annual Report
    on Form&nbsp;<FONT style="white-space: nowrap">20-F</FONT> from:</TD>
</TR>

</TABLE>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Teekay Shipping Corporation</B>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<B>Suite&nbsp;2000, Bentall 5</B>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<B>550 Burrard Street</B>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<B>Vancouver, BC V6C 2K2</B>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<B>Attention: Investor Relations</B>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Telephone: (604)&nbsp;844-6654</B>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<B>Email: investor.relations@teekay.com</B>
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    Teekay will also furnish any exhibit to the
    Form&nbsp;<FONT style="white-space: nowrap">20-F</FONT> if
    specifically requested. Copies of the 2005 Annual Report on
    Form&nbsp;<FONT style="white-space: nowrap">20-F</FONT> are also
    available under &#147;SEC Filings&#148; in the Investor Centre
    section of our website at www.teekay.com and at the SEC&#146;s
    EDGAR database on the SEC&#146;s website at www.sec.gov.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='107'></A>
</DIV>

<!-- link1 "Q:What items of business will be voted on at the annual meeting?" -->

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD><B> <I>Q:</I></B></TD>
    <TD>
    <B><I>What items of business will be voted on at the annual
    meeting?</I></B></TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>A:</TD>
    <TD align="left">
    The items of business scheduled to be voted on at the annual
    meeting are:</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="2%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    The election of three directors to Teekay&#146;s Board for a
    term of three years,</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    The amendment and restatement of Teekay&#146;s articles of
    incorporation,&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    The ratification of our independent auditors for the 2006 fiscal
    year.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We will also consider any other business that properly comes
before the annual meeting.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='108'></A>
</DIV>

<!-- link1 "Q:How does the Board recommend that I vote?" -->

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD><B> <I>Q:</I></B></TD>
    <TD>
    <B><I>How does the Board recommend that I vote?</I></B></TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>A:</TD>
    <TD align="left">
    Our Board recommends that you vote your shares &#147;FOR&#148;
    each of the nominees to the Board, &#147;FOR&#148; the approval
    of Teekay&#146;s amended and restated articles of incorporation,
    and &#147;FOR&#148; the ratification of the independent auditors
    for the 2006 fiscal year.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='109'></A>
</DIV>

<!-- link1 "Q:What shares can I vote?" -->

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD><B><I>Q:</I></B></TD>
    <TD>
    <B><I>What shares can I vote?</I></B></TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>A:</TD>
    <TD align="left">
    Each share of Teekay common stock issued and outstanding as of
    the close of business on April&nbsp;7, 2006, the <I>record date
    </I>for the annual meeting, is entitled to be voted on all items
    being voted upon at the annual meeting. The <I>record date
    </I>for the annual meeting is the date used to determine both
    the number of shares of Teekay&#146;s common stock that are
    entitled to be voted at the annual meeting and the identity of
    the <I>shareholders of record </I>and <I>beneficial owners</I>
    of those shares of common stock who are entitled to vote those
    shares at the annual meeting. On the <I>record date </I>for the
    annual meeting we had approximately 74,224,000&nbsp;shares of
    common stock issued and outstanding.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">2
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    You may vote all shares owned by you as of the <I>record date
    </I>for the annual meeting, including (1)&nbsp;shares held
    directly in your name as the <I>shareholder of record</I>,
    including shares purchased through Teekay&#146;s Dividend
    Reinvestment Plan, and (2)&nbsp;shares held for you as the
    <I>beneficial owner </I>through a broker, trustee or other
    nominee such as a bank.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='110'></A>
</DIV>

<!-- link1 "Q:What is the difference between holding shares as a shareholder of record and as a beneficial owner?" -->

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD><B><I>Q:</I></B></TD>
    <TD>
    <B><I>What is the difference between holding shares as a
    shareholder of record and as a beneficial owner?</I></B></TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>A:</TD>
    <TD align="left">
    Most Teekay shareholders hold their shares through a broker or
    other nominee rather than directly in their own name. As
    summarized below, there are some distinctions between shares
    held of record and those owned beneficially.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder
of Record</I></B>
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    If your shares are registered directly in your name with
    Teekay&#146;s transfer agent, The Bank of New York, you are
    considered, with respect to those shares, the <I>shareholder of
    record</I>, and these proxy materials are being sent directly to
    you by Teekay. As the <I>shareholder of record</I>, you have the
    right to grant your voting proxy directly to Teekay or to vote
    in person at the meeting. Teekay has enclosed or sent a proxy
    card for you to use.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Beneficial
Owner</I></B>
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    If your shares are held in a brokerage account or by another
    nominee, you are considered the <I>beneficial owner</I> of
    shares held <I>in street name</I>, and these proxy materials are
    being forwarded to you together with a voting instruction card.
    As the beneficial owner, you have the right to direct your
    broker, trustee or nominee how to vote and are also invited to
    attend the annual meeting.</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    Since a beneficial owner is not the <I>shareholder of
    record</I>, you may not vote these shares in person at the
    meeting unless you obtain a &#147;legal proxy&#148; from the
    broker, trustee or nominee that holds your shares, giving you
    the right to vote the shares at the meeting. Your broker,
    trustee or nominee has enclosed or provided voting instructions
    for you to use in directing the broker, trustee or nominee how
    to vote your shares.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='111'></A>
</DIV>

<!-- link1 "Q:How can I attend the annual meeting?" -->

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD><B><I>Q:</I></B></TD>
    <TD>
    <B><I>How can I attend the annual meeting?</I></B></TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>A:</TD>
    <TD align="left">
    You are entitled to attend the annual meeting only if you were a
    Teekay shareholder as of the close of business on April&nbsp;7,
    2006 or you hold a valid proxy for the annual meeting. You
    should be prepared to present photo identification for
    admittance. In addition, if you are a shareholder of record,
    your name will be verified against the list of shareholders of
    record on the record date prior to your being admitted to the
    annual meeting. If you are not a shareholder of record but hold
    shares through a broker or nominee (<I>i.e.</I>, in street
    name), you should provide proof of beneficial ownership on the
    record date, such as your most recent account statement prior to
    the record date, a copy of the voting instruction card provided
    by your broker, trustee or nominee, or other similar evidence of
    ownership. If you do not provide photo identification or comply
    with the procedures outlined above upon request, you will not be
    admitted to the annual meeting. The meeting is scheduled to
    begin promptly at 9:00&nbsp;a.m., London time.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='112'></A>
</DIV>

<!-- link1 "Q:How can I vote my shares in person at the annual meeting?" -->

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD><B><I>Q:</I></B></TD>
    <TD>
    <B><I>How can I vote my shares in person at the annual
    meeting?</I></B></TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>A:</TD>
    <TD align="left">
    Shares held in your name as the shareholder of record may be
    voted in person at the annual meeting. Shares held beneficially
    in street name may be voted in person only if you obtain a legal
    proxy from the broker, trustee or nominee that holds your shares
    giving you the right to vote the shares. <I>Even if you plan to
    attend the annual meeting, we recommend that you also submit
    your proxy or voting instructions as described below so that
    your vote will be counted if you later decide not to attend the
    meeting.</I></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='113'></A>
</DIV>

<!-- link1 "Q:How can I vote my shares without attending the annual meeting?" -->

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD><B><I>Q:</I></B></TD>
    <TD>
    <B><I>How can I vote my shares without attending the annual
    meeting?</I></B></TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>A:</TD>
    <TD align="left">
    Whether you hold shares directly as the shareholder of record or
    beneficially in street name, you may direct how your shares are
    voted without attending the meeting. If you are a shareholder of
    record, you may vote by submitting a proxy. If you hold shares
    beneficially in street name, you may vote by submitting voting
    instructions to your broker, trustee or nominee.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    Shareholders of record of Teekay common stock may submit proxies
    by completing, signing and dating their proxy cards and mailing
    them in the enclosed envelopes. Teekay shareholders who hold
    shares beneficially in street name may vote by completing,
    signing and dating the voting instruction cards provided and
    mailing them</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">3
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    in the enclosed envelopes, or otherwise as directed in the
    voting instruction card provided by your broker, trustee or
    nominee.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='114'></A>
</DIV>

<!-- link1 "Q:Can I change my vote?" -->

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD><B><I>Q:</I></B></TD>
    <TD>
    <B><I>Can I change my vote?</I></B></TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>A:</TD>
    <TD align="left">
    You may change your vote at any time prior to the vote at the
    annual meeting. If you are the shareholder of record, you may
    change your vote by granting a new proxy bearing a later date
    (which automatically revokes the earlier proxy), by providing a
    written notice of revocation to the Teekay Corporate Secretary
    by mail received prior to your shares being voted, or by
    attending the annual meeting and voting in person. Attendance at
    the meeting will not cause your previously granted proxy to be
    revoked unless you specifically so request. For shares you hold
    beneficially in street name, you may change your vote by
    submitting new voting instructions to your broker, trustee or
    nominee, or, if you have obtained a legal proxy from your broker
    or nominee giving you the right to vote your shares, by
    attending the meeting and voting in person.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='115'></A>
</DIV>

<!-- link1 "Q:Is my vote confidential?" -->

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD><B><I>Q:</I></B></TD>
    <TD>
    <B><I>Is my vote confidential?</I></B></TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>A:</TD>
    <TD align="left">
    Proxy instructions, ballots and voting tabulations that identify
    individual shareholders are handled in a manner that protects
    your voting privacy. Your vote will not be disclosed either
    within Teekay or to third parties, except (1)&nbsp;as necessary
    to meet applicable legal requirements, (2)&nbsp;to allow for the
    tabulation of votes and certification of the vote and
    (3)&nbsp;to facilitate a successful proxy solicitation.
    Occasionally shareholders provide written comments on their
    proxy card, which are then forwarded to Teekay&#146;s management.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='116'></A>
</DIV>

<!-- link1 "Q:How many shares must be present or represented to conduct business at the annual meeting?" -->

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD><B><I>Q:</I></B></TD>
    <TD>
    <B><I>How many shares must be present or represented to conduct
    business at the annual meeting?</I></B></TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>A:</TD>
    <TD align="left">
    The general quorum requirement for holding the annual meeting
    and transacting business is that holders of a majority of shares
    of Teekay common stock entitled to vote must be present in
    person or represented by proxy. However, the number of shares
    required to be represented at the annual meeting to constitute a
    quorum is reduced from a majority to one-third of the shares
    entitled to vote on a specific matter if that matter is
    recommended by the <I>Continuing Directors</I> or, for purposes
    of voting on the election of directors, if all nominees are
    recommended by the <I>Continuing Directors</I>. <I>Continuing
    Directors</I> means the incumbent members of the Board of
    Directors that were members of the Board on June&nbsp;15, 1999
    and any persons who have been or are subsequently elected or
    appointed to the Board if such persons are recommended by a
    majority of the <I>Continuing Directors</I>. The <I>Continuing
    Directors </I>have recommended for election all the nominees for
    director set out in this proxy statement, have recommended the
    approval of Teekay&#146;s amended and restated articles of
    incorporation in the form attached as Exhibit&nbsp;A to this
    proxy statement and have recommended ratification of the
    selection of Ernst&nbsp;&#38; Young LLP, Chartered Accountants,
    as Teekay&#146;s independent auditors for the 2006 fiscal year.
    Accordingly, the quorum for each of these matters will be
    one-third of the shares entitled to vote, present in person or
    represented by proxy. Both abstentions and broker non-votes are
    counted for the purpose of determining the presence of a quorum.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='117'></A>
</DIV>

<!-- link1 "Q:How are votes counted?" -->

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD><B><I>Q:</I></B></TD>
    <TD>
    <B><I>How are votes counted?</I></B></TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>A:</TD>
    <TD align="left">
    In the election of directors, you may vote &#147;FOR&#148; all
    of the nominees or your vote may be &#147;WITHHELD&#148; with
    respect to one or more of the nominees. For the other item of
    business, you may vote &#147;FOR,&#148; &#147;AGAINST&#148; or
    &#147;ABSTAIN.&#148; If you &#147;ABSTAIN,&#148; the abstention
    has the same effect as a vote &#147;AGAINST.&#148;</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    If you provide specific instructions for a given item, your
    shares will be voted as you instruct on such item. If you sign
    your proxy card or voting instruction card without giving
    specific instructions, your shares will be voted in accordance
    with the recommendations of the Board (<I>i.e</I>.,
    &#147;FOR&#148; all of Teekay&#146;s nominees to the Board,
    &#147;FOR&#148; the approval of Teekay&#146;s amended and
    restated articles of incorporation, &#147;FOR&#148; ratification
    of the independent auditors and in the discretion of the proxy
    holders on any other matters that properly come before the
    meeting).</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    If you hold shares beneficially in street name and do not
    provide your broker with voting instructions, your shares may
    constitute &#147;broker non-votes.&#148; Generally, broker
    non-votes occur on a matter when a broker is not permitted to
    vote on that matter without instructions from the beneficial
    owner and instructions are not given. In tabulating the voting
    result for any particular proposal, shares that constitute
    broker non-votes are not considered entitled to vote on that
    proposal. Thus, broker non-votes will not affect the outcome of
    any matter being voted on at the meeting, assuming that a quorum
    is obtained.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">4
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='118'></A>
</DIV>

<!-- link1 "Q:What is the voting requirement to approve each of the proposals?" -->

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD><B><I>Q:</I></B></TD>
    <TD>
    <B><I>What is the voting requirement to approve each of the
    proposals?</I></B></TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>A:</TD>
    <TD align="left">
    In the election of directors, the three persons receiving the
    highest number of &#147;FOR&#148; votes at the annual meeting
    will be elected. The other proposals require the affirmative
    &#147;FOR&#148; vote of a majority of those shares present in
    person or represented by proxy and entitled to vote on that
    proposal at the annual meeting.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='119'></A>
</DIV>

<!-- link1 "Q:Is cumulative voting permitted for the election of directors?" -->

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD><B><I>Q:</I></B></TD>
    <TD>
    <B><I>Is cumulative voting permitted for the election of
    directors?</I></B></TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>A:</TD>
    <TD align="left">
    No.&nbsp;Teekay does not allow you to cumulate your vote in the
    election of directors. For all matters proposed for shareholder
    action at the annual meeting, each share of common stock
    outstanding as of the close of business on the record date is
    entitled to one vote.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='120'></A>
</DIV>

<!-- link1 "Q:What happens if additional matters are presented at the annual meeting?" -->

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD><B><I>Q:</I></B></TD>
    <TD>
    <B><I>What happens if additional matters are presented at the
    annual meeting?</I></B></TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>A:</TD>
    <TD align="left">
    Other than the three items of business described in this proxy
    statement, we are not aware of any business to be acted upon at
    the annual meeting. If you grant a proxy, the persons named as
    proxyholders, Bjorn Moller, Peter&nbsp;Evensen and Arthur J.
    Bensler, will have the discretion to vote your shares on any
    additional matters properly presented for a vote at the meeting.
    If for any unforeseen reason any of our nominees is not
    available as a candidate for director, the persons named as
    proxyholders will vote your proxy for such candidate or
    candidates as may be nominated by the Board, unless the Board
    chooses to reduce the number of directors serving on the Board.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='121'></A>
</DIV>

<!-- link1 "Q:What should I do if I receive more than one set of voting materials?" -->

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD><B><I>Q:</I></B></TD>
    <TD>
    <B><I>What should I do if I receive more than one set of voting
    materials?</I></B></TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>A:</TD>
    <TD align="left">
    You may receive more than one set of voting materials, including
    multiple copies of this proxy statement and multiple proxy or
    voting instruction cards. For example, if you hold your shares
    in more than one brokerage account, you may receive a separate
    voting instruction card for each brokerage account in which you
    hold shares. If you are a shareholder of record and your shares
    are registered in more than one name, you will receive more than
    one proxy card. Please complete, sign, date and return each
    proxy card and voting instruction card that you receive.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='122'></A>
</DIV>

<!-- link1 "Q:How may I obtain a separate set of voting materials?" -->

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD><B><I>Q:</I></B></TD>
    <TD>
    <B><I>How may I obtain a separate set of voting
    materials?</I></B></TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>A:</TD>
    <TD align="left">
    If you share an address with another shareholder, you may
    receive only one set of proxy materials (including our annual
    report to shareholders, our 2005 Annual Report on
    Form&nbsp;<FONT style="white-space: nowrap">20-F</FONT> and this
    proxy statement) unless you have provided contrary instructions.
    If you wish to receive a separate set of proxy materials now or
    in the future, you may contact us to request a separate copy of
    these materials at:</TD>
</TR>

</TABLE>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Teekay Shipping Corporation</B>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<B>Suite&nbsp;2000, Bentall 5</B>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<B>550 Burrard Street</B>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<B>Vancouver, BC V6C 2K2</B>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<B>Attention: Investor Relations</B>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Telephone: (604)&nbsp;844-6654</B>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<B>Email: investor.relations@teekay.com</B>
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    Similarly, if you share an address with another shareholder and
    have received multiple copies of our proxy materials, you may
    contact us as indicated above to request delivery of a single
    copy of these materials.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='123'></A>
</DIV>

<!-- link1 "Q:Who will bear the cost of soliciting votes for the annual meeting?" -->

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD><B><I>Q:</I></B></TD>
    <TD>
    <B><I>Who will bear the cost of soliciting votes for the annual
    meeting?</I></B></TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>A:</TD>
    <TD align="left">
    Teekay is making this solicitation and will pay the entire cost
    of preparing, assembling, printing, mailing and distributing
    these proxy materials and soliciting votes. In addition to the
    mailing of these proxy materials, the solicitation of proxies or
    votes may be made in person, by telephone or by electronic
    communication by our directors, officers and employees, who will
    not receive any additional compensation for such solicitation
    activities. Upon request, we will reimburse brokerage houses and
    other custodians, nominees and fiduciaries for forwarding proxy
    and solicitation materials to shareholders.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">5

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='124'></A>
</DIV>

<!-- link1 "Q:Where can I find the voting results of the annual meeting?" -->

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD><B><I>Q:</I></B></TD>
    <TD>
    <B><I>Where can I find the voting results of the annual
    meeting?</I></B></TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>A:</TD>
    <TD align="left">
    We intend to announce preliminary voting results at the annual
    meeting and publish final results in our report on
    Form&nbsp;<FONT style="white-space: nowrap">6-K</FONT> for the
    second quarter of fiscal 2006.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='125'></A>
</DIV>

<!-- link1 "Q:What is the deadline to propose actions for consideration at next year&#146;s annual meeting of shareholders or to nominate individuals to serve as directors?" -->

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD><B><I>Q:</I></B></TD>
    <TD>
    <B><I>What is the deadline to propose actions for consideration
    at next year&#146;s annual meeting of shareholders or to
    nominate individuals to serve as directors?</I></B></TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>A:</TD>
    <TD align="left">
    You may submit proposals, including director nominations, for
    consideration at future shareholder meetings as indicated below.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Shareholder
Proposals</I></B>
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    For a shareholder proposal to be considered for inclusion in
    Teekay&#146;s proxy statement for the annual meeting next year,
    the written proposal must be received by Teekay&#146;s Corporate
    Secretary at the address set forth below no later than
    December&nbsp;29, 2006. If the date of next year&#146;s annual
    meeting is moved more than 30&nbsp;days before or after the
    anniversary date of this year&#146;s annual meeting, the
    deadline for inclusion of proposals in Teekay&#146;s proxy
    statement will be instead a reasonable time before Teekay begins
    to print and mail its proxy materials. Such proposals also will
    need to comply with Teekay&#146;s bylaws provisions regarding
    business to be brought before a shareholder meeting. Proposals
    should be sent by mail or facsimile addressed to:</TD>
</TR>

</TABLE>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Corporate Secretary</B>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<B>Teekay Shipping Corporation</B>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<B>Suite&nbsp;2000, Bentall 5</B>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<B>550 Burrard Street</B>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<B>Vancouver, BC V6C 2K2</B>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Facsimile: (604)&nbsp;609-6447</B>
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    For a shareholder proposal that is not intended to be included
    in Teekay&#146;s proxy statement as described above, the
    shareholder must deliver a proxy statement and form of proxy to
    holders of a sufficient number of shares of Teekay common stock
    to approve that proposal, provide the information required by
    Teekay&#146;s bylaws and give timely notice to Teekay&#146;s
    Corporate Secretary in accordance with the bylaws, which, in
    general, require that the notice be received by the Corporate
    Secretary not less than 60&nbsp;days or more than 90&nbsp;days
    prior to the meeting date.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nomination
of Director Candidates</I></B>
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    You may propose director candidates for consideration by the
    Board&#146;s Nominating and Governance Committee. Any such
    recommendation should include the nominee&#146;s name and
    qualifications for Board membership and should be directed to
    Teekay&#146;s Corporate Secretary at the address set forth
    above. In addition, Teekay&#146;s bylaws permit shareholders to
    nominate directors for election at an annual shareholder
    meeting. To nominate a director, the shareholder must deliver a
    proxy statement and form of proxy to holders of a sufficient
    number of shares of Teekay common stock to elect such nominee
    and provide the information required by Teekay&#146;s bylaws, as
    well as a statement by the nominee acknowledging that he or she
    will owe a fiduciary obligation to Teekay and its shareholders.
    In addition, the shareholder must give timely notice to
    Teekay&#146;s Corporate Secretary in accordance with the bylaws,
    which, in general, require that the notice be received by the
    Corporate Secretary within the time period described above under
    &#147;Shareholder Proposals.&#148;</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Copy
of Bylaws Provisions</I></B>
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    You may contact Teekay&#146;s Corporate Secretary at the address
    set forth above for a copy of the relevant bylaws provisions
    regarding the requirements for making shareholder proposals and
    nominating director candidates. Teekay&#146;s bylaws are also
    available under &#147;Corporate Governance&#148; in the Investor
    Centre section of Teekay&#146;s website at www.teekay.com.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">6

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='127'></A>
</DIV>

<!-- link1 "Q:How may I communicate with Teekay&#146;s Board or the non-management directors on Teekay&#146;s Board?" -->

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD><B><I>Q:</I></B></TD>
    <TD>
    <B><I>How may I communicate with Teekay&#146;s Board or the
    non-management directors on Teekay&#146;s Board?</I></B></TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>A:</TD>
    <TD align="left">
    You may submit any communication intended for Teekay&#146;s
    Board or the non-management directors by directing the
    communication by mail or fax addressed as follows:</TD>
</TR>

</TABLE>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Nominating and Governance Committee</B>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<B>Teekay Shipping Corporation</B>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<B>Bayside House, Bayside Executive Park</B>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<B>West Bay Street&nbsp;&#38; Blake Road</B>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<B>P.O. Box&nbsp;AP-59212</B>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<B>Nassau, The Bahamas</B>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<B>Attention: The Chairman of the Board</B>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Facsimile: (242)&nbsp;502-8840</B>
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">7

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='128'></A>
</DIV>

<!-- link1 "CORPORATE GOVERNANCE PRINCIPLES AND BOARD MATTERS" -->

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>CORPORATE GOVERNANCE PRINCIPLES AND BOARD MATTERS</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Teekay is committed to sound corporate governance principles.
These principles contribute to Teekay&#146;s business success
and are essential to maintaining Teekay&#146;s integrity in the
marketplace. Teekay&#146;s Corporate Governance Guidelines and
Standards of Business Conduct are available under
&#147;Corporate Governance&#148; in the Investor Centre section
of its website at www.teekay.com.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='129'></A>
</DIV>

<!-- link1 "Board Independence" -->

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Board Independence</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Board has determined that each of our directors, other than
Bjorn Moller, our President and Chief Executive Officer, and C.
Sean Day, our Chair of the Board, has no material relationship
with Teekay (either directly or as a partner, shareholder or
officer of an organization that has a relationship with Teekay)
and is <I>independent </I>within the meaning of Teekay&#146;s
director independence standards, which reflect the New York
Stock Exchange (or <I>NYSE</I>) director independence standards,
as currently in effect and as they may be changed from time to
time. In making this determination the Board considered the
relationships of Thomas Kuo-Yuen Hsu and Axel&nbsp;Karlshoej
with our largest shareholder and concluded these relationships
do not materially affect their independence as directors. Please
read &#147;Certain Relationships and Related Transactions&#148;
for additional information. Other than C. Sean Day, the current
director standing for re-election at the annual meeting is an
independent director, as is the new director nominee who is
standing for initial election at the annual meeting.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Board has determined that each member of each of
Teekay&#146;s Board committees has no material relationship with
Teekay (either directly or as a partner, shareholder or officer
of an organization that has a relationship with Teekay) and is
<I>independent </I>within the meaning of Teekay&#146;s director
independence standards. In addition, the Board has determined
that each member of the Audit Committee also satisfies
Teekay&#146;s Audit Committee member independence standards,
which reflect applicable NYSE and SEC audit committee member
independence standards.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='130'></A>
</DIV>

<!-- link1 "Board Structure and Committee Composition" -->

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Board Structure and Committee Composition</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
As of the date of this proxy statement, our Board has nine
directors and the following three committees: (1)&nbsp;Audit,
(2)&nbsp;Compensation and Human Resources, and
(3)&nbsp;Nominating and Governance. The function of each of the
committees is described below. Each of the committees operates
under a written charter adopted by the Board. All of the
committee charters are available under &#147;Corporate
Governance&#148; in the Investor Centre section of Teekay&#146;s
website at www.teekay.com. During fiscal 2005, the Board held
seven meetings. Each director attended all Board meetings,
except for two Board meetings at which one director was absent
from each. Each director attended all applicable committee
meetings. The membership of each of the committees for fiscal
2005 and the number of meetings of each held in fiscal 2005 are
as follows:
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 9pt; ">

<TR style="font-size: 1pt;">
    <TD width="3%">&nbsp;</TD>
    <TD width="52%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Compensation and</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Nominating and</B></TD><TD></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD colspan="2" align="left" nowrap><B>Name of Director</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Audit</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Human Resources</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Governance</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="white">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B><I>Non-Employee Directors:</I></B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Bruce C. Bell</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>X</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="white">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Ian D. Blackburne</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>X*</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    C. Sean Day</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="white">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Peter S. Janson</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>X#</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Axel Karlshoej</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>X*</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="white">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Thomas Kuo-Yuen Hsu</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>X</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Eileen A. Mercier</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>X*</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>X</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="white">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Tore I. Sandvold</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B><I>Employee Directors:</I></B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="white">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Bjorn Moller</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>Number of Meetings in Fiscal 2005</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 3.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<DIV style="width: 18%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top">
    <TD>X&nbsp;</TD>
    <TD align="left">
    = Committee member</TD>
</TR>

</TABLE>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top">
    <TD>*&nbsp;</TD>
    <TD align="left">
    = Chair</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD># =&nbsp;</TD>
    <TD align="left">
    Appointed to the Board of Directors and the Audit Committee on
    July&nbsp;15, 2005 upon resignation of Leif O. Hoegh from the
    Board of Directors and the Audit Committee on that date.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">8

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B><I>Audit Committee</I></B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Teekay&#146;s Audit Committee is composed entirely of directors
who satisfy applicable NYSE and SEC audit committee independence
standards. All members of the committee are financially literate
and the Board has determined that Eileen A. Mercier qualifies as
an audit committee financial expert.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Audit Committee assists the Board in fulfilling its
responsibilities for general oversight of:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="2%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    the integrity of Teekay&#146;s financial statements;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    Teekay&#146;s compliance with legal and regulatory requirements;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    the independent auditors&#146; qualifications and
    independence;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    the performance of Teekay&#146;s internal audit function and
    independent auditors.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Specific duties of the Audit Committee include, among others:
preparing an Audit Committee report for inclusion in the annual
proxy statement; annually reviewing the Audit Committee charter
and the Committee&#146;s performance; appointing, evaluating and
compensating Teekay&#146;s independent auditors; pre-approving
the retention of the independent auditors for all audit and
permitted non-audit services; reviewing Teekay&#146;s financial
statements; reviewing Teekay&#146;s internal controls, internal
audit function and corporate policies with respect to financial
information; overseeing the establishment of procedures for
handling complaints concerning financial, accounting, internal
accounting controls and auditing matters; overseeing the
development of, periodically reviewing and monitoring compliance
with and the effectiveness of Teekay&#146;s Standards of
Business Conduct; and periodically reviewing risks that may have
a significant impact on Teekay&#146;s financial statements. The
Audit Committee works closely with Teekay&#146;s management,
internal auditors and independent auditors. The Audit Committee
has the authority to obtain advice and assistance from, and
receive appropriate funding from Teekay for, outside legal,
accounting and other advisors as the Audit Committee deems
necessary to fulfill its duties.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The report of the Audit Committee is included on page&nbsp;29 of
this proxy statement. The Committee&#146;s charter is available
under &#147;Corporate Governance&#148; in the Investor Centre
section of Teekay&#146;s website at www.teekay.com.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B><I>Compensation and Human Resources Committee</I></B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Compensation and Human Resources Committee:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="2%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    reviews and approves corporate goals and objectives relevant to
    the Chief Executive Officer&#146;s compensation, evaluates the
    Chief Executive Officer&#146;s performance in light of these
    goals and objectives and determines the Chief Executive&#146;s
    compensation;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    reviews and approves the evaluation process and compensation
    structure for executives, other than the Chief Executive
    Officer, evaluates their performance and sets their compensation
    based on this evaluation;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    reviews and makes recommendations to the Board regarding
    compensation for directors;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    establishes and administers long-term incentive compensation and
    equity-based plans;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    oversees Teekay&#146;s other compensation plans, policies and
    programs.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Specific duties of the Compensation and Human Resources
Committee include, among others: developing an executive
compensation philosophy and annually reviewing executive
compensation programs and practices; approving special
employment, severance,
<FONT style="white-space: nowrap">change-in</FONT>-control and
retirement agreements or arrangements for executive officers;
monitoring director and executive stock ownership; and annually
evaluating the Committee&#146;s performance and its charter. The
Compensation and Human Resources Committee has the authority to
retain compensation consultants and other compensation experts
in fulfilling its duties and to compensate these advisors.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The report of the Compensation and Human Resources Committee is
included beginning on page&nbsp;24 of this proxy statement. The
Committee&#146;s charter is available under &#147;Corporate
Governance&#148; in the Investor Centre section of Teekay&#146;s
website at www.teekay.com.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B><I>Nominating and Governance Committee</I></B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Nominating and Governance Committee:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="2%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    identifies individuals qualified to become Board members;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    selects and recommends to the Board director and committee
    member candidates;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">9

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="2%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    develops and recommends to the Board corporate governance
    principles and policies applicable to Teekay, monitors
    compliance with these principles and policies and recommends to
    the Board appropriate changes; and</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    oversees the evaluation of the Board and its committees.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Specific duties of the Nominating and Governance Committee
include, among others: annually assessing the size and
composition of the Board; periodically reviewing director
qualification criteria; annually reviewing and, as appropriate,
recommending directors for continued service; overseeing the
Board&#146;s committee structure; recommending Board committee
assignments; monitoring compliance with Board and Board
committee membership criteria; developing procedures for
selecting the Chair of the Board; determining the method of
communication between employees, shareholders and other
interested parties and non-management directors; and annually
evaluating the Committee&#146;s performance and its charter. The
Committee has the authority to obtain assistance from outside
advisors in fulfilling its duties and to compensate these
advisors. A member of the Nominating and Governance Committee
receives communications directed to non-management directors.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Committee&#146;s charter is available under &#147;Corporate
Governance&#148; in the Investor Centre section of Teekay&#146;s
website at www.teekay.com.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='131'></A>
</DIV>

<!-- link1 "Consideration of Director Nominees" -->

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Consideration of Director Nominees</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B><I>Shareholder Nominees</I></B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The policy of the Nominating and Governance Committee is to
consider properly submitted shareholder nominations for Board of
Directors candidates as described below under &#147;Identifying
and Evaluating Nominees for Directors.&#148; In evaluating these
nominations, the Committee considers the balance of knowledge,
experience and capability on the Board and the membership
guidelines set forth below under &#147;Director
Qualifications.&#148; Any shareholder nominations proposed for
consideration by the Committee should include the nominee&#146;s
name and qualifications for Board membership and should be
mailed, addressed to:
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Corporate Secretary</B>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<B>Teekay Shipping Corporation</B>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<B>Suite&nbsp;2000, Bentall 5</B>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<B>550 Burrard Street</B>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<B>Vancouver, BC V6C 2K2</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In addition, Teekay&#146;s bylaws permit shareholders to
nominate directors for consideration at an annual shareholder
meeting. For a description of the process for nominating
directors in accordance with Teekay&#146;s bylaws, see
<I>&#147;Questions and Answers about the Proxy Materials and the
Annual Meeting&nbsp;&#151; What is the deadline to propose
actions for consideration at next year&#146;s annual meeting of
shareholders or to nominate individuals to serve as
directors?&#148; </I>on page&nbsp;6.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B><I>Director Qualifications</I></B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Teekay&#146;s Corporate Governance Guidelines include Board
membership guidelines that the Nominating and Governance
Committee should consider in reviewing and in recommending to
the Board director nominees. Under these guidelines, members of
the Board should have high standards of personal and
professional ethics, integrity and values. Among other things
the Nominating and Governance Committee should consider are the
nominee&#146;s training, experience and ability in making and
overseeing policy in business, government or education sectors;
willingness and availability to carry out his or her duties
effectively; and commitment to act in the best interests of
Teekay and its stakeholders and to assess objectively Board,
committee and management performance. In evaluating director
nominees, the Nominating and Governance Committee also assesses
an individual&#146;s qualifications, skills, experience,
background and knowledge in light of the overall composition of
the existing Board. Teekay&#146;s Corporate Governance
Guidelines, which include a more detailed discussion of desired
director qualifications, are available under &#147;Corporate
Governance&#148; in the Investor Centre section of its website
at www.teekay.com.
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">10

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B><I>Identifying and Evaluating Nominees for Directors</I></B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Nominating and Governance Committee uses a variety of
methods for identifying and evaluating director nominees for
recommendation to the Board for approval. The Nominating and
Governance Committee regularly assesses the appropriate size of
the Board, and whether any vacancies on the Board are expected
due to retirement or otherwise. In the event that vacancies are
anticipated or otherwise arise, the Nominating and Governance
Committee considers potential director candidates. Candidates
may come to the attention of the Nominating and Governance
Committee through current Board members, professional search
firms, shareholders or others. These candidates are evaluated at
regular or special meetings of the Nominating and Governance
Committee, and may be considered at any time during the year. As
described above, the Nominating and Governance Committee
considers properly submitted shareholder nominations for
candidates for the Board. Following verification of the
shareholder status of persons proposing candidates, any
recommendations are aggregated and considered by the Nominating
and Governance Committee at a regularly scheduled meeting. If
any materials are provided by a shareholder in connection with
the nomination of a director candidate, these materials are
forwarded to the Nominating and Governance Committee. The
Nominating and Governance Committee also reviews materials
provided by professional search firms or other parties in
connection with a nominee who is not proposed by a shareholder.
In evaluating these nominations, the Nominating and Governance
Committee seeks to achieve a balance of knowledge, experience
and capability on the Board.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='132'></A>
</DIV>

<!-- link1 "Executive Sessions" -->

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Executive Sessions</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Teekay&#146;s non-management directors hold at least four
executive sessions each year at which the non-management
directors meet without management directors or other executives
present. The sessions are scheduled and chaired by the Chair of
the Board. Any non-management director can request that
additional executive sessions be scheduled.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='133'></A>
</DIV>

<!-- link1 "Communications with the Board" -->

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Communications with the Board</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Individuals may communicate with the Board by writing to
Teekay&#146;s Board by mail or fax addressed to:
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Teekay Shipping Corporation</B>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<B>Bayside House, Bayside Executive Park</B>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<B>West Bay Street&nbsp;&#38; Blake Road</B>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<B>P.O. Box&nbsp;AP-59212</B>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<B>Nassau, The Bahamas</B>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<B>Attention: The Chairman of the Board</B>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Facsimile: (242)&nbsp;502-8840</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Communications that are intended specifically for non-management
directors should be addressed to the Nominating and Governance
Committee and sent to the above address.
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">11

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='134'></A>
</DIV>

<!-- link1 "DIRECTOR COMPENSATION" -->

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>DIRECTOR COMPENSATION</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following table provides information on Teekay&#146;s
compensation and reimbursement practices during fiscal 2005 for
non-employee directors, as well as the range of compensation
paid to non-employee directors who served during fiscal 2005.
Teekay&#146;s employee directors do not receive any separate
compensation for their Board activities.
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>NON-EMPLOYEE DIRECTOR COMPENSATION TABLE</B>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<B>FOR FISCAL 2005</B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 9pt; ">

<TR style="font-size: 1pt;">
    <TD width="3%">&nbsp;</TD>
    <TD width="78%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="white">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Annual cash retainer</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>50,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Additional cash retainer for:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="white">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &#149; Chair of the Board</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>228,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &#149; Chair of the Audit Committee</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>16,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="white">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &#149; Member of Audit Committee</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>8,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &#149; Member of Compensation and Human Resources Committee</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>5,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="white">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    &#149; Member of Nominating and Governance Committee</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>5,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Annual retainer paid in Teekay securities(1)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>70,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="white">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Additional retainer paid in Teekay securities to Chair of the
    Board(1)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>319,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Reimbursement for expenses attendant to Board membership</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>Yes</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="white">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Range of total compensation earned by directors (for the year)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>125,000 to $667,000</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 3.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<DIV style="width: 18%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>(1)</TD>
    <TD align="left">
    Each director may elect to receive the securities portion of the
    annual retainer by a grant of restricted stock or stock options,
    valued using the Black-Scholes valuation model, under
    Teekay&#146;s 2003 Equity Incentive Plan. During 2005, certain
    of the directors elected to receive this annual retainer in the
    form of stock options to purchase an aggregate of
    6,600&nbsp;shares of our common stock at an exercise price of
    $46.80&nbsp;per share, 3,000&nbsp;shares of our common stock at
    an exercise price of $42.33&nbsp;per share, and
    3,500&nbsp;shares of our common stock at an exercise price of
    $47.13&nbsp;per share. These options expire March&nbsp;10, 2015,
    June&nbsp;2, 2015 and July&nbsp;15, 2015, respectively, ten
    years after the date of their respective grant, and vest as to
    1/3 of the shares on each of the first three anniversaries of
    their respective grant date. Further, in March 2006 an election
    was made to receive a retroactive portion of this annual
    retainer that was referable to 2005 compensation in the form of
    11,000&nbsp;shares of our common stock at an exercise price of
    $38.94&nbsp;per share. These options expire March&nbsp;7, 2016,
    ten years after their grant, with vesting as to 1/3 of the
    shares on the date of their grant and 1/3 of the shares on each
    of the first two anniversaries of their grant date. Certain
    other directors elected to receive this annual retainer in the
    form of 13,640&nbsp;shares of restricted stock
    (11,290&nbsp;shares of restricted stock on March&nbsp;10, 2005
    and 2,350&nbsp;shares of restricted stock on June&nbsp;2, 2005),
    which also vest with respect to 1/3 of the shares on each of the
    first three anniversaries of their grant date.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;
Each director is expected to acquire shares having a value of at
least four times the value of the annual cash retainer paid to
them for their Board service (excluding fees for Chair or
Committee service) by no later than May&nbsp;14, 2008 or the
fifth anniversary of the date on which the director joined the
Board, whichever is later.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
As at March&nbsp;31, 2006, the non-employee directors held stock
options to purchase a total of 471,656&nbsp;shares of
Teekay&#146;s common stock at exercise prices ranging from
$12.96875 to $47.13&nbsp;per share and with expiration dates
between July&nbsp;13, 2008 and March&nbsp;7, 2016, ten years
after each option&#146;s respective grant date.
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">12
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='135'></A>
</DIV>

<!-- link1 "PROPOSALS TO BE VOTED ON" -->

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>PROPOSALS TO BE VOTED ON</B>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>PROPOSAL&nbsp;NO. 1</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<A name='136'></A>
</DIV>

<!-- link1 "ELECTION OF DIRECTORS" -->

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>ELECTION OF DIRECTORS</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Teekay&#146;s Board of Directors currently consists of nine
directors divided into three classes: Class&nbsp;I,
Class&nbsp;II and Class&nbsp;III. The number of directors in
each class is required to be as nearly equal as possible. At the
2006 annual meeting, three Class&nbsp;I directors will be
elected to serve for three-year terms until the 2009 annual
meeting and until their successors are elected. The remaining
six directors are divided into two classes of three
Class&nbsp;II directors and three Class&nbsp;III directors,
whose terms expire in 2007 and 2008, respectively. Votes may not
be cast for a greater number of director nominees than three.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Information regarding the business experience of each nominee is
provided below. There are no family relationships among
Teekay&#146;s executive officers and directors.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If you sign your proxy or voting instruction card but do not
give instructions for the voting of directors, your shares will
be voted &#147;FOR&#148; the three persons recommended by the
Board. If you wish to give specific instructions for the voting
of directors, you may do so by indicating your instructions on
your proxy or voting instruction card.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The three persons receiving the highest number of
&#147;FOR&#148; votes represented by shares of Teekay common
stock, present in person or represented by proxy and entitled to
be voted at the annual meeting, will be elected.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Board expects that all of the nominees will be available to
serve as directors. If for any unforeseen reason any of the
Board&#146;s nominees is not available as a candidate for
director, the proxyholders, Bjorn Moller, Peter&nbsp;Evensen and
Arthur J. Bensler, will vote your proxy for such other candidate
or candidates as may be nominated by the Board, unless the Board
chooses to reduce the number of directors serving on the Board.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>Our Board recommends a vote&nbsp;FOR the election to the
Board of the each of the following nominees.</I></B>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>INFORMATION ABOUT THE DIRECTOR NOMINEES</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Class&nbsp;I Directors (terms would expire in 2009)</B>
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="24%"></TD>
    <TD width="1%"></TD>
    <TD width="75%"></TD>
</TR>

<TR>
    <TD valign="top">
    <B>Dr.&nbsp;Ian D. Blackburne</B> <BR>
     Director since 2000 <BR>
     Age&nbsp;60</TD>
    <TD></TD>
    <TD valign="top">
    Dr.&nbsp;Blackburne has over 25&nbsp;years&#146; experience in
    petroleum refining and marketing, and in March 2000 he retired
    as Managing Director and Chief Executive Officer of Caltex
    Australia Limited, a large petroleum refining and marketing
    conglomerate based in Australia. He is currently serving as
    Chairman of CSR Limited and is a director of Suncorp-Metway Ltd.
    and Symbion Health Limited, Australian public companies in the
    diversified industrial and financial sectors.
    Dr.&nbsp;Blackburne is also the Chairman of the Australian
    Nuclear Science and Technology Organization.</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <B>James R. Clark </B> <BR>
     New Director Nominee <BR>
     Age&nbsp;55</TD>
    <TD></TD>
    <TD valign="top">
    Mr.&nbsp;Clark has been President and Chief Operating Officer of
    Baker Hughes Incorporated since February 2004 prior to which he
    was Vice President, Marketing and Technology from 2003 to 2004
    having joined Baker Hughes Incorporated in 2001 as Vice
    President and President of Baker Petrolite Corporation.
    Mr.&nbsp;Clark was President and Chief Executive Officer of
    Consolidated Equipment Companies, Inc. from 2000 to 2001 and
    President of Sperry-Sun, a Halliburton company, from 1996 to
    1999. He has also held financial, operational and leadership
    positions with FMC Corporation, Schlumberger Limited and Grace
    Energy Corporation.</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <B>C. Sean Day </B> <BR>
     Director since 1998 <BR>
     Age&nbsp;56</TD>
    <TD></TD>
    <TD valign="top">
    Mr.&nbsp;Day has served as Teekay&#146;s Chair of the Board
    since September 1999. Mr.&nbsp;Day has also served as Chair of
    Teekay GP L.L.C., a wholly owned subsidiary of Teekay and the
    general partner of Teekay LNG Partners L.P., a publicly traded
    entity controlled by Teekay, since Teekay GP L.L.C. was formed
    in November 2004. From 1989 to 1999, he was President and Chief
    Executive Officer of Navios Corporation, a large bulk shipping
    company based</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">13

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="24%"></TD>
    <TD width="1%"></TD>
    <TD width="75%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    in Stamford, Connecticut. Prior to this, Mr.&nbsp;Day held a
    number of senior management positions in the shipping and
    finance industry. He is currently serving as a director of Kirby
    Corporation. Mr.&nbsp;Day also serves as the Chair of the Board
    of Resolute Investments, Inc., our largest shareholder. Please
    read &#147;Certain Relationships and Related Transactions.&#148;</TD>
</TR>

</TABLE>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>INFORMATION ABOUT DIRECTORS CONTINUING IN OFFICE</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Class&nbsp;II Directors (terms expire in 2007)</B>
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="24%"></TD>
    <TD width="1%"></TD>
    <TD width="75%"></TD>
</TR>

<TR>
    <TD valign="top">
    <B>Peter S. Janson </B> <BR>
     Director since 2005 <BR>
     Age&nbsp;58</TD>
    <TD></TD>
    <TD valign="top">
    Mr.&nbsp;Janson was appointed as a director in July 2005. From
    1999 to 2002, Mr.&nbsp;Janson was the Chief Executive Officer of
    Amec Inc. (formerly Agra Inc.), a publicly traded engineering
    and construction company. Prior to joining Agra Inc., he served
    as the President and Chief Executive Officer of Canadian
    operations for Asea Brown Boveri Inc. from 1986 to 1994, a
    company for which he also served as Chief Executive Officer of
    U.S.&nbsp;operations from 1996 to 1999. Mr.&nbsp;Janson has also
    served as a member of the Business Round Table in the United
    States, and as a member of the National Advisory Board on
    Science and Technology in Canada. He currently serves as Vice
    Chairman of the Royal Ontario Museum. He is also a director of
    Terra Industries Inc., Tembec Inc. and ATS Automation Tooling
    Systems Inc.</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <B>Eileen A. Mercier </B> <BR>
     Director since 2000 <BR>
     Age&nbsp;58</TD>
    <TD></TD>
    <TD valign="top">
    Ms.&nbsp;Mercier has over 35&nbsp;years&#146; experience in a
    wide variety of financial and strategic planning positions,
    including Senior Vice President and Chief Financial Officer for
    Abitibi-Price Inc. from 1990 to 1995. She formed her own
    management consulting company, Finvoy Management Inc. and acted
    as president from 1995 to 2003. She currently serves as a
    director for CGI Group Ltd., Hydro One Inc., ING Bank of Canada,
    ING Canada Inc., Winpak&nbsp;Limited, Shermag Inc., The
    University Health Network, York University and the Ontario
    Teachers&#146; Pension Plan.</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <B>Tore I. Sandvold </B> <BR>
     Director since 2003 <BR>
     Age&nbsp;59</TD>
    <TD></TD>
    <TD valign="top">
    Mr.&nbsp;Sandvold has over 30&nbsp;years&#146; experience in the
    oil and energy industry. From 1973 to 1987 he served in the
    Norwegian Ministry of Industry, Oil&nbsp;&#38; Energy, in a
    variety of positions in the area of domestic and international
    energy policy. From 1987 to 1990 he served as the Counselor for
    Energy in the Norwegian Embassy in Washington,&nbsp;D.C. From
    1990 to 2001 Mr.&nbsp;Sandvold served as Director General of the
    Norwegian Ministry of Oil&nbsp;&#38; Energy, with overall
    responsibility for Norway&#146;s national and international oil
    and gas policy. From 2001 to 2002 he served as Chairman of the
    Board of Petoro, the Norwegian state-owned oil company that is
    the largest oil asset manager on the Norwegian continental
    shelf. From 2002 to the present, Mr.&nbsp;Sandvold, through his
    company, Sandvold Energy AS, has acted as advisor to companies
    and advisory bodies in the energy industry. Mr.&nbsp;Sandvold
    serves on other boards, including those of Schlumberger
    Limited., E. on Ruhrgas Norge AS, Lambert Energy Advisory Ltd.,
    University of Stavanger, Offshore Northern Seas, and the Energy
    Policy Foundation of Norway.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Class&nbsp;III Directors (terms expire in 2008)</B>
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="24%"></TD>
    <TD width="1%"></TD>
    <TD width="75%"></TD>
</TR>

<TR>
    <TD valign="top">
    <B>Thomas Kuo-Yuen Hsu </B> <BR>
     Director since 1993 <BR>
     Age&nbsp;59</TD>
    <TD></TD>
    <TD valign="top">
    Mr.&nbsp;Kuo-Yuen Hsu has served 30&nbsp;years with, and is
    presently a director of, CNC Industries, an affiliate of the
    Expedo Group of Companies that manages a fleet of seven vessels
    ranging in size from 30,000 dead weight tonnes (dwt)&nbsp;to
    70,000 dwt. He has been a Committee Director of the Britannia
    Steam Ship Insurance Association Limited since 1988. Please read
    &#147;Certain Relationships and Related Transactions.&#148;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">14

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="24%"></TD>
    <TD width="1%"></TD>
    <TD width="75%"></TD>
</TR>

<TR>
    <TD valign="top">
    <B>Axel Karlshoej </B> <BR>
     Director since 1989 <BR>
     Age&nbsp;65</TD>
    <TD></TD>
    <TD valign="top">
    Mr.&nbsp;Karlshoej was Chair of the Teekay Board from June 1994
    to September 1999, and has been Chair Emeritus since stepping
    down as Chair. Mr.&nbsp;Karlshoej is President and serves on the
    compensation committee of Nordic Industries, a California
    general construction firm with which he has served for the past
    30&nbsp;years. He is the older brother of the late J. Torben
    Karlshoej, Teekay&#146;s founder. Please read &#147;Certain
    Relationships and Related Transactions.&#148;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <B>Bjorn Moller </B> <BR>
     Director since April 1998 <BR>
     Age&nbsp;48</TD>
    <TD></TD>
    <TD valign="top">
    Mr.&nbsp;Moller became Teekay&#146;s President and Chief
    Executive Officer in April 1998. Mr.&nbsp;Moller has served as
    Vice Chair and a Director of Teekay GP L.L.C. since it was
    formed in November 2004. Mr.&nbsp;Moller has over
    20&nbsp;years&#146; experience in shipping and has served in
    senior management positions with Teekay for more than
    15&nbsp;years. He has headed Teekay&#146;s overall operations
    since January 1997, following his promotion to the position of
    Chief Operating Officer. Prior to this, Mr.&nbsp;Moller headed
    Teekay&#146;s global chartering operations and business
    development activities.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">15

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='137'></A>
</DIV>

<!-- link1 "PROPOSAL NO. 2" -->

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>PROPOSAL&nbsp;NO. 2</B>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>APPROVAL OF AMENDED AND RESTATED ARTICLES OF INCORPORATION</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Board of Directors has determined that certain amendments to
Teekay&#146;s Articles of Incorporation are advisable and has
voted unanimously that the proposed Amended and Restated
Articles of Incorporation in the form attached as Exhibit&nbsp;A
to this Proxy Statement be put before Teekay&#146;s shareholders
for approval at the annual meeting.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Following the redomiciliation of Teekay from Liberia to the
Republic of the Marshall Islands on December&nbsp;20, 1999,
Teekay&#146;s Articles of Incorporation were not amended to
change references in the Articles of Incorporation from the
relevant sections of the Liberian Business Corporations Act to
the relevant and corresponding sections of the Marshall Islands
Business Corporations Act. If approved by Teekay&#146;s
shareholders at the annual meeting, the form of Amended and
Restated Articles of Incorporation attached as Exhibit&nbsp;A to
this Proxy Statement will change these references and conform
Teekay&#146;s Articles of Incorporation to the terms of the
Marshall Islands Business Corporations Act.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Our Board recommends a vote&nbsp;FOR the approval of
Teekay&#146;s Amended and Restated Articles of Incorporation in
the form attached as Exhibit&nbsp;A to this Proxy Statement.</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Vote Required</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Approval of Teekay&#146;s Amended and Restated Articles of
Incorporation requires the affirmative vote of the majority of
the shares of Teekay common stock present in person or
represented by proxy and entitled to be voted at the meeting.
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">16
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='138'></A>
</DIV>

<!-- link1 "PROPOSAL NO. 3" -->

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>PROPOSAL&nbsp;NO. 3</B>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>RATIFICATION OF INDEPENDENT AUDITORS</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Audit Committee of the Board has appointed Ernst&nbsp;&#38;
Young LLP, Chartered Accountants, to examine the financial
statements of Teekay for the fiscal year ending
December&nbsp;31, 2006. Ernst&nbsp;&#38; Young LLP, Chartered
Accountants, examined the financial statements of Teekay for the
fiscal year ended December&nbsp;31, 2005 and also provided
certain tax and other audit-related services during fiscal 2005.
See &#147;Principal Auditor Fees and Services&#148; on
page&nbsp;28.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Our Board recommends a vote&nbsp;FOR the ratification of the
selection of Ernst&nbsp;&#38; Young LLP, Chartered Accountants,
as Teekay&#146;s independent auditors for fiscal 2006.</B> If
the appointment is not ratified, Teekay&#146;s Audit Committee
will consider whether it should select this firm as
Teekay&#146;s independent auditors.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Vote Required</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Ratification of the appointment of Ernst&nbsp;&#38; Young LLP,
Chartered Accountants, as Teekay&#146;s independent auditors for
fiscal 2006 requires the affirmative vote of a majority of the
shares of Teekay common stock present in person or represented
by proxy and entitled to be voted at the meeting.
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">17

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='139'></A>
</DIV>

<!-- link1 "COMMON STOCK OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT" -->

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>COMMON STOCK OWNERSHIP OF CERTAIN</B>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<B>BENEFICIAL OWNERS AND MANAGEMENT</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following table sets forth information regarding beneficial
ownership, as of April&nbsp;7, 2006 (except as otherwise noted),
of Teekay common stock by:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    each person or entity known by Teekay to beneficially own more
    than 5% of Teekay&#146;s common stock;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    all current Teekay directors and executive officers as a group.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The information provided in the table is based on information
filed with the SEC and information provided to Teekay.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The number of shares beneficially owned by each person, entity,
director or executive officer is determined under SEC rules and
the information is not necessarily indicative of beneficial
ownership for any other purpose. Under SEC rules a person or
entity beneficially owns any shares as to which the person or
entity has or shares voting or investment power. In addition a
person or entity beneficially owns any shares that the person or
entity has the right to acquire as of June&nbsp;6, 2006
(60&nbsp;days after April&nbsp;7, 2006) through the exercise of
any stock option or other right. Unless otherwise indicated,
each person or entity has sole voting and investment power (or
shares such powers with his or her spouse) with respect to the
shares set forth in the following table.
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Beneficial Ownership Table</B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 9pt; ">

<TR style="font-size: 1pt;">
    <TD width="3%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="18%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Amount of Shares</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Percent of</B></TD><TD></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD colspan="2" align="left" nowrap><B>Name and Address of Beneficial Owner</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Beneficially Owned</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Class</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="white">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Resolute Investments, Inc. (1)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>32,631,380</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>45.7</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <I>Bayside House, Bayside Executive Park<BR>
     West Bay Street&nbsp;&#38; Blake Road<BR>
     P.O. Box&nbsp;AP-59214<BR>
     Nassau, The Bahamas</I></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="white">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    FMR Corp., Edward C. Johnson 3d, and Abigail P Johnson, as a
    group (2)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>11,485,580</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>15.0</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <I>82 Devonshire Street<BR>
     Boston, Massachusetts 02109</I></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="white">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Neuberger Berman, Inc. and Neuberger Berman, LLC, as a group (3)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5,078,407</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>7.1</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <I>605 Third Avenue<BR>
    New York, New York 10158-3698</I></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="white">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Iridian Asset Management, LLC (4)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5,053,415</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>7.1</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <I>276 Post Road West<BR>
     Westport, Connecticut 06880-4704</I></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="white">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    All current directors and executive officers, as a group (17
    persons) (5)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,288,634</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1.7</TD>
    <TD align="left" valign="bottom" nowrap>%</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 3.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<DIV style="width: 18%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>(1)</TD>
    <TD align="left">
    This information is based on the Schedule&nbsp;13D/ A filed with
    the SEC on March&nbsp;31, 2005. Please read &#147;Certain
    Relationships and Related Transactions.&#148;</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(2)</TD>
    <TD align="left">
    Includes sole voting power as to 192,400&nbsp;shares and sole
    dispositive power as to 11,485,580&nbsp;shares. This information
    is based on the Schedule 13G/ A filed by this group with the SEC
    on February&nbsp;14, 2006.</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(3)</TD>
    <TD align="left">
    Includes sole voting power as to 2,644,213&nbsp;shares, shared
    voting power as to 1,444,500&nbsp;shares and shared dispositive
    power as to 5,078,407&nbsp;shares. Neuberger Berman, LLC and
    Neuberger Berman Management Inc. both have shared voting and
    dispositive power. Neuberger Berman, LLC and Neuberger Berman
    Management Inc. serve as sub-adviser and investment manager,
    respectively, of Neuberger Berman, Inc.&#146;s mutual funds.
    This information is based on the Schedule&nbsp;13G/ A filed by
    this group with the SEC on February&nbsp;15, 2006.</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(4)</TD>
    <TD align="left">
    Includes shared voting power and shared dispositive power as to
    5,053,415&nbsp;shares. This information is based on the
    Schedule&nbsp;13G filed by this investor with the SEC on
    February&nbsp;3, 2006.</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(5)</TD>
    <TD align="left">
    Includes 1,136,762&nbsp;shares of common stock subject to stock
    options exercisable by June&nbsp;6, 2006 (60&nbsp;days after
    April&nbsp;7, 2006). Excludes shares beneficially owned by
    Resolute Investments, Inc. See &#147;Certain Relationships and
    Related Transactions.&#148;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">18

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='140'></A>
</DIV>

<!-- link1 "CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS" -->

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
As at December&nbsp;31, 2005, Resolute Investments, Inc. (or
<I>Resolute</I>) owned 45.7% of Teekay&#146;s outstanding common
stock. One of Teekay&#146;s directors, C. Sean Day, who is also
chair of Teekay&#146;s Board is a director and the Chairman of
Resolute. Two additional Teekay directors, Thomas Kuo-Yuen Hsu
and Axel Karlshoej, are among the Managing Directors of The
Kattegat Trust Company Limited, which is the trustee of the
trust that owns all of Resolute&#146;s outstanding equity.
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">19

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='141'></A>
</DIV>

<!-- link1 "EXECUTIVE OFFICERS" -->

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>EXECUTIVE OFFICERS</B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 9pt; ">

<TR style="font-size: 1pt;">
    <TD width="41%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="49%">&nbsp;</TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD align="left" nowrap><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Age</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Position</B></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Moller, Bjorn*</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>48</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Director, President and Chief Executive Officer</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Antturi, Peter</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>47</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    President, Teekay Navion Shuttle Tankers, a division of Teekay
    Shipping Corporation</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Bensler, Arthur</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>48</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    EVP, General Counsel and Secretary</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Chan, Bruce</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>33</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    SVP, Corporate Resources</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Evensen, Peter</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>47</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    EVP and Chief Financial Officer</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Glendinning, David</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>52</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    President, Teekay Gas and Offshore, a division of Teekay
    Shipping Corporation</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Lok, Vincent</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>38</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    SVP and Treasurer</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Westgarth, Graham</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>51</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    President, Teekay Marine Services, a division of Teekay Shipping
    Corporation</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Wogan, Paul</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>44</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    President, Teekay Tanker Services, a division of Teekay Shipping
    Corporation</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 3.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<DIV style="width: 18%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top">
    <TD>*&nbsp;</TD>
    <TD align="left">
    For information regarding Mr.&nbsp;Moller, see
    &#147;Proposal&nbsp;No.&nbsp;1: Election of
    Directors&nbsp;&#151; Information About Directors Continuing in
    Office&#148; above.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>Peter Antturi </I></B>joined Teekay in September 1991.
Since then, he has held a number of finance and accounting
positions, including Controller from March 1992 until his
promotion to the position of Senior Vice President, Treasurer
and Chief Financial Officer in October 1997. In 2003 he became
President of Navion AS upon the closing of Teekay&#146;s
acquisition of Navion. In November 2003 Mr.&nbsp;Antturi was
appointed President of our Teekay Navion Shuttle Tankers
division, which is responsible for the shuttle tanker activities
and projects of our two wholly owned subsidiaries, Navion AS and
Ugland Nordic Shipping AS. Prior to joining Teekay,
Mr.&nbsp;Antturi held various accounting and finance roles in
the shipping industry since 1985.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>Arthur Bensler </I></B>joined Teekay in September 1998 as
General Counsel. He was promoted to the position of Vice
President in March 2002 and became the corporate Secretary of
Teekay in May 2003. He was appointed Senior Vice President in
February 2004 and Executive Vice President in January 2006.
Prior to joining Teekay, Mr.&nbsp;Bensler was a partner in a
large Vancouver, Canada law firm, where he practiced corporate,
commercial and maritime law from 1986 until joining Teekay.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>Bruce Chan </I></B>joined Teekay in September 1995. Since
then, in addition to spending a year in Teekay&#146;s London
office, Mr.&nbsp;Chan has held a number of finance and
accounting positions with the Company, including Vice President,
Strategic Development from February 2004 until his promotion to
the position of Senior Vice President, Corporate Resources in
September 2005. Prior to joining Teekay, Mr.&nbsp;Chan worked as
a Chartered Accountant in the Vancouver, Canada office of
Ernst&nbsp;&#38; Young.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>Peter Evensen </I></B>joined Teekay in May 2003 as Senior
Vice President, Treasurer and Chief Financial Officer. He was
appointed Executive Vice President and Chief Financial Officer
in February 2004. Mr.&nbsp;Evensen has served as the Chief
Executive Officer and Chief Financial Officer of Teekay GP
L.L.C. since it was formed in November 2004 and as a Director of
Teekay GP L.L.C. since January 2005. Mr.&nbsp;Evensen has over
20&nbsp;years&#146; experience in banking and shipping finance.
Prior to joining Teekay, Mr.&nbsp;Evensen was Managing Director
and Head of Global Shipping at J.P.&nbsp;Morgan Securities Inc.
and worked in other senior positions for its predecessor firms.
His international industry experience includes positions in New
York, London and Oslo.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>David Glendinning </I></B>joined Teekay in January 1987.
Since then, he has held a number of senior positions, including
Vice President, Marine and Commercial Operations from January
1995 until his promotion to the position of Senior Vice
President, Customer Relations and Marine Project Development in
February 1999. In November 2003 Mr.&nbsp;Glendinning was
appointed President of our Teekay Gas and Offshore division,
which is responsible for our initiatives in the liquefied
natural gas (LNG)&nbsp;business and other areas of gas activity
as well as building on our international presence in the
floating storage and offtake (FSO)&nbsp;business and related
offshore activities. Prior to joining Teekay,
Mr.&nbsp;Glendinning, who is a Master Mariner, had
18&nbsp;years&#146; sea service on oil tankers of various types
and sizes.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>Vincent Lok </I></B>joined Teekay in June 1993. Since
then, he has held a number of finance and accounting positions,
including Controller from 1997 until his promotion to the
position of Vice President, Finance in March 2002. He
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">20

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
was appointed Senior Vice President and Treasurer in February
2004. Prior to joining Teekay, Mr.&nbsp;Lok worked in the
Vancouver, Canada audit practice of Deloitte&nbsp;&#38; Touche.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>Graham Westgarth </I></B>joined Teekay in February 1999 as
Vice President, Marine Operations. He was promoted to the
position of Senior Vice President, Marine Operations in December
1999. In November 2003 Mr.&nbsp;Westgarth was appointed
President of our Teekay Marine Services division, which is
responsible for all of Teekay&#146;s marine and technical
operations as well as marketing a range of services and products
to third parties, such as marine consulting services and
computer-based marine training software. He has extensive
shipping industry experience. Prior to joining Teekay,
Mr.&nbsp;Westgarth was General Manager of Maersk Company (UK),
where he joined as Master in 1987. His international industry
experience includes 18&nbsp;years&#146; sea service, with five
years in a command position.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I>Paul Wogan </I></B>joined Teekay in November 2000 as
Managing Director of the London office. He was promoted to the
position of Vice President, Business Development in March 2002.
In November 2003 Mr.&nbsp;Wogan was appointed President of our
Teekay Tanker Services division, which is responsible for the
commercial management of our conventional crude oil and product
tanker transportation services. Prior to joining Teekay,
Mr.&nbsp;Wogan was with the chartering arm of a major crude oil
and product carrier fleet controlled by the Ceres Hellenic Group
(Livanos), which subsequently founded Seachem Tankers Ltd., a
chemical tanker company, where he served as the Chief Executive
Officer from 1997 until joining Teekay.
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">21

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='142'></A>
</DIV>

<!-- link1 "EXECUTIVE COMPENSATION" -->

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>EXECUTIVE COMPENSATION</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following table discloses compensation earned during fiscal
2005 by Teekay&#146;s Chief Executive Officer and Teekay&#146;s
four other most highly paid executive officers (together with
the Chief Executive Officer, the <I>named executive
officers</I>), as well as their compensation earned from Teekay
for each of fiscal 2004 and 2003.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='143'></A>
</DIV>

<!-- link1 "Summary Compensation Table (1)" -->

<DIV align="center" style="font-size: 8.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B><FONT style="font-size: 10.0pt">Summary Compensation
Table</FONT></B><FONT style="font-size: 10.0pt">&nbsp;
</FONT>(1)
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 9pt; ">

<TR style="font-size: 1pt;">
    <TD width="35%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>


<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Annual Compensation</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="10" align="center" nowrap><B>Long-Term Compensation</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="10" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Securities</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Restricted</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Underlying</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Stock</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Options/SARs</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>All Other</B></TD><TD></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD align="left" nowrap><B>Year</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Salary</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Bonus&nbsp;</B>(2)</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Awards</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>(#)&nbsp;</B>(3)</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Compensation</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="white">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    2005</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>2,065,808</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>2,375,032</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>&#150;0&#150;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>155,900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>561,847</TD>
    <TD align="left" valign="bottom" nowrap>(4)</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    2004</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1,995,290</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>3,616,433</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>9,796,220</TD>
    <TD align="left" valign="bottom" nowrap>(5)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>257,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>4,804,551</TD>
    <TD align="left" valign="bottom" nowrap>(6)</TD>
</TR>

<TR valign="bottom" bgcolor="white">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    2003</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1,768,223</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1,688,510</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1,450,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>377,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>747,854</TD>
    <TD align="left" valign="bottom" nowrap>(7)</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 3.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<DIV style="width: 18%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top">
    <TD>(1)</TD>
    <TD align="left">
    Cash amounts set forth in this table were paid primarily in
    Canadian Dollars, but are reported here in U.S.&nbsp;Dollars
    using an exchange rate of 1.16 Canadian Dollars for each
    U.S.&nbsp;Dollar for 2005; 1.20 Canadian Dollars for each
    U.S.&nbsp;Dollar for 2004; and 1.30 Canadian Dollars for each
    U.S.&nbsp;Dollar for 2003. The actual U.S.&nbsp;Dollar
    equivalent amounts recognized by us were significantly lower
    than the amounts indicated for 2003, due to a more favorable
    exchange rate resulting from our currency hedging activities
    related to these compensation payments.</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(2)</TD>
    <TD align="left">
    Bonus payments relate to the performance of the individual and
    Teekay in the given year.</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(3)</TD>
    <TD align="left">
    These numbers have been revised to reflect the May 2004 stock
    split.</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(4)</TD>
    <TD align="left">
    Consists of $517,783 for the payment of employer contributions
    to pension plans, and $44,064 for the payment of life insurance
    premiums. In addition, the Company pays for parking, tax
    planning services and annual medical checkups for the named
    executive officers, which in the aggregate amounts to
    approximately $30,000.</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(5)</TD>
    <TD align="left">
    Consists of $521,000 in value of restricted stock units that
    vest fully on December&nbsp;31, 2006 and $9,275,220 in value of
    restricted stock units, granted as special bonus payments not
    related to a specific fiscal year, that vest with respect to 1/3
    of the shares on each of March&nbsp;31, 2006, March&nbsp;31,
    2007 and November&nbsp;30, 2007. The named executive officers
    hold a total of 74,800&nbsp;shares of restricted stock and
    236,070 restricted stock units. The restricted stock units are
    payable in cash or shares of Teekay&#146;s common stock
    (purchased on the open market), at the election of the grantee.</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(6)</TD>
    <TD align="left">
    Consists of $4,388,078 as the cash portion of special bonus
    payments not related to a specific fiscal year, $394,544 for the
    payment of employer contributions to pension plans, and $21,929
    for the payment of life insurance premiums. In addition, the
    Company pays for parking, tax planning services and annual
    medical checkups for the named executive officers, which in the
    aggregate amounts to less than $30,000.</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(7)</TD>
    <TD align="left">
    Consists of special bonus payments not related to a specific
    fiscal year, payments to provide pension and similar benefits
    and certain other perquisites to the named executive officers.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='144'></A>
</DIV>

<!-- link1 "Option/SAR Grants In Fiscal 2005" -->

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Option/ SAR Grants In Fiscal 2005</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following table provides information regarding aggregate
option/stock appreciation right (or <I>SAR</I>) grants in fiscal
2005 by Teekay to the named executive officers.
</DIV>

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 9pt; ">

<TR style="font-size: 1pt;">
    <TD width="28%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="16%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Percent of Total</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD align="left" nowrap><B>Number of Securities</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Options/SARs</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD align="center" nowrap><B>Underlying</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Granted to</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Weighted Average</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD align="center" nowrap><B>Options/SARs</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Employees in Fiscal</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Exercise Price</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD align="center" nowrap><B>Granted </B>(1)</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Year </B>(2)</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>($/Share)</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Expiration Date</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="white">
    <TD align="center" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    155,900</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>24%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>46.80</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap>March&nbsp;10, 2015</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 3.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<DIV style="width: 18%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top">
    <TD>(1)</TD>
    <TD align="left">
    Only options (not SARs) were granted to the named executive
    officers in fiscal 2005. All such options granted in fiscal 2005
    are exercisable in equal one-third amounts after each of the
    first three anniversaries of the grant date.</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(2)</TD>
    <TD align="left">
    In fiscal 2005, Teekay granted options to employees and
    directors to purchase an aggregate of 618,700&nbsp;shares of
    common stock and SARs with respect to 25,900&nbsp;shares of
    common stock. The SARs only permit settlement in cash, and will
    not result in the issuance of any shares of Teekay&#146;s common
    stock.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">22

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='145'></A>
</DIV>

<!-- link1 "Aggregated Fiscal 2005 Year-End Options/SARs" -->

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Aggregated Fiscal 2005&nbsp;Year-End Options/ SARs</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following table provides information on the aggregate named
executive officers&#146; unexercised options/ SARs at
December&nbsp;31, 2005.
</DIV>

<CENTER>
<TABLE width="30%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 9pt; ">

<TR style="font-size: 1pt;">
    <TD width="1%">&nbsp;</TD>
    <TD width="52%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="41%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>


<TR style="font-size: 8.0pt;">
    <TD colspan="6" align="center" nowrap><B>Number of Securities Underlying</B></TD><TD></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD colspan="6" align="center" nowrap><B>Unexercised Options/SARs at</B></TD><TD></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD colspan="6" align="center" nowrap><B>Fiscal Year-End</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="6" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD colspan="2" align="left" nowrap><B>Exercisable</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Unexercisable</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="white">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>388,604</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>420,031</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">23
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='146'></A>
</DIV>

<!-- link1 "REPORT OF THE COMPENSATION AND HUMAN RESOURCES COMMITTEE OF THE BOARD OF DIRECTORS ON EXECUTIVE COMPENSATION" -->

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>REPORT OF THE COMPENSATION AND HUMAN RESOURCES COMMITTEE</B>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<B>OF THE BOARD OF DIRECTORS ON EXECUTIVE COMPENSATION</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Teekay&#146;s executive compensation program is administered by
the Compensation and Human Resources Committee of the Board of
Directors (or <I>Committee</I>). The Committee is composed
entirely of non-employee directors who are independent, as
determined by the Board, within the meaning of applicable NYSE
standards.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Committee is responsible for:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="2%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    determining and approving compensation for Teekay&#146;s Chief
    Executive Officer, directors and other executive officers;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    making recommendations to the Board regarding incentive
    compensation and equity-based plans;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    providing general oversight of other Teekay compensation plans,
    policies and programs.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The specific duties and responsibilities of the Committee are
described above under &#147;Corporate Governance Principles and
Board Matters&nbsp;&#151; Board Structure and Committee
Composition&nbsp;&#151; Compensation and Human Resources
Committee&#148; and in the Committee&#146;s charter, which is
available under &#147;Corporate Governance&#148; in the Investor
Centre section of Teekay&#146;s website at www.teekay.com.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Committee met five times during fiscal 2005. The Committee
has direct access to independent compensation consultants and
other experts for information as it deems appropriate, and used
independent consultants from time to time during the year.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Committee has furnished the following report on executive
compensation for fiscal 2005.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Executive Compensation Philosophy</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Employees are the key to our success. The goals of Teekay&#146;s
compensation programs are to:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="2%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    balance Teekay&#146;s need to attract and retain key talent as
    it becomes an increasingly visible, global corporation against
    the need for compensation that is weighted towards pay for
    performance;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    support the achievement of Teekay&#146;s business strategies and
    the enhancement of shareholder value;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    encourage Teekay&#146;s executives to work together as &#147;One
    Teekay&#148; over the longer-term and to accept direct ownership
    of their individual business goals.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Executive Compensation Program and Practices</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
There are five main program elements:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="2%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    <I>Base salary:</I> acknowledges the market value of the
    particular executive role, internal pay equity, and each
    individual executive&#146;s ability to sustain performance;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    <I>Annual incentive:</I> communicates critical corporate success
    factors, links all executives to the results of the corporation,
    reflects individual performance for the year, and motivates
    executives to achieve higher levels of success with an
    &#145;uncapped&#146; formula;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    <I>Pensions, benefits, and perquisites:</I> provide competitive
    levels to attract and retain key talent and help provide
    financial stability;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    <I>Long-term Incentive Plan:</I> provides focus on the returns
    realized by the shareholders, acknowledges and retains those
    executives who can influence the long-term performance of the
    corporation by rewarding them for delivering corporate results.
    The long-term incentive plan provides a balance against
    short-term decisions and encourages a longer time horizon for
    decisions;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    <I>Vision Incentive Plan (or VIP)</I>: rewards exceptional
    corporate performance and shareholder return in the innovative,
    successful transformation of the corporation (to be assessed
    until the end of 2010). This is a discrete plan that expires
    after 2010 and is not a permanent element of Teekay&#146;s
    Executive Compensation Program.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The pay for performance elements of Teekay&#146;s Executive
Compensation Program (excluding the VIP) should be greater than
50% of total compensation, and longer-term incentive
compensation should provide greater opportunity than annual cash
compensation at target.
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">24

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We acknowledge that there is not a strong comparator group for
Teekay due to its unique business mix of spot revenues and
longer-term fixed rate contract revenues. Therefore, our
practice is to target total executive compensation (excluding
the VIP) against a blended comparator group calculated using the
average of:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="2%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    executive compensation of publicly traded US oil and gas
    corporations with revenues of $1 to 10&nbsp;billion;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    executive compensation of publicly traded Canadian oil and gas
    corporations with revenues of $2&nbsp;billion to 11&nbsp;billion.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
As these oil and gas comparator corporations have greater
revenues than Teekay, we target up to the median total
compensation of the blended comparator group. The decision to
target up to the median, as opposed to at the median or higher,
provides room for increasing Teekay&#146;s executive
compensation as Teekay grows. In addition, a group of
U.S.&nbsp;marine transportation companies is used as a secondary
reference as these companies are considered competitors for
talent, especially at the executive level.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Executive Compensation for 2005</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B><I>Base Salary</I></B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Base salary is targeted up to median of the comparator group and
is determined by individual performance.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B><I>Annual Incentive Plan</I></B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our annual short term incentive program for executives is linked
to both company performance and individual performance. In 2005,
two-thirds of the annual incentive award was based on
Teekay&#146;s corporate performance and one-third was based on
each executive&#146;s individual performance.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Teekay&#146;s corporate performance was measured using the
following financial measures:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="2%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    Return on invested capital for our spot tanker segment relative
    to our spot tanker peer group;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    Return on invested capital for each of our segments relative to
    their weighted average cost of capital;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    Total shareholder return relative to our peer group.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In 2005, our spot tanker segment generated the highest return on
invested capital compared to the companies in our spot tanker
peer group. In addition, each of our segments generated returns
in excess of their weighted average cost of capital, thereby
generating economic value for our shareholders. Due to our
strategy of growing our long-term fixed rate business to create
sustainable earnings throughout the shipping cycles, we had
relatively less exposure to the strong spot market in 2005. This
resulted in a relatively lower total shareholder return for
Teekay in 2005 compared to its peer group, which is more heavily
focused on the spot tanker market. However, overall, 2005 was a
strong financial year for Teekay and it achieved the second
highest annual net income in its history.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B><I>Long-term Incentive Programs</I></B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
For fiscal 2005, our executive officers received stock option
grants under Teekay&#146;s 2003 Equity Incentive Plan. Each
stock option grant allows the executive officer to acquire
shares of Teekay&#146;s common stock, subject to the completion
of a three-year vesting period and continued employment with
Teekay. These shares may be acquired at a fixed price per share
(i.e., the fair market value on the grant date) and have a
ten-year term. From time to time, we also grant shares of
restricted stock or restricted stock units to reward exceptional
performance and encourage retention.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In 2005, Teekay adopted the VIP to reward exceptional corporate
performance and shareholder returns and to reward a shift away
from cycle-dependent results. This plan will result in an award
pool for senior management based on two measures:
(a)&nbsp;economic profit from 2005 to 2010; and (b)&nbsp;the
increase in market value added (or <I>MVA</I>)&nbsp;from 2001 to
2010. The VIP terminates on December&nbsp;31, 2010. From 2005 to
2010, annual economic profit contributions will be made to the
award pool based upon the degree to which Teekay&#146;s annual
return on invested capital exceeds its weighted average cost of
capital. Each contribution may be positive or negative. At the
end of 2010, a MVA contribution will be made to the VIP award
pool if two threshold requirements are met: (a)&nbsp;shares of
Teekay&#146;s common stock must have a market value at that time
equal to at least 120% of their book value; and
(b)&nbsp;Teekay&#146;s total shareholder return (or <I>TSR</I>)
for the period from the beginning of 2001 to the end of 2010
must be above the 25th&nbsp;percentile relative to the TSR of
the S&#38;P 500 (as calculated in accordance with
U.S.&nbsp;securities regulations) during the same period. If
both of the threshold requirements are met, then a MVA
contribution will be
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">25

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
made to the award pool. The amount of this MVA contribution will
range from a low of 1.5% of Teekay&#146;s increase in MVA, for
TSR performance between the 25th&nbsp;and 50th&nbsp;percentiles
relative to the S&#38;P 500, to a maximum of 6% of Teekay&#146;s
increase in MVA, for TSR performance above the
90th&nbsp;percentile relative to the S&#38;P 500; the increase
in Teekay&#146;s MVA being calculated for the period from the
beginning of 2001 to the end of 2010. Individual awards relating
to increases in MVA are capped at ten times the
individual&#146;s annual base salary and target annual incentive
award.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In 2008, if the VIP&#146;s award pool has a cumulative positive
balance based on economic profit contributions for the preceding
three years, then an interim distribution may be made to
participants in an amount not greater than half of the award
pool. In 2011, the balance of the VIP award pool will be
distributed to the participants. Fifty percent of any
distribution from the award pool, in 2008 and in 2011, must be
paid in a form that is equity-based, with vesting on half of
this percentage deferred for one year and vesting on the
remaining half of this percentage deferred for two years.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Executive Share Ownership Guidelines</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In 2005 we implemented share ownership guidelines for the
executives of Teekay. The guidelines are for common share
holdings with an aggregate value of three times base salary for
the CEO, two times base salary for Presidents and Executive Vice
Presidents, and one times base salary for Senior Vice
Presidents. The guidelines should be achieved by March 2010 or,
for executives subsequently joining Teekay or achieving a
position covered by the guidelines, within five years after the
guidelines become applicable to them.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The undersigned members of the Compensation and Human Resources
Committee have submitted this Report to the Board of Directors.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 24pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Axel Karlshoej, Chair
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
Ian D. Blackburne
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
Thomas Kuo-Yuen Hsu
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">26

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='147'></A>
</DIV>

<!-- link1 "STOCK PERFORMANCE GRAPH" -->

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>STOCK PERFORMANCE GRAPH</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The graph below shows the cumulative total shareholder return
assuming the investment of $100 on December&nbsp;31, 2000 (and
the reinvestment of dividends after such date) in each of Teekay
common stock, the Dow&nbsp;Jones Marine Transportation Index and
the S&#38;P 500 Index. Past performance is not necessarily an
indicator of future results.
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<IMG src="o31085o3108505.gif" alt="(PERFORMANCE LINE GRAPH)">
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">27

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='148'></A>
</DIV>

<!-- link1 "PRINCIPAL AUDITOR FEES AND SERVICES" -->

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>PRINCIPAL AUDITOR FEES AND SERVICES</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Audit Committee has appointed Ernst&nbsp;&#38; Young LLP,
Chartered Accountants, as Teekay&#146;s independent auditors for
fiscal 2006.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Fees Incurred by Teekay for Ernst&nbsp;&#38; Young LLP
Services</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following table shows the fees billed for audit and other
services provided by Ernst&nbsp;&#38; Young LLP, Chartered
Accountants, for fiscal 2005 and 2004.
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10.0pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="3%">&nbsp;</TD>
    <TD width="68%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<TR style="font-size: 8.0pt;">
    <TD colspan="2" align="left" nowrap><B>Fees</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2005</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2004</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="white">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Audit Fees (1)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>973,975</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>907,777</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Audit-Related Fees (2)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>215,131</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>395,176</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="white">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Tax Fees (3)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>212,509</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>232,640</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    All Other Fees (4)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>2,167</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1,900</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="white">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Total</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1,403,782</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom" nowrap>1,537,493</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 3.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<DIV style="width: 18%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top">
    <TD>(1)</TD>
    <TD align="left">
    Audit fees represent fees for professional services provided in
    connection with the audit of Teekay&#146;s consolidated
    financial statements and review of its quarterly consolidated
    financial statements and audit services provided in connection
    with other statutory or regulatory filings. The audit fees for
    2005 include $293,225 of fees paid to Ernst&nbsp;&#38; Young LLP
    by Teekay LNG Partners L.P. (or <I>Teekay LNG</I>), a publicly
    traded entity controlled by Teekay, that were approved by the
    Audit Committee of Teekay LNG.</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(2)</TD>
    <TD align="left">
    Audit-related fees consisted primarily of accounting
    consultations, employee benefit plan audits, services related to
    business acquisitions, services related to the regulatory
    filings for the initial and follow-on public offerings of Teekay
    LNG and divestitures and other attestation services. The
    audit-related fees for 2005 include $86,350 ($252,545 in 2004)
    of fees related to the public offerings of Teekay LNG paid to
    Ernst&nbsp;&#38; Young LLP by Teekay LNG, that were approved by
    the Audit Committee of Teekay LNG.</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(3)</TD>
    <TD align="left">
    For fiscal 2005 and 2004, respectively, tax fees principally
    included international tax planning fees of $2,100 and $62,455,
    corporate tax compliance fees of $52,600 and $38,849 and
    personal and expatriate tax services fees of $157,809 and
    $131,336.</TD>
</TR>

<TR>
    <TD style="font-size: 3.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(4)</TD>
    <TD align="left">
    All other fees principally include subscription fees to an
    internet database of accounting information.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;
The Audit Committee has the authority to pre-approve permissible
audit-related and non-audit services to be performed by
Teekay&#146;s independent auditors and associated fees.
Engagements for proposed services either may be separately
pre-approved by the Audit Committee or entered into pursuant to
detailed pre-approval policies and procedures established by the
Audit Committee, as long as the Audit Committee is informed on a
timely basis of any engagement entered into on that basis. The
Audit Committee separately pre-approved all engagements and fees
paid to Teekay&#146;s independent auditor in fiscal 2005.
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">28

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='149'></A>
</DIV>

<!-- link1 "REPORT OF THE AUDIT COMMITTEE OF THE BOARD OF DIRECTORS" -->

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>REPORT OF THE AUDIT COMMITTEE OF</B>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<B>THE BOARD OF DIRECTORS</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Audit Committee assists the Board in fulfilling its
responsibilities for oversight of
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="2%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    the integrity of Teekay&#146;s financial statements;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    Teekay&#146;s compliance with legal and regulatory requirements;</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    the independent auditors&#146; qualifications and
    independence;&nbsp;and</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    the performance of Teekay&#146;s internal audit function and
    independent auditors.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Audit Committee manages Teekay&#146;s relationship with its
internal auditors and its independent auditors, who both report
directly to the Audit Committee. The Audit Committee has the
authority to obtain advice and assistance from outside legal,
accounting or other advisors as the Audit Committee deems
necessary to carry out its duties and to receive appropriate
funding, as determined by the Audit Committee, from Teekay for
such advice and assistance.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Teekay&#146;s management has primary responsibility for
preparing Teekay&#146;s consolidated financial statements and
Teekay&#146;s financial reporting process. Teekay&#146;s
independent auditors, Ernst&nbsp;&#38; Young LLP, Chartered
Accountants, are responsible for expressing an opinion on the
conformity of Teekay&#146;s audited consolidated financial
statements with accounting principles generally accepted in the
United States.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In this context, the Audit Committee reports as follows:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="3%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>1.</TD>
    <TD align="left">
    The Audit Committee has reviewed and discussed the audited
    consolidated financial statements for fiscal 2005 with
    Teekay&#146;s management.</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>2.</TD>
    <TD align="left">
    The Audit Committee has discussed with the independent auditors
    the matters required to be discussed by Statement of Auditing
    Standards No.&nbsp;61, as amended or modified.</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>3.</TD>
    <TD align="left">
    The Audit Committee has received the letter and written
    disclosures from the independent auditors required by
    Independence Standards Board Standard No.&nbsp;1,
    <I>Independence Discussions with Audit Committees,</I> and has
    discussed the matter of independence with the independent
    auditors.</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>4.</TD>
    <TD align="left">
    Based on the review and discussions referred to in
    paragraphs&nbsp;(1) through (3)&nbsp;above, the Audit Committee
    has recommended to Teekay&#146;s Board of Directors, and the
    Board has approved, that Teekay&#146;s audited consolidated
    financial statements be included in Teekay&#146;s Annual Report
    on Form&nbsp;<FONT style="white-space: nowrap">20-F</FONT> for
    fiscal 2005, for filing with the SEC.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
The undersigned members of the Audit Committee have submitted
this Report to the Board of Directors.
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 24pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
Eileen A. Mercier, Chair
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
Peter S. Janson
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
Tore I. Sandvold
</DIV>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">29

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<A name='150'></A>
</DIV>

<!-- link1 "Exhibit A" -->

<DIV align="right" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>Exhibit&nbsp;A</B>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>AMENDED AND RESTATED ARTICLES OF INCORPORATION</B>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<B>OF</B>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">
<B>TEEKAY SHIPPING CORPORATION</B>
</DIV>

<DIV align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">
<B>PURSUANT TO THE MARSHALL ISLANDS BUSINESS CORPORATIONS ACT</B>
</DIV>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Teekay Shipping Corporation, a corporation redomiciled in and
existing under the law of the Republic of the Marshall Islands
(the <B>&#147;Corporation&#148;</B>), hereby certifies:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (a)&nbsp;The name of the Corporation is Teekay Shipping
    Corporation. The Corporation was originally incorporated under
    the law of the Republic of Liberia on February&nbsp;9, 1979
    under the name Viking Star Shipping Inc.</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (b)&nbsp;Pursuant to Articles of Domestication dated
    December&nbsp;7, 1999, the Corporation redomiciled in the
    Republic of the Marshall Islands on December&nbsp;20, 1999 on
    which date the Corporation&#146;s original Articles of
    Incorporation and all amendments thereto (collectively, the
    <B>&#147;Original Articles&#148;</B>) were filed in the Office
    of the Registrar of Corporations of the Republic of the Marshall
    Islands as an annex to the Articles of Domestication.</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (c)&nbsp;These Amended and Restated Articles of Incorporation
    affect Sections&nbsp;B and F of the Original Articles.</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (d)&nbsp;These Amended and Restated Articles of Incorporation
    were duly adopted in accordance with Section&nbsp;93 of the
    Marshall Islands Business Corporations Act (the
    <B>&#147;BCA&#148;</B>). On March&nbsp;7, 2006 the Board of
    Directors of the Corporation adopted resolutions in accordance
    with Section&nbsp;55(2) of the BCA setting forth and declaring
    advisable that these Amended and Restated Articles of
    Incorporation be adopted by the shareholders of the Corporation
    in their entirety. Pursuant to Section&nbsp;88(1) of the BCA,
    the shareholders of the Corporation authorized the adoption of
    these Amended and Restated Articles of Incorporation by vote of
    the holders of a majority of all outstanding shares entitled to
    vote thereon at the Annual General Meeting of the shareholders
    on May&nbsp;31, 2006 and such authorization has been filed with
    the minutes of the proceedings of shareholders of the
    Corporation.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Articles of Incorporation of the Corporation are hereby
amended and restated in their entirety to read as follows:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    A.&nbsp;The name of the Corporation is TEEKAY SHIPPING
    CORPORATION. The Corporation was originally incorporated under
    the law of the Republic of Liberia on February&nbsp;9, 1979
    under the name Viking Star Shipping Inc. and was redomicled in
    the Republic of the Marshall Islands on December&nbsp;20, 1999.</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    B.&nbsp;The purpose of the Corporation is to engage in any
    lawful act or activity for which corporations may now or
    hereafter be organized under the Business Corporations Act of
    the Republic of the Marshall Islands (the
    <B>&#147;BCA&#148;</B>). In furtherance and not in limitation of
    the foregoing, the more specific powers and purposes of the
    Corporation are as follows:</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (1)&nbsp;To purchase or otherwise acquire, own, use, operate,
    pledge, hypothecate, mortgage, lease, charter, sub-charter,
    sell, build, and repair steamships, motorships, tankers, whaling
    vessels, sailing vessels, tugs, lighters, barges, and all other
    vessels and craft of any and all motive power whatsoever,
    including aircraft, landcraft, and any and all means of
    conveyance and transportation by land, water or air, together
    with engines, boilers, machinery, equipment and appurtenances of
    all kinds, including masts, sails, boats, anchors, cables,
    tackle, furniture and all other necessities thereunto
    appertaining and belonging, together with all materials,
    articles, tools, equipment and appliances necessary, suitable or
    convenient for the construction, equipment, use and operation
    thereof; and to equip, furnish and outfit such vessels and ships.</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (2)&nbsp;To engage in ocean, coastwise and inland commerce, and
    generally in the carriage of freight, goods, cargo in bulk,
    passengers, mail and personal effects by water between the
    various ports of the world and to engage generally in waterborne
    commerce throughout the world.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">30

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (3)&nbsp;To purchase or otherwise acquire, own, use, operate,
    lease, build, repair, sell or in any manner dispose of docks,
    piers, quays, wharves, dry docks, warehouses and storage
    facilities of all kinds, and any property, real, personal and
    mixed, in connection therewith.</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (4)&nbsp;To act as ship&#146;s husband, ship brokers, customs
    house brokers, ship&#146;s agents, manager of shipping property,
    freight contractors, forwarding agents, warehousemen,
    wharfingers, ship chandlers, and general traders.</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (5)&nbsp;To enter into, make and perform contracts of every kind
    and description with any person, firm, association, corporation,
    municipality, country, state, body politic, or government or
    colony or any dependency thereof.</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (6)&nbsp;To appoint or act as an agent, broker, or
    representative, general or special, in respect of any or all of
    the powers expressed herein or implied hereby; to appoint
    agents, brokers or representatives.</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (7)&nbsp;To carry on its business, to have one or more offices,
    and to exercise its powers in foreign countries, subject to the
    laws of the particular country.</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (8)&nbsp;To borrow or raise money and contract debts, when
    necessary for the transaction of its business or for the
    exercise of its corporate rights, privileges or franchise or for
    any other lawful purpose of its incorporation; to draw, make,
    accept, endorse, execute and issue promissory notes, bills of
    exchange, bonds, debentures, and other instruments and evidences
    of indebtedness either secured by mortgage, pledge, deed of
    trust, or otherwise, or unsecured.</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (9)&nbsp;To purchase or otherwise acquire, hold, own, mortgage,
    sell, convey, or otherwise dispose of real and personal property
    of every class and description.</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (10)&nbsp;To apply for, secure by purchase or otherwise hold,
    use, sell, assign, lease, grant licenses in respect of, mortgage
    or otherwise dispose of letters patent of any country, patent
    rights, licenses, privileges, inventions, improvements and
    processes, copyrights, trademarks, and trade names, relative to
    or useful in connection with any business of the Corporation.</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (11)&nbsp;To buy, sell, pledge, negotiate and deal generally in
    shares of stocks, bonds and other securities of other
    corporations irrespective of the business that such corporations
    may be engaged in and irrespective of the nationality or
    domicile of such corporations, and to deal generally in
    corporate securities listed on security exchanges of various
    countries and engage generally in the business of finance in all
    its phases as permitted by the laws of the Republic of the
    Marshall Islands.</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (12)&nbsp;To give guarantees of other persons, firms or
    corporations and to secure its obligations under such guarantees
    by mortgage or pledge of, or creation of a security interest in,
    and all or any part of its property or any interest therein,
    wherever situated and, to give such guarantees even if not in
    furtherance of the corporate purposes of a corporation, when
    such guarantees and, if applicable, such mortgage, pledge or
    security interest, is authorized at a meeting of the
    shareholders by a vote of the holders of a majority of the
    shares entitled to vote thereon.</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (13)&nbsp;To engage generally in any lawful commercial
    enterprise in any country and to do all and everything lawfully
    necessary and proper for the accomplishment of the objects
    enumerated in its Amended and Restated Articles of Incorporation
    or any amendment thereof or necessary to the protection and
    benefit of the Corporation and in general to carry on any lawful
    business necessary to the attainment of the objects of the
    Corporation.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    The foregoing clauses shall be construed as both purposes and
    powers and the matters expressed in each clause shall, except as
    otherwise expressly provided, be in no way limited by reference
    or inference from the terms of any other clause, but shall be
    regarded as independent purposes and powers; and the enumeration
    of specific purposes and powers shall not be construed to limit
    or restrict in any manner the meaning of general terms or the
    general powers of the Corporation; nor shall the expression of
    one thing be deemed to exclude another, although it be of like
    nature, not expressed. All of the foregoing purposes and powers
    are subject, however, to the limitation and restriction that the
    Corporation, so long as it is subject to the BCA, shall at all
    times be a &#147;non-resident domestic corporation&#148; within
    the meaning of the BCA, and in particular the Corporation shall
    not in the Republic of the Marshall Islands engage in the
    banking business or the insurance business or exercise</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">31

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    banking powers or insurance powers, and nothing in these Amended
    and Restated Articles of Incorporation shall be deemed to
    authorize it to do so.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    C.&nbsp;The registered address of the Corporation in the
    Republic of the Marshall Islands shall be Trust Company Complex,
    Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH
    96960. The name of the Corporation&#146;s Registered Agent at
    such address shall be The Trust Company of the Marshall Islands,
    Inc.</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    D.&nbsp;The aggregate number of shares of stock that the
    Corporation is authorized to issue is Seven Hundred Fifty
    Million (750,000,000) shares, all of which shall be registered
    shares, comprised of:</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (1)&nbsp;Seven Hundred Twenty Five Million (725,000,000)
    registered shares of Common Stock, par&nbsp;value one tenth of
    one cent ($0.001) each.</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (2)&nbsp;Twenty Five Million (25,000,000) shares of Preferred
    Stock, par value One Dollar ($1) each. The shares of Preferred
    Stock may be issued from time to time in one or more series in
    any manner permitted by law except as may otherwise be expressly
    prohibited by the provisions of these Amended and Restated
    Articles of Incorporation of the Corporation, as determined from
    time to time by the Board of Directors and stated in the
    resolution or resolutions provided for the issuance thereof,
    prior to the issuance of any shares thereof. The Board of
    Directors shall have the authority to fix and determine, subject
    to the provisions hereof, the rights and preferences of the
    shares of any series so established.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    All of the issued and unissued shares of Common Stock, without
    par value, of the Corporation are deemed to have been converted
    effected as of the date of the effectiveness hereof into shares
    of Common Stock, par value one tenth of one cent ($0.001), of
    the Corporation.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    E.&nbsp;Subject to the provisions of the BCA, the number of
    Directors constituting the entire Board shall be not less than 3
    and shall be not more than 11. Subject to such limitations and
    the Directors acting under a specific provision of the bylaws so
    authorizing them, such number shall be fixed by resolution of
    the Board and such number shall be increased or decreased by the
    vote of a majority of the entire Board. No decrease in the
    number of Directors shall have the effect of shortening the term
    of any incumbent Director.</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    F.&nbsp;To the full extent that the BCA, as it existed on
    May&nbsp;31, 2006 or as it may thereafter be amended, permits
    the limitation or elimination of the liability of Directors, a
    Director of the Corporation shall not be liable to the
    Corporation or its shareholders for monetary damages for breach
    of fiduciary duty as a Director. Any amendment to or repeal of
    this Section F shall not adversely affect any right or
    protection of a Director of the Corporation for or with respect
    to any acts or omissions of such Director occurring prior to
    such amendment or repeal.</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    G.&nbsp;&nbsp;1.&nbsp;Except as otherwise expressly provided by
    law or by paragraphs&nbsp;2 and 3 below, a majority of shares
    entitled to vote, represented in person or by proxy, shall
    constitute a quorum at a meeting of shareholders.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    2.&nbsp;For the purposes of consideration of and voting on any
    business that:</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="13%"></TD>
    <TD width="4%"></TD>
    <TD width="83%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(a)&nbsp;</TD>
    <TD align="left">
    is submitted to the shareholders at any meeting;&nbsp;and</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="13%"></TD>
    <TD width="4%"></TD>
    <TD width="83%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(b)&nbsp;</TD>
    <TD align="left">
    has been recommended by a majority of Continuing Directors (as
    defined below) for approval by the shareholders;</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    one-third of the shares entitled to vote, represented in person
    or by proxy, shall constitute a quorum at a meeting of
    shareholders for the purpose of such consideration and voting.</TD>
</TR>

<TR>
    <TD style="font-size: 6.0pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    &#147;Continuing Directors&#148; shall mean the incumbent
    members of the Board of Directors of the Corporation that were
    members of the Board on May&nbsp;31, 2006, and any persons who
    are subsequently elected or appointed to the Board if such
    persons are recommended by a majority of the Continuing
    Directors.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    3.&nbsp;For the purposes of considering and voting on the
    election of Directors at any meeting, the quorum requirement
    stipulated in paragraph&nbsp;1 shall apply unless all nominees
    for election as Directors are persons recommended by a majority
    of Continuing Directors. If such nominees are so recommended,
    the quorum requirement stipulated in paragraph&nbsp;2 shall
    apply.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    H.&nbsp;No holder of any shares of the Corporation shall have
    any pre-emptive right to subscribe for, purchase or receive any
    shares of the Corporation, whether now or hereafter authorized,
    or any securities convertible into or carrying options to
    purchase any such shares of the Corporation, or any options or
    rights to purchase any such shares or securities, issued or sold
    by the Corporation for cash or any other form of consideration
    or without consideration, and no notice of any such right need
    be given to any shareholder of the Corporation, but any such
    shares, securities, options or rights may be issued or disposed
    of by the Board of Directors to such persons and on such terms
    as the Board of Directors in its discretion shall deem advisable.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">32
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left" style="font-size: 10.0pt;color: #000000; background: #ffffff; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
IN WITNESS WHEREOF, Teekay Shipping Corporation has caused these
Amended and Restated Articles of Incorporation to be signed as
of the [&nbsp;&#149; &nbsp;]&nbsp;day of [&nbsp;&#149; &nbsp;],
2006, by its [&nbsp;&#149; &nbsp;], who hereby affirms and
acknowledges, under penalty of perjury, that these Amended and
Restated Articles of Incorporation are the act and deed of the
Corporation and that the facts stated herein are true.
</DIV>

<DIV style="margin-top: 24pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    TEEKAY SHIPPING CORPORATION</TD>
</TR>

</TABLE>

<DIV style="margin-top: 48pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>By:&nbsp;</TD>
    <TD align="left">
</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 3.0pt;color: #000000; background: #ffffff;">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <DIV style="border-top: 1pt solid black; font-size: 1pt; margin-top: 2pt" align="left">&nbsp;</DIV></TD>
</TR>

<TR valign="top"  style="font-size: 10.0pt;color: #000000; background: #ffffff;">
    <TD>&nbsp;</TD>
    <TD align="left">
    Name:&nbsp;</TD>
</TR>

<TR valign="top"  style="font-size: 10.0pt;color: #000000; background: #ffffff;">
    <TD>&nbsp;</TD>
    <TD align="left">
    Title:</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10.0pt;color: #000000; background: #ffffff;">33
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>o31085o3108502.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 o31085o3108502.gif
M1TE&.#EA2``O`,0``("`@%E960L+"Q`0$(6%A9"0D/#P\*:FIB$A(186%L#`
MP#`P,-#0T)N;FT)"0N#@X#<W-R`@(%!04&!@8'!P<'IZ>F]O;V1D9*"@H+"P
ML$U-32PL+$!`0````/___[*RLB'Y!```````+`````!(`"\```7_(">.9&F>
M:#I.AJ2J0"?/=&W?>#XSDZX/!AEB0RP:C\BD\BB0%3"RQ/*(F"D\,L)GR^UZ
MO^!PM]&4,`8=04/LW<@`'FQ'RZ[;O8=JY+&05>X?%S(<<7)T@(AA#C(*/1T:
M@`4R0(59B9=>%F\90H`'"8R%AIBDDAT<#V@"!8`0;Z*CI(F?'4!]'1:`@J>P
ML;*MC!0R#I&3!KV6OW<!,A2<'0@'=P=-'0R]OLIB!#(+!JJL=VX=!=C9VE_4
MM0\<,KG+,A+FY^A=51T9,1T0@-P=WO.2U?.BH9F"*-+LD*EU+2"T*47L6$#2
M+9430/<PS(OCHX8=9C8&,&C7X0*@11TF_VR,\T)$!!D?!Y'`8(K?'4W_5NHL
MI"]F!U@,$-XIT&3`@YT[>]8!*<K`2W+30'6X@E2G4C9,"TF0$0!0P915D\)<
M*J.0J0V(_%$*N_&JF*Q!TR0\V8QMV[%8RQJX=<A3M89V>[D-P]115TR["`46
MC/>M#"@=T,JZEV$QK,%@0*J:B\E?A&.6XV#^`M*/-I1P0GL8[:4T)&WJ.AP-
MS;H+2`0#=\FCW9APFC4#[U%=7)L+LS\#/WCFW>'CZ^0?7)&S7'P+<CL.@-]9
MN-9N=405H'$F"S;P]^W5B"&2.CSL>3OCW*4=9+XW*9"W5B&2KI'M>S&F`"&,
M>(!P!UI5_X%!RVU4'NPU#"(@I8:@?8F@1$$A<96TG@RS(96@%^'E)(HI4-WA
MCV(>4CA-48`50E("XXDA764I-D?*..7T\HT,-BDD0P031@91$O?LALTS#PVY
@0342KJ1/1SE\MM&`4-9@U$X8M/1">]BTH.4)!80``#L_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>o31085o3108503.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 o31085o3108503.gif
M1TE&.#EA>``X`,0``/#P\$!`0!`0$("`@&!@8"`@(-#0T#`P,,#`P*"@H)"0
MD.#@X%!04+"PL'!P<````/___P``````````````````````````````````
M`````````````````````````"'Y!```````+`````!X`#@```7_("2.9&F6
MR^.<;.N^<"S/M(@X@E+O?.__$(0``"P:CR?#8)!H!9K(J+1F<!0"`P3A0#0E
M"-.P.'E@)+HB!N($"(S?88`CL#@5ZB<&?'\$''0G#6XL#7R&/P0#+'X&AXY1
M!2<)!@=0CY=``8TE!0^6EP`$8)A4`6@0`YZD(@,"#SYXA@:C$`FJJP`"!J\[
M?H./``P/OZ1+"`>]!P^;C@H"PFNK$'<*>C4!*H^4!0@#R#$`IQ`&L3X&>I4U
MJ4./!0(-N9\C?B24IP`/@(@)0N(ON[<<G7M`D!F):B2>E%#P(-J/(:).$#"8
M4``Q8`&4"2``;\0!ARF6H'%7I,&!%.5L_PA@D4!``8J.%K!#H(!``3,.OJ5Y
M8%,1!(:T?"0BL,)$@*#S"A3P22J1B08$BQK`=J8AA%P/4NY(X<R?`0%:(3AX
MH%,,TQ,H2S1P]>"=`P8645E+90V1@'0FG)K8!1;.Q1(#@B[`YDW`V)>>_.!Q
MY9#'5X)_(2S@QB`H@$Z%_+K094/8`0/X7#(8P!``:1&V+BI8*B.U,I@0"`1P
M96H$83Z110A:L+JM3P1M9VFIQ&U``,SSX#[(+'D)Q5#O4A35_3(%SP-]@_$T
ME!M5IXUG1HQ5T/4N60(*:#Y@`&!!@IL-(K$JX(#`RA'Q5?AA=W5+I+&B6'5,
M)RB,$5D"V`30F/\(E[4E0`+"#%".,@_0UY$#BDQE"2\(8&,10=D$\0<!9[A2
M@#(*9-0-+>^=T0T"L/E`S"RN"'#6/`1`AD4!\BAP0`#3L7*7`Z<4D.(`.!A@
MP!7V>?,9<*&TI4,WF2G@`$TWK0=B``P4P-$I"S2P!`-'D8:`/[9=M=I&A5QD
M0#4"N$)"72,4(,@)"&C5P!KQ?/7;`)MX,Q::D@5P5!W=#,`<`"F292B%5V"Q
M!)(G*J"5EG;.HZ"5LP$)#P%UR;$0E_+$T`H"=Q!R%U(_(`#C"X(,TY@*&8'8
MEJ%,4,0C?LR)$"<7.W@8XP@$+&C(>^NML0L5#Z!!)`G``;M#`A*^0,^(*LB>
MR,L,/I)PXRR$'I&`/JL8X*JQ+P1`[K!C,!"6-#0L`V]9\.X0'[PTU>N#`T%B
MH@"[^KJ0J32E!AQ#"O6&:W`+$"[L<`SH/2QQ"YQ-;/$(2UZL\4^L;KRP&1Y;
MW%?(#V=,\L-?G/PPB2H[?%++!E\&L\%:S!SP:3;76VS.]7;'\R$^_VQ$"``[
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>o31085o3108504.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 o31085o3108504.gif
M1TE&.#EA5@`W`,0``,#`P("`@$!`0/#P\!`0$.#@X&!@8%!04"`@(*"@H#`P
M,-#0T)"0D+"PL'!P<!\?'^_O[[^_OY^?GU]?7Z^OKX^/CV]O;S\_/R\O+W]_
M?P\/#]_?WT]/3\_/SP```/___R'Y!```````+`````!6`#<```7_X">.9&F>
M:*JN;.N^+!`(@I$,<*[O9X)X@D#`0"`L>,CD"J`@!'"D`*&@5#8$5%1!P`IX
M'%!3K8HL$+XI!S<U$!``*@:"S',?YB@$@ZU09%,`'G0Z#1X-@5H>?R9]82D)
M!(,P`P@.'X%P)CXI!@J.:6M+0I](`0@XF"<&EB<-1BYZ*P,'$QD6!V0#!`TB
MJ29O)Y2\+8&D)``'$2,1>THS(P,>F22N*$,O8X\3)@?&,,`CTB8&N":ZBRH)
MBMHG$@E)FR3B)0COFN4LN@:`&"@0^#L$V!-18-Z(@NA$*)BVPL$I%`L$0$CQ
MH(P'1[Y&Q"M!R44AAB0&7-B@8L*1'0P`_UZZ6()<JWTLS`1(0V%%A6$Z%`SL
M):B$@F8E`@#EH_*8!1819NHH^`E1"8-10)YHE$+!Q!5)418M5,(I-ZDM"7C[
MD$!"BZPZ#@P5X:6$'!0"P(J8]2K%!1?N=M2-@F?$LQ,'Y`YH<A)%@@HN+,A5
M`:!OE%`BLID(`'8!`D\K%)!L@6%LBFOC(']0H'1RZ1$,/*Q3L>!N"P@*=AS8
M.8+&4[E")O\`,MN8@YHM*JR%E?"#Y`_1BI.%>6)!`@,_`M-[\4`Y8\<D@ASK
M>0*`:(@&@)PLT*^%!.8O!A=5>-JKN=@N"H1_ER##Z^HZO)R6=UJ*BD@P`$``
M.<JPD`$K.2@`E?\\0_V%@G0P+'#&52IT\%`.T;!T`E0.K(?:?BVHP]EBZ7B`
MG3P,:9?"`O#!4%"!*5B`8`[A>?@!5"JF@(!U*7BP30H4M*C#&2"&DV*1)#@P
MHPL>:)""A9XQIMIB.")YD%@1JN:/`(7IX(!J!0!@3)4L'&!E=UJ>P`%M.?P0
MR0&8W9;=F;U@Z8(7%9DP`9LNJL;%8`0PL`B99:*W@A<_DG">$JEY4%H"!Q1!
MPP$>&`#`23FJ8`:))*0&W`B+*G'``X:8T\`0'A`@@&H*8M&"*5'R1.$'$@B)
MA`<1X-<C3JZHBD`0)';"(UO<?6"!H3PLX$$%`/:8HCT+,`"=`@90UJ77<8&J
MH$M/$'!`YPL-/)#!=W+Z!6(!I[KA)PV[(1!`<0Y44`$%N?+)0P`76$`G5+FM
ML````,/10'@FXO3!`A51D"JG.8RJ`:?@B,#`MUJH<9H"%TB@@:.2?+`;"P(=
M0[$+RGHP6R>29$AN"9D.,')\T.PR2"`<'VKHR_GME2PNA7AP;0]^##L($3^G
MA\`^7IP8S!G#=4P"$0:_P&(W'^@77]%.4X/``4*/`$"-(T2;=<<)"#`;U@,`
BX)#)#(]=10$.G$'#W.J:+*C;>)L0YL1",'!IWH"3$0(`.S\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>o31085o3108505.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 o31085o3108505.gif
M1TE&.#EA$@)H`<00`("`@,#`P$!`0````/#P\-#0T.#@X*"@H+"PL)"0D!`0
M$&!@8#`P,'!P<%!04"`@(/___P``````````````````````````````````
M`````````````````````````"'Y!`$``!``+``````2`F@!``7_H"".9&F>
M:*JN;.N^<"S/=&W?>*[O?.__0!$`0BP:C\BD<LEL.I_0J'1*K5JOV*QVR^UZ
MO^"P6#`4F\_HM'K-;KO?\+B9+*_;[_B\?L_OS\M^@8*#A(6&AX-TB(N,C8Z/
MD(R*D925EI>8F5&3FIV>GZ"A=YRBI::GJ*E-I*JMKJ^PCZRQM+6VMV^SN+N\
MO;Y2NH,'`,3%QL?(R<K+S,W.S]#1TM/4U<X!O]EXP8("`=_@X>+CY.7FY^CI
MZNOL[>[O\.@)@-KUN?2'`O:P`?C[_V>X!=('4%6_@@C_-"*8T-3!AA"Y"/3#
M,"*HAQ8S5IG8IR(2`\@,("G0(,""`P@:_R@AD."`1C887\ITPI&/QR,!!NC<
MB0TG`0C>("!80FQFFIA&DQZIN>>FD9P[=?9,$A3"-Y5"#[@DQK(`2P0(6+H,
M,%1I%:1FE3+5XU%`U+=P!]`+6L"E@P,)1"H`"0!!`0AX(2B``$#E`9%IIZ!-
M/'-M'H\%PB6`FR`<8B)!`50.8,#;-P(`&``R<&``!`(/6#)6[&_U2\?;F$"-
M.A5)T`0)B!1P\!="@<(,_B+(;9KP@K*NGRQ.;A'V*-EP:Q]A,-2``@0'ZC((
MD(!``P`&'A00D'W`3P(,F$-9KKZA<SM.JT0.\!-D[WX$"'PSL!_\@9ZYM=<$
M>P(6]%X=\;T!P/\"/Q6X!($.[G.@'`FZ<5B$#[:&X3\3QE'AAGA`".(O'<+Q
MX8AUB(@B+R7FLJ(?*KYX2XMNG"BC&S'>2`N-;=CHE8Y':0@D+CRR86,PH&UG
M4F]1@"8>%@4\L$`1!,C5(!(+7,:$`\-MMX!T:F@%!0(#('=$9V!F.*0V1:YQ
M8DX*7(E$``2AQN1Z-C:Q0)Q$)+"=%G_1J5L8WHT4H!3%*5&5<D*N64N;:D`V
MCEL#E"0.8H(2L8!*E?4UG@$),!B`2T4(6E=*+%$G@$@(!,`;:6(6L6`9#03U
MY90'.+#`@GF149AO*9%:*D%T+CA<`@AT1HQ*K0+0SP(+"/!3I\ENRH#_GP48
MT``"0^@*TI1@#0.!GPBL:H1IROY*P'\/T*<5@PUDV8"<5C7J:"R0IM%67/S*
M142FA`E`$A$/`&4`:D)I*:@#TU:F#U<.!-"``[CY9H2S<1[F#4A`?9,>84,$
M95K$!PSV%$/F$<:?/B)#P!L!(*E4V,`0%"S`4(*"!8%I10E*$&^"%E5$<2TS
MV/&V`2C@U0,`T%OOO;[DB\:'E.JD(<#?">W-`24)?.B_^A1'9]#.`D*`"'*&
M/$_'5AV@)$%%M1P?P,6M"P#+V)@6I<Q#%%N&-T%EBAW/?0-.!#%DGXM9WH(M
M[E$"#B21(]2H2!T0=%'Q.6>=#!B`0.1`_?2`_\-F6J5/<%9U#;(!'W,V+NB'
M6Z4`-IZIY!G<(3.>&@0&*(PR9OKAO3/O!"PP3]_(@BYMX`\/1;CI!)C<5^)#
M+S[\`R)Y<]R_Z]XUI[V4MV+Y'$Q4O9,_29(%0&\"UT5$24!-AYU04S:=`/8.
M1)Y_V=D"$D"[$)A2E(CA#=$``'L$R%]XUC>``O@)`,(ZS0$#-0!L*``OVV%:
M`1K(H/\`(')-`TH!ZK)`WCW@<]N:7:[Z@3W-@&9<^(,=F<*BP08::W3_XTJ6
M"C`[G(`O?*D8WQB8D(P(.B%;5"("O49(I33I!C$&N!,3O-*[)T01"@0(5!*0
MB#@C(/$(/\)&&,\DQ?\H]*Y!^G'"Y(`H"B&&(4\1:0!6&K%&-H+"C6"`8T/T
M0Q]'U-&.GL#C%_0(R"S\L9"9$*07"(E(*QRRD9909!<8"4G65-(5DI3()<WP
MR$W*XH<V>8)?FM"J9)7*E*<!1QG!\2]4>JXV\W$:$0[VDDYZ<B&@W((L-^*$
MTBB-*$,9SK]D5H1R`88!5^J'LZR2&X85CS"UH8X26.=$A-CREHN0&M>&`)+<
ME#(+'RJ-3GZ9!(K]JT_S.E2F!'"HDS2(84+!S5`2:(2@Y.='IQD/-O2SRWU<
M$YOYR.441!*YB7E%)?/"@J3`,9G,M0H<F%*`T72C@*8U(#>9>H"P[K:7QEG_
M)7\],=GB%FC,NJ`F`"1,SV0,X``MU>.?`"W$^`*DSR$LTS<I>!)5EM*ON`"B
M``Q`IF\F1DRK;$<S2`C5\$Q7E42QK67*,\DW>`.!B;GTI0*-Z2?-<(`K@<>F
M5T7"36W#!/1$94I)>.>4&&:=RH"M?!!HG1Q[\C'KM8QH=))3E,*:#9AJM1M9
MC0)8.-.=H=CT"6-=2A/,.@"T)@$KKA+,M'87O"6H9GWC^D9N?E-/VC$.==ZX
M:"JA65=_!O:OV3RM<K[A&R95\PB)K:<3T./8))RD'W\)C58.\(`&.)"J1B@7
M6938EP`A*X2ZH1A+$S">`GPN`>3I##LS6[RO816U_W=4;1IB6P1*8O<IVOUN
M(L)[!NYB1KQ7\"MZ'T->,Y@W?NNE@GKC"Y_VBN&]WD7O?.E+(?N&`;_Q"+"`
M!TS@`AOXP.I8&W\KD<DHO'<8UHBPA"=,X0I;^,+/>.V"`QJ(]V[XPY7S+Q@\
M#.(2AZ+!4""QB5>L"10C5L,L+LAL>+(B%SM!Q3$&R(RE4F,1?P''.?9G='K<
M81@'V1X[UHD`'#`]#-FX"4`^LC:23(QH[40!`OB.ZY+S9"(:6<I]'7(3YR$`
M!NR$`63X3S^;XV,O1!G,OIA,UHC!UR)$9D$"4,`X!;"K46JDRT3Y,IQYL<$Y
MIG<8#C"S3AY`ALK4.1N`5O_"FP=]"]3DEPG\24"M'K"3)3>Y'I%.PJ0I70L'
M:.XHW++RGK7\:$RVN0NC)C4L)B-H,.B'S(H>`)HAV$=8A%JLM9;U*S;XZBS<
M.5IZ'@"6^US&$Q=["[$6=BHL70C](#K7C-;,EI$`E];H[#2(@=D3P:B;-6_A
MU[`-MK1386IS!X(_A1$`IY7,Y%81H=MBQ4M>'%!!EE80+`VX#`]5EE"%^"':
MZRX%K3&A/@=4+=E1\<<"J"/NBXKDHMX0&@'(U#@(!N396D!XPD%![%#<&M]'
M2.``2#51!FG:>$1PWO"$-@:09T'D(^\$M4V!<B_V0Q^<"=05T7-&$:R\8!XW
M>!__<)[S3+3[%#V7%3$&5REQE@2SYAP>6&P.%*Y?@>E-M\3"3X&,-#%Q(%ZW
M`MC#'HF2LQ'=%U,WVR^Q\[>GO0IKGWLCGFY'N,M*[GJ/Q-C[?G<JY#WPAG`[
M(/U^.,`CGA%U7WSAIW#XQPN"[X5D/#0M'XK!9W[R4J@\Y_>0$^M*OLBCU[D"
M8-=(S8L^]:/8725=[WC8+[V!FZ2][2U1>D_J?O>1B![K9P]Z!]<>^+%W-Q!_
MC_Q&``#WMV1^\Q'1>VQ*?_K57GU,KX_]1,C>^L5/\?&[OX;G-_N2W"<_'ZJ_
M_?"_6/V"$#YJTP__;7R__:BO/Q_,CUWZZS\.[/=7_O=__VX@?]\U@`1H)/<G
M@.YW8^.7@%G0`-!W@`T(90\(@59`)D8T?Q7H91@(!]916Q28?Q_8!D&E?+[7
M@8%6@FW0`.2T7@C(@EV@@?PE-2`A$OKQ%_S1:HTG@VD0@@NF36=#&(#!,3_T
M>CXX'4)5@S:G$I%C$C;5&WQ$#E^2A&;@@N<W@F(0&?%3+)O'.\NP*%;H!32X
M85*31H62'0CU?F/H!4#X85)3####6I&1A7'7AEYP@B`6@W@(!5B8$1RS50=W
M@6U8AA:Q)_T4B*<Q2TPB;KHQ%;2D=/M'B%;XAA9A`%:C!*,B1Z"A#R"!$II"
M*P!W&G\BB7N`A"RHAQ:A<CH15O]NDU!DDS/?H2FBX1('((9YI(*21HD^^(<-
MP1T+,&\[(8*RTEBF\U&0$T5"PSIE0A^X.$BZ*&J\R(*&N`]U,7&+QF3F,P!7
M]1?!>(Q$P"6W^``(1#)9EF?$N$C1"&Q]:`66F`VD42M[UA<-@HEO08Q:<1=.
MTCM](744,PS(8CVFJ`>H"(&JR`N>PU%*MBUAM0!QX8J`18+M&`5[8H>JH!\?
M-&\,T`#9<0I\.)%%4!JEXPK`J)'&,XV&\)$@R4.&E@K7J&@/P&2]YFOKF&X@
M^03H45JE$(^4@F7TN`LJV8Y[PH.4D)!YMI"H%#4U>8<WR00BZ0D8Z0`:R9$6
M221+^7?_3;D$+)D)):D3#'"2[G&5/9B52)"3E?"2V>@L*`AI8OF%9&D$0ZD'
M:\F3\Q@61A&45OB4!+F!16"4R99E2:D6;5F0V+>5<JD`!=-$&>F55,D<>"F#
M9GF*5A,J)NE6!?*8+!B7A[D3,:F6((*9'ZB7!!D5?!DAH`F!AJD'21,5B8DB
MITF`D:D'XO06;2D^@XF2S:>9>>"0)S!\3G:;62F:=W`V*^<HKUE_J7D'0/6"
M0W*<ZA>;=Y`TG0,USDE^ID:483(`\$2=P#F1GE<'#MF2QMF=?:AX=7`V%V1W
M$CF&D2<'RUF5-U*=S8=Y<B"=:_DB\@E\WPD'I3%1A+>>/FB>_W'@D+5I#_D)
M>^WY!NA9FN%SH*E'GV_PGL0'H"6XGVU@G^A'GC(HH!;26/>Y)@[Z>`G:!@0:
M?1I:@A#*!@L*?A2:@!:J!A+*HH.XH?X"!Q@*4"$Z=R.:G?XIHTN'FV&7HFI0
MH@S8HO7WHF>PHAQHI.K'H6D0HTLZHQ`8/9?F2`JPA/UWHMVG3,1@9A^J!?WY
MI9_'I,#W?&_A!D2*7CDJ;&8:%2J:9PRJ56LJ:VVZ$VL`I3"HI=A7ISJA!C=*
M7W-*:OQVIF@0IF:HI\C'6(1J!FD:A(BZ>SRD4VJ@I'#XJ+!7&M+"!GAZJ%@$
MI-+8?>%YH5<JICAJ+\6#'DS&!H298__HD9YL8*@K)A#$8&KQ$J=NYJDQ%JGP
MV06-:F("X1W7\4+EAZLKAJFD6@64RF(3(6Y7=`7WN:HF%JJ:R@#,J:S/QE*S
MA%3?Y("VUZJV^@5_FF.60Q`&52@%YX&IIZMM`*M']JOP4IR;8&<9]X7C@0(`
M-'K&2J(U"F8"X14;Q%KQ*BM&R(/0RE_2N@;)*F4"X3E+)A3`T"<;1X1'2*SQ
MU:HC>0:;JK#@PQWZD8[3A%*M52KB]W@\A#HP,:JRUJ\/M:M<4+#B51K;N0;L
M2FG]BD;?"FL4^UV]F@8[.VB_>C&JFK-_9;%MD+"D)A`24PR^Z5Y"&U,ER[);
MD+%':R])RQ7_01MV,'NL9X&R(_>S<."RV%0\^RJS'MIT@:I5K',=:#JV76NI
M4B:=4*L%1IMP9XM-DQ&S,$JM<:NQ9!IC8@MZX1IV=7M):7NQ9S"S;#>XD`2W
M:UN@_RFE<':W6DL%<YNX;@MB?^L&4CMWBFM'A8LC7,MYG0M$C)L&5X*XCS>Z
ME".Y:X`]`<2VHGNY%=NS8@"S<`I\JKLF:=NT\U:MJ9>[0"*=V,D%L^FQL=NW
MXC49/6JZPLB-R`>\+R*VIH<&47*/SRN[?[6[;M!08F9[T#LBPENT;C%GQM"T
MCHJ\,:6\DSL%"("8>XMXWQLA*C>]9N`=95M_\5L@R]FTRVFXV)>__^W1OM/)
M!I,QP/\'P,SQ?,N;I&[AN'F*OI`TOZ)ZKQ"(P(RQORVHG>MK>1:<%@(\O(!"
MK3=+?AVL%`J\P5"0`%<*PO^+O78DP0C+;PY<J1`,1!B\!DG30U98PB_QP6P@
M@7CK@SR<$2>\!FE+ORPXQ!`!PV%RI>\+?TJ<$#=LNOPFGF,8Q04AP"BL1@^@
MPQ.)Q?^@P*JJP4T)QO6@<B.L!<R(Q&UHQMFPN6!0,B:;E6[L"UH\J>&YQ5#L
MPAB"#!)HO%\0)6K[EIC!QQ$2%VE\<P.0J81<R#5\R+2I!ITQ`&Q\DW5,"U$G
M!@+\Q$EXR:[0/9G\!6*[P(WLR:@`*I0RJ/\19P:"[+^$;,JB0!*<)E%V&<I<
M,!GFTLB*8LAF@0![,@"]Q<G.VL"Z7#Z\+!.D,:CLQ,(SZ+[%;,R/K!$.9&:K
MUU5R8+^D_,S==<P-D1*<UENN?*?4&L[:#,N0=P"_+!K"[`4%S,QO:<Z&@,HZ
M<1?N+`;$.<,<S,V_0!+4?!QZO`5)0\'KYC;*5\\?%\UV_,O!'`A`_,_H)4Y8
MJHG*U17`XA+%XS]HLZW0B-"WD,Q*EA>"L)R)G&.SJ6MKMI%91$WQLSY@04Z5
MX17Z\T9MR252["?*IH^$H,(&3&H,51APH9-'((%_PSA:TR"<YBS"L]%BT!,Y
MR#O;)FIPP94HZ<W_P+PMAJ!R^)P<_#$JRS("<,%H\F:]3-``H\,VSS-<?;D=
M2:V.8L`ZL7,8AT4448T)(M`%ZY+.F'4(.6R^(`(.2BL"$-=I0C!UGY%RN68O
MB.,2MN(=4;0K'Z0M$1O3N4@^+F,5NT(84C@.JGP^Y1L/#BU?.D'.32#/VGDA
MB]#0!=*183`?$!8M9?;3(N#8_P&RE&MFW^K+0_$;%@VRQ^-`8E$?3SU)($<0
M0$<'-\47QI!K/;7<S-W<K$D#3'8,,/F^_*QL_MP(1^P@OK2W4U@,(Q#8RC8"
MQ0`.GWT:HLT['3'<[P,8`V/%Q?@6\M@O6.8KLSTG\7`\U.#:(]"\BY9E_XZV
M!+ZL9PO]"'*\SA!1TD8T'\?CVORM:R*0-;-MT#MRK0N@@W1(VTH@@6_1('41
MWU[)``Y0*T?)F8-=WR:2.=RQ:9U6;Z,RJ-<BX<-9Q1%2TDJVC>'M:8@#L&:!
M;M%CRQU>-5F6'7PT#R+^%F@6W:UBX`\"%T:D/LJM$[L2W(OP/UZLU<]BX]HY
M/5*N'BKYXW_9F$:PU55F=%%QY(0-XS;>FL/TS<?!'7<CC"#.:^7]8V1\P=R2
M:&>69@XYC/C)S7ZYD*K]L<KD<$\>VSE.E$FV3^BL9^JLE5>>;,OF+$KNAF96
MR1#!U6%-;YZ")5`N(]7YYXL,YD\0&=SR0:\=%?^&OAG)!!<+,*C*1;F8GFN[
M5AESWDM._!*W5BN0GF7.0I30$I_ZO`2@'N1/'!D0)@+-BV5/;MUVV07PINN=
MQFQX7"FU'@K'5C791NLIR-%FQ"TC3NP`S=5[3ALXC&C8[M];#B5=?-ZWT'"R
MSF3_$:4_V@;#+NKIU;UND&DJKNGQSK[%R,B_8&UO'NV;_L"0^P;U'NA2D.BJ
MF6H/Q^OI3@0E`S-N8>FM\.PCCF47%?'B9<$)OZO(70PPGJ1N?NH.+N=%P&FF
M-L>QX%QX1N(H'V-*_/%'--)Y<.V[7C79[`@)M*M<C>=>R>(T&^Q&[.W)]I66
MZ45Z9O-](/"K3'?47$;_MS;P2A;E(P^H1(_P1N^5)\E#.\'T?E#2IQ9\N78=
MC[YJVFZYW(X'H/X68,\'_)W5EK7LP)QF?*V%\WX)&E[FU9X&--Z*P<>]5S;I
M<`;/2S#NNL;H(.T(6RT.?4\HN3+/94_XA9_U?+#G:!7@NK;X[0'*I7T>4=]\
MAL\$OWX$FO_BKN'Y.&T$/3]]HY^!9*UK>6T4'DW+&/CZ4!+[`WZ)-FW[)8C[
M@*+[OI40H-+/[$["EF\)LES5E/\)Q<_L;9S\F/#\4G+\I_#\OH^'P-_6O;\]
MM$#]\`.2VW\&V._]+BG\S=_":Y\*\DS+CU\'R[_[9#G^*AKYGZ\)\3_\Q4S_
M_P4(`H<S#,Y!0*FZLJW[PK',%LTS/$TQ\[W_`X/"(;%H/")A`D"RJ0($G-(I
M%4(0D4RH:K5V8P!VW#&Y;#ZC@\OT#\I^HPF(A6(@2!C@O_D7K_\#!@KJK0VV
MN!DF'LW5,?@I,@XXYBE66EYBMA1:(F9ZSD1.!H8^?IJ>HI9M5G:FNJ;P22:(
MH9%2ON+FZOJL*K;NHGKAZ)!%WMT")RL#]R;^+IL*Y]`B73G4:4%K;[LV&SYS
M>TH3$UEGG82GJU]Z#X*O8Q8D,`PCN,C=8Y6@P_?[_[43].Z?)0/S!BA88"\%
M`7H'5)C;MX4@Q8ID`@8::%&107H)$=`CD4!?MHTF3_\VP0A((TI#'4G`)*&P
M)<V:0U3^86ES5$P2"I#M#"J4!4X].H?".1!3`36D3G<6A7/T:1JE")M2S7HR
MZINI6LT<8/IU[%8FE[R2'3,Q+5M_7-F@;2MW+MNW:>+2S:L7J5TT>/<"#EP6
MTU_!A@_#ZWNF,.+&CI4I-L/X,>7*J"*7F6QY,V=%F,EH[BQZ])O/8T*33JVZ
MBFDNJ%?#CEVD=977LF_CGD&;BNW<OG^GV#VE-_#BLH5+(6Y\>6KD3I0SC\[9
M>1/HTJ\_II[$.O;NAK6_6#N#N_?R>L&O,``@`00$`1;*(&]^?EOT*AHX*$"@
M`80&XEW(1Y^`7]FG0@$"!,#_!"('"M"@@PT^P,"#$U)8H8478IBAAAMRV*&'
M'X(8HH@CDEBBB2>BF***#^E2X!/J00``4`/2^)N+">"C8(T[%N=B`;1$P:.0
MN;DXI)'`%7FDDK<EN:23JC69@@&W3&1```',Z()^*6P9"`&T3$3`E5BY,"5$
M@P1IQ0I7IAG#EPR1^4:7:G)YY7]:;M'F'V8RI(*56/+`)P19OI'F6FSR\.:@
M`<0)D%EG%("``P80L$";`@RZP)TJX-@I`3@"8@`"`#QTX`I0$*!1I`CLD,"C
M?QPPQZ`,K,G$`>S!\.FG!MSZ*ASN85KII1`$P%\,GL:Z0""13@J!JRM@:H"F
M,:RZ_X,!F`:2+`2FJI`@!+>ZV6E[`6SJZ!N@MH*MM&+:8R4MR@9P`+PL`L)J
M<*<&B6D!Z+RG@K(0P.NK'KS>VZU9"TQI;Z1;'!`%PBG\"\BG*:2;P@$G].NN
MO\0^1+`@H'JK@KKS6G'EQ@`3BVT@'JM,[,$&[(M"OQ8[?*T`Y1(B,!D!W!SC
ML,$E$("FMHKL,J8A[^E`OO@&E^JM.`(*`;9'Z\Q&JF:U'#(44"P0J9441X$M
MHX*(`#:T*208]-#?%IW@U8+P+/.K*@N`P*C>TCMUV(*\+76M%(_ZM)B4N($M
MN)Y5/<;8;@#`A-@`_%NL%0?(J*S=EL,'"*Z84JY>%`0H_?\0Z"@40*I_^[EL
MR.:#DAJR`Y5:D8`]5]N-,CZ#X,JXXV!'SM\5E;>W$*Z!C(VWC(_+:`6V=Y_>
M0`,`/*"G'JLG>*59#B`@^NO;DEI[Q,,;$F6LGR\PO`$,O(>CI.PM0`ZQ\;Y/
MKQ[QDKLM`Y14*KL?=UQ9TA7H)&!:?T@5H,Y'BP`&(&C]:0`""'`,%30,2PMH
M7$;&EC\#H>]B[7$`^]QWI1-`@5!H&%\*`KB%\Z6/`-?"0P#A\[\MM`P.!,Q#
M`>['*4LID'\!*,FWKH0`V>$,#E%Z$A&GD[@B(K$\0TPB$P^SQ"9"<2]/C"(5
MY3+%*F)Q+%?,(A>?LL4N@C$H7PRQ(QE;,L8RHM$B9TPC&]URQ#;"48IOC",=
MK3C'.N)1BW?,(Q^]N,<^`E*,?PPD(<TXR$(B4HV'3"0CW=C(1]IDC9"<I!`7
M2<E+)D.2F-SD&#3)R4]*00"68A,I2VG*4Z(RE:I<)2M;Z<I7PC*6LIPE+6MI
MRUOB,I>ZW"4O>^G+7P+S2F!H'#&+:<QC(C.9REPF,YOIS&=",YK2G"8UJVG-
4:V(SF]K<)C>[Z<UO@C.<C0L!`#L_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
