<SEC-DOCUMENT>0001193125-19-115887.txt : 20190424
<SEC-HEADER>0001193125-19-115887.hdr.sgml : 20190424
<ACCEPTANCE-DATETIME>20190424084304
ACCESSION NUMBER:		0001193125-19-115887
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20190424
FILED AS OF DATE:		20190424
DATE AS OF CHANGE:		20190424

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TEEKAY CORP
		CENTRAL INDEX KEY:			0000911971
		STANDARD INDUSTRIAL CLASSIFICATION:	DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			D0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12874
		FILM NUMBER:		19762695

	BUSINESS ADDRESS:	
		STREET 1:		4TH FLOOR, BELVEDERE BUILDING
		STREET 2:		69 PITTS BAY ROAD
		CITY:			HAMILTON
		STATE:			D0
		ZIP:			HM 08
		BUSINESS PHONE:		604-683-3529

	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:	TEEKAY SHIPPING CORP
		DATE OF NAME CHANGE:	19950609

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VIKING STAR SHIPPING INC
		DATE OF NAME CHANGE:	19930914
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>d632583d6k.htm
<DESCRIPTION>6-K
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<TITLE>6-K</TITLE>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>WASHINGTON, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT
STYLE="white-space:nowrap">6-K</FONT> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Report of
Foreign Private Issuer </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant to <FONT STYLE="white-space:nowrap">Rule&nbsp;13a-16</FONT> or
<FONT STYLE="white-space:nowrap">15d-16</FONT> of </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>the Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Date of Report: April 24, 2019 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Commission file number <FONT STYLE="white-space:nowrap">1-12874</FONT> </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>TEEKAY CORPORATION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Translation of registrant&#146;s name into English) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>4th Floor
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Belvedere Building </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>69 Pitts Bay Road </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Hamilton, HM08 Bermuda </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address of principal executive office) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether
the registrant files or will file annual reports under cover Form <FONT STYLE="white-space:nowrap">20-F</FONT> or Form <FONT STYLE="white-space:nowrap">40-F.</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Form&nbsp;20-F&nbsp;&nbsp;&#9746;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form&nbsp;40-F&nbsp;&nbsp;&#9744;</FONT></FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark if the registrant is submitting the Form <FONT
STYLE="white-space:nowrap">6-K</FONT> in paper as permitted by <FONT STYLE="white-space:nowrap">Regulation&nbsp;S-T</FONT> Rule&nbsp;101(b)(1). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Yes&nbsp;&nbsp;&#9744;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;&#9746; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark if the registrant is submitting the Form <FONT STYLE="white-space:nowrap">6-K</FONT> in paper as permitted by <FONT
STYLE="white-space:nowrap">Regulation&nbsp;S-T</FONT> Rule&nbsp;101(b)(7). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Yes&nbsp;&nbsp;&#9744;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;&#9746; </P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>THIS REPORT ON FORM <FONT STYLE="white-space:nowrap">6-K</FONT> IS HEREBY INCORPORATED BY REFERENCE INTO
THE FOLLOWING REGISTRATION STATEMENT OF THE REGISTRANT: </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>REGISTRATION STATEMENT ON FORM <FONT STYLE="white-space:nowrap">F-3</FONT> (FILE NO. <FONT
STYLE="white-space:nowrap">333-221806)</FONT> DATED JANUARY&nbsp;12, 2018</B> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>REGISTRATION STATEMENT ON FORM <FONT STYLE="white-space:nowrap">F-3</FONT> (FILE NO. 333-231003) DATED APRIL
24, 2019</B> </P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;1 &#151; Information Contained in this Form <FONT STYLE="white-space:nowrap">6-K</FONT> Report </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Press Releases </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attached as Exhibits 99.1 and 99.2 are
copies of announcements by Teekay Corporation (the &#147;Company&#148;), each dated April 24, 2019, relating to the Company&#146;s: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">proposed offering of $300&nbsp;million in aggregate principal amount of senior secured notes due 2024 (the
&#147;Notes&#148;) in a private placement to eligible purchasers under Rule 144A and Regulation S of the U.S. Securities Act of 1933, as amended (the &#147;Offering&#148;), which Notes will be guaranteed on a senior secured basis by certain of the
Company&#146;s subsidiaries and will initially be secured by first-priority liens, subject to permitted liens, on (i)&nbsp;two floating production, storage and <FONT STYLE="white-space:nowrap">off-loading</FONT> (&#147;FPSO&#148;) units (and related
assets) owned by Company subsidiaries, (ii)&nbsp;all shares of common stock of the Company&#146;s subsidiary that owns all of the Company&#146;s common units of Teekay LNG Partners L.P. and Teekay Offshore Partners L.P. and all of the Company&#146;s
Class&nbsp;A common shares of Teekay Tankers Ltd. and (iii)&nbsp;all equity interests in the Teekay subsidiaries that own two of the Company&#146;s FPSO units; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">proposed cash tender offer (the &#147;Tender Offer&#148;) to purchase any and all of the Company&#146;s
outstanding 8.5% Senior Unsecured Notes due 2020 (the &#147;2020 Notes&#148;). Concurrently with the Tender Offer, the Company is soliciting (the &#147;Consent Solicitation&#148;) from the holders representing at least a majority of the aggregate
principal amount of the 2020 Notes then outstanding (the &#147;Requisite Consents&#148;) a consent (the &#147;Consent&#148;) to certain proposed amendments (the &#147;Proposed Amendments&#148;) that will eliminate substantially all of the
restrictive covenants and certain events of default and related provisions from the indenture governing the 2020 Notes, including the covenant restricting the Company from granting liens on its assets for issuances of other debt securities unless
the Company grants a <I>pari passu </I>lien on such assets in favor of the 2020 Notes. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Included in this Report on Form <FONT
STYLE="white-space:nowrap">6-K</FONT> is selected financial and other information of the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Unless otherwise indicated, references in this Form <FONT
STYLE="white-space:nowrap">6-K</FONT> to &#147;Teekay,&#148; the &#147;Company,&#148; &#147;we,&#148; &#147;us&#148; and &#147;our&#148; and similar terms refer to Teekay Corporation and/or its subsidiaries, except that those terms, when used in
this Form <FONT STYLE="white-space:nowrap">6-K</FONT> in connection with the Notes, shall mean specifically Teekay Corporation. References in this Form <FONT STYLE="white-space:nowrap">6-K</FONT> to (a) &#147;Teekay LNG&#148; refer to Teekay LNG
Partners L.P. (NYSE: TGP), a subsidiary of Teekay Corporation, (b) &#147;Teekay Tankers&#148; refer to Teekay Tankers Ltd. (NYSE: TNK), a subsidiary of Teekay Corporation, (c) &#147;Teekay Parent&#148; refer to Teekay Corporation and its remaining
subsidiaries and (d) &#147;Teekay Offshore&#148; refer to Teekay Offshore Partners L.P. (NYSE: TOO), an entity which since September&nbsp;25, 2017 is no longer consolidated with Teekay Corporation and for which Teekay Corporation now accounts using
the equity method. In this Report on Form <FONT STYLE="white-space:nowrap">6-K,</FONT> we refer to Teekay LNG and Teekay Tankers as the &#147;Controlled Daughter Entities&#148; and the Controlled Daughter Entities and Teekay Offshore collectively as
the &#147;Daughter Entities,&#148; and references to the &#147;Teekay group&#148; include Teekay Parent and the Daughter Entities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Unless otherwise
indicated, certain information in this Report on Form <FONT STYLE="white-space:nowrap">6-K</FONT> about the vessels and fleets, segment market positions, employees, contracted revenues and related matters of the Teekay group or a particular group
member refer in the aggregate to 100% of such items for (a)&nbsp;in the case of the Teekay group, Teekay Corporation, Teekay LNG, Teekay Tankers, Teekay Offshore and their subsidiaries and equity-accounted vessels and investments and (b)&nbsp;in the
case of a particular Teekay group member, such member and its subsidiaries and equity-accounted vessels and investments. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Unless otherwise indicated, all
references in this Report on Form <FONT STYLE="white-space:nowrap">6-K</FONT> to &#147;dollars&#148; and &#147;$&#148; are to, and amounts are presented in, U.S. dollars. Teekay prepares its financial statements in accordance with United States
generally accepted </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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accounting principles (&#147;GAAP&#148;). References in this Report on Form <FONT STYLE="white-space:nowrap">6-K</FONT> to &#147;independent&#148; fleet owners or operators mean companies other
than private or state-controlled entities that operate their own fleets. Unless otherwise indicated, we include as long-term contracts those with an initial term of at least three years. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Forward-looking statements </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All statements, other
than statements of historical fact, included in this Report on Form <FONT STYLE="white-space:nowrap">6-K</FONT> are forward-looking statements. In addition, we and our representatives may from time to time make other oral or written statements that
are also forward-looking statements. Such statements include, in particular, statements about our plans, strategies, business prospects, changes and trends in our business, and the markets in which we operate. In some cases, you can identify the
forward-looking statements by the use of words such as &#147;may,&#148; &#147;will,&#148; &#147;could,&#148; &#147;should,&#148; &#147;would,&#148; &#147;expect,&#148; &#147;plan,&#148; &#147;anticipate,&#148; &#147;intend,&#148;
&#147;forecast,&#148; &#147;believe,&#148; &#147;estimate,&#148; &#147;predict,&#148; &#147;propose,&#148; &#147;potential,&#148; &#147;continue&#148; or the negative of these terms or other comparable terminology. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Forward-looking statements in this Report on Form <FONT STYLE="white-space:nowrap">6-K</FONT> include, among others, statements about consummation of the
Offering and the Tender Offer and the results of the Consent Solicitation; anticipated funding of the Tender Offer, including potential borrowings under our Margin Loan Agreement (as described below); potential sales of shares of Teekay common stock
under the Continuous Offering Program; our future financial condition and results of operations; our dividend policy and our payment of or our ability to pay any cash dividends on our shares of common stock, and the distribution and dividend
policies of our Daughter Entities; our plans for Teekay Parent not to have a direct ownership in any conventional tankers and FPSO units, and increase its free cash flow, reduce its net debt and delever its balance sheet; the ability of our Daughter
Entities to delever their balance sheets; expected deliveries of the LNG newbuilding vessels in connection with Teekay LNG&#146;s receiving and regasification terminal in Bahrain which will be owned and operated by a new joint venture, in which
Teekay LNG will hold a 30% ownership interest; the duration of shutdowns for vessels, including the <I>Foinaven</I> FPSO unit, for maintenance or drydocking, and related expenses and reduced revenue; our future growth prospects; the future valuation
or potential impairment of our assets, including our FPSO units; the realization of contracted, forward fixed-rate revenues; compliance with financing agreements and the expected effect of restrictive covenants in such agreements; and our business
strategy and other plans and objectives for future operations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">These and other forward-looking statements are subject to risks, uncertainties and
assumptions, including those risks discussed in &#147;Risk factors&#148; below and those risks discussed in other reports we file with the SEC, including, without limitation, our Annual Report on Form <FONT STYLE="white-space:nowrap">20-F</FONT> for
the year ended December&nbsp;31, 2018 (&#147;2018 Annual Report&#148;). We caution that forward-looking statements are not guarantees and that actual results could differ materially from those expressed or implied in the forward-looking statements.
We undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it
is not possible for us to predict all of these factors. Further, we cannot assess the effect of each such factor on our business or the extent to which any factor, or combination of factors, may cause actual results to be materially different from
those contained in any forward-looking statement. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Note Offering </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We expect to receive net proceeds from the issuance of the Notes in the Offering of approximately $289.6&nbsp;million, after deducting the initial
purchasers&#146; discounts and commissions and estimated offering expenses payable by us. We intend to use the net proceeds from the Offering to partially fund the Tender Offer and any fees and expenses thereof. We also intend to fund the Tender
Offer with up to $160&nbsp;million of existing cash and the remainder, if any, with additional borrowings under Teekay Parent&#146;s equity margin revolving credit facility (which is secured by common units of Teekay LNG and Teekay Offshore and
shares of Class&nbsp;A common stock of Teekay Tankers that are owned by Teekay Parent) (the &#147;Margin Loan Agreement&#148;). The Offering is conditioned upon the receipt of the Requisite Consents and the effectiveness of the Proposed Amendments.
To the extent the net proceeds of the Offering exceed the amount needed, in addition to other sources of capital described above, to fund the Tender Offer, we may use the remaining net proceeds from the Offering for general corporate purposes, which
may include the repayment of indebtedness. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As of April&nbsp;1, 2019, the aggregate principal amount of our 2020 Notes outstanding was approximately
$497.7&nbsp;million. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The indenture that will govern the Notes will contain covenants that, among other things, include
restrictions on our and the guarantors&#146; ability to: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">incur additional indebtedness and guarantee indebtedness; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">pay dividends or make other distributions or repurchase or redeem our equity interests; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">prepay, redeem or repurchase certain debt; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">issue certain preferred stock or similar equity securities; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">make investments; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">sell assets; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">incur liens, including the granting of any lien on any of the Note collateral, or further pledging any of the
Note collateral as security, subject to permitted liens; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">enter into transactions with affiliates; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">consolidate, merge or sell all or substantially all of our assets. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The indenture that will govern the Notes will also provide that under specific circumstances we may be required to offer to use all or a portion of the net
proceeds of sales of our FPSO units or sales of Class B common stock of Teekay Tankers consummated prior to a specified non-call date to purchase Notes at a price equal to 103% of the principal amount, plus accrued and unpaid interest and additional
amounts, if any, to the repurchase date. The indenture will further provide that, we may be required under certain circumstances to offer to use all or a portion of the net proceeds of certain asset sales (other than a sale of an FPSO unit or shares
of Class B common stock of Teekay Tankers prior to a specified non-call date) to purchase the Notes at a price equal to 100% of the principal amount thereof, plus accrued and unpaid interest and additional amounts, if any, to the repurchase date. In
addition, the indenture will require us to comply with certain financial covenants. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Our business strategy </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our primary business strategies include the following: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B><I>Providing Superior, Cost-Effective Marine Operations By Maintaining High Reliability, Safety, Environmental
and Quality Standards</I></B><I>.</I>&nbsp;Our operational focus is to continue to be an industry leader in safety and risk management, to maintain cost-effective operations, to ensure high-quality customer service with a large, diversified and
well-maintained asset base, and to employ well-trained onshore and offshore staff. We believe achieving these objectives allows us to deliver superior services to our customers. We intend to continue to maintain significant operating, commercial,
technical and administrative functions internally within the Teekay group to ensure stringent operational and quality control. We believe these strategies will enhance our ability to obtain repeat business from our customers and attract new
customers, as well as to operate our fleet with greater efficiencies. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B><I>Pursuing a Chartering Strategy Focused on Long-Term Contracts with Upside Tanker
Exposure</I></B><I>.</I>&nbsp;We intend to seek to increase cash flow by continuing to leverage the Teekay group&#146;s recognized brand, operational capabilities and internal expertise to pursue a balanced mix of charters with new and existing
customers. We intend to support Teekay LNG and Teekay Offshore in their continued focus on entering into long-term, fixed-rate contracts with creditworthy customers, which contracts we expect could generate additional cash flows to those entities
and potential increased cash distributions to Teekay Parent. We also expect that Teekay Tankers will continue to take advantage of ongoing spot market opportunities through direct employment of its tankers in the spot market and through
participating in and managing commercial pools of vessels. Teekay Tankers&#146; size, reputation and operational capabilities also provide opportunities for it to <FONT STYLE="white-space:nowrap">in-charter</FONT> third party vessels, including
vessels that may trade on the spot market. This provides Teekay Tankers flexibility in expanding or, by not renewing <FONT STYLE="white-space:nowrap">in-charters,</FONT> reducing its fleet size in response to market conditions. We expect that these
activities could result in significant future cash flows to Teekay Tankers and potential increased cash dividends to Teekay Parent to the extent the tanker market improves. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B><I>Continuing to Delever Our Balance Sheet as We Increase Cash Flows and Improve Our Financial Position
Through Asset Sales.</I></B><B><I></I></B><B><I>&nbsp;</I></B>The Daughter Entities have taken delivery of a significant portion of their recent growth projects, substantially all of which have long-term contracted cash flows with strong
counterparties. The Daughter Entities anticipate that potential cash flow from market improvements, if any, and expected cash flow from recent growth projects of Teekay LNG and Teekay Offshore will permit them to delever their respective balance
sheets. Teekay Parent intends to continue to reduce its debt level through repayments using net proceeds from the potential sale of its FPSO units or other assets in the future and Teekay Parent cash flow growth from Teekay LNG&#146;s anticipated
common unit distribution increase of 36% in 2019 and further potential distribution or dividend increases by the Daughter Entities in the future. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B><I>Focusing on Prudent Capital Allocation to Maximize Value and Disciplined, Sustainable
Growth</I></B><I>.</I>&nbsp;We believe that our customers value the Teekay group&#146;s ability to offer a <FONT STYLE="white-space:nowrap">&#147;one-stop-shop&#148;</FONT> for a comprehensive range of marine midstream logistical services through
diverse and worldwide operations. Since 2004, we have </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

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expanded the service offerings of the Teekay group to include marine transportation of LNG and LPG and, primarily through Teekay Offshore, ship-based oil production and storage and floating
accommodation and ocean towage services. Many of our customers use more than one major service offering of the Teekay group. By pursuing new customer relationships and leveraging existing relationships, we seek to continue to grow our existing
businesses and increase customer adoption of diversified service offerings in a disciplined, sustainable manner. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B><I>Continuing to Successfully Execute on <FONT STYLE="white-space:nowrap">Built-In</FONT> Growth
Opportunities</I></B>.&nbsp;Teekay LNG&#146;s four remaining LNG carrier newbuildings and its joint venture regasification terminal in Bahrain are scheduled to deliver in the second half of 2019 and are all fully financed. These vessels and projects
have fixed-rate contracts with initial contract terms of between 20 and 26 years. Teekay Offshore has six shuttle tanker newbuildings scheduled to deliver in late-2019 through early-2021, two of which are scheduled to commence charter contracts and
four of which will operate as part of Teekay Offshore&#146;s contract of affreightment fleet servicing various North Sea fields. If, as expected, these vessels are delivered to and accepted by their charterers and these projects are completed on a
timely basis, we believe these existing growth projects, together with other recently delivered growth projects, will significantly increase Teekay LNG&#146;s and Teekay Offshore&#146;s cash flows and continue to strengthen customer relationships
and Teekay LNG&#146;s and Teekay Offshore&#146;s market positions. </P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Our competitive strengths </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We believe that we are well-positioned to execute our business strategies based on the following competitive strengths: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B><I>Market Leadership in All Major Business Segments</I></B><I>.</I>&nbsp;We and Teekay Offshore are market
leaders in each of the major segments in which we and it operate. Teekay LNG is the third largest independent owner of LNG carriers. Teekay Tankers is one of the world&#146;s largest owners and operators of
<FONT STYLE="white-space:nowrap">mid-sized</FONT> crude tankers. Teekay Offshore is the world&#146;s largest independent owner and operator of shuttle tankers, controlling approximately 37% of the tonnage of the world shuttle tanker fleet, and the
fourth largest independent provider of leased FPSO unit solutions. We believe that the diversity and high-quality nature of our operations have contributed significantly to achieving these leadership positions in these segments. Given our scale,
reputation for successfully developing logistically complex projects and operational excellence, we believe we and Teekay Offshore are well-positioned to pursue further opportunities. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B><I>Long-Term Contracted Revenue from a Diverse Set of Established, Creditworthy
Customers</I></B><I>.</I>&nbsp;Over the last two decades, we have diversified the source of our revenues and cash flows beyond the cyclical spot tanker market and significantly increased the amount and proportion of our <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">take-or-pay</FONT></FONT> fixed-rate contracted revenue. Cash flows generated by Teekay LNG and Teekay Offshore are supported by large portfolios of medium- to long-term contracts with
established, creditworthy customers. As of January&nbsp;1, 2019, the Teekay group had approximately $16&nbsp;billion of contracted, forward fixed-rate revenue, and the revenue-weighted average remaining term of all of its existing contracts was
approximately 8.4 years (excluding spot market contracts and options to extend). In addition, we have developed strong relationships with our customers, which include major energy and utility companies, major oil traders, large oil and LNG consumers
and petroleum product producers, government agencies, and various other entities that depend upon our essential marine transportation and production services as part of their production and logistics chain. Significant customers include BP plc,
Canadian Natural Resources Limited, Chevron Corporation, Exxon Mobil Corporation, Naturgy Energy Group SA, Ras Laffan Liquefied Natural Gas Company Limited and Royal Dutch Shell plc. </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B><I>Improved Teekay Parent Free Cash Flow</I></B><I>.</I> Teekay Parent&#146;s free cash flow significantly
improved in 2018 compared to 2017, primarily due to high cash flows from its three, directly-owned FPSO units, which benefited from the commencement of contract renewals secured in 2017 on the <I>Petrojarl Banff</I> and <I>Sevan Hummingbird </I>FPSO
units that provided upside exposure to strong oil prices and production, and from less shutdown time during 2018. We anticipate that cash flow from the FPSO units will be lower in 2019. We also anticipate lower general and administrative expenses
for Teekay Parent as a result of cost-reduction initiatives and lower interest expense due to lower overall indebtedness following the repayment of secured debt and the repurchase of $95 million of our 2020 Notes since the beginning of 2018, the
Offering and the Tender Offer. We believe Teekay LNG&#146;s leading market position, substantial portfolio of long-term fixed-rate contracts and contracted newbuilding vessels will continue to provide stable and growing cash flow. We expect Teekay
LNG&#146;s cash flows to grow as a result of the delivery and <FONT STYLE="white-space:nowrap">start-up</FONT> during 2019 of its remaining four newbuildings and the Bahrain regasification project, which we expect will help to delever its balance
sheet. As </P></TD></TR></TABLE>
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previously announced, Teekay LNG anticipates increasing its quarterly cash distributions on its common units by 36% commencing with the distribution payment to be made in May 2019, which would
increase Teekay Parent&#146;s free cash flow due to its ownership of Teekay LNG common units and Teekay LNG&#146;s general partner. With an expected stronger balance sheet and expected growing cash flows, we anticipate that Teekay LNG would have
increased future distribution capacity that, if paid out in cash distributions, would further improve Teekay Parent&#146;s free cash flow. Additional cash flow and distributions could be generated by the other Teekay group members if
(a)&nbsp;vessels or FPSO units currently earning rates that are below <FONT STYLE="white-space:nowrap">mid-cycle</FONT> or existing rates are rechartered at higher rates or (b)&nbsp;for Teekay Tankers, tanker spot rates increase.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B><I>Strengthening Financial Positions</I></B><I>. </I>Since the beginning of 2018, Teekay Parent and the
Daughter Entities have undertaken a number of initiatives to strengthen their balance sheets and liquidity positions. During this period, the Teekay group members have raised an aggregate of approximately $3.0&nbsp;billion from debt and equity
issuances, debt financings and refinancings and capital lease transactions, including $410&nbsp;million at Teekay Parent, $1.1&nbsp;billion at Teekay LNG, $289&nbsp;million at Teekay Tankers and $1.2&nbsp;billion at Teekay Offshore. Our strategic
partnership with Brookfield significantly improved Teekay Offshore&#146;s and Teekay Parent&#146;s balance sheets and liquidity positions and removed all of Teekay Parent&#146;s guarantees of Teekay Offshore&#146;s liabilities. Teekay Parent repaid
all of its secured debt and reduced the aggregate outstanding principal amount of the 2020 Notes by approximately $95&nbsp;million using a portion of the proceeds from the common stock and convertible note offerings in January 2018. We expect the
Daughter Entities&#146; balance sheets will naturally delever as growth projects ramp up or deliver and commence their respective charter contracts. Delevering could also occur if vessels or FPSO units of the Daughter Entities are rechartered at
higher rates or, for Teekay Tankers, tanker spot rates increase. Teekay Parent also has the ability to further delever its balance sheet by repaying debt with net proceeds from the potential sale of Teekay Parent&#146;s FPSO units or other assets in
the future. Teekay Parent may also repay indebtedness with proceeds from anticipated sales of its common stock under the Equity Distribution Agreement with Citigroup Global Markets Inc. (&#147;Citigroup&#148;) that the Company is entering into
concurrently with the Offering, pursuant to which the Company may sell from time to time through Citigroup, as the Company&#146;s sales agent, shares of common stock having an aggregate offering price of up to $63 million by means of ordinary
brokers&#146; transactions on the New York Stock Exchange at market prices, in block transactions or as otherwise agreed by the Company and Citigroup (the &#147;Continuous Offering Program&#148;). </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B><I>Breadth and High Quality of Service Offerings that are Critical to Our Customers&#146; Production and
Logistics Chains</I></B><I>.</I>&nbsp;The size, quality and breadth of the Teekay group&#146;s fleet of approximately 205 vessels permit us to offer to customers a comprehensive range of marine midstream logistics services, including ship-based
transportation, production, storage and other options. This has contributed to our prominent role in our customers&#146; logistics chains by positioning us as a <FONT STYLE="white-space:nowrap">&#147;one-stop-shop&#148;</FONT> for these services and
providing economies of scale. As a key, integrated partner in complex and capital-intensive energy projects, Teekay LNG and Teekay Offshore in particular often work closely with customers to build and operate assets to required design specifications
and enter into long-term contracts with them before a vessel order is placed, resulting in a more sustainable business model and cash flow profile. We believe we are an industry leader in safety and environmental standards. We benefit from higher
quality control over commercial and technical management due to our expertise in, and the Teekay group&#146;s ability to perform, significant functions internally, such as operational and technical support, vessel maintenance, crewing, shipyard
supervision, insurance and financial management services. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B><I>Experienced Management Team</I></B><I>.</I><I></I>&nbsp;The members of our senior management team have on
average approximately 28 years of experience in the shipping industry, including an average of approximately 19 years with Teekay. Our executives have experience managing through multiple economic cycles and expertise across commercial, technical,
financial and other functional management areas of our business, which helps promote a focused marketing effort, stringent quality and cost controls, and effective operations and safety monitoring. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We can provide no assurance that we will be able to implement our strategies or utilize our strengths as described above. For a further discussion of the
risks we face, please read &#147;Risk factors&#148; below and those risks discussed in other reports we file with the SEC, including, without limitation, our 2018 Annual Report. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Summary financial and operating data </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following table presents, in each case for the periods and as of the dates indicated, (a)&nbsp;our summary consolidated financial and operating data and
(b)&nbsp;certain summary financial and operating data of Teekay Parent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The summary financial and operating data has been prepared on the following
basis: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">our historical consolidated financial and operating data as of December&nbsp;31, 2017 and 2018, and for the years
ended December&nbsp;31, 2016, 2017 and 2018 are derived from our audited consolidated financial statements and the notes thereto included in our 2018 Annual Report; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">our historical consolidated balance sheet data as of December&nbsp;31, 2016 is derived from our audited
consolidated financial statements and the notes thereto, which are included in our Annual Report on Form <FONT STYLE="white-space:nowrap">20-F</FONT> for the year ended December&nbsp;31, 2016; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">our &#147;As Further Adjusted&#148; consolidated financial and operating data as of and for the years ended
December&nbsp;31, 2017 and 2018 have been prepared by adjusting our historical consolidated financial and operating data for such periods to give effect to the following post-period events (the &#147;Adjustments&#148;), as if such events had
occurred on January&nbsp;1, 2017 (excluding in all instances adjustments for potential changes to interest expense, gain or losses on the repurchase of notes or change in the loss on deconsolidation that may occur as a result of these transactions
being recorded as of January&nbsp;1, 2017) and assuming that all outstanding 2020 Notes are tendered in the Tender Offer as of May&nbsp;7, 2019 (the &#147;Early Tender and Consent Date&#148;): </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the completion of the Brookfield Transaction (for a definition of this term and a description of the related
transactions, please see Note 4 to our consolidated financial statements for the year ended December&nbsp;31, 2018 included in our 2018 Annual Report); </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the repurchase of $10.9&nbsp;million aggregate principal amount of 2020 Notes that occurred during January and
February 2019 for $10.8&nbsp;million; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">our borrowing of approximately $64.2&nbsp;million under the Margin Loan Agreement to fund the Tender Offer;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the Offering; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the use of the net proceeds from the issuance of the Notes in the Offering, together with $160&nbsp;million of
existing cash and the anticipated borrowings under the Margin Loan Agreement, to fund the Tender Offer; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the &#147;As Further Adjusted&#148; financial and operating data of Teekay Parent as of and for the years ended
December&nbsp;31, 2017 and 2018 have been prepared by subtracting from our historical consolidated financial and operating data for such periods, as prepared in the manner described above, the combined historical results of operations, cash flows
and other data of Teekay LNG, Teekay Tankers and Teekay Offshore as of such dates and for such periods, except where otherwise noted, and adjusting the results for the Adjustments, to the extent applicable, as if such events had occurred on
January&nbsp;1, 2017 and assuming that all outstanding 2020 Notes are tendered in the Tender Offer as of the Early Tender and Consent Date to determine results for Teekay Parent. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As further adjusted results may not be indicative of future results. The as further adjusted financial and operating data for us and Teekay Parent assume the
completion of the Adjustments (except for the Brookfield Transaction, which was completed on September&nbsp;25, 2017) in the amounts assumed. Completion of any of the Adjustments that are not yet completed are subject to conditions, risks and
uncertainties and there can be no assurance that any of such Adjustments will be completed in the amounts assumed, or at all. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In May 2014, the Financial
Accounting Standards Board issued Accounting Standards Update <FONT STYLE="white-space:nowrap">2014-09,</FONT> Revenue from Contracts with Customers (&#147;ASU <FONT STYLE="white-space:nowrap">2014-09&#148;).</FONT> ASU <FONT
STYLE="white-space:nowrap">2014-09</FONT> requires an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those
goods or services. ASU <FONT STYLE="white-space:nowrap">2014-09</FONT> became effective for Teekay on January&nbsp;1, 2018. We adopted ASU <FONT STYLE="white-space:nowrap">2014-09</FONT> as a cumulative-effect adjustment as of the date of adoption.
As such, periods prior to January&nbsp;1, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>

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2018 were not retroactively adjusted. The impact to our historical consolidated financial position as of December&nbsp;31, 2018 and our historical consolidated results of operation for the year
ended December&nbsp;31, 2018 was as follows: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">We previously presented the net allocation for our vessels participating in revenue sharing arrangements
(&#147;RSAs&#148;) as revenues. We have determined that we are the principal in voyages our vessels perform that are included in the RSAs. As such, the revenue from those voyages is presented in revenues and the difference between this amount and
our net allocation from the RSA is presented as voyage expenses. This had the effect of increasing both revenues and voyage expenses for the year ended December&nbsp;31, 2018 by $292.6&nbsp;million. There was no cumulative impact to opening equity
as of January&nbsp;1, 2018. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">We manage vessels owned by our equity-accounted investments and third parties. Upon the adoption of ASU <FONT
STYLE="white-space:nowrap">2014-09,</FONT> costs incurred by us for our seafarers are presented as vessel operating expenses and the reimbursement of such expenses are presented as revenue, instead of such amounts being presented on a net basis.
This had the effect of increasing both revenues and vessel operating expenses for the year ended December&nbsp;31, 2018 by $82.9&nbsp;million. There was no cumulative impact to opening equity as of January&nbsp;1, 2018. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">We previously presented all accrued revenue as a component of accounts receivable. We have determined that if the
right to such consideration is conditioned upon something other than the passage of time, such accrued revenue should be presented apart from accounts receivable. This had the effect of increasing prepaid expenses and other and decreasing accounts
receivable by $20.2&nbsp;million as of December&nbsp;31, 2018. There was no cumulative impact to opening equity as of January&nbsp;1, 2018. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">In certain cases, we incur <FONT STYLE="white-space:nowrap">pre-operational</FONT> costs that relate directly to
a specific customer contract, that generate or enhance our resources that will be used in satisfying performance obligations in the future, whereby such costs are expected to be recovered via the customer contract. Such costs are now deferred and
amortized over the duration of the customer contract. We previously expensed such costs as incurred unless the costs were directly reimbursable by the contract or if they were related to the mobilization of offshore assets to an oil field. This
change had the effect of increasing other <FONT STYLE="white-space:nowrap">non-current</FONT> assets by $3.5&nbsp;million, investments in and advances to equity-accounted joint ventures by $2.2&nbsp;million and total equity by $5.7&nbsp;million as
of December&nbsp;31, 2018. This change did not have a material effect on our consolidated statement of loss for the year ended December&nbsp;31, 2018. The cumulative increase to opening equity as of January&nbsp;1, 2018 was $4.1&nbsp;million.
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Because we control the general partner of Teekay LNG and because we hold a majority of the voting power of Teekay Tankers, the
financial results of these entities are included in Teekay&#146;s consolidated financial results. However, Teekay LNG and Teekay Tankers function with capital structures that are independent of each other and us, with each having publicly-traded
equity. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On September&nbsp;25, 2017, Teekay, Teekay Offshore and Brookfield finalized a strategic partnership which resulted in the deconsolidation of
Teekay Offshore as of that date. We have accounted for our equity investment in Teekay Offshore using the equity method since September&nbsp;25, 2017. This change in accounting method for our equity investment in Teekay Offshore has resulted in
Teekay&#146;s proportionate share of Teekay Offshore&#146;s net profit or loss being reflected in net (loss) income from September&nbsp;25, 2017. Prior to such date, each line item within our consolidated statement of (loss) income that comprises
net (loss) income includes the results of Teekay Offshore on a 100% basis. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The table below includes four financial measures&#151;net revenues, net debt,
EBITDA and Adjusted EBITDA&#151;which we use in our business and are not calculated or presented in accordance with GAAP. We explain these measures, including such measures as further adjusted to reflect the Adjustments, and reconcile them to their
most directly comparable financial measures calculated and presented in accordance with GAAP in the notes to the table below for the periods indicated in the table below. In addition, the table includes historical and financial operating data of
Teekay Parent which are not calculated or presented in accordance with GAAP and are also reconciled to their most directly comparable financial measures presented in accordance with GAAP. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following table should be read together with, and is qualified in its entirety by reference to, our historical consolidated financial statements and
accompanying notes included in our 2018 Annual Report. This table should also be read together with the section entitled &#147;Management&#146;s discussion and analysis of financial condition and results of operations&#148; included in our 2018
Annual Report. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>

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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="64%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Years&nbsp;ended&nbsp;December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; ">(in thousands)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Income statement data </B>(2017 and 2018 amounts reflect the deconsolidation of Teekay Offshore
on September&nbsp;25, 2017):</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Revenues</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">2,328,569</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1,880,332</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1,707,758</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Voyage expenses (1)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(138,339</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(153,766</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(388,887</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Vessel operating expenses (2)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(825,024</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(731,150</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(637,474</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Time-charter hire expense</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(150,145</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(120,893</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(86,458</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Depreciation and amortization</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(571,825</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(485,829</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(276,307</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">General and administrative expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(119,889</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(106,150</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(96,555</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Write-down and loss on sales of vessels</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(112,246</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(270,743</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(53,693</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Restructuring charges</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(26,811</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(5,101</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(4,065</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Income (loss) from vessel operations</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">384,290</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,700</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">164,319</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Interest expense</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(282,966</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(268,400</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(254,126</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Interest income</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,821</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,290</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,525</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Realized and unrealized (losses) gains on <FONT STYLE="white-space:nowrap">non-designated</FONT>
derivative instruments<I> </I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(35,091</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(38,854</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(14,852</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Equity income (loss)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">85,639</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(37,344</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">61,054</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Foreign exchange gain (loss)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(6,548</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(26,463</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,140</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Loss on deconsolidation of Teekay Offshore</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(104,788</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(7,070</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other loss</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(39,013</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(53,981</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,013</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Income (loss) before income taxes</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">111,132</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(516,840</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(38,023</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Income tax expense</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(24,468</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(12,232</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(19,724</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Net (loss) income</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">86,664</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(529,072</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(57,747</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net loss (income) attributable to <FONT STYLE="white-space:nowrap">non-controlling</FONT>
interests</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(209,846</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">365,796</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(21,490</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Net loss attributable to the shareholders of Teekay Corporation</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(123,182</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(163,276</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(79,237</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Balance sheet data: </B>(2017 and 2018 amounts reflect the deconsolidation of Teekay Offshore
on September&nbsp;25, 2017):</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cash and cash equivalents</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">567,994</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">445,452</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">424,169</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Restricted cash</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">237,248</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">106,722</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">81,470</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Vessels and equipment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,138,886</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,208,544</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,517,133</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12,814,752</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,092,437</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,391,670</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total debt (including obligations related to capital leases)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,032,385</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,578,162</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,993,368</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Non-controlling</FONT> interest</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,189,928</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,102,465</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,058,037</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total equity</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,089,293</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,879,656</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,867,028</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Cash flow data (</B>2017 and 2018 amounts reflect the deconsolidation of Teekay Offshore on
September&nbsp;25, 2017):</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net cash provided by (used in):</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Operating activities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">676,546</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">544,264</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">182,135</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Financing activities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(195,610</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">284,309</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">434,786</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Investing activities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(530,523</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,081,641</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(663,456</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Other financial data (</B>2017 and 2018 amounts reflect the deconsolidation of Teekay Offshore
on September&nbsp;25, 2017):</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net revenues (3)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">2,190,230</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1,726,566</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1,318,871</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">EBITDA (4)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">961,102</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">231,099</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">483,885</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Adjusted EBITDA (4)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,241,857</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">893,145</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">745,076</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Undrawn revolving credit facilities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">444,439</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">461,421</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">300,549</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Expenditures for vessels and equipment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">648,326</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,054,052</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">693,792</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Expenditures for drydocking</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">45,964</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">50,899</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">44,690</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="76%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>As&nbsp;Further&nbsp;Adjusted&nbsp;Financial&nbsp;data&nbsp;-
Teekay&nbsp;consolidated</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net revenues (3)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1,032,888</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1,318,171</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">EBITDA (4)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(102,569</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">483,885</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Adjusted EBITDA (4)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">566,841</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">745,076</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cash and cash equivalents (at end of period) (5)(11)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">364,653</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">253,370</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Undrawn revolving credit facilities (11)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">307,190</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">236,318</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total debt (including obligations related to capital leases) (at end of period)
(6)(7)(8)(11)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,515,820</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,841,026</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net debt (9)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,044,445</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,506,186</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>As Further Adjusted Financial data - Teekay Parent</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net revenues (3)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">301,873</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">450,817</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">EBITDA (4)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(360,252</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">28,391</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Adjusted EBITDA (4)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(9,052</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">48,822</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cash and cash equivalents (at end of period) (5)(11)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">48,973</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">49,439</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Undrawn revolving credit facilities (10)(11)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">29,136</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">48,947</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total debt (including obligations related to capital leases) (at end of period)
(6)(8)(11)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">605,069</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">461,999</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net debt (9)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">548,839</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">410,530</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Voyage expenses are all expenses unique to a particular voyage, including any fuel expenses, port fees, cargo
loading and unloading expenses, canal tolls, agency fees and commissions. Voyage expenses are typically paid by the customer under time charters and FPSO contracts and by us under voyage charters. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Under all types of charters and contracts for our vessels, except for bareboat charters, we are responsible for
vessel operating expenses, which include crewing, repairs and maintenance, insurance, stores, lube oils and communication expenses. The two largest components of our vessel operating expenses are crew costs and repairs and maintenance.
</P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Net revenues is a <FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial measure. Consistent with general
practice in the shipping industry, we use net revenues (defined as revenues less voyage expenses) as a measure of equating revenues generated from voyage charters to revenues generated from time charters, which assists us in making operating
decisions about the deployment of our vessels and their performance. Under time charters, the charterer pays the voyage expenses, which are all expenses unique to a particular voyage, including any bunker fuel expenses, port fees, cargo loading and
unloading expenses, canal tolls, agency fees and commissions, whereas under voyage-charter contracts the ship-owner pays these expenses. Some voyage expenses are fixed, and the remainder can be estimated. If we, as the ship-owner, pay the voyage
expenses, we typically pass the approximate amount of these expenses on to our customers by charging higher rates under the contract or billing the expenses to them. As a result, although revenues from different types of contracts may vary, the net
revenues after subtracting voyage expenses, which we call &#147;net revenues,&#148; are comparable across the different types of contracts. We principally use net revenues because it provides more meaningful information to us than revenues, the most
directly comparable GAAP financial measure. Net revenues are also widely used by investors and analysts in the shipping industry for comparing financial performance between companies and to industry averages. Net revenues should not be considered as
an alternative to revenues or any other measure of financial performance in accordance with GAAP. Net revenues is adjusted for expenses that we classify as voyage expenses and, therefore, may not be comparable to similarly titled measures of other
companies. The following table reconciles net revenues and net revenues as further adjusted with revenues. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="64%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Years&nbsp;ended&nbsp;December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; ">(in thousands of U.S. Dollars)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Revenues</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">2,328,569</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1,880,332</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1,707,758</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Voyage expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(138,339</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(153,766</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(388,887</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net revenues</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">2,190,230</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1,726,566</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1,318,871</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net voyage revenues of Teekay Offshore (January 1, 2017 to September&nbsp;25, 2017)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(693,678</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Net revenues &#150; As Further Adjusted</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1,032,888</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1,318,871</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following table reconciles net revenues for Teekay Parent as further adjusted with revenues. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="78%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Years&nbsp;ended&nbsp;December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; ">(in thousands of U.S. Dollars)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Revenues(a)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">303,566</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">451,659</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Voyage Expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,693</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(842</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Net <FONT STYLE="white-space:nowrap">Revenues-As</FONT> Further Adjusted</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">301,873</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">450,817</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Teekay manages vessels owned by its equity-accounted investments and third parties. Subsequent to the adoption
of ASU <FONT STYLE="white-space:nowrap">2014-09,</FONT> costs incurred by Teekay Parent for its seafarers are presented as vessel operating expenses and the reimbursement of such expenses is presented as revenue, instead of such amounts being
presented on a net basis. This had the effect of increasing both revenues and vessel operating expenses of Teekay Parent for the year ended December&nbsp;31, 2018 by $82.9&nbsp;million. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(4)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">EBITDA and Adjusted EBITDA are <FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial measures. EBITDA
represents earnings before interest, taxes, depreciation and amortization. Adjusted EBITDA represents EBITDA before foreign exchange (gain) loss, items included in other loss, asset impairments, loan loss provisions and net loss on sale of vessels,
equipment and other operating assets, amortization of <FONT STYLE="white-space:nowrap">in-process</FONT> revenue contracts, unrealized (gains) on derivative instruments, realized losses on interest rate swaps, loss on deconsolidation of Teekay
Offshore, gain on sale of equity-accounted investments, write-downs related to equity-accounted investments, and our share of the above items in <FONT STYLE="white-space:nowrap">non-consolidated</FONT> joint ventures which are accounted for using
the equity method of accounting. EBITDA and Adjusted EBITDA are used as supplemental financial performance measures by management and by external users of our financial statements, such as investors. EBITDA and Adjusted EBITDA assist our management
and security holders by increasing the comparability of our fundamental performance from period to period and against the fundamental performance of other companies in our industry that provide EBITDA or Adjusted EBITDA-based information. This
increased comparability is achieved by excluding the potentially disparate effects between periods or companies of interest expense, taxes, depreciation or amortization (or other items in determining Adjusted EBITDA), which items are affected by
various and possibly changing financing methods, capital structure and historical cost basis and which items may significantly affect net income between periods. We believe that including EBITDA and Adjusted EBITDA benefit security holders in
(a)&nbsp;selecting between investing in us and other investment alternatives and (b)&nbsp;monitoring our ongoing financial and operational strength and health in order to assess whether to continue to hold our equity, or debt securities, as
applicable. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Neither EBITDA nor Adjusted EBITDA should be considered as an alternative to net income, operating income or
any other measure of financial performance presented in accordance with GAAP. EBITDA and Adjusted EBITDA exclude some, but not all, items that affect net income and operating income, and these measures may vary among other companies. Therefore,
EBITDA and Adjusted EBITDA as presented by us may not be comparable to similarly titled measures of other companies. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">EBITDA &#150; As
Further Adjusted and Adjusted EBITDA &#150; As Further Adjusted consist of EBITDA and Adjusted EBITDA, as applicable, as adjusted further to give effect to the Adjustments, as if such events had occurred on January&nbsp;1, 2017. In addition, As
Further Adjusted EBITDA for Teekay Parent for the years ended December&nbsp;31, 2018 and 2017 includes $16.8&nbsp;million and $30.6&nbsp;million, respectively, of distributions received from the Daughter Entities for such periods. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>

</DIV></Center>


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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The following table reconciles our historical consolidated EBITDA, EBITDA &#150; As Further
Adjusted, Adjusted EBITDA and Adjusted EBITDA &#150; As Further Adjusted to net (loss) income. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="44%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Year&nbsp;Ended<BR>December&nbsp;31,<BR>2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Year&nbsp;Ended<BR>December&nbsp;31,&nbsp;2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Year&nbsp;Ended<BR>December&nbsp;31,<BR>2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; ">(in thousands)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Teekay<BR>Consolidated</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Teekay<BR>Consolidated</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Less: Teekay<BR>Offshore<BR>(consolidated<BR>at 100%)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Add:&nbsp;Teekay<BR>Offshore<BR>(equity-<BR>accounted at<BR>13.8%)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Teekay<BR>Consolidated<BR>as Further<BR>Adjusted</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Teekay<BR>Consolidated<BR>as Further<BR>Adjusted</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Income statement data:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net income (loss)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">86,664</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(529,072</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">2,740</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(8</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(531,820</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(57,747</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Interest expense, net of interest income</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">278,145</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">262,110</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">107,577</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">154,533</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">245,601</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Income tax expense (recovery)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">24,468</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12,232</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,939</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,293</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19,724</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Depreciation and amortization</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">571,825</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">485,829</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">219,404</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">266,425</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">276,307</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>EBITDA</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">961,102</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">231,099</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">333,660</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(8</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(102,569</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">483,885</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Foreign exchange (gain) loss (a)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,548</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26,463</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,149</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16,314</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(6,140</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Items included in other loss (b)(c)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">42,401</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">48,750</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">48,750</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,372</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Asset impairments, loan loss provisions and net loss (gain) on sale of vessels and
equipment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">112,246</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">270,743</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">269,243</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">53,693</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Amortization of <FONT STYLE="white-space:nowrap">in-process</FONT> revenue contracts</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(28,109</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(26,958</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(9,323</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(17,635</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(14,890</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Unrealized losses (gains) on derivative instruments</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(69,401</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(13,634</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,760</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(11,874</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(12,590</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Realized losses on interest rate swaps</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">95,460</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">54,531</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">31,335</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">23,196</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">27,579</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Loss on deconsolidation of Teekay Offshore</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">104,788</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">104,788</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,070</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Gain on sale of equity-accounted investments (d)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(21,576</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Write-downs related to equity-accounted investments</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,357</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">46,168</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">46,168</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Adjustments relating to equity income (e)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">119,253</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">151,195</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,021</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">49,286</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">190,460</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">225,673</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Adjusted EBITDA</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1,241,857</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">893,145</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">375,582</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">49,278</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">566,841</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">745,076</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Foreign exchange (gain) loss includes the unrealized gain of $21.2&nbsp;million in 2018 (2017 &#150; gain of
$82.7&nbsp;million, 2016 &#150; gain of $75.0 million) on cross currency swaps. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">In June 2016, as part of its financing initiatives, Teekay Offshore canceled the construction contracts for its
two UMS newbuildings. As a result, Teekay Offshore accrued for potential damages resulting from the cancellations and reversed contingent liabilities previously recorded that related to the delivery of the UMS newbuildings. This net loss provision
of $23.4&nbsp;million for the year ended December&nbsp;31, 2016 is reported in other loss in our consolidated statements of income as of that date. The newbuilding contracts are held in Teekay Offshore&#146;s separate subsidiaries and obligations of
these subsidiaries are <FONT STYLE="white-space:nowrap">non-recourse</FONT> to Teekay Offshore. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">We hold cost-accounted investments at cost. During 2016, we recorded a write-down of an investment of
$19.0&nbsp;million. This investment was subsequently sold in 2017, resulting in a gain on sale of cost-accounted investment of $1.3&nbsp;million. During 2017, we recognized an additional tax indemnification guarantee liability of $50.0&nbsp;million
related to capital leases of Teekay LNG&#146;s investment in Teekay Nakilat Corporation. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Our results for 2018 include a gain on the sale of Teekay Parent&#146;s 43.5% stake in Magnora ASA in November
2018, a gain on the sale of a 2% ownership interest in Teekay Offshore&#146;s general partner to Brookfield in July 2018, a loss on the sale of Teekay Parent&#146;s investment in KT Maritime (Pty) Ltd. and a gain on the sale of Teekay LNG&#146;s 50%
ownership interest in one of its joint ventures with Exmar NV. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(e)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Adjustments relating to equity income, which is a <FONT STYLE="white-space:nowrap">non-GAAP</FONT> measure,
should not be considered as an alternative to equity income or any other measure of financial performance or liquidity presented in accordance with GAAP. Adjustments relating to equity income exclude some, but not all, items that affect equity
income and these measures may vary among other companies. Therefore, adjustments relating to equity income as presented herein may not be comparable to similarly titled measures of other companies. When using Adjusted EBITDA as a measure of
liquidity, it should be noted that this measure includes the Adjusted EBITDA from our equity-accounted for investments. Consequently, the cash flow generated by our equity-accounted for investments may not be available for use by us in the period
generated. We do not have control over the operations, nor do we have any legal claim to the revenue and expenses of our equity-accounted for investments. Equity income from equity-accounted investments is adjusted for depreciation and amortization,
interest expense, net of interest income, income tax expense (recovery), amortization of <FONT STYLE="white-space:nowrap">in-process</FONT> revenue contracts, foreign currency exchange loss (gain), realized and unrealized loss (gain) on derivative
instruments and certain other items. Adjustments relating to equity income from our equity-accounted investments are as follows: </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="70%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Year&nbsp;Ended&nbsp;December&nbsp;31,</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; ">(in thousands of U.S. Dollars)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">2016</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">2017</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">2018</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Depreciation and amortization</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">69,781</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">82,513</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">115,370</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Interest expense, net of interest income</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">45,584</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">63,189</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">101,344</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Income tax expense (recovery)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">724</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">503</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,209</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Amortization of <FONT STYLE="white-space:nowrap">in-process</FONT> revenue contracts</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(5,482</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(4,307</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(8,799</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Foreign currency exchange loss (gain)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">132</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">366</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">716</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Asset impairments and net loss (gain) on sale of vessels, equipment and other operating
assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,763</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,479</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16,277</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Realized and unrealized loss (gain) on derivative instruments</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,075</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,452</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(4,785</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Loss on debt repurchase</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,341</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">676</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Adjustments relating to equity income</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">119,253</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">151,195</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">225,673</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following table reconciles for (a)&nbsp;Teekay on a consolidated basis and (b)&nbsp;Teekay Parent, both individually and
with respect to each other, EBITDA and Adjusted EBITDA to net income (loss), each on an historical and as further adjusted basis giving effect to the Adjustments. Teekay Parent&#146;s numbers, which are not calculated or presented in accordance with
GAAP, are reconciled to Teekay&#146;s consolidated numbers for the years ended December&nbsp;31, 2018 and 2017. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The combined historical results of
operations and other data of the Daughter Entities (Teekay LNG, Teekay Tankers and Teekay Offshore) as of and for the years ended December&nbsp;31, 2018 and 2017 have been prepared in the manner described above in this &#147;&#151;Summary financial
and operating data.&#148; The combined historical results of operations and other data of the Daughter Entities include Teekay Offshore on a consolidated basis for periods prior to September&nbsp;25,
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>

</DIV></Center>


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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
2017 and using the equity method for periods on or after September&nbsp;25, 2017. Consequently, EBITDA of Teekay Parent for the years ended December&nbsp;31, 2018 and 2017 does not include equity
income, our proportionate share of the EBITDA of the Daughter Entities nor any distributions received from the Daughter Entities for such periods. However, Adjusted EBITDA for Teekay Parent for the years ended December&nbsp;31, 2018 and 2017
includes $16.8&nbsp;million and $30.6&nbsp;million, respectively, of distributions received from the Daughter Entities for such periods. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="60%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="10" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>As&nbsp;Further<BR>Adjusted&nbsp;for<BR>the<BR>Adjustments</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="right" STYLE="border-bottom:1.00pt solid #000000"><B>Year&nbsp;ended&nbsp;December&nbsp;31,&nbsp;2018</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; ">(in thousands)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Teekay<BR>consolidated</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Daughter<BR>Entities</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Cash<BR>Distributions<BR>from<BR>Daughter<BR>Entities</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Teekay<BR>Parent</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Income statement data:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net income (loss)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(57,747</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">17,700</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> &#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(75,447</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Interest expense, net of interest income</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">245,601</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">182,277</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">63,324</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Income tax expense (recovery)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19,724</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12,625</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,099</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Depreciation and amortization</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">276,307</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">242,892</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">33,415</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>EBITDA</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">483,885</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">455,494</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">28,391</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cash distributions from Daughter Entities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(16,772</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16,772</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Foreign exchange (gain) loss (a)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(6,140</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,104</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(4,036</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Items included in other loss (income)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,372</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">600</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,772</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Asset impairments, loan loss provisions and net loss (gain) on sale of vessels and
equipment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">53,693</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">53,693</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Amortization of <FONT STYLE="white-space:nowrap">in-process</FONT> revenue contracts</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(14,890</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(8,957</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(5,933</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Unrealized losses (gains) on derivative instruments</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(12,590</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(30,712</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18,122</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Realized losses on interest rate swaps</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">27,579</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26,019</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,560</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Loss on deconsolidation of Teekay Offshore</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,070</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,070</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Gain on sale of equity-accounted investments</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(21,576</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(5,563</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(16,013</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Items related to <FONT STYLE="white-space:nowrap">non-consolidated</FONT> joint ventures</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">225,673</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">224,556</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,117</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Adjusted EBITDA</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">745,076</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">713,026</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(16,772</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">48,822</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">14 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="62%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>As&nbsp;Further<BR>Adjusted&nbsp;for<BR>the<BR>Adjustments</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="right" STYLE="border-bottom:1.00pt solid #000000"><B>Year&nbsp;ended&nbsp;December&nbsp;31,&nbsp;2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; ">(in thousands)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Teekay<BR>consolidated</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Daughter<BR>Entities</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Cash<BR>Distributions<BR>from<BR>Daughter<BR>Entities</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Teekay<BR>Parent</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Income statement data:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net income (loss)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(529,072</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(60,135</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> &#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(468,937</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Interest expense, net of interest income</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">262,110</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">215,986</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">46,124</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Income tax expense (recovery)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12,232</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,070</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,162</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Depreciation and amortization</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">485,829</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">425,431</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">60,398</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>EBITDA</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">231,099</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">591,351</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> &#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(360,252</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cash distributions from Daughter Entities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(30,605</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">30,605</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Foreign exchange (gain) loss (a)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26,463</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">37,052</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(10,589</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Items included in other loss (income)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">48,750</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">50,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,250</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Asset impairments, loan loss provisions and net loss (gain) on sale of vessels and
equipment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">270,743</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">65,086</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">205,657</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Amortization of <FONT STYLE="white-space:nowrap">in-process</FONT> revenue contracts</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(26,958</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(21,025</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(5,933</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Unrealized losses (gains) on derivative instruments</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(13,634</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(16,145</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,511</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Realized losses on interest rate swaps</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">54,531</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">51,586</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,945</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Loss on deconsolidation of Teekay Offshore</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">104,788</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">104,788</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Write-downs related to equity-accounted investments</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">46,168</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26,724</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19,444</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Items related to <FONT STYLE="white-space:nowrap">non-consolidated</FONT> joint ventures</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">151,195</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">148,173</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,022</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Adjusted EBITDA</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">893,145</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">932,802</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(30,605</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(9,052</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(5)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Cash and cash equivalents of Teekay on a consolidated basis and of Teekay Parent have both been adjusted to
reflect the Adjustments as of January&nbsp;1, 2017, including (a)&nbsp;the use of $10.8&nbsp;million to repurchase a principal amount of $10.9&nbsp;million aggregate principal amount of the 2020 Notes that occurred during January and February 2019;
and (b)&nbsp;our anticipated borrowing of approximately $64.2&nbsp;million under the Margin Loan Agreement to fund the Tender Offer, the estimated net proceeds of $289.6&nbsp;million from the issuance of the Notes in the Offering, along with
$160.0&nbsp;million of existing cash to fund the Tender Offer assuming full participation in the Tender Offer as of the Early Tender and Consent Date. Completion of any of the Adjustments is subject to conditions, risks and uncertainties and there
can be no assurance that any of such Adjustments will be completed in the amounts assumed, or at all. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(6)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Total debt of Teekay on a consolidated basis and of Teekay Parent has been adjusted to reflect the occurrence
of the Adjustments as of January&nbsp;1, 2017, including (a)&nbsp;the repurchase of all $508.6&nbsp;million in aggregate principal amount of the outstanding 2020 Notes as of December&nbsp;31, 2018, including the repurchase of $10.9&nbsp;million of
the 2020 Notes during January and February 2019 and the Tender Offer, (b)&nbsp;our anticipated borrowing of approximately $64.2&nbsp;million under the Margin Loan Agreement to fund the Tender Offer and (c)&nbsp;estimated net proceeds of
$289.6&nbsp;million from the issuance of the Notes in the Offering. Completion of any of the Adjustments that are not yet completed is subject to conditions, risks and uncertainties and there can be no assurance that any of such Adjustments will be
completed in the amounts assumed, or at all. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(7)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">In addition to our consolidated debt, as of December&nbsp;31, 2018, our total proportionate interest in debt of
joint ventures, excluding Teekay Offshore, we do not control was $1.8&nbsp;billion, of which Teekay Tankers or Teekay LNG has guaranteed $0.9&nbsp;billion and the remaining $0.9&nbsp;billion of which has limited recourse to Teekay LNG.
</P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(8)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">As of December&nbsp;31, 2018, Teekay guaranteed $166.4&nbsp;million of indebtedness of its publicly-traded
subsidiaries. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(9)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Net debt is a <FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial measure. Net debt represents total
debt less cash, cash equivalents and restricted cash, adjusted to reflect the occurrence of the Adjustments as of January&nbsp;1, 2017. The following table reconciles net debt, as further adjusted to total debt of Teekay on a consolidated basis and
of Teekay Parent, both individually and with respect to each other. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">15 </P>

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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">As&nbsp;of&nbsp;December&nbsp;31,&nbsp;2017</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">As&nbsp;of&nbsp;December&nbsp;31,&nbsp;2018</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; ">(in thousands)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Teekay<BR>Corporation<BR>Consolidated</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Controlled<BR>Daughter<BR>Entities</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Teekay<BR>Parent</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Teekay<BR>Corporation<BR>Consolidated</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Controlled<BR>Daughter<BR>Entities</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Teekay<BR>Parent</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total debt</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">4,578,162</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">3,910,751</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">667,411</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">4,993,368</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">4,379,027</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">614,341</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Less: cash and cash equivalents</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(445,452</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(315,680</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(129,772</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(424,169</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(203,931</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(220,238</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Less: restricted cash</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(106,722</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(99,465</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(7,257</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(81,470</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(79,440</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,030</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Add: Adjustments</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18,457</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18,457</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18,457</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18,457</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net debt (As Further Adjusted)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">4,044,445</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">3,495,606</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">548,839</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">4,506,186</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">4,095,656</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">410,530</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(10)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">As of March 31, 2019, and after giving effect to the Transactions, Teekay Parent would have had $78.6 million
of undrawn revolving credit facilities. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(11)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">As at December 31, 2017, Teekay Parent did not have $160.0 million of cash to partially fund the Tender Offer
assuming full participation in the Tender Offer. Consequently, cash and cash equivalents, undrawn revolving credit facilities, and total debt of both Teekay Parent and Teekay Consolidated, all as further adjusted at December 31, 2017, instead
reflect the use of $70 million of cash to fund the Tender Offer and the borrowing of approximately $154.2 million under the Margin Loan Agreement. </P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Recent developments </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B>Teekay Parent
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In April 2019, Teekay Parent agreed to charter the <I>Magellan Spirit</I> LNG carrier from Teekay LNG for three years and a third party agreed to
charter the vessel from Teekay Parent for three years on a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">back-to-back</FONT></FONT> basis. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In connection with the Offering and the Tender Offer, Teekay&#146;s Board of Directors has approved the elimination of the quarterly dividend on Teekay&#146;s
common stock, commencing with the dividend payable for the quarter ended March&nbsp;31, 2019, in order to retain cash to further strengthen its balance sheet. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The <I>Petrojarl Banff</I> FPSO unit has been operating on the Banff field in the North Sea since its delivery nearly 20 years ago under a charter contract
with Canadian Natural Resources (&#147;CNR&#148;) that permitted CNR to terminate the contract at any time with six months&#146; notice. In January 2017, Teekay Parent entered into a contract amendment with CNR to ensure the unit would stay on the
current field at least until the third quarter of 2018 and to revise the charter rate structure to include a variable component (through an oil price and oil production tariff) in addition to a fixed charter rate. In July 2018, Teekay Parent secured
a <FONT STYLE="white-space:nowrap">one-year</FONT> contract extension with CNR to extend the employment of the <I>Petrojarl Banff</I> FPSO to August 2019. Teekay Parent is in discussions regarding and expects to enter into an agreement with CNR to
extend the employment of the <I>Petrojarl Banff</I> FPSO unit on the Banff field for a period of one year to the end of August 2020 on substantially similar terms to the current contract, including a variable component linked to oil price and
production tariffs. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B>Teekay LNG </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Teekay LNG has a fleet of 79 vessels, including four newbuildings on order, and an interest in a regasification project in Bahrain. These four newbuildings and
the regasification project are scheduled to commence operations under their respective long-term contracts in 2019. As of April&nbsp;1, 2019, Teekay LNG had ownership interests ranging from 20% to 100% in 49 liquefied natural gas (LNG) carriers,
including four newbuilding LNG carriers on order. In addition, Teekay LNG has 99% ownership interests in seven <FONT STYLE="white-space:nowrap">multi-gas</FONT> carriers and 50% ownership interests, through its joint venture agreement with Exmar NV,
in 22 <FONT STYLE="white-space:nowrap">mid-size</FONT> liquefied petroleum gas (LPG) carriers. Teekay LNG&#146;s large and diverse portfolio of long-term contracts represented $10.1&nbsp;billion of contracted, forward fixed-rate revenues with a
revenue-weighted average remaining contract duration of approximately 11.5 years as of January&nbsp;1, 2019 (excluding options to extend). Teekay&#146;s LNG and LPG segments generated total consolidated revenues of $454.5&nbsp;million and
$23.9&nbsp;million, respectively, in 2018 (which excludes revenue generated by vessels that are owned in equity-accounted joint ventures). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In September
2018, the Teekay <FONT STYLE="white-space:nowrap">LNG-Marubeni</FONT> Joint Venture agreed to charter its LNG carrier, the <I>Magellan Spirit</I>, to Teekay LNG for two years at a fixed rate. The <I>Magellan Spirit</I> was subsequently chartered-out
by Teekay LNG to third parties at charter rates that are significantly higher than the charter-in rate payable by Teekay LNG. On March 21, 2019, the <I>Magellan Spirit</I> completed its most recent charter contract with a third party and was
redelivered to Teekay LNG, upon which the vessel proceeded to its scheduled drydock which is expected to be completed in May 2019. In April 2019, Teekay Parent agreed to temporarily charter-in the vessel from Teekay LNG for a period of three years
in order to facilitate the charter-out of the vessel to a third-party customer on back-to-back terms. The in-charter by Teekay Parent is expected to be in place temporarily until it is novated to Teekay LNG, upon which Teekay LNG will continue to
charter the vessel to the third-party customer for the duration of the three-year charter. In connection with this arrangement, the Teekay LNG-Marubeni Joint Venture also extended its existing charter-out contract to Teekay LNG for three years to
cover the entire charter period with the third-party customer. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">16 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B>Teekay Tankers </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As of April&nbsp;1, 2019, Teekay Tankers&#146; fleet included 62 owned and <FONT STYLE="white-space:nowrap">chartered-in</FONT> tankers (excluding six <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">ship-to-ship</FONT></FONT> transfer support vessels). Teekay Tankers also owns a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">ship-to-ship</FONT></FONT> transfer
business that primarily provides lightering and reverse lightering services for crude oil imports into, and exports out of, the United States. As of April&nbsp;1, 2019, Teekay Tankers&#146; fleet had a total cargo carrying capacity of approximately
8.5&nbsp;million deadweight tonnes (or dwt). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In April 2019, Teekay Tankers received notice from the NYSE that Teekay Tankers is not in compliance with
the NYSE continued listing standards because the average closing price of Teekay Tankers&#146; shares of Class&nbsp;A common stock fell below $1.00 per share over a period of 30 consecutive trading days. In accordance with NYSE procedures, Teekay
Tankers intends to cure the $1.00 per share deficiency and has six months following receipt of the noncompliance notice to regain compliance with the NYSE continued listing requirement. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B>Teekay Offshore </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As of April&nbsp;1,
2019, Teekay Offshore had interests in eight FPSO units, 35 shuttle tankers (including six newbuilding shuttle tankers on order), six FSO units, one UMS and 10 long-distance towing and offshore installation vessels. Teekay Offshore&#146;s ownership
interests in these vessels range from 50% to 100%. Teekay Offshore&#146;s large and diverse portfolio of long-term contracts represented $5.7&nbsp;billion of contracted, forward fixed-rate revenues with a revenue-weighted average remaining contract
duration of approximately four years as of January&nbsp;1, 2019 (excluding options to extend). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In July 2018, Teekay Offshore entered into a contract with
Petrobras to extend the employment of the <I>Rio das Ostras</I> FPSO unit for four months until November 2018, with an option to extend to January 2019. In December 2018, Teekay Offshore entered into a further contract extension for two months until
March 2019. The FPSO unit has now come off contract and is currently in <FONT STYLE="white-space:nowrap">lay-up.</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In the last two years, Teekay
Offshore and Teekay LNG completed a significant portion of their growth projects and delivered $2.5&nbsp;billion of gas newbuilding projects and $1.8&nbsp;billion of offshore newbuilding/conversion projects, which are now contributing significant
cash flows. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Industry overview </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following
industry overview highlights recent trends and data relating to the principal markets in which we operate. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B>Liquefied gas shipping</B>
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">According to Clarkson Research Services Limited (&#147;Clarksons Research&#148;), in 2018, global LNG exports increased by approximately 27 million metric
tonnes per annum (or MTPA), or 9%, compared to 2017, which was the second consecutive year that global LNG exports increased by approximately 20 million MTPA or more. Global LNG export growth was particularly strong in the fourth quarter of 2018,
driven by the ramp-up in new volumes from Russia, Australia and the United States. On the demand side, China continues to be the main driver, with imports growing by almost 40% in 2018, which represented over 50% of the total net increase in global
LNG imports for 2018. According to Clarksons Research, in the fourth quarter of 2018, LNG carrier spot charter rates reached record highs for a 160,000 cubic meter (or cbm) diesel-electric LNG carrier with rates averaging approximately $149,000 per
day, which was $80,000 per day higher than rates experienced in the same period of the prior year. This strength can be attributed to winter market seasonality, LNG export growth, tight LNG carrier supply and LNG carriers being used for floating
storage (with a reported high of approximately 30 LNG carriers in floating storage in November 2018). According to Clarksons Research, LNG carrier spot charter rates reached a peak of $190,000 per day during the fourth quarter of 2018, which are the
highest rates on record. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">While LNG carrier spot charter rates have softened significantly in recent months as we have entered the shoulder season to
approximately $50,000 per day as of March 22, 2019, according to Clarksons Research, we expect utilization and short-term charter rates to increase from current levels in the remainder of 2019 and into 2020 as a result of two years of expected
strong LNG export growth in the U.S., Australia and Russia. According to Clarksons Research, during 2019 and 2020, LNG shipping tonne-mile demand is expected to grow by approximately 11% annually on average while the global LNG carrier fleet is
expected to grow by approximately 6% annually on average. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In 2021 and into 2023, we expect that utilization and short-term LNG carrier charter rates may
come under downward pressure as a result of the 77 LNG carrier newbuilding orders placed during 2018 and the early part of 2019, which are scheduled to deliver in 2021 and 2022 during what we expect will be a period of slower LNG export growth. We
expect this weakness to be temporary as the next wave of LNG export projects is expected to commence operations starting in 2023. According to Wood Mackenzie, 2019 may be a record year for final investment decisions (&#147;FIDs&#148;) by developers
of LNG export growth projects that are expected to commence operations in 2023 and 2024, with an estimated growth capacity of 60 million MTPA, almost triple the capacity of such projects subject to FIDs during 2018. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We believe that in the longer-term, the LNG industry will experience strong growth through 2040. According to BP plc&#146;s 2019 Energy Outlook, LNG export
growth is expected to more than double by 2040, mostly driven by North America, the Middle East, Africa and Russia, while Asia will remain the dominant driver of import growth. We believe this expected strong demand growth for LNG will lead to an
increase in LNG trade and create significant demand for LNG shipping. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The LPG market continues to show signs of rebalancing and recovery, supported by
low fleet growth and ongoing LPG trade growth. According to Clarksons Research, declining newbuild deliveries and record levels of scrapping resulted in low fleet growth of approximately 1.5% in 2018. In comparison, total LPG trade growth during
2018 increased by approximately 6% due to higher Middle East exports and strong demand in Europe. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This trend is expected to continue in 2019 and 2020
with forecasted LPG trade growth of around 6% per year according to Clarksons Research, driven by the start-up of new U.S. export capacity, which is expected to exceed low estimated fleet supply growth of between 2% and 3% per year. Accordingly, we
expect fleet utilization and charter rates to gradually improve over the next two years across the LPG and petrochemical shipping markets. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B>Crude oil tankers</B> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Crude tanker spot
rates were at multi-year lows during the first half of 2018, as a result of the effect of OPEC supply cuts on tanker demand. However, the market appeared to reach an inflection point in the middle of 2018, as an increase in oil supply from both OPEC
and non-OPEC sources, and a period of low fleet growth, allowed rates to recover. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Crude tanker spot rates improved significantly during the fourth
quarter of 2018, spurred by both winter market seasonality and positive underlying supply and demand fundamentals. According to the International Energy Agency (&#147;IEA&#148;), during the fourth quarter of 2018, OPEC crude oil production rose to
33.0 million barrels per day (&#147;mb/d&#148;), the highest level since July 2017 and up from 32.0 mb/d earlier in 2018. Russian oil production reached a record high of 11.5 mb/d by the end of 2018, which was positive for mid-size tanker demand in
the Mediterranean / Black Sea and Baltic Sea regions. Rising U.S. crude oil exports also supported crude tanker demand, with U.S. crude oil production reaching a record high 11.7 mb/d during the fourth quarter and crude oil exports reaching 2.5 mb/d
according to the U.S. Energy Information Administration (&#147;EIA&#148;). This was positive for both crude tanker demand, as well as lightering demand in the U.S. Gulf. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Crude tanker spot rates have weakened significantly through the first quarter of 2019, which is typical for this time of year as refineries enter into
seasonal maintenance programs. OPEC supply cuts are also reducing crude tanker demand, as OPEC (and select non-OPEC partners) follow through on their pledge to cut production by 1.2 mb/d starting from January 2019. Early data suggests that OPEC is
achieving a high compliance with these cuts. We expect the OPEC cuts to have a negative impact on crude tanker demand through the first half of 2019, although the oil market is reasonably well balanced and we believe OPEC will supply more oil to the
market during the second half of 2019 when oil demand is expected to increase substantially compared with first half levels. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">According to Clarksons
Research, the global tanker fleet grew by just 6.2 million deadweight tonnes (or mdwt), or 1.1%, in 2018, which was the lowest level of tanker fleet growth since 2001. High tanker scrapping primarily contributed to low fleet growth during 2018, with
a total of 20.8 mdwt removed, representing the fifth highest scrapping year on record. Looking ahead, we expect an increase in tanker fleet growth during 2019 as a firmer freight rate environment should lead to fewer vessels sold for scrap. We
forecast total tanker fleet growth of approximately 3.8% during 2019, with much of this growth weighted towards the first half of the year. This would add downward pressure on the crude tanker market during the early part of 2019, although we
forecast much lower total tanker fleet growth of less than 2% in the second half of 2019 and into 2020. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Global oil demand remains firm, with the IEA
forecasting growth of 1.4 mb/d in 2019. In addition, we expect that tanker demand will be boosted in 2019 by an increase in global refining capacity. According to the IEA, a total of 2.6 mb/d of new refining capacity will come online in 2019, which
is the largest annual increase on record. We expect this will contribute positively to both crude and product tanker demand. We also expect that the new IMO 2020 maritime Sulphur emissions regulations will be positive for tanker demand through an
expected increase in refinery throughput. The new regulations could also open new trade patterns and arbitrage opportunities for both crude and product, which are expected to increase overall tonne-mile demand. Finally, we believe that an expected
increase in U.S. crude exports during the second half of 2019 will be beneficial for both crude tanker demand and U.S. Gulf lightering demand. According to the IEA, new pipeline capacity to the Gulf Coast is expected to lift U.S. crude exports from
approximately 2.5 mb/d to approximately 4 mb/d by the end of 2019. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In sum, we believe that OPEC supply cuts, higher fleet growth, and the impact of
seasonal refinery maintenance could weigh on tanker demand through the first half of 2019. However, we believe that the second half of 2019 and 2020 will be stronger due to underlying oil demand, an increase in U.S. crude oil exports, the return of
OPEC crude oil supply, lower tanker fleet growth, and the positive impact of IMO 2020. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B>Offshore oil industry</B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Brent oil prices reached $86 per barrel in late 2018, the highest level since 2014, supported by OPEC cuts, production disruptions and potential sanctions. For
2018, Brent oil prices averaged $72 per barrel, a 31% increase over 2017. This increase in oil prices, coupled with a series of cost-cutting measures implemented over the past several years, has led to a significant increase in free cash flow for
major oil companies and is leading to a renewed increase in offshore exploration and production activity. For 2019, Brent oil prices have averaged approximately $65 per barrel through April 23, 2019 and closed at $74 per barrel as of April 23, 2019.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">After a low-point in 2016, approved offshore project capital expenditures (&#147;CAPEX&#148;) have been gradually recovering. Although the estimated
CAPEX of newly approved projects was lower than expected in 2018, largely due to slippage of FIDs due to oil price volatility, tendering issues in Brazil, and political risk, we expect a return to a growth trend in 2019. According to Clarksons
Research, approximately $20 billion of offshore field project CAPEX was approved in January 2019, and with further significant FIDs expected in 2019, Clarksons Research expects $89 billion of new offshore project CAPEX to be approved in 2019, which
is approaching investment levels last achieved in 2014. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The improvement in oil prices since 2016 and offshore project break-even points is leading to a
recovery in FPSO contract awards. After a year of no FPSO awards in 2016, a total of eight FPSO contracts were awarded in 2017 and six in 2018. This renewed level of contracting is expected to be maintained over the next few years. According to
Clarksons Research, in the 2019 and 2020 period, there are 26 projects that could potentially result in an FPSO award, with 14 of these projects being considered as &#147;probable&#148; to reach an award in 2019 (although FID slippage and oil price
volatility remain a significant risk). Projects in South America and West Africa are expected to be the main drivers of FPSO contracting. As of March 2019, Petr&#243;leo Brasileiro S.A. (&#147;Petrobras&#148;) had ongoing tenders for five FPSOs for
projects in offshore Brazil, with all five currently scheduled to be awarded within 2019. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Demand for shuttle tankers is expected to improve in tandem
with a strengthening offshore market and increased exploration and production spending by the oil majors. The North Sea market is relatively mature, with oil production from fields which use shuttle tankers as an export solution expected to remain
relatively flat in the coming years. However, a push into the Barents Sea, which involves longer sailing distances, may add to shuttle tanker tonne-mile demand. In addition, significant replacement demand is expected in the North Sea as new vessels
will be needed to replace vessels turning 20 years of age, which is the typical end-of-life age for shuttle tankers. Of the 31 vessels currently trading in the North Sea, 15 will reach age 20 over the next five years. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Offshore fields in the North Sea and Brazil generate the majority of global demand for shuttle tankers. According to Clarksons Research, 86 offshore fields
that generate demand for shuttle tankers are currently in production, with 69 of these fields located in the North Sea or Brazil and the remaining 17 fields located in eastern Canada, the European Arctic, the U.S. Gulf of Mexico and the northwestern
European Atlantic. Future new demand for shuttle tankers is also expected to be concentrated in the North Sea and Brazil. Six fields generating demand for shuttle tankers are currently in development in the North Sea and Brazil, with another 16
potential field developments expected to be sanctioned by the end of 2020. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Brazil is expected to be a major driver of shuttle tanker demand in coming
years. According to Clarksons Research, there are currently 19 probable shuttle tanker orders linked to specific offshore projects expected to receive an FID within the next two years, with almost 70% of these projects located in Latin America. In
the longer term, the continuing trend towards deep water projects further from shore, and the improved political situation in Brazil, also appear favorable for the shuttle tanker sector. According to Clarksons Research, total global offshore oil
production averaged approximately 25.2 million barrels per day in the ten-year period between 2009 and 2018. In total, Clarksons Research projects that global offshore oil production may increase by more than 3.5 mb/d in the ten-year period between
2018 and 2028, reaching approximately 28.9 million barrels per day in 2028. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">There can be no guarantee that any of the forecasted amounts provided above
will materialize or that the actual amounts will not be materially different. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Risk Factors </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>We may not be able to generate sufficient cash to service all of our indebtedness, including the Notes, and may be forced to take other actions to
satisfy the obligations under our indebtedness, which may not be successful. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Given volatility associated with our business and industry, our
future cash flow may be insufficient to meet our debt obligations and other commitments. Any insufficiency could negatively impact our business. A range of economic, competitive, business and industry factors, including those beyond our control,
will affect our future financial performance, and, as a result, our ability to generate cash flow from operations and to pay our debt obligations. If our cash flows and capital resources are insufficient to fund our debt service obligations and
other commitments, we may be forced to reduce or delay planned investments and capital expenditures, or to sell assets, seek additional financing in the debt or equity markets or restructure or refinance our indebtedness, including the Notes. Our
ability to restructure or refinance our indebtedness will depend on the condition of the capital markets and our financial condition at such time. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">17 </P>

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Any refinancing of our indebtedness could be at higher interest rates and may require us to comply with more onerous covenants, which could further restrict our business operations. The terms of
existing or future debt agreements and the indenture that will govern the Notes may restrict us from adopting some of these alternatives. In addition, any failure to make payments of interest and principal on our outstanding indebtedness on a timely
basis would likely result in a reduction of our credit rating, which could harm our ability to incur additional indebtedness. In the absence of sufficient cash flows and capital resources, we could face substantial liquidity problems and may be
required to dispose of material assets or operations to meet our debt service and other obligations. The indenture that will govern the Notes offered in the Offering will restrict our ability to dispose of assets and use the proceeds from the
disposition. We may not be able to consummate those dispositions or to obtain the proceeds that we could have realized from them and any proceeds may not be adequate to meet any debt service obligations then due. These alternative measures may not
be successful and may not permit us to meet our debt service obligations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>We intend to sell our three FPSO units in the future, which units
represent one of Teekay Parent&#146;s limited sources of cash flow. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Teekay Parent&#146;s primary sources of cash flow include cash flow from the
operation of its three FPSO units and its receipt of cash distributions made by the Daughter Entities. The three FPSO units generated a majority of Teekay Parent&#146;s cash flow during 2018. We intend to sell the three FPSO units in the future. If
we sell the units, Teekay Parent will no longer receive cash flow generated by the units and will depend almost entirely on cash flow from distributions made by the Daughter Entities. Currently, Teekay LNG is the only Daughter Entity paying cash
distributions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Our leverage and debt service obligations may adversely affect our financial condition, results of operations, business prospects
and our ability to make payments on the Notes. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We have substantial debt and debt service requirements. Assuming we completed the Offering on
December&nbsp;31, 2018, after giving effect to the Adjustments, our consolidated debt and obligations related to capital leases would have totaled approximately $4.8&nbsp;billion, of which approximately $4.4&nbsp;billion would have been obligations
of our subsidiaries (all but $576.3&nbsp;million of which is secured by assets of our subsidiaries), and we would have had the capacity to borrow an additional $236.3&nbsp;million under our credit facilities. In addition to our consolidated debt, as
of December&nbsp;31, 2018, our total proportionate interest in debt of joint ventures we do not control (excluding Teekay Offshore) was $1.8&nbsp;billion, of which Teekay Tankers or Teekay LNG has guaranteed $0.9&nbsp;billion and the remaining
$0.9&nbsp;billion has limited recourse to Teekay LNG. As of December&nbsp;31, 2018, and after giving effect to the Adjustments, Teekay Corporation and its restricted subsidiaries would have had approximately $641.0&nbsp;million of total outstanding
indebtedness (including $166.4&nbsp;million of indebtedness of Teekay Tankers guaranteed by Teekay Corporation). As of December&nbsp;31, 2018, and after giving effect to the Adjustments, the <FONT STYLE="white-space:nowrap">non-guarantor</FONT>
restricted subsidiaries would have had approximately $64.2&nbsp;million of total outstanding indebtedness (including indebtedness under the Margin Loan Agreement), with additional borrowing capacity under the Margin Loan Agreement of
$48.9&nbsp;million ($78.6&nbsp;million as of March&nbsp;31, 2019), all of which would be structurally senior to the Notes and effectively senior to the Notes to the extent of the value of the assets securing such indebtedness. Our debt, obligations
related to capital leases and joint venture debt could increase substantially. Subject to certain limitations, the terms of the indenture under which the Notes will be issued and our credit facilities permit us to incur additional debt. Our level of
indebtedness could affect our operations in several ways, including the following: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">requiring us to dedicate a substantial portion of our cash flow from operations to service our debt, thereby
reducing the cash available to finance our operating and investing activities; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">limiting management&#146;s discretion in operating our business and our flexibility in planning for, or reacting
to, changes in our business and the industry in which we operate; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">increasing our vulnerability to downturns and adverse developments in our business, commodity prices and
industry; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">limiting our ability to raise capital and other available financing on favorable terms, or at all;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">limiting our ability to make investments, lease equipment, sell assets and engage in business combinations;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">making us vulnerable to increases in interest rates; </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">reducing funds available for our operations and other purposes, as a larger portion of our cash flow from
operations would be dedicated to the payment of principal and interest on our indebtedness, including the Notes; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">if our cash flow and capital resources are insufficient to fund debt service obligations, forcing us to reduce or
delay investments and capital expenditures, sell assets, seek additional capital or restructure or refinance our indebtedness; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">putting us at a competitive disadvantage relative to our competitors; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">making it more difficult for us to satisfy our obligations under the Notes and other debt and increase the risk
that we may default on our debt obligations. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">18 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Teekay Parent&#146;s cash flow and its ability to continue to benefit from the operations and
relationships of the Daughter Entities may be reduced or eliminated if it were to sell or dispose of interests in any Daughter Entities. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">There
are no restrictions on our ability to sell or dispose of our interests in any of the Daughter Entities other than restrictions under the Margin Loan Agreement, the indenture under which the Notes will be issued and contractual restrictions under the
limited liability company agreement of Teekay Offshore&#146;s general partner on our ability to sell or dispose of Teekay Offshore common units prior to September 2019 or to transfer our general partner interest in Teekay Offshore. If we were to
sell or dispose of any or all of our interests in any Daughter Entity, our participation in existing or potential future distributions or dividends would be reduced and our ability to continue to benefit from the operations, business and
relationships of such Daughter Entity may be reduced or eliminated. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Vessel drydockings and downtime for repairs and maintenance of vessels and
offshore oil platforms can require significant expenditures and reduce our revenues. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We must periodically dry dock each of our vessels for
inspection, repairs and maintenance and any modifications to comply with industry certification or governmental requirements. Generally, we dry dock each of our vessels every two and a half to five years, depending upon the type of vessel and its
age. In addition, a shipping society classification intermediate survey is performed on our LNG carriers between the second and third year of the five-year <FONT STYLE="white-space:nowrap">dry-docking</FONT> cycle. We also conduct annual class
surveys for our FPSO units. In addition to scheduled <FONT STYLE="white-space:nowrap">off-hire</FONT> relating to these activities, our vessels may experience additional <FONT STYLE="white-space:nowrap">off-hire</FONT> for unscheduled repairs. The
number of dry dockings undertaken in a given period and the nature of the work performed determine the level of <FONT STYLE="white-space:nowrap">dry-docking</FONT> expenditures and the amount of any vessel
<FONT STYLE="white-space:nowrap">off-hire.</FONT> We generally do not earn revenue when our vessels are in scheduled and unscheduled dry docking. The Foinaven FPSO unit is scheduled for a shutdown in 2019 for significant upgrades and maintenance
relating to reaching the end of its initial design life. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Historically, the utilization of FPSO units in the North Sea is higher in the winter months, as
favorable weather conditions in the warmer months provide opportunities for repairs and maintenance to vessels and to offshore oil platforms. Downtime for repairs and maintenance generally reduces oil production and, thus, revenue under
production-based components of FPSO contracts, such as those applicable to our three FPSO units. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Report on Form
<FONT STYLE="white-space:nowrap">6-K</FONT> does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an
offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Over time,
the value of our vessels may decline, which could adversely affect our operating results. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Vessel values for oil and product tankers, LNG and LPG
carriers, and FPSO units can fluctuate substantially over time due to a number of different factors, including: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">prevailing economic conditions in oil and energy markets; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a substantial or extended decline in demand for oil or natural gas; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">increases in the supply of vessel capacity; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">competition from more technologically advanced vessels; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the cost of retrofitting or modifying existing vessels, as a result of technological advances in vessel design or
equipment, changes in applicable environmental or other regulations or standards, or otherwise; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a decrease in oil reserves in the fields and other fields in which our FPSO units or other vessels might
otherwise be deployed. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Vessel values may decline from existing levels. If operation of a vessel is not profitable, or if we cannot
redeploy a chartered vessel at attractive rates upon charter termination, rather than continue to incur costs to maintain and finance the vessel, we may seek to dispose of it. Our inability to dispose of the vessel at a fair market value or the
disposal of the vessel at a fair market value that is lower than its book value could result in a loss on its sale and adversely affect our results of operations and financial condition. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Teekay Parent anticipates selling its three FPSO units in the future. These FPSO units had an aggregate carrying value of $279.4 million (including an
in-process revenue liability of $24.6 million and not including a net asset retirement obligation of $20.3 million) and estimated market values lower than carrying values at December 31, 2018. There is no liquid second-hand market for FPSO units and
their market values are largely based on the terms of their existing charter contracts, among other factors. An FPSO unit&#146;s market value is based on its ability to be employed on charter contracts and uncertainties exist about extensions of
existing charter contracts and redeployments onto new charter contracts in the future. Such uncertainties include the duration of charter contract extensions and redeployment contracts, the charter rate of contract extensions and redeployment
contracts, the amount of idle time between charter contracts, future oil prices, oil production volumes and the amount of any capital investment required to enable the FPSO unit to operate on new fields. Such uncertainties can result in a wide range
of potential estimates of future cash flows and, thus, the market value. However, if the FPSO units are sold based on the charter contracts that existed as at December 31, 2018, we estimate that this could result in a material accounting loss on
sale. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Further, if we determine at any time that a vessel&#146;s future useful life and earnings require us to impair its value on our financial
statements, we may need to recognize a significant impairment charge against our earnings. Such a determination involves numerous assumptions and estimates, some of which require more discretion and are less predictable, including certain estimates
for our FPSO units. We recognized asset impairment charges, excluding impairment charges recognized by Teekay Offshore subsequent to its deconsolidation on September 25, 2017, of $53.7 million, $270.7 million and $112.2 million in 2018, 2017, and
2016, respectively. The 2017 charge included impairments recognized of $205.7 million for two of our three FPSO units, the <I>Petrojarl Banff and Petrojarl Foinaven. </I></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><B>Exhibits. </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="92%"></TD></TR>
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<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; " ALIGN="center">Exhibit<BR>Number</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; ">Description</P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;4.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Amendment Agreement No. 8, dated December 24, 2018 for a $150,000,000 Margin Loan Agreement among Teekay Finance Limited, Citibank, N.A. and others.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>99.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Press Release of Teekay Corporation, dated April 24, 2019, announcing the Offering.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>99.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Press Release of Teekay Corporation, dated April 24, 2019, announcing the Tender Offer.</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">19 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3">TEEKAY CORPORATION</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
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<TD VALIGN="top">Date: April 24, 2019</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Vincent
Lok&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Vincent Lok</TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Executive Vice President and Chief Financial Officer</TD></TR>
</TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 4.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>EXECUTION VERSION </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AMENDMENT NO. 8 TO MARGIN LOAN AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This AMENDMENT NO. 8 TO MARGIN LOAN AGREEMENT (this &#147;<B>Amendment</B>&#148;) is made as of December&nbsp;24, 2018 by and among the
parties to the Margin Loan Agreement dated as of December&nbsp;21, 2012 (as heretofore amended or modified, the &#147;<B>Margin Loan Agreement</B>&#148;) among Teekay Finance Limited, a Bermuda exempted company (&#147;<B>Borrower</B>&#148;), the
lenders party thereto, and Citibank, N.A., as administrative agent and Collateral Agent (in such capacity, respectively, &#147;<B>Administrative Agent</B>&#148; and &#147;<B>Collateral Agent</B>&#148;), and Teekay Corporation, a corporation
organized under the laws of the Republic of the Marshall Islands, as guarantor under the related guarantee agreement (&#147;<B>Guarantor</B>&#148;). </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>RECITALS: </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS,
Borrower wishes to extend the Scheduled Maturity Date and make certain other amendments to the terms of the Facility and, in connection therewith, to pledge an additional 18,375,712 TOO Shares and 23,535,986 TNK Shares by depositing such Shares into
the Collateral Account on or before the Amendment No.&nbsp;8 Effective Date (as defined below); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, each financial institution
identified on the signature pages hereto as a &#147;Lender&#148; has agreed severally, on the terms and conditions set forth herein and in the Margin Loan Agreement, to extend the Scheduled Maturity Date and make the other amendments to the terms of
the Facility set forth herein; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The parties hereto therefore agree as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>SECTION 1</B><I>. Defined Terms; References.</I> Unless otherwise specifically defined herein, each term used herein that is defined in the
Margin Loan Agreement has the meaning assigned to such term in the Margin Loan Agreement. Each reference to &#147;hereof&#148;, &#147;hereunder&#148;, &#147;herein&#148; and &#147;hereby&#148; and each other similar reference and each reference to
&#147;this Agreement&#148; and each other similar reference contained in the Margin Loan Agreement shall, after this Amendment becomes effective, refer to the Margin Loan Agreement as amended hereby. For the avoidance of doubt, after the Amendment
No.&nbsp;8 Effective Date (as defined below), any references to &#147;date hereof,&#148; or &#147;date of this Agreement,&#148; in the Margin Loan Agreement, shall continue to refer to December&nbsp;21, 2012. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>SECTION 2</B><I>. Amendments to Margin Loan Agreement</I>. Effective on and as of the Amendment No.&nbsp;8 Effective Date, the Margin Loan
Agreement is hereby amended by incorporating the changes shown in the blackline attached hereto as Annex A. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>SECTION 3</B><I>.
Representations of Borrower and Guarantor.</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Borrower represents and warrants that: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) each of the representations and warranties made by Borrower in or pursuant to the Margin Loan Documents is true and correct
in all material respects on and as of the Amendment No.&nbsp;8 Effective Date after giving effect hereto as if made on and as of such date (except to the extent such representations and warranties are specifically made as of an earlier date, in
which case such representations and warranties were true and correct in all material respects as of such date); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ii) no
Default or Event of Default has occurred and is continuing on and as of the Amendment No.&nbsp;8 Effective Date after giving effect hereto; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iii) the execution, delivery and performance of this Amendment are within
Borrower&#146;s corporate powers and have been duly authorized by all necessary corporate and, if required, shareholder action. This Amendment has been duly executed and delivered by Borrower and constitutes a legal, valid and binding obligation of
Borrower, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors&#146; rights generally and subject to general principles of equity, regardless of whether
considered in a proceeding in equity or at law; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iv) the execution, delivery and performance of this Amendment (1)&nbsp;do
not require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority, except such as have been obtained or made and are in full force and effect and except for filings necessary to register and/or
perfect Liens created pursuant to the Margin Loan Documents, (2)&nbsp;will not violate any Law applicable to Borrower, (3)&nbsp;will not violate or result in a default under any indenture, agreement or other instrument binding upon Borrower or its
assets, or give rise to a right thereunder to require any payment to be made by Borrower, and (4)&nbsp;will not result in the creation or imposition of any Lien on any asset of Borrower, except Liens created pursuant to the Margin Loan Documents;
and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(v) Borrower has duly appointed a process agent in New York City to accept such service of any and all writs, process
and summonses for any action arising out of any Margin Loan Document and such appointment remains in effect as of the Amendment No.&nbsp;8 Effective Date. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Guarantor represents and warrants that: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) each of the representations and warranties made by Guarantor in or pursuant to the Margin Loan Documents is true and
correct in all material respects on and as of the Amendment No.&nbsp;8 Effective Date after giving effect hereto as if made on and as of such date (except to the extent such representations and warranties are specifically made as of an earlier date,
in which case such representations and warranties were true and correct in all material respects as of such date); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ii)
Guarantor has the capacity and has taken all action, and no consent of any Person is required, for it to execute and comply with its obligations under this Amendment; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iii) this Amendment constitutes Guarantor&#146;s legal, valid and binding obligation enforceable against Guarantor in
accordance with its terms subject to any relevant insolvency laws affecting creditors&#146; rights generally; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iv) the
execution by Guarantor of this Amendment and its compliance with this Amendment will not involve or lead to a contravention of: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(A) any law or regulation; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(B) the constitutional documents of Guarantor; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(C) any contractual or other obligation or restriction that is binding on Guarantor or any of its assets; and </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(v) Guarantor has duly appointed a process agent in New York City to accept
such service of any and all writs, process and summonses for any action arising out of any Margin Loan Document and such appointment remains in effect as of the Amendment No.&nbsp;8 Effective Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>SECTION 4</B><I>. Conditions to the Amendment No.&nbsp;8 Effective Date.</I> This Amendment shall become effective as of the first date (if
any) on or after December&nbsp;24, 2018 but on or prior to December&nbsp;31, 2018 (the &#147;<B>Amendment No.&nbsp;8 Effective Date</B>&#148;) on which each of the following conditions shall have been satisfied: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Administrative Agent shall have received each of the following documents, duly executed, each dated on or prior to the
Amendment No.&nbsp;8 Effective Date, in each case, in form and substance reasonably satisfactory to Administrative Agent and each of the Lenders: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) duly executed counterparts of this Amendment; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ii) (x) certificate of Borrower, dated on or prior to the Amendment No.&nbsp;8 Effective Date and executed by any Director,
Officer or the Secretary, which shall (A)&nbsp;certify the resolutions of its Board of Directors, members or other body authorizing the execution, delivery and performance of the Margin Loan Documents to which it is a party (including this
Amendment) and (B)&nbsp;contain appropriate attachments, including the Organization Documents of Borrower (which shall be substantially in the form of Exhibit K to the Margin Loan Agreement), certified by the relevant authority of the jurisdiction
of organization of Borrower, and a Certificate of Compliance for Borrower, from its jurisdiction of organization; and (y)&nbsp;incumbency certificate, which shall identify by name and title and bear the signatures of the Responsible Officers for
Borrower authorized to sign the Margin Loan Documents (including this Amendment); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iii) (x) certificate of Guarantor,
dated on or prior to the Amendment No.&nbsp;8 Effective Date and executed by its Secretary, which shall (A)&nbsp;certify the resolutions of its Board of Directors authorizing the execution, delivery and performance of the Margin Loan Documents to
which it is a party (including this Amendment) and (B)&nbsp;contain appropriate attachments, including the Organization Documents of Guarantor, and a Certificate of Goodstanding for Guarantor, from its jurisdiction of organization; and
(y)&nbsp;incumbency certificate, which shall identify by name and title and bear the signatures of the Responsible Officers for Guarantor authorized to sign the Margin Loan Documents (including this Amendment); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iv) a solvency certificate from a Responsible Officer for each of Borrower and Guarantor, in each case, in form and substance
substantially similar to the applicable solvency certificate delivered in connection with the Closing Date; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(v) legal
opinion of Latham&nbsp;&amp; Watkins LLP, special New York counsel to Borrower and Guarantor, in form and substance substantially similar to that delivered in connection with the Closing Date (but with respect to this Amendment); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(vi) legal opinion of Alexanders Barristers&nbsp;&amp; Attorneys, Bermuda counsel to Borrower, in form and substance
substantially similar to that delivered in connection with the Closing Date (but with respect to this Amendment); </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(vii) legal opinion of Watson Farley&nbsp;&amp; Williams LLP, special
Marshall Islands counsel to Guarantor, in form and substance substantially similar to that delivered in connection with the Closing Date (but with respect to this Amendment); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(viii) for each Obligor, the results of a recent lien search in such Obligor&#146;s jurisdiction of organization and, if
different, such Obligor&#146;s &#147;location&#148; (determined as provided in UCC Section&nbsp;9-307) and each of the jurisdictions where assets of such Obligor are located, and, in the case of Borrower, such search shall reveal no liens on any of
the assets of Borrower except for liens permitted by Section&nbsp;6.02 of the Margin Loan Agreement; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ix) (x) for
Citibank, N.A., as a Lender, a completed FRB Form U-1 with respect to the Facility duly executed by Borrower and (y)&nbsp;for DNB Capital LLC, a completed FRB Form G-3 with respect to the Facility duly executed by Borrower; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(x) the most recent account statements of Borrower with respect to each asset owned by Borrower, to the extent any such account
statements have been prepared, and a certificate of a Responsible Officer, dated as of the Amendment No.&nbsp;8 Effective Date, (1)&nbsp;certifying that the aforementioned account statements, if any, are true, correct and complete and
(2)&nbsp;containing a list of all Indebtedness, tax liabilities and/or commitments of Borrower, a description of the material terms of each item on such list (including the amount of any liability thereunder, whether contingent, direct or otherwise,
the due date for each such liability, the total unfunded commitment, if any, and the rate of interest, if any, applicable thereto) and a certification that such list is true, correct and complete and that Borrower has no other Indebtedness, tax
liabilities or commitments other than those set forth on such list (which shall be considered &#147;<B><I>Borrower Financial Statements</I></B>&#148; for purposes of the Margin Loan Agreement); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xi) (x) audited consolidated financial statements of Guarantor for the 2013, 2014, 2015, 2016 and 2017 fiscal years,
(y)&nbsp;unaudited interim consolidated financial statements of Guarantor for each fiscal quarter ended after the date of the latest applicable financial statements delivered pursuant to clause (x)&nbsp;of this paragraph as to which such financial
statements are available, and (z)&nbsp;a certificate of a Responsible Officer of Guarantor, dated as of the Amendment No.&nbsp;8 Effective Date, (A)&nbsp;certifying, in the case of the financial statements delivered under clause (y) above, as
presenting fairly in all material respects the financial condition and results of operations of Guarantor in accordance with GAAP consistently applied, subject to normal year-end audit adjustments and (B)&nbsp;certifying as to whether a Default has
occurred and, if a Default has occurred, specifying the details thereof and any action taken or proposed to be taken with respect thereto (which shall be considered &#147;<B><I>Guarantor Financial Statements</I></B>&#148; for purposes of the Margin
Loan Agreement); and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xii) evidence that each of Borrower and Guarantor has duly appointed a process agent in New York
City to accept such service of any and all writs, process and summonses for any action arising out of any Margin Loan Document and each such appointment remains in effect as of the Amendment No.&nbsp;8 Effective Date; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) on or prior to the Amendment No.&nbsp;8 Effective Date, Borrower shall have pledged an additional 18,375,712 TOO Shares and
23,535,986 TNK Shares as Eligible Collateral by depositing such Shares into the Collateral Account, such that the Collateral Account shall contain a total of 56,587,484 TOO Shares, 40,290,460 TNK Shares and 25,208,274 TGP Shares as Eligible
Collateral as of the Amendment No.&nbsp;8 Effective Date; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) the LTV Ratio on the Amendment No.&nbsp;8 Effective Date shall be equal
to or less than the Initial LTV Ratio; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) the aggregate outstanding principal amount of the Advances (if any) shall not
exceed the Commitments and the outstanding principal amount of each Lender&#146;s Advances (if any) shall not exceed such Lender&#146;s Commitment, in each case on the Amendment No.&nbsp;8 Effective Date after giving effect to this Amendment; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) the representations and warranties set forth in Section&nbsp;3 above shall be true and correct on and as of the Amendment
No.&nbsp;8 Effective Date after giving effect hereto; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) no Default or Event of Default shall have occurred and be
continuing on and as of the Amendment No.&nbsp;8 Effective Date after giving effect hereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>SECTION 5</B>.<I> Governing Law.</I> This
Amendment shall be governed by and construed and interpreted in accordance with the laws of the State of New York without giving effect to its conflict of laws provisions other than Section&nbsp;5-1401 of the New York General Obligations Law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>SECTION 6</B><I>. Confirmation of Guarantees and Security Interests.</I> By signing this Amendment each of Borrower and Guarantor hereby
confirms that the obligations of Borrower and Guarantor under the Margin Loan Agreement as modified or supplemented hereby and the other Margin Loan Documents (i) are entitled to the benefits of the guarantees and the security interests set forth or
created in the Guarantee Agreement, the Security Agreement and the other Margin Loan Documents, (ii)&nbsp;constitute &#147;Obligations&#148;, &#147;Secured Obligations&#148; and &#147;Guaranteed Obligations&#148; or other similar term for purposes
of the Margin Loan Agreement, the Security Agreement and all other Margin Loan Documents, and (iii)&nbsp;notwithstanding the effectiveness of the terms hereof, the Guarantee Agreement, the Security Agreement and the other Margin Loan Documents are,
and shall continue to be, in full force and effect and are hereby ratified and confirmed in all respects (giving effect to the amendments set forth herein). Each Obligor ratifies and confirms that all Liens granted, conveyed, or assigned to
Collateral Agent by such Person pursuant to any Margin Loan Document to which it is a party remain in full force and effect, are not released or reduced, and continue to secure full payment and performance of the Obligations as modified hereby. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>SECTION 7</B><I>. Margin Loan Agreement Governs</I>. Except as expressly set forth herein, this Amendment shall not by implication or
otherwise limit, impair, constitute a waiver of or otherwise affect the rights and remedies of any Lender or Administrative Agent under the Margin Loan Agreement or any other Margin Loan Document, and shall not alter, modify, amend or in any way
affect any of the terms, conditions, obligations, covenants or agreements contained in the Margin Loan Agreement or any other Margin Loan Document, all of which are ratified and affirmed in all respects and shall continue in full force and effect.
Nothing herein shall be deemed to entitle Borrower to a consent to, or a waiver, amendment, modification or other change of, any of the terms, conditions, obligations, covenants or agreements contained in the Margin Loan Agreement or any other
Margin Loan Document in similar or different circumstances. For the avoidance of doubt, this Amendment shall not affect amounts (including without limitation Commitment Fees or Spread) accrued, due or payable prior to the Amendment No.&nbsp;8
Effective Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>SECTION 8</B><I>. Qualified Financial Contract.</I> The parties agree that the terms of Section&nbsp;1 and
Section&nbsp;2 and the related defined terms (together, the &#147;<B><I>Bilateral Terms</I></B>&#148;) of the form of bilateral template entitled &#147;Full-Length Omnibus (for use between U.S. G-SIBs and Corporate Groups)&#148; published by ISDA on
November&nbsp;2, 2018 (currently available on the 2018 ISDA U.S. Resolution Stay Protocol page at </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>www.isda.org</U> and a copy of which is available upon request), the effect of which is to amend the
qualified financial contracts between the parties thereto to conform with the requirements of the QFC Stay Rules, are hereby incorporated into and form a part of this Amendment, the Margin Loan Agreement and each other Margin Loan Document, and for
such purposes this Amendment, the Margin Loan Agreement and each other Margin Loan Document shall each be deemed a &#147;Covered Agreement,&#148; each party that is a Regulated Entity shall be deemed a &#147;Covered Entity&#148; and each party
(whether or not it is a Regulated Entity) shall be deemed a &#147;Counterparty Entity&#148; with respect to each other party that is a Regulated Entity. In the event of any inconsistencies between this Amendment, the Margin Loan Agreement or any
other Margin Loan Document and the Bilateral Terms, the Bilateral Terms will govern. Terms used in this paragraph without definition shall have the meanings assigned to them under the QFC Stay Rules. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>QFC Stay Rules</I></B>&#148; means the regulations codified at 12 C.F.R. &#167; 252.2, &#167;&#167; 252.81&#150;8, 12 C.F.R.
&#167;&#167; 382.1-7 and 12 C.F.R. &#167;&#167; 47.1-8, which, subject to limited exceptions, require an express recognition of the stay-and-transfer powers of the FDIC under the Federal Deposit Insurance Act and the Orderly Liquidation Authority
under Title II of the Dodd Frank Wall Street Reform and Consumer Protection Act and the override of default rights related directly or indirectly to the entry of an affiliate into certain insolvency proceedings and any restrictions on the transfer
of any covered affiliate credit enhancements. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Regulated Entity</I></B>&#148; means any of the following: (i)&nbsp;a
&#147;covered entity&#148; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &#167; 252.82(b); (ii)&nbsp;a &#147;covered bank&#148; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &#167; 47.3(b); or
(iii)&nbsp;a &#147;covered FSI&#148; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &#167; 382.2(b). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>SECTION 9</B><I>. Acknowledgement Regarding the 2018 Additional Shares.</I> Collateral Agent, as Secured Party under the Security Agreement
acknowledges and agrees that: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) as of the Amendment No.&nbsp;8 Effective Date, the 2018 Additional Shares are subject to
the Existing Transfer Restrictions; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) any sale of the 2018 Additional Shares by or through Secured Party (as defined
in the Security Agreement) or its Affiliates will only be made in a transaction registered under the Securities Act or in a transaction that Secured Party reasonably believes to be exempt from the registration requirements of the Securities Act (it
being understood and agreed that Secured Party or such Affiliate may in good faith rely on representations of Borrower and/or any purchaser in determining that an exemption is available). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>SECTION 10</B><I>. Miscellaneous.</I> This Amendment shall constitute a Margin Loan Document for all purposes of the Margin Loan Agreement
and the other Margin Loan Documents. The provisions of this Amendment are deemed incorporated into the Margin Loan Agreement as if fully set forth therein. This Amendment may be executed in counterparts (and by different parties hereto on different
counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and
delivered by their respective officers or representatives thereunto duly authorized, as of the date first above written. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U><B>Borrower:</B></U></P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>TEEKAY FINANCE LIMITED,</B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">as Borrower</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Edith Robinson</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: EDITH ROBINSON</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title: PRESIDENT</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
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<TD VALIGN="top" COLSPAN="3"><U><B>Guarantor:</B></U></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
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<TD VALIGN="top" COLSPAN="3"><B>TEEKAY CORPORATION,</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">as Guarantor</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Vincent Lok</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: Vincent Lok</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title: Executive Vice President &amp; Chief Financial Officer</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Signature Page to Margin Loan Agreement Amendment No. 8] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
<DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>CITIBANK, N.A.,</B> as Administrative Agent</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ James Heathcote</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: James Heathcote</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title: Authorized Signatory</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>CITIBANK, N.A., </B>as Collateral Agent and</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">solely in respect of Sections 9 and 10</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ James Heathcote</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: James Heathcote</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title: Authorized Signatory</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>[Signature Page to Margin Loan Agreement Amendment No. 8] </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="46%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="45%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">2018 Commitment: $100,000,000</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"><B>CITIBANK, N.A.,</B> as a Lender</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ James Heathcote</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: James Heathcote</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title: Authorized Signatory</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Signature Page to Margin Loan Agreement Amendment No. 8] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="46%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="45%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">2018 Commitment: $50,000,000</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"><B>DNB CAPITAL LLC,</B> as a Lender</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Passchier Veefkind</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: Passchier Veefkind</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title: Senior Vice President</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Jessika Larsson</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: Jessika Larsson</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title: Vice President</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Signature Page to Margin Loan Agreement Amendment No. 8] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

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<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ANNEX A </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

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<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>MARGIN LOAN AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Dated as of December&nbsp;21, 2012 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">among </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TEEKAY FINANCE LIMITED,
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">as Borrower, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>the
Lenders party hereto </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CITIBANK, N.A., </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">as
Administrative Agent </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">TABLE OF CONTENTS </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE;padding-bottom:2pt; margin-bottom:-1pt; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="14%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="81%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><B></B><B>&nbsp;</B></TD>
<TD VALIGN="top" ALIGN="center"><B></B>Page<B></B></TD>
<TD NOWRAP VALIGN="top"><B></B><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">A<SMALL>RTICLE</SMALL> 1</U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">D<SMALL>EFINITIONS</SMALL> A<SMALL>ND</SMALL> A<SMALL>CCOUNTING</SMALL> T<SMALL>ERMS</SMALL></U><SMALL></SMALL></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Section
1.01<I>.</I></U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><I>Certain Defined Terms</I></U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Section
1.02<I>.</I></U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><I>Times Of Day</I></U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><STRIKE>26</STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">26</U></FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Section
1.03<I>.</I></U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><I>Terms Generally.</I></U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><STRIKE>26</STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">26</U></FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Section
1.04.</U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><I>Accounting Terms; GAAP</I></U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><STRIKE>27</STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">27</U></FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">A<SMALL>RTICLE</SMALL> 2</U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">A<SMALL>MOUNTS</SMALL> A<SMALL>ND</SMALL> T<SMALL>ERMS</SMALL> O<SMALL>F</SMALL> T<SMALL>HE</SMALL>
A<SMALL>DVANCES</SMALL></U><SMALL></SMALL></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Section
2.01<I>.</I></U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><I>Commitments.</I></U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><STRIKE>25</STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">27</U></FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Section
2.02<I>.</I></U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><I>Advances and Borrowings.</I></U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><STRIKE>25</STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">27</U></FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Section
2.03<I>.</I></U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><I>Requests For Borrowings.</I></U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><STRIKE>26</STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">28</U></FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Section
2.04<I>.</I></U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><I>Funding Of Borrowings.</I></U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><STRIKE>26</STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">28</U></FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Section
2.05<I>.</I></U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><I>Termination Of Facility</I></U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><STRIKE>27</STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">29</U></FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Section
2.06<I>.</I></U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><I>Repayment Of Advances</I></U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><STRIKE>27</STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">29</U></FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Section
2.07<I>.</I></U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><I>Interest.</I></U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><STRIKE>27</STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">29</U></FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Section
2.08<I>.</I></U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><I>Fees.</I></U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><STRIKE>27</STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">30</U></FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Section
2.09<I>.</I></U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><I>Interest Rate Determinations</I></U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><STRIKE>29</STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">32</U></FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Section
2.10<I>.</I></U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><I><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Prepayments Of Borrowings; Withdrawal Of Collateral</U></FONT><FONT COLOR="#ff0000"><strike><u>; Substitution of Collateral
Shares.</u></strike></FONT></I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><STRIKE>29</STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">32</U></FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Section
2.11<I>.</I></U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><I>Increased Costs</I></U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><STRIKE>30</STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">35</U></FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Section
2.12<I>.</I></U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><I>Taxes</I>.</U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><STRIKE>32</STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">36</U></FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Section
2.13<I>.</I></U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><I>Illegality</I></U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><STRIKE>36</STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">40</U></FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Section
2.14<I>.</I></U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><I>Break-Funding.</I></U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><STRIKE>36</STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">40</U></FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Section
2.15<I>.</I></U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><I>Evidence Of Debt</I></U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><STRIKE>36</STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">41</U></FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Section
2.16<I>.</I></U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><I>Payments And Computations; Pro Rata Treatment; Sharing of Set-offs.</I></U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><STRIKE>37</STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">41</U></FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">A<SMALL>RTICLE</SMALL> 3</U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">R<SMALL>EPRESENTATIONS</SMALL> A<SMALL>ND</SMALL> W<SMALL>ARRANTIES</SMALL></U><SMALL></SMALL></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Section
3.01<I>.</I></U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><I>Organization; Powers</I></U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><STRIKE>38</STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">43</U></FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#1900ff"><U>Section 3.02<I>.</I></U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE><FONT COLOR="#1900ff"><U><I>Authorization; Enforceability</I></U><STRIKE></STRIKE></FONT></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><STRIKE>38</STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">43</U></FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Section
3.03<I>.</I></U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><I>Governmental Approvals; No Conflicts</I></U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><STRIKE>39</STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">43</U></FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Section
3.04<I>.</I></U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><I>Financial Condition; No Material Adverse Change.</I></U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><STRIKE>39</STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">43</U></FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Section
3.05<I>.</I></U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><I>Litigation Matters</I></U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><STRIKE>39</STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">44</U></FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Section
3.06<I>.</I></U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><I>Compliance With Laws And Agreements</I></U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><STRIKE>39</STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">44</U></FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Section
3.07<I>.</I></U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><I>Investment Company Status</I></U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><STRIKE>39</STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">44</U></FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">i </P>

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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Section
3.08<I>.</I></U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><I>Taxes</I></U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><STRIKE>40</STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">44</U></FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Section
3.09<I>.</I></U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><I>Disclosure</I></U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><STRIKE>40</STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">44</U></FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Section
3.10<I>.</I></U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><I>Material Agreements</I></U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><STRIKE>40</STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">45</U></FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Section
3.11<I>.</I></U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><I>Solvency</I></U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><STRIKE>40</STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">45</U></FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Section
3.12<I>.</I></U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><I>Trading And Other Restrictions.</I></U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><STRIKE>40</STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">45</U></FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Section
3.13<I>.</I></U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><I>Capitalization and Subsidiaries</I></U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><STRIKE>41</STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">45</U></FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Section
3.14<I>.</I></U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><I>Patriot Act; Sanctioned Persons.</I></U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><STRIKE>41</STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">45</U></FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Section
3.15<I>.</I></U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><I>Material Nonpublic Information</I></U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><STRIKE>42</STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">46</U></FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Section
3.16<I>.</I></U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><I>Restricted Transactions</I></U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><STRIKE>42</STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">46</U></FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Section
3.17<I>.</I></U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#1900ff"><U><I>Conduct of Business</I></U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><STRIKE>42</STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">46</U></FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Section
3.18<I>.</I></U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><I>Ownership of Property; Ownership of Shares</I></U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><STRIKE>42</STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">46</U></FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Section
3.19<I>.</I></U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><I>No Sovereign Immunity</I></U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><STRIKE>42</STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">47</U></FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">A<SMALL>RTICLE</SMALL> 4</U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">C<SMALL>ONDITIONS</SMALL> O<SMALL>F</SMALL> L<SMALL>ENDING</SMALL></U><SMALL></SMALL></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Section
4.01<I>.</I></U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><I>Conditions Precedent to First Borrowing</I></U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><STRIKE>42</STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">47</U></FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Section
4.02<I>.</I></U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><I>Conditions Precedent To Each Advance</I></U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><STRIKE>44</STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">49</U></FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">A<SMALL>RTICLE</SMALL> 5</U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">A<SMALL>FFIRMATIVE</SMALL> C<SMALL>OVENANTS</SMALL> O<SMALL>F</SMALL> B<SMALL>ORROWER</SMALL></U><SMALL></SMALL></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Section
5.01<I>.</I></U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><I>Financial Statements</I></U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><STRIKE>45</STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">50</U></FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Section
5.02<I>.</I></U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><I>Notices Of Material Events</I></U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><STRIKE>46</STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">51</U></FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Section
5.03<I>.</I></U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><I>Existence; Conduct Of Business</I></U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><STRIKE>46</STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">51</U></FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Section
5.04<I>.</I></U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><I>Payment Of Taxes</I></U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><STRIKE>47</STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">51</U></FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Section
5.05<I>.</I></U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><I>Compliance With Laws</I></U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><STRIKE>47</STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">51</U></FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Section
5.06<I>.</I></U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><I>Compliance With Exchange Act Requirements</I></U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><STRIKE>47</STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">51</U></FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Section
5.07<I>.</I></U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><I>Further Assurances</I></U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><STRIKE>47</STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">52</U></FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Section
5.08<I>.</I></U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><I>Books And Records</I></U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><STRIKE>47</STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">52</U></FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Section
5.09<I>.</I></U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><I>Maintenance of Separateness</I></U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><STRIKE>47</STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">52</U></FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Section
5.10.</U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><I>Use Of Proceeds</I></U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><STRIKE>48</STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">53</U></FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">A<SMALL>RTICLE</SMALL> 6</U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">N<SMALL>EGATIVE</SMALL> C<SMALL>OVENANTS</SMALL></U><SMALL></SMALL></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Section
6.01<I>.</I></U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><I>Indebtedness</I></U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><STRIKE>48</STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">53</U></FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Section
6.02<I>.</I></U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><I>Liens</I></U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><STRIKE>48</STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">53</U></FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Section
6.03<I>.</I></U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><I>Fundamental Changes.</I></U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><STRIKE>48</STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">53</U></FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Section
6.04<I>.</I></U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE><FONT COLOR="#1900ff"><U><I>Asset Sales</I></U><STRIKE></STRIKE></FONT></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><STRIKE>49</STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">53</U></FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Section
6.05<I>.</I></U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><I>Investments And Acquisitions</I></U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><STRIKE>49</STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">54</U></FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Section
6.06<I>.</I></U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><I>Restricted Payments</I></U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><STRIKE>49</STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">54</U></FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Section
6.07<I>.</I></U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#1900ff"><U><I>Investment Company</I></U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><STRIKE>49</STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">54</U></FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Section
6.08<I>.</I></U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><I>No Amendment Of Organization Documents, Etc</I></U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><STRIKE>49</STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">54</U></FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Section
6.09<I>.</I></U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><I>Formation Of Subsidiaries</I></U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><STRIKE>49</STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">54</U></FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Section
6.10<I>.</I></U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><I>Restricted Transaction</I></U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><STRIKE>49</STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">54</U></FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Section
6.11.</U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><I>No Impairment of Collateral Shares</I></U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><STRIKE>49</STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">54</U></FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ii </P>

</DIV></Center>


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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE;padding-bottom:2pt; margin-bottom:-1pt; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="14%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="81%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Section
6.12<I>.</I></U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><I>Tax Status</I></U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><STRIKE>50</STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">54</U></FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Section
6.13.</U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><I>Use Of Proceeds</I></U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><STRIKE>50</STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">54</U></FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Section
6.14.</U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><I>Provision Of Public Information</I></U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><STRIKE>50</STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">55</U></FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">A<SMALL>RTICLE</SMALL> 7</U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">E<SMALL>VENTS</SMALL> O<SMALL>F</SMALL> D<SMALL>EFAULT</SMALL></U><SMALL></SMALL></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Section
7.01<I>.</I></U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><I>Events Of Default</I></U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><STRIKE>51</STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">55</U></FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">A<SMALL>RTICLE</SMALL> 8</U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">A<SMALL>DMINISTRATIVE</SMALL> A<SMALL>GENT</SMALL></U><SMALL></SMALL></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Section
8.01<I>.</I></U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><I>Administrative Agent.</I></U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><STRIKE>54</STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">58</U></FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">A<SMALL>RTICLE</SMALL> 9</U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">M<SMALL>ISCELLANEOUS</SMALL></U><SMALL></SMALL></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Section
9.01<I>.</I></U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><I>Amendments, Etc.</I></U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><STRIKE>56</STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">61</U></FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Section
9.02<I>.</I></U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><I>Notices; Effectiveness; Electronic Communications.</I></U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><STRIKE>59</STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">64</U></FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Section
9.03<I>.</I></U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><I>No Waiver; Remedies.</I></U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><STRIKE>61</STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">66</U></FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Section
9.04<I>.</I></U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><I>Costs And Expenses; Indemnification; Damage Waiver.</I></U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><STRIKE>62</STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">67</U></FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Section
9.05<I>.</I></U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><I>Collateral Agent.</I></U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><STRIKE>63</STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">68</U></FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Section
9.06<I>.</I></U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><I>Calculation Agent.</I></U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><STRIKE>63</STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">69</U></FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Section
9.07<I>.</I></U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><I>Payments Set Aside.</I></U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><STRIKE>64</STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">69</U></FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Section
9.08<I>.</I></U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><I>Governing Law; Submission To Jurisdiction.</I></U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><STRIKE>64</STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">69</U></FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Section
9.09<I>.</I></U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><I>Successors and Assigns.</I></U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><STRIKE>65</STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">70</U></FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Section
9.10<I>.</I></U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><I>Severability</I></U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><STRIKE>68</STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">73</U></FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Section
9.11<I>.</I></U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><I>Counterparts; Integration; Effectiveness</I></U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><STRIKE>68</STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">73</U></FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Section
9.12<I>.</I></U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><I>Survival Of Representations</I></U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><STRIKE>68</STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">73</U></FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Section
9.13<I>.</I></U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><I>Confidentiality</I></U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><STRIKE>69</STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">74</U></FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Section
9.14<I>.</I></U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><I>No Advisory Or Fiduciary Relationship</I></U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><STRIKE>69</STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">74</U></FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Section
9.15<I>.</I></U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><I>Right Of Setoff</I></U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><STRIKE>70</STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">75</U></FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Section
9.16<I>.</I></U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><I>Judgment Currency</I></U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><STRIKE>70</STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">75</U></FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Section
9.17<I>.</I></U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><I>USA PATRIOT Act Notice</I></U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><STRIKE>70</STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">76</U></FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Section
9.18<I>.</I></U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><I>Interest Rate Limitation</I></U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><STRIKE>71</STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">76</U></FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Section
9.19<I>.</I></U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><I>Disclosure</I></U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT COLOR="#ff0000"><STRIKE></STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U></FONT>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT COLOR="#ff0000"><STRIKE>71</STRIKE></FONT><FONT COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">76</U></FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">EXHIBITS </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Exhibit A</U>
&#150; Form of Borrowing Notice </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Exhibit B</U> &#150; Form of Security Agreement </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Exhibit C</U> &#150; Form of Control Agreement </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Exhibit
D-1</U> &#150; Form of Issuer Acknowledgement with TGP Issuer </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Exhibit D-2</U> &#150; Form of Issuer Acknowledgement with TOO Issuer </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Exhibit D-3</U> &#150; Form of Issuer Acknowledgement with TNK Issuer </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Exhibit E-1</U> &#150; U.S. Tax Certificate (For Non-U.S. Lenders that are <U>not</U> Partnerships for U.S. Federal Income Tax Purposes </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Exhibit E-2</U> &#150; U.S. Tax Certificate (For Non-U.S. Lenders that <U>are</U> Partnerships for U.S. Federal Income Tax Purposes </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">iii </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Exhibit E-3</U> &#150; U.S. Tax Certificate (For Non-U.S. Participants that are not Partnerships for U.S.
Federal Income Tax Purposes </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Exhibit E-4</U> &#150; U.S. Tax Certificate (For Non-U.S. Participants that <U>are</U> Partnerships for U.S. Federal Income
Tax Purposes </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Exhibit F</U> &#150; Form of Guarantee Agreement <U> </U></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Exhibit G</U> &#150; Form of New York law opinion <U> </U></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Exhibit H</U> &#150; Form of Marshall Islands law opinion <U> </U></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Exhibit I</U> &#150; Form of Bermuda law opinion <U> </U></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Exhibit J</U> &#150; Form of Assignment and Assumption </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Exhibit K</U> &#150; Form of Amendments to Borrower&#146;s Organization Documents </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SCHEDULES </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Schedule 1.01(a)</U> &#150; Haircuts for Cash
Equivalents </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Schedule 1.01(b)</U> &#150; Certain Defined Terms </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Schedule 3.13</U> &#150; Capitalization </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Schedule 9.02</U>
&#150; Certain Addresses for Notices </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">iv </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This <B>MARGIN LOAN AGREEMENT</B> (as it may be amended or modified from time to time, this
&#147;<B><I>Agreement</I></B>&#148;) is made as of December&nbsp;21, 2012 by and among Teekay Finance Limited, a Bermuda exempted company, as Borrower (&#147;<B><I>Borrower</I></B>&#148;), the Lenders party hereto and <B>CITIBANK, N.A.</B>, as
Administrative Agent (in such capacity, &#147;<B><I>Administrative Agent</I></B>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Borrower has requested that the Lenders make
loans to it from time to time in an aggregate principal amount not exceeding the Commitments (as hereinafter defined) of the Lenders, and the Lenders are prepared to make such loans upon the terms and subject to the conditions set forth in this
Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In consideration of the mutual covenants and agreements herein contained, the parties hereto covenant and agree as follows:
</P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A<SMALL>RTICLE</SMALL> 1 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">D<SMALL>EFINITIONS</SMALL> A<SMALL>ND</SMALL> A<SMALL>CCOUNTING</SMALL> T<SMALL>ERMS</SMALL> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.01<I>. Certain Defined Terms.</I> As used in this Agreement, the following terms shall have the following meanings: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>2015 Additional TOO Shares</I></B>&#148; means the additional 14,402,304 TOO Shares pledged by Borrower as referred to in
Section&nbsp;4(b) of Amendment No.&nbsp;3. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>2017 Incremental Commitment</I></B> &#147; means, with respect to any Lender, the
amount set forth opposite such Lender&#146;s name on its signature page to Amendment No.&nbsp;6. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><FONT
STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">&#147;<B><I>2018 Additional Shares</I></B>&#148; means the additional 18,375,712 TOO Shares and 23,535,986 TNK Shares pledged by Borrower as
referred to in Section&nbsp;4(b) of Amendment No. 8.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I></I></B><B></B><B><I><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">&#147;2018
</U></FONT></I></B><B></B><B><I></I></B> <FONT STYLE="font-family:Times New Roman" COLOR="#008000"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><B></B><B><I>Commitment&#148;</I></B><B></B> means, with respect to any Lender, the
</U></FONT><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">amount set forth opposite such Lender&#146;s name on its signature page to Amendment No. 8.</U></FONT><FONT
STYLE="font-family:Times New Roman"> </FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Act</I></B>&#148; has the meaning specified in Section&nbsp;9.17. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Adjusted Initial Basket</I></B>&#148; means, as of the Amendment
No.&nbsp;<FONT STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE>3</STRIKE></FONT><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">8</U></FONT><FONT
STYLE="font-family:Times New Roman"> Effective Date, a number of TGP Shares, TNK Shares and TOO Shares equal to the Initial Basket (after giving effect to Amendment
No.&nbsp;</FONT><FONT STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE>3</STRIKE></FONT><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">8</U></FONT><FONT
STYLE="font-family:Times New Roman">), which number shall from time to time be </FONT><FONT STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE>(x)</STRIKE></FONT><FONT STYLE="font-family:Times New Roman">&nbsp;reduced by the number of TGP
Shares, TNK Shares or TOO Shares, as the case may be, released pursuant to Section 2.10(b) or Section&nbsp;2.10(</FONT><FONT STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE>c) and (y)&nbsp;increased by the number of any
additional</STRIKE></FONT><FONT STYLE="font-family:Times New Roman"><STRIKE><FONT STYLE="font-family:Times New Roman" COLOR="#008000"> TGP Shares, TNK Shares or TOO Shares, as the case may be, </FONT></STRIKE><FONT
STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE>pledged by Borrower pursuant to Section&nbsp;2.10(c) that constitute Eligible Collateral; <I>provided</I> that none of </STRIKE></FONT><FONT STYLE="font-family:Times New Roman"><STRIKE><FONT
STYLE="font-family:Times New Roman" COLOR="#008000">the number of TGP Shares, the number of TNK Shares and the number of TOO Shares </FONT></STRIKE><FONT STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE>in the Adjusted Initial Basket may
be so increased to exceed the number of TGP Shares, TNK Shares or TOO Shares, respectively, in the Initial Basket (</STRIKE></FONT><FONT STYLE="font-family:Times New Roman"><STRIKE><FONT STYLE="font-family:Times New Roman" COLOR="#008000">after
giving effect to</FONT></STRIKE><FONT STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE> Amendment No.
3).</STRIKE><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">d).</U><STRIKE></STRIKE><FONT STYLE="font-family:Times New Roman"> </FONT></FONT></FONT></FONT></FONT></FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Administrative Agent</I></B>&#148; has the meaning specified in the preamble
hereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Advance</I></B>&#148; has the meaning specified in Section&nbsp;2.01. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Affiliate</I></B>&#148; means, with respect to any Person, another Person that directly, or indirectly through one or more
intermediaries, Controls or is Controlled by or is under common Control with the Person specified. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><FONT
STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE>&#147;<B><I>Aggregate</I></B></STRIKE></FONT><FONT STYLE="font-family:Times New Roman"><STRIKE> <FONT STYLE="font-family:Times New Roman" COLOR="#008000"><B><I>Commitment</I></B></FONT><FONT
STYLE="font-family:Times New Roman" COLOR="#008000">&#148; means, with respect to any Lender, the</FONT></STRIKE><FONT STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE> sum of (a)&nbsp;$75,000,000 and (b)&nbsp;such Lender&#146;s 2017
Incremental Commitment.</STRIKE></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Agreement</I></B>&#148; has
the meaning specified in the preamble hereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Amendment Effective Time</I></B>&#148; means, in respect of any Potential
Facility Amendment Event, Share Collateral Trigger Event or Redocumentation Event, 5:00 p.m. on the third Business Day following the Notice Date applicable to such Potential Facility Amendment Event, Share Collateral Trigger Event or Redocumentation
Event, as the case may be; <I>provided</I> that if Borrower delivers to Administrative Agent on or prior to the first Business Day following the applicable Notice Date (i)&nbsp;a copy of a duly executed and delivered notice of borrowing under a
revolving credit facility of Guarantor in respect of an amount sufficient to pay the Total Accrued Loan Amount and (ii)&nbsp;evidence reasonably satisfactory to Administrative Agent that Guarantor has agreed to contribute the proceeds of such
borrowing to Borrower, the Amendment Effective Time shall be 5:00 p.m. on the fourth Business Day following the applicable Notice Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Amendment No.&nbsp;1</I></B>&#148; means Amendment No.&nbsp;1 to this Agreement dated as of December&nbsp;18, 2013 among Borrower,
the Lenders party thereto, Administrative Agent and Guarantor. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Amendment No.&nbsp;1 Effective Date</I></B>&#148; has the
meaning specified in Amendment No.&nbsp;1. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Amendment No.&nbsp;1 Structuring Fee</I></B>&#148; has the meaning specified in
Schedule 1.01(b). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Amendment No.&nbsp;2</I></B>&#148; means Amendment No.&nbsp;2 to this Agreement dated as of
December&nbsp;19, 2014 among Borrower, the Lenders party thereto, Administrative Agent and Guarantor. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Amendment No.&nbsp;2
Effective Date</I></B>&#148; has the meaning specified in Amendment No.&nbsp;2. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Amendment No.&nbsp;2 Structuring
Fee</I></B>&#148; has the meaning specified in Schedule 1.01(b). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Amendment No.&nbsp;3</I></B>&#148; means Amendment
No.&nbsp;3 to this Agreement dated as of October&nbsp;2, 2015 among Borrower, the Lenders party thereto, Administrative Agent and Guarantor. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Amendment No.&nbsp;3 Effective Date</I></B>&#148; has the meaning specified in Amendment No.&nbsp;3. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Amendment No.&nbsp;4</I></B>&#148; means Amendment No.&nbsp;4 to this Agreement dated as of December&nbsp;17, 2015 among Borrower,
the Lenders party thereto, Administrative Agent and Guarantor. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Amendment No.&nbsp;4 Effective Date</I></B>&#148; has the
meaning specified in Amendment No.&nbsp;4. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Amendment No.&nbsp;4 Structuring Fee</I></B>&#148; has the meaning specified in
Schedule 1.01(b). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Amendment No.&nbsp;5</I></B>&#148; means Amendment No.&nbsp;5 to this Agreement dated as of June&nbsp;28,
2016 among Borrower, the Lenders party thereto, Administrative Agent and Guarantor. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Amendment No.&nbsp;5 Effective
Date</I></B>&#148; has the meaning specified in Amendment No.&nbsp;5. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Amendment No.&nbsp;5 Structuring Fee</I></B>&#148; has
the meaning specified in Schedule 1.01(b). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Amendment No.&nbsp;6</I></B>&#148; means Amendment No.&nbsp;6 to this Agreement
dated as of April&nbsp;6, 2017 among Borrower, the Lenders party thereto, Administrative Agent and Guarantor. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Amendment
No.&nbsp;6 Amendment Fee</I></B>&#148; has the meaning specified in Schedule 1.01(b). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Amendment No.&nbsp;6 Effective
Date</I></B>&#148; has the meaning specified in Amendment No.&nbsp;6. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Amendment No.&nbsp;6 Structuring Fee</I></B>&#148; has
the meaning specified in Schedule 1.01(b). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Amendment No.&nbsp;7</I></B>&#148; means Amendment No.&nbsp;7 to this Agreement
dated as of August&nbsp;29, 2017 among Borrower, the Lenders party thereto, Administrative Agent and Guarantor. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Amendment
No.&nbsp;7 Effective Date</I></B>&#148; has the meaning specified in Amendment No.&nbsp;7. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><FONT
STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">&#147;<B><I>Amendment No.&nbsp;8</I></B>&#148; means Amendment No.&nbsp;8 to this Agreement dated as of December&nbsp;24, 2018 among
Borrower, the Lenders party thereto, Administrative Agent, Collateral Agent and Guarantor.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">&#147;<B><I>Amendment
No.&nbsp;8 Effective Date</I></B>&#148; has the meaning specified in Amendment No. 8.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">&#147;<B><I>Amendment
No.&nbsp;8 Structuring Fee</I></B>&#148; has the meaning specified in Schedule 1.01(b).</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">&#147;<B><I>Amendment
No.&nbsp;8 Upfront Fee</I></B>&#148; has the meaning specified in Schedule 1.01(b).</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Applicable Percentage</I></B>&#148; means, with respect to any Lender, the percentage of the total Commitments in effect at any
given time represented by such Lender&#146;s then applicable Commitment. If the Commitments have terminated or expired, the Applicable Percentages shall be determined based upon the outstanding principal amounts of the Advances made by the
respective Lenders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Assignment and Assumption</I></B>&#148; means an assignment and assumption entered into by a Lender and
an assignee (with the consent of any party whose consent is required by Section&nbsp;9.09), and accepted by Administrative Agent, in the form of Exhibit J or any other form approved by Administrative Agent and reasonably acceptable to Borrower. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Attributable Debt</I></B>&#148; means, at any time, (a)&nbsp;in respect of any capital lease of any Person, the capitalized amount
thereof that would appear on a balance sheet of such Person prepared at such time in accordance with GAAP, and (b)&nbsp;in respect of any Synthetic Lease Obligation, the capitalized amount of the remaining lease payments under the relevant lease
that would appear on a balance sheet of such Person prepared at such time in accordance with GAAP if such lease were accounted for as a capital lease. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Availability Period</I></B>&#148; means the period from and including the
Closing Date to the Final Maturity Date, but excluding any Commitment Unavailability Period. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Bankruptcy Code</I></B>&#148;
means the United States Bankruptcy Code. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Base Rate</I></B>&#148; means, with respect to any Interest Period, the applicable
LIBOR <I>plus</I> the Spread; <I>provided</I> that if LIBOR cannot be determined for such Interest Period for whatever reason, Base Rate means, with respect to each day in such Interest Period, a rate per annum equal to (i)&nbsp;the Spread
<I>plus</I> (ii)&nbsp;the greatest of (a)&nbsp;the Citibank Base Rate in effect on such day <I>minus</I> 1.00%, (b)&nbsp;the Federal Funds Effective Rate in effect on such day <I>minus</I> <SUP STYLE="vertical-align:top">1</SUP>&#8260;<SUB
STYLE="vertical-align:bottom">2</SUB> of 1.00%, and (c) </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">0.00%. Any change in the Base Rate due to a change in the Citibank Base Rate or
the Federal Funds Effective Rate shall be effective from and including the effective date of such change in the Citibank Base Rate or the Federal Funds Effective Rate, respectively. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE>&#147;<B><I>Basket Ratio Requirement</I></B>&#148; means, at any time, that
(a)&nbsp;</STRIKE></FONT><FONT STYLE="font-family:Times New Roman"><STRIKE><FONT STYLE="font-family:Times New Roman" COLOR="#008000">the Share Collateral Value attributable to
</FONT></STRIKE><FONT STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE>TOO Shares at such time is neither less than 30% nor greater than 50</STRIKE></FONT><FONT STYLE="font-family:Times New Roman"><STRIKE><FONT
STYLE="font-family:Times New Roman" COLOR="#008000">% of the total Share Collateral Value at such time </FONT></STRIKE><FONT STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE>and
(b)</STRIKE></FONT><FONT STYLE="font-family:Times New Roman"><STRIKE>&nbsp;<FONT STYLE="font-family:Times New Roman" COLOR="#008000">the Share Collateral Value attributable to
</FONT></STRIKE><FONT STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE>TNK Shares at such time is neither less than 5% nor greater than 12</STRIKE></FONT><FONT STYLE="font-family:Times New Roman"><STRIKE><FONT
STYLE="font-family:Times New Roman" COLOR="#008000">% of the total Share Collateral Value at </FONT></STRIKE><FONT STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE>such time.</STRIKE></FONT><FONT STYLE="font-family:Times New Roman">
</FONT></FONT></FONT></FONT></FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Borrower</I></B>&#148; has the meaning specified in the preamble hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Borrower Financial Statements</I></B>&#148; has the meaning specified in Section&nbsp;4.01(a). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Borrowing</I></B>&#148; means Advances made on the same date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Borrowing Notice</I></B>&#148; has the meaning specified in Section&nbsp;2.03(a). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Brookfield</I></B>&#148; means Brookfield Business Partners LP. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Business Day</I></B>&#148; means any day on which commercial banks are open for business in New York City, United States, and
Vancouver, Canada, and, if such day relates to any Advance, means any such day on which dealings in Dollar deposits are conducted by and between banks in the London interbank eurodollar market. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Calculation Agent</I></B>&#148; means Administrative Agent, in its capacity as Calculation Agent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Cash</I></B>&#148; means cash in Dollars. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Cash Collateral Amount</I></B>&#148; means, at any time, the aggregate Collateral Value of all Eligible Collateral consisting of
Cash and Cash Equivalents at such time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Cash Equivalents</I></B>&#148; means any of the following having a maturity of not
greater than 12 months from the date of issuance thereof: (a)&nbsp;readily marketable direct obligations of the Government of the United States or any agency or instrumentality thereof or obligations </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

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unconditionally guaranteed by the full faith and credit of the Government of the United States, (b) certificates of deposit of or time deposits with any commercial bank that is a Lender or a
member of the Federal Reserve System that issues (or the parent of which issues) commercial paper rated as described in clause (c), is organized under the laws of the United States or any state thereof and has combined capital and surplus of at
least $500,000,000, (c)&nbsp;commercial paper in an aggregate amount of no more than $10,000,000 per issuer outstanding at any time, issued by any corporation organized under the laws of any state of the United States and rated at least &#147;Prime
1&#148; (or the then equivalent grade) by Moody&#146;s or &#147;A 1&#148; (or the then equivalent grade) by S&amp;P, or (d)&nbsp;offshore overnight interest bearing deposits in foreign branches of Administrative Agent, any Lender or any Affiliate of
a Lender. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Change in Law</I></B>&#148; means the occurrence, after the Closing Date, of (a)&nbsp;the adoption of any law,
rule, regulation or treaty, (b)&nbsp;any change in any law, rule, regulation or treaty or in the interpretation or application thereof by any Governmental Authority or (c)&nbsp;compliance by any Lender or Administrative Agent (or, for purposes of
Section&nbsp;2.11(b), by any lending office of any Lender or by any Lender&#146;s holding company, if any) with any request, guideline or directive (whether or not having the force of law) of any Governmental Authority made or issued after the date
of this Agreement; <I>provided</I> that, notwithstanding anything herein to the contrary, (x)&nbsp;the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection
therewith and (y)&nbsp;all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory
authorities, in each case pursuant to Basel III, shall be deemed to have been introduced or adopted after the Closing Date, regardless of the date enacted, adopted or issued. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Change of Control</I></B>&#148; means: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) with respect to any Person other than TOO Issuer, any event or transaction, or series of related events or transactions, as
a result of which (i)&nbsp;a &#147;person&#148; or &#147;group&#148; becomes the &#147;beneficial owner&#148; of more than 50% of such Person&#146;s common equity (all within the meaning of Section&nbsp;13(d) of the Exchange Act and the rules
promulgated thereunder) or (ii)&nbsp;if such Person is a partnership or limited liability company or similar entity, the identity of the general partner or managing member or similar Person (the &#147;<B><I>GP</I></B>&#148;) of such Person changes
or a Change of Control (as defined in clause (i)&nbsp;above) occurs with respect to the GP of such Person; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) with
respect to TOO Issuer: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) where all management powers over the business and affairs of TOO Issuer are vested in its
general partner, either: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(A) Teekay Offshore GP LLC ceases to be the general partner of TOO Issuer; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(B) (1) Guarantor; or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) Brookfield or any of its Controlled Investment Affiliates (but not
including any portfolio companies of any of the foregoing); or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:17%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) any Controlling Group of which any of the foregoing
are members so long as the Persons referred to in clauses (1)&nbsp;and (2)&nbsp;collectively own, directly or indirectly, a minimum of fifty point one percent (50.1%)&nbsp;of the voting rights in Teekay Offshore GP LLC held by such Controlling
Group, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:12%; font-size:10pt; font-family:Times New Roman">ceases to own, collectively, directly or indirectly, a minimum of fifty point one percent (50.1%)&nbsp;of the voting rights in
Teekay Offshore GP LLC; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) where all management powers over the business and affairs of TOO Issuer become vested in a
board of directors of TOO Issuer, either: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(A) Guarantor; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(B) Brookfield or any of its Controlled Investment Affiliates (but not including any portfolio companies of any of the
foregoing); or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(C) any Controlling Group of which any of the foregoing are members so long as the Persons referred to in
clauses (A)&nbsp;and (B)&nbsp;collectively own, directly or indirectly, a minimum of fifty point one percent (50.1%)&nbsp;of the voting rights in TOO Issuer held by such Controlling Group, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">ceases to be the holder, collectively, directly or indirectly, of (1)&nbsp;a minimum of fifty point one percent (50.1%)&nbsp;of the voting
rights to elect the members of the board of directors of TOO Issuer or (2)&nbsp;the voting rights to elect a minimum of fifty point one percent (50.1%)&nbsp;of the board of directors of TOO Issuer. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Charges</I></B>&#148; has the meaning specified in Section&nbsp;9.18. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Citibank Base Rate</I></B>&#148; means the rate of interest per annum publicly announced from time to time by Citibank, N.A. as
its base rate in effect at its principal office in New York City. Any change in such rate shall take effect on the day specified in the public announcement of such change. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Closing Date</I></B>&#148; means the earliest date on which the conditions precedent set forth in Section&nbsp;4.01 and
Section&nbsp;4.02 shall have been satisfied or waived in accordance with Section&nbsp;9.01 of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Closing Share
Price</I></B>&#148; means, at any time and for any of the TGP Shares, the TNK Shares or the TOO Shares, the closing price for one such Share on the applicable Exchange on the immediately preceding Exchange Business Day for such Shares, as reported
on Bloomberg Page &#147;TGP &lt;equity&gt;
<FONT STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE>AQR</STRIKE></FONT><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">HP</U></FONT><FONT
STYLE="font-family:Times New Roman">&#148; in the case of the TGP Shares, Bloomberg Page &#147;TNK &lt;equity&gt; </FONT><FONT STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE>AQR</STRIKE></FONT><FONT
STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">HP</U></FONT><FONT STYLE="font-family:Times New Roman">&#148; in the case of the TNK Shares or Bloomberg Page &#147;TOO &lt;equity&gt;</FONT><FONT
STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE>
AQR</STRIKE></FONT><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">HP</U></FONT><FONT STYLE="font-family:Times New Roman">&#148; in the </FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>

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case of the TOO Shares (or, any successor or replacement reporting entity or page thereto reasonably selected by Calculation Agent); <I>provided</I> that if (i)&nbsp;a Market Disruption Event
exists in respect of such Shares or (ii)&nbsp;such closing price is not so reported, in each case on such immediately preceding Exchange Business Day for such Shares, the &#147;<B><I>Closing Share Price</I></B>&#148; shall be the market value of one
such Share as determined by Calculation Agent using objectively verifiable data and information sources, if available. If a Delisting has occurred and is continuing in respect of such Shares on such immediately preceding Exchange Business Day, the
&#147;<B><I>Closing Share Price</I></B>&#148; shall be the closing sale price for such Shares on the primary national or regional securities exchange on which such Shares are listed or admitted for trading or, if such Shares are not listed or
admitted for trading on any such exchange, the last quoted bid price for such Shares in the over-the-counter market as reported by OTC Markets Group Inc. or a similar organization reasonably selected by Calculation Agent, in either case on such
immediately preceding Exchange Business Day. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Code</I></B>&#148; means the Internal Revenue Code of 1986, as amended. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Collateral</I></B>&#148; has the meaning specified in the Security Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Collateral Account</I></B>&#148; has the meaning specified in the Security Agreement. For the avoidance of doubt, <FONT
STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">any 2018 Additional Shares,</U></FONT><FONT STYLE="font-family:Times New Roman"> the 2015 Additional TOO Shares, the 2013 TNK Shares, the
2014 TNK Shares, the 2015 TNK Shares and all other Collateral Shares may be held in separate subaccounts of the Collateral Account. </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Collateral Agent</I></B>&#148; means Administrative Agent, in its capacity as collateral agent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Collateral Requirement</I></B>&#148; means that (i)&nbsp;Administrative Agent shall have received from Borrower duly executed and
delivered by Borrower (x)&nbsp;counterparts of the Security Agreement and the Control Agreement and (y)&nbsp;a UCC financing statement in appropriate form for filing with the Recorder of Deeds in the District of Columbia and (ii)&nbsp;Borrower shall
have taken all other action required to be taken by Borrower under the Security Agreement or the Control Agreement to perfect, register or record the Liens granted by it thereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Collateral Shares</I></B>&#148; means any Shares held in the Collateral Account. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Collateral Shortfall</I></B>&#148; means that, at any time, the LTV Ratio exceeds the Initial LTV Ratio. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Collateral Shortfall Grace Period</I></B>&#148; means, in respect of any Collateral Shortfall, the period of three Business Days
immediately following the date (the &#147;<B><I>notice date</I></B>&#148;) on which Administrative Agent gives Borrower notice of the occurrence of an event that will cause such Collateral Shortfall to occur; <I>provided</I> that if Borrower
delivers to Administrative Agent on or prior to the first Business Day immediately following such notice date (i)&nbsp;a copy of a duly executed and delivered notice of borrowing under a revolving credit facility of Guarantor in respect of an amount
sufficient to prepay Borrowings pursuant to Section&nbsp;2.10(a) such that, immediately after giving effect to such prepayment, the LTV Ratio would be equal to or less than the Initial LTV Ratio and (ii)&nbsp;evidence reasonably satisfactory to
Administrative Agent that Guarantor has agreed to contribute the proceeds of such borrowing to Borrower, the Collateral Shortfall Grace Period for such Collateral Shortfall shall be the period of four Business Days immediately following such notice
date. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Collateral Value</I></B>&#148; means, at any time, (i)&nbsp;with respect to
Cash, the face amount of such Cash, (ii)&nbsp;with respect to Cash Equivalents, the fair market value of such Cash Equivalents at such time, as determined by Calculation Agent, <I>multiplied</I> by the applicable haircut set forth in Schedule
1.01(a) for such category of Cash Equivalents, (iii)&nbsp;with respect to a Collateral Share, the Closing Share Price for such Collateral Share at such time, and (iv)&nbsp;with respect to Other Collateral, the fair market value of such Other
Collateral at such time, as determined by Calculation Agent, <I>multiplied</I> by the applicable haircut agreed by Borrower and Collateral Agent at the time Borrower and Collateral Agent agree that such other Collateral shall constitute Other
Collateral. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Commitment</I></B>&#148; means, with respect to each Lender, the commitment of such Lender to make the Advances
hereunder, as reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to Section&nbsp;9.09. The amount of each Lender&#146;s Commitment is such Lender&#146;s <FONT
STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE>Aggregate</STRIKE></FONT><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">2018</U></FONT><FONT
STYLE="font-family:Times New Roman"> Commitment; <I>provided</I> that if such Lender assumed its Commitment pursuant to an assignment pursuant to Section&nbsp;9.09 after the Amendment No.&nbsp;</FONT><FONT
STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE>6</STRIKE></FONT><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">8</U></FONT><FONT STYLE="font-family:Times New Roman">
Effective Date, the amount of such Lender&#146;s Commitment is the amount set forth opposite such Lender&#146;s name on the signature page in the Assignment and Assumption pursuant to which such Lender assumed its Commitment. </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Commitment Fee</I></B>&#148; has the meaning specified in Section&nbsp;2.08(b). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Commitment Fee Calculation Date</I></B>&#148; means each March&nbsp;19,&nbsp;June&nbsp;19,&nbsp;September&nbsp;19 and
December&nbsp;19 of each year, commencing on March&nbsp;19, 2015; <I>provided</I> that if any Commitment Fee Calculation Date is not a Business Day, then such Commitment Fee Calculation Date shall be postponed to the next succeeding Business Day.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Commitment Fee Calculation Period</I></B>&#148; means each period from the calendar day immediately following a Commitment
Fee Calculation Date to the next succeeding Commitment Fee Calculation Date; <I>provided</I> that (i)&nbsp;the first Commitment Fee Calculation Period shall commence on the Amendment No.&nbsp;2 Effective Date and (ii)&nbsp;the final Commitment Fee
Calculation Period shall end on the Business Day immediately preceding the Final Maturity Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Commitment Fee
Period</I></B>&#148; means the period from and including the date hereof to the Final Maturity Date, but excluding any Commitment Unavailability Period. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Commitment Fee Rate</I></B>&#148; has the meaning specified in Schedule 1.01(b). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Commitment Unavailability Period</I></B>&#148; means the period from any date on which Borrower prepays the Total Accrued Loan
Amount pursuant to clause (i)&nbsp;of the proviso to Section&nbsp;9.01(b), but does not terminate the Commitments pursuant to clause (ii)&nbsp;of such proviso, to the first subsequent date on which the aggregate Collateral Value of the Adjusted
Initial Basket has been greater than <FONT STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE>60</STRIKE></FONT><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">75</U></FONT><FONT
STYLE="font-family:Times New Roman">% of the Reference Share Collateral Value for at least 15 consecutive Exchange Business Days. </FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Communication</I></B>&#148; has the meaning specified in Section&nbsp;6.14. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Compensation Period</I></B>&#148; has the meaning specified in Section&nbsp;2.04(b). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Connection Income Taxes</I></B>&#148; means Other Connection Taxes that are imposed on or measured by net income (however
denominated) or that are franchise Taxes or branch profits Taxes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Control</I></B>&#148; means the possession, directly or
indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. &#147;<B><I>Controlling</I></B>&#148; and
&#147;<B><I>Controlled</I></B>&#148; have meanings correlative thereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Control Agreement</I></B>&#148; means that certain
Account Control Agreement, dated as of the date hereof, among Borrower, Custodian and Collateral Agent, in the form of Exhibit C. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Controlled Investment Affiliate</I></B>&#148; means, with respect to Brookfield, any investment fund, co-investment vehicle and/or
similar investment vehicle or managed account that (a)&nbsp;is organized by Brookfield or any Person that Controls, is Controlled by or is under common Control with Brookfield for the purpose of making equity or debt investments in one or more
companies and (b)&nbsp;is Controlled by or is under common Control with Brookfield. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Controlling Group</I></B>&#148; means two
or more Persons who agree to act together, through partnership, limited partnership, syndicate or other group or arrangement, for the purpose of acquiring, holding, voting or disposing of securities of Teekay Offshore GP LLC or TOO Issuer, as
applicable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Cross-Default Person</I></B>&#148; means each of Borrower, Guarantor, each Subsidiary of Guarantor, each Issuer
and each Subsidiary of each Issuer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Custodian</I></B>&#148; means Citigroup Global Markets, Inc. or any other custodian
selected in good faith by Collateral Agent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Debtor Relief Laws</I></B>&#148; means the Bankruptcy Code, and all other
liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief laws of the United States or other applicable jurisdictions from time to
time in effect and affecting the rights of creditors generally. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Default</I></B>&#148; means any event or condition that
constitutes an Event of Default or that, with the giving of any notice, the passage of time, or both, would be an Event of Default. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Defaulting Lender</I></B>&#148; means, at any time, a Lender (i)&nbsp;that has
failed for three or more Business Days to comply with its obligations under this Agreement to make an Advance (a &#147;<B><I>funding obligation</I></B>&#148;), (ii)&nbsp;that has notified Administrative Agent, or has stated publicly, that it will
not comply with any such funding obligation hereunder, or has defaulted on its funding obligations under any other loan agreement or credit agreement or other similar agreement, (iii)&nbsp;that has, for three or more Business Days, failed to confirm
in writing to Administrative Agent, in response to a written request of Administrative Agent, that it will comply with its funding obligations hereunder, (iv)&nbsp;with respect to which a Lender Insolvency Event has occurred and is continuing or
(v)&nbsp;that has otherwise failed to pay over to Administrative Agent or any Lender any other amount required to be paid by it hereunder within three Business Days of the date when due, unless the subject of a good faith dispute. Administrative
Agent will promptly send to all parties hereto notice of any Lender becoming a Defaulting Lender. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Deficiency
Amount</I></B>&#148; has the meaning specified in Section&nbsp;7.01(o). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Delisting</I></B>&#148; means, for any of the TGP
Shares, the TNK Shares or the TOO Shares, that such Shares are no longer listed or admitted for trading on any Designated Exchange. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Designated Exchange</I></B>&#148; means any of The New York Stock Exchange, The NASDAQ Global Select Market or The NASDAQ Global
Market, or any successor thereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Dollars</I></B>&#148; and &#147;<B><I>$</I></B>&#148; mean the lawful money of the United
States. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>DTC</I></B>&#148; means The Depository Trust Company, a New York corporation, or its successor. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Early Closure</I></B>&#148; means the closure on any Exchange Business Day of the relevant Exchange prior to its scheduled closing
time for such day unless such earlier closing time is announced by such Exchange at least one hour prior to the actual closing time for the regular trading session on such Exchange on such Exchange Business Day. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Eligible Collateral</I></B>&#148; means the following assets of Borrower, to the extent held in the Collateral Account and subject
to a perfected first priority Lien in favor of Collateral Agent and with respect to which the Collateral Requirement shall have been satisfied: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">(a) Cash; <I>provided</I> that the Collateral Value of Eligible Collateral consisting of Cash shall not exceed the Total Accrued Loan Amount;
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">(b) Cash Equivalents; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">(c)
Shares <FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">constituting Collateral Shares on the Amendment No.&nbsp;8 Effective Date that are free of any Liens (other than Permitted
Liens) or Transfer Restrictions (other than the Existing Transfer Restrictions)</U></FONT><FONT STYLE="font-family:Times New Roman">;<I> provided</I> that (i)&nbsp;any TGP Shares constituting Collateral in excess of the Maximum TGP Shares, any TNK
Shares constituting Collateral in excess of the Maximum TNK Shares and any TOO Shares constituting Collateral in excess of the Maximum TOO Shares and (ii)&nbsp;any Shares not registered in global form in the name of DTC or its nominee shall, in each
case, not be Eligible Collateral; and </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">(d) Other Collateral, if any. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Equity Interests</I></B>&#148; means, with respect to any Person, shares of
capital stock of (or other ownership or profit interests in) such Person, any warrants, options or other rights for the purchase or acquisition from such Person of shares of capital stock of (or other ownership or profit interests in) such Person,
securities convertible into or exchangeable for shares of capital stock of (or other ownership or profit interests in) such Person or warrants, rights or options for the purchase or acquisition from such Person of such shares (or such other
interests), and any other ownership or profit interests in such Person (including partnership, member or trust interests therein), whether voting or nonvoting, whether economic or non-economic, and whether or not such shares, warrants, options,
rights or other interests are outstanding on any date of determination. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Events of Default</I></B>&#148; has the meaning
specified in Section&nbsp;7.01. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Exchange</I></B>&#148; means, for each of the TGP Shares, the TNK Shares and the TOO Shares,
The New York Stock Exchange or its successor, or if such Shares are not listed for trading on such exchange, the Designated Exchange that is the primary trading market for such Shares. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Exchange Act</I></B>&#148; means the Securities Exchange Act of 1934, as amended. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Exchange Business Day</I></B>&#148; means, for any of the TGP Shares, the TNK Shares or the TOO Shares, any day on which the
Exchange for such Shares is open for trading during its regular trading session, notwithstanding such Exchange closing prior to its scheduled closing time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Exchange Disruption</I></B>&#148; means, with respect to any of the TGP Shares, the TNK Shares or the TOO Shares, any event (other
than an Early Closure or Trading Suspension) that materially disrupts or impairs the ability of market participants in general to effect transactions in, or obtain market values for, such Shares on the Exchange for such Shares on any Exchange
Business Day for such Shares as determined by Calculation Agent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Excluded Taxes</I></B>&#148; means any of the following
Taxes imposed on or with respect to any Lender Person or required to be withheld or deducted from any payment to any Lender Person, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a)
Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i)&nbsp;imposed as a result of such Lender Person being organized under the laws of, or having its principal office or its
Lending Office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii)&nbsp;that are Other Connection Taxes, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Taxes attributable to such Lender Person&#146;s failure to comply with Section&nbsp;2.12(e) and (c)&nbsp;any Taxes imposed under FATCA.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Existing Transfer Restrictions</I></B>&#148; means Transfer Restrictions on the Collateral Shares arising solely from the
fact that <FONT STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE>(a)</STRIKE></FONT><FONT STYLE="font-family:Times New Roman">&nbsp;Borrower is an &#147;affiliate&#148; of the Issuer within the meaning of Rule 144</FONT><FONT
STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE> and (b)</STRIKE></FONT><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">;<I> provided</I></U></FONT><FONT
STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"> that</U></FONT><FONT STYLE="font-family:Times New Roman"> solely with respect to the Collateral Shares consisting of TNK Shares and </FONT><FONT
STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE>the 2015 Additional</STRIKE></FONT><FONT STYLE="font-family:Times New Roman"> TOO Shares,
</FONT><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">the Existing Transfer Restrictions will also include any legal restrictions under the federal securities laws of the United
States arising solely as a result of</U></FONT><FONT STYLE="font-family:Times New Roman"> such Collateral Shares</FONT><FONT STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE> are</STRIKE></FONT><FONT
STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">being</U></FONT><FONT STYLE="font-family:Times New Roman"> &#147;restricted securities&#148; within the meaning of Rule 144</FONT><FONT
STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"> (as to which Borrower&#146;s holding period (as determined in accordance with Rule 144) began more than one year prior to the Amendment
No.&nbsp;8 Effective Date) due to being acquired by Borrower</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>

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<FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">or any of its Affiliates in a transaction exempt from the registration
requirements of the Securities Act or due to being dividends or distributions on such securities or dividends or distributions thereon</U></FONT><FONT STYLE="font-family:Times New Roman">. The parties hereto acknowledge that the Agreement of Limited
Partnership of each of TGP Issuer and TOO Issuer contains provisions that could restrict the transfer of record ownership of the relevant Shares on the books of such Issuer, which provisions do not apply to transfers of beneficial interests in
Shares registered in global form in the name of DTC or its nominee. </FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Extraordinary Dividend</I></B>&#148; means any
dividend or distribution to existing holders of TGP Shares, TNK Shares or TOO Shares, as the case may be, that is not an Ordinary Cash Dividend or a stock split or other dividend or distribution in Shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Facility</I></B>&#148; means the credit facility contemplated by this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>FATCA</I></B>&#148; means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor
version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreements entered into pursuant to Section&nbsp;1471(b)(1) of the Code, and any
fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Federal Funds Effective Rate</I></B>&#148; means, for any day, the weighted average (rounded upwards, if necessary, to the next
1/100 of 1%) of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers, as published on the next succeeding Business Day by the Federal Reserve Bank of New York, or, if such
rate is not so published for any day that is a Business Day, the average (rounded upwards, if necessary, to the next 1/100 of 1%) of the quotations for such day for such transactions received by Lender from three Federal funds brokers of recognized
standing selected by it. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Final Maturity Date</I></B>&#148; means the earliest of: (a)&nbsp;the Scheduled Maturity Date;
(b)&nbsp;the date on which the Facility is terminated pursuant to Section&nbsp;2.05; and (c)&nbsp;the date on which all Commitments otherwise terminate pursuant to this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Foreign Lender</I></B>&#148; means any Lender that is organized under the laws of a jurisdiction other than the United States of
America, any State thereof or the District of Columbia. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>FRB</I></B>&#148; means the Board of Governors of the Federal Reserve
System of the United States. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Funding Account</I></B>&#148; means the deposit account of Borrower to which Administrative
Agent is authorized by Borrower in the relevant Borrowing Notice to transfer the proceeds of any Borrowings requested or authorized pursuant to this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>GAAP</I></B>&#148; means generally accepted accounting principles in the United States of America. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Governmental Authority</I></B>&#148; means the government of the United States
of America or any other nation, or of any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing,
regulatory or administrative powers or functions of or pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Guarantee</I></B>&#148; means, as to any Person, (a)&nbsp;any obligation, contingent or otherwise, of such Person guaranteeing or
having the economic effect of guaranteeing any Indebtedness or other obligation payable or performable by another Person (the &#147;<B><I>primary obligor</I></B>&#148;) in any manner, whether directly or indirectly, and including any obligation of
such Person, direct or indirect, (i)&nbsp;to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation, (ii)&nbsp;to purchase or lease property, securities or services for the purpose of
assuring the obligee in respect of such Indebtedness or other obligation of the payment or performance of such Indebtedness or other obligation, (iii)&nbsp;to maintain working capital, equity capital or any other financial statement condition or
liquidity or level of income or cash flow of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation, (iv)&nbsp;entered into for the purpose of assuring in any other manner the obligee in respect of such
Indebtedness or other obligation of the payment or performance thereof or to protect such obligee against loss in respect thereof (in whole or in part), or (v)&nbsp;as an applicant in respect of any letter of credit or letter of credit guaranty
issued to support such Indebtedness, or (b) any Lien on any assets of such Person securing any Indebtedness or other obligation of any other Person, whether or not such Indebtedness or other obligation is assumed by such Person (or any right,
contingent or otherwise, of any holder of such Indebtedness to obtain any such Lien). The amount of any Guarantee shall be deemed to be an amount equal to the stated or determinable amount of the related primary obligation, or portion thereof, in
respect of which such Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined by the guaranteeing Person in good faith. The term &#147;<B><I>Guarantee</I></B>&#148; as a verb
has a corresponding meaning. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Guarantee Agreement</I></B>&#148; means that certain Guarantee Agreement, dated as of the date
hereof, executed by Guarantor in favor of Administrative Agent and the Lenders, in the form of Exhibit F. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Guarantor</I></B>&#148; means Teekay Corporation, a corporation organized under the laws of the Republic of the Marshall Islands.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Guarantor Financial Statements</I></B>&#148; has the meaning specified in Section&nbsp;4.01(a). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Indebtedness</I></B> &#147; means, as to any Person at any time, without duplication, all of the following, whether or not
included as indebtedness or liabilities in accordance with GAAP, (a)&nbsp;all obligations of such Person for borrowed money and all obligations of such Person evidenced by bonds, debentures, notes, loan agreements or other similar instruments;
(b)&nbsp;all direct or contingent payment obligations of such Person arising under letters of credit (including standby and commercial), bankers&#146; acceptances, bank guaranties, surety bonds and similar instruments; (c) net payment or delivery
obligations of such Person under any Swap Contract; (d)&nbsp;all payment obligations of such Person to pay the deferred purchase price of property or services (other than </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>

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trade accounts payable in the ordinary course of business and accruals for liabilities incurred in the ordinary course of business); (e)&nbsp;indebtedness (excluding prepaid interest thereon)
secured by a Lien on property owned or being purchased by such Person (including indebtedness arising under conditional sales or other title retention agreements), whether or not such indebtedness shall have been assumed by such Person or is limited
in recourse; (f)&nbsp;capital leases and Synthetic Lease Obligations; (g)&nbsp;all obligations of such Person to purchase, redeem, retire, defease or otherwise make any payment in respect of any Equity Interest in such Person or any other Person,
valued, in the case of a redeemable preferred interest, at the greater of its voluntary or involuntary liquidation preference plus accrued and unpaid dividends; and (h)&nbsp;all Guarantees of such Person in respect of any of the foregoing. For all
purposes hereof, the Indebtedness of any Person shall include the Indebtedness of any partnership or joint venture (other than a joint venture that is itself a corporation or limited liability company) in which such Person is a general partner or a
joint venturer, unless such Indebtedness is expressly made non-recourse to such Person. The amount of any net obligation under any Swap Contract on any date shall be deemed to be the Swap Termination Value thereof as of such date. The amount of any
capital lease or Synthetic Lease Obligation as of any date shall be deemed to be the amount of Attributable Debt in respect thereof as of such date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Indemnified Taxes</I></B>&#148; means (a)&nbsp;Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by
or on account of any obligation of any Obligor under any Margin Loan Document and (b)&nbsp;to the extent not otherwise described in (a), Other Taxes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Indemnitee</I></B>&#148; has the meaning specified in Section&nbsp;9.04(b). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Information</I></B>&#148; has the meaning specified in Section&nbsp;9.13. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Initial Basket</I></B>&#148; means (a)&nbsp;as of any date prior to the Amendment No.&nbsp;1 Effective Date, the number of TGP
Shares and the number of TOO Shares constituting Eligible Collateral immediately prior to the first Borrowing hereunder, (b)&nbsp;as of any date from and after the Amendment No.&nbsp;1 Effective Date but prior to the Amendment No.&nbsp;2 Effective
Date, the number of TGP Shares and the number of TOO Shares constituting Eligible Collateral on the Amendment No.&nbsp;1 Effective Date after giving effect to the additional pledge referred to in Section&nbsp;4(b) of Amendment No.&nbsp;1,
(c)&nbsp;as of any date from and after the Amendment No.&nbsp;2 Effective Date but prior to the Amendment No.&nbsp;3 Effective Date, the number of TGP Shares and the number of TOO Shares constituting Eligible Collateral on the Amendment No.&nbsp;2
Effective Date after giving effect to the additional pledge referred to in Section&nbsp;4(b) of Amendment No.&nbsp;2 <FONT STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE>and</STRIKE></FONT><FONT
STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">,</U></FONT><FONT STYLE="font-family:Times New Roman"> (d)&nbsp;as of any date from and after the Amendment No.&nbsp;3</FONT><FONT
STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"> Effective</U></FONT><FONT STYLE="font-family:Times New Roman">
</FONT><FONT STYLE="font-family:Times New Roman" COLOR="#008000"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Date but prior to the
</U></FONT><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Amendment No.&nbsp;8</U></FONT><FONT STYLE="font-family:Times New Roman"> Effective Date, the number of TGP Shares, the
number of TNK Shares and the number of TOO Shares constituting Eligible Collateral on the Amendment No.&nbsp;3 Effective Date after giving effect to the additional pledge referred to in Section&nbsp;4(b) of Amendment No.&nbsp;3</FONT><FONT
STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE>.</STRIKE></FONT><FONT STYLE="font-family:Times New Roman"> </FONT><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">and
(e)&nbsp;as of any date from and after the Amendment No. 8 Effective Date,</U></FONT><FONT STYLE="font-family:Times New Roman">
</FONT><FONT STYLE="font-family:Times New Roman" COLOR="#008000"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">the number of TGP Shares, the number of TNK Shares and the number of TOO Shares </U></FONT><FONT
STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">constituting Eligible Collateral on the Amendment No.&nbsp;8 Effective Date</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT><FONT
STYLE="font-family:Times New Roman" COLOR="#008000"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">after giving effect to
</U></FONT><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">the additional pledge referred to in Section&nbsp;4(b) of Amendment No.
8.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">14 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Initial Borrowing</I></B>&#148; means any Borrowing made at a time at which,
immediately prior to giving effect to such Borrowing, the Total Accrued Loan Amount is zero. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Initial LTV Ratio</I></B>&#148;
has the meaning specified in Schedule 1.01(b). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Initial Share Collateral Value</I></B>&#148; means (a)&nbsp;as of any date
prior to the Amendment No.&nbsp;1 Effective Date, the Share Collateral Value as of December&nbsp;21, 2012, (b)&nbsp;as of any date from and after the Amendment No.&nbsp;1 Effective Date but prior to the Amendment No.&nbsp;2 Effective Date, the Share
Collateral Value as of the Amendment No.&nbsp;1 Effective Date after giving effect to the additional pledge referred to in Section&nbsp;4(b) of Amendment No.&nbsp;1, (c)&nbsp;as of any date from and after the Amendment No.&nbsp;2 Effective Date but
prior to the Amendment No.&nbsp;3 Effective Date, the Share Collateral Value as of the Amendment No.&nbsp;2 Effective Date after giving effect to the additional pledge referred to in Section&nbsp;4(b) of Amendment No.&nbsp;2 <FONT
STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE>and</STRIKE></FONT><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">,</U></FONT><FONT STYLE="font-family:Times New Roman">
(d)&nbsp;as of any date from and after the Amendment No.&nbsp;3 </FONT><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Effective
Date</U></FONT><FONT STYLE="font-family:Times New Roman"><U> <FONT STYLE="font-family:Times New Roman" COLOR="#008000">but prior to
the</FONT></U><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"> Amendment No.&nbsp;8</U></FONT><FONT STYLE="font-family:Times New Roman"> Effective Date, the sum of (i)&nbsp;the Share
Collateral Value as of the Amendment No.&nbsp;2 Effective Date after giving effect to the additional pledge referred to in Section&nbsp;4(b) of Amendment No.&nbsp;2 (but, for the avoidance of doubt, without giving effect to the additional pledge
referred to in Section&nbsp;4(b) of Amendment No.&nbsp;3) and (ii)&nbsp;the Share Collateral Value attributable to the 2015 Additional TOO Shares and the TNK Shares as of the Amendment No.&nbsp;3 Effective Date </FONT><FONT
STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE>.</STRIKE></FONT><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"> and (e)&nbsp;as of any date from and after the Amendment
No.&nbsp;8 Effective Date, the sum of (i)&nbsp;the Initial Share Collateral Value determined pursuant to the immediately preceding clause (d)&nbsp;and (ii)&nbsp;the Share Collateral Value attributable to the 2018 Additional Shares as of the
Amendment No.&nbsp;8 Effective Date.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Interest
Period</I></B> &#147; means, for any Advance, the period commencing on the date of such Advance and ending on the day that numerically corresponds to the date of the most recent Initial Borrowing in the calendar month that is three months after such
date of such Initial Borrowing; <I>provided</I> that (i)&nbsp;if any Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless such next succeeding Business Day
would fall in the next calendar month, in which case such Interest Period shall end on the next preceding Business Day and (ii)&nbsp;any Interest Period pertaining to an Advance that commences on the last Business Day of a calendar month (or on a
day for which there is no numerically corresponding day in the last calendar month of such Interest Period) shall end on the last Business Day of the last calendar month of such Interest Period. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>IRS</I></B>&#148; means the United States Internal Revenue Service. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Issuer</I></B>&#148; means each of TGP Issuer, TNK Issuer and TOO Issuer. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Issuer Acknowledgement</I></B> &#147; means (i)&nbsp;for each of TGP Issuer and TOO Issuer, an Issuer Acknowledgement dated as of
the date hereof in the forms of Exhibit D-1 (in the case of TGP Issuer) and Exhibit D-2 (in the case of TOO Issuer) and (ii)&nbsp;for TNK Issuer, an Issuer Acknowledgement dated as of October&nbsp;2, 2015 in the form of Exhibit D-3. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Judgment Currency</I></B>&#148; has the meaning specified in Section&nbsp;9.16. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Law</I></B>&#148; means, with respect to any Person, collectively, all international, foreign, U.S. Federal, state and local
statutes, treaties, rules, guidelines, regulations, ordinances, codes and </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">15 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">administrative or judicial precedents or authorities, including the interpretation or administration thereof
by any Governmental Authority charged with the enforcement, interpretation or administration thereof, and all applicable administrative orders, directed duties, licenses, authorizations and permits of, and agreements with, any Governmental
Authority, in each case that is applicable to such Person or such Person&#146;s business or operation and whether or not having the force of law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Lender</I></B>&#148; means each financial institution listed on the signature pages hereto as a Lender, and any other person that
becomes a party hereto pursuant to Section&nbsp;9.09. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Lender Expenses</I></B>&#148; has the meaning specified in
Section&nbsp;9.04(a). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Lender Insolvency Event</I></B>&#148; means that (i)&nbsp;a Lender or its Parent Company is insolvent,
or is generally unable to pay its debts as they become due, or admits in writing its inability to pay its debts as they become due, or makes a general assignment for the benefit of its creditors, or (ii)&nbsp;a Lender or its Parent Company is the
subject of a bankruptcy, insolvency, reorganization, liquidation or similar proceeding, or a receiver, trustee, conservator, intervenor or sequestrator or the like has been appointed for such Lender or its Parent Company, or such Lender or its
Parent Company has taken any action in furtherance of or indicating its consent to or acquiescence in any such proceeding or appointment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Lender Person</I></B>&#148; means any of Administrative Agent and any Lender. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Lending Office</I></B>&#148; means, with respect to each Lender, the office of such Lender specified in Schedule 9.02 hereto, or
such other office of such Lender as such Lender may from time to time specify in writing to Borrower. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>LIBOR</I></B>&#148;
means, with respect to any Interest Period (or other period determined by Calculation Agent with respect to any overdue amount), the <FONT STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE>per annum rate for deposits in</STRIKE></FONT><FONT
STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"> London interbank offered rate administered by ICE Benchmark Administration (or any other Person that takes over administration of such rate)
appearing on the applicable Bloomberg Page (or on any successor or substitute page designated by Calculation Agent </U></FONT><FONT STYLE="font-family:Times New Roman"><U><FONT STYLE="font-family:Times New Roman" COLOR="#008000">from time to
time</FONT></U><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">) at approximately </U></FONT><FONT STYLE="font-family:Times New Roman"><U><FONT
STYLE="font-family:Times New Roman" COLOR="#008000">11:00 a.m., London time, on the</FONT></U><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"> date two Business Days prior to
</U></FONT><FONT STYLE="font-family:Times New Roman"><U><FONT STYLE="font-family:Times New Roman" COLOR="#008000">the first day of such Interest
Period</FONT></U><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">, as the rate for</U></FONT><FONT STYLE="font-family:Times New Roman"> Dollars</FONT><FONT
STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"> for deposits</U></FONT><FONT STYLE="font-family:Times New Roman"> for a term coextensive with such Interest Period (or other period) and for
an amount substantially equal to the total Commitments </FONT><FONT STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE>which appears on Telerate Page 3750 as of </STRIKE></FONT><FONT STYLE="font-family:Times New Roman"><STRIKE>11:00 a.m.,
London time, on the</STRIKE></FONT><FONT STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE> day that is two Business Days preceding </STRIKE></FONT><FONT STYLE="font-family:Times New Roman"><STRIKE>the first day of such Interest
Period</STRIKE></FONT><FONT STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE> (or other period). (
</STRIKE><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">.</U><STRIKE></STRIKE><FONT STYLE="font-family:Times New Roman"> For purposes of the preceding sentence, LIBOR for any
Interest Period (or other period) of a length for which rates do not appear on
</FONT><FONT STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE>Telerate</STRIKE><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">such Bloomberg</U><STRIKE></STRIKE><FONT
STYLE="font-family:Times New Roman"> Page </FONT><FONT STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE>3750</STRIKE></FONT><FONT STYLE="font-family:Times New Roman"> shall be determined </FONT><FONT
STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">by Calculation Agent</U></FONT><FONT STYLE="font-family:Times New Roman"> through the use of straight line interpolation </FONT><FONT
STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE>by reference to two LIBOR rates appearing on Telerate Page 3750, one of which shall be
the</STRIKE><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">between such</U><STRIKE></STRIKE><FONT STYLE="font-family:Times New Roman"> rate for the period of time</FONT><FONT
STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE> next</STRIKE><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">closest to, and</U><STRIKE></STRIKE><FONT
STYLE="font-family:Times New Roman"> shorter
than</FONT><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><FONT STYLE="font-family:Times New Roman" COLOR="#ff0000"><strike><u>,</u></strike></FONT></U><FONT
STYLE="font-family:Times New Roman"> the length of</FONT><FONT STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE> the Interest Period (or other period) and the other of which shall be the </STRIKE></FONT><FONT
STYLE="font-family:Times New Roman"><STRIKE>rate for the period of time</STRIKE></FONT><FONT STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE> next longer than the length of the Interest Period (or other period).) If no such rate appears
on Telerate Page 3750, LIBOR shall mean the per annum rate, determined on the basis of the rates at which deposits in Dollars for a term coextensive with </STRIKE></FONT><FONT STYLE="font-family:Times New Roman">such Interest Period (or other
period) and </FONT><FONT STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE>in an amount approximately equal to the principal amount of the applicable Borrowing or overdue amount are offered by four major banks in the London</STRIKE></FONT><FONT
STYLE="font-family:Times New Roman"> </FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">16 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE>interbank market, selected by Calculation
Agent, at approximately 11:00 a.m., London time, on the day that is two Business Days preceding the first day
</STRIKE></FONT><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">such</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT><FONT
STYLE="font-family:Times New Roman" COLOR="#008000"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">rate for the period of time
</U></FONT><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">closest to, and longer than, the length</U></FONT><FONT STYLE="font-family:Times New Roman"> of such Interest Period (or
other period)</FONT><FONT STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE>. If at least two such quotations are provided, LIBOR for such Interest Period (or other period) shall be the arithmetic mean of the quotations. If fewer than two
quotations are provided as requested, LIBOR for such Interest Period (or other period) shall be the arithmetic mean of the per annum rates quoted by major banks in New York City, selected by Calculation Agent, at approximately 11:00 a.m. on such day
for loans in Dollars to leading European banks for a term coextensive with such Interest Period (or other period) and in an amount approximately equal to the principal amount of the applicable Borrowing or overdue amount. If such rate is not
available at such time for any reason, then the rate for that Interest Period (or other period) will be determined by such alternate method as reasonably selected by Calculation
Agent.</STRIKE><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">, or if there is no such shorter period, the rate for the shortest period for which a rate appears on such Bloomberg
Page. In no event shall LIBOR be less than 0.00%.</U><STRIKE></STRIKE><FONT STYLE="font-family:Times New Roman"> </FONT></FONT></FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><FONT
STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">&#147;<B><I>LIBOR Screen Rate</I></B>&#148; means the LIBOR quote on the applicable screen page Calculation Agent designates to determine
LIBOR pursuant to the definition thereof.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><FONT
STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">&#147;<B><I>LIBOR Successor Rate</I></B>&#148; has the meaning specified in Section 2.07(c).</U></FONT><FONT
STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">&#147;<B><I>LIBOR Successor
Rate Conforming Changes</I></B>&#148; means, with respect to any proposed LIBOR Successor Rate, any conforming changes to the definition of Base Rate or Interest Period, timing and frequency of determining rates and making payments of interest and
other administrative matters as may be appropriate, in the reasonable discretion of Calculation Agent, to reflect the adoption of such LIBOR Successor Rate and to permit the administration thereof by Calculation Agent in a manner substantially
consistent with market practice (or, if Calculation Agent determines that adoption of any portion of such market practice is not administratively feasible or that no market practice for the administration of such LIBOR Successor Rate exists, in such
other manner of administration as Calculation Agent determines in consultation with the Borrower).</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Lien</I></B>&#148; means any mortgage, pledge, hypothecation, collateral assignment, encumbrance, lien (statutory or other),
charge, or preference, priority or other security interest or preferential arrangement in the nature of a security interest of any kind or nature whatsoever (including any conditional sale or other title retention agreement, any easement, right of
way or other encumbrance on title to real property, and any financing lease having substantially the same economic effect as any of the foregoing). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>LTV Ratio</I></B>&#148; means, <FONT STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE>at</STRIKE></FONT><FONT
STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">on</U></FONT><FONT STYLE="font-family:Times New Roman"> any
</FONT><FONT STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE>time</STRIKE></FONT><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">date</U></FONT><FONT
STYLE="font-family:Times New Roman">, the quotient (expressed as a percentage) of (a)&nbsp;the difference of (i)&nbsp;the Total Accrued Loan Amount (for the avoidance of doubt, calculated without regard to the then applicable Make Whole Amount)
<I>minus</I> (ii)&nbsp;the Cash Collateral Amount, if any, </FONT><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"><I>minus</I> (iii)&nbsp;the aggregate expected net proceeds of all
Permitted Sale Transactions (if any) that have been executed on or prior to such date as to which the scheduled settlement date (or, if earlier, the actual settlement date) has not occurred as of such date</U></FONT><FONT
STYLE="font-family:Times New Roman"><I> divided</I> by (b)&nbsp;the sum of (i)&nbsp;the Share Collateral Value </FONT><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(excluding the
Collateral Value of any Shares</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">that have been sold in a Permitted Sale
Transaction but remain in the Collateral Account pending settlement thereof)</U></FONT><FONT STYLE="font-family:Times New Roman"><I> plus</I> (ii)&nbsp;the Other Collateral Value, in each case</FONT><FONT
STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE> at</STRIKE></FONT><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">on</U></FONT><FONT STYLE="font-family:Times New Roman">
such</FONT><FONT STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE> time</STRIKE></FONT><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">date</U></FONT><FONT
STYLE="font-family:Times New Roman">. </FONT></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Make Whole Amount</I></B>&#148; has the meaning specified in Schedule 1.01(b).
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">&#147;<B><I>Make Whole
Event</I></B>&#148; has the meaning specified in Section 2.08(c).</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Margin Loan Document</I></B>&#148; means each of this Agreement, the Security Agreement, the Guarantee Agreement, the Control
Agreement, each Issuer Acknowledgement, each promissory note delivered pursuant to Section&nbsp;2.15(d), each Borrowing Notice and each agreement delivered under Section&nbsp;5.07. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Margin Stock</I></B>&#148; has the meaning specified in Regulation U promulgated by the FRB. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Market Disruption Event</I></B>&#148; means an Early Closure, an Exchange Disruption, or a Trading Disruption. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Material Adverse Effect</I></B>&#148; means, with respect to any Cross-Default Person, a material adverse effect on (a)&nbsp;the
business, assets or liabilities, of such Cross-Default Person taken as a whole, (b)&nbsp;the ability of such Cross-Default Person to perform any of its obligations under any Margin Loan Document to which it is a party, (c)&nbsp;the Collateral, or
Collateral Agent&#146;s Liens on the Collateral or the priority of such Liens, or (d)&nbsp;the rights of or benefits available to Administrative Agent, Collateral Agent or the Lenders under any Margin Loan Document. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Material Indebtedness</I></B>&#148; means any Indebtedness if the amount thereof exceeds the Threshold Amount. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Material Nonpublic Information</I></B>&#148; means information (i)&nbsp;that has not been disseminated in a manner making it
available to investors generally, within the meaning of Regulation FD, and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) to which an investor would reasonably attach importance
in reaching a decision to buy, sell or hold Shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Material Subsidiary</I></B>&#148; means, with respect to any Person, any
Subsidiary of such Person with total assets equal to or greater than $100,000,000. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Maximum Rate</I></B>&#148; has the meaning
specified in Section&nbsp;9.18. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Maximum TGP Shares</I></B>&#148; means 25,208,274 TGP Shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Maximum TNK Shares</I></B>&#148; means
<FONT STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE>16,754,474</STRIKE></FONT><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">40,290,460</U></FONT><FONT
STYLE="font-family:Times New Roman"> TNK Shares. </FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Maximum TOO Shares</I></B>&#148; means <FONT
STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE>38,211,772</STRIKE></FONT><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">56,587,484</U></FONT><FONT
STYLE="font-family:Times New Roman"> TOO Shares. </FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Merger Event</I></B>&#148; means, with respect to any of the TGP
Shares, the TNK Shares or the TOO Shares, any transaction or event that is, or results in, (i)&nbsp;a reclassification or change of such Shares that results in a transfer of or an irrevocable commitment to transfer all of such Shares outstanding to
another entity or person, (ii)&nbsp;a consolidation, amalgamation, merger or binding share exchange of the TGP Issuer, the TNK Issuer or the TOO Issuer, as the case may be, with or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">18 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">into another entity or person (other than a consolidation, amalgamation, merger or binding share exchange in
which such Issuer is the continuing entity and that does not result in a reclassification or change of all of such Shares outstanding), (iii)&nbsp;a takeover offer, tender offer, exchange offer, solicitation, proposal or other event by any entity or
person to purchase or otherwise obtain 100% of the outstanding Shares of the TGP Issuer, the TNK Issuer or the TOO Issuer, as the case may be, that results in a transfer of or an irrevocable commitment to transfer all such Shares (other than such
Shares owned or controlled by such other entity or person), or (iv) a consolidation, amalgamation, merger or binding share exchange of the TGP Issuer, the TNK Issuer or the TOO Issuer, as the case may be, or its subsidiaries with or into another
entity in which such Issuer is the continuing entity and that does not result in a reclassification or change of all such Shares outstanding but results in the outstanding TGP Shares, TNK Shares or TOO Shares, as the case may be (other than such
Shares owned or controlled by such other entity), immediately prior to such event collectively representing less than 50% of the outstanding TGP Shares, TNK Shares or TOO Shares, as the case may be, immediately following such event. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Moody&#146;s</I></B>&#148; means Moody&#146;s Investors Service, Inc. (or its successor). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Notice Date</I></B>&#148; means, in respect of any Potential Facility Amendment Event or Share Collateral Trigger Event, the date,
if any, on which Administrative Agent delivers notice to Borrower of the proposed amendments to the terms of the relevant Margin Loan Documents in respect of such Potential Facility Amendment Event or Share Collateral Trigger Event, as the case may
be, and, in the case of a Redocumentation Event, the date, if any, on which either party delivers notice to the other party that such Redocumentation Event has occurred. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Obligations</I></B>&#148; means all Advances to, and all debts, liabilities, obligations, covenants, indemnifications, and duties
of, Borrower arising under any Margin Loan Document or otherwise with respect to the Advances, in each case whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter
arising and including interest and fees that accrue after the commencement by or against Borrower of any proceeding under any Debtor Relief Laws naming Borrower as the debtor in such proceeding, regardless of whether such interest and fees are
allowed claims in such proceeding. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Obligor</I></B>&#148; means each of Borrower and Guarantor. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Ordinary Cash Dividend</I></B>&#148; means any quarterly cash dividend or distribution to existing holders of the TGP Shares, the
TNK Shares or the TOO Shares, as the case may be, that does not exceed (i)&nbsp;$<FONT STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE>0.63 per share in the case of the TGP Shares, (ii)&nbsp;$</STRIKE></FONT><FONT
STYLE="font-family:Times New Roman">0.30 per share in the case of the </FONT><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">TGP Shares, (ii)&nbsp;$0.08 per share</U></FONT><FONT
STYLE="font-family:Times New Roman"><U> <FONT STYLE="font-family:Times New Roman" COLOR="#008000">in the case of</FONT></U><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">
the</U></FONT><FONT STYLE="font-family:Times New Roman"> TNK Shares or (iii)&nbsp;$</FONT><FONT STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE>
0.25</STRIKE></FONT><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">0.08</U></FONT><FONT STYLE="font-family:Times New Roman">&nbsp;per share in the case of the TOO Shares. For the
avoidance of doubt, only one dividend or distribution per calendar quarter in respect of each of the TGP Shares, the TNK Shares and the TOO Shares may be an Ordinary Cash Dividend. </FONT></FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">19 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Organization Documents</I></B>&#148; means, (a)&nbsp;with respect to any
corporation or company, the certificate or articles of incorporation and the bylaws (or equivalent or comparable constitutive documents with respect to any non-U.S. jurisdiction); (b)&nbsp;with respect to any limited liability company, the
certificate or articles of formation or organization, and the limited liability company agreement or operating agreement; and (c)&nbsp;with respect to any partnership, joint venture, trust or other form of business entity, the partnership, joint
venture or other applicable agreement of formation or organization and any agreement, instrument, filing or notice with respect thereto filed in connection with its formation or organization with the applicable Governmental Authority in the
jurisdiction of its formation or organization and, if applicable, any certificate or articles of formation or organization of such entity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Other Collateral</I></B>&#148; means such assets of Borrower, if any, not consisting of Cash, Cash Equivalents or Shares as
Borrower and Collateral Agent, with the consent of the Required Lenders, shall agree in writing shall constitute Other Collateral. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Other Collateral Value</I></B>&#148; means, at any time, the aggregate Collateral Value of all Eligible Collateral consisting of
Other Collateral at such time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Other Connection Taxes</I></B>&#148; means Taxes imposed as a result of a present or former
connection between a Lender Person and the jurisdiction imposing such Tax (other than connections arising from such Lender Person having executed, delivered, become a party to, performed its obligations under, received payments under, received or
perfected a security interest under, engaged in any other transaction pursuant to or enforced any Margin Loan Document, or sold or assigned an interest in any Advance or Margin Loan Document). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Other Taxes</I></B>&#148; means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes
that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Margin Loan Document, except any such
Taxes that are Other Connection Taxes imposed with respect to an assignment, any sale of participations or the designation of a new Lending Office (other than at the request of Borrower pursuant to Section&nbsp;2.11(e)). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Parent Company</I></B>&#148; means, with respect to a Lender, the bank holding company (as defined in Federal Reserve Board
Regulation Y), if any, of such Lender, and/or any Person owning, beneficially or of record, directly or indirectly, a majority of the shares of such Lender. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Participant</I></B>&#148; has the meaning specified in Section&nbsp;9.09(c). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Permitted Investments</I></B>&#148; means loans of Cash owned by Borrower and not constituting Collateral (or required by any
Margin Loan Document to be held as Collateral) to Guarantor or any Subsidiary of Guarantor on arm&#146;s-length terms. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Permitted Liens</I></B>&#148; means (a)&nbsp;Liens imposed by Law for taxes that are not yet due or are being contested in good
faith by appropriate proceedings and with respect to which adequate reserves in conformity with GAAP have been taken<FONT STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE>,</STRIKE></FONT><FONT
STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"> and</U></FONT><FONT STYLE="font-family:Times New Roman"> (b)&nbsp;Liens granted to Collateral Agent pursuant to the Margin Loan Documents
</FONT><FONT STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE>and (c) Liens granted pursuant to the Swap Security Agreement.</STRIKE></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">20 </P>

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<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">&#147;<B><I>Permitted Sale
Transaction</I></B>&#148; has the meaning specified in Section 2.10(d).</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Person</I></B>&#148; means any natural person, corporation, limited liability company, trust, joint venture, association, company,
partnership, Governmental Authority or other entity. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Potential Facility Amendment Events</I></B>&#148; has the meaning
specified in Section&nbsp;9.01(c). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Process Agent</I></B>&#148; has the meaning specified in Section&nbsp;9.02(e). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Redocumentation Event</I></B>&#148; means that (i)&nbsp;an event is announced that if consummated or completed would result in any
Issuer ceasing to be a &#147;foreign private issuer&#148; as such term is defined in Rule 3b-4 under the Exchange Act or (ii)&nbsp;any Issuer ceases to be such a &#147;foreign private issuer.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Reference Share Collateral Value</I></B>&#148; means the Share Collateral Value as of the Amendment No.&nbsp;<FONT
STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE>6</STRIKE></FONT><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">8</U></FONT><FONT STYLE="font-family:Times New Roman">
Effective Date</FONT><FONT STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE>.</STRIKE></FONT><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">, which Share Collateral Value
shall from time to time be reduced by the Collateral Value of such number of </U></FONT><FONT STYLE="font-family:Times New Roman" COLOR="#008000"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">TGP Shares, TNK Shares or TOO Shares, as the
case may be, </U></FONT><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">as are released pursuant to Section&nbsp;2.10(b) or Section&nbsp;2.10(d) (as determined by Calculation Agent
based on the Collateral Value of such Shares as of the Amendment No.&nbsp;8 Effective Date).</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">&#147;<B><I>Refinancing
Transaction</I></B>&#148; means any financing, capital markets or other monetization transaction of Borrower, Guarantor or any Subsidiary thereof, the proceeds of which (in whole or in part) are intended to be applied towards a repayment of the
Advances hereunder in full (including a transaction described in the first proviso of the &#147;Restricted Transaction&#148; definition).</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Register</I></B>&#148; has the meaning specified in Section&nbsp;9.09(b)(iv). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Regulation U</I></B>&#148; means Regulation U issued by the FRB. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Related Parties</I></B>&#148; means, with respect to any Person, such Person&#146;s Affiliates and the partners, directors,
officers, employees, agents, trustees and advisors of such Person and of such Person&#146;s Affiliates. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Required
Lenders</I></B>&#148; means, at any time, Lenders (not including Borrower or any of its Affiliates) having aggregate Applicable Percentages in excess of <FONT STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE>62.5</STRIKE></FONT><FONT
STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">66.67</U></FONT><FONT STYLE="font-family:Times New Roman">% at such time. </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Responsible Officer</I></B>&#148; means, with respect to either Borrower or Guarantor, any of the chief executive officer,
chairman, president, chief financial officer, chief strategy officer, any vice president, secretary, assistant secretary or director of such Person. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Restricted Payment</I></B>&#148; means, with respect to any Person, any dividend or other distribution (whether in cash,
securities or other property) with respect to any Equity Interests in such Person, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement,
acquisition, cancellation or termination of any such Equity Interests in such Person or any option, warrant or other right to acquire any such Equity Interests in such Person. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">21 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Restricted Transaction</I></B>&#148; means, in respect of an Obligor, any pledge
or encumbrance of Shares to any person (a &#147;<B><I>Secured Party</I></B>&#148;) to secure any obligation of such Obligor or any Affiliate of such Obligor; <I>provided</I> that such a pledge or encumbrance of Shares by an Obligor other than
Borrower that does not relate to a transaction that gives rise to any obligations of Borrower shall not constitute a Restricted Transaction if (i)&nbsp;such Obligor has given Administrative Agent, on behalf of the Lenders, a right of first refusal
to either (x)&nbsp;enter into the transaction that would give rise to such obligation on the same terms as those proposed to be entered into with such Secured Party or (y)&nbsp;amend the Margin Loan Documents to add such Shares to the Eligible
Collateral and (1)&nbsp;increase the total Commitments by an amount equal to the product of the Share Collateral Value in respect of such Shares as of the date such Shares are added to the Eligible Collateral and the Initial LTV Ratio (with a
proportional increase to the Commitment of each Lender) and (2)&nbsp;increase the Maximum TGP Shares, the Maximum TNK Shares and the Maximum TOO Shares by the number of TGP Shares, TNK Shares and TOO Shares included in such Shares, in either case of
(x)&nbsp;or (y), in lieu of the proposed transaction between the Obligor and the proposed Secured Party; and (ii)&nbsp;if Administrative Agent, on behalf of the Lenders, has declined to exercise such right of first refusal (including, for the
avoidance of doubt, by reason of being unable to obtain the consents required by Section&nbsp;9.01(a) to affect such amendments to the Margin Loan Documents), (A)&nbsp;the transaction between the Obligor and the proposed Secured Party does not
contain any events of default, collateral triggers or other provisions that could allow such Secured Party to liquidate any such Shares prior to a time at which Collateral Agent would have the right to liquidate the Collateral under the Margin Loan
Documents and (B)&nbsp;Borrower agrees to amend the terms of this Agreement to include, in addition to the Events of Default set forth herein, any default, event of default, collateral trigger or other event or circumstance giving rise to a right on
behalf of such Secured Party to liquidate any Shares as an Event of Default under this Agreement<FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">; and<I> provided further</I> that a
Restricted Transaction shall not include any Permitted Sale Transaction</U></FONT><FONT STYLE="font-family:Times New Roman">. </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Rule 144</I></B>&#148; means Rule 144 under the Securities Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>S&amp;P</I></B>&#148; means Standard&nbsp;&amp; Poor&#146;s (or its successor). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Sanctions</I></B>&#148; has the meaning specified in Section&nbsp;3.14. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Scheduled Maturity Date</I></B>&#148; means December&nbsp;31,
<FONT STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE>2018</STRIKE></FONT><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">2020</U></FONT><FONT
STYLE="font-family:Times New Roman">. </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">&#147;<B><I>Scheduled
Unavailability Date</I></B>&#148; has the meaning specified in Section 2.07(c).</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>SEC</I></B>&#148; means the U.S. Securities and Exchange Commission, or any Governmental Authority succeeding to any of its
principal functions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Securities Act</I></B>&#148; means the United States Securities Act of 1933, as amended. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Security Agreement</I></B>&#148; means that certain Pledge and Security Agreement, dated as of the date hereof, between Borrower
and Collateral Agent, in the form of Exhibit B, as it may be amended or modified from time to time. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">22 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Separate Facility</I></B>&#148; has the meaning specified in
Section&nbsp;9.01(d). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Set-off Party</I></B>&#148; has the meaning specified in Section&nbsp;9.15. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Share Collateral Trigger Event</I></B>&#148; means that, at any time, the aggregate Collateral Value of the Adjusted Initial
Basket is less than <FONT STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE>50</STRIKE></FONT><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">65</U></FONT><FONT
STYLE="font-family:Times New Roman">% of the Reference Share Collateral Value. </FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Share Collateral Value</I></B>&#148;
means, at any time, the aggregate Collateral Value of all Eligible Collateral consisting of Collateral Shares at such time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Shares</I></B>&#148; means each of the TGP Shares, the TNK Shares and the TOO Shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Solvent</I></B>&#148; means, with respect to any Person, that at any time, both (a)(i) the sum of such Person&#146;s liabilities
(including contingent liabilities) does not exceed the present fair saleable value of such Person&#146;s present assets; (ii)&nbsp;such Person&#146;s capital is not unreasonably small in relation to its business as contemplated on the Closing Date;
and (iii)&nbsp;such Person has not incurred and does not intend to incur, or believe (or reasonably believe) that it will incur, debts beyond its ability to pay such debts as they become due (whether at maturity or otherwise); and (b) such Person is
&#147;solvent&#148; within the meaning given that term and similar terms under applicable laws relating to fraudulent transfers and conveyances. For purposes of this definition, the amount of any contingent liability at any time shall be computed as
the amount that, in light of all of the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Spread</I></B>&#148; has the meaning specified in Schedule 1.01(b). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Structuring Fee</I></B>&#148; has the meaning specified in the Schedule 1.01(b). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Structuring Fee Payment Date</I></B>&#148; means the earlier of (i)&nbsp;the date that is two calendar weeks following the date
hereof and (ii)&nbsp;the date of the first Borrowing hereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Subsidiary</I></B>&#148; means, with respect to any Person,
any corporation, partnership, limited liability company or other entity of which the majority of the Equity Interests having by the terms thereof ordinary voting power to elect a majority of the board of directors or other persons performing similar
functions of such corporation, partnership, limited liability company or other entity (irrespective of whether or not at the time securities or other ownership interests of any other class or classes of such corporation, partnership, limited
liability company or other entity shall have or might have voting power by reason of the happening of any contingency) is at the time directly or indirectly owned or controlled by such Person or one or more Subsidiaries of such Person or by such
Person and one or more Subsidiaries of such Person. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Swap Contract</I></B>&#148; means (a)&nbsp;any and all rate swap
transaction, swap option, basis swap, forward rate transaction, commodity swap, commodity option, equity or equity index swap, equity or equity index option, bond option, interest rate option, foreign exchange transaction, cap transaction, floor
transaction, collar transaction, currency swap transaction, cross-currency rate swap transaction, currency option, credit protection transaction, credit swap, credit default swap, credit default option, total return swap, credit spread transaction,
repurchase transaction, reverse </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">23 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">repurchase transaction, buy/sell-back transaction, securities lending transaction, weather index transaction
or forward purchase or sale of a security, commodity or other financial instrument or interest (including any option with respect to any of these transactions), whether or not any such transaction is governed by or subject to any master agreement,
and (b)&nbsp;any and all transactions of any kind, and the related confirmations, that are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc.,
any International Foreign Exchange Master Agreement, or any other master agreement (any such master agreement, together with any related schedules, a &#147;<B><I>Master Agreement</I></B>&#148;), including any such obligations or liabilities under
any Master Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE>&#147;<B><I>Swap Security Agreement</I></B>&#148;
means that certain Share Charge, dated 28&nbsp;June 2016, by Teekay Holdings Limited in favour </STRIKE></FONT><FONT STYLE="font-family:Times New Roman"><STRIKE>of Citibank, N.A.,</STRIKE></FONT><FONT
STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE> London Branch, as collateral agent, as it may be amended or modified </STRIKE></FONT><FONT STYLE="font-family:Times New Roman"><STRIKE>from time to time</STRIKE></FONT><FONT
STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE>.</STRIKE></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Swap Termination Value</I></B>&#148; means, in respect of any one or more Swap Contracts, after taking into account the effect of
any legally enforceable netting agreement relating to such Swap Contracts, (a)&nbsp;for any date on or after the date such Swap Contracts have been closed out and termination value(s) determined in accordance therewith, such termination value(s),
and (b)&nbsp;for any date prior to the date referenced in clause (a), the amount(s) determined as the mark-to-market value(s) for such Swap Contracts, as determined by Calculation Agent, using commercially reasonable procedures in order to produce a
commercially reasonable result, based upon one or more mid-market or other readily available quotations provided by any recognized dealer in such Swap Contracts (which may include Administrative Agent, any Lender or any Affiliate of Administrative
Agent or any Lender). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Synthetic Lease Obligation</I></B>&#148; means the monetary obligation of a Person under (a)&nbsp;a
so-called synthetic, off-balance sheet or tax retention lease, or (b)&nbsp;an agreement for the use or possession of property (including sale and leaseback transactions), in each case, creating obligations that do not appear on the balance sheet of
such Person but that, upon the application of any Debtor Relief Laws to such Person, would be characterized as the indebtedness of such Person (without regard to accounting treatment). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Taxes</I></B>&#148; means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup
withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>TGP Issuer</I></B>&#148; means Teekay LNG Partners L.P., a limited partnership organized under the laws of the Republic of the
Marshall Islands. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>TGP Shares</I></B>&#148; means the common units of TGP Issuer. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Threshold Amount</I></B>&#148; has the meaning specified in Schedule 1.01(b). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>TNK Issuer</I></B>&#148; means Teekay Tankers Ltd., a corporation organized under the laws of the Republic of the Marshall
Islands. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">24 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>TNK Shares</I></B>&#148; means the Class&nbsp;A common stock, par value $0.01
per share, of TNK Issuer. <FONT STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE>The defined term &#147;TNK Shares&#148; includes the 2013 TNK Shares, the 2014 TNK Shares and the 2015 TNK Shares unless otherwise specified.</STRIKE></FONT><FONT
STYLE="font-family:Times New Roman"> </FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>TOO Issuer</I></B>&#148; means Teekay Offshore Partners L.P., a limited
partnership organized under the laws of the Republic of the Marshall Islands. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>TOO Shares</I></B>&#148; means the common units
of TOO Issuer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Total Accrued Loan Amount</I></B>&#148; means, at any time, the aggregate outstanding principal amount of all
Advances, together with accrued and unpaid interest thereon, the accrued and unpaid fees, including the Make Whole Amount, if applicable, and all reimbursable expenses and other Obligations together with accrued and unpaid interest thereon. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Trading Disruption</I></B>&#148; means, for any of the TGP Shares, the TNK Shares or the TOO Shares, any material suspension of or
limitation imposed on trading by the Exchange for such Shares on any Exchange Business Day for such Shares (whether by reason of movements in price exceeding limits permitted by such Exchange or otherwise) relating to such Shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Transactions</I></B>&#148; means the execution, delivery and performance by Borrower of the Margin Loan Documents, the grant of
the security interest contemplated hereby or thereby and the borrowing of the Advances. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Transfer Restriction</I></B>&#148;
means, with respect to any item of Collateral, any condition to or restriction on the ability of the owner thereof to sell, assign or otherwise transfer such item of Collateral or enforce the provisions thereof or of any document related thereto
whether set forth in such item of Collateral itself or in any document related thereto, including, without limitation, (i) any requirement that any sale, assignment or other transfer or enforcement for such item of Collateral be consented to or
approved by any Person, including, without limitation, the issuer thereof or any other obligor thereon, (ii)&nbsp;any limitation on the type or status, financial or otherwise, of any purchaser, pledgee, assignee or transferee of such item of
Collateral, (iii)&nbsp;any requirement for the delivery of any certificate, consent, agreement, opinion of counsel, notice or any other document of any Person to the issuer of, any other obligor on or any registrar or transfer agent for, such item
of Collateral, prior to the sale, pledge, assignment or other transfer or enforcement of such item of Collateral and (iv)&nbsp;any registration or qualification requirement or prospectus delivery requirement for such item of Collateral pursuant to
any federal, state, local or foreign securities law (including, without limitation, any such requirement arising under Section&nbsp;5 of the Securities Act as a result of such item of Collateral being a &#147;restricted security&#148; or Borrower
being an &#147;affiliate&#148; of the issuer of such item of Collateral, as such terms are defined in Rule 144); <I>provided</I> that the required delivery of a customary assignment, instruction or entitlement order from Borrower, together with any
evidence of the corporate or other authority of Borrower, shall not constitute a &#147;<B><I>Transfer Restriction</I></B>&#148;. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>U.S. Person</I></B>&#148; means a &#147;United States person&#148; within the meaning of Section&nbsp;7701(a)(30) of the Code.
</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>U.S. Tax Compliance Certificate</I></B>&#148; has the meaning specified in
Section&nbsp;2.12(e)(ii)(B)(3). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>UCC</I></B>&#148; means the Uniform Commercial Code as in effect from time to time in the
State of New York or any other state or jurisdiction of the United States the laws of which are required to be applied in connection with the issue of perfection of security interests. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>United States</I></B>&#148; and &#147;<B><I>U.S.</I></B>&#148; mean the United States of America. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Utilization</I></B>&#148; means, with respect to any Lender for any calendar day, (i)&nbsp;the total outstanding principal amount
of Advances made by such Lender as of such calendar day <I>divided by </I>(ii)&nbsp;the<FONT STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE> Aggregate </STRIKE></FONT><FONT STYLE="font-family:Times New Roman">Commitment for such Lender,
expressed as a percentage. </FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.02<I>. Times Of Day</I>. Unless otherwise specified, all references herein to times of
day shall be references to New York City time (daylight or standard, as applicable). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.03<I>. Terms Generally.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may
require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words &#147;include&#148;, &#147;includes&#148; and &#147;including&#148; shall be deemed to be followed by the phrase &#147;without limitation&#148;. The
word &#147;will&#148; shall be construed to have the same meaning and effect as the word &#147;shall&#148;. Unless the context requires otherwise (a)&nbsp;any definition of or reference to any agreement, instrument or other document herein shall be
construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein), (b)&nbsp;any
reference herein to any Person shall be construed to include such Person&#146;s successors and assigns, (c)&nbsp;the words &#147;herein&#148;, &#147;hereof&#148; and &#147;hereunder&#148;, and words of similar import, shall be construed to refer to
this Agreement in its entirety and not to any particular provision hereof, (d)&nbsp;all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this
Agreement and (e)&nbsp;the words &#147;asset&#148; and &#147;property&#148; shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and
contract rights. In the computation of periods of time from a specified date to a later specified date, unless expressly specified otherwise, the word &#147;from&#148; means &#147;from and including;&#148; the words &#147;to&#148; and
&#147;until&#148; each mean &#147;to but excluding;&#148; and the word &#147;through&#148; means &#147;to and including.&#148; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Section
headings herein and in the other Margin Loan Documents are included for convenience of reference only and shall not affect the interpretation of this Agreement or any other Margin Loan Documents. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Determinations, consents, approvals or any other actions or non-actions taken by or determined by Administrative Agent in such capacity
shall be made in good faith and, unless otherwise stated herein, its sole discretion. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">26 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) In the computation of numbers of shares, triggers related to price or value per share or
traded volume of shares herein, such number, or collateral trigger in this Agreement, as applicable, may be adjusted from time to time by Calculation Agent in connection with any buy-back, share split or any other event with dilutive or
concentrative effect (which, for the avoidance of doubt, does not include ordinary course equity or convertible/exchangeable offerings on market terms, as well as contribution arrangements where the parent contributes assets to the issuers in
exchange for shares issued at prevailing market prices) with respect to such shares so that the trigger levels reflect the same collateral value and the numbers of such shares maintains the same ratio to the aggregate number of such shares issued
and outstanding, in each case had such buy-back, share split or similar event not occurred. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.04. <I>Accounting Terms;
GAAP</I>. Except as otherwise expressly provided herein, all terms of an accounting or financial nature shall be construed in accordance with GAAP, as in effect from time to time; <I>provided</I> that if Borrower notifies Administrative Agent that
Borrower requests an amendment to any provision hereof to eliminate the effect of any change occurring after the date hereof in GAAP or in the application thereof on the operation of such provision (or if Administrative Agent notifies Borrower that
Administrative Agent or the Required Lenders request an amendment to any provision hereof for such purpose), regardless of whether any such notice is given before or after such change in GAAP or in the application thereof, then such provision shall
be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall have been withdrawn or such provision amended in accordance herewith. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE 2 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">AMOUNTS AND TERMS OF
THE ADVANCES </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.01<I>. Commitments.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Subject to the terms and conditions set forth herein, each Lender agrees to make loans in Dollars to Borrower (each such loan, an
&#147;<B><I>Advance</I></B>&#148;) from time to time during the Availability Period in an aggregate principal amount that will not result in (i)&nbsp;the total outstanding principal amount of Advances made by such Lender exceeding the Commitment for
such Lender or (ii)&nbsp;the total outstanding principal amount of Advances made by all Lenders exceeding the Commitments for all Lenders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.02<I>. Advances and Borrowings.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Each Advance shall be made as part of a Borrowing consisting of Advances made by the Lenders ratably in accordance with their then
Applicable Percentages. The failure of any Lender to make any Advance required to be made by it shall not relieve any other Lender of its obligations hereunder. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Each Borrowing shall be in an amount of $10,000,000 or a whole multiple of $1,000,000 in excess thereof. Subject to the conditions set
forth in Article 4 and the other terms and conditions set forth herein, Borrower may from time to time borrow, prepay pursuant to Section&nbsp;2.10(a) and reborrow under this Section&nbsp;2.02. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.03<I>. Requests For Borrowings.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) (i) To request a Borrowing, Borrower shall notify Administrative Agent and each other Lender of such request no later than 1:00 p.m. on the
second Business Day prior to the date of such proposed Borrowing. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) Each such notice of a request for a Borrowing (a
&#147;<B><I>Borrowing Notice</I></B>&#148;) shall be in writing in substantially the form of <U>Exhibit A</U>, specifying therein: (x)&nbsp;the date of such Borrowing, which shall be a Business Day, (y)&nbsp;the aggregate amount of such Borrowing
and (z)&nbsp;the Funding Account. If a Borrowing Notice is not given by the time referred to in Section&nbsp;2.03(a)(i) above, it shall be deemed to have been given on the next succeeding Business Day. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Each Borrowing Notice shall be irrevocable and binding on Borrower. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.04<I>. Funding Of Borrowings.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Each Lender shall make each Advance to be made by it hereunder on the proposed date thereof by wire transfer of immediately available funds
promptly and not later than 3:00 p.m. to the account of Administrative Agent most recently designated by it for such purpose by notice to the Lenders. Upon satisfaction of the applicable conditions set forth in Section&nbsp;4.02 (and, if such
Borrowing is the first Borrowing, Section&nbsp;4.01), Administrative Agent will make all funds so received available to Borrower by crediting the amounts so received, in like funds as received by Administrative Agent, to the Funding Account. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Unless Administrative Agent shall have received notice from a Lender prior to the proposed date of any Borrowing that such Lender will not
make available to Administrative Agent such Lender&#146;s share of such Borrowing, Administrative Agent may assume that such Lender has made such share available on such date in accordance with paragraph (a)&nbsp;of this Section and may, in reliance
upon such assumption, make available to Borrower a corresponding amount. If and to the extent that such Lender did not make available such Lender&#146;s share of such Borrowing, then such Lender shall forthwith on demand pay to Administrative Agent
the amount thereof in immediately available funds, together with interest thereon for the period from the date such amount was made available by Administrative Agent to Borrower to the date such amount is received by Administrative Agent (the
&#147;<B><I>Compensation Period</I></B>&#148;) at a rate per annum equal to the Federal Funds Effective Rate from time to time as in effect plus Administrative Agent&#146;s standard processing fee for interbank compensation. If such Lender pays such
amount to Administrative Agent, then such amount shall constitute such Lender&#146;s Advance included in the applicable Borrowing. If such Lender does not pay such amount forthwith upon Administrative Agent&#146;s demand therefor, Administrative
Agent may make a demand therefor upon Borrower, and Borrower shall pay such amount to Administrative Agent, together with the interest thereon for the Compensation Period at a rate per annum equal to the rate of interest applicable to the applicable
Borrowing. Nothing herein shall be deemed to relieve any Lender from its obligations to fulfill its Commitment or to prejudice any rights that Administrative Agent or Borrower may have against any Lender as a result of any default by such Lender
hereunder. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.05<I>. Termination Of Facility.</I> (a)&nbsp;Unless previously terminated,
the Commitments shall terminate on the Scheduled Maturity Date. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Borrower may at any time, upon written notice to Administrative Agent,
terminate the Commitments upon the prepayment in full of the Total Accrued Loan Amount to Administrative Agent for the account of each Lender. Upon delivery by Borrower of such written notice, the Facility shall be irrevocably terminated, may not be
reinstated and shall cease to have further effect, except with respect to the provisions that by their express terms survive the termination of the Facility. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Borrower may not reduce the amount of the Commitments, except as set forth in
<FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">subsection (d)&nbsp;of this</U></FONT><FONT STYLE="font-family:Times New Roman"> Section</FONT><FONT
STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE>&nbsp;2.10 below</STRIKE></FONT><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">2.05</U></FONT><FONT
STYLE="font-family:Times New Roman">. </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d)<FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"> Following completion of
any Permitted Sale Transaction, Borrower may permanently reduce any unused Commitments, upon written notice to Administrative Agent, which notice shall be received by Administrative Agent no later than 1:00 p.m. on the second Business Day prior to
the date of such reduction, <I>provided</I> that such reduction shall not exceed the amount equal to (x)&nbsp;the Commitments<I> multiplied
by</I></U></FONT><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"> (y)&nbsp;a ratio that the Collateral Value of
</U></FONT><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">the TGP Shares, TNK Shares or TOO Shares (as the case may be) released pursuant to such Permitted Sale Transaction bears to
the Share Collateral Value, in each case, as of the date of such release (before giving effect to such release). Any reduction of Commitments shall be applied to the Commitments held by each Lender ratably, according to the Commitments then held by
each Lender.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.06<I>. Repayment Of Advances.</I> Borrower hereby
unconditionally promises to pay to Administrative Agent for the account of each Lender the then unpaid principal amount of each Advance on the Final Maturity Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.07<I>. Interest.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Borrower shall pay interest on the outstanding principal amount of each Advance, from the date of such Advance until the date on which such
principal amount shall have been paid in full, at a rate per annum equal to the Base Rate, payable quarterly in arrears for each Interest Period on the first Business Day following the end of such Interest Period, commencing on the first Business
Day following the end of the first Interest Period following the Closing Date, and on the Final Maturity Date; <I>provided</I> that (i)&nbsp;interest accrued pursuant to paragraph (b)&nbsp;of this Section shall be payable on demand and (ii)&nbsp;in
the event of any repayment or prepayment of any Advance, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment. The total amount of interest due on each such day shall be computed by
Calculation Agent on the immediately preceding Business Day. The Base Rate shall be computed by Calculation Agent based on a year of 360 days and actual days elapsed in the Interest Period for which interest is payable. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Notwithstanding the foregoing, during the occurrence and continuance of an Event of Default, (i)&nbsp;all Advances shall bear interest at
2% plus the Base Rate and (ii)&nbsp;any other amount outstanding hereunder shall accrue interest at 2% plus the Base Rate. </P>
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<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(c)</U></FONT><FONT
STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"> Notwithstanding anything to the contrary in this Agreement or any other Margin Loan Document, if Calculation Agent determines (which
determination shall be conclusive absent manifest error), or Borrower or the Required Lenders notify Calculation Agent (with, in the case of the Required Lenders, a copy to Borrower) that Borrower or the Required Lenders (as applicable) have
determined, that:</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(i)</U></FONT><FONT
STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"> adequate and reasonable means do not exist for ascertaining LIBOR for any Interest Period, including, without limitation, because the LIBOR
Screen Rate is not available or published on a current basis and such circumstances are unlikely to be temporary; or</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(ii)</U></FONT><FONT
STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"> the administrator of the LIBOR Screen Rate or a Governmental Authority has made a public statement identifying a specific date after which
LIBOR or the LIBOR Screen Rate shall no longer be made available, or used for determining the interest rate of loans (such specific date, the &#147;<B><I>Scheduled Unavailability
Date</I></B>&#148;),</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">then, reasonably promptly after such
determination by Calculation Agent or receipt by Calculation Agent of such notice, as applicable, Calculation Agent and Borrower may amend this Agreement to replace LIBOR with an alternate benchmark rate (including any mathematical or other
adjustments to the benchmark (if any) incorporated therein), giving due consideration to any evolving or then existing convention for similar U.S. dollar denominated syndicated credit facilities for such alternative benchmarks (any such proposed
rate, a &#147;<B><I>LIBOR Successor Rate</I></B>&#148;), together with any proposed LIBOR Successor Rate Conforming Changes and any such amendment shall become effective at 5:00 p.m. on the fifth Business Day after Calculation Agent shall have
posted such proposed amendment to all Lenders and Borrower unless, prior to such time, Lenders comprising the Required Lenders have delivered to Calculation Agent written notice that such Required Lenders do not accept such amendment.</U></FONT><FONT
STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:6%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">If no LIBOR
Successor Rate has been determined and the circumstances under clause</U></FONT><FONT STYLE="font-family:Times New Roman"> (i)</FONT><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">
above exist or the Scheduled Unavailability Date has occurred (as applicable), Calculation Agent will promptly so notify the Borrower and each Lender. Thereafter, the Base Rate shall be determined pursuant to the proviso to the first sentence of the
definition thereof (to the extent of the affected Advances or Interest Periods).</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.08<I>. Fees.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) (i) On the Structuring Fee Payment Date, Borrower shall pay to Administrative Agent for the account of each Lender the Structuring Fee and
shall pay the Lender Expenses as directed by Administrative Agent; <I>provided</I> that any Lender Expenses not invoiced prior to the Closing Date shall be due and payable three Business Days following the date they are invoiced, (ii) on
January&nbsp;6, 2014, Borrower shall pay to Administrative Agent for the account of each Lender the Amendment No.&nbsp;1 Structuring Fee, (iii)&nbsp;on the Amendment No.&nbsp;1 Effective Date, Borrower shall pay the Lender Expenses as directed by
Administrative Agent; <I>provided</I> that any Lender Expenses not invoiced prior to the Amendment No.&nbsp;1 Effective Date shall be due and payable three Business Days following the date they are invoiced, (iv)&nbsp;on January&nbsp;7, 2015,
Borrower shall pay to Administrative Agent for the account of each Lender the Amendment No.&nbsp;2 Structuring Fee, (v)&nbsp;on the Amendment No.&nbsp;2 Effective Date, Borrower shall pay the Lender Expenses as directed by Administrative Agent;
<I>provided</I> that any Lender Expenses not invoiced </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">prior to the Amendment No.&nbsp;2 Effective Date shall be due and payable three Business Days following the
date they are invoiced, (vi)&nbsp;on January&nbsp;5, 2016, Borrower shall pay to Administrative Agent for the account of each Lender the Amendment No.&nbsp;4 Structuring Fee, (vii) on the Amendment No.&nbsp;4 Effective Date, Borrower shall pay the
Lender Expenses as directed by Administrative Agent; <I>provided</I> that any Lender Expenses not invoiced prior to the Amendment No.&nbsp;4 Effective Date shall be due and payable three Business Days following the date they are invoiced,
(viii)&nbsp;on June&nbsp;28, 2016, Borrower shall pay to Administrative Agent for the account of each Lender the applicable Amendment No.&nbsp;5 Structuring Fee, (ix)&nbsp;on the Amendment No.&nbsp;5 Effective Date, Borrower shall pay the Lender
Expenses as directed by Administrative Agent; <I>provided</I> that any Lender Expenses not invoiced prior to the Amendment No.&nbsp;5 Effective Date shall be due and payable three Business Days following the date they are invoiced, (x)&nbsp;on
April&nbsp;6, 2017, Borrower shall pay to Administrative Agent for the account of each Lender, as applicable, the Amendment No.&nbsp;6 Structuring Fee and the Amendment No.&nbsp;6 Amendment Fee
<FONT STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE>and</STRIKE></FONT><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">,</U></FONT><FONT
STYLE="font-family:Times New Roman"> (xi)&nbsp;on the Amendment No.&nbsp;6 Effective Date, Borrower shall pay the Lender Expenses as directed by Administrative Agent; <I>provided</I> that any Lender Expenses not invoiced prior to the Amendment
No.&nbsp;6 Effective Date shall be due and payable three Business Days following the date they are invoiced</FONT><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">, (xii)&nbsp;on
January&nbsp;2, 2019, Borrower shall pay to Administrative Agent, for the account of each Lender, the Amendment No.&nbsp;8 Upfront Fee, and for the account of Citibank, N.A., the Amendment No.&nbsp;8 Structuring Fee and (xiii)&nbsp;on
January&nbsp;2, 2019, Borrower shall pay the Lender Expenses as directed by Administrative Agent; <I>provided</I> that any Lender Expenses not invoiced prior to January&nbsp;2, 2019 shall be due and payable three Business Days following the date
they are invoiced</U></FONT><FONT STYLE="font-family:Times New Roman">. Such fee shall be fully earned when paid and shall not be refundable for any reason whatsoever. </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Borrower shall pay to Administrative Agent for the account of each Lender a commitment fee (the &#147;<B><I>Commitment Fee</I></B>&#148;)
on the first Business Day following the end of each Commitment Fee Calculation Period in an amount equal to the sum, for each calendar day that falls in both (x)&nbsp;such Commitment Fee Calculation Period and (y)&nbsp;the Commitment Fee Period, of
the product of (i)&nbsp;the undrawn portion of the <FONT STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE>Aggregate</STRIKE></FONT><FONT STYLE="font-family:Times New Roman"> Commitment for such Lender on such day, (ii)&nbsp;the Commitment
Fee Rate with respect to such Lender for such day and (iii)&nbsp;1/360</FONT><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">. With respect to the Commitment Fee Calculation Period
that includes the Amendment No.&nbsp;8 Effective Date, the Commitment Fee for each Lender shall be calculated with respect to any day during such Commitment Fee Calculation Period and prior to the Amendment No.&nbsp;8 Effective Date based on the
Commitment of such Lender that was in effect prior to giving effect to Amendment No.&nbsp;8</U></FONT><FONT STYLE="font-family:Times New Roman">. The Commitment Fee shall accrue at all times during the Commitment Fee Period (but not, for the
avoidance of doubt, during any Commitment Unavailability Period), including at any time during which one or more of the conditions in Article 4 is not met. Administrative Agent shall notify Borrower no later than the Business Day prior to any date
on which the accrued Commitment Fee is payable of the amount of such Commitment Fee due on such payment date; <I>provided</I> that if Administrative Agent gives Borrower such notice after such deadline, such accrued Commitment Fee shall be due and
payable on the Business Day following the date Administrative Agent delivers such notice. </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) If the Commitments are terminated in
full by Borrower pursuant to Section&nbsp;2.05(b) or <FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">permanently reduced by Borrower pursuant to Section&nbsp;2.05(d) or</U></FONT><FONT
STYLE="font-family:Times New Roman"> if the Total Accrued Loan Amount is declared due and payable in connection with an Event of Default of the type </FONT></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">described in Section&nbsp;7.01(a) (solely to the extent that the payment required to be made is based upon
an Event of Default under any of the other Sections enumerated in this Section&nbsp;2.08(c)), Section&nbsp;7.01(b), Section&nbsp;7.01(d) (solely with respect to Borrower and solely under Section&nbsp;5.03, Section&nbsp;5.09, and Article 6, but
excluding Section&nbsp;6.14, of this Agreement), Section&nbsp;7.01(g) (solely with respect to Borrower), Section&nbsp;7.01(h)(ii), Section&nbsp;7.01(i)(ii) or Section&nbsp;7.01(n) (solely with respect to Borrower) of this Agreement, in each case
prior to the <FONT STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE>Final Maturity Date</STRIKE></FONT><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">date that is 12
calendar months after the Amendment No.&nbsp;8 Effective Date (any such event, a &#147;<B><I>Make Whole Event</I></B>&#148;)</U></FONT><FONT STYLE="font-family:Times New Roman">, Borrower shall pay to Administrative Agent for the account of each
Lender the Make Whole Amount, except that no Make Whole Amount shall be payable </FONT><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(i)&nbsp;to any Lender</U></FONT><FONT
STYLE="font-family:Times New Roman"> in connection with any such termination to the extent provided in Section&nbsp;9.01(b), Section&nbsp;9.01(c) or
Section&nbsp;9.01(d)</FONT><FONT STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE>.</STRIKE></FONT><FONT STYLE="font-family:Times New Roman">
</FONT><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">or (ii)&nbsp;to a Lender with respect to termination of the Commitment of such Lender by Borrower pursuant to
Section&nbsp;2.05(b) in connection with a Refinancing Transaction that such Lender (or one of its Affiliates) has had reasonable opportunity to meaningfully participate in on or prior to the date of such termination.</U></FONT><FONT
STYLE="font-family:Times New Roman"> </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) All fees payable hereunder shall be paid on the dates due, in immediately available funds,
to Administrative Agent for distribution to the Lenders ratably in accordance with the Applicable Percentage of each Lender <FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(except as
otherwise provided in Section&nbsp;2.08(c) for the Commitment Fee with respect to the Commitment Fee Calculation Period that includes the Amendment No.&nbsp;8 Effective Date)</U></FONT><FONT STYLE="font-family:Times New Roman">. Fees shall not be
refundable under any circumstances. </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) Notwithstanding anything to the contrary herein, during such period as a Lender is a
Defaulting Lender, such Defaulting Lender will not be entitled to any fees accruing during such period pursuant to Section&nbsp;2.08(b) (without prejudice to the rights of the Lenders other than Defaulting Lenders in respect of such fees). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.09<I>. Interest Rate Determinations.</I> Calculation Agent shall give notice to Borrower and the Lenders of the applicable
interest rates for the purposes of Section&nbsp;2.07. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.10. Prepayments Of Borrowings; Withdrawal Of Collateral<I><FONT
STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE>; Substitution of Collateral Shares</STRIKE></FONT></I>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Borrower may
prepay Borrowings, in whole or in part, by prepaying an amount equal to the sum of (i)&nbsp;the principal amount of the Borrowings being prepaid and (ii)&nbsp;accrued interest to the date of such prepayment on the amount prepaid, upon irrevocable
notice thereof. Such notice shall be given to Administrative Agent by Borrower not later than 2:00 p.m. on the date five (5)&nbsp;Business Days prior to the date of any such prepayment; <I>provided</I> that each partial prepayment of the Borrowings
shall be in an aggregate principal amount of $10,000,000 or a whole multiple of $1,000,000 in excess thereof. Any such prepayment shall be made to Administrative Agent for the account of each Lender. <FONT
STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Notwithstanding anything in this Section&nbsp;2.10(a) to the contrary, the notice requirements and prepayment minimum amount requirements
shall be waived with respect to any prepayment made pursuant to Section 7.01(o).</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Borrower shall not withdraw any Collateral from the Collateral Account, except as provided in this subsection (b)&nbsp;or in subsection (<FONT
STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE>c), (</STRIKE></FONT><FONT STYLE="font-family:Times New Roman">d)</FONT><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">,
(e)</U></FONT><FONT STYLE="font-family:Times New Roman">&nbsp;or
(</FONT><FONT STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE>e</STRIKE></FONT><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">f</U></FONT><FONT
STYLE="font-family:Times New Roman">) of this Section&nbsp;2.10. Borrower shall be entitled to the release, upon written notice thereof delivered to Collateral Agent on or before 2:00 p.m. three (3)&nbsp;Exchange Business Days prior to the requested
date of the release, of </FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">32 </P>

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(i) Cash, Cash Equivalents or any other Collateral other than Collateral Shares from the Collateral Account (<FONT STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE>other than Ordinary
Cash Dividends</STRIKE></FONT><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">and other than, for the avoidance of doubt, the Collateral set forth in subsection (e)&nbsp;or
(f)&nbsp;of this Section&nbsp;2.10</U></FONT><FONT STYLE="font-family:Times New Roman">) if immediately following such release the LTV Ratio would be less than or equal to the Initial LTV Ratio; or (ii) Collateral Shares from the Collateral Account
if (A)&nbsp;immediately following such release </FONT><FONT STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE>(x)</STRIKE></FONT><FONT STYLE="font-family:Times New Roman">&nbsp;the LTV Ratio would be less than or equal to the Initial LTV
Ratio and (</FONT><FONT STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE>y)&nbsp;the Basket Ratio Requirement would be satisfied and (</STRIKE></FONT><FONT STYLE="font-family:Times New Roman">B)&nbsp;the Share Collateral Value is greater
than 120% of the Initial Share Collateral Value </FONT><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(excluding, if any Permitted Sale Transaction has been completed prior to the
date of such release, any Collateral Value of the respective Collateral Shares sold pursuant to such Permitted Sale Transaction, which is attributable, as determined by the Calculation Agent, to such Collateral Shares in the calculation of the
Initial Share Collateral Value pursuant to the definition thereof)</U></FONT><FONT STYLE="font-family:Times New Roman"> at all times on the 30 consecutive Exchange Business Days immediately prior to such request; <I>provided</I> that prior to and
immediately after giving effect to any release pursuant to clause (i)&nbsp;or (ii)&nbsp;of this Section&nbsp;2.10(b), no Default or Event of Default has occurred and is continuing or would occur. </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE>(c) (i)&nbsp;Borrower may in its discretion (A)&nbsp;pledge additional Shares
by depositing them into the Collateral Account or (B)&nbsp;request the release of any TGP Shares, TNK Shares or TOO Shares constituting Collateral, and Collateral Agent shall grant such request if in connection with such request Borrower pledges
additional TGP Shares or TNK Shares (in the case of a requested release of TOO Shares), additional TGP Shares or TOO Shares (in the case of a requested release of TNK Shares) or additional TNK Shares or TOO Shares (in the case of a requested release
of TGP Shares) by depositing such additional Shares into the Collateral Account in an amount such that immediately after giving effect to such requested release and the related pledge of additional Shares, the LTV Ratio shall not be increased (a
&#147;substitution&#148;); <I>provided</I> that immediately following any such additional pledge or substitution, the Basket Ratio Requirement shall be satisfied and (ii)&nbsp;any Shares that Borrower pledged pursuant to clause (i)&nbsp;above to
cure an Event of Default of the type described in Section&nbsp;7.01(o) during the applicable Collateral Shortfall Grace Period shall be automatically released to Borrower; <I>provided</I> that (x)&nbsp;immediately following such release, the Basket
Ratio Requirement shall be satisfied, (y)&nbsp;prior to and immediately after giving effect to such release, no Collateral Shortfall, Default or Event of Default has occurred and is continuing or would occur and (z)&nbsp;no Share Collateral Trigger
Event has occurred and is continuing.</STRIKE></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><FONT
STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(c)</U></FONT><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"> [With effect
as of the Amendment No.&nbsp;8 Effective Date, reserved].</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><FONT
STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(d)</U></FONT><FONT STYLE="font-family:Times New Roman">
</FONT><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Borrower shall be entitled to the release, upon written notice thereof delivered to Collateral Agent on or before 2:00 p.m. two
(2)&nbsp;Exchange Business Days prior to the requested date of the release, of any Collateral Shares as long as the Collateral Shares are being released for the purpose of settling sales of such Collateral Shares for Cash on an arm&#146;s length
basis (any such sale,<I> provided</I> that it meets the requirements in clauses (i), (ii), (iii)&nbsp;and (iv)&nbsp;below, a &#147;<B><I>Permitted Sale Transaction</I></B>&#148;), as long as:</U></FONT><FONT STYLE="font-family:Times New Roman">
</FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(i)</U></FONT>
<FONT STYLE="font-family:Times New Roman"> </FONT><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">the scheduled settlement date for each such sale is no later than the fifth Business
Day following execution of such sale,</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">33 </P>

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<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(ii)</U></FONT>
<FONT STYLE="font-family:Times New Roman"> </FONT><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">all of the Cash proceeds of such sale (net of any customary brokerage or underwriting
fee) will be paid to the Collateral Account, on a delivery versus payment basis against the delivery of the relevant Collateral Shares from the Collateral Account or pursuant to escrow arrangements reasonably acceptable to Collateral
Agent,</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(iii)</U></FONT>
<FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"> Borrower shall not have any obligation under any agreement relating to such Permitted Sale Transaction other than the obligation to
deliver Shares substantially contemporaneously with the payment of the proceeds from the sale thereof to the Collateral Account (or pursuant to escrow arrangements reasonably acceptable to Collateral Agent) and as are customary for underwriting
agreements or other documentation thereunder relating to such Permitted Sale Transaction, and</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(iv)</U></FONT>
<FONT STYLE="font-family:Times New Roman"> </FONT><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">prior to and immediately after giving effect to such release, no Default (other than
in respect of an event that would be an Event of Default under Section&nbsp;7.01(o)), Event of Default or Share Collateral Trigger Event has occurred and is continuing or would result from such release.</U></FONT><FONT
STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">If, for any reason, the proceeds from a
proposed Permitted Sale Transaction are not delivered pursuant to the contemplated escrow or other arrangements, Borrower shall cause such proceeds to be delivered to the Collateral Account on the settlement date for the proposed Permitted Sale
Transaction.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">If so requested by Borrower to facilitate a
sale of Collateral Shares pursuant to this subsection (d) of Section&nbsp;2.10, Lenders shall cause Collateral Agent to enter into any escrow or other arrangements reasonably satisfactory to Collateral Agent with the broker or dealer through whom
such Collateral Shares are being sold.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><FONT
STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(e)</U></FONT><FONT STYLE="font-family:Times New Roman">
</FONT><FONT STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE>(d)</STRIKE></FONT><FONT STYLE="font-family:Times New Roman"> Any Ordinary Cash Dividend shall be automatically released to Borrower on the Business Day immediately following
the day such Ordinary Cash Dividend is credited to the Collateral Account; <I>provided</I> that (i)&nbsp;prior to and immediately after giving effect to such release, no Default or Event of Default has occurred and is continuing or would occur and
(ii)&nbsp;if a Share Collateral Trigger Event has occurred and is continuing at the time such Ordinary Cash Dividend is credited to the Collateral Account, such Ordinary Cash Dividend shall be automatically released to Borrower on the fourth
Business Day immediately following the day such Ordinary Cash Dividend is credited to the Collateral Account. Upon request of Borrower to Administrative Agent, any Collateral consisting of the proceeds of any Extraordinary Dividend, whether in the
form of cash or other property, shall be released to Borrower on the fifth Exchange Business Day following the receipt of such request; <I>provided</I> that (i)&nbsp;no Share Collateral Trigger Event has occurred and is continuing and
(ii)&nbsp;prior to and immediately after giving effect to such release, no Default or Event of Default has occurred and is continuing or would occur. </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(<FONT STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE>e</STRIKE></FONT><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">f
</U></FONT><FONT STYLE="font-family:Times New Roman">) Interest shall accrue to the account of Borrower on any Cash held in the Collateral Account at the Federal Funds Effective Rate, and shall be credited to the Collateral Account by Administrative
Agent on each Business Day. Such interest shall be automatically released to Borrower on the Business Day immediately following the day such interest is credited to the Collateral Account; <I>provided</I> that (i)&nbsp;no Share Collateral Trigger
Event has occurred and is continuing and (ii)&nbsp;prior to and immediately after giving effect to such release, no Default or Event of Default has occurred and is continuing or would occur. </FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">34 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.11<I>. Increased Costs.</I> (a)&nbsp;If any Change in Law shall: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) impose, modify or deem applicable any reserve, special deposit or similar requirement (including any compulsory loan
requirement, insurance charge or other assessment) against assets of, deposits with or for the account of, or credit extended by, any Lender; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ii) impose on any Lender or the London interbank market any other condition, cost or expense (other than Taxes) affecting this
Agreement or Advances made by such Lender or participation therein; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iii) subject any Lender Person to any Taxes (other
than (A)&nbsp;Indemnified Taxes, (B)&nbsp;Taxes described in clauses (b)&nbsp;or (c)&nbsp;of the definition of Excluded Taxes and (C) Connection Income Taxes) on its loans, loan principal, commitments, or other obligations, or its deposits,
reserves, other liabilities or capital attributable thereto; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">and the result of any of the foregoing shall be to increase the cost to such Lender or
Administrative Agent of making or maintaining the Advances hereunder (or of maintaining its Commitment) or to reduce the amount of any sum received or receivable by such Lender or Administrative Agent hereunder (whether of principal, interest or
otherwise), then Borrower will pay such Lender or Administrative Agent such additional amount or amounts as will compensate such Lender or Administrative Agent, as the case may be, for such additional costs actually incurred or reduction actually
suffered. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) If any Lender determines that any Change in Law regarding capital or liquidity requirements has or would have the effect of
reducing the rate of return on such Lender&#146;s capital or on the capital of such Lender&#146;s holding company, if any, as a consequence of any Margin Loan Document, the Commitment of such Lender or the Advances made by such Lender, to a level
below that which such Lender or such Lender&#146;s holding company could have achieved but for such Change in Law (taking into consideration such Lender&#146;s policies and the policies of such Lender&#146;s holding company with respect to capital
adequacy and liquidity), then from time to time Borrower will pay to such Lender such additional amount or amounts as will compensate such Lender or such Lender&#146;s holding company for any such reduction actually suffered. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) A certificate of a Lender setting forth in reasonable detail the amount or amounts necessary to compensate such Lender or its holding
company, as the case may be, as specified in paragraph (a)&nbsp;or (b)&nbsp;of this Section shall be delivered to Borrower and shall be conclusive absent manifest error. Borrower shall pay such Lender the amount shown as due on any such certificate
within 10 days after receipt thereof. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) Failure or delay on the part of any Lender to demand compensation pursuant to this Section shall
not constitute a waiver of such Lender&#146;s right to demand such compensation; <I>provided </I>that Borrower shall not be required to compensate such Lender pursuant to this Section for any increased costs or reductions incurred more than 270 days
prior to the date that such </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">35 </P>

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Lender notifies Borrower of the Change in Law giving rise to such increased costs or reductions and of such Lender&#146;s intention to claim compensation therefor; and <I>provided further</I>
that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 270-day period referred to above shall be extended to include the period of retroactive effect thereof. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) Notwithstanding the foregoing, if any Lender Person requests compensation under this Section&nbsp;2.11 or Borrower must pay increased
amounts or any amounts for Indemnified Taxes pursuant to Section&nbsp;2.12, then the applicable Lender will, if requested by Borrower, use commercially reasonable efforts to designate another Lending Office for any Advance, or portion thereof,
affected by the relevant event if such designation would avoid the requirement for or reduce the amount of such compensation, increased amounts or amounts for Indemnified Taxes; <I>provided </I>that such efforts need only be made on terms that, in
the commercially reasonable judgment of such Lender, cause such Lender and its Lending Office(s) to suffer no material economic, legal or regulatory disadvantage; and <I>provided further</I> that nothing in this Section 2.11(e) shall affect or
postpone any of the Obligations of Borrower or the rights of such Lender Person pursuant to Section&nbsp;2.11(a) through (d)&nbsp;or Section&nbsp;2.12. Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in
connection with any such designation. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) If any Lender requests compensation under this Section&nbsp;2.11 or that Borrower pay increased
amounts or any amount for Indemnified Taxes under Section&nbsp;2.12, Borrower may, upon prior written notice to Administrative Agent in accordance with Section&nbsp;2.10(a), terminate the Commitment of such Lender upon the prepayment in full of such
Lender&#146;s Applicable Percentage of the Total Accrued Loan Amount (including the Make Whole Amount, which for purposes of this Section&nbsp;2.11(f) shall be calculated with regard to such Lender&#146;s Commitment only) to Administrative Agent for
the account of such Lender. For the avoidance of doubt, Section&nbsp;2.14 shall apply to any such prepayment. Upon receipt of such prepayment, the Commitment of such Lender shall be irrevocably terminated and such Lender shall be deemed to no longer
be a party to this Agreement or any Margin Loan Document, but for the avoidance of doubt provisions of any Margin Loan Document that by their express terms survive the termination of the Facility shall continue to apply with respect to such Lender.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) All of Borrower&#146;s obligations under this Section&nbsp;2.11 shall survive termination of the Facility and repayment of all other
Obligations hereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.12<I>. Taxes</I>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Any and all payments by or on account of any obligation of any Obligor under any Margin Loan Document shall be made without deduction or
withholding for any Taxes, except as required by applicable
<FONT STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE>law</STRIKE></FONT><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Law</U></FONT><FONT
STYLE="font-family:Times New Roman">. If any applicable
</FONT><FONT STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE>law</STRIKE></FONT><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Law</U></FONT><FONT
STYLE="font-family:Times New Roman"> (as determined in the good faith discretion of an applicable withholding agent) requires the deduction or withholding of any Tax from any such payment by a withholding agent, then the applicable withholding agent
shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable
</FONT><FONT STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE>law</STRIKE></FONT><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Law</U></FONT><FONT
STYLE="font-family:Times New Roman"> and, if such Tax is an Indemnified Tax, then the sum payable by the applicable Obligor shall be increased as necessary so that after such deduction or withholding has been made (including such deductions and
withholdings applicable to additional sums payable under this Section&nbsp;2.12) the applicable Lender Person receives an amount equal to the sum it would have received had no such deduction or withholding been made. </FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">36 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The applicable Obligor shall timely pay to the relevant Governmental Authority in
accordance with applicable <FONT STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE>law</STRIKE></FONT><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Law</U></FONT><FONT
STYLE="font-family:Times New Roman">, or at the option of Administrative Agent, timely reimburse it for the payment of, Other Taxes. </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) As soon as reasonably practicable after any payment of Taxes by any Obligor to a Governmental Authority pursuant to this Section&nbsp;2.12,
such Obligor shall deliver to Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably
satisfactory to Administrative Agent. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) The Obligors shall jointly and severally indemnify each Lender Person, within 10 days after
written demand therefor accompanied by a certificate satisfying the requirements set forth below, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section)
payable or paid by such Lender Person, or required to be withheld or deducted from a payment to such Lender Person, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or
legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to Borrower by such Lender Person (with a copy to Administrative Agent), or by Administrative Agent on behalf
of such Lender Person, setting forth in reasonable detail the basis for calculating the additional amounts payable to the applicable Lender Person under this Section shall be conclusive absent manifest error. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) (i) If any Lender is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Margin Loan
Document it shall deliver to Borrower and Administrative Agent, at the time or times reasonably requested by Borrower or Administrative Agent, such properly completed and executed documentation reasonably requested by Borrower or Administrative
Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by Borrower or Administrative Agent, shall deliver such other documentation prescribed by
applicable law or reasonably requested by Borrower or Administrative Agent as will enable Borrower or Administrative Agent to determine whether or not Lender is subject to backup withholding or information reporting requirements. Notwithstanding
anything to the contrary in the preceding two sentences, the completion, execution and submission of any such documentation other than such documentation set forth in Section&nbsp;2.12(e)(ii)(A), (ii)(B) and (ii)(D) below requested by Borrower shall
not be required if in Lender&#146;s reasonable judgment such completion, execution or submission would subject Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of Lender. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) Without limiting the generality of the foregoing, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(A) any Lender that is a U.S. Person shall deliver to Borrower and Administrative Agent on or prior to the date on which such
Lender becomes Lender under this Agreement (and from time to time thereafter upon the reasonable request of Borrower or Administrative Agent), properly completed and executed originals of IRS Form W-9 certifying that such Lender is exempt from U.S.
federal backup withholding tax; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(B) any Foreign Lender shall, to the extent it is legally entitled to do so,
deliver to Borrower and Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes Lender under this Agreement (and from time to time thereafter upon the
reasonable request of Borrower or Administrative Agent), whichever of the following is applicable: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) in the case of a
Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x)&nbsp;with respect to payments of interest under any Margin Loan Document, properly completed and executed originals of IRS Form W-8BEN <FONT
STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">or IRS Form W-8BEN-E</U></FONT><FONT STYLE="font-family:Times New Roman"> establishing an exemption from, or reduction of, U.S. federal
withholding Tax pursuant to the &#147;interest&#148; article of such tax treaty and (y)&nbsp;with respect to any other applicable payments under any Margin Loan Document, properly completed and executed originals of IRS Form W-8BEN </FONT><FONT
STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">or IRS Form W-8BEN-E</U></FONT><FONT STYLE="font-family:Times New Roman"> establishing an exemption from, or reduction of, U.S. federal
withholding Tax pursuant to the &#147;business profits&#148; or &#147;other income&#148; article of such tax treaty; </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) properly completed and executed originals of IRS Form W-8ECI; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section&nbsp;881(c) of
the Code, (x)&nbsp;a certificate substantially in the form of Exhibit E-1 to the effect that such Foreign Lender is not a &#147;bank&#148; within the meaning of Section&nbsp;881(c)(3)(A) of the Code, a &#147;10 percent shareholder&#148; of Borrower
within the meaning of Section&nbsp;881(c)(3)(B) of the Code, or a &#147;controlled foreign corporation&#148; described in Section&nbsp;881(c)(3)(C) of the Code (a &#147;<B><I>U.S. Tax Compliance Certificate</I></B>&#148;) and (y)&nbsp;properly
completed and executed originals of IRS Form W-8BEN <FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">or IRS Form W-8BEN-E;</U></FONT><FONT STYLE="font-family:Times New Roman"> or
</FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) to the extent a Foreign Lender is not the beneficial owner, properly completed and executed originals of IRS
Form W-8IMY, accompanied by properly completed and executed IRS Form W-8ECI, IRS Form W-8BEN <FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">or IRS Form W-8BEN-E,</U></FONT><FONT
STYLE="font-family:Times New Roman"> a U.S. Tax Compliance Certificate substantially in the form of Exhibit E-2 or Exhibit E-3, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; <I>provided</I> that if the
Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit
E-4 on behalf of each such direct and indirect partner; </FONT></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(C) any Foreign Lender shall, to the extent it is legally entitled to do so,
deliver to Borrower and Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes Lender under this Agreement (and from time to time thereafter upon the
reasonable request of Borrower or Administrative Agent), executed originals of any other form prescribed by applicable <FONT STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE>law</STRIKE></FONT><FONT
STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Law</U></FONT><FONT STYLE="font-family:Times New Roman"> as a basis for claiming exemption from or a reduction in U.S. federal withholding
Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable </FONT><FONT STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE>law</STRIKE></FONT><FONT
STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Law</U></FONT><FONT STYLE="font-family:Times New Roman"> to permit Borrower or Administrative Agent to determine the withholding or deduction
required to be made; and </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(D) if a payment made to a Lender under any Margin Loan Document would be subject to U.S.
federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section&nbsp;1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver
to Borrower and Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by Borrower or Administrative Agent such documentation prescribed by applicable <FONT
STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE>law</STRIKE></FONT><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Law</U></FONT><FONT STYLE="font-family:Times New Roman">
(including as prescribed by Section&nbsp;1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by Borrower or Administrative Agent as may be necessary for Borrower and Administrative Agent to comply with their
obligations under FATCA and to determine that such Lender has complied with such Lender&#146;s obligations under FATCA or to determine the amount to deduct and withhold from such payment. </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Each Lender agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such
form or certification or promptly notify Borrower and Administrative Agent in writing of its legal inability to do so. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) If any party
determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this Section&nbsp;2.12 (including by the payment of additional amounts pursuant to this
Section&nbsp;2.12), it shall promptly pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this Section&nbsp;2.12 with respect to the Taxes giving rise to such refund), net of all
reasonable out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such
indemnified party, shall repay to such indemnified party the amount paid over pursuant to this paragraph (f)&nbsp;(plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party
is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this paragraph (f), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph
(f)&nbsp;the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the Tax subject to </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">39 </P>

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indemnification and giving rise to such refund had never been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never
been paid. This paragraph shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) Each Lender shall severally indemnify Administrative Agent, within 10 days after demand therefor, for (i)&nbsp;any Indemnified Taxes or
Other Taxes attributable to such Lender (but only to the extent that any Obligor has not already indemnified Administrative Agent for such Indemnified Taxes or Other Taxes and without limiting the obligation of the Obligors to do so) and
(ii)&nbsp;any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by Administrative Agent in connection with any Margin Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or
not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by Administrative Agent shall be conclusive absent manifest
error. Each Lender hereby authorizes Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under any Margin Loan Document or otherwise payable by Administrative Agent to the Lender from any other source
against any amount due to Administrative Agent under this paragraph (g). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) Each party&#146;s obligations under this Section&nbsp;2.12
shall survive the assignment of rights by, or the replacement of any Lender Person, the termination of the Commitment and the repayment, satisfaction or discharge of all obligations under any Margin Loan Document<I>.</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.13<I>. Illegality.</I> Notwithstanding any other provision of this Agreement, if any Lender shall notify Administrative Agent
and Borrower that any Law makes it unlawful, or any Governmental Authority asserts that it is unlawful, for such Lender to perform its obligations to make or maintain Advances hereunder, the obligation of such Lender to make the Advances shall be
terminated and all Advances, all interest thereon and all other amounts payable under this Agreement to such Lender shall become due and payable either on the last day of the then current Interest Period, if such Lender may lawfully continue to
maintain the Advances to such day, or immediately, if such Lender may not lawfully continue to maintain the Advances. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.14<I>. Break-Funding.</I> In the event of the payment of any principal of an Advance other than on the last day of an Interest
Period applicable thereto (including as a result of an Event of Default), or the failure to borrow (for a reason other than the failure of Administrative Agent or a Lender to make such Advance), prepay any Advance on the date specified in any notice
delivered pursuant hereto, then, in any such event, upon written demand of the applicable Lender, Borrower shall compensate each Lender for the loss, cost and expense (excluding loss of anticipated profits or margin) attributable to such event to
the extent actually incurred by the applicable Lender. A certificate of Calculation Agent setting forth in reasonable detail any amount or amounts that each Lender is entitled to receive pursuant to this Section shall be delivered to Borrower and
shall be conclusive absent manifest error. Borrower shall pay each Lender the amount shown as due on any such certificate within 10 days after receipt thereof. All of Borrower&#146;s obligations under this Section&nbsp;2.14 shall survive termination
of the Facility or repayment of all other Obligations hereunder. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.15<I>. Evidence Of Debt.</I> (a)&nbsp;Each Lender shall maintain in
accordance with its usual practice an account or accounts evidencing the indebtedness of Borrower to such Lender resulting from each Advance made by such Lender from time to time, including the amounts of principal and interest payable and paid to
such Lender from time to time hereunder. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Administrative Agent shall maintain in accordance with its usual practice accounts in which
it shall record (i)&nbsp;the amount of each Advance made hereunder and the Interest Period applicable thereto, (ii)&nbsp;the amount of any principal or interest due and payable or to become due and payable from Borrower hereunder and (iii)&nbsp;the
amount of any sum received by Administrative Agent hereunder for the account of the Lenders and each Lender&#146;s share thereof. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) The
entries maintained in the accounts maintained pursuant to Subsections (a)&nbsp;and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) above shall be prima facie evidence of the
existence and amounts of the obligations therein recorded; <I>provided</I> that the failure of any Lender or Administrative Agent to maintain such accounts or any error therein shall not in any manner affect the obligation of Borrower to repay such
obligations in accordance with their terms. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) No promissory note shall be required to evidence the Advances by any Lender to Borrower.
Upon the request of any Lender, Borrower shall prepare, execute and deliver to such Lender a promissory note, payable to such Lender and its registered assigns and in a form approved by such Lender, which shall evidence the Advances to Borrower by
such Lender in addition to such records. Thereafter, the Advances evidenced by such promissory note and interest thereon shall at all times be represented by one or more promissory notes in such form payable to the payee named therein and its
registered assigns. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.16<I>. Payments And Computations; Pro Rata Treatment; Sharing of Set-offs.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) All payments to be made by Borrower shall be made without condition or deduction for any counterclaim, defense, recoupment or setoff.
Borrower shall make each payment hereunder not later than 1:00 p.m. on the day when due in Dollars to, except as otherwise expressly provided herein, Administrative Agent in immediately available funds. All payments received by Administrative Agent
after 1:00 p.m. shall be deemed received on the next succeeding Business Day and any applicable interest or fee shall continue to accrue. All such payments shall be made to Administrative Agent at its offices as set forth on Schedule 9.02. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Whenever any payment hereunder would be due on a day other than a Business Day, such payment shall be extended to the next succeeding
Business Day, and such extension of time shall in such case be included in the computation of payment of interest or any fees, as the case may be. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) All payments (including prepayments and any other amounts received hereunder in connection with the exercise of Administrative Agent&#146;s
rights after an Event of Default) made by Borrower to Administrative Agent under any Margin Loan Document shall be applied to amounts then due and payable in the following order: (i)&nbsp;the Structuring Fee, if any; (ii)&nbsp;to any expenses and
indemnities payable by Borrower to Administrative Agent or any Lender under any Margin Loan Document; (iii)&nbsp;to any accrued and unpaid interest and fees due under this Agreement; (iv)&nbsp;to principal payments on the outstanding Advances; and
(v)&nbsp;to the extent of any excess, to the payment of all other Obligations under the Margin Loan Documents. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) If any Lender shall, by exercising any right of set-off or counterclaim or otherwise,
obtain payment in respect of any principal of or interest on any of its Advances or other Obligations under the Margin Loan Documents resulting in such Lender receiving payment of a proportion of the aggregate amount of its Advances and accrued
interest thereon or such other obligations greater than its pro rata share thereof as provided herein, then the Lender receiving such greater proportion shall (i)&nbsp;notify Administrative Agent of such fact, and (ii)&nbsp;purchase (for cash at
face value) participations in the Advances and such other obligations of the other Lenders, or make such other adjustments that shall be equitable so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with
their respective Applicable Percentages; <I>provided</I> that (A)&nbsp;if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price
restored to the extent of such recovery, without interest, and (B)&nbsp;the provisions of this paragraph shall not be construed to apply to any payment made by Borrower pursuant to and in accordance with the express terms of this Agreement or any
payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Advances to any assignee or participant, other than to Guarantor or any Subsidiary thereof (as to which the provisions of this paragraph
shall apply). Borrower consents to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against Borrower and Guarantor
rights of set-off and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of Borrower or Guarantor in the amount of such participation. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) Unless Administrative Agent shall have received notice from Borrower prior to the date on which any payment is due to Administrative Agent
for the account of the Lenders hereunder that Borrower will not make such payment, Administrative Agent may assume that Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the
Lenders the amount due. In such event, if Borrower has not in fact made such payment, then each of the Lenders severally agrees to repay to Administrative Agent forthwith on demand the amount so distributed to such Lender with interest thereon, for
each day from the date such amount is distributed to the date of payment to Administrative Agent, at the greater of the Federal Funds Effective Rate and a rate determined by Administrative Agent in accordance with banking industry rules on interbank
compensation. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) If any Lender shall fail to make any payment required to be made by it pursuant to Sections 2.04(b), 2.16(e) and
9.04(f), then Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), apply any amount thereafter received by Administrative Agent for the account of such Lender to satisfy such Lender&#146;s obligations under
such Sections until all such unsatisfied obligations are fully paid. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE 3 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">REPRESENTATIONS AND WARRANTIES </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Borrower represents and warrants to Administrative Agent and the Lenders that: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.01<I>. Organization; Powers.</I> Borrower is duly organized, validly existing and in good standing under the laws of the
jurisdiction of its organization, has all requisite power and authority to carry on its business as now conducted and, except as could not reasonably be expected to result in a Material Adverse Effect, is qualified to do business in, and is in good
standing in, every jurisdiction where such qualification or good standing is required. All licenses, permits, approvals, concessions or other authorizations necessary for (i)&nbsp;the consummation of the Transaction and (ii)&nbsp;except where the
failure to obtain and maintain any of the foregoing could not reasonably be expected to result in a Material Adverse Effect with respect to Borrower, the conduct of the business of Borrower, have been duly obtained and are in full force and effect.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.02<I>. Authorization; Enforceability.</I> The Transactions are within Borrower&#146;s corporate powers, have been duly
authorized by all necessary corporate and, if required, shareholder action. The Margin Loan Documents to which Borrower is a party have been duly executed and delivered by Borrower and constitute legal, valid and binding obligations of Borrower,
enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors&#146; rights generally and subject to general principles of equity, regardless of whether
considered in a proceeding in equity or at law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.03<I>. Governmental Approvals; No Conflicts.</I> The Transactions
(a)&nbsp;do not require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority, except such as have been obtained or made and are in full force and effect and except for filings necessary to
register and/or perfect Liens created pursuant to the Margin Loan Documents, (b)&nbsp;will not violate any Law applicable to Borrower, (c)&nbsp;will not violate or result in a default under any indenture, agreement or other instrument binding upon
Borrower or its assets, or give rise to a right thereunder to require any payment to be made by Borrower, and (d)&nbsp;will not result in the creation or imposition of any Lien on any asset of Borrower, except Liens created pursuant to the Margin
Loan Documents. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.04<I>. Financial Condition; No Material Adverse Change.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Borrower has heretofore furnished to Administrative Agent the Borrower Financial Statements, if any, and the Guarantor Financial
Statements. Such financial statements present fairly, in all material respects, the financial position and results of operations and cash flows of Borrower or Guarantor, as applicable, as of such dates and for such periods in accordance with GAAP,
subject to year-end audit adjustments and show all material indebtedness and other liabilities, direct or contingent, of Borrower or Guarantor, as applicable, as of the date thereof, including liabilities for taxes, material commitments and
Indebtedness. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) As of any date, no event, change or condition has occurred that has had, or could reasonably be expected to have, a
Material Adverse Effect with respect to Guarantor, since the date of the last financial statements delivered pursuant to Section&nbsp;4.01(a)(x) or Section&nbsp;5.01, as applicable, with respect to Guarantor. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">43 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.05<I>. Litigation Matters.</I> There are no actions, suits or proceedings by
or before any arbitrator or Governmental Authority pending against or, to the knowledge of Borrower, threatened in writing against or affecting Borrower (i)&nbsp;as to which there is a reasonable possibility of an adverse determination and that, if
adversely determined, could reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect with respect to Borrower or (ii)&nbsp;that involve this Agreement or the Transactions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.06<I>. Compliance With Laws And Agreements.</I> Borrower is in compliance with the requirements of all Laws and all orders,
writs, injunctions and decrees applicable to it or to its properties, except in such instances in which (i)&nbsp;such requirement of Law or order, writ, injunction or decree is being contested in good faith by appropriate proceedings diligently
conducted or (ii)&nbsp;the failure to comply therewith, either individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect with respect to any Person. Borrower is in compliance with its reporting obligations
under Sections 13 and 16 of the Exchange Act, including in respect of the transactions contemplated hereunder. No Default exists and no Event of Default has occurred, other than those that have been waived or deemed not to have occurred pursuant to
the last sentence of Section&nbsp;7.01. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.07<I>. Investment Company Status.</I> Borrower is not and, after giving effect to
the contemplated Transactions, will not be required to register as an &#147;investment company&#148; and is not a Person &#147;controlled by&#148; an &#147;investment company,&#148; as such terms are defined in the United States Investment Company
Act of 1940. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.08<I>. Taxes.</I> Borrower has timely filed all income tax returns and other material tax returns that are
required to be filed by it in all jurisdictions and has paid all taxes, assessments, claims, governmental charges or levies imposed on it or its properties, except for Taxes contested in good faith by appropriate proceedings diligently conducted and
as to which adequate reserves have been provided in accordance with GAAP. There is no proposed tax assessment against Borrower that would, if made, have a Material Adverse Effect with respect to any Cross-Default Person. <FONT
STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE>Prior to any request for a Borrowing pursuant to Section&nbsp;2.03,</STRIKE></FONT><FONT STYLE="font-family:Times New Roman"> Borrower </FONT><FONT
STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE>will elect</STRIKE></FONT><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">has elected</U></FONT><FONT
STYLE="font-family:Times New Roman"> to be disregarded as an entity separate from its owner for U.S. federal income tax purposes, which election </FONT><FONT STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE>will be</STRIKE></FONT><FONT
STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">was</U></FONT><FONT STYLE="font-family:Times New Roman"> valid and effective as of its formation, and its regarded owner for U.S. federal
income tax purposes </FONT><FONT STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE>will be</STRIKE></FONT><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">is</U></FONT><FONT
STYLE="font-family:Times New Roman"> a &#147;foreign corporation&#148; (within the meaning of Section&nbsp;7701(a)(5) of the Code). Borrower does not have, and has never had, a trade or business or a permanent establishment in any country other than
the country of its organization. </FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.09<I>. Disclosure.</I> Borrower has disclosed to Administrative Agent all
agreements, instruments and corporate or other restrictions to which it is subject, and all other matters known to it, that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect with respect to
Borrower. All information provided with respect to Borrower and its Affiliates by or on behalf of Borrower to Administrative Agent in connection with the negotiation, execution and delivery of this Agreement and the other Margin Loan Documents or
the transactions contemplated hereby and thereby, taken as a whole, was or will be, on or as of the applicable date of provision thereof, taken as a whole, complete and correct in all material respects and did not (or will not) contain any material
misstatement of fact or omit to state a material fact necessary to make the statements contained therein not materially misleading in light of the circumstances under which such statements were made. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">44 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.10<I>. Material Agreements.</I> Borrower is not in default under any
provision of any material agreement or instrument to which Borrower is a party or by which Borrower or any of its properties or assets is bound that could reasonably be expected to result in a Material Adverse Effect with respect to Borrower. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.11<I>. Solvency.</I> Each of Borrower and Guarantor is, and upon the incurrence of any Obligations by Borrower on any date on
which this representation and warranty is made or deemed made, will be, Solvent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.12<I>. Trading And Other
Restrictions.</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Borrower is the direct, sole beneficial owner and sole holder of record of all Collateral. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) (i) Borrower&#146;s holding period (as determined in accordance with Rule 144) as to the Collateral Shares consisting of TGP Shares and TOO
Shares (excluding the 2015 Additional TOO Shares) began more than one year prior to the date hereof, (ii)&nbsp;Borrower&#146;s holding period (as determined in accordance with Rule 144) as to the Collateral Shares consisting of the 2015 Additional
TOO Shares began on July&nbsp;31, 2015 and (iii)&nbsp;Borrower&#146;s holding period (as determined in accordance with Rule 144) as to the Collateral Shares consisting of (x)&nbsp;8,076,530 TNK Shares began more than one year prior to the date
hereof (the &#147;<B><I>2013 TNK Shares</I></B>&#148;), (y)&nbsp;4,166,666 TNK Shares began on December&nbsp;24, 2014 (the &#147;<B><I>2014 TNK Shares</I></B>&#148;) and (z) 4,511,278 TNK Shares began on August&nbsp;7, 2015 (the &#147;<B><I>2015 TNK
Shares</I></B>&#148;). <FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">With respect to all Collateral Shares, Borrower&#146;s holding period (as determined in accordance with Rule
144) began more than one year prior to the Amendment No.&nbsp;8 Effective Date.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) The Collateral Shares constituting Eligible Collateral (i)&nbsp;are not subject to any restrictions on transfer or pledge that affect the
ability of any Obligor to consummate any of the Transactions contemplated by the Margin Loan Documents or the ability of Administrative Agent, Collateral Agent or any Lender to exercise any remedies contemplated by the Margin Loan Documents, other
than Existing Transfer Restrictions, (ii)&nbsp;do not contain any legends on the certificates therefor or other similar types of restrictions on such Shares, and do not require any opinions from Issuer&#146;s counsel, or the removal of any
&#147;stop transfer order&#148; prior to the sale of such Shares, (iii)&nbsp;are not subject to any shareholders agreement, investor rights agreements, or any other similar agreements or any voting or other contractual restrictions that affect the
ability of any Obligor to consummate any of the Transactions contemplated by the Margin Loan Documents or the ability of Administrative Agent, Collateral Agent or any Lender to exercise any remedies contemplated by the Margin Loan Documents and
(iv)&nbsp;have been duly authorized and validly issued and are fully paid and non-assessable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.13<I>. Capitalization and
Subsidiaries.</I> Borrower has no Subsidiaries. Schedule 3.13 sets forth a true and complete listing of each class of each of Borrower&#146;s authorized Equity Interests, of which all of such issued shares are validly issued, outstanding, fully paid
and non-assessable, and owned beneficially and of record by the Persons identified on Schedule 3.13. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.14<I>. Patriot Act;
Sanctioned Persons.</I> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">45 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Borrower is not an &#147;enemy&#148; or an &#147;ally of the enemy&#148; within the
meaning of Section&nbsp;2 of the Trading with the Enemy Act of the United States of America (50 U.S.C. App. &#167; 1 et seq.), as amended. Borrower and each of its Affiliates is in compliance, in all material respects, with (i)&nbsp;the Trading with
the Enemy Act, as amended, and (ii)&nbsp;the Act, to the extent that any such Act is applicable to it. No part of the proceeds of any Advance will be used, directly or indirectly, for any payments to any governmental official or governmental
employee, political party, official of a political party, candidate for political office, or anyone else acting in an official capacity on behalf of a government, in order to obtain, retain or direct business or obtain any improper advantage, in
violation of the United States Foreign Corrupt Practices Act of 1977, as amended. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Neither Borrower nor Guarantor is a Person that is
(i)&nbsp;the subject of any sanctions (A) administered by the U.S. Department of the Treasury&#146;s Office of Foreign Assets Control, the United Nations Security Council, the European Union, Her Majesty&#146;s Treasury, or other relevant sanctions
authority or (B)&nbsp;pursuant to the U.S. Iran Sanctions Act, as amended (collectively, the &#147;<B><I>Sanctions</I></B>&#148;) , nor (ii)&nbsp;located, organized or resident in a country or territory that is the subject of Sanctions (including,
without limitation, Burma/Myanmar, Cuba, Iran, Libya, North Korea, Sudan and Syria). No part of the proceeds of any extension of credit hereunder will be used, directly or indirectly (i)&nbsp;to fund any activities or business of or with any Person,
or in any country or territory, that, at the time of such funding, is the subject of Sanctions, or (ii)&nbsp;in any other manner that would result in a violation of Sanctions by any Person (including any Person participating in the Facility, whether
as lender, underwriter, advisor, investor, or otherwise). Neither Borrower nor Guarantor has, in the past five years, knowingly engaged in, is now knowingly engaged in, or will engage in, any dealings or transactions with any Person, or in any
country or territory, that at the time of the dealing or transaction is or was the subject of Sanctions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.15<I>. Material
Nonpublic Information.</I> Borrower is not in possession of any adverse Material Nonpublic Information with respect to any Issuer or any of the Shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.16<I>. Restricted Transactions.</I> As of each of the Closing Date, the Amendment No.&nbsp;3 Effective Date, the Amendment
No.&nbsp;5 Effective Date, the Amendment No.&nbsp;6 Effective Date<FONT STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE>
and</STRIKE></FONT><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">,</U></FONT><FONT STYLE="font-family:Times New Roman"> the Amendment No.&nbsp;7 </FONT><FONT
STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Effective Date and the Amendment No.&nbsp;8</U></FONT><FONT STYLE="font-family:Times New Roman"> Effective Date, Borrower is not a party to
any Restricted Transactions in respect of Borrower. </FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.17. <I>Conduct of Business.</I> Borrower is not engaged in any
business other than as described in Section&nbsp;6.03. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.18<I>. Ownership of Property; Ownership of Shares.</I> (a)&nbsp;As
of the Closing Date, Borrower owns directly 11,250,000 TGP Shares and 11,250,000 TOO Shares, and has no other material assets <FONT STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE>and</STRIKE></FONT><FONT
STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">,</U></FONT><FONT STYLE="font-family:Times New Roman"> (b)&nbsp;as of the Amendment No.&nbsp;3 Effective Date, Borrower owns directly
25,208,274 TGP Shares, 16,754,474 TNK Shares and 38,211,772 TOO Shares, and has no other material assets</FONT><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"> and (c)&nbsp;as of the
Amendment No.&nbsp;8 Effective Date, Borrower owns directly 56,587,484 TOO Shares, 40,290,460 TNK Shares and 25,208,274 TGP Shares, and has no other material assets</U></FONT><FONT STYLE="font-family:Times New Roman">. </FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">46 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.19<I>. No Sovereign Immunity.</I> Neither Borrower nor any of its assets or
properties has any right of immunity on the grounds of sovereignty from jurisdiction of any court or from setoff or any legal process (whether through service or notice, attachment prior to judgment, attachment in aid of execution, execution or
otherwise) under the Law of any jurisdiction. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE 4 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">C<SMALL>ONDITIONS</SMALL> O<SMALL>F</SMALL> L<SMALL>ENDING</SMALL> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.01<I>. Conditions Precedent to First Borrowing.</I> The obligation of each Lender to make an Advance on the occasion of the
first Borrowing hereunder is subject to satisfaction or waiver of the following conditions precedent: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Administrative Agent shall have
received each of the following documents, duly executed, each dated on or prior to the Closing Date, in each case, in form and substance reasonably satisfactory to Administrative Agent and each of the Lenders: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) duly executed counterparts of this Agreement, the Security Agreement, the Control Agreement and the Guarantee Agreement;
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ii) a UCC financing statement in appropriate form for filing with the Recorder of Deeds in the District of Columbia; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iii) (x) certificate of Borrower, dated on or prior to the Closing Date and executed by any Director, Officer or the
Secretary, which shall (A)&nbsp;certify the resolutions of its Board of Directors, members or other body authorizing the execution, delivery and performance of the Margin Loan Documents to which it is a party, (B)&nbsp;identify by name and title the
Responsible Officers, and (C)&nbsp;contain appropriate attachments, including the Organization Documents of Borrower (which shall be substantially in the form of Exhibit K attached hereto), certified by the relevant authority of the jurisdiction of
organization of Borrower, and a Certificate of Compliance for Borrower, from its jurisdiction of organization; and (y)&nbsp;incumbency certificate, which shall identify by name and title and bear the signatures of the Responsible Officers authorized
to sign the Margin Loan Documents; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iv) (x) certificate of Guarantor, dated on or prior to the Closing Date and executed
by its Secretary, which shall (A)&nbsp;certify the resolutions of its Board of Directors authorizing the execution, delivery and performance of the Margin Loan Documents to which it is a party, (B)&nbsp;identify by name and title of the Responsible
Officers, and (C)&nbsp;contain appropriate attachments, including the Organization Documents of Guarantor, and a Certificate of Goodstanding for Guarantor, from its jurisdiction of organization; and (y)&nbsp;incumbency certificate, which shall
identify by name and title and bear the signatures of the Responsible Officers authorized to sign the Margin Loan Documents; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(v) a solvency certificate from a Responsible Officer for each of Borrower and Guarantor; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">47 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(vi) legal opinion of Latham&nbsp;&amp; Watkins LLP, special New York
counsel to Borrower and Guarantor; legal opinion of Alexanders, Bermuda counsel to Borrower; legal opinion of Watson<FONT STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE>,</STRIKE></FONT><FONT STYLE="font-family:Times New Roman">
Farley&nbsp;&amp; Williams </FONT><FONT STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE>(New York) </STRIKE></FONT><FONT STYLE="font-family:Times New Roman">LLP, special Marshall Islands counsel to Guarantor; each substantially in the
form of exhibits to this Agreement; </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(vii) for each Obligor, the results of a recent lien search in such
Obligor&#146;s jurisdiction of organization and, if different, such Obligor&#146;s &#147;location&#148; (determined as provided in UCC Section&nbsp;9-307) and each of the jurisdictions where assets of such Obligor are located, and, in the case of
Borrower, such search shall reveal no liens on any of the assets of Borrower except for liens permitted by Section&nbsp;6.02 or discharged on or prior to the Closing Date pursuant to a pay-off letter or other documentation satisfactory to Lender;
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(viii) completed FRB Forms U-1 with respect to the Facility duly executed by Borrower; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ix) the most recent account statements of Borrower with respect to each asset owned by Borrower, to the extent any such
account statements have been prepared, and a certificate of a Responsible Officer, dated as of the Closing Date, (A)&nbsp;certifying that the aforementioned account statements, if any, are true, correct and complete and (B)&nbsp;containing a list of
all Indebtedness, tax liabilities and/or commitments of Borrower, a description of the material terms of each item on such list (including the amount of any liability thereunder, whether contingent, direct or otherwise, the due date for each such
liability, the total unfunded commitment, if any, and the rate of interest, if any, applicable thereto) and a certification that such list is true, correct and complete and that Borrower has no other Indebtedness, tax liabilities or commitments
other than those set forth on such list (the &#147;<B><I>Borrower Financial Statements</I></B>&#148;); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(x) (w) audited
consolidated financial statements of Guarantor for the 2009, 2010, and 2011 fiscal years, (x)&nbsp;unaudited interim consolidated financial statements of Guarantor for each fiscal quarter ended after the date of the latest applicable financial
statements delivered pursuant to clause (w)&nbsp;of this paragraph as to which such financial statements are available, and (y)&nbsp;a certificate of a Responsible Officer of Guarantor, dated as of the Closing Date, (A)&nbsp;certifying, in the case
of the financial statements delivered under clause (x)&nbsp;above, as presenting fairly in all material respects the financial condition and results of operations of Guarantor in accordance with GAAP consistently applied, subject to normal year-end
audit adjustments and (B)&nbsp;certifying as to whether a Default has occurred and, if a Default has occurred, specifying the details thereof and any action taken or proposed to be taken with respect thereto (the &#147;<B><I>Guarantor Financial
Statements</I></B>&#148;); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xi) evidence that each of Borrower and Guarantor has duly appointed a process agent in New
York City to accept such service of any and all writs, process and summonses for any action arising out of this Agreement or any other Margin Loan Document; and </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">48 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(xii) an Issuer Acknowledgement executed by each Issuer. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The Collateral Account shall have been established by Borrower, and the Collateral Shares shall have been credited to the Collateral
Account free from all Transfer Restrictions (other than Existing Transfer Restrictions) by book-entry transfer through DTC, as depositary. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Immediately prior to such Borrowing, the quotient of (i)&nbsp;the aggregate amount of the Commitments of all Lenders hereunder
<I>divided</I> by (ii)&nbsp;the Share Collateral Value shall be equal to or less than the Initial LTV Ratio. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) <FONT
STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE>The Basket Ratio Requirement shall be satisfied at the time of such
Borrowing</STRIKE></FONT><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">[With effect as of the Amendment No.&nbsp;8 Effective Date, reserved]</U></FONT><FONT
STYLE="font-family:Times New Roman">. </FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) All documented fees required to be paid under the Margin Loan Documents on or before the
Closing Date, including the Structuring Fee and Lender Expenses invoiced prior to the Closing Date, shall have been paid. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) No Change in
Law shall have occurred and be continuing that, after giving effect to such Borrowing, would result in Borrower being obligated to compensate Administrative Agent or any Lender with respect to such Change in Law pursuant to the terms of
Section&nbsp;2.11. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.02<I>. Conditions Precedent To Each Advance.</I> The obligation of each Lender to make any Advance on
the occasion of any Borrowing (including the first Borrowing hereunder) shall be subject to the following further conditions precedent: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Each of the representations and warranties of Borrower and Guarantor contained in Article 3 or in any other Margin Loan Document shall be
true and correct in all material respects on and as of the date of such Borrowing, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material
respects as of such earlier date; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Since the date of the last financial statements delivered pursuant to Section 4.01(a)(x) or
Section&nbsp;5.01, as applicable, with respect to Guarantor, no event or condition has resulted in, or could be reasonably expected to cause, either individually or in the aggregate, a Material Adverse Effect with respect to Guarantor; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Borrower shall have delivered a Borrowing Notice in accordance with the requirements hereof; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) Immediately after giving effect to such Borrowing, the LTV Ratio shall not exceed the Initial LTV Ratio; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) No Default, Event of Default or Share Collateral Trigger Event shall have occurred and be continuing, or would result from such Borrowing
or from the application of the proceeds therefrom; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) Borrower shall not have provided notice of termination of the Commitments; and </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) The Collateral Requirement shall have been satisfied. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE 5 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A<SMALL>FFIRMATIVE</SMALL> C<SMALL>OVENANTS</SMALL> O<SMALL>F</SMALL> B<SMALL>ORROWER</SMALL> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On and after the Closing Date and so long as any Lender has a commitment to make an Advance or any Obligations (other than indemnification
obligations for which no claim has accrued or been asserted) remain outstanding: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.01<I>. Financial Statements.</I> Borrower
will furnish to Administrative Agent or cause to be furnished to Administrative Agent: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) within 120 days after the end of each fiscal
year of each Obligor, such Obligor&#146;s audited consolidated balance sheet and related statements of operations, stockholders&#146; equity and cash flows as of the end of and for such year, setting forth in each case in comparative form the
figures for the previous fiscal year, all reported on by independent public accountants of recognized national standing (without a &#147;going concern&#148; or like qualification or exception and without any qualification or exception as to the
scope of such audit) to the effect that such consolidated financial statements present fairly in all material respects the financial condition and results of operations of such Obligor in accordance with GAAP consistently applied, accompanied by any
management letter prepared by said accountants; <I>provided</I> that Borrower shall have no obligation under this clause to provide any such financial statements, certificates or reports except to the extent Borrower has then prepared such items for
its own internal use; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) within 90 days after the end of each of the first three fiscal quarters of each Obligor, such Obligor&#146;s
consolidated balance sheet and related statements of operations, stockholders&#146; equity and cash flows as of the end of and for such fiscal quarter and the then elapsed portion of the fiscal year, setting forth in each case in comparative form
the figures for the corresponding period or periods of (or, in the case of the balance sheet, as of the end of) the previous fiscal year, all certified by one of such Obligor&#146;s Responsible Officers as presenting fairly in all material respects
the financial condition and results of operations of such Obligor in accordance with GAAP consistently applied, subject to normal year-end audit adjustments; <I>provided </I>that Borrower shall have no obligation under this clause to provide any
such financial statements, certificates or reports except to the extent Borrower has then prepared such items for its own internal use; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) concurrently with any delivery of financial statements under clause (a)&nbsp;or (b)&nbsp;above, a certificate of a Responsible Officer of
the applicable Obligor (or, in the case of Borrower, a Responsible Officer of Guarantor) (x)&nbsp;certifying, in the case of the financial statements delivered under clause (b), as presenting fairly in all material respects the financial condition
and results of operations of such Obligor in accordance with GAAP consistently applied, subject to normal year-end audit adjustments, and (y)&nbsp;certifying as to whether a Default has occurred and, if a Default has occurred, specifying the details
thereof and any action taken or proposed to be taken with respect thereto; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">50 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) In addition, Borrower shall promptly furnish to Administrative Agent such additional
information regarding the business, financial or corporate affairs of Borrower or Guarantor, or compliance with the terms of the Margin Loan Documents, as Administrative Agent may from time to time reasonably request. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.02<I>. Notices Of Material Events.</I> Borrower shall furnish to Administrative Agent or cause to be furnished to
Administrative Agent notice, as promptly as reasonably practicable after obtaining actual knowledge, of: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) the occurrence of
(i)&nbsp;any Default, Potential Facility Amendment Event or Redocumentation Event or (ii)&nbsp;any matter that has resulted or could reasonably be expected to result in a Material Adverse Effect with respect to either Borrower or Guarantor,
including the receipt of any notice of any governmental investigation or any litigation commenced or threatened against Borrower or Guarantor; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) the occurrence of a Change of Control of Borrower or an Issuer; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) any Lien (other than Permitted Liens) or claim made or asserted against any of the Other Collateral, if any; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) any material loss, damage, or destruction to any Other Collateral, if any, whether or not covered by insurance. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Each notice delivered under this Section shall be accompanied by a statement of a Responsible Officer of Borrower setting forth the details of the event or
development requiring such notice and any action taken or proposed to be taken with respect thereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.03<I>. Existence;
Conduct Of Business.</I> Borrower shall do or cause to be done all things necessary to preserve, renew and keep in full force and effect its legal existence and the rights, qualifications, licenses, permits, franchises and governmental
authorizations material to the conduct of its business, and maintain all requisite authority to conduct its business in each jurisdiction in which its business is conducted. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.04<I>. Payment Of Taxes.</I> Borrower shall pay and discharge as and when the same shall become due and payable, all material
Taxes imposed upon it or upon its property, except where (a)&nbsp;the validity or amount thereof is being diligently contested in good faith and by appropriate proceedings, (b)&nbsp;Borrower has set aside on its books appropriate reserves with
respect thereto in accordance with GAAP and (c)&nbsp;in the case of any liabilities which have or may become or result in a Lien upon any Collateral, none of the Collateral is subject to unstayed proceedings to sell such Collateral. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.05<I>. Compliance With Laws.</I> Borrower shall comply in all material respects with the requirements of all applicable
material Laws and all material orders, writs, injunctions and decrees applicable to it or its property. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.06<I>. Compliance
With Exchange Act Requirements.</I> Borrower shall promptly comply with its reporting obligations under Sections 13 and 16 of the Exchange Act in respect of the transactions contemplated hereunder, and Borrower shall give prior notice to
Administrative Agent of any public filing of or relating to the Margin Loan Documents and provide Administrative Agent with a copy of any such report at least one Business Day prior to the filing thereof. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">51 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.07<I>. Further Assurances.</I> As promptly as reasonably practicable upon the
request of Administrative Agent, Borrower shall execute and/or deliver any additional agreements, documents and instruments, and take such further actions as Administrative Agent may reasonably deem necessary or desirable (a)&nbsp;to assure
Collateral Agent is perfected with a first priority Lien on the Collateral and (b)&nbsp;to carry out the provisions and purposes of the Margin Loan Documents. Such agreements, documents or instruments or actions shall be reasonably satisfactory to
Administrative Agent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.08<I>. Books And Records.</I> Borrower shall keep proper books of record and account in which full,
true and correct entries are made of all dealings and transactions in relation to its business and activities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.09<I>.
Maintenance of Separateness.</I> Borrower shall: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) maintain its own separate books and records and bank accounts; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) at all times conduct its business solely in its own name and in a manner not misleading to third parties as to its identity (including
through the use of separate stationary or letterhead); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) not commingle its assets with the assets of any other Person and hold its
assets in its own name; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) comply strictly with any organization formalities to maintain its separate existence; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) pay its own liabilities out of its own funds (after giving effect to any intercompany loans or additional investments, directly or
indirectly, by Guarantor permitted under the Margin Loan Documents); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) maintain an arm&#146;s-length relationship with its Affiliates
and enter into transactions with Affiliates only on a commercially reasonable basis and on terms similar to those of an arm&#146;s-length transaction (except to the extent that Borrower may enter into any contract or any other affiliate transaction
permitted under the Margin Loan Documents, including making Permitted Investments); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) maintain adequate capital appropriate to the
contemplated business purpose, transactions and liabilities of Borrower; <I>provided</I> that Guarantor, as the ultimate beneficial owner, shall not be required to make any additional capital contributions to the Company except as required by, or
occurring in connection with, the guarantee by Guarantor in favor of Administrative Agent and the Lenders; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">52 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) cause the directors, officers, agents and other representatives of Borrower to act at
all times with respect to Borrower consistently and in furtherance of the foregoing and in the best interests of Borrower; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) not
identify itself as a division of any other Person and use reasonable efforts to correct any known misunderstanding regarding the separate identity of Borrower; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(j) any financial statements maintained by Borrower shall show its assets and liabilities separate and apart from those of any other Person.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.10. <I>Use Of Proceeds.</I> Borrower shall use the proceeds of the Advances for general corporate purposes, including
Restricted Payments and Permitted Investments. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE 6 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">N<SMALL>EGATIVE</SMALL> C<SMALL>OVENANTS</SMALL> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On and after the Closing Date and so long as any Lender has a commitment to make an Advance or any Obligations (other than indemnification
obligations for which no claim has accrued or been asserted) remain outstanding: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.01<I>. Indebtedness.</I> Borrower shall
not create, incur, assume or suffer to exist any Indebtedness, other than the Obligations under the Margin Loan Documents<FONT STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE> and the</STRIKE></FONT><FONT
STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE> &#147;Secured Obligations&#148; as defined in the Swap Security Agreement</STRIKE></FONT><FONT STYLE="font-family:Times New Roman">. </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.02<I>. Liens.</I> Borrower shall not create, incur, assume or suffer to exist any Lien upon the Collateral or any other
property or asset, whether now owned or hereafter acquired, other than Permitted Liens. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.03<I>. Fundamental Changes.</I>
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Borrower shall not (i)&nbsp;engage in any activity other than (x)&nbsp;acquiring and holding the Shares, and activities incidental
thereto or otherwise contemplated herein, (y)&nbsp;issuing Equity Interests, accepting capital contributions and activities incidental to any of the foregoing or (z)&nbsp;making Permitted Investments and activities incidental thereto;
(ii)&nbsp;acquire or own any material assets other than the Shares, Cash, Cash Equivalents and Other Collateral, and property incidental thereto; (iii)&nbsp;own any material assets that are not held in the Collateral Account, (iv)&nbsp;engage in any
business other than businesses of the type conducted by Borrower on the date of execution of this Agreement and businesses reasonably related thereto; or (v)&nbsp;change its capital structure to include any interests other than a single class of
equity interests. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.04<I>. Asset Sales.</I> Borrower shall not sell, transfer, lease or otherwise dispose of any asset;
<I>provided</I> that <FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(x)</U></FONT><FONT STYLE="font-family:Times New Roman">&nbsp;Borrower may sell or transfer assets for cash (not
on an installment basis) to any direct or indirect Subsidiary of Guarantor in an arm&#146;s-length transaction</FONT><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"> and
(y)</U></FONT><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">&nbsp;Borrower may sell Collateral Shares in Permitted Sale Transactions</U></FONT><FONT
STYLE="font-family:Times New Roman">. </FONT></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.05<I>. Investments And Acquisitions.</I> Other than Shares, Cash, Cash
Equivalents, Other Collateral or Permitted Investments, Borrower shall not purchase, hold or acquire (including pursuant to any merger) any capital stock, evidences of indebtedness or other securities (including any option, warrant or other right to
acquire any of the foregoing) of, make or permit to exist any loans or advances to, Guarantee any obligations of, or make or permit to exist any investment or any other interest in, any other Person, or purchase or otherwise acquire (in one
transaction or a series of transactions) any assets of any other Person constituting a business unit (whether through purchase of assets, merger or otherwise). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.06<I>. Restricted Payments.</I> Borrower shall not declare or make, or agree to pay or make, directly or indirectly, any
Restricted Payments with respect to Borrower, or incur any obligation to do so other than, so long as no Event of Default exists and is continuing, Restricted Payments of assets and properties not required to be held as Collateral under the Margin
Loan Documents. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.07<I>. Investment Company.</I> Borrower shall not become an &#147;investment company&#148; or a Person
&#147;controlled by&#148; an &#147;investment company,&#148; as such terms are defined in the United States Investment Company Act of 1940. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.08<I>. No Amendment Of Organization Documents, Etc.</I> Borrower shall not consent to any material amendment, supplement or
other modification of any of the terms or provisions of its Organization Documents, unless consented to by Administrative Agent (such consent not to be unreasonably withheld, conditioned or delayed); <I>provided</I> that an amendment, supplement or
modification of the terms and provisions of Borrower&#146;s Organization Documents to effect the replacement of a director or officer of Borrower may be made without Administrative Agent&#146;s consent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.09<I>. Formation Of Subsidiaries.</I> Borrower shall not form, create, organize, incorporate or acquire any Subsidiaries. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.10<I>. Restricted Transaction.</I> Neither Borrower nor Guarantor shall enter into, or agree to enter into, any Restricted
Transaction. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.11. <I>No Impairment of Collateral Shares</I>. Borrower shall not take any action that would materially
impair the value of the Collateral Shares relative to the value of the Shares generally or impair Collateral Agent&#146;s security interest therein or its ability to sell or otherwise realize against such Collateral Shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.12<I>. Tax Status.</I> Borrower shall not change its status for U.S. federal income tax purposes unless Administrative Agent
shall have provided its prior written consent to such change, which consent shall not be unreasonably withheld, conditioned or delayed, and at all times that it is disregarded as an entity separate from its owner for U.S. federal income tax purposes
it will have a &#147;foreign corporation&#148; (within the meaning of Section&nbsp;7701(a)(5) of the Code) as its regarded owner for U.S. federal income tax purposes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.13. <I>Use Of Proceeds</I>. Borrower shall not use the proceeds of any Advance, whether directly or indirectly, and whether
immediately, incidentally or ultimately, to purchase or carry (within the meaning of Regulation U of the FRB) Margin Stock or to extend credit to others for the purpose of purchasing or carrying Margin Stock or to refund indebtedness originally
incurred for such purpose in each case in violation of Regulation U of the FRB, or otherwise use any such proceeds, in each case in contravention of any Law or any Margin Loan Document. </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.14. <I>Provision Of Public Information.</I> Notwithstanding anything to the
contrary in the Margin Loan Documents, Borrower shall use good faith efforts not to provide to any employee or agent on the &#147;public&#148; side of the internal information wall (such internal information wall, the &#147;<B><I>Wall</I></B>&#148;
and each such employee or agent, a &#147;<B><I>public side person</I></B>&#148;) of Administrative Agent, any Lender or any of their respective Affiliates any Material Nonpublic Information with respect to any Issuer, their Subsidiaries or their
securities in any document or notice required to be delivered pursuant to this Agreement or communication in connection with this Agreement (each a &#147;<B><I>Communication</I></B>&#148;). Borrower shall be deemed to have represented that any such
Communication addressed or directed by Borrower or any Affiliate of Borrower to, or that Borrower or such Affiliate believes or should reasonably believe is likely be received by, any public side person contains no such Material Nonpublic
Information. If at any time, Borrower is unable to make the representation required under the immediately preceding sentence, it shall use its reasonable best efforts to put itself in a position of being able to provide such a representation as
promptly as practicable. If any public side person at Administrative Agent or any Lender or any of their Affiliates (each a &#147;<B><I>Lender Party</I></B>&#148;) receives from Borrower or any Affiliate of Borrower any Material Nonpublic
Information at any time, such Lender Party shall use reasonable efforts to bring such public side person over to the &#147;private&#148; side of such Wall with respect to such Material Nonpublic Information. If, notwithstanding such efforts,
Administrative Agent, such Lender Party or the related Lender, as applicable, reasonably determines, based on the advice of counsel, that awareness of such Material Nonpublic Information could impair the ability of Administrative Agent, Collateral
Agent or any Lender to exercise any of its remedies under any Margin Loan Document, such Lender Party may, solely in connection with the exercise of its remedies under Section&nbsp;9 of the Security Agreement with respect to the TGP Shares, TNK
Shares or TOO Shares, as applicable, and with prior notice to Borrower, disclose such Material Nonpublic Information publicly, to any potential purchaser of the Collateral or to any other Person in order to remedy such impairment. For the avoidance
of doubt, no communication (i)&nbsp;between Borrower and any employee or agent of Administrative Agent, any Lender or any of their respective Affiliates on the &#147;private&#148; side of the Wall of Administrative Agent, such Lender or such
Affiliate or (ii)&nbsp;to any employee or agent of Administrative Agent, any Lender or any of their respective Affiliates initiated or solicited by that employee or agent, shall in either case be deemed to violate the provisions of this
Section&nbsp;6.14. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE 7 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">E<SMALL>VENTS</SMALL> O<SMALL>F</SMALL> D<SMALL>EFAULT</SMALL> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.01<I>. Events Of Default.</I> If any of the following events (&#147;<B><I>Events of Default</I></B>&#148;) shall occur: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Borrower shall fail to pay any principal of any Advance or Make Whole Amount when and as the same shall become due and payable, whether at
the due date thereof or a date fixed for prepayment thereof or otherwise; <I>provided</I> that if Borrower can demonstrate to the </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">reasonable satisfaction of Administrative Agent that all necessary instructions were given to effect such
payment and the non-receipt thereof is attributable solely to an error in the banking system, such payment shall instead be deemed to be due and payable, solely for the purposes of this paragraph, within 3 Business Days of the originally scheduled
due date for such payment; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Borrower shall fail to pay any interest on any Advance or any fee or any other amount (other than an amount
referred to in Section&nbsp;7.01) payable under this Agreement, when and as the same shall become due and payable, and such failure shall continue unremedied for a period of five Business Days; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) any representation or warranty made or deemed made by or on behalf of Borrower or Guarantor herein or in any Margin Loan Document or any
amendment or modification thereof or waiver thereunder, or in any report, certificate, financial statement or other document furnished pursuant to or in connection with this Agreement or any Margin Loan Document or any amendment or modification
thereof or waiver thereunder, shall prove to have been materially incorrect when made or deemed made; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) Borrower or Guarantor shall fail
to perform or observe any covenant, condition or agreement applicable to it in Section&nbsp;5.02, 5.03, 5.04, 5.05, 5.06, 5.09 or Article 6 (but excluding Section&nbsp;6.14) of this Agreement or any other Margin Loan Document; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) Borrower or Guarantor shall fail to observe or perform any covenant, condition or agreement in this Agreement or any other Margin Loan
Document other than any such covenant, condition or agreement, referred to in any other Section of this Section&nbsp;7.01 and such failure shall not have been remedied or waived within 30 days of receipt by Borrower and Guarantor of written notice
from Administrative Agent of such Default. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) (i) any event or condition shall occur that results in any Material Indebtedness of any
Cross-Default Person becoming due prior to its scheduled maturity or that enables or permits (with or without the giving of notice, the lapse of time or both) the holder or holders of any such Material Indebtedness or any trustee or agent on its or
their behalf to cause any such Material Indebtedness to become due, or to require the prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity, and such occurrence shall continue unremedied for a period of two
Business Days, <I>provided</I> that this clause shall not apply to secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness; or (ii)&nbsp;there shall occur under any
Swap Contract to which any Cross-Default Person is a party an early termination date (howsoever defined in such Swap Contract) resulting from any event of default (howsoever defined in such Swap Contract) under such Swap Contract as to which any
Cross-Default Person is the defaulting party (howsoever defined in such Swap Contract) and<FONT STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE>, except in the case of any Swap Contract for which the Swap Security Agreement is a
&#147;Credit Support Document&#148; (as defined in such Swap Contract), </STRIKE></FONT><FONT STYLE="font-family:Times New Roman">the Swap Termination Value owed by such Cross-Default Person as a result thereof is greater than the Threshold Amount;
</FONT></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) (i) Borrower, Guarantor, an Issuer or any Material Subsidiary of Borrower, Guarantor or
an Issuer shall become unable or admit in writing its inability or shall fail generally to pay its debts as they become due; (ii)&nbsp;Borrower, Guarantor, an Issuer or any Material Subsidiary of Borrower, Guarantor or an Issuer shall institute or
consent to the institution of any proceeding under any Debtor Relief Law, or shall make an assignment for the benefit of creditors, or shall apply for or consent to the appointment of any receiver, trustee, custodian, conservator, liquidator,
rehabilitator or similar officer for it or for all or any material part of its property; (iii)&nbsp;any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer shall be appointed without the application or consent of
Borrower, Guarantor, an Issuer or any Material Subsidiary of Borrower, Guarantor or an Issuer and the appointment continues undischarged or unstayed for ninety (90)&nbsp;calendar days; (iv)&nbsp;any proceeding under any Debtor Relief Law relating to
Borrower, Guarantor, an Issuer or any Material Subsidiary of Borrower, Guarantor or an Issuer or to all or any material part of the property of Borrower, Guarantor, an Issuer or any Material Subsidiary of Borrower, Guarantor or an Issuer shall be
instituted without the consent of such Person, as the case may be, and continues undismissed or unstayed for ninety (90) calendar days, or an order for relief is entered in any such proceeding; or (v)&nbsp;Borrower, Guarantor, an Issuer or any
Material Subsidiary of Borrower, Guarantor or an Issuer shall take any action to authorize any of the actions set forth above in this Section; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) (i) any material provision of any Margin Loan Document for any reason ceases to be valid, binding and enforceable in accordance with its
terms or (ii)&nbsp;Borrower or Guarantor shall challenge the enforceability of any Margin Loan Document or shall assert in writing, or engage in any action or inaction based on any such assertion, that any provision of any of the Margin Loan
Documents has ceased to be or otherwise is not valid, binding and enforceable in accordance with its terms; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) (i) the Security Agreement
shall for any reason fail to create a valid and perfected first priority Lien in the Collateral, except as permitted by the terms thereof, the Security Agreement shall fail to remain in full force or effect or Collateral Agent ceases to have a first
priority perfected Lien in the Collateral or (ii)&nbsp;Borrower or Guarantor shall take any action to discontinue or assert in writing the invalidity or unenforceability of the Security Agreement, or Borrower or Guarantor shall fail to comply with
any of the terms or provisions of the Security Agreement; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(j) any money judgment, writ or warrant of attachment or similar process in
excess of the Threshold Amount shall be entered or filed against Borrower or Guarantor on any of their respective Assets and shall remain undischarged, unvacated, unbonded or unstayed for a period of 30 (thirty) days; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(k) there shall occur a change in the assets of Guarantor such that Guarantor has no material assets other than its indirect ownership interest
in Borrower; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(l) (i) the number of shares of TGP Shares or TOO Shares constituting Collateral Shares shall represent more than 40% of the
number of outstanding TGP Shares or TOO Shares, as the case may be, or (ii)&nbsp;the number of shares of TNK Shares constituting Collateral Shares shall represent more than
<FONT STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE>20</STRIKE></FONT><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">22</U></FONT><FONT
STYLE="font-family:Times New Roman">% of the number of outstanding TNK Shares, in each case for a period of ten consecutive Business Days; </FONT></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(m) any Governmental Authority shall condemn, nationalize, seize or otherwise expropriate
all or any substantial part of the property, shares of capital stock or equity or other assets of any Guarantor and its Subsidiaries taken as a whole or any Issuer and its Subsidiaries taken as a whole; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(n) there shall occur a Change of Control with respect to Borrower or an Issuer, and such Change of Control shall continue for three Business
Days; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(o) there shall occur a Collateral Shortfall; <I>provided</I> that such Collateral Shortfall will not constitute an Event of
Default if (i)&nbsp;within the applicable Collateral Shortfall Grace Period, Borrower prepays outstanding Borrowings pursuant to Section&nbsp;2.10(a) (the amount of such prepayment, the &#147;<B><I>Deficiency Amount</I></B>&#148;) and/or <FONT
STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE>pledges additional Eligible Collateral pursuant to
Section&nbsp;2.10(c)</STRIKE></FONT><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">executes one or more Permitted Sale
Transactions</U></FONT><FONT STYLE="font-family:Times New Roman"> such that immediately after giving effect to such prepayment and/or </FONT><FONT STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE>pledge</STRIKE></FONT><FONT
STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">execution</U></FONT><FONT STYLE="font-family:Times New Roman"> the LTV Ratio is equal to or less than the Initial LTV Ratio or (ii)&nbsp;at
all times during the applicable Collateral Shortfall Grace Period, the Deficiency Amount, if Borrower were to only prepay outstanding Borrowings (and not pledge any additional Eligible Collateral</FONT><FONT
STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"> or execute one or more Permitted Sale Transactions</U></FONT><FONT STYLE="font-family:Times New Roman">) pursuant to clause (i)&nbsp;above,
would be less than $2,000,000; </FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">then, and in any such event, and at any time thereafter during the continuance of such event, Administrative Agent
shall, at the request of Lenders having aggregate Applicable Percentages equal to or in excess of 50% at such time, by written notice to Borrower, take either or both of the following actions, at the same or different times: (i)&nbsp;declare the
Total Accrued Loan Amount to be forthwith due and payable, whereupon the Total Accrued Loan Amount (including the applicable Make Whole Amount, if any, payable to Administrative Agent for the account of each Lender pursuant to Section&nbsp;2.08(c))
shall become and be forthwith due and payable, without presentment, demand, protest or notice of any kind, all of which are hereby expressly waived by Borrower and (ii)&nbsp;declare the Commitments to be terminated, whereupon the same shall
forthwith terminate; <I>provided</I> that upon the occurrence in respect of Borrower of any event of the type described in Section&nbsp;7.01(g), (x)&nbsp;the Total Accrued Loan Amount shall automatically become and be due and payable, without
presentment, demand, protest or any notice of any kind, all of which are hereby expressly waived by Borrower and (y)&nbsp;the Commitments shall automatically be terminated. Upon the occurrence and the continuance of an Event of Default, Lender may
exercise any rights and remedies provided to Administrative Agent and the Lenders under the Margin Loan Document or at law or equity, including all remedies provided under the UCC. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE 8 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A<SMALL>DMINISTRATIVE</SMALL> A<SMALL>GENT</SMALL> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.01<I>. Administrative Agent.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each of the Lenders hereby irrevocably appoints Administrative Agent as its agent and authorizes Administrative Agent to take such actions on
its behalf and to exercise such powers as are delegated to Administrative Agent by the terms hereof, together with such actions and powers as are reasonably incidental thereto. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Person serving as Administrative Agent hereunder shall have the same rights and powers
in its capacity as a Lender as any other Lender and may exercise the same as though it were not Administrative Agent and the term &#147;Lender&#148; or &#147;Lenders&#148; shall, unless otherwise expressly indicated or unless the context otherwise
requires, include the Person serving as Administrative Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money to, act as the financial advisor or in any other advisory capacity for and
generally engage in any kind of business with Borrower, Guarantor or any Subsidiary or other Affiliate thereof as if such Person were not Administrative Agent hereunder and without any duty to account therefor to the Lenders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Administrative Agent shall not have any duties or obligations except those expressly set forth herein. Without limiting the generality of the
foregoing, (a)&nbsp;Administrative Agent shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing, (b)&nbsp;Administrative Agent shall not have any duty to take any discretionary
action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby that Administrative Agent is required to exercise as directed in writing by the Required Lenders (or such other number or percentage of
the Lenders as shall be expressly provided for elsewhere in this agreement), <I>provided</I> that Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose Administrative Agent to
liability or that is contrary to this Agreement, the other Margin Loan Documents or applicable law, and (c)&nbsp;except as expressly set forth herein, Administrative Agent shall not have any duty to disclose, and shall not be liable for the failure
to disclose, any information relating to Borrower, Guarantor or any of its Subsidiaries or any of their respective Affiliates that is communicated to or obtained by the Person serving as Administrative Agent or any of its Affiliates in any capacity.
Administrative Agent shall not be liable for any action taken or not taken by it (i)&nbsp;with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as Administrative Agent
shall believe in good faith shall be necessary, pursuant to this Agreement) or (ii)&nbsp;in the absence of its own gross negligence or willful misconduct. Administrative Agent shall be deemed not to have knowledge of any Default unless and until
notice describing such Default is given to Administrative Agent by Borrower or a Lender and Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i)&nbsp;any statement, warranty or representation made in or
in connection with this Agreement or the other Margin Loan Documents, (ii)&nbsp;the contents of any certificate, report or other document delivered hereunder or in connection herewith, (iii)&nbsp;the performance or observance of any of the
covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default, (iv)&nbsp;the validity, enforceability, effectiveness or genuineness of this Agreement or any other agreement, instrument or document or
(v)&nbsp;the satisfaction of any condition set forth in Article 4 or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to Administrative Agent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate,
consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated by the
proper Person. Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person, and shall not incur any liability for relying thereon. In determining compliance with
any condition </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">hereunder to the making of an Advance that by its terms must be fulfilled to the satisfaction of a Lender,
Administrative Agent may presume that such condition is satisfactory to such Lender unless Administrative Agent shall have received notice to the contrary from such Lender prior to the making of such Advance. Administrative Agent may consult with
legal counsel (who may be counsel for Borrower), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Administrative Agent may perform any and all of its duties and exercise its rights and powers hereunder by or through any one or more
subagents appointed by Administrative Agent. Administrative Agent and any such sub-agent may perform any and all of its duties and exercise its rights and powers by or through their respective Related Parties. The exculpatory provisions of this
Article shall apply to any such sub-agent and to the Related Parties of Administrative Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication of the credit facilities provided for herein as
well as activities as Administrative Agent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Administrative Agent may at any time give notice of its resignation to the Lenders and
Borrower. Upon receipt of any such notice of resignation, the Required Lenders (calculated without regard to the Applicable Percentage of the resigning Administrative Agent) shall have the right, in consultation with Borrower, to appoint a
successor, which shall be a commercial bank with an office in New York, New York, or an Affiliate of any such commercial bank with an office in New York, New York, and which may, for the avoidance of doubt, be a Lender or an Affiliate of a Lender.
If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the retiring Administrative Agent gives notice of its resignation, then the retiring Administrative Agent may on
behalf of the Lenders, appoint a successor Administrative Agent meeting the qualifications set forth above; <I>provided </I>that if Administrative Agent shall notify Borrower and the Lenders that no qualifying Person has accepted such appointment,
then such resignation shall nonetheless become effective in accordance with such notice and (1)&nbsp;the retiring Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Margin Loan Documents and
(2)&nbsp;all payments, communications and determinations provided to be made by, to or through Administrative Agent shall instead be made by or to each Lender directly, until such time as the Required Lenders appoint a successor Administrative Agent
as provided for above in this paragraph. The successor shall be consented to by Borrower at all times other than during the existence of an Event of Default (which consent of Borrower shall not be unreasonably withheld or delayed). Upon the
acceptance of a successor&#146;s appointment as Administrative Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring (or retired) Administrative Agent, and the
retiring Administrative Agent shall be discharged from all of its duties and obligations hereunder (if not already discharged therefrom as provided above in this paragraph). The fees payable by Borrower to a successor Administrative Agent shall be
the same as those payable to its predecessor unless otherwise agreed between Borrower and such successor. After the retiring Administrative Agent&#146;s resignation hereunder and under the other Margin Loan Documents, the provisions of this Article
and Section&nbsp;9.04 shall continue in effect for the benefit of such retiring Administrative Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring
Administrative Agent was acting as Administrative Agent. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each Lender acknowledges that it has, independently and without reliance upon Administrative
Agent or any other Lender or any of their Related Parties and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender also acknowledges that it will,
independently and without reliance upon Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking
or not taking action under or based upon this Agreement or any related agreement or any document furnished hereunder or thereunder. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE 9 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">M<SMALL>ISCELLANEOUS</SMALL> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.01<I>. Amendments, Etc.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Neither this Agreement nor any other Margin Loan Document nor any provision hereof or thereof may be waived, amended or modified except
(x)&nbsp;as set forth in Sections 9.01(b), 9.01(c) or 9.01(d) or (y)&nbsp;pursuant to an agreement or agreements in writing entered into by Borrower, Guarantor (as applicable) and the Required Lenders or by Borrower, Guarantor (as applicable) and
Administrative Agent with the consent of the Required Lenders; <I>provided</I> that no such agreement shall (i)&nbsp;increase the Commitment of any Lender without the written consent of such Lender, (ii)&nbsp;reduce the principal amount of any
Advance or reduce the rate of interest thereon, or reduce any fees payable hereunder, without the written consent of each Lender directly affected thereby, (iii)&nbsp;postpone the scheduled date of payment of the principal amount of any Advance or
any interest thereon, or any fees payable hereunder, or reduce the amount of, waive or excuse any such payment, or postpone the scheduled date of expiration of any Commitment, without the written consent of each Lender directly affected thereby,
(iv)&nbsp;change Section&nbsp;2.16(c) or (d)&nbsp;in a manner that would alter the pro rata sharing of payments required thereby, without the written consent of each Lender, (v)&nbsp;release Guarantor from its obligations under the Guarantee
Agreement, without the written consent of each Lender, (vi)&nbsp;change any of the provisions of this Section or the definition of &#147;Required Lenders&#148; or any other provision hereof specifying the number or percentage of Lenders required to
waive, amend or modify any rights hereunder or make any determination or grant any consent hereunder, without the written consent of each Lender; <I>provided, further</I> that no such agreement shall amend, modify or otherwise affect the rights or
duties of Administrative Agent under any Margin Loan Document without the prior written consent of Administrative Agent. Anything herein to the contrary notwithstanding, during such period as a Lender is a Defaulting Lender, to the fullest extent
permitted by applicable law, such Lender will not be entitled to vote in respect of amendments and waivers hereunder and the Commitment and the outstanding Advance or other extensions of credit of such Lender hereunder will not be taken into account
in determining whether the Required Lenders have approved any such amendment or waiver (and the definition of &#147;Required Lenders&#148; will automatically be deemed modified accordingly for the duration of such period); <I>provided</I> that any
such amendment or waiver that would increase the Commitment of </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">such Defaulting Lender, reduce the principal amount of any Advance of such Defaulting Lender or reduce the
rate of interest thereon, or reduce any fees payable owing to such Defaulting Lender hereunder, postpone the scheduled date of payment of the principal amount of any Advance of such Defaulting Lender or any interest thereon, or any fees payable to
such Defaulting Lender hereunder, or reduce the amount of, waive or excuse any such payment, or postpone the scheduled date of expiration of any Commitment of such Defaulting Lender, or alter the terms of this proviso, will require the consent of
such Defaulting Lender. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Upon the occurrence of a Share Collateral Trigger Event, Administrative Agent may, with the consent of the
Required Lenders, in consultation with Borrower to the extent reasonably practicable and to the extent that such consultation would not cause undue delay, propose to amend one or more of the material terms of any Margin Loan Document other than the
Guarantee Agreement (subject to the proviso to Section&nbsp;9.01(a)) by delivering written notice of such proposed amendments to Borrower and the Lenders. Such amendments will take effect at the applicable Amendment Effective Time; <I>provided</I>
that following receipt of such notice, Borrower may (i)&nbsp;prepay in full the Total Accrued Loan Amount to Administrative Agent for the account of each Lender prior to the Amendment Effective Time, in which case the proposed amendments will not
take effect and (ii)&nbsp;if Borrower makes the payment described in clause (i), Borrower may (but shall not be required to) simultaneously terminate the Commitments pursuant to Section&nbsp;2.05(b) without paying any Make Whole Amount. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) If any of the following events (&#147;<B><I>Potential Facility Amendment Events</I></B>&#148;) shall occur: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) the occurrence of the tenth scheduled Exchange Business Day prior to the scheduled consummation of a Merger Event in relation to an Issuer,
unless Calculation Agent determines that such consummation is unlikely to occur; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) the announcement of an event that if consummated or
completed would result in a Delisting of the TGP Shares, the TNK Shares or the TOO Shares and such shares not being immediately relisted on a Designated Exchange; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) the payment of an Extraordinary Dividend with respect to the TGP Shares, the TNK Shares or the TOO Shares<FONT
STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE>;</STRIKE></FONT><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">, except, with respect to any calendar quarter in 2019,
the payment of any Extraordinary Dividend with respect to the TGP Shares with an ex-dividend date occurring during such calendar quarter, the amount or value of which (as determined by Calculation Agent), when aggregated with the amount or value (as
determined by Calculation Agent) of any Ordinary Cash Dividend with respect to the TGP Shares with an ex-dividend date occurring in the same calendar quarter, does not exceed $1.05 per share;</U></FONT><FONT STYLE="font-family:Times New Roman">
</FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) the occurrence of the record date in respect of a distribution, issue or dividend to existing holders of the TGP Shares, the
TNK Shares or the TOO Shares of share capital or other securities of another issuer acquired or owned (directly or indirectly) by the relevant Issuer in connection with a spin-off or other similar transaction with a value greater than 35% of the
value of the share capital of the relevant Issuer immediately prior to such record date, as determined by Calculation Agent;<FONT STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE>
or</STRIKE></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) suspension from trading of the TGP Shares, the TNK Shares or the TOO Shares on the
applicable Exchange for three consecutive Exchange Business Days, other than a suspension that affects all common equity securities on such
Exchange;<FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"> or</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(vi)</U></FONT><FONT
STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"> the Share Collateral Value attributable to the TGP Shares shall represent less than 50% of the total Share Collateral Value immediately
after giving effect to any withdrawal or release of TGP Shares from the Collateral Account pursuant to Section 2.10;</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">then, and in any such event, and at any time thereafter during the continuance of such event, Administrative Agent may, with the consent of the Required
Lenders, in consultation with Borrower to the extent reasonably practicable and to the extent such consultation would not cause undue delay, propose to amend one or more of the material terms of any Margin Loan Document other than the Guarantee
Agreement (subject to the proviso to Section&nbsp;9.01(a)) to account for such Potential Facility Amendment Event by delivering written notice of such proposed amendments to Borrower and the Lenders. Such amendments will take effect at the
applicable Amendment Effective Time; <I>provided</I> that following receipt of such notice, Borrower may, prior to the Amendment Effective Time, (x)&nbsp;prepay in full the Total Accrued Loan Amount to Administrative Agent for the account of each
Lender and (y)&nbsp;terminate the Commitments pursuant to Section&nbsp;2.05(b) without paying any Make Whole Amount (and, for the avoidance of doubt, Borrower must take the action described in clause (y)&nbsp;if Borrower takes the action described
in clause (x)). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) Upon the occurrence of a Redocumentation Event, Borrower may, on or prior to the applicable Amendment Effective Time,
(x)&nbsp;prepay in full the Total Accrued Loan Amount to Administrative Agent for the account of each Lender and (y)&nbsp;terminate the Commitments pursuant to Section&nbsp;2.05(b) without paying any Make Whole Amount (and, for the avoidance of
doubt, Borrower must take the action described in clause (y)&nbsp;if Borrower takes the action described in clause (x)). Unless Borrower so elects to prepay the Total Accrued Loan Amount and terminate the Commitments pursuant to the preceding
sentence, then after the applicable Amendment Effective Time, Administrative Agent may, with the consent of the Required Lenders, split the Facility into a separate facility with each Lender (each a &#147;<B><I>Separate Facility</I></B>&#148;) on
economic terms identical to those of the Facility (subject to any necessary conforming changes), with aggregate Commitments and outstanding Advances equal to the Commitments and outstanding Advances under the Facility, and which shall be documented
in separate agreements on substantially the same terms and conditions as this Agreement and the other Margin Loan Documents; <I>provided</I> that all conditions precedent to the making of the Advances on the occasion of the first Borrowing specified
in this Agreement shall be deemed to be satisfied upon Borrower&#146;s entry into the Separate Facilities and Borrower shall not be required to deliver any certificates, certifications, opinions or other documents upon its entry into the Separate
Facilities other than (i)&nbsp;standard corporate housekeeping opinions (with the cost of such opinions to be paid by the applicable Lender or Lenders, as the case may be, requesting such opinions) and (ii)&nbsp;UCC financing statements in an
appropriate form for filing with the Recorder of Deeds in the District of Columbia and completed Federal Reserve Board Forms U-1 and G-3, to the extent necessary; <I>provided, further</I> that Borrower shall not be required to incur any increased
tax, cost or expense (other than its own out-of-pocket fees and expenses of counsel) in connection with the establishment and maintenance of the Separate Facilities other than increased taxes, costs or expenses that Borrower would be required to
incur under this </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">63 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Agreement and the other Margin Loan Documents. The parties will work together in good faith to agree on
documentation for the Separate Facilities that takes into account changes appropriate to reflect the fact that each Separate Facility has a single Lender (including, for the avoidance of doubt, changes to the definition of Permitted Liens to reflect
the fact that Borrower will pledge collateral separately to each Lender). A Lender shall be Administrative Agent under each Separate Facility with a single Commitment and outstanding Advances proportional to the Commitment of such Lender under the
Facility, and each Separate Facility will have its own Collateral Agent and will be separately secured by a portion of the Collateral proportional to the Commitment in respect of such Separate Facility. Borrower will not be responsible for any fees,
costs or other expenses incurred by Administrative Agent or any Lender in connection with the establishment and maintenance of the Separate Facilities, other than fees, costs and other expenses for which Borrower would be responsible under this
Agreement and the other Margin Loan Documents. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.02<I>. Notices; Effectiveness; Electronic Communications.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Except in the case of notices and other communications expressly permitted to be given by telephone (and except as provided in Subsection
(b)&nbsp;below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by facsimile or email as follows, and all
notices and other communications expressly permitted hereunder to be given by telephone shall be made to the applicable telephone number, as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) if to Borrower, to: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman">Deliver by courier to: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman">Teekay
Finance Limited </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman">4th Floor, Belvedere Building </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman">69 Pitts Bay Road </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman">Hamilton, HM
08 Bermuda </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman">Attn: Edith Robinson </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman">Telephone No.: (441)&nbsp;298-2533 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman">Facsimile No.: (441)&nbsp;292-3931 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman">Email: edie.robinson@teekay.com </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman">with a copy to: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman">Teekay Finance
Limited </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman">Suite No.&nbsp;1778 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman">48 Par-la-Ville Road </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman">Hamilton,
HM 11 Bermuda </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman">Attn: Edith Robinson </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman">with a copy to: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman">Teekay
Corporation </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">64 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; text-indent:4%; font-size:10pt; font-family:Times New Roman">c/o Teekay Shipping (Canada) Ltd. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Suite 2000 Bentall 5 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; text-indent:4%; font-size:10pt; font-family:Times New Roman">550 Burrard Street </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Vancouver, BC V6C 2K2 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Canada </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Attn: Renee Eng, Manager, Treasury </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Telephone No.: (604)&nbsp;609-6418 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Facsimile No.: (604)&nbsp;681-3011 </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:17%; text-indent:4%; font-size:10pt; font-family:Times New Roman">and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:17%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Rafal Gawlowski </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Latham&nbsp;&amp; Watkins LLP </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; text-indent:4%; font-size:10pt; font-family:Times New Roman">885 Third Avenue </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; text-indent:4%; font-size:10pt; font-family:Times New Roman">New York, New York 10022 </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ii) if to Administrative Agent, to its applicable address set forth on Schedule 9.02. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iii) if to any other Lender, to it at its address (or facsimile number or electronic mail address or telephone number) set
forth on Schedule 9.02 or in the Assignment and Assumption pursuant to which such Lender becomes party to this Agreement or to such other address, facsimile number, electronic mail address or telephone number as shall be designated by such party in
a notice to Borrower and Administrative Agent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Notices and other communications sent by hand or overnight courier service, or mailed by
certified or registered mail, shall be deemed to have been given when received; notices and other communications sent by facsimile shall be deemed to have been given when sent (except that, if not given during normal business hours for the
recipient, shall be deemed to have been given at the opening of business on the next Business Day for the recipient). Notices and other communications delivered through electronic communications to the extent provided in Subsection (b)&nbsp;below,
shall be effective as provided in such Subsection (b). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) (i) Notices and other communications sent to an email address shall be deemed
received when sent absent receipt of a failure to deliver notice, and (ii)&nbsp;notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its email address as
described in the foregoing clause (i) of notification that such notice or communication is available and identifying the website address therefor. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Any party hereto may change its address (including email address), facsimile or telephone number for notices and other communications
hereunder by notice to the other parties hereto. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) Administrative Agent and the Lenders shall be entitled to rely and act upon any notices
purportedly given by or on behalf of Borrower. Borrower shall indemnify Administrative Agent and the Lenders and the Related Parties of Administrative Agent and the Lenders from all losses, costs, expenses and liabilities resulting from the reliance
by such Person on each notice purportedly given by or on behalf of Borrower, except to the extent such losses, costs, expenses and liabilities arise from the gross negligence, bad faith or willful misconduct of Administrative Agent or any of its
Related Parties. All telephonic notices to and other telephonic communications with Administrative Agent or any Lender may be recorded by such Person, and each of the parties hereto hereby consents to such recording. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) Borrower hereby agrees that service of all writs, process and summonses in any suit, action or proceeding brought under any Margin Loan
Document may be made upon Watson, Farley&nbsp;&amp; Williams (New York) LLP, presently located at 1133 Avenue of the Americas, New York, New York 10036 (the &#147;<B><I>Process Agent</I></B>&#148;), and Borrower hereby confirms and agrees that the
Process Agent has been duly and irrevocably appointed as its agent and true and lawful attorney-in-fact in its name, place and stead to accept such service of any and all such writs, process and summonses, and agrees that the failure of the Process
Agent to give any notice of any such service of process to Borrower shall not impair or affect the validity of such service or of any judgment based thereon. Borrower hereby further irrevocably consents to the service of process in any suit, action
or proceeding in the manner provided in Section&nbsp;9.08(d). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.03<I>. No Waiver; Remedies.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) No failure or delay by Administrative Agent or any Lender in exercising any right or power hereunder or under any other Margin Loan
Document shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the
exercise of any other right or power. The rights and remedies of Administrative Agent and the Lenders hereunder and under any other Margin Loan Document are cumulative and are not exclusive of any rights or remedies that they would otherwise have.
No waiver of any provision of any Margin Loan Document or consent to any departure by Borrower therefrom shall in any event be effective unless the same shall be permitted by Section&nbsp;9.01, and then such waiver or consent shall be effective only
in the specific instance and for the purpose for which given. No notice to or demand on Borrower in any case shall entitle Borrower to any other or further notice or demand in similar or other circumstances or constitute a waiver of the rights of
Administrative Agent or any Lender to any other or further action in any circumstances without notice or demand. Without limiting the generality of the foregoing, the making of an Advance shall not be construed as a waiver of any Event of Default,
regardless of whether Administrative Agent or any Lender may have had notice or knowledge of such Event of Default at the time. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The
Advances are made with full recourse to Borrower and constitute direct, general, unconditional and unsubordinated Indebtedness of Borrower. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Borrower, Administrative Agent and each Lender acknowledge and agree that the Margin Loan Documents collectively are intended to constitute
a &#147;securities contract&#148; as such term is defined in Section&nbsp;741(7) of the Bankruptcy Code and that each delivery, transfer, payment and grant of a security interest made or required to be made hereunder or contemplated </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">hereby or made, required to be made or contemplated in connection herewith is a &#147;transfer&#148; and a
&#147;margin payment&#148; or a &#147;settlement payment&#148; within the meaning of Section&nbsp;362(b)(6) and/or (27) and Sections 546(e) and/or (j)&nbsp;of the Bankruptcy Code. In addition, all obligations under or in connection with the Margin
Loan Documents represent obligations in respect of &#147;termination values,&#148; &#147;payment amounts&#148; or &#147;other transfer obligations&#148; within the meaning of Sections 362 and 561 of the Bankruptcy Code. The parties further
acknowledge and agree that the Margin Loan Documents collectively constitute a &#147;master netting agreement&#148; within the meaning of the Bankruptcy Code. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.04<I>. Costs And Expenses; Indemnification; Damage Waiver.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Borrower shall pay (i)&nbsp;all reasonable out-of-pocket expenses incurred by Administrative Agent and Collateral Agent, including the
reasonable fees, charges and disbursements of counsel for Administrative Agent and Collateral Agent (whether outside counsel or the allocated costs of its internal legal department), in connection with the Facility provided for herein, the
preparation and administration of the Margin Loan Documents or any amendments, modifications or waivers of the provisions of the Margin Loan Documents (whether or not the transactions contemplated hereby or thereby shall be consummated but only so
long as the Lenders are ready, willing and able to make the Advances contemplated by this Agreement upon satisfaction of all conditions precedent to the making of such Advances) (the &#147;<B><I>Lender Expenses</I></B>&#148;), and (ii)&nbsp;all
expenses incurred by Administrative Agent, Collateral Agent or the Lenders or any of their respective Affiliates, including the fees, charges and disbursements of any counsel (whether outside counsel or the allocated costs of its internal legal
department), in connection with the enforcement, collection or protection of its rights in connection with the Margin Loan Documents, including its rights under this Section, or in connection with the Advances made hereunder, including, subject to
Section&nbsp;9.01(d), all such expenses incurred during any workout, restructuring or negotiations in respect of such Advances. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)
Borrower shall indemnify Administrative Agent, Collateral Agent and each Lender (and any sub-agent thereof) and each Related Party of any of the foregoing Persons (each such Person being called an &#147;<B><I>Indemnitee</I></B>&#148;) against, and
hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses, including the fees, charges and disbursements of any counsel for any Indemnitee, incurred by or asserted against any Indemnitee by any third
party or by Borrower or any Related Party of Borrower arising out of, in connection with, or as a result of (i)&nbsp;the preparation, negotiation, execution, delivery or administration of this Agreement, any other Margin Loan Document or any
agreement or instrument contemplated hereby or thereby, the performance by the parties hereto of their respective obligations hereunder or thereunder, the enforcement or protection of their rights hereunder and thereunder or the consummation of the
transactions contemplated by this Agreement, any other Margin Loan Document or any agreement or instrument contemplated hereby or thereby, (ii)&nbsp;any Advance or the use or proposed use of the proceeds therefrom, or (iii)&nbsp;any actual or
prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by Borrower or any other Related Party of Borrower, and regardless
of whether any Indemnitee is a party thereto; <I>provided</I> that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses (x)&nbsp;are determined by a court of
competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence, bad </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">faith or willful misconduct of such Indemnitee or (y)&nbsp;arise out of any dispute among Indemnitees (other
than a dispute involving claims against Administrative Agent or Collateral Agent, in each case in their respective capacities as such) that did not involve actions or omissions of Borrower, Guarantor or their respective Affiliates. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) To the fullest extent permitted by applicable Law, Borrower shall not assert, and hereby waives, any claim against any Indemnitee, on any
theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Margin Loan Document or any agreement or
instrument contemplated hereby, the transactions contemplated hereby or thereby, any Advance or the use of the proceeds thereof. No Indemnitee referred to in Subsection (b)&nbsp;above shall be liable for any damages arising from the use by
unintended recipients of any information or other materials distributed by it through telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Margin Loan Document or the transactions
contemplated hereby or thereby, except to the extent such charges result from the willful misconduct, bad faith or gross negligence of such Indemnitee. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) All amounts due under this Section shall be payable not later than ten Business Days after demand therefor. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) To the extent that Borrower fails to pay any amount required to be paid by it to Administrative Agent or any Related Party thereof under
paragraph (a)&nbsp;or (b)&nbsp;of this Section, each Lender severally agrees to pay to Administrative Agent or such Related Party, as the case may be, such Lender&#146;s Applicable Percentage (determined as of the time that the applicable
unreimbursed expense or indemnity payment is sought) of such unpaid amount; <I>provided</I> that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against
Administrative Agent in its capacity as such, or against any Related Person acting for Administrative Agent in connection with such capacity. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) The agreements in this Section shall survive the termination of the Facility and the repayment, satisfaction or discharge of all the other
Obligations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.05<I>. Collateral Agent.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Administrative Agent and each Lender hereby appoint Citibank, N.A. as Collateral Agent hereunder to take such actions on their behalf and to
exercise such powers as are delegated to such agent by the terms of this Agreement, the Security Agreement, the Guarantee or by any written instruction of Administrative Agent, together with such actions and powers as are reasonably related thereto
to the extent permitted by applicable law. Without limiting the generality of the foregoing, Collateral Agent is hereby expressly authorized to execute any and all documents (including releases) with respect to the Collateral and exercise the rights
as a secured party on behalf of Administrative Agent and each Lender with respect thereto, as contemplated by and in accordance with the provisions of this Agreement and the Security Agreement to the extent permitted by applicable law. Citibank,
N.A. hereby accepts and agrees to such appointment. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.06<I>. Calculation Agent.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The parties hereto hereby appoint Citibank, N.A. as Calculation Agent to take such actions, and to exercise such powers, as are delegated to
such agent by the terms of the Margin Loan Documents, and Citibank, N.A. hereby accepts and agrees to such appointment. Whenever Calculation Agent is required to act or to exercise judgment in any way, it shall do so in good faith and in a
commercially reasonable manner and, when reasonably practicable, in consultation with Borrower and to the extent that such consultation would not cause undue delay. Following any determination, calculation or other act by Calculation Agent, upon
request by Borrower, Calculation Agent will provide to Borrower a report (in a commonly used file format for the storage and manipulation of financial data) displaying, in reasonable detail, the basis for such determination, calculation or action,
it being understood that Calculation Agent will not be obligated to disclose any proprietary models or other confidential or proprietary information or data used by it for such determination, calculation or action. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.07<I>. Payments Set Aside.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">To the extent that any payment by or on behalf of Borrower is made to Administrative Agent or any Lender, or Administrative Agent or any Lender
exercises their right of setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by
Administrative Agent or such Lender in its discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Law or otherwise, then to the extent of such recovery, the obligation or part
thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such setoff had not occurred. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.08<I>. Governing Law; Submission To Jurisdiction.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The Margin Loan Documents shall be governed by, and construed in accordance with, laws of the State of New York without giving effect to
its conflict of laws provisions other than Section&nbsp;5 1401 of the New York General Obligations Law. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Each of the parties to this
Agreement hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of any U.S. Federal or New York State court sitting in New York, New York in any action or proceeding arising out of or relating to
any Margin Loan Document, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such
New York State or, to the extent permitted by law, in such Federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment
or in any other manner provided by law. Nothing in this Agreement or any other Margin Loan Document shall affect any right that Administrative Agent or any Lender may otherwise have to bring any action or proceeding relating to this Agreement or any
other Margin Loan Document against Borrower or its properties in the courts of any jurisdiction. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Each of the parties to this Agreement hereby irrevocably and unconditionally waives, to
the fullest extent it may legally and effectively do so, any objection that it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or any other Margin Loan Document in any
court referred to in Subsection (b)&nbsp;of this Section. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such
court. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) Each party hereto irrevocably consents to service of process in the manner provided for notices in Section&nbsp;9.02(a).
Nothing in this Agreement or any other Margin Loan Document will affect the right of any party hereto to serve process in any other manner permitted by applicable Law. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN
ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER MARGIN LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO
(A)&nbsp;CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B)&nbsp;ACKNOWLEDGES
THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER MARGIN LOAN DOCUMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 9.08(e). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.09<I>. Successors and Assigns.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and
assigns permitted hereby, except that (i)&nbsp;Borrower may not assign or otherwise transfer any of its rights or obligations hereunder or under any other Margin Loan Document without the prior written consent of Administrative Agent and each Lender
(and any attempted assignment or transfer by Borrower without such consent shall be null and void) and (ii)&nbsp;no Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance with this Section. Nothing in this
Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby and, to the extent expressly contemplated hereby, the Related Parties of
Administrative Agent and each Lender) any legal or equitable right, remedy or claim under or by reason of this Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) (i) Subject
to the conditions set forth in paragraph (b)(ii) below, any Lender may assign to a single assignee all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Advances at the time owing
to it) with the prior written consent (such consent not to be unreasonably withheld) of: </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:12%; text-indent:5%; font-size:10pt; font-family:Times New Roman">(A) Borrower; <I>provided</I> that no consent of Borrower shall be required
for an assignment to a Lender, an Affiliate of a Lender or, if a payment or bankruptcy Event of Default has occurred and is continuing, any other Person (other than a natural person); and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:12%; text-indent:5%; font-size:10pt; font-family:Times New Roman">(B) Administrative Agent; <I>provided</I> that no consent of Administrative Agent shall be required for an assignment to an
Affiliate of a Lender. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ii) Assignments by a Lender shall be subject to the following additional conditions: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:12%; text-indent:5%; font-size:10pt; font-family:Times New Roman">(A) in no event shall there be more than two Lenders; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:12%; text-indent:5%; font-size:10pt; font-family:Times New Roman">(B) the amount of the Commitment or Advances of the assigning Lender subject to each such assignment, and the amount of the
Commitment or Advances of the assigning Lender remaining after each such assignment (in each case determined as of the date the Assignment and Assumption with respect to such assignment is delivered to Administrative Agent), in each case shall not
be less than the lesser of (1)&nbsp;$10,000,000 and (2)&nbsp;the entire remaining amount of the assigning Lender&#146;s Commitments or Advances, as applicable, unless each of Borrower and Administrative Agent otherwise consent (each such consent not
to be unreasonably withheld or delayed); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:12%; text-indent:5%; font-size:10pt; font-family:Times New Roman">(C) each partial assignment shall be made as an assignment of a proportionate
part of all the assigning Lender&#146;s rights and obligations under this Agreement; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:12%; text-indent:5%; font-size:10pt; font-family:Times New Roman">(D) the parties to each
assignment shall execute and deliver to Administrative Agent an Assignment and Assumption, together with a processing and recordation fee of $3,500. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iii) Subject to acceptance and recording thereof pursuant to paragraph (b)(v) of this Section, from and after the effective
date specified in each Assignment and Assumption, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this
Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of
the assigning Lender&#146;s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 2.11, 2.12, 2.14 and 9.15). Upon request, Borrower (at its expense)
shall execute and deliver a promissory note in the form described in Section 2.15(d) to the assignee Lender, and the promissory note, if any, theretofore held by the assignor Lender shall be returned to Borrower in exchange for a new promissory
note, payable to the assignee Lender and reflecting its retained interest (if any) hereunder. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section&nbsp;9.09 shall be treated for
purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with paragraph (c)&nbsp;of this Section. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iv) Administrative Agent, acting solely for this purpose as an agent of
Borrower, shall maintain at one of its offices a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitment of, and principal amount (and stated interest)
of the Advances owing to, each Lender pursuant to the terms hereof from time to time (the &#147;<B><I>Register</I></B>&#148;). The entries in the Register shall be conclusive, and Borrower, Administrative Agent and the Lenders may treat each Person
whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by Borrower and any Lender, at any
reasonable time and from time to time upon reasonable prior notice. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(v) Upon its receipt of a duly completed Assignment
and Assumption executed by an assigning Lender and an assignee, the processing and recordation fee referred to in paragraph (b)&nbsp;of this Section and any written consent to such assignment required by paragraph (b)&nbsp;of this Section,
Administrative Agent shall accept such Assignment and Assumption and record the information contained therein in the Register. No assignment shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in
this paragraph. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Any Lender may, without the consent of Borrower or Administrative Agent, sell participations to one or more banks or
other entities (other than Borrower of any of its Affiliates) (a &#147;<B><I>Participant</I></B>&#148;) in all or a portion of such Lender&#146;s rights and obligations under this Agreement and the other Margin Loan Document (including all or a
portion of the Advances); <I>provided</I> that (i) such Lender&#146;s obligations under the Margin Loan Document shall remain unchanged, (ii)&nbsp;such Lender shall remain solely responsible to the other parties hereto for the performance of such
obligations and (iii)&nbsp;the other parties hereto shall continue to deal solely and directly with such Lender in connection with such Lender&#146;s rights and obligations under this Agreement. Subject to Subsection (d)&nbsp;of this Section,
Borrower agrees that each Participant shall be entitled to the benefits of Sections 2.11, 2.12, and 2.14 (subject to the requirements and limitations therein, including the requirements under Section&nbsp;2.12(e) (it being understood that the
documentation required under Section&nbsp;2.12(e) shall be delivered to the participating Lender)) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to this Section. To the extent permitted by law, each
Participant also shall be entitled to the benefits of Section&nbsp;9.16 as though it were a Lender. Any Lender that sells a participation to a Participant, shall, acting solely for this purpose as an agent of Borrower, maintain a register on which
it enters the name and address of each Participant and the principal amount (and stated interest) of each Participant&#146;s interest in this Agreement and the other Margin Loan Document; <I>provided</I> that no Lender shall have any obligation to
disclose all or any portion of such register (including the identity of any Participant or any information relating to a Participant&#146;s interest in any Commitments or Advances or its other obligations under any Margin Loan Document) to any
Person except to the extent such disclosure is necessary to establish that such Commitment or Advance or other obligation is in registered form under Section&nbsp;5f.103-1(c) of the United States Treasury Regulations <FONT
STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">or Section&nbsp;1.163-5(b) of the Proposed Treasury Regulations (or, in each case, any amended or successor version)</U></FONT><FONT
STYLE="font-family:Times New Roman">. </FONT></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) A Participant shall not be entitled to receive any greater payment under Sections 2.11
and 2.12 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, except to the extent that such entitlement to receive a greater payment results from a Change in Law that occurs
after the Participant acquired the applicable participation. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) Any Lender may at any time (i)&nbsp;pledge or assign a security interest
in all or any portion of its rights under this Agreement to secure obligations of such Lender or (ii)&nbsp;enter into derivative transactions relating to such Lender&#146;s Commitments or Advances, and this Section shall not apply to any such pledge
or assignment of a security interest or derivative transaction; <I>provided </I>that no such pledge or assignment of a security interest or derivative transaction shall (x) release such Lender from any of its obligations hereunder or substitute any
such pledgee, assignee or derivative transaction counterparty for such Lender as a party hereto or (y)&nbsp;result in the rehypothecation of any Collateral. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.10<I>. Severability.</I> Any provision of any Margin Loan Document held to be invalid, illegal or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions thereof; and the invalidity of a
particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.11<I>.
Counterparts; Integration; Effectiveness.</I> This Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall
constitute a single contract. This Agreement, the other Margin Loan Document and any separate letter agreements with respect to fees payable to Administrative Agent or the Lenders constitute the entire contract among the parties relating to the
subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. Except as provided in Article 4, this Agreement shall become effective when it shall have been executed
by Administrative Agent and when Administrative Agent shall have received counterparts hereof that, when taken together, bear the signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the
parties hereto and their respective successors and assigns permitted hereby. Delivery of an executed counterpart of a signature page of this Agreement by facsimile or electronic transmission shall be effective as delivery of a manually executed
counterpart of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.12<I>. Survival Of Representations.</I> All covenants, agreements, representations and
warranties made by Borrower in the Margin Loan Documents and in the certificates or other instruments delivered in connection with or pursuant to this Agreement or any other Margin Loan Document shall be considered to have been relied upon by the
other parties hereto and shall survive the execution and delivery of the Margin Loan Documents and the making of any Advances, regardless of any investigation made by any such other party or on its behalf and notwithstanding that Administrative
Agent or any Lender may have had notice or knowledge of any Event of Default or incorrect representation or warranty at the time any credit is extended </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">hereunder, and shall continue in full force and effect as long as the principal of or any accrued interest
on any Advance or any other Obligation under this Agreement is outstanding and unpaid or unsatisfied. The provisions of Sections 2.11, 2.12, 2.14, Section&nbsp;8.01 and Article 9 shall survive and remain in full force and effect regardless of the
consummation of the transactions contemplated hereby, the repayment of the Advances, the resignation or replacement of Administrative Agent or the termination of this Agreement or any other Margin Loan Document or any provision hereof or thereof.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.13<I>. Confidentiality.</I> Subject to Section&nbsp;6.14, each of Administrative Agent and the Lenders agrees to maintain
the confidentiality of the Information (as defined below), except that Information may be disclosed (a)&nbsp;to its and its Affiliates&#146; directors, officers, employees and agents, including accountants, legal counsel and other advisors (it being
understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b)&nbsp;to the extent requested by any regulatory authority having
jurisdiction over Administrative Agent or any Lender (in which case the disclosing party agrees to inform Borrower promptly of such disclosure, unless such notice is prohibited by applicable Law and except in connection with any request as part of a
regulatory examination), (c)&nbsp;to the extent required by applicable laws or regulations or by any subpoena or similar legal process (in which case the disclosing party agrees to inform Borrower promptly of such disclosure to the extent permitted
by law and except in connection with a regulatory examination or an audit or examination conducted by bank accountants), (d)&nbsp;to any other party to this Agreement, (e)&nbsp;in connection with the exercise of any remedies hereunder or any suit,
action or proceeding relating to this Agreement or any other Margin Loan Document or the enforcement of rights hereunder or thereunder, (f)&nbsp;subject to an agreement containing provisions substantially the same as those of this Section, to
(i)&nbsp;any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement or (ii)&nbsp;any actual or prospective counterparty (or its advisors) to any swap or derivative
transaction relating to Borrower and its obligations, (g)&nbsp;with the consent of Borrower or (h)&nbsp;to the extent such Information (i)&nbsp;becomes publicly available other than as a result of a breach of this Section or (ii)&nbsp;becomes
available to Administrative Agent or the applicable Lender on a non-confidential basis from a source other than Borrower or its Affiliates. For the purposes of this Section, &#147;<B><I>Information</I></B>&#148; means all information received from
Borrower relating to Borrower or its business hereunder or pursuant hereto, other than any such information that is available to Administrative Agent or any Lender on a non-confidential basis prior to disclosure by Borrower; <I>provided</I> that, in
the case of information received from Borrower after the date hereof, such information is clearly identified at the time of delivery as confidential. Any Person required to maintain the confidentiality of Information as provided in this Section
shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.14<I>. No Advisory Or Fiduciary Relationship.</I> In connection with all aspects of each transaction contemplated hereby
(including in connection with any amendment, waiver or other modification hereof or of any other Margin Loan Document), Borrower acknowledges and agrees that: (a)(i) the arranging and other services regarding this Agreement provided by
Administrative Agent and the Lenders are arm&#146;s-length commercial transactions between </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">74 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Borrower and its Affiliates, on the one hand, and Administrative Agent and the Lenders and their respective
Affiliates, on the other hand, (ii)&nbsp;Borrower has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate, and (iii)&nbsp;Borrower is capable of evaluating, and understands and accepts, the terms,
risks and conditions of the transactions contemplated hereby and by the other Margin Loan Document; (b)(i) each of Administrative Agent and each Lender is and has been acting solely as a principal and, except as expressly agreed in writing herein or
otherwise by the relevant parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary for Borrower or any of its Affiliates, or any other Person and (ii)&nbsp;each of Administrative Agent and each Lender has no obligation
to Borrower or any of its Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Margin Loan Document; and (c)&nbsp;Administrative Agent and the Lenders and their
respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of Borrower and its Affiliates, and each of Administrative Agent and each Lender has no obligations to disclose any of such interests
to Borrower or any of its Affiliates. To the fullest extent permitted by law, Borrower hereby waives and releases any claims that it may have against Administrative Agent or the Lenders or their respective Affiliates with respect to any breach or
alleged breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.15<I>.
Right Of Setoff.</I> If an Event of Default shall have occurred and be continuing, Administrative Agent, Collateral Agent and each Lender (each, a &#147;<B><I>Set-off Party</I></B>&#148;) is hereby authorized at any time and from time to time, to
the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other obligations at any time owing by such Set-off Party to or for the credit or the
account of Borrower against any and all of the obligations and liabilities of Borrower, irrespective of whether or not the relevant Set-off Party shall have made any demand under the Margin Loan Documents and although such obligations may be
unmatured. The rights of each Set-off Party under this Section are in addition to other rights and remedies (including other rights of setoff) that such Set-off Party may have. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.16 <I>. Judgment Currency.</I> If a judgment, order or award is rendered by any court or tribunal for the payment of any
amounts owing to Administrative Agent or any Lender under this Agreement or any other Margin Loan Document or for the payment of damages in respect of a judgment or order of another court or tribunal for the payment of such amount or damages, such
judgment, order or award being expressed in a currency (the &#147;<B><I>Judgment Currency</I></B>&#148;) other than Dollars, Borrower agrees (a)&nbsp;that its obligations in respect of any such amounts owing shall be discharged only to the extent
that on the Business Day following Administrative Agent or such Lender&#146;s receipt, as applicable, of any sum adjudged in the Judgment Currency, Administrative Agent or such Lender, as applicable, may purchase Dollars with the Judgment Currency,
and (b)&nbsp;to indemnify and hold harmless Administrative Agent or such Lender against any deficiency in terms of Dollars in the amounts actually received by Administrative Agent or such Lender following any such purchase (after deduction of any
premiums and costs of exchange payable in connection with the purchase of, or conversion into, Dollars). The indemnity set forth in the preceding sentence shall (notwithstanding any judgment referred to in the preceding sentence) constitute an
obligation of Borrower separate and independent from its other obligations hereunder and shall survive the termination of this Agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">75 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.17<I>. USA PATRIOT Act Notice.</I> Each Lender that is subject to the
requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October&nbsp;26, 2001)), as amended (the &#147;<B><I>Act</I></B>&#148;), and Administrative Agent (for itself and not on behalf of any Lender) hereby notifies Borrower
that pursuant to the requirements of the Act, it is required to obtain, verify and record information that identifies Borrower, which information includes the name and address of Borrower and other information that will allow Administrative Agent or
such Lender to identify Borrower in accordance with the Act. Borrower agrees to promptly provide Administrative Agent or such Lender with all of the information requested by such Person to the extent such Person deems such information reasonably
necessary to identify Borrower in accordance with the Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.18<I>. Interest Rate Limitation.</I> Notwithstanding anything
herein to the contrary, if at any time the interest rate applicable to any Advance, together with all fees, charges and other amounts that are treated as interest on such Advance under applicable law (collectively the
&#147;<B><I>Charges</I></B>&#148;), shall exceed the maximum lawful rate (the &#147;<B><I>Maximum Rate</I></B>&#148;) that may be contracted for, charged, taken, received or reserved by the Lender holding such Advance in accordance with applicable
law, the rate of interest payable in respect of such Advance hereunder, together with all Charges payable in respect thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest and Charges that would have been payable in
respect of such Advance but were not payable as a result of the operation of this Section shall be cumulated and the interest and Charges payable to such Lender in respect of other Advances or periods shall be increased (but not above the Maximum
Rate therefor) until such cumulated amount, together with interest thereon at the Federal Funds Effective Rate to the date of repayment, shall have been received by such Lender. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.19<I>. Disclosure.</I> Borrower hereby acknowledges and agrees that Administrative Agent and each Lender and/or their
Affiliates from time to time may hold investments in, make other loans to or have other relationships with Borrower or its Affiliates. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[END OF TEXT] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">76 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>IN WITNESS WHEREOF</B>, the parties hereto have caused this Agreement to be duly executed
and delivered by their respective officers or representatives thereunto duly authorized, as of the date first above written. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


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<TD WIDTH="6%"></TD>
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<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B><U>BORROWER:</U></B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>TEEKAY FINANCE LIMITED,</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">as
Borrower</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><I>[Signature Page to Margin Loan Agreement] </I></B></P>
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<TD VALIGN="top" COLSPAN="3"><B>CITIBANK, N.A.,</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">as Administrative Agent</TD></TR>
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<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CITIBANK, N.A., </B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">as
Collateral Agent and solely in respect of</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Section&nbsp;9.05</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CITIBANK, N.A., </B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">as a
Lender</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>DNB CAPITAL LLC,</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">as a Lender<SUP
STYLE="font-size:85%; vertical-align:top">1</SUP></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD></TR>
</TABLE></DIV> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">1</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">DNB Capital LLC became a Lender hereunder effective as of April&nbsp;6, 2017, pursuant to an assignment in
accordance with Section&nbsp;9.09. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><I>[Signature Page to Margin Loan Agreement] </I></B></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Schedule 1.01(a) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following haircuts shall be applicable for purposes of determining the Collateral Value of Cash Equivalents: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) in the case of readily marketable direct obligations of the Government of the United States or any agency or instrumentality thereof or
obligations unconditionally guaranteed by the full faith and credit of the Government of the United States with a remaining time to maturity: (i)&nbsp;equal to or less than one year, 99%; (ii)&nbsp;greater than one year but equal to or less than
five years, 96%; (iii)&nbsp;greater than five years but equal to or less than ten years, 94%; and (iv)&nbsp;greater than ten years but equal to or less than 30 years, 88%; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) in the case of certificates of deposit of or time deposits with any commercial bank that is a Lender or a member of the Federal Reserve
System that issues (or the parent of which issues) commercial paper rated as described in clause (c)&nbsp;of the definition of Cash Equivalents, is organized under the laws of the United States or any state thereof and has combined capital and
surplus of at least $500,000,000: 97%; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) in the case of commercial paper in an aggregate amount of no more than $10,000,000 per issuer
outstanding at any time, issued by any corporation organized under the laws of any state of the United States and rated at least &#147;Prime 1&#148; (or the then equivalent grade) by Moody&#146;s or &#147;A 1&#148; (or the then equivalent grade) by
S&amp;P: 97%; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) in the case of offshore overnight interest bearing deposits in foreign branches of Administrative Agent, any Lender
or an Affiliate of a Lender: 98%. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Schedule 1.01(b) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As used in this Agreement, the following terms shall have the following meanings: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Amendment No.&nbsp;1 Structuring Fee</I></B>&#148; means a fee payable on January&nbsp;6, 2014 by Borrower to Administrative Agent
for the account of each Lender, as consideration for the agreements of the Lenders under Amendment No.&nbsp;1, equal to 0.90% of $50,000,000 for such Lender. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Amendment No.&nbsp;2 Structuring Fee</I></B>&#148; means a fee payable on January&nbsp;7, 2015 by Borrower to Administrative Agent
for the account of each Lender, as consideration for the agreements of the Lenders under Amendment No.&nbsp;2, equal to 0.90% of $250,000,000 for such Lender. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Amendment No.&nbsp;4 Structuring Fee</I></B>&#148; means a fee payable on January&nbsp;5, 2016 by Borrower to Administrative Agent
for the account of each Lender, as consideration for the agreements of the Lenders under Amendment No.&nbsp;4, equal to 1.00% of $150,000,000 for such Lender. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Amendment No.&nbsp;5 Structuring Fee</I></B>&#148; means, with respect to each Lender, a fee payable on June&nbsp;28, 2016 by
Borrower to Administrative Agent for the account of such Lender, as consideration for the agreements of such Lender under Amendment No.&nbsp;5, equal to (i)&nbsp;in the case of Citibank, N.A., 1.25% of $75,000,000 and (ii)&nbsp;in the case of DNB
Bank ASA, Grand Cayman Branch, 0.75% of $75,000,000. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Amendment No.&nbsp;6 Amendment Fee</I></B>&#148; means, with respect to
DNB Capital LLC as a Lender, a fee payable on April&nbsp;6, 2017 by Borrower to Administrative Agent for the account of DNB Capital LLC, as consideration for the agreements of DNB Capital LLC under Amendment No.&nbsp;6, equal to $187,500. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Amendment No.&nbsp;6 Structuring Fee</I></B>&#148; means, with respect to Citibank, N.A. as a Lender, a fee payable on
April&nbsp;6, 2017 by Borrower to Administrative Agent for the account of Citibank, N.A., as consideration for the agreements of Citibank, N.A. under Amendment No.&nbsp;6, equal to 1.10% of the 2017 Incremental Commitment of Citibank, N.A. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">&#147;<B><I>Amendment
No.&nbsp;8 Structuring Fee</I></B>&#148; means, with respect to Citibank, N.A. as a Lender, a fee payable on January&nbsp;2, 2019 by Borrower to Administrative Agent for the account
</U></FONT><FONT STYLE="font-family:Times New Roman" COLOR="#008000"><U>of Citibank, N.A., </U></FONT><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">as consideration for the
agreements of Citibank, N.A. under Amendment No.&nbsp;8, equal to 0.15% of $150,000,000.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">&#147;<B><I>Amendment
No.&nbsp;8 Upfront Fee</I></B>&#148; means, with respect to each Lender, a fee payable on January&nbsp;2, 2019 by Borrower to Administrative Agent for the account of such Lender, as</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT><FONT
STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">consideration for the agreements of such Lender under Amendment No.&nbsp;8, equal to 0.60% of such Lender&#146;s 2018 Commitment.</U></FONT><FONT
STYLE="font-family:Times New Roman"> </FONT></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Commitment Fee Rate</I></B>&#148; means, with respect to any Lender for any
calendar day, the rate per annum determined by reference to the table below, based on the Utilization with respect to such Lender for such calendar day. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; ">Utilization</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Commitment Fee Rate</P></TD></TR>


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<TD VALIGN="top">Less than 15%</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">1.50% per annum</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">15% or greater, but less than 30%</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">1.25% per annum</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">30% or greater, but less than 45%</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">1.00% per annum</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">45% or greater, but less than 60%</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">0.75% per annum</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">60% or greater, but less than 75%</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">0.50% per annum</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">75% or greater</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">0.25% per annum</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Initial LTV Ratio</I></B>&#148; means twenty-nine and one-half percent (29.5%)<FONT
STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE>.</STRIKE></FONT><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">; provided that if at any time</U></FONT><FONT
STYLE="font-family:Times New Roman"> </FONT><FONT STYLE="font-family:Times New Roman" COLOR="#008000"><U>the Share Collateral Value attributable to
</U></FONT><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">the Shares of any single Issuer shall exceed 80</U></FONT><FONT STYLE="font-family:Times New Roman" COLOR="#008000"><U>% of
the total Share Collateral Value at such time</U></FONT><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">, then from such time the Initial LTV Ratio shall mean twenty-seven and
one-half percent (27.5%); and provided further that, if thereafter </U></FONT><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">the Share Collateral Value attributable to the Shares of
any single Issuer shall be equal to or lower than 80</U></FONT><FONT STYLE="font-family:Times New Roman" COLOR="#008000"><U>% of the total Share Collateral Value at
</U></FONT><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">all times on 30 consecutive Exchange Business Days, the Initial LTV Ratio shall be automatically reinstated to equal
twenty-nine and one-half percent (29.5%), subject to the first proviso herein.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Make Whole Amount</I></B>&#148; means, <FONT STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE>if Borrower elects to
terminate the Commitments (i)&nbsp;on or </STRIKE></FONT><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">for each Lender, with respect to any Make Whole Event, an amount equal to the
product of (a)&nbsp;the Commitment of such Lender (or in the case of a Make Whole Event resulting from a permanent reduction in Commitments pursuant to Section&nbsp;2.05(d), the amount of such reduction with respect to such Lender), (b)&nbsp;1.50%
and (c)&nbsp;the number of calendar days from, and including, the date of such Make Whole Event to, and including, </U></FONT><FONT STYLE="font-family:Times New Roman" COLOR="#008000"><U>the date that is 12 </U></FONT><FONT
STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">calendar months</U></FONT><FONT STYLE="font-family:Times New Roman"> after the Amendment No. </FONT><FONT
STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE>5</STRIKE></FONT><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">8</U></FONT><FONT STYLE="font-family:Times New Roman">
Effective Date </FONT><FONT STYLE="font-family:Times New Roman" COLOR="#ff0000"><STRIKE><FONT STYLE="font-family:Times New Roman" COLOR="#008000">but prior to the </FONT><FONT STYLE="font-family:Times New Roman" COLOR="#ff0000">date that is 24
calendar months prior to the Scheduled Maturity Date, 2.25% of the total Commitments, (ii) on or after the date that is 24 calendar months prior to the Scheduled Maturity </FONT><FONT STYLE="font-family:Times New Roman" COLOR="#008000">Date but
prior to the </FONT><FONT STYLE="font-family:Times New Roman" COLOR="#ff0000">date that is 12 months prior to the Scheduled Maturity Date, 1.50% of the total Commitments, or (iii) on or after<SUP STYLE="font-size:85%; vertical-align:top">
</SUP></FONT><FONT STYLE="font-family:Times New Roman" COLOR="#008000">the date that is 12 </FONT><FONT STYLE="font-family:Times New Roman" COLOR="#ff0000">months prior to the Scheduled Maturity Date but prior to the Scheduled Maturity Date, 0.75%
of the total Commitments.</FONT></STRIKE><FONT STYLE="font-family:Times New Roman" COLOR="#1900ff"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">divided by 360.</U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Spread</I></B>&#148; means 3.95%&nbsp;per annum. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Structuring Fee</I></B>&#148; means a fee payable by Borrower to Administrative
Agent for the account of each Lender, as consideration for the agreements of the Lenders under this Agreement, equal to 1.25% of $100,000,000 for such Lender. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Threshold Amount</I></B>&#148; means $25,000,000. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.1 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

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</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>TEEKAY CORPORATION ANNOUNCES PROPOSED $300 MILLION PRIVATE OFFERING OF SENIOR SECURED NOTES; AND ELIMINATES DIVIDEND
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">HAMILTON, Bermuda, April&nbsp;24, 2019&#151; Teekay Corporation (<I>Teekay</I> or <I>the Company</I>) (NYSE:TK) announced today that, subject to
market conditions, it intends to offer $300&nbsp;million in aggregate principal amount of senior secured notes due 2024 (the <I>Notes</I>) in a private placement to eligible purchasers under Rule 144A and Regulation S of the U.S. Securities Act of
1933, as amended (the <I>Securities Act</I>). It is expected that the Notes will be guaranteed on a senior secured basis by certain of Teekay&#146;s subsidiaries and initially be secured by first-priority liens on two of Teekay&#146;s floating
production, storage and offloading (<I>FPSO</I>) units, a pledge of the equity interests of the Teekay subsidiary that owns all of Teekay&#146;s common units of Teekay LNG Partners L.P. and Teekay Offshore Partners L.P. and all of Teekay&#146;s
Class&nbsp;A common shares of Teekay Tankers Ltd., and a pledge of the equity interests in the Teekay subsidiaries that own two of its FPSO units. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Teekay
expects to use the net proceeds from the Notes offering to partially fund the tender offer, also announced today, to purchase any and all of its outstanding 8.5% Senior Notes due 2020 (the <I>2020 Notes</I>) and any fees and expenses thereof. The
remainder of the tender offer is expected to be funded with a portion of Teekay&#146;s available existing cash and borrowings under its equity margin loan facility. The proposed Notes offering is conditioned upon the receipt of consents of at least
a majority of the aggregate principal amount of the outstanding 2020 Notes and the effectiveness of certain proposed amendments (the <I>Proposed Amendments</I>) to the indenture governing the 2020 Notes (which will eliminate substantially all of the
restrictive covenants and certain events of default and related provisions). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Notes to be offered will not be registered under the Securities Act, or
any state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements of the Securities Act and applicable state securities laws. The Notes are being offered and
sold only to persons reasonably believed to be qualified institutional buyers in the United States pursuant to Rule 144A under the Securities Act and to certain <FONT STYLE="white-space:nowrap">non-U.S.</FONT> persons outside the United States in
compliance with Regulation S under the Securities Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This news release does not constitute an offer to sell or a solicitation of an offer to buy the
securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such
jurisdiction. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Dividend Update </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In connection with
this Notes offering and the tender offer for the 2020 Notes, Teekay&#146;s Board of Directors has approved the elimination of the quarterly dividend on Teekay&#146;s common stock commencing with the quarter ended March&nbsp;31, 2019, which is
in-line with the Company&#146;s strategy to further strengthen its balance sheet. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>About Teekay </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Teekay is a leading provider of international crude oil and gas marine transportation services and offshore production and logistics. Teekay provides these
services primarily through its directly-owned fleet and its controlling ownership interests in Teekay LNG Partners L.P. (NYSE:TGP), the world&#146;s third largest independent owner and operator of LNG carriers, and Teekay Tankers Ltd. (NYSE:TNK),
one of the world&#146;s largest owners and operators of <FONT STYLE="white-space:nowrap">mid-sized</FONT> crude tankers, and its <FONT STYLE="white-space:nowrap">non-controlling</FONT> interests in Teekay Offshore Partners L.P. (NYSE:TOO), the
world&#146;s largest provider of shuttle tankers and fourth largest independent provider of leased FPSO solutions. The combined Teekay entities manage and operate total assets under management of approximately $16&nbsp;billion, comprised of 205
liquefied gas, offshore, and conventional tanker assets. With offices in 14 countries and approximately 8,000 seagoing and shore-based employees, Teekay provides a comprehensive set of marine services to the world&#146;s leading oil and gas
companies. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Teekay&#146;s common stock trades on the New York Stock Exchange under the symbol &#147;TK&#148;. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>For Investor Relations </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>enquiries contact: </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ryan Hamilton </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Tel: +1 (604)
<FONT STYLE="white-space:nowrap">609-2963</FONT> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Website: <U>www.teekay.com</U> </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.2 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

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</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>TEEKAY CORPORATION ANNOUNCES TENDER OFFER FOR ITS 8.5% SENIOR UNSECURED NOTES DUE 2020 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">HAMILTON, Bermuda, April&nbsp;24, 2019 &#151; Teekay Corporation (<I>Teekay </I>or<I> the Company</I>) (NYSE:TK) announced today that it has commenced a cash
tender offer (the <I>Offer</I>) to purchase any and all of its outstanding 8.5% Senior Unsecured Notes due 2020 (the <I>Notes</I>), upon the terms and conditions set forth in the Offer to Purchase and Consent Solicitation Statement, dated as of
April&nbsp;24, 2019 (the <I>Offer to Purchase</I>) and the related letter of transmittal and consent. Concurrently with the Offer, the Company is soliciting (the <I>Solicitation</I>) from the holders of the Notes a consent (the <I>Consent</I>) to
certain proposed amendments (the <I>Proposed Amendments</I>) to the indenture governing the Notes described below. The Company intends to fund the Offer with a combination of (i)&nbsp;the net proceeds from the Company&#146;s concurrent bond offering
(the <I>Bond Offering</I>) of new senior secured notes announced today, (ii)&nbsp;available existing cash and (iii)&nbsp;borrowings under the Company&#146;s equity margin loan facility. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Offer will expire at 11:59 p.m., New York City time, on May&nbsp;21, 2019, unless such deadline is extended or earlier terminated by the Company in its
sole discretion (such time, as the same may be extended or earlier terminated, the <I>Expiration Time</I>). Holders who validly tender (and do not validly withdraw) their Notes and provide their Consents prior to 5:00 p.m., New York City time, on
May&nbsp;7, 2019 (unless such deadline is extended or the Offer is earlier terminated by Teekay in its sole discretion (such time, as the same may be extended or earlier terminated, the <I>Early Tender and Consent Date</I>)), will be entitled to
receive the total consideration of $1,032.50, payable in cash for each $1,000 principal amount of Notes accepted for repayment, which includes an early tender premium of $50 per $1,000 principal amount of Notes accepted for payment. Holders who
validly tender (and do not validly withdraw) their Notes after the Early Tender and Consent Date will be entitled to receive the Offer consideration of $982.50, payable in cash for each $1,000 principal amount of Notes accepted for payment. Accrued
and unpaid interest up to, but not including, the applicable settlement date will be paid in cash on all validly tendered (and not validly withdrawn) and accepted Notes. The settlement date for all Notes tendered prior to the Early Tender and
Consent Date is expected to occur as early as May&nbsp;13, 2019, and the settlement for Notes tendered on or after the Early Tender and Consent Date is expected to occur on or about May&nbsp;23, 2019, subject to the satisfaction of certain
conditions. The conditions include, among others, that (i)&nbsp;the Company shall have completed the Bond Offering, on terms satisfactory to it, and the net proceeds to the Company from the Bond Offering, available existing cash of the Company and
borrowings under the Company&#146;s equity margin loan facility are sufficient to fund the maximum aggregate payments for Notes tendered in the Offer (assuming the tender of all outstanding Notes prior to the Early Tender and Consent Date) and
related expenses and (ii)&nbsp;holders of Notes shall have tendered greater than $400&nbsp;million in aggregate principal amount of Notes prior to the Early Tender and Consent Date. Teekay may waive these conditions in its sole discretion. Teekay
may also amend, extend, or terminate the Offer in its sole discretion. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Holders tendering their Notes will be deemed to have delivered their Consent to
the Proposed Amendments to the indenture governing the Notes, which will eliminate substantially all of the restrictive covenants and certain events of default and related provisions. Tendered Notes may not be withdrawn and Consents may not be
revoked after 5:00 p.m., New York City time on May&nbsp;7, 2019, unless such date is extended. Following receipt of Consents of at least a majority of the aggregate principal amount of the outstanding Notes (the <I>Requisite Consents</I>), Teekay
will execute a second supplemental indenture effecting the Proposed Amendments. </P>
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The Offer and the Solicitation are being made pursuant to the terms and conditions contained in the Offer to Purchase and the related letter of transmittal and consent, copies of which may be
requested from the Depositary and Information Agent for the Offer and the Solicitation, Ipreo LLC, by telephone at (888) <FONT STYLE="white-space:nowrap">593-9546</FONT> or (212) <FONT STYLE="white-space:nowrap">849-3880</FONT> (for eligible
institutions only). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Persons with questions regarding the Offer or the Solicitation should contact the Dealer Manager for the Offer and the Solicitation,
J.P. Morgan Securities LLC, at 383 Madison Avenue, New York, New York 10179, Attention: Liability Management Group, (866) <FONT STYLE="white-space:nowrap">834-4666</FONT> (U.S. Toll-Free) or (212) <FONT STYLE="white-space:nowrap">834-6950</FONT>
(Collect). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there
be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>About Teekay </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Teekay is a leading provider of
international crude oil and gas marine transportation services and offshore production and logistics. Teekay provides these services primarily through its directly-owned fleet and its controlling ownership interests in Teekay LNG Partners L.P.
(NYSE:TGP), the world&#146;s third largest independent owner and operator of LNG carriers, and Teekay Tankers Ltd. (NYSE:TNK), one of the world&#146;s largest owners and operators of <FONT STYLE="white-space:nowrap">mid-sized</FONT> crude tankers,
and its <FONT STYLE="white-space:nowrap">non-controlling</FONT> interests in Teekay Offshore Partners L.P. (NYSE:TOO), the world&#146;s largest provider of shuttle tankers and fourth largest independent provider of leased FPSO solutions. The
combined Teekay entities manage and operate total assets under management of approximately $16&nbsp;billion, comprised of 205 liquefied gas, offshore, and conventional tanker assets. With offices in 14 countries and approximately 8,000 seagoing and
shore-based employees, Teekay provides a comprehensive set of marine services to the world&#146;s leading oil and gas companies. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Teekay&#146;s common
stock trades on the New York Stock Exchange under the symbol &#147;TK&#148;. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>For Investor Relations </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>enquiries contact: </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ryan Hamilton </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Tel: +1 (604) <FONT STYLE="white-space:nowrap">609-2963</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Website: <U>www.teekay.com</U> </P>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
