<SEC-DOCUMENT>0001628280-21-010130.txt : 20210513
<SEC-HEADER>0001628280-21-010130.hdr.sgml : 20210513
<ACCEPTANCE-DATETIME>20210513140027
ACCESSION NUMBER:		0001628280-21-010130
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20210513
FILED AS OF DATE:		20210513
DATE AS OF CHANGE:		20210513

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:		21918586

	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>tkq1-21erdocument.htm
<DESCRIPTION>6-K
<TEXT>
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<title>Document</title></head><body><div id="i790b96fe8a4e4cbf86de6a3321eec0db_1"></div><div style="min-height:45pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:5pt;margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;vertical-align:top;width:512.25pt"><tr><td style="width:1.0pt"></td><td style="width:510.25pt"></td><td style="width:1.0pt"></td></tr><tr style="height:3pt"><td colspan="3" style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td></tr></table></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">  </font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:18pt;font-weight:700;line-height:120%">UNITED STATES </font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:18pt;font-weight:700;line-height:120%">SECURITIES AND EXCHANGE COMMISSION </font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:120%">WASHINGTON, D.C. 20549 </font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">_________________________</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:18pt;font-weight:700;line-height:120%">FORM 6-K </font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">_________________________</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Report of Foreign Private Issuer </font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Pursuant to Rule 13a-16 or 15d-16 of </font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:120%">the Securities Exchange Act of 1934 </font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Date of Report&#58; May 13, 2021 </font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Commission file number 1- 12874 </font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">_________________________</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:24pt;font-weight:700;line-height:120%">TEEKAY CORPORATION </font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:700;line-height:120%">(Exact name of Registrant as specified in its charter) </font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">_________________________</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:115%">4th Floor, Belvedere Building </font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">69 Pitts Bay Road </font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Hamilton, HM 08 Bermuda</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8.5pt;font-weight:700;line-height:120%">(Address of principal executive offices)</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">_________________________</font></div><div style="text-align:center"><font><br></font></div><div style="margin-bottom:5pt;margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;vertical-align:top;width:512.25pt"><tr><td style="width:1.0pt"></td><td style="width:510.25pt"></td><td style="width:1.0pt"></td></tr><tr style="height:14pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.</font></td></tr><tr style="height:14pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Form 20-F </font><font style="color:#000000;font-family:'Wingdings',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#253;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Form 40- F </font><font style="color:#000000;font-family:'Wingdings',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#168;</font></div></td></tr><tr style="height:14pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1).</font></td></tr><tr style="height:14pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;Yes </font><font style="color:#000000;font-family:'Wingdings',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#168;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;No </font><font style="color:#000000;font-family:'Wingdings',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#253;</font></div></td></tr><tr style="height:14pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7).</font></td></tr><tr style="height:14pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Yes </font><font style="color:#000000;font-family:'Wingdings',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#168;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;No </font><font style="color:#000000;font-family:'Wingdings',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#253;</font></div></td></tr></table></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="margin-bottom:5pt;margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;vertical-align:top;width:512.25pt"><tr><td style="width:1.0pt"></td><td style="width:510.25pt"></td><td style="width:1.0pt"></td></tr><tr style="height:3pt"><td colspan="3" style="border-bottom:1pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td></tr></table></div><div style="height:45pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:120%">Teekay Corporation</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">    Investor Relations Tel&#58; +1 604 609 2963    www.teekay.com</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">4</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">th</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Floor, Belvedere Building, 69 Pitts Bay Road, Hamilton, HM 08, Bermuda</font></div></div></div><div id="i790b96fe8a4e4cbf86de6a3321eec0db_4"></div><hr style="page-break-after:always"><div style="min-height:45pt;width:100%"><div><font><br></font></div></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 1 &#8212; Information Contained in this Form 6-K Report</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Attached as Exhibit 1 is a copy of an announcement of Teekay Corporation dated May&#160;13, 2021. </font></div><div><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">SIGNATURES </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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. </font></div><div><font><br></font></div><div style="margin-bottom:5pt;margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;vertical-align:top;width:511.50pt"><tr><td style="width:1.0pt"></td><td style="width:226.00pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:25.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:10.00pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:241.75pt"></td><td style="width:1.0pt"></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">TEEKAY CORPORATION</font></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:0 1pt"></td></tr><tr style="height:15pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Date&#58; May 13, 2021</font></td><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">By&#58;</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#47;s&#47; Vincent Lok</font></td></tr><tr style="height:42pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Vincent Lok </font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Executive Vice President and Chief Financial Officer (Principal Financial and Accounting Officer)</font></div></td></tr></table></div><div><font><br></font></div><div style="height:45pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:120%">Teekay Corporation</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">    Investor Relations Tel&#58; +1 604 609 2963    www.teekay.com</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">4</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">th</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Floor, Belvedere Building, 69 Pitts Bay Road, Hamilton, HM 08, Bermuda</font></div></div></div><div id="i790b96fe8a4e4cbf86de6a3321eec0db_7"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:98.550%"><tr><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td></tr><tr style="height:42pt"><td colspan="3" style="padding:0 1pt"><div><img alt="colorlogo051.jpg" src="colorlogo051.jpg" style="height:45px;margin-bottom:5pt;vertical-align:text-bottom;width:136px"></div></td><td colspan="3" style="padding:0 1pt"><div style="text-align:right"><img alt="newsreleasea111a.jpg" src="newsreleasea111a.jpg" style="height:49px;margin-bottom:5pt;vertical-align:text-bottom;width:229px"></div></td></tr></table></div><div style="text-align:center"><font><br></font></div></div><div><font style="color:#003698;font-family:'Arial',sans-serif;font-size:19pt;font-weight:700;line-height:120%">TEEKAY CORPORATION REPORTS</font></div><div style="padding-right:31.5pt"><font style="color:#003698;font-family:'Arial',sans-serif;font-size:19pt;font-weight:700;line-height:120%">FIRST QUARTER 2021 RESULTS</font></div><div style="margin-bottom:6pt;margin-top:7pt"><font style="color:#13b3f2;font-family:'Arial',sans-serif;font-size:15pt;font-weight:400;line-height:120%">Highlights</font></div><div style="padding-left:22.5pt;text-align:justify;text-indent:-22.5pt"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%;padding-left:19.18pt">GAAP net income attributable to shareholders of Teekay of $30.0 million, or $0.30 per share, and adjusted net income attributable to shareholders of Teekay</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:6.17pt;font-weight:400;line-height:120%;position:relative;top:-3.32pt;vertical-align:baseline">(1)</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%"> of $11.3 million, or $0.11 per share, in the first quarter of 2021 (excluding items listed in </font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9.5pt;font-style:italic;font-weight:400;line-height:120%">Appendix A</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%"> to this release).</font></div><div style="margin-top:3pt;padding-left:22.5pt;text-align:justify;text-indent:-22.5pt"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%;padding-left:19.18pt">Total adjusted EBITDA</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:6.17pt;font-weight:400;line-height:120%;position:relative;top:-3.32pt;vertical-align:baseline">(1) </font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">of $202.4 million in the first quarter of 2021.</font></div><div style="margin-top:3pt;padding-left:22.5pt;text-align:justify;text-indent:-22.5pt"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%;padding-left:19.18pt">Significant positive progress made on Teekay Parent's wind-down of its FPSO segment.</font></div><div style="margin-top:3pt;padding-left:22.5pt;text-align:justify;text-indent:-22.5pt"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9.5pt;font-style:italic;font-weight:400;line-height:120%">&#8226;</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%;padding-left:19.18pt">Teekay LNG increased its common unit distributions by 15 percent to $1.15 per common unit on an annualized basis, commencing with the first quarter's distribution to be paid in May 2021&#59; and secured three LNG charters during March and April 2021, increasing its LNG fleet to 98 percent fixed for the remainder of 2021 and 89 percent fixed for 2022. </font></div><div style="margin-top:3pt;padding-left:22.5pt;text-align:justify;text-indent:-22.5pt"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%;padding-left:19.18pt">Teekay Tankers declared additional options to repurchase six vessels currently on higher-cost long-term sale-leaseback financings, which are expected to close in September 2021.</font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Hamilton, Bermuda</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9.5pt;font-weight:700;line-height:120%">, May&#160;13, 2021</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%"> - Teekay Corporation (</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9.5pt;font-style:italic;font-weight:400;line-height:120%">Teekay</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%"> or </font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9.5pt;font-style:italic;font-weight:400;line-height:120%">the Company</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">) (NYSE&#58;TK) today reported results for the three months ended March 31, 2021. These results include the Company&#8217;s two publicly-listed consolidated subsidiaries, Teekay LNG Partners L.P. (</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9.5pt;font-style:italic;font-weight:400;line-height:120%">Teekay LNG</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">) (NYSE&#58;TGP) and Teekay Tankers Ltd. (</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9.5pt;font-style:italic;font-weight:400;line-height:120%">Teekay Tankers</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">) (NYSE&#58;TNK) (collectively, the </font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9.5pt;font-style:italic;font-weight:400;line-height:120%">Daughter Entities</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">), and all remaining subsidiaries and equity-accounted investments. Teekay, together with its subsidiaries other than the Daughter Entities, is referred to in this release as </font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9.5pt;font-style:italic;font-weight:400;line-height:120%">Teekay Parent</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">. Please refer to the first quarter 2021 earnings releases of Teekay LNG and Teekay Tankers, which are available on Teekay's website at</font><font style="color:#2e3337;font-family:'Arial',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%"> </font><font style="color:#40b4e5;font-family:'Arial',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%;text-decoration:underline">www.teekay.com</font><font style="color:#0000ff;font-family:'Arial',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">,</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%"> </font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">for additional information on their respective results.</font></div><div style="text-align:justify"><font><br></font></div><div style="margin-top:6pt;text-align:justify"><font style="color:#40b4e5;font-family:'Arial',sans-serif;font-size:15pt;font-weight:400;line-height:120%">Financial Summary</font></div><div style="margin-bottom:5pt;margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;vertical-align:top;width:513.00pt"><tr><td style="width:1.0pt"></td><td style="width:4.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:236.50pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:87.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:87.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:87.25pt"></td><td style="width:1.0pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:9pt"><td colspan="3" style="background-color:#2ea2c8;padding:0 1pt"></td><td colspan="3" style="background-color:#2ea2c8;padding:0 1pt"></td><td colspan="9" style="background-color:#2ea2c8;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Three Months Ended</font></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#2ea2c8;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-style:italic;font-weight:700;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#2ea2c8;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31,</font></td><td colspan="3" style="background-color:#2ea2c8;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31,</font></td><td colspan="3" style="background-color:#2ea2c8;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31,</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="6" rowspan="2" style="background-color:#2ea2c8;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-style:italic;font-weight:700;line-height:100%">&#160;(in thousands of U.S. dollars, except per share amounts) </font></td><td colspan="3" style="background-color:#2ea2c8;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="background-color:#2ea2c8;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2020</font></td><td colspan="3" style="background-color:#2ea2c8;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2020</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#2ea2c8;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(unaudited)</font></td><td colspan="3" style="background-color:#2ea2c8;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(unaudited)</font></td><td colspan="3" style="background-color:#2ea2c8;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(unaudited)</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:11pt"><td colspan="9" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">TEEKAY CORPORATION CONSOLIDATED </font></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:right"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">&#160;</font></div></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:right"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">&#160;</font></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:11pt"><td colspan="6" style="background-color:#dffffa;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">GAAP FINANCIAL COMPARISON</font></td><td colspan="3" style="background-color:#dffffa;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="background-color:#dffffa;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="background-color:#dffffa;padding:0 1pt"><div style="text-align:right"><font><br></font></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:11pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Revenues</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">359,081</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">362,296</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">574,054</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Income from vessel operations</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">61,327</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">25,795</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">128,896</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:11pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Equity income</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">37,157</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">15,285</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,313</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:11pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net income (loss) attributable to the shareholders of Teekay</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">29,951</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(19,444)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(49,805)</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:11pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Income (loss) per common share of Teekay</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.30</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(0.19)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(0.49)</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:11pt"><td colspan="6" style="background-color:#dffffa;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">NON-GAAP FINANCIAL COMPARISON</font></td><td colspan="3" style="background-color:#dffffa;padding:0 1pt"><div style="padding-left:24pt;text-align:right"><font><br></font></div></td><td colspan="3" style="background-color:#dffffa;padding:0 1pt"><div style="padding-left:24pt;text-align:right"><font><br></font></div></td><td colspan="3" style="background-color:#dffffa;padding:0 1pt"><div style="padding-left:24pt;text-align:right"><font><br></font></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:11pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total adjusted EBITDA </font><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</font></div></td><td colspan="3" style="background-color:#eef8fc;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">202,429</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">201,061</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">342,198</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:11pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Adjusted net income attributable to shareholders of Teekay </font><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</font></div></td><td colspan="3" style="background-color:#eef8fc;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">11,320</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,849</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">25,259</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:11pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Adjusted net income per share </font></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:11pt"><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:middle"><div><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">attributable to shareholders of Teekay </font><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</font></div></td><td colspan="3" style="background-color:#eef8fc;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.11</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.03</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.25</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:9pt"><td colspan="6" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">TEEKAY PARENT </font></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"><div style="padding-left:24pt;text-align:right"><font><br></font></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"><div style="padding-left:24pt;text-align:right"><font><br></font></div></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:24pt;text-align:right"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">&#160;</font></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:11pt"><td colspan="6" style="background-color:#dffffa;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">NON-GAAP FINANCIAL COMPARISON</font></td><td colspan="3" style="background-color:#dffffa;padding:0 1pt"><div style="padding-left:24pt;text-align:right"><font><br></font></div></td><td colspan="3" style="background-color:#dffffa;padding:0 1pt"><div style="padding-left:24pt;text-align:right"><font><br></font></div></td><td colspan="3" style="background-color:#dffffa;padding:0 1pt"><div style="padding-left:24pt;text-align:right"><font><br></font></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:11pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Teekay Parent adjusted EBITDA </font><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</font></div></td><td colspan="3" style="background-color:#eef8fc;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">13,141</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10,553</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5,139</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:11pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total Teekay Parent free cash flow </font><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</font></div></td><td colspan="3" style="background-color:#eef8fc;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,108</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">353</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">52,689</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-top:35pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(1)</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:8.24pt">These are non-GAAP financial measures. Please refer to &#8220;Definitions and Non-GAAP Financial Measures&#8221; and the Appendices to this release for definitions of these terms and reconciliations of these non-GAAP financial measures as used in this release to the most directly comparable financial measures under United States generally accepted accounting principles (</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:120%">GAAP</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">).</font></div><div style="text-align:justify"><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:120%">1</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:120%">Teekay Corporation</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">    Investor Relations Tel&#58; +1 604 609 2963    www.teekay.com</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">4</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">th</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Floor, Belvedere Building, 69 Pitts Bay Road, Hamilton, HM 08, Bermuda</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:98.550%"><tr><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td></tr><tr style="height:42pt"><td colspan="3" style="padding:0 1pt"><div><img alt="colorlogo051.jpg" src="colorlogo051.jpg" style="height:45px;margin-bottom:5pt;vertical-align:text-bottom;width:136px"></div></td><td colspan="3" style="padding:0 1pt"></td></tr></table></div><div><font><br></font></div></div><div style="margin-top:7pt"><font style="color:#13b3f2;font-family:'Arial',sans-serif;font-size:15pt;font-weight:400;line-height:120%">CEO Commentary</font><font style="color:#13b3f2;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"><br></font></div><div style="text-align:justify"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8220;In the first quarter of 2021, we recorded higher consolidated adjusted net income compared to the prior quarter due to improved results from each of our entities, despite the continued weakness in the spot conventional tanker market,&#8221; commented Kenneth Hvid, Teekay&#8217;s President and CEO. &#8220;We have been experiencing strong counter-seasonal demand for LNG carriers since late-March, with increases in both the spot and time charter LNG shipping markets. Teekay LNG has taken advantage of this improvement by recently securing three new time charters, including one spot market-linked contract.  On the oil tanker side, although the near-term outlook is uncertain due to the continued impact of COVID-19, we are seeing early positive indicators that point towards an anticipated tanker market recovery, including improvements in the global economy, a continued decline in global oil inventories, an upcoming increase in OPEC+ production, and positive tanker fleet supply fundamentals.&#8221; </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8220;Since reporting earnings in February 2021, we have made significant progress toward our strategic goal of winding down our FPSO segment,&#8221; continued Mr. Hvid. &#8220;Following the successful completion of Phase I of the </font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Banff</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> FPSO decommissioning project, in April 2021, we entered into a conditional agreement with the customer whereby they would take over our remaining Phase II decommissioning responsibilities and thus enabling synergies to be realized when combining this with their existing subsea decommissioning work. Once finalized, this agreement would represent the conclusion of our involvement and exposure to the Banff project, after over 20 years of successful operations. In addition, the </font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Foinaven</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> FPSO, which has been operating under contract at a nominal day rate since receiving an upfront cash payment of $67 million in April 2020, is expected to be redelivered to us in the first half of 2022 as a result of BP&#8217;s recent decision to suspend production on the Foinaven field. Following the redelivery, we expect to green-recycle the unit, with the associated costs expected to be covered by a fixed contractual lump sum payment from the customer.  Assuming the conditions of the </font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Banff </font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">decommissioning</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%"> </font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">agreement are met by June 2021, we expect to reduce our total accrued asset retirement obligations next quarter.&#8221;</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Mr. Hvid added, &#8220;In mid-April, Teekay LNG announced an increase to its quarterly common unit distribution by 15 percent, to $1.15 per unit per annum. This increase will add to Teekay Parent&#8217;s free cash flows and represents the third consecutive annual double-digit increase to Teekay LNG&#8217;s common unit distribution, which is supported by its large and diversified portfolio of long-term contracts. Importantly, we believe that this level of distribution will enable Teekay LNG to continue delevering its balance sheet, which will increase its financial flexibility and ability to optimally allocate capital as the global demand for LNG continues to grow.&#8221;</font></div><div><font><br></font></div><div><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="margin-top:5pt;text-align:justify"><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:120%">2</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:120%">Teekay Corporation</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">    Investor Relations Tel&#58; +1 604 609 2963    www.teekay.com</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">4</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">th</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Floor, Belvedere Building, 69 Pitts Bay Road, Hamilton, HM 08, Bermuda</font></div></div></div><div id="i790b96fe8a4e4cbf86de6a3321eec0db_10"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:98.550%"><tr><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td></tr><tr style="height:42pt"><td colspan="3" style="padding:0 1pt"><div><img alt="colorlogo051.jpg" src="colorlogo051.jpg" style="height:45px;margin-bottom:5pt;vertical-align:text-bottom;width:136px"></div></td><td colspan="3" style="padding:0 1pt"></td></tr></table></div><div><font><br></font></div></div><div style="margin-bottom:8pt"><font style="color:#40b4e5;font-family:'Arial',sans-serif;font-size:15pt;font-weight:400;line-height:120%">Summary of Results </font></div><div style="margin-bottom:8pt;margin-top:12pt"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Teekay Corporation Consolidated</font></div><div style="text-align:justify"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company's consolidated GAAP net income and adjusted net income</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> for the first quarter of 2021, compared to consolidated GAAP net loss and adjusted net income in the same quarter of the prior year, were positively impacted by higher earnings from Teekay LNG due to a decrease in operational claims and higher liquefied petroleum gas (</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">LPG)</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> rates, as well as higher FPSO unit earnings due to the elimination of the operating losses on the </font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Foinaven </font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">FPSO unit as a result of the commencement of the new bareboat contract which commenced at the end of the first quarter of 2020. These increases were offset by lower earnings from Teekay Tankers as a result of lower average spot tanker rates during the first quarter of 2021 and the sale of five tankers during the first quarters of 2020 and 2021.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition, consolidated GAAP net income during the first quarter of 2021, compared to consolidated GAAP net loss in the same period of the prior year, was positively impacted by a decrease in asset write-downs and the recording of </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">unrealized gains on non-designated derivative instruments in the first quarter of 2021, compared to unrealized losses on non-designated derivative instruments in the first quarter of 2020. These increases were partially offset by the realized loss on the termination of one of Teekay LNG's interest rate swap agreements associated with a debt refinancing completed in the first quarter of 2021 at a lower all-in interest rate.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Teekay Parent</font></div><div style="text-align:justify"><font><br></font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Total Teekay Parent Free Cash Flow</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> was $4.1 million during the first quarter of 2021, compared to $52.7 million for the same period of the prior year, primarily due to the receipt of a $67 million upfront lease payment in the prior year  upon entering into the new bareboat contract for the </font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Foinaven </font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">FPSO in March 2020, and lower contribution from the </font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Banff</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> FPSO unit relating to the decommissioning of the Banff oil field that began in June 2020. These items were partially offset by a 15 percent increase in Teekay LNG's quarterly cash distributions, commencing with the distribution relating to the first quarter of 2021, an increase in cash flows from Teekay Parent's marine services business in Australia, and the elimination of the operating losses on the </font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Foinaven </font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">FPSO unit as a result of the commencement of the new bareboat contract at the end of the first quarter of 2020.</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Please refer to </font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Appendix D</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> of this release for additional information about Teekay Parent's Free Cash Flow</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">.</font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="margin-bottom:21pt;margin-top:5pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font><br></font></div><div style="margin-bottom:21pt;margin-top:5pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font><br></font></div><div style="margin-bottom:21pt;margin-top:5pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font><br></font></div><div style="margin-bottom:21pt;margin-top:5pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font><br></font></div><div style="margin-bottom:21pt;margin-top:5pt;padding-left:18pt;text-align:justify"><font><br></font></div><div style="margin-bottom:21pt;margin-top:5pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(1)   This is a non-GAAP financial measure.  Please refer to &#8220;Definitions and Non-GAAP Financial Measures&#8221; and the Appendices to this release for a definition of this term and a reconciliation of this non-GAAP financial measure as used in this release to the most directly comparable financial measures under GAAP.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:120%">3</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:120%">Teekay Corporation</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">    Investor Relations Tel&#58; +1 604 609 2963    www.teekay.com</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">4</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">th</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Floor, Belvedere Building, 69 Pitts Bay Road, Hamilton, HM 08, Bermuda</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:98.550%"><tr><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td></tr><tr style="height:42pt"><td colspan="3" style="padding:0 1pt"><div><img alt="colorlogo051.jpg" src="colorlogo051.jpg" style="height:45px;margin-bottom:5pt;vertical-align:text-bottom;width:136px"></div></td><td colspan="3" style="padding:0 1pt"></td></tr></table></div><div><font><br></font></div></div><div style="margin-top:18pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Summary Results of Daughter Entities</font></div><div style="margin-bottom:12pt;margin-top:10pt;text-align:justify"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;text-decoration:underline">Teekay LNG</font></div><div style="text-align:justify"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%">Teekay LNG&#8217;s GAAP net income and adjusted net income</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:115%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%"> for the first quarter of 2021, compared to the same quarter of the prior year, were positively impacted by a decrease in operational claims under its charter contracts and higher rates earned for certain of Teekay LNG's 50 percent-owned LPG carriers. These increases were partially offset by more scheduled dry dockings, redeployment of certain LNG carriers at lower rates, and the timing of certain vessel operating expenses during the first quarter of 2021.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition, compared to the same period of the prior year, Teekay LNG's GAAP net income for the first quarter of 2021 was positively impacted by unrealized gains on non-designated derivative instruments, compared to unrealized losses in the first quarter of 2020, and by write-downs recorded on Teekay LNG's multi-gas carriers in the first quarter of 2020. These increases were partially offset by a realized loss on the termination of an interest rate swap agreement associated with a debt refinancing completed in the first quarter of 2021.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Please refer to Teekay LNG's first quarter 2021 earnings release for additional information on the financial results for this entity.</font></div><div style="margin-top:18pt;text-align:justify"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:115%;text-decoration:underline">Teekay Tankers</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Teekay Tankers' GAAP net income and adjusted net income</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> in the first quarter of 2021, compared to the same quarter of the prior year, were negatively impacted primarily by lower average spot tanker rates in the first quarter of 2021, as well as the sale of five tankers during the first quarters of 2020 and 2021. These decreases were partially offset by lower vessel operating expenses and interest expense in the first quarter of 2021, compared to the same period of the prior year. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Crude tanker spot rates remained under pressure during the first quarter of 2021 due to the ongoing impact of the COVID-19 pandemic on global oil demand, oil supply cuts by the OPEC+ group of producers, as well as the continued unwinding of floating storage. However, the mid-size crude tanker sectors experienced some pockets of strength during the latter part of th</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">e first quarter of 2021 due to the impact of weather events in the Atlantic Basin and the blockage of the Suez Canal in late-March 2021. The tanker market in the second quarter of 2021 has thus far remained relatively soft, and with the continued impact of COVID-19, the near-term outlook remains uncertain. At the same time, there are early positive indicators which point towards an anticipated tanker market recovery, including improvements in the global economy, a continued decline in global oil inventories, a planned increase in OPEC+ production, and positive tanker fleet supply fundamentals. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Please refer to Teekay Tankers' first quarter 2021 earnings release for additional information on the financial results for this entity.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(1)  This is a non-GAAP financial measure. Please refer to &#34;Definitions and Non-GAAP Financial Measures&#34; and the Appendices to this release for a definition of this term and a reconciliation of this non-GAAP financial measure as used in this release to the most directly comparable financial measures under GAAP.  </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:120%">4</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:120%">Teekay Corporation</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">    Investor Relations Tel&#58; +1 604 609 2963    www.teekay.com</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">4</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">th</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Floor, Belvedere Building, 69 Pitts Bay Road, Hamilton, HM 08, Bermuda</font></div></div></div><div id="i790b96fe8a4e4cbf86de6a3321eec0db_13"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:98.550%"><tr><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td></tr><tr style="height:42pt"><td colspan="3" style="padding:0 1pt"><div><img alt="colorlogo051.jpg" src="colorlogo051.jpg" style="height:45px;margin-bottom:5pt;vertical-align:text-bottom;width:136px"></div></td><td colspan="3" style="padding:0 1pt"></td></tr></table></div><div><font><br></font></div></div><div style="margin-bottom:8pt"><font style="color:#40b4e5;font-family:'Arial',sans-serif;font-size:15pt;font-weight:400;line-height:120%">Summary of Recent Events</font></div><div style="margin-top:7pt;text-align:justify"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Teekay Parent</font></div><div style="margin-top:7pt;text-align:justify"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;text-decoration:underline">Banff FPSO Update</font></div><div style="margin-top:10pt;text-align:justify"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In April 2021, Teekay Parent and CNR International (U.K.) Limited (</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">CNRI</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">), on behalf of the Banff joint venture, entered into a Decommissioning Services Agreement (</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">DSA</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">) whereby Teekay Parent engaged CNRI to decommission Teekay's remaining subsea infrastructure located within the CNRI-operated Banff field.  As part of the DSA, CNRI will assume full responsibility for Teekay&#8217;s remaining asset retirement obligations (</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Phase II</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">) for the above-mentioned facilities, which would enable CNRI to complete this work in conjunction with their other decommissioning work at the Banff field in a more efficient manner.  As part of the transaction, Teekay will be deemed to have completed all of its prior decommissioning obligations. </font></div><div style="margin-top:10pt;text-align:justify"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The DSA is subject to certain conditions precedent that need to be satisfied by June 1, 2021 (or any agreed extension thereto), failing which the DSA may be terminated by either party. Such conditions precedent include receiving confirmation from the applicable U.K. regulatory authorities that Teekay has completed all of its obligations in relation to Phase I of the decommissioning project.</font></div><div style="margin-top:10pt;text-align:justify"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;text-decoration:underline">Foinaven FPSO Update</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In April 2021, BP announced its decision to suspend production from the Foinaven oil fields and permanently remove the </font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Foinaven</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> FPSO unit from the site. The Company expects the FPSO unit will be redelivered to Teekay Parent in the first half of 2022, at which point the Company intends to green-recycle the FPSO unit. The </font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Foinaven</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> FPSO has been operating under a new bareboat charter agreement secured in March 2020, which included an upfront cash payment of $67 million that was received in April 2020, a nominal day rate during the duration of the contract, and a fixed lump sum payment at the end of the contract that the Company expects will cover the green recycling costs for the unit in 2022.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As a result of the above-mentioned developments relating to the </font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Banff</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> and </font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Foinaven</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> FPSOs, subject to meeting the conditions precedent of the DSA by June 1, 2021, the Company expects to reduce its accrued net asset retirement obligations in the second quarter of 2021.</font></div><div style="margin-top:10pt;text-align:justify"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Teekay LNG</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In April 2021, Teekay LNG secured a fixed-rate charter contract for the </font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Oak Spirit</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> MEGI LNG carrier, which is expected to commence in August or September 2021, for a period of one-year.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In March 2021, Teekay LNG commenced a one-year, spot market-linked charter contract, with a one-year, fixed-rate option for the </font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Creole Spirit</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> MEGI LNG carrier.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In March 2021, the charterer of the 52 percent-owned </font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Arwa Spirit</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> DFDE LNG carrier exercised its one-year option to extend the charter contract to May 2022 at a fixed rate.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In February 2021, Teekay LNG's 70 percent-owned joint venture with PT Berlian Laju Tanker, refinanced its term loan which was scheduled to mature in 2021, by entering into a new, $191.5&#160;million term loan maturing in February 2026. </font></div><div><font><br></font></div><div style="margin-bottom:6pt;text-align:justify"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Teekay Tankers</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:6pt;font-weight:700;line-height:120%"> </font></div><div style="margin-bottom:6pt;text-align:justify"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In March 2021, Teekay Tankers declared options to repurchase six Aframax vessels that are currently on long-term sale-leaseback financings for approximately $129 million, which are expected to close in September 2021. This is in addition to the declared purchase options on two Suezmax vessels that are currently on long-term sale-leaseback financings for approximately $57 million, which are expected to close in May 2021. Teekay Tankers intends to fund these purchases with new long-term sale-leaseback financings and existing liquidity.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:120%">5</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:120%">Teekay Corporation</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">    Investor Relations Tel&#58; +1 604 609 2963    www.teekay.com</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">4</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">th</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Floor, Belvedere Building, 69 Pitts Bay Road, Hamilton, HM 08, Bermuda</font></div></div></div><div id="i790b96fe8a4e4cbf86de6a3321eec0db_16"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:98.550%"><tr><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td></tr><tr style="height:42pt"><td colspan="3" style="padding:0 1pt"><div><img alt="colorlogo051.jpg" src="colorlogo051.jpg" style="height:45px;margin-bottom:5pt;vertical-align:text-bottom;width:136px"></div></td><td colspan="3" style="padding:0 1pt"></td></tr></table></div><div><font><br></font></div></div><div style="margin-bottom:8pt;margin-top:10pt;text-align:justify"><font style="color:#40b4e5;font-family:'Arial',sans-serif;font-size:15pt;font-weight:400;line-height:120%">Liquidity</font></div><div style="margin-bottom:9pt;text-align:justify"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As at March&#160;31, 2021, Teekay Parent had total liquidity of approximately $183.0 million (consisting of $33.0 million of cash and cash equivalents, and $150.0 million of undrawn capacity from a revolving credit facility). On a consolidated basis, as at March 31, 2021, Teekay had consolidated total liquidity of approximately $1.0 billion (consisting of $284.1 million of cash and cash equivalents and $676.8 million of undrawn capacity from its credit facilities).</font></div><div style="margin-bottom:9pt;text-align:justify"><font style="color:#40b4e5;font-family:'Arial',sans-serif;font-size:15pt;font-weight:400;line-height:120%">Conference Call</font></div><div style="text-align:justify"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company plans to host a conference call on Thursday, May&#160;13, 2021 at 11&#58;00 a.m. (ET) to discuss its results for the first quarter of 2021. All shareholders and interested parties are invited to listen to the live conference call by choosing from the following options&#58; </font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:13.5pt;text-align:justify;text-indent:-13.5pt"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;   By dialing (800) 367-2403 or (647) 490-5367, if outside North America, and quoting conference ID code 7033590.</font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:13.5pt;text-align:justify;text-indent:-13.5pt"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;  &#160;&#160;&#160;&#160;By accessing the webcast, which will be available on Teekay&#8217;s website at www.teekay.com (the archive will remain on the website for a period of one year).</font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">An accompanying First Quarter Earnings Presentation will also be available at www.teekay.com in advance of the conference call start time.</font></div><div style="margin-bottom:9pt;text-align:justify"><font style="color:#2e3337;font-family:'Arial',sans-serif;font-size:6pt;font-weight:400;line-height:120%"> </font></div><div style="margin-bottom:9pt;text-align:justify"><font style="color:#40b4e5;font-family:'Arial',sans-serif;font-size:15pt;font-weight:400;line-height:120%">About Teekay</font></div><div style="text-align:justify"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Teekay is a leading provider of international crude oil and gas marine transportation services. Teekay provides these services primarily through its directly-owned fleet and its controlling ownership interests in Teekay LNG Partners L.P. (NYSE&#58;TGP), one of the world&#8217;s largest independent owners and operators of LNG carriers, and Teekay Tankers Ltd. (NYSE&#58;TNK), one of the world&#8217;s largest owners and operators of mid-sized crude tankers. The consolidated Teekay entities manage and operate total assets under management of approximately $9 billion, comprised of approximately 135 liquefied gas, offshore, and conventional tanker assets. With offices in 10 countries and approximately 5,350 seagoing and shore-based employees, Teekay provides a comprehensive set of marine services to the world&#8217;s leading oil and gas companies.</font></div><div style="text-align:justify"><font><br></font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Teekay&#8217;s common stock is listed on the New York Stock Exchange where it trades under the symbol &#8220;TK&#8221;. </font></div><div><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">For Investor Relations enquiries contact&#58;</font></div><div><font style="color:#2e3337;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Ryan Hamilton</font></div><div><font style="color:#2e3337;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Tel&#58;  +1 (604) 609-2963</font></div><div><font style="color:#2e3337;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Website&#58;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">  </font><font style="color:#40b4e5;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">www.teekay.com</font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:120%">6</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:120%">Teekay Corporation</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">    Investor Relations Tel&#58; +1 604 609 2963    www.teekay.com</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">4</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">th</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Floor, Belvedere Building, 69 Pitts Bay Road, Hamilton, HM 08, Bermuda</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:98.550%"><tr><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td></tr><tr style="height:42pt"><td colspan="3" style="padding:0 1pt"><div><img alt="colorlogo051.jpg" src="colorlogo051.jpg" style="height:45px;margin-bottom:5pt;vertical-align:text-bottom;width:136px"></div></td><td colspan="3" style="padding:0 1pt"></td></tr></table></div><div><font><br></font></div></div><div style="margin-bottom:6pt;text-align:justify"><font style="color:#40b4e5;font-family:'Arial',sans-serif;font-size:15pt;font-weight:400;line-height:120%">Definitions and Non-GAAP Financial Measures</font></div><div style="margin-bottom:6pt;margin-top:9pt;text-align:justify"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This release includes various financial measures that are non-GAAP financial measures as defined under the rules of the Securities and Exchange Commission (</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">SEC</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">). These non-GAAP financial measures, which include Adjusted Net Income (Loss) Attributable to Shareholders of Teekay, Teekay Parent Free Cash Flow, Net Interest Expense, Adjusted Equity Income and Adjusted EBITDA, are intended to provide additional information and should not be considered substitutes for measures of performance prepared in accordance with GAAP. In addition, these measures do not have standardized meanings across companies, and therefore may not be comparable to similar measures presented by other companies. The Company believes that certain investors use this information to evaluate the Company&#8217;s financial performance, as does management.</font></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Non-GAAP Financial Measures</font></div><div style="margin-bottom:6pt;text-align:justify"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Total Adjusted EBITDA</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> represents net income (loss) before interest, taxes, depreciation and amortization, and is adjusted to exclude certain items whose timing or amount cannot be reasonably estimated in advance or that are not considered representative of core operating performance. Such adjustments include foreign currency exchange gains and losses, any write-downs and&#47;or gains and losses on sale of operating assets, adjustments for direct financing and sales-type leases to a cash basis, amortization of in-process revenue contracts, unrealized gains and losses on derivative instruments, credit loss provision adjustments, write-downs related to equity-accounted investments, our share of the above items in non-consolidated joint ventures which are accounted for using the equity method of accounting, and other income or loss. </font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Total Adjusted EBITDA</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> also excludes realized gains or losses on interest rate swaps as management, in assessing the Company's performance, views these gains or losses as an element of interest expense and realized gains or losses on interest rate swaps resulting from amendments or terminations of the underlying instruments.</font></div><div style="margin-bottom:6pt;margin-top:9pt;text-align:justify"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Consolidated Adjusted EBITDA</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> represents Adjusted EBITDA from vessels that are consolidated on the Company's financial statements. </font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%"> Adjusted EBITDA from Equity-Accounted Vessels</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> represents the Company's proportionate share of Adjusted EBITDA from its equity-accounted vessels. The Company does not have the unilateral ability to determine whether the cash generated by its equity-accounted vessels is retained within the entity in which the Company holds the equity-accounted investments or distributed to the Company and other owners. In addition, the Company does not control the timing of any such distributions to the Company and other owners. </font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Total Adjusted EBITDA </font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">represents Consolidated Adjusted EBITDA plus </font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Adjusted EBITDA from Equity-Accounted Joint Ventures</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">. Adjusted EBITDA is a non-GAAP financial measure used by certain investors and management to measure the operational performance of companies. Please refer to </font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Appendices C </font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">and </font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">E</font><font style="color:#242424;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%"> </font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">of this release for reconciliations of Adjusted EBITDA to net income (loss) and equity income, respectively, which are the most directly comparable GAAP measures reflected in the Company&#8217;s consolidated financial statements.</font></div><div style="margin-bottom:6pt;margin-top:9pt;text-align:justify"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Adjusted Net Income Attributable to Shareholders of Teekay </font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">excludes items of income or loss from GAAP net income (loss) that are typically excluded by securities analysts in their published estimates of the Company&#8217;s financial results. The Company believes that certain investors use this information to evaluate the Company&#8217;s financial performance, as does management. Please refer to </font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Appendix A</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> of this release for a reconciliation of this non-GAAP financial measure to net income (loss), and refer to footnote (6) of the statements of income (loss) for a reconciliation of adjusted equity income to equity income, the most directly comparable GAAP measure reflected in the Company&#8217;s consolidated financial statements.</font></div><div style="margin-bottom:6pt;margin-top:9pt;text-align:justify"><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:120%">7</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:120%">Teekay Corporation</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">    Investor Relations Tel&#58; +1 604 609 2963    www.teekay.com</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">4</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">th</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Floor, Belvedere Building, 69 Pitts Bay Road, Hamilton, HM 08, Bermuda</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:98.550%"><tr><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td></tr><tr style="height:42pt"><td colspan="3" style="padding:0 1pt"><div><img alt="colorlogo051.jpg" src="colorlogo051.jpg" style="height:45px;margin-bottom:5pt;vertical-align:text-bottom;width:136px"></div></td><td colspan="3" style="padding:0 1pt"></td></tr></table></div><div><font><br></font></div></div><div style="margin-bottom:6pt;margin-top:9pt;text-align:justify"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Teekay Parent Financial Measures</font></div><div style="margin-bottom:3pt;margin-top:9pt;text-align:justify"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Teekay Parent Adjusted EBITDA </font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">represents the sum of distributions or dividends (including payments-in-kind) relating to a given quarter (but received by Teekay Parent in the following quarter) as a result of ownership interests in its consolidated publicly-traded subsidiaries (Teekay LNG and Teekay Tankers), Adjusted EBITDA attributed to Teekay Parent&#8217;s directly-owned and chartered-in assets, and Teekay Parent&#8217;s corporate general and administrative expenditures for the given quarter. </font></div><div style="margin-bottom:3pt;margin-top:9pt;text-align:justify"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Teekay Parent Free Cash Flow</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> represents </font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Teekay Parent Adjusted EBITDA</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, plus upfront cash receivable in respect of a sales-type lease, less Teekay Parent&#8217;s net interest expense and, commencing in the second quarter of 2020, asset retirement costs incurred for the given quarter. </font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Net Interest Expense</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> includes interest expense (excluding non-cash accretion and the amortization of prepaid loan costs), interest income and realized losses on interest rate swaps. Please refer to </font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Appendices B</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, </font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">C, D</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> and </font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">E </font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">of this release for further details and reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures reflected in the Company&#8217;s consolidated financial statements. </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:120%">8</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:120%">Teekay Corporation</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">    Investor Relations Tel&#58; +1 604 609 2963    www.teekay.com</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">4</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">th</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Floor, Belvedere Building, 69 Pitts Bay Road, Hamilton, HM 08, Bermuda</font></div></div></div><div id="i790b96fe8a4e4cbf86de6a3321eec0db_19"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:98.550%"><tr><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td></tr><tr style="height:42pt"><td colspan="3" style="padding:0 1pt"><div><img alt="colorlogo051.jpg" src="colorlogo051.jpg" style="height:45px;margin-bottom:5pt;vertical-align:text-bottom;width:136px"></div></td><td colspan="3" style="padding:0 1pt"></td></tr></table></div><div><font><br></font></div></div><div><font style="color:#40b4e5;font-family:'Arial',sans-serif;font-size:15pt;font-weight:400;line-height:120%">Teekay Corporation </font></div><div><font style="color:#40b4e5;font-family:'Arial',sans-serif;font-size:15pt;font-weight:400;line-height:110%">Summary Consolidated Statements of Income (Loss)</font></div><div><font style="color:#2e3337;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(in thousands of U.S. dollars, except share and per share data)</font></div><div style="margin-bottom:5pt;margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;vertical-align:top;width:513.00pt"><tr><td style="width:1.0pt"></td><td style="width:243.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:87.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:87.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:87.25pt"></td><td style="width:1.0pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:20pt"><td colspan="3" style="background-color:#2ea2c8;padding:0 1pt"></td><td colspan="9" style="background-color:#2ea2c8;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Three Months Ended</font></td><td colspan="3" style="display:none"></td></tr><tr style="height:11pt"><td colspan="3" style="background-color:#2ea2c8;padding:0 1pt"></td><td colspan="3" style="background-color:#2ea2c8;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31,</font></td><td colspan="3" style="background-color:#2ea2c8;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31,</font></td><td colspan="3" style="background-color:#2ea2c8;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31,</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:11pt"><td colspan="3" style="background-color:#2ea2c8;padding:0 1pt"></td><td colspan="3" style="background-color:#2ea2c8;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="background-color:#2ea2c8;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2020</font></td><td colspan="3" style="background-color:#2ea2c8;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2020</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:11pt"><td colspan="3" style="background-color:#2ea2c8;padding:0 1pt"></td><td colspan="3" style="background-color:#2ea2c8;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(unaudited)</font></td><td colspan="3" style="background-color:#2ea2c8;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(unaudited)</font></td><td colspan="3" style="background-color:#2ea2c8;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(unaudited)</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:9pt"><td colspan="3" style="background-color:#f4faff;padding:0 1pt"></td><td colspan="3" style="background-color:#f4faff;padding:0 1pt"></td><td colspan="3" style="background-color:#f4faff;padding:0 1pt"></td><td colspan="3" style="background-color:#f4faff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#f4faff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Revenues </font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">359,081</font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">362,296</font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">574,054</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#f4faff;padding:0 1pt"></td><td colspan="3" style="background-color:#f4faff;padding:0 1pt"></td><td colspan="3" style="background-color:#f4faff;padding:0 1pt"></td><td colspan="3" style="background-color:#f4faff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#f4faff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Voyage expenses</font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(76,225)</font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(64,437)</font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(121,564)</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#f4faff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Vessel operating expenses </font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(128,437)</font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(144,951)</font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(153,293)</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#f4faff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Time-charter hire expense </font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(11,121)</font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(16,717)</font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(27,056)</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#f4faff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Depreciation and amortization </font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(58,586)</font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(60,926)</font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(72,917)</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#f4faff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">General and administrative expenses</font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(22,367)</font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(19,210)</font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(18,277)</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#f4faff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Write-down and loss on sale of assets </font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</font></div></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(715)</font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(28,690)</font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(94,606)</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#f4faff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Gain on commencement of sales-type lease </font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</font></div></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">44,943</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#f4faff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Restructuring charges</font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(303)</font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,570)</font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,388)</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#f4faff;border-top:1pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Income from vessel operations</font></td><td colspan="3" style="background-color:#f4faff;border-top:1pt solid #279fc7;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">61,327</font></td><td colspan="3" style="background-color:#f4faff;border-top:1pt solid #279fc7;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">25,795</font></td><td colspan="3" style="background-color:#f4faff;border-top:1pt solid #279fc7;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">128,896</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#f4faff;padding:0 1pt"></td><td colspan="3" style="background-color:#f4faff;padding:0 1pt"></td><td colspan="3" style="background-color:#f4faff;padding:0 1pt"></td><td colspan="3" style="background-color:#f4faff;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#f4faff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest expense</font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(48,939)</font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(50,707)</font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(62,520)</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#f4faff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest income</font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,045</font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,471</font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,803</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#f4faff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Realized and unrealized gains (losses) on </font></td><td colspan="3" style="background-color:#f4faff;padding:0 7pt 0 1pt"></td><td colspan="3" style="background-color:#f4faff;padding:0 1pt"></td><td colspan="3" style="background-color:#f4faff;padding:0 7pt 0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#f4faff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;&#160;non-designated derivative instruments </font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(3)</font></div></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,321</font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3,453)</font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(21,663)</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#f4faff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Equity income </font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(4)</font></div></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">37,157</font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">15,285</font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,313</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#f4faff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Income tax recovery (expense) </font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(5)</font></div></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,385</font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(18,669)</font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3,792)</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#f4faff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Foreign exchange gain (loss)</font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5,723</font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(12,499)</font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6,646</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#f4faff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other loss &#8211; net </font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(6)</font></div></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(4,515)</font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,355)</font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(681)</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#f4faff;border-top:1pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Net income (loss)</font></td><td colspan="3" style="background-color:#f4faff;border-top:1pt solid #279fc7;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">61,504</font></td><td colspan="3" style="background-color:#f4faff;border-top:1pt solid #279fc7;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(45,132)</font></td><td colspan="3" style="background-color:#f4faff;border-top:1pt solid #279fc7;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">52,002</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#f4faff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net (income) loss attributable to non-controlling interests</font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(31,553)</font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">25,688</font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(101,807)</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#f4faff;border-top:1pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Net income (loss) attributable to the</font></td><td colspan="3" style="background-color:#f4faff;border-top:1pt solid #279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#f4faff;border-top:1pt solid #279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#f4faff;border-top:1pt solid #279fc7;padding:0 7pt 0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#f4faff;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;&#160;&#160;shareholders of Teekay Corporation</font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">29,951</font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(19,444)</font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(49,805)</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#f4faff;border-top:2pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Income (loss) per common share of Teekay Corporation</font></td><td colspan="3" style="background-color:#f4faff;border-top:2pt solid #279fc7;padding:0 7pt 0 1pt"></td><td colspan="3" style="background-color:#f4faff;border-top:2pt solid #279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#f4faff;border-top:2pt solid #279fc7;padding:0 7pt 0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#f4faff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;-     Basic</font></td><td style="background-color:#f4faff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</font></td><td colspan="2" style="background-color:#f4faff;padding:2px 7pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.30</font></td><td style="background-color:#f4faff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</font></td><td colspan="2" style="background-color:#f4faff;padding:2px 7pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(0.19)</font></td><td style="background-color:#f4faff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</font></td><td colspan="2" style="background-color:#f4faff;padding:2px 7pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(0.49)</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#f4faff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;-     Diluted</font></td><td style="background-color:#f4faff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</font></td><td colspan="2" style="background-color:#f4faff;padding:2px 7pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.28</font></td><td style="background-color:#f4faff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</font></td><td colspan="2" style="background-color:#f4faff;padding:2px 7pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(0.19)</font></td><td style="background-color:#f4faff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$</font></td><td colspan="2" style="background-color:#f4faff;padding:2px 7pt 2px 0;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(0.49)</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#f4faff;border-top:1.5pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Weighted-average number of common shares outstanding  </font></td><td colspan="3" style="background-color:#f4faff;border-top:1.5pt solid #279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#f4faff;border-top:1.5pt solid #279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#f4faff;border-top:1.5pt solid #279fc7;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#f4faff;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;-     Basic </font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">101,165,928</font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">101,108,886</font></td><td colspan="3" style="background-color:#f4faff;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100,887,551</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;border-bottom:1.5pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;-     Diluted</font></td><td colspan="3" style="background-color:#eef8fc;border-bottom:1.5pt solid #279fc7;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">111,439,150</font></td><td colspan="3" style="background-color:#eef8fc;border-bottom:1.5pt solid #279fc7;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">101,108,886</font></td><td colspan="3" style="background-color:#eef8fc;border-bottom:1.5pt solid #279fc7;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100,887,551</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(1)</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:8.24pt">Write-down and loss on sale of assets for the three months ended March 31, 2021 relates to the write-down of one </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">operating lease right-of-use (</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:120%">ROU</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">) asset. </font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Write-down and loss on sale of assets for the three months ended December 31, 2020 relates to six Aframax tankers (two of which were classified as held for sale as at December 31, 2020), four multi-gas carriers and two operating lease ROU assets. Write-down and loss on sale of assets for the three months ended March 31, 2020 includes write-downs of six multi-gas carriers totaling $45.0 million and write-downs of two FPSO units totaling $46.5 million. </font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(2)</font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:8.24pt">Gain on commencement of sales-type lease of $44.9 million for the three months ended March 31, 2020 relates to the commencement of the sales-type lease for the </font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:120%">Foinaven</font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> FPSO unit as a result of a new bareboat charter agreement. </font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(3)</font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:8.24pt">Realized and unrealized gains (losses) related to derivative instruments that are not designated in qualifying hedging relationships for accounting purposes are included as a separate line item in the consolidated statements of income (loss). The realized (losses) gains relate to the amounts the Company actually paid to settle such derivative instruments and the unrealized gains (losses) relate to the change in fair value of such derivative instruments, as detailed in the table below&#58;</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:120%">9</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:120%">Teekay Corporation</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">    Investor Relations Tel&#58; +1 604 609 2963    www.teekay.com</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">4</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">th</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Floor, Belvedere Building, 69 Pitts Bay Road, Hamilton, HM 08, Bermuda</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:98.550%"><tr><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td></tr><tr style="height:42pt"><td colspan="3" style="padding:0 1pt"><div><img alt="colorlogo051.jpg" src="colorlogo051.jpg" style="height:45px;margin-bottom:5pt;vertical-align:text-bottom;width:136px"></div></td><td colspan="3" style="padding:0 1pt"></td></tr></table></div><div><font><br></font></div></div><div style="margin-bottom:5pt;margin-top:5pt;padding-left:18pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;vertical-align:top;width:513.00pt"><tr><td style="width:1.0pt"></td><td style="width:6.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:235.00pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:87.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:87.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:87.25pt"></td><td style="width:1.0pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:18pt"><td colspan="3" style="background-color:#279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="9" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Three Months Ended</font></td><td colspan="3" style="display:none"></td></tr><tr style="height:11pt"><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31,</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31,</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31,</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:11pt"><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2020</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2020</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:11pt"><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(unaudited)</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(unaudited)</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(unaudited)</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Realized (losses) gains relating to</font></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Interest rate swap agreements</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(4,918)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(5,578)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(2,677)</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Interest rate swap agreement termination </font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(i)</font></div></td><td colspan="3" style="background-color:#eef8fc;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(18,012)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Foreign currency forward contracts</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(241)</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Forward freight agreements</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">28</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(809)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(49)</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#eef8fc;border-bottom:1pt solid #279fc7;border-top:1pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(22,902)</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(6,387)</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(2,967)</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Unrealized gains (losses) relating to</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Interest rate swap agreements</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">30,256</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,549</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(18,812)</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Foreign currency forward contracts</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">202</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Forward freight agreements</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(33)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">385</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(86)</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;border-bottom:1pt solid #279fc7;border-top:1pt solid #279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">30,223</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,934</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(18,696)</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:24pt"><td colspan="6" style="background-color:#eef8fc;border-bottom:2pt solid #279fc7;border-top:1pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Total realized and unrealized gains (losses) on derivative instruments</font></td><td colspan="3" style="background-color:#eef8fc;border-bottom:2pt solid #279fc7;border-top:1pt solid #279fc7;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">7,321</font></td><td colspan="3" style="background-color:#eef8fc;border-bottom:2pt solid #279fc7;border-top:1pt solid #279fc7;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(3,453)</font></td><td colspan="3" style="background-color:#eef8fc;border-bottom:2pt solid #279fc7;border-top:1pt solid #279fc7;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(21,663)</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:3pt;text-align:justify"><font><br></font></div><div style="padding-left:31.5pt;text-align:justify;text-indent:-13.5pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(i)  The termination of an interest rate swap agreement during the three months ended March 31, 2021 was in connection with a debt  refinancing completed in February 2021 at a lower all-in interest rate.</font></div><div style="padding-left:31.5pt;text-indent:-13.5pt"><font><br></font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(4)</font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:8.24pt">T</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">he Company&#8217;s proportionate share of items within equity income as identified in Appendix A of this release is detailed in the table below. By excluding these items from equity income as reflected in the consolidated statements of loss, the Company believes the resulting adjusted equity income is a normalized amount that can be used to evaluate the financial performance of the Company&#8217;s equity-accounted investments. Adjusted equity income is a non-GAAP financial measure.</font></div><div style="margin-bottom:5pt;margin-top:5pt;padding-left:18pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;vertical-align:top;width:513.00pt"><tr><td style="width:1.0pt"></td><td style="width:6.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:235.00pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:87.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:87.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:87.25pt"></td><td style="width:1.0pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:20pt"><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="9" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Three Months Ended</font></td><td colspan="3" style="display:none"></td></tr><tr style="height:11pt"><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31,</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31,</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31,</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:11pt"><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2020</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2020</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:11pt"><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(unaudited)</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(unaudited)</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(unaudited)</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Equity income </font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">37,157</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">15,285</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,313</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Proportionate share of unrealized (gains) losses on</font></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">derivative instruments</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(15,410)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(4,214)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">22,204</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;border-bottom:1pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Other</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline"> (i)</font></div></td><td colspan="3" style="background-color:#eef8fc;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">6,357</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">19,320</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">8,441</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;border-bottom:2pt solid #279fc7;border-top:1pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Equity income adjusted for items in Appendix A </font></td><td colspan="3" style="background-color:#eef8fc;border-bottom:2pt solid #279fc7;border-top:1pt solid #279fc7;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">28,104</font></td><td colspan="3" style="background-color:#eef8fc;border-bottom:2pt solid #279fc7;border-top:1pt solid #279fc7;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">30,391</font></td><td colspan="3" style="background-color:#eef8fc;border-bottom:2pt solid #279fc7;border-top:1pt solid #279fc7;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">32,958</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:3pt;margin-top:3pt;text-align:justify"><font><br></font></div><div style="margin-bottom:3pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#2e3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(i)</font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:10.91pt">Other for the three months ended March 31, 2021, December 31, 2020, and March 31, 2020 includes unrealized credit loss provision adjustments. Other for the three months ended December 31, 2020 also includes</font><font style="color:#2e3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> the proportionate share of write-down of vessels in Teekay LNG's equity-accounted investees. </font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:120%"><br></font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#2e3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:115%">(5)</font><font style="color:#2e3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:115%;padding-left:8.24pt">During the three months ended December 31, 2020, the Company obtained further advice regarding the freight taxes in a certain jurisdiction due to the uncertainty surrounding recent tax changes. Based on this new information and other considerations, the Company increased its provision during the three months ended December 31, 2020 for uncertain tax liabilities by $20.8 million, of which $11.5 million related to 2020 voyages, and $2.1 million of that balance related to the fourth quarter of 2020.</font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(6)</font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:8.24pt">Other loss - net for the three months ended March 31, 2021, December 31, 2020, and March 31, 2020 i</font><font style="color:#2e3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">ncludes unrealized credit loss provision adjustments of $(4.0) million, $(1.8) million, and $0.1 million, respectively.</font></div><div style="margin-bottom:3pt;text-align:justify"><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:120%">10</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:120%">Teekay Corporation</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">    Investor Relations Tel&#58; +1 604 609 2963    www.teekay.com</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">4</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">th</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Floor, Belvedere Building, 69 Pitts Bay Road, Hamilton, HM 08, Bermuda</font></div></div></div><div id="i790b96fe8a4e4cbf86de6a3321eec0db_22"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:98.550%"><tr><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td></tr><tr style="height:42pt"><td colspan="3" style="padding:0 1pt"><div><img alt="colorlogo051.jpg" src="colorlogo051.jpg" style="height:45px;margin-bottom:5pt;vertical-align:text-bottom;width:136px"></div></td><td colspan="3" style="padding:0 1pt"></td></tr></table></div><div><font><br></font></div></div><div><font style="color:#40b4e5;font-family:'Arial',sans-serif;font-size:15pt;font-weight:400;line-height:120%">Teekay Corporation </font></div><div><font style="color:#40b4e5;font-family:'Arial',sans-serif;font-size:15pt;font-weight:400;line-height:100%">Summary Consolidated Balance Sheets</font></div><div><font style="color:#2e3337;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(in thousands of U.S. dollars)</font></div><div style="margin-bottom:5pt;margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;vertical-align:top;width:513.00pt"><tr><td style="width:1.0pt"></td><td style="width:148.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:148.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:103.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:103.75pt"></td><td style="width:1.0pt"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">As at March 31,</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">As at December 31,</font></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2020</font></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(unaudited)</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(unaudited)</font></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#cfebf5;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">ASSETS</font></td><td colspan="3" style="background-color:#cfebf5;padding:0 1pt"></td><td colspan="3" style="background-color:#cfebf5;padding:0 1pt"></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Cash and cash equivalents - Teekay Parent</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">32,999</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">44,791</font></td><td colspan="3" style="display:none"></td></tr><tr style="height:14pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Cash and cash equivalents - Teekay LNG</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">163,480</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">206,762</font></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Cash and cash equivalents - Teekay Tankers</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">87,595</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">97,232</font></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Assets held for sale</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">32,974</font></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Accounts receivable and other current assets </font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">299,162</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">282,242</font></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Restricted cash - Teekay Parent</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">10</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">10</font></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Restricted cash - Teekay LNG</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">44,736</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">51,181</font></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Restricted cash - Teekay Tankers</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">5,948</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">5,914</font></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Vessels and equipment - Teekay LNG</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,860,581</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,875,169</font></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Vessels and equipment - Teekay Tankers</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,530,082</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,555,300</font></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Operating lease right-of-use assets </font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">18,065</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">52,961</font></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Net investment in direct financing and sales-type leases</font></div></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">520,623</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">528,641</font></td><td colspan="3" style="display:none"></td></tr><tr style="height:15pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Investments in and loans to equity-accounted investments</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,136,605</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,075,653</font></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;border-bottom:1pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Other non-current assets</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">144,319</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">137,082</font></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;border-bottom:2pt solid #279fc7;border-top:1pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Total Assets</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">6,844,205</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">6,945,912</font></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#cfebf5;border-top:2pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">LIABILITIES AND EQUITY</font></td><td colspan="3" style="background-color:#cfebf5;border-top:2pt solid #279fc7;padding:0 31pt 0 1pt"></td><td colspan="3" style="background-color:#cfebf5;border-top:2pt solid #279fc7;padding:0 1pt 0 13pt"></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Accounts payable and other current liabilities</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">349,255</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">456,152</font></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Short-term debt - Teekay Tankers</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">20,000</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">10,000</font></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Current portion of long-term debt - Teekay LNG</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">422,695</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">322,440</font></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Current portion of long-term debt - Teekay Tankers </font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(1)</font></div></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">209,137</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">89,334</font></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Long-term debt - Teekay Parent</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">347,499</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">339,933</font></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Long-term debt - Teekay LNG</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,344,691</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,490,695</font></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Long-term debt - Teekay Tankers</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">370,602</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">513,670</font></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Operating lease liabilities </font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">19,449</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">54,290</font></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Other long-term liabilities </font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">208,308</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">198,107</font></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Equity&#58;</font></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Non-controlling interests</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,028,761</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,989,883</font></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;border-bottom:1pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Shareholders of Teekay</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">523,808</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">481,408</font></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Total Liabilities and Equity</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">6,844,205</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">6,945,912</font></td><td colspan="3" style="display:none"></td></tr><tr style="height:3pt"><td colspan="3" style="background-color:#eef8fc;border-top:2pt solid #279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;border-top:2pt solid #279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;border-top:2pt solid #279fc7;padding:0 31pt 0 1pt"></td><td colspan="3" style="background-color:#eef8fc;border-top:2pt solid #279fc7;padding:0 31pt 0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Net debt - Teekay Parent </font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(2)(3)</font></div></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">314,490</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">295,132</font></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Net debt - Teekay LNG </font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(2)</font></div></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,559,170</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,555,192</font></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;border-bottom:2pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Net debt - Teekay Tankers </font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(2)</font></div></td><td colspan="3" style="background-color:#eef8fc;border-bottom:2pt solid #279fc7;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">506,196</font></td><td colspan="3" style="background-color:#eef8fc;border-bottom:2pt solid #279fc7;padding:2px 31pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">509,858</font></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-top:4pt;padding-left:18pt;text-align:justify"><font><br></font></div><div style="margin-top:4pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#2e3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(1)</font><font style="color:#2e3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:8.24pt">Current obligations related to finance leases at March 31, 2021 includes $185.5 million related to the declared purchase options on eight vessels. In November 2020, Teekay Tankers declared purchase options to acquire two of these vessels for a total cost of $56.7 million with an expected completion date of May 2021 and, in March 2021, Teekay Tankers declared purchase options to acquire six vessels for a total cost of $128.8 million with an expected completion date of September 2021.</font></div><div style="margin-top:4pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(2)</font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:8.24pt">Net debt is a non-GAAP financial measure and represents short-term debt, current portion of long-term debt and long-term debt, less cash and cash equivalents, and, if applicable, restricted cash. </font></div><div style="margin-top:4pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(3)</font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:8.24pt">As a result of the </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">early adoption of ASU 2020-06 - </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:120%">Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity&#8217;s Own Equity (Subtopic 815-40), </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">effective January 1, 2021, using the modified retrospective method of transition, the Company increased the carrying value of long-term debt by $6.3&#160;million and decreased common stock and additional paid-in capital by $6.3&#160;million.</font></div><div style="margin-top:4pt;text-align:justify"><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:120%">11</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:120%">Teekay Corporation</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">    Investor Relations Tel&#58; +1 604 609 2963    www.teekay.com</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">4</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">th</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Floor, Belvedere Building, 69 Pitts Bay Road, Hamilton, HM 08, Bermuda</font></div></div></div><div id="i790b96fe8a4e4cbf86de6a3321eec0db_25"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:98.550%"><tr><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td></tr><tr style="height:42pt"><td colspan="3" style="padding:0 1pt"><div><img alt="colorlogo051.jpg" src="colorlogo051.jpg" style="height:45px;margin-bottom:5pt;vertical-align:text-bottom;width:136px"></div></td><td colspan="3" style="padding:0 1pt"></td></tr></table></div><div><font><br></font></div></div><div><font style="color:#40b4e5;font-family:'Arial',sans-serif;font-size:15pt;font-weight:400;line-height:120%">Teekay Corporation </font></div><div><font style="color:#40b4e5;font-family:'Arial',sans-serif;font-size:15pt;font-weight:400;line-height:100%">Summary Consolidated Statements of Cash Flows</font></div><div><font style="color:#2e3337;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(in thousands of U.S. dollars)</font></div><div style="margin-bottom:5pt;margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;vertical-align:top;width:512.25pt"><tr><td style="width:1.0pt"></td><td style="width:352.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:76.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:76.75pt"></td><td style="width:1.0pt"></td></tr><tr style="height:11pt"><td colspan="3" style="background-color:#279fc7;padding:0 1pt"></td><td colspan="6" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Three Months Ended</font></td></tr><tr style="height:11pt"><td colspan="3" style="background-color:#279fc7;padding:0 1pt"></td><td colspan="6" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">March 31,</font></td></tr><tr style="height:11pt"><td colspan="3" style="background-color:#279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2020</font></td></tr><tr style="height:11pt"><td colspan="3" style="background-color:#279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(unaudited)</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(unaudited)</font></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Cash, cash equivalents and restricted cash provided by (used for)</font></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#cfebf5;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">OPERATING ACTIVITIES</font></td><td colspan="3" style="background-color:#cfebf5;padding:0 1pt"></td><td colspan="3" style="background-color:#cfebf5;padding:0 1pt"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Net income </font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">61,504</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">52,002</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Non-cash and non-operating items&#58; </font></td><td colspan="3" style="background-color:#eef8fc;padding:0 19pt 0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 19pt 0 1pt"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;&#160;&#160;Depreciation and amortization</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">58,586</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">72,917</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;&#160;&#160;Unrealized (gain) loss on derivative instruments</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(35,353)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">68,236</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;&#160;&#160;Write-down and loss on sale</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">715</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">94,606</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;&#160;&#160;Gain on commencement of sales-type lease</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(44,943)</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;&#160;&#160;Equity (income) loss, net of dividends received</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(20,657)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">4,187</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;&#160;&#160;Foreign currency exchange loss (gain) and other</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">4,606</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(51,294)</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Receipts from direct financing and sales-type leases</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3,290</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">264,072</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Change in operating assets and liabilities </font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(85,735)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(18,525)</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Asset retirement obligation expenditures</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(920)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Expenditures for dry docking</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(6,553)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(2,299)</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Net operating cash flow</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(20,517)</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">438,959</font></td></tr><tr style="height:6pt"><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:0 19pt 0 1pt"></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:0 19pt 0 1pt"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#cfebf5;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">FINANCING ACTIVITIES</font></td><td colspan="3" style="background-color:#cfebf5;padding:0 1pt"></td><td colspan="3" style="background-color:#cfebf5;padding:0 1pt"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Proceeds from issuance of long-term debt, net of issuance costs</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">200,230</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">870,639</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Prepayments of long-term debt</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(121,543)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(1,002,414)</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Scheduled repayments of long-term debt</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(120,704)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(70,225)</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Proceeds from short-term debt</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">10,000</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">135,000</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Prepayment of short-term debt</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(130,000)</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Repayments of obligations related to finance leases</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(23,935)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(23,488)</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Repurchase of Teekay LNG common units</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(15,635)</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Distributions paid from subsidiaries to non-controlling interests</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(19,174)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(16,353)</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Other financing activities</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(62)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Net financing cash flow</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(75,188)</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(252,476)</font></td></tr><tr style="height:6pt"><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:0 19pt 0 1pt"></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:0 19pt 0 1pt"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#cfebf5;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">INVESTING ACTIVITIES</font></td><td colspan="3" style="background-color:#cfebf5;padding:0 19pt 0 1pt"></td><td colspan="3" style="background-color:#cfebf5;padding:0 19pt 0 1pt"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Expenditures for vessels and equipment</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(8,104)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(8,685)</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Proceeds from sale of vessels and equipment</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">32,687</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">60,915</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Proceeds from repayments of advances to equity-accounted joint ventures</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,000</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Other investing activities</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(6,430)</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Net investing cash flow</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">24,583</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">47,800</font></td></tr><tr style="height:6pt"><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:0 19pt 0 1pt"></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:0 19pt 0 1pt"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(Decrease) increase in cash, cash equivalents and restricted cash</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(71,122)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">234,283</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Cash, cash equivalents and restricted cash, beginning of the period</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">405,890</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">456,325</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;border-bottom:2pt solid #279fc7;border-top:1pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Cash, cash equivalents and restricted cash, end of the period</font></td><td colspan="3" style="background-color:#eef8fc;border-bottom:2pt solid #279fc7;border-top:1pt solid #279fc7;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">334,768</font></td><td colspan="3" style="background-color:#eef8fc;border-bottom:2pt solid #279fc7;border-top:1pt solid #279fc7;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">690,608</font></td></tr></table></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:120%">12</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:120%">Teekay Corporation</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">    Investor Relations Tel&#58; +1 604 609 2963    www.teekay.com</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">4</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">th</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Floor, Belvedere Building, 69 Pitts Bay Road, Hamilton, HM 08, Bermuda</font></div></div></div><div id="i790b96fe8a4e4cbf86de6a3321eec0db_28"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:98.550%"><tr><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td></tr><tr style="height:42pt"><td colspan="3" style="padding:0 1pt"><div><img alt="colorlogo051.jpg" src="colorlogo051.jpg" style="height:45px;margin-bottom:5pt;vertical-align:text-bottom;width:136px"></div></td><td colspan="3" style="padding:0 1pt"></td></tr></table></div><div><font><br></font></div></div><div><font style="color:#40b4e5;font-family:'Arial',sans-serif;font-size:15pt;font-weight:400;line-height:120%">Teekay Corporation</font></div><div><font style="color:#40b4e5;font-family:'Arial',sans-serif;font-size:15pt;font-weight:400;line-height:120%">Appendix A - Reconciliation of Non-GAAP Financial Measures</font></div><div><font style="color:#40b4e5;font-family:'Arial',sans-serif;font-size:15pt;font-weight:400;line-height:100%">Adjusted Net Income </font></div><div><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(in thousands of U.S. dollars, except per share data)</font></div><div style="margin-bottom:5pt;margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;vertical-align:top;width:525.00pt"><tr><td style="width:1.0pt"></td><td style="width:4.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:223.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:46.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:46.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:46.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:46.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:46.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:46.75pt"></td><td style="width:1.0pt"></td></tr><tr style="height:11pt"><td colspan="3" style="background-color:#279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="18" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Three Months Ended</font></td></tr><tr style="height:11pt"><td colspan="3" style="background-color:#279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="6" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">March 31,</font></td><td colspan="6" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">December 31,</font></td><td colspan="6" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">March 31,</font></td></tr><tr style="height:11pt"><td colspan="3" style="background-color:#279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#279fc7;padding:0 1pt"></td><td colspan="6" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2021</font></td><td colspan="6" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2020</font></td><td colspan="6" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2020</font></td></tr><tr style="height:11pt"><td colspan="3" style="background-color:#279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="6" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(unaudited) </font></td><td colspan="6" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(unaudited) </font></td><td colspan="6" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(unaudited) </font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#cfebf5;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#cfebf5;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#cfebf5;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#cfebf5;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">$ Per </font></td><td colspan="3" style="background-color:#cfebf5;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#cfebf5;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">$ Per </font></td><td colspan="3" style="background-color:#cfebf5;padding:0 1pt"></td><td colspan="3" style="background-color:#cfebf5;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">$ Per </font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#cfebf5;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#cfebf5;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#cfebf5;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">$</font></td><td colspan="3" style="background-color:#cfebf5;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Share</font><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:5.85pt;font-weight:700;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(1)</font></div></td><td colspan="3" style="background-color:#cfebf5;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">$ </font></td><td colspan="3" style="background-color:#cfebf5;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Share</font><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:5.85pt;font-weight:700;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(1)</font></div></td><td colspan="3" style="background-color:#cfebf5;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">$ </font></td><td colspan="3" style="background-color:#cfebf5;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Share</font><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:5.85pt;font-weight:700;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(1)</font></div></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Net income (loss) &#8211; GAAP basis</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">61,504</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(45,132)</font></td><td colspan="3" style="background-color:#eef8fc;padding:0 13pt 0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">52,002</font></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Adjust for&#58; Net (income) loss attributable to</font></td><td colspan="3" style="background-color:#eef8fc;padding:0 7pt 0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#eef8fc;padding:0 7pt 0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 13pt 0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;border-bottom:1pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;non-controlling interests </font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(31,553)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;&#160;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">25,688</font></td><td colspan="3" style="background-color:#eef8fc;padding:0 13pt 0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(101,807)</font></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Net income (loss) attributable to</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:0 7pt 0 1pt"></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:0 13pt 0 1pt"></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:0 7pt 0 1pt"></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:0 13pt 0 1pt"></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:0 1pt"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;border-bottom:1pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:120%">shareholders of Teekay </font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">29,951</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">0.30</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(19,444)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(0.19)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(49,805)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(0.49)</font></td></tr><tr style="height:26pt"><td colspan="6" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:120%">(Subtract) add specific items affecting net income (loss)</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:0 7pt 0 1pt"></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:0 7pt 0 1pt"></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:0 13pt 0 1pt"></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Unrealized (gains) losses from derivative </font></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">&#160;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6pt"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">instruments</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(2)</font></div></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(45,633)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(0.45)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(7,149)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(0.07)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">40,900</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.41</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">&#160;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Foreign currency exchange (gains) losses</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(3)</font></div></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(7,069)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(0.07)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">10,826</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.11</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(8,463)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(0.08)</font></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Banff FPSO decommissioning costs net of</font></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(recoveries)</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(4)</font></div></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,430</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.01</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(1,550)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(0.02)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Write-down and loss on sale of vessels and other</font></div></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">assets</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(5)</font></div></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">715</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.01</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">28,689</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.28</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">94,606</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.94</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Gain on commencement of sales-type lease</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(6)</font></div></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(44,943)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(0.45)</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">&#160;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Restructuring charges, net of recoveries </font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">303</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3,106</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.03</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,188</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.01</font></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Realized loss (gain) on interest rate swap terminations</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">18,012</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.18</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(474)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">&#160;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Other</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(7)</font></div></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">6,903</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.07</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">25,272</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.25</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">8,704</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.08</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">&#160;</font></td><td colspan="3" style="background-color:#eef8fc;border-bottom:1pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Non-controlling interests&#8217; share of items above</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:5.85pt;font-weight:400;line-height:120%;position:relative;top:-3.15pt;vertical-align:baseline">(8)</font></div></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">6,708</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.07</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(36,901)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(0.36)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(16,454)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(0.16)</font></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;border-bottom:1pt solid #279fc7;border-top:1pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Total adjustments </font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(18,631)</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(0.18)</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">22,293</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.22</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">75,064</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">0.75</font></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Adjusted net income attributable to </font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:0 7pt 0 1pt"></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:0 7pt 0 1pt"></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:0 13pt 0 1pt"></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:0 1pt"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;border-bottom:2pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:120%">&#160;</font></td><td colspan="3" style="background-color:#eef8fc;border-bottom:2pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:120%">shareholders of Teekay </font></td><td colspan="3" style="background-color:#eef8fc;border-bottom:2pt solid #279fc7;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">11,320</font></td><td colspan="3" style="background-color:#eef8fc;border-bottom:2pt solid #279fc7;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">0.11</font></td><td colspan="3" style="background-color:#eef8fc;border-bottom:2pt solid #279fc7;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2,849</font></td><td colspan="3" style="background-color:#eef8fc;border-bottom:2pt solid #279fc7;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">0.03</font></td><td colspan="3" style="background-color:#eef8fc;border-bottom:2pt solid #279fc7;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">25,259</font></td><td colspan="3" style="background-color:#eef8fc;border-bottom:2pt solid #279fc7;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">0.25</font></td></tr></table></div><div style="margin-bottom:3pt;margin-top:6pt;padding-left:27pt;text-align:justify;text-indent:-27pt"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(1)</font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:17.24pt">Basic per share amounts.</font></div><div style="padding-left:27pt;text-align:justify;text-indent:-27pt"><font style="color:#2e3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(2)</font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:17.24pt">Reflects unrealized (gains) losses relating to the change in the mark-to-market value of derivative instruments that are not designated in qualifying hedging relationships for accounting purposes, including those (gains) losses included in the Company's proportionate share of equity income from joint ventures.</font></div><div style="margin-top:2pt;padding-left:27pt;text-align:justify;text-indent:-27pt"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(3)</font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:17.24pt">Foreign currency exchange (gains) losses primarily relate to the Company&#8217;s debt denominated in Euros and Norwegian Kroner (</font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:120%">NOK</font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">) and unrealized (gains) losses on cross currency swaps used to economically hedge the principal and interest on NOK bonds.</font></div><div style="margin-top:2pt;padding-left:27pt;text-align:justify;text-indent:-27pt"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(4)</font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:17.24pt">In the first quarter of 2020, CNR International (U.K.) Limited (or </font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:120%">CNRI</font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">) provided formal notice to the Company of its intention to decommission the Banff field and remove the</font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:120%"> Banff</font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> FPSO and the </font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:120%">Apollo Spirit</font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> FSO from the field in June 2020. The oil production under the existing contract for the </font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:120%">Banff </font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">FPSO unit ceased in June 2020, and the Company commenced decommissioning activities during the second quarter of 2020. </font></div><div style="margin-top:2pt;padding-left:27pt;text-align:justify;text-indent:-27pt"><font style="color:#2e3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(5)</font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:17.24pt">Refer to footnote (1) of the </font><font style="color:#2e3337;font-family:'Arial',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:120%">Summary </font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:120%">Consolidated Statements of  Income (Loss) </font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">for additional information.</font></div><div style="margin-top:2pt;padding-left:27pt;text-align:justify;text-indent:-27pt"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(6)</font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:17.24pt">Gain on commencement of sales-type lease for the year ended December 31, 2020 relates to the commencement of the sales-type lease for the </font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:120%">Foinaven</font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> FPSO unit as a result of a new bareboat charter agreement. </font></div><div style="margin-top:2pt;padding-left:27pt;text-align:justify;text-indent:-27pt"><font style="color:#2e3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(7)</font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:17.24pt">Other for the three months ended March 31, 2021, December 31, 2020, and March 31, 2020, includes unrealized credit loss provision adjustments. Other for the three months ended December 31, 2020 also includes</font><font style="color:#2e3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> the proportionate share of write-down of vessels in Teekay LNG's equity-accounted investees</font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">, and adjustments to freight tax accruals for periods prior to 2020. </font></div><div style="margin-top:2pt;padding-left:27pt;text-align:justify;text-indent:-27pt"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(8)</font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:17.24pt">Items affecting net income include items from the Company&#8217;s consolidated non-wholly-owned subsidiaries. The specific items affecting net income are analyzed to determine whether any of the amounts originated from a consolidated non-wholly-owned subsidiary. Each amount that originates from a consolidated non-wholly-owned subsidiary is multiplied by the non-controlling interests&#8217; percentage share in this subsidiary to determine the non-controlling interests&#8217; share of the amount. The amount identified as &#8220;Non-controlling interests&#8217; share of items above&#8221; in the table above is the cumulative amount of the non-controlling interests&#8217; proportionate share of items listed in the table.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:120%">13</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:120%">Teekay Corporation</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">    Investor Relations Tel&#58; +1 604 609 2963    www.teekay.com</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">4</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">th</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Floor, Belvedere Building, 69 Pitts Bay Road, Hamilton, HM 08, Bermuda</font></div></div></div><div id="i790b96fe8a4e4cbf86de6a3321eec0db_31"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:98.550%"><tr><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td></tr><tr style="height:42pt"><td colspan="3" style="padding:0 1pt"><div><img alt="colorlogo051.jpg" src="colorlogo051.jpg" style="height:45px;margin-bottom:5pt;vertical-align:text-bottom;width:136px"></div></td><td colspan="3" style="padding:0 1pt"></td></tr></table></div><div><font><br></font></div></div><div><font style="color:#40b4e5;font-family:'Arial',sans-serif;font-size:15pt;font-weight:400;line-height:120%">Teekay Corporation</font></div><div><font style="color:#40b4e5;font-family:'Arial',sans-serif;font-size:15pt;font-weight:400;line-height:120%">Appendix B - Supplemental Financial Information</font></div><div><font style="color:#40b4e5;font-family:'Arial',sans-serif;font-size:15pt;font-weight:400;line-height:120%">Summary Statement of Income (Loss) for the Three Months Ended March&#160;31, 2021</font><font style="color:#40b4e5;font-family:'Arial',sans-serif;font-size:13pt;font-weight:400;line-height:120%">  </font></div><div style="margin-top:2pt"><font style="color:#2e3337;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(in thousands of U.S. dollars)</font></div><div><font style="color:#2e3337;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(unaudited)</font></div><div style="margin-bottom:5pt;margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;vertical-align:top;width:513.00pt"><tr><td style="width:1.0pt"></td><td style="width:4.00pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:208.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:54.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:54.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:54.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:69.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:54.25pt"></td><td style="width:1.0pt"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Teekay</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Teekay </font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Teekay</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Consolidation </font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Total</font></td></tr><tr style="height:15pt"><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">LNG </font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Tankers</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Parent</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Adjustments</font><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:5.85pt;font-weight:700;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(1)</font></div></td><td colspan="3" style="background-color:#279fc7;padding:0 1pt"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="background-color:#eef8fc;color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></div></td><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="background-color:#eef8fc;color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></div></td><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="background-color:#eef8fc;color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></div></td><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="background-color:#eef8fc;color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></div></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Revenues </font></div></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">152,802</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">142,749</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">63,530</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">359,081</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></div></td><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></div></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 13pt 0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Voyage expenses </font></div></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(7,183)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(69,045)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(76,225)</font></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Vessel operating expenses </font></div></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(30,089)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(43,048)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(55,300)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(128,437)</font></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Time-charter hire expense </font></div></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(5,850)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(3,630)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(1,641)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(11,121)</font></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Depreciation and amortization </font></div></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(31,902)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(26,684)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(58,586)</font></td></tr><tr style="height:14pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">General and administrative expenses</font></div></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(7,167)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(11,470)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(3,730)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(22,367)</font></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Write-down of assets</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(715)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(715)</font></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Restructuring charges </font></div></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(303)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(303)</font></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Income (loss) from vessel operations</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">70,611</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(11,843)</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,559</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">61,327</font></td></tr><tr style="height:9pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></div></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Interest expense </font></div></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(29,652)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(10,068)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(9,243)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">24</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(48,939)</font></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Interest income </font></div></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,006</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">30</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">33</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(24)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,045</font></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Realized and unrealized gain on</font></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></div></td><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">non-designated derivative instruments   </font></div></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">6,618</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">703</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">7,321</font></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Equity income (loss)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">37,516</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(359)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">37,157</font></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Equity in earnings of subsidiaries </font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(2)</font></div></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">38,149</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(38,149)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Income tax recovery (expense) </font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">777</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(571)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,179</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,385</font></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Foreign exchange gain (loss)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">6,960</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">612</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(1,849)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">5,723</font></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;border-bottom:1pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Other (loss) income &#8211; net</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(3,769)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">131</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(877)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(4,515)</font></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Net income (loss)</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">91,067</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(21,365)</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">29,951</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(38,149)</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">61,504</font></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Net income attributable to</font></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#eef8fc;border-bottom:1pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">non-controlling interests </font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(3)</font></div></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(3,476)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(28,077)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(31,553)</font></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Net income (loss) attributable to shareholders&#47;</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:0 1pt"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;border-bottom:2pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#eef8fc;border-bottom:2pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">unitholders of publicly-listed entities</font></td><td colspan="3" style="background-color:#eef8fc;border-bottom:2pt solid #279fc7;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">87,591</font></td><td colspan="3" style="background-color:#eef8fc;border-bottom:2pt solid #279fc7;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(21,365)</font></td><td colspan="3" style="background-color:#eef8fc;border-bottom:2pt solid #279fc7;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">29,951</font></td><td colspan="3" style="background-color:#eef8fc;border-bottom:2pt solid #279fc7;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(66,226)</font></td><td colspan="3" style="background-color:#eef8fc;border-bottom:2pt solid #279fc7;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">29,951</font></td></tr></table></div><div style="text-align:justify"><font><br></font></div><div style="margin-bottom:3pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(1)</font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:8.24pt">Consolidation Adjustments column includes adjustments which eliminate transactions between Teekay LNG, Teekay Tankers and Teekay Parent.</font></div><div style="margin-bottom:3pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(2)</font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:8.24pt">Teekay Corporation&#8217;s proportionate share of the net earnings of its publicly-traded subsidiaries.</font></div><div style="margin-bottom:3pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(3)</font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:8.24pt">Net income attributable to non-controlling interests in the Teekay LNG column represents the joint venture partners&#8217; share of the net income of its respective consolidated joint ventures. Net income attributable to non-controlling interest in the Consolidation Adjustments column represents the public&#8217;s share of the net income of Teekay&#8217;s publicly-traded consolidated subsidiaries.</font></div><div style="margin-bottom:3pt;text-align:justify"><font><br></font></div><div style="margin-bottom:3pt;text-align:justify"><font><br></font></div><div style="margin-bottom:3pt;text-align:justify"><font><br></font></div><div style="margin-bottom:3pt;text-align:justify"><font><br></font></div><div style="margin-bottom:3pt;text-align:justify"><font><br></font></div><div style="margin-bottom:3pt;padding-left:18pt;text-align:justify"><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:120%">14</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:120%">Teekay Corporation</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">    Investor Relations Tel&#58; +1 604 609 2963    www.teekay.com</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">4</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">th</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Floor, Belvedere Building, 69 Pitts Bay Road, Hamilton, HM 08, Bermuda</font></div></div></div><div id="i790b96fe8a4e4cbf86de6a3321eec0db_34"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:98.550%"><tr><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td></tr><tr style="height:42pt"><td colspan="3" style="padding:0 1pt"><div><img alt="colorlogo051.jpg" src="colorlogo051.jpg" style="height:45px;margin-bottom:5pt;vertical-align:text-bottom;width:136px"></div></td><td colspan="3" style="padding:0 1pt"></td></tr></table></div><div><font><br></font></div></div><div><font style="color:#40b4e5;font-family:'Arial',sans-serif;font-size:15pt;font-weight:400;line-height:120%">Teekay Corporation </font></div><div><font style="color:#40b4e5;font-family:'Arial',sans-serif;font-size:15pt;font-weight:400;line-height:120%">Appendix C - Supplemental Financial Information </font></div><div><font style="color:#40b4e5;font-family:'Arial',sans-serif;font-size:15pt;font-weight:400;line-height:120%">Teekay Parent Summary Operating Results </font></div><div><font style="color:#40b4e5;font-family:'Arial',sans-serif;font-size:15pt;font-weight:400;line-height:105%">For the Three Months Ended March&#160;31, 2021 </font></div><div><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(in thousands of U.S. dollars)</font></div><div><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(unaudited)</font></div><div style="margin-bottom:5pt;margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;vertical-align:top;width:513.75pt"><tr><td style="width:1.0pt"></td><td style="width:202.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:75.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:75.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:75.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:75.25pt"></td><td style="width:1.0pt"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Teekay </font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Corporate</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Parent</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">FPSOs</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Other</font><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:5.85pt;font-weight:700;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(1)</font></div></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">G&#38;A</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Total </font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Revenues</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">10,817</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">52,713</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">63,530</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#eef8fc;padding:0 25pt 0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 25pt 0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 25pt 0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Voyage expenses </font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Vessel operating expenses</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(8,551)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(46,749)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(55,300)</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Time-charter hire expense</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(1,641)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(1,641)</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">General and administrative expenses</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(294)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(3,436)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(3,730)</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Restructuring charges</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(303)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(303)</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Income (loss) from vessel operations</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,972</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">4,023</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(3,436)</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,559</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Adjustment for sales-type lease</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(203)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(203)</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Daughter Entities distributions</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline"> (2)</font></div></td><td colspan="3" style="background-color:#eef8fc;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">10,785</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">10,785</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;border-bottom:1pt solid #279fc7;border-top:1pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Teekay Parent adjusted EBITDA</font></td><td colspan="3" style="background-color:#eef8fc;border-bottom:1pt solid #279fc7;border-top:1pt solid #279fc7;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">1,769</font></td><td colspan="3" style="background-color:#eef8fc;border-bottom:1pt solid #279fc7;border-top:1pt solid #279fc7;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">4,023</font></td><td colspan="3" style="background-color:#eef8fc;border-bottom:1pt solid #279fc7;border-top:1pt solid #279fc7;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">7,349</font></td><td colspan="3" style="background-color:#eef8fc;border-bottom:1pt solid #279fc7;border-top:1pt solid #279fc7;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">13,141</font></td></tr></table></div><div style="margin-bottom:3pt;text-align:justify"><font><br></font></div><div style="margin-bottom:3pt;padding-left:20.25pt;text-align:justify;text-indent:-18pt"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(1)</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:8.24pt">Includes the results relating to third-party management services as well as one chartered-in FSO unit owned by Altera Infrastructure LP (or </font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:120%">Altera</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">), which was on a flow-through basis with Teekay Parent earning a small margin until March 1, 2021, when the charter-in contract was novated to Altera. </font></div><div style="margin-bottom:3pt;padding-left:20.25pt;text-align:justify;text-indent:-18pt"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(2)</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:8.24pt">In addition to the adjusted EBITDA generated by its directly owned and chartered-in assets, Teekay Parent also receives cash distributions from its consolidated publicly-traded subsidiary, Teekay LNG. For the three months ended March&#160;31, 2021, Teekay Parent received cash distributions of $10.8 million from Teekay LNG, including those made with respect to its general partner interests in Teekay LNG.  Distributions received for a given quarter consist of the amount of distributions relating to such quarter but received by Teekay Parent in the following quarter. Please refer to </font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:120%">Appendix D</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> of this release for further details.</font></div><div style="margin-bottom:3pt;padding-left:20.25pt;text-align:justify"><font><br></font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:120%">15</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:120%">Teekay Corporation</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">    Investor Relations Tel&#58; +1 604 609 2963    www.teekay.com</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">4</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">th</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Floor, Belvedere Building, 69 Pitts Bay Road, Hamilton, HM 08, Bermuda</font></div></div></div><div id="i790b96fe8a4e4cbf86de6a3321eec0db_37"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:98.550%"><tr><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td></tr><tr style="height:42pt"><td colspan="3" style="padding:0 1pt"><div><img alt="colorlogo051.jpg" src="colorlogo051.jpg" style="height:45px;margin-bottom:5pt;vertical-align:text-bottom;width:136px"></div></td><td colspan="3" style="padding:0 1pt"></td></tr></table></div><div><font><br></font></div></div><div><font style="color:#40b4e5;font-family:'Arial',sans-serif;font-size:15pt;font-weight:400;line-height:120%">Teekay Corporation</font></div><div><font style="color:#40b4e5;font-family:'Arial',sans-serif;font-size:15pt;font-weight:400;line-height:120%">Appendix D - Reconciliation of Non-GAAP Financial Measures</font></div><div><font style="color:#40b4e5;font-family:'Arial',sans-serif;font-size:15pt;font-weight:400;line-height:100%">Teekay Parent Free Cash Flow</font></div><div><font style="color:#2e3337;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(in thousands of U.S. dollars, except share and per share data)</font></div><div style="margin-bottom:5pt;margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;vertical-align:top;width:513.00pt"><tr><td style="width:1.0pt"></td><td style="width:6.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:235.00pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:87.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:87.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:87.25pt"></td><td style="width:1.0pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:11pt"><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">&#160;</font></td><td colspan="9" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Three Months Ended</font></td><td colspan="3" style="display:none"></td></tr><tr style="height:11pt"><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">March 31,</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">December 31,</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">March 31,</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:11pt"><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2020</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2020</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:11pt"><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(unaudited)</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(unaudited)</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(unaudited)</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Daughter Entities distributions to Teekay Parent </font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:5.85pt;font-weight:700;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(1)</font></div></td><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">&#160;</font></div></td><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">&#160;</font></div></td><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">&#160;</font></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">&#160;</font></div></td><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Teekay LNG</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">&#160;</font></div></td><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">&#160;</font></div></td><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">&#160;</font></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">&#160;</font></div></td><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:11.25pt"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Limited Partner interests</font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(2)</font></div></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">10,338</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">8,990</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">6,302</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">&#160;</font></div></td><td colspan="3" style="background-color:#eef8fc;border-bottom:1pt solid #279fc7;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">GP interests</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">447</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">389</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">389</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Total Daughter Entity Distributions to Teekay Parent</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">10,785</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">9,379</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">6,691</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:6pt"><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2e3337;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">FPSOs</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,769</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">4,541</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(1,448)</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Other income and corporate general </font></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">and administrative expenses</font></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Other income (loss)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">4,023</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(1,092)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,021</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;border-bottom:1pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:11.25pt"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Corporate general and administrative expenses</font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline"> </font></div></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(3,436)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(2,275)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(2,125)</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;border-bottom:1pt solid #279fc7;border-top:1pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">TEEKAY PARENT ADJUSTED EBITDA</font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(3)</font></div></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">13,141</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">10,553</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">5,139</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:6pt"><td colspan="6" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Net interest expense</font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(4)</font></div></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(8,113)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(7,937)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(8,577)</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:14pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Asset retirement costs incurred</font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(5)</font></div></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(920)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(2,263)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Upfront lease payment received in excess</font></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;border-bottom:2pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">of revenue recognized</font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(6)</font></div></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">56,127</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;border-top:2pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">TOTAL TEEKAY PARENT FREE</font></td><td colspan="3" style="background-color:#eef8fc;border-top:2pt solid #279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;border-top:2pt solid #279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;border-top:2pt solid #279fc7;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;border-bottom:2pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">&#160;CASH FLOW</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">4,108</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">353</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">52,689</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:8pt"><td colspan="6" style="background-color:#eef8fc;border-top:2pt solid #279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;border-top:2pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:18pt;text-align:right"><font style="color:#ff0000;font-family:'Arial',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">&#160;</font></div></td><td colspan="3" style="background-color:#eef8fc;border-top:2pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:18pt;text-align:right"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">&#160;</font></div></td><td colspan="3" style="background-color:#eef8fc;border-top:2pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:18pt;text-align:right"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">&#160;</font></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">&#160;</font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Weighted-average number of</font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%"> </font></div></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;border-bottom:1pt solid #279fc7;padding:0 1pt"><div><font><br></font></div></td><td colspan="3" style="background-color:#eef8fc;border-bottom:1pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">common shares - Basic </font></div></td><td colspan="3" style="background-color:#eef8fc;border-bottom:1pt solid #279fc7;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">101,165,928</font></td><td colspan="3" style="background-color:#eef8fc;border-bottom:1pt solid #279fc7;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">101,108,886</font></td><td colspan="3" style="background-color:#eef8fc;border-bottom:1pt solid #279fc7;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">100,887,551</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="text-align:center"><font><br></font></div><div style="margin-bottom:3pt;padding-left:27pt;text-align:justify;text-indent:-27pt"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(1)</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:17.24pt">Daughter Entities dividends and distributions for a given quarter consist of the amount of dividends and distributions relating to such quarter but received by Teekay Parent in the following quarter. </font></div><div style="padding-left:27pt;text-align:justify;text-indent:-27pt"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(2)</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:17.24pt">Common unit distribution cash flows to Teekay Parent are based on Teekay Parent&#8217;s ownership on the ex-dividend date for its publicly-traded subsidiary, Teekay LNG, for the periods as follows&#58;</font></div><div style="margin-bottom:8pt;margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;vertical-align:top;width:513.00pt"><tr><td style="width:1.0pt"></td><td style="width:252.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:9.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:73.00pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:9.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:73.00pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:9.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:73.00pt"></td><td style="width:1.0pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:11pt"><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">&#160;</font></td><td colspan="18" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Three Months Ended</font></td><td colspan="3" style="display:none"></td></tr><tr style="height:11pt"><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">&#160;</font></td><td colspan="6" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">March 31,</font></td><td colspan="6" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">December 31,</font></td><td colspan="6" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">March 31,</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:11pt"><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">&#160;</font></td><td colspan="6" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2021</font></td><td colspan="6" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2020</font></td><td colspan="6" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2020</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:11pt"><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">&#160;</font></td><td colspan="6" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(unaudited)</font></td><td colspan="6" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(unaudited)</font></td><td colspan="6" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(unaudited)</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#cfebf5;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Teekay LNG </font></td><td colspan="6" style="background-color:#cfebf5;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">&#160;</font></div></td><td colspan="6" style="background-color:#cfebf5;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">&#160;</font></div></td><td colspan="6" style="background-color:#cfebf5;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">&#160;</font></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;Distribution per common unit </font></td><td colspan="6" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$0.2875</font></td><td colspan="6" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$0.25</font></td><td colspan="6" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$0.25</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;Common units owned by Teekay Parent  </font></td><td colspan="6" style="background-color:#eef8fc;border-bottom:1pt solid #279fc7;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">35,958,274</font></td><td colspan="6" style="background-color:#eef8fc;border-bottom:1pt solid #279fc7;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">35,958,274</font></td><td colspan="6" style="background-color:#eef8fc;border-bottom:1pt solid #279fc7;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">25,208,274</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:middle"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;Total distribution </font></td><td colspan="6" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$10,338,004</font></td><td colspan="6" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$8,989,569</font></td><td colspan="6" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:middle"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">$6,302,069</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="padding-left:27pt;text-align:justify"><font><br></font></div><div style="margin-bottom:3pt;padding-left:27pt;text-align:justify;text-indent:-27pt"><font style="color:#2e3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(3)</font><font style="color:#2e3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:17.24pt">Please refer to </font><font style="color:#2e3337;font-family:'Arial',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:120%">Appendices C</font><font style="color:#2e3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> and </font><font style="color:#2e3337;font-family:'Arial',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:120%">E</font><font style="color:#2e3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> for additional financial information on Teekay Parent&#8217;s adjusted EBITDA.</font></div><div style="margin-bottom:3pt;padding-left:27pt;text-align:justify;text-indent:-27pt"><font style="color:#2e3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(4)</font><font style="color:#2e3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:17.24pt">Please see </font><font style="color:#2e3337;font-family:'Arial',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:120%">Appendix E</font><font style="color:#2e3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> to this release for a description of this measure and a reconciliation of this non-GAAP financial measure as used in this release to interest expense net of interest income, the most directly comparable GAAP financial measure.</font></div><div style="margin-bottom:3pt;padding-left:27pt;text-align:justify;text-indent:-27pt"><font style="color:#2e3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(5)</font><font style="color:#2e3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:17.24pt">Relates to decommissioning activities for the </font><font style="color:#2e3337;font-family:'Arial',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:120%">Banff</font><font style="color:#2e3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> FPSO unit, which have been accrued on the balance sheet as an asset retirement obligation. </font></div><div style="padding-left:27pt;text-align:justify;text-indent:-27pt"><font style="color:#2e3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(6)</font><font style="color:#2e3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:17.24pt">Upfront lease payment relates to cash received in early April 2020 in excess of revenue recognized in the three months ended March 31, 2020 as a result of a new bareboat charter agreement relating to the Foinaven FPSO unit. Please refer to </font><font style="color:#2e3337;font-family:'Arial',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:120%">Summary Consolidated Statements of Income (Loss)</font><font style="color:#2e3337;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> for additional information.</font></div><div style="margin-bottom:3pt;margin-top:3pt;text-align:justify;text-indent:-9pt"><font><br></font></div><div style="height:67.5pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:120%">16</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:120%">Teekay Corporation</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">    Investor Relations Tel&#58; +1 604 609 2963    www.teekay.com</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">4</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">th</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Floor, Belvedere Building, 69 Pitts Bay Road, Hamilton, HM 08, Bermuda</font></div></div></div><div id="i790b96fe8a4e4cbf86de6a3321eec0db_40"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:98.550%"><tr><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td></tr><tr style="height:42pt"><td colspan="3" style="padding:0 1pt"><div><img alt="colorlogo051.jpg" src="colorlogo051.jpg" style="height:45px;margin-bottom:5pt;vertical-align:text-bottom;width:136px"></div></td><td colspan="3" style="padding:0 1pt"></td></tr></table></div><div><font><br></font></div></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#40b4e5;font-family:'Arial',sans-serif;font-size:15pt;font-weight:400;line-height:120%">Teekay Corporation</font></div><div style="text-align:center"><font style="color:#40b4e5;font-family:'Arial',sans-serif;font-size:15pt;font-weight:400;line-height:120%">Non-GAAP Financial Reconciliations</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:120%">17</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:120%">Teekay Corporation</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">    Investor Relations Tel&#58; +1 604 609 2963    www.teekay.com</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">4</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">th</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Floor, Belvedere Building, 69 Pitts Bay Road, Hamilton, HM 08, Bermuda</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:98.550%"><tr><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td></tr><tr style="height:42pt"><td colspan="3" style="padding:0 1pt"><div><img alt="colorlogo051.jpg" src="colorlogo051.jpg" style="height:45px;margin-bottom:5pt;vertical-align:text-bottom;width:136px"></div></td><td colspan="3" style="padding:0 1pt"></td></tr></table></div><div><font><br></font></div></div><div style="text-align:center"><font><br></font></div><div id="i790b96fe8a4e4cbf86de6a3321eec0db_43"></div><div><font style="color:#40b4e5;font-family:'Arial',sans-serif;font-size:15pt;font-weight:400;line-height:120%">Teekay Corporation </font></div><div><font style="color:#40b4e5;font-family:'Arial',sans-serif;font-size:15pt;font-weight:400;line-height:120%">Appendix E - Reconciliation of Non-GAAP Financial Measures </font></div><div><font style="color:#40b4e5;font-family:'Arial',sans-serif;font-size:15pt;font-weight:400;line-height:100%">Adjusted EBITDA - Consolidated </font></div><div><font style="color:#2e3337;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(in thousands of U.S. dollars)</font></div><div style="margin-bottom:5pt;margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;vertical-align:top;width:510.00pt"><tr><td style="width:1.0pt"></td><td style="width:10.00pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:277.00pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:70.00pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:70.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:72.25pt"></td><td style="width:1.0pt"></td></tr><tr style="height:11pt"><td colspan="3" style="background-color:#279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">&#160;</font></td><td colspan="9" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Three Months Ended</font></td></tr><tr style="height:11pt"><td colspan="3" style="background-color:#279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">March 31,</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">December 31,</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">March 31,</font></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2020</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2020</font></td></tr><tr style="height:11pt"><td colspan="6" style="background-color:#279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(unaudited)</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%"> </font></div></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(unaudited)</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%"> </font></div></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(unaudited)</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%"> </font></div></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Net income (loss)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">61,504</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(45,132)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">52,002</font></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Depreciation and amortization</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">58,586</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">60,926</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">72,917</font></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Interest expense, net of interest income</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">46,894</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">49,236</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">59,717</font></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;border-bottom:1pt solid #279fc7;padding:2px 1pt 2px 10pt;text-align:left;text-indent:-9pt;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Income tax (recovery) expense </font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(1,385)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">18,669</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3,792</font></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;border-bottom:1pt solid #279fc7;border-top:1pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">EBITDA</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">165,599</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">83,699</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">188,428</font></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:15.75pt;text-indent:-9pt"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Specific income statement items affecting EBITDA&#58;</font></div></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:0 19pt 0 1pt"></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:0 1pt"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:12pt"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Write-down and </font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">loss </font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">on sale of assets</font></div></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">715</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">28,690</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">94,606</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:12pt"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Gain on commencement of sales-type lease</font></div></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(44,943)</font></td></tr><tr style="height:20pt"><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Adjustments for direct financing and sales-type lease to a cash basis and other</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3,373</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3,371</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,963</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Realized and unrealized (gains) losses on derivative instruments</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(7,321)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3,453</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">21,663</font></td></tr><tr style="height:21pt"><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Realized gains (losses) from the settlements of non-designated derivative instruments</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">28</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(810)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(49)</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Equity income</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(37,157)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(15,285)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(2,313)</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Foreign currency exchange (gain) loss </font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(5,723)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">12,499</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(6,646)</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;border-bottom:1pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:12pt"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Other loss - net </font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(1)</font></div></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">4,515</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,355</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">681</font></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;border-bottom:1pt solid #279fc7;border-top:1pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Consolidated Adjusted EBITDA</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">124,029</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">117,972</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">254,390</font></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;border-bottom:1pt solid #279fc7;border-top:1pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Adjusted EBITDA from equity-accounted vessels (</font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:100%">See Appendix E</font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">)</font></div></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">78,400</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">83,089</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">87,808</font></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;border-bottom:2pt solid #279fc7;border-top:1pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Total Adjusted EBITDA</font></td><td colspan="3" style="background-color:#f4faff;border-bottom:2pt solid #279fc7;border-top:1pt solid #279fc7;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">202,429</font></td><td colspan="3" style="background-color:#f4faff;border-bottom:2pt solid #279fc7;border-top:1pt solid #279fc7;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">201,061</font></td><td colspan="3" style="background-color:#f4faff;border-bottom:2pt solid #279fc7;border-top:1pt solid #279fc7;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">342,198</font></td></tr></table></div><div style="text-align:justify;text-indent:-9pt"><font><br></font></div><div style="margin-bottom:2pt;margin-top:3pt;padding-left:27pt;text-align:justify;text-indent:-27pt"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(1)</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:17.24pt">Please refer to footnote (6) of the </font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:120%">Summary Consolidated Statements of Income (Loss)</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> of this release for further details.</font></div><div style="text-align:justify;text-indent:-9pt"><font><br></font></div><div style="text-align:justify;text-indent:-9pt"><font><br></font></div><div style="text-align:justify;text-indent:-9pt"><font><br></font></div><div style="text-align:justify;text-indent:-9pt"><font><br></font></div><div style="text-align:justify;text-indent:-9pt"><font><br></font></div><div style="text-align:justify;text-indent:-9pt"><font><br></font></div><div style="text-align:justify;text-indent:-9pt"><font><br></font></div><div style="text-align:justify;text-indent:-9pt"><font><br></font></div><div style="text-align:justify;text-indent:-9pt"><font><br></font></div><div style="text-align:justify;text-indent:-9pt"><font><br></font></div><div style="text-align:justify;text-indent:-9pt"><font><br></font></div><div style="text-align:justify;text-indent:-9pt"><font><br></font></div><div style="text-align:justify;text-indent:-9pt"><font><br></font></div><div style="text-align:justify;text-indent:-9pt"><font><br></font></div><div style="text-align:justify;text-indent:-9pt"><font><br></font></div><div style="text-align:justify;text-indent:-9pt"><font><br></font></div><div style="text-align:justify;text-indent:-9pt"><font><br></font></div><div style="text-align:justify;text-indent:-9pt"><font><br></font></div><div style="text-align:justify;text-indent:-9pt"><font><br></font></div><div style="text-align:justify;text-indent:-9pt"><font><br></font></div><div style="text-align:justify;text-indent:-9pt"><font><br></font></div><div style="text-align:justify;text-indent:-9pt"><font><br></font></div><div style="text-align:justify;text-indent:-9pt"><font><br></font></div><div style="text-align:justify;text-indent:-9pt"><font><br></font></div><div style="text-align:justify;text-indent:-9pt"><font><br></font></div><div style="text-align:justify;text-indent:-9pt"><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:120%">18</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:120%">Teekay Corporation</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">    Investor Relations Tel&#58; +1 604 609 2963    www.teekay.com</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">4</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">th</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Floor, Belvedere Building, 69 Pitts Bay Road, Hamilton, HM 08, Bermuda</font></div></div></div><div id="i790b96fe8a4e4cbf86de6a3321eec0db_46"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:98.550%"><tr><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td></tr><tr style="height:42pt"><td colspan="3" style="padding:0 1pt"><div><img alt="colorlogo051.jpg" src="colorlogo051.jpg" style="height:45px;margin-bottom:5pt;vertical-align:text-bottom;width:136px"></div></td><td colspan="3" style="padding:0 1pt"></td></tr></table></div><div><font><br></font></div></div><div><font style="color:#40b4e5;font-family:'Arial',sans-serif;font-size:15pt;font-weight:400;line-height:120%">Teekay Corporation </font></div><div><font style="color:#40b4e5;font-family:'Arial',sans-serif;font-size:15pt;font-weight:400;line-height:120%">Appendix E - Reconciliation of Non-GAAP Financial Measures </font></div><div><font style="color:#40b4e5;font-family:'Arial',sans-serif;font-size:15pt;font-weight:400;line-height:100%">Adjusted EBITDA &#8211; Equity-Accounted Vessels </font></div><div><font style="color:#2e3337;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(in thousands of U.S. dollars)</font></div><div><font><br></font></div><div style="margin-bottom:6pt"><table style="border-collapse:collapse;display:inline-table;vertical-align:top;width:513.00pt"><tr><td style="width:1.0pt"></td><td style="width:6.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:178.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.00pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.00pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.00pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.00pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.00pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.00pt"></td><td style="width:1.0pt"></td></tr><tr style="height:11pt"><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="18" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Three Months Ended  </font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="6" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">March 31, 2021</font></td><td colspan="6" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">December 31, 2020</font></td><td colspan="6" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">March 31, 2020</font></td></tr><tr style="height:11pt"><td colspan="3" style="background-color:#279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="6" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(unaudited) </font></td><td colspan="6" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(unaudited) </font></td><td colspan="6" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(unaudited) </font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#cfebf5;padding:0 1pt"></td><td colspan="3" style="background-color:#cfebf5;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#cfebf5;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">At</font></td><td colspan="3" style="background-color:#cfebf5;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Company's </font></td><td colspan="3" style="background-color:#cfebf5;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">At</font></td><td colspan="3" style="background-color:#cfebf5;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Company's </font></td><td colspan="3" style="background-color:#cfebf5;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">At</font></td><td colspan="3" style="background-color:#cfebf5;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Company's </font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#cfebf5;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#cfebf5;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#cfebf5;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">100%</font></td><td colspan="3" style="background-color:#cfebf5;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Portion</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:5.85pt;font-weight:700;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(1)</font></div></td><td colspan="3" style="background-color:#cfebf5;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">100%</font></td><td colspan="3" style="background-color:#cfebf5;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Portion</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:5.85pt;font-weight:700;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(1)</font></div></td><td colspan="3" style="background-color:#cfebf5;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">100%</font></td><td colspan="3" style="background-color:#cfebf5;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Portion</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:5.85pt;font-weight:700;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(1)</font></div></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Revenues</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">244,711</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">105,888</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">249,460</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">107,964</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">260,488</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">113,054</font></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Vessel and other operating expenses</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(82,932)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(36,591)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(77,168)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(33,836)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(74,396)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(33,336)</font></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Depreciation and amortization </font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(25,661)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(12,895)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(24,699)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(12,814)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(26,564)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(13,441)</font></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;border-bottom:1.5pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Write-down of vessels</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(34,000)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(17,000)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td></tr><tr style="height:21pt"><td colspan="6" style="background-color:#eef8fc;border-top:1.5pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Income from vessel operations of equity-accounted vessels </font></td><td colspan="3" style="background-color:#eef8fc;border-top:1.5pt solid #279fc7;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">136,118</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1.5pt solid #279fc7;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">56,402</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1.5pt solid #279fc7;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">113,593</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1.5pt solid #279fc7;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">44,314</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1.5pt solid #279fc7;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">159,528</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1.5pt solid #279fc7;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">66,277</font></td></tr><tr style="height:6pt"><td colspan="6" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Net interest expense</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(60,724)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(24,558)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(66,493)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(26,922)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(76,359)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(30,644)</font></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Income tax expense</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(785)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(292)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(2,863)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(1,080)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(598)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(299)</font></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Other items including realized and</font></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">unrealized gains (losses) on</font></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;border-bottom:1.5pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">derivative instruments</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(2)</font></div></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">17,932</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">5,605</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(4,485)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(1,027)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(102,926)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(33,021)</font></td></tr><tr style="height:21pt"><td colspan="6" style="background-color:#eef8fc;border-top:1.5pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Net income (loss) &#47; equity income of equity-accounted vessels</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1.5pt solid #279fc7;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">92,541</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1.5pt solid #279fc7;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">37,157</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1.5pt solid #279fc7;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">39,752</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1.5pt solid #279fc7;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">15,285</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1.5pt solid #279fc7;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(20,355)</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1.5pt solid #279fc7;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2,313</font></td></tr><tr style="height:6pt"><td colspan="3" style="background-color:#eef8fc;border-top:1.5pt solid #279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;border-top:1.5pt solid #279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;border-top:1.5pt solid #279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;border-top:1.5pt solid #279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;border-top:1.5pt solid #279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;border-top:1.5pt solid #279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;border-top:1.5pt solid #279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;border-top:1.5pt solid #279fc7;padding:0 1pt"></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Net income (loss) &#47; equity income</font></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">of equity-accounted vessels </font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">92,541</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">37,157</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">39,752</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">15,285</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(20,355)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2,313</font></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Depreciation and amortization</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">25,661</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">12,895</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">24,699</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">12,814</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">26,564</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">13,441</font></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Net interest expense</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">60,724</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">24,558</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">66,493</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">26,922</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">76,359</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">30,644</font></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;border-bottom:1pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Income tax expense</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">785</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">292</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,863</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,080</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">598</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">299</font></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">EBITDA</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">179,711</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">74,902</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">133,807</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">56,101</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">83,166</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">46,697</font></td></tr><tr style="height:14pt"><td colspan="9" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Specific income statement items affecting EBITDA&#58;</font></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Adjustments for direct financing and </font></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">sales-type lease to a cash basis</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">27,758</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">10,038</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">27,387</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">9,917</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">24,976</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">9,025</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Write-down of vessels</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">34,000</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">17,000</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Amortization of in-process contracts</font></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">and other</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(1,719)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(935)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(1,759)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(956)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(1,718)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(935)</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Other items including realized and </font></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">unrealized (gains) losses on derivative</font></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;border-bottom:1.5pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6pt"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">instruments</font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(2)</font></div></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(17,932)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(5,605)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">4,485</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,027</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">102,927</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">33,021</font></td></tr><tr style="height:21pt"><td colspan="6" style="background-color:#eef8fc;border-top:1.5pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Adjusted EBITDA from equity-accounted vessels </font><font style="color:#242424;font-family:'Arial',sans-serif;font-size:5.85pt;font-weight:700;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(3)</font></div></td><td colspan="3" style="background-color:#eef8fc;border-top:1.5pt solid #279fc7;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">187,818</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1.5pt solid #279fc7;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">78,400</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1.5pt solid #279fc7;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">197,920</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1.5pt solid #279fc7;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">83,089</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1.5pt solid #279fc7;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">209,351</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1.5pt solid #279fc7;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">87,808</font></td></tr></table></div><div><font><br></font></div><div style="margin-bottom:2pt;margin-top:1pt;padding-left:22.5pt;text-align:justify;text-indent:-22.5pt"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(1)</font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:12.74pt">The Company&#8217;s proportionate share of its equity-accounted vessels and other investments ranged from 20% to 52%. </font></div><div style="margin-bottom:2pt;margin-top:3pt;padding-left:22.5pt;text-align:justify;text-indent:-22.5pt"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(2)</font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:12.74pt">Includes unrealized credit loss provision adjustments for the three months ended March 31, 2021, December 31, 2020 and March 31, 2020.</font></div><div style="margin-bottom:2pt;margin-top:3pt;padding-left:22.5pt;text-align:justify;text-indent:-22.5pt"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(3)</font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:12.74pt">Adjusted EBITDA from equity-accounted vessels represents the Company&#8217;s proportionate share of adjusted EBITDA from its equity-accounted vessels and other investments.</font></div><div style="margin-bottom:2pt;margin-top:3pt;text-align:justify;text-indent:-4.5pt"><font><br></font></div><div style="margin-bottom:2pt;margin-top:3pt;text-align:justify;text-indent:-4.5pt"><font><br></font></div><div style="margin-bottom:2pt;margin-top:3pt;text-align:justify;text-indent:-4.5pt"><font><br></font></div><div style="margin-bottom:2pt;margin-top:3pt;text-align:justify;text-indent:-4.5pt"><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:120%">19</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:120%">Teekay Corporation</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">    Investor Relations Tel&#58; +1 604 609 2963    www.teekay.com</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">4</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">th</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Floor, Belvedere Building, 69 Pitts Bay Road, Hamilton, HM 08, Bermuda</font></div></div></div><div id="i790b96fe8a4e4cbf86de6a3321eec0db_49"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:98.550%"><tr><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td></tr><tr style="height:42pt"><td colspan="3" style="padding:0 1pt"><div><img alt="colorlogo051.jpg" src="colorlogo051.jpg" style="height:45px;margin-bottom:5pt;vertical-align:text-bottom;width:136px"></div></td><td colspan="3" style="padding:0 1pt"></td></tr></table></div><div><font><br></font></div></div><div><font style="color:#40b4e5;font-family:'Arial',sans-serif;font-size:15pt;font-weight:400;line-height:120%">Teekay Corporation </font></div><div><font style="color:#40b4e5;font-family:'Arial',sans-serif;font-size:15pt;font-weight:400;line-height:120%">Appendix E - Reconciliation of Non-GAAP Financial Measures</font></div><div><font style="color:#40b4e5;font-family:'Arial',sans-serif;font-size:15pt;font-weight:400;line-height:100%">Adjusted EBITDA - Teekay Parent </font></div><div><font style="color:#2e3337;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(in thousands of U.S. dollars)</font></div><div style="margin-bottom:5pt;margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;vertical-align:top;width:511.50pt"><tr><td style="width:1.0pt"></td><td style="width:4.00pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:247.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:1.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:58.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:1.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:58.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:58.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:1.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:60.25pt"></td><td style="width:1.0pt"></td></tr><tr style="height:11pt"><td colspan="3" style="background-color:#279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#279fc7;padding:0 1pt"></td><td colspan="21" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Three Months Ended December 31, 2020</font></td></tr><tr style="height:11pt"><td colspan="3" style="background-color:#279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#279fc7;padding:0 1pt"></td><td colspan="21" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(unaudited)</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#cfebf5;padding:0 1pt"></td><td colspan="3" style="background-color:#cfebf5;padding:0 1pt"></td><td colspan="3" style="background-color:#cfebf5;padding:0 1pt"></td><td colspan="3" style="background-color:#cfebf5;padding:0 1pt"></td><td colspan="6" style="background-color:#cfebf5;padding:0 1pt"></td><td colspan="3" style="background-color:#cfebf5;padding:0 1pt"></td><td colspan="6" style="background-color:#cfebf5;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#2e3337;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Teekay</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#cfebf5;padding:0 1pt"></td><td colspan="3" style="background-color:#cfebf5;padding:0 1pt"></td><td colspan="3" style="background-color:#cfebf5;padding:0 1pt"></td><td colspan="3" style="background-color:#cfebf5;padding:0 1pt"></td><td colspan="6" style="background-color:#cfebf5;padding:0 1pt"></td><td colspan="3" style="background-color:#cfebf5;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Corporate</font></td><td colspan="6" style="background-color:#cfebf5;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Parent</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#cfebf5;padding:0 1pt"></td><td colspan="3" style="background-color:#cfebf5;padding:0 1pt"></td><td colspan="6" style="background-color:#cfebf5;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">FPSOs</font></td><td colspan="6" style="background-color:#cfebf5;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Other</font></td><td colspan="3" style="background-color:#cfebf5;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">G&#38;A</font></td><td colspan="6" style="background-color:#cfebf5;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Total</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Teekay Parent income (loss) from vessel operations</font></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">6,340</font></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(1,092)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(2,275)</font></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,973</font></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Write-down of vessels</font></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(1,592)</font></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(1,592)</font></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Adjustment for sales-type lease</font></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(207)</font></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(207)</font></td></tr><tr style="height:14pt"><td colspan="6" style="background-color:#eef8fc;border-bottom:1pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Daughter Entities distributions</font></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">9,379</font></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">9,379</font></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;border-bottom:1.5pt solid #279fc7;border-top:1pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Adjusted EBITDA &#8211; Teekay Parent</font></td><td colspan="3" style="background-color:#eef8fc;border-bottom:1.5pt solid #279fc7;border-top:1pt solid #279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;border-bottom:1.5pt solid #279fc7;border-top:1pt solid #279fc7;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">4,541</font></td><td colspan="3" style="background-color:#eef8fc;border-bottom:1.5pt solid #279fc7;border-top:1pt solid #279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;border-bottom:1.5pt solid #279fc7;border-top:1pt solid #279fc7;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(1,092)</font></td><td colspan="3" style="background-color:#eef8fc;border-bottom:1.5pt solid #279fc7;border-top:1pt solid #279fc7;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">7,104</font></td><td colspan="3" style="background-color:#eef8fc;border-bottom:1.5pt solid #279fc7;border-top:1pt solid #279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;border-bottom:1.5pt solid #279fc7;border-top:1pt solid #279fc7;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">10,553</font></td></tr></table></div><div><font><br></font></div><div style="margin-bottom:5pt;margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;vertical-align:top;width:512.25pt"><tr><td style="width:1.0pt"></td><td style="width:4.00pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:246.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:1.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:61.00pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:1.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:58.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:58.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:1.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:60.25pt"></td><td style="width:1.0pt"></td></tr><tr style="height:11pt"><td colspan="3" style="background-color:#279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#279fc7;padding:0 1pt"></td><td colspan="21" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Three Months Ended March 31, 2020</font></td></tr><tr style="height:11pt"><td colspan="3" style="background-color:#279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#279fc7;padding:0 1pt"></td><td colspan="21" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(unaudited)</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#cfebf5;padding:0 1pt"></td><td colspan="3" style="background-color:#cfebf5;padding:0 1pt"></td><td colspan="3" style="background-color:#cfebf5;padding:0 1pt"></td><td colspan="3" style="background-color:#cfebf5;padding:0 1pt"></td><td colspan="6" style="background-color:#cfebf5;padding:0 1pt"></td><td colspan="3" style="background-color:#cfebf5;padding:0 1pt"></td><td colspan="6" style="background-color:#cfebf5;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#2e3337;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Teekay</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#cfebf5;padding:0 1pt"></td><td colspan="3" style="background-color:#cfebf5;padding:0 1pt"></td><td colspan="3" style="background-color:#cfebf5;padding:0 1pt"></td><td colspan="3" style="background-color:#cfebf5;padding:0 1pt"></td><td colspan="6" style="background-color:#cfebf5;padding:0 1pt"></td><td colspan="3" style="background-color:#cfebf5;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Corporate</font></td><td colspan="6" style="background-color:#cfebf5;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Parent</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#cfebf5;padding:0 1pt"></td><td colspan="3" style="background-color:#cfebf5;padding:0 1pt"></td><td colspan="6" style="background-color:#cfebf5;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">FPSOs</font></td><td colspan="6" style="background-color:#cfebf5;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Other</font></td><td colspan="3" style="background-color:#cfebf5;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">G&#38;A</font></td><td colspan="6" style="background-color:#cfebf5;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Total</font></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Teekay Parent (loss) income from vessel operations</font></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(12,268)</font></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,425</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(2,125)</font></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(12,968)</font></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Write-down of vessels</font></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">46,519</font></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">46,519</font></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Gain on commencement of sales-type lease</font></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(44,943)</font></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(44,943)</font></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Depreciation and amortization</font></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">10,646</font></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">10,646</font></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Amortization of in-process revenue contracts and other</font></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(1,402)</font></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">596</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(806)</font></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;border-bottom:1pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Daughter Entities distributions</font></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">6,691</font></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">6,691</font></td></tr><tr style="height:12pt"><td colspan="6" style="background-color:#eef8fc;border-bottom:1.5pt solid #279fc7;border-top:1pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Adjusted EBITDA &#8211; Teekay Parent</font></td><td colspan="3" style="background-color:#eef8fc;border-bottom:1.5pt solid #279fc7;border-top:1pt solid #279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;border-bottom:1.5pt solid #279fc7;border-top:1pt solid #279fc7;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(1,448)</font></td><td colspan="3" style="background-color:#eef8fc;border-bottom:1.5pt solid #279fc7;border-top:1pt solid #279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;border-bottom:1.5pt solid #279fc7;border-top:1pt solid #279fc7;padding:2px 19pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2,021</font></td><td colspan="3" style="background-color:#eef8fc;border-bottom:1.5pt solid #279fc7;border-top:1pt solid #279fc7;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">4,566</font></td><td colspan="3" style="background-color:#eef8fc;border-bottom:1.5pt solid #279fc7;border-top:1pt solid #279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;border-bottom:1.5pt solid #279fc7;border-top:1pt solid #279fc7;padding:2px 13pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">5,139</font></td></tr></table></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:120%">20</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:120%">Teekay Corporation</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">    Investor Relations Tel&#58; +1 604 609 2963    www.teekay.com</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">4</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">th</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Floor, Belvedere Building, 69 Pitts Bay Road, Hamilton, HM 08, Bermuda</font></div></div></div><div id="i790b96fe8a4e4cbf86de6a3321eec0db_52"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:98.550%"><tr><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td></tr><tr style="height:42pt"><td colspan="3" style="padding:0 1pt"><div><img alt="colorlogo051.jpg" src="colorlogo051.jpg" style="height:45px;margin-bottom:5pt;vertical-align:text-bottom;width:136px"></div></td><td colspan="3" style="padding:0 1pt"></td></tr></table></div><div><font><br></font></div></div><div><font style="color:#40b4e5;font-family:'Arial',sans-serif;font-size:15pt;font-weight:400;line-height:120%">Teekay Corporation </font></div><div><font style="color:#40b4e5;font-family:'Arial',sans-serif;font-size:15pt;font-weight:400;line-height:120%">Appendix E - Reconciliation of Non-GAAP Financial Measures </font></div><div><font style="color:#40b4e5;font-family:'Arial',sans-serif;font-size:15pt;font-weight:400;line-height:100%">Net Interest Expense - Teekay Parent </font></div><div><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(in thousands of U.S. dollars)</font></div><div style="margin-bottom:5pt;margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;vertical-align:top;width:511.50pt"><tr><td style="width:1.0pt"></td><td style="width:7.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:78.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:78.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:78.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:85.00pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:85.00pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:85.00pt"></td><td style="width:1.0pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:11pt"><td colspan="3" style="background-color:#279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">&#160;</font></td><td colspan="9" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Three Months Ended</font></td><td colspan="3" style="display:none"></td></tr><tr style="height:11pt"><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">March 31,</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">December 31,</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">March 31,</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2021</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2020</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2019</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:11pt"><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">&#160;</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(unaudited)</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(unaudited)</font></td><td colspan="3" style="background-color:#279fc7;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(unaudited)</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="12" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Interest expense </font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(48,939)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(50,707)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(62,520)</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="12" style="background-color:#eef8fc;border-bottom:1pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Interest income </font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,045</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,471</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,803</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="12" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Interest expense net of interest income consolidated</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(46,894)</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(49,236)</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(59,717)</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="12" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Less&#58; Non-Teekay Parent interest expense net of</font></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="9" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;interest income</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(37,684)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(39,326)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(49,213)</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:3pt"><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;border-bottom:1pt solid #279fc7;padding:0 1pt"></td><td colspan="6" style="background-color:#eef8fc;border-bottom:1pt solid #279fc7;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="background-color:#eef8fc;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="12" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Interest expense net of interest income - Teekay Parent</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(9,210)</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(9,910)</font></td><td colspan="3" style="background-color:#eef8fc;border-top:1pt solid #279fc7;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(10,504)</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="12" style="background-color:#eef8fc;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Teekay Parent non-cash accretion and loan cost amortization</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,476</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,376</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,215</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="12" style="background-color:#eef8fc;border-bottom:1pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Teekay Parent realized losses on interest rate swaps</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(379)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(403)</font></td><td colspan="3" style="background-color:#eef8fc;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(288)</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="12" style="background-color:#eef8fc;border-bottom:2pt solid #279fc7;border-top:1pt solid #279fc7;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#2f3337;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Net interest expense - Teekay Parent </font></td><td colspan="3" style="background-color:#eef8fc;border-bottom:2pt solid #279fc7;border-top:1pt solid #279fc7;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(8,113)</font></td><td colspan="3" style="background-color:#eef8fc;border-bottom:2pt solid #279fc7;border-top:1pt solid #279fc7;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(7,937)</font></td><td colspan="3" style="background-color:#eef8fc;border-bottom:2pt solid #279fc7;border-top:1pt solid #279fc7;padding:2px 25pt 2px 1pt;text-align:right;vertical-align:bottom"><font style="color:#242424;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">(8,577)</font></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:120%">21</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:120%">Teekay Corporation</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">    Investor Relations Tel&#58; +1 604 609 2963    www.teekay.com</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">4</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">th</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Floor, Belvedere Building, 69 Pitts Bay Road, Hamilton, HM 08, Bermuda</font></div></div></div><div id="i790b96fe8a4e4cbf86de6a3321eec0db_55"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:98.550%"><tr><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td></tr><tr style="height:42pt"><td colspan="3" style="padding:0 1pt"><div><img alt="colorlogo051.jpg" src="colorlogo051.jpg" style="height:45px;margin-bottom:5pt;vertical-align:text-bottom;width:136px"></div></td><td colspan="3" style="padding:0 1pt"></td></tr></table></div><div><font><br></font></div></div><div><font style="color:#40b4e5;font-family:'Arial',sans-serif;font-size:15pt;font-weight:400;line-height:120%">Forward Looking Statements </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%">This release contains forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended) which reflect management&#8217;s current views with respect to certain future events and performance, including statements, among other things, regarding&#58; the expected impact of Teekay Parent&#8217;s wind-down of its FPSO segment, including anticipated reductions of its accrued net asset retirement obligation liabilities and the timing thereof&#59; the ability of Teekay Parent and CNRI to satisfy the conditions of the Banff DSA and the timing thereof&#59; the ability of CNRI to assume responsibility for Teekay Parent&#8217;s remaining asset retirement and decommissioning obligations with respect to the Banff field decommissioning and incorporate these obligations into its own decommissioning process&#59; the expected redelivery and recycling of the </font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:115%">Foinaven</font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%"> FPSO, as well as the anticipated timing thereof and the ability of Teekay Parent to fund the recycling thereof under the agreed contractual terms with the customer&#59; the impact of COVID-19, market volatility and related global events on the Company&#8217;s business and financial results, including the impact and timing of coronavirus vaccination programs&#59; estimated fluctuations in global oil demand and supply levels, including anticipated future fluctuations in global oil inventories and the timing thereof&#59; forecasts of worldwide tanker fleet growth or contraction and vessel scrapping&#59; the future outlook of the tanker market, and the impact thereon of various factors&#59; fixed charter coverage for Teekay LNG&#8217;s fleet for 2021 and 2022&#59; the impact of the increase in Teekay LNG&#8217;s common unit distribution, which is expected to commence in the first quarter of 2021, on Teekay Parent&#8217;s free cash flows and on Teekay LNG&#8217;s delevering, financial flexibility and capital allocation plans as well as its financial position&#59; forecasts of growth in global demand for LNG&#59; Teekay Tankers&#8217; plans to potentially finance, and the timing of closing, the repurchase of sale-leaseback vessels&#59; and the timing of commencement of new charter contracts and maturity of certain credit facilities. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%">The following factors are among those that could cause actual results to differ materially from the forward-looking statements, which involve risks and uncertainties, and that should be considered in evaluating any such statement&#58; market or counterparty reaction to changes in exploration, production and storage of offshore oil and gas, either generally or in particular regions that would impact expected future growth&#59; changes in the demand for oil, refined products, LNG or LPG&#59; changes in trading patterns significantly affecting overall vessel tonnage requirements&#59; greater or less than anticipated levels of vessel newbuilding orders and deliveries and greater or less than anticipated rates of vessel scrapping&#59; changes in global oil prices or tanker rates&#59; OPEC+ and non-OPEC production and supply levels&#59; the duration and extent of the COVID-19 pandemic and any resulting effects on the markets in which the Company operates&#59; the impact of the pandemic on the Company&#8217;s ability to maintain safe and efficient operations&#59; the impact and timing of coronavirus vaccination programs&#59; issues with vessel operations&#59; higher than expected costs and expenses, off-hire days or dry-docking requirements (both scheduled and unscheduled)&#59; the ability of Teekay Parent and CNRI to meet various conditions precedent under the Banff DSA and the timing thereof&#59; higher than expected costs and&#47;or delays associated with the remediation of the Banff field or the decommissioning&#47;recycling of the </font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:115%">Banff</font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%"> FPSO unit or the</font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:115%"> Foinaven</font><font style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%"> FPSO unit&#59; changes in applicable industry laws and regulations and the timing of implementation of new laws and regulations, including IMO 2030&#59; the potential for early termination of long-term contracts of existing vessels&#59; changes in borrowing costs or equity valuations&#59; declaration by Teekay LNG&#8217;s board of directors of common unit distributions&#59; the inability of Teekay Tankers to finance the repurchase of sale leaseback vessels within anticipated timeframes&#59; potential lack of cash flow for Teekay LNG to continue paying distributions on its common units and other securities&#59; available cash to reduce financial leverage at Teekay Parent, Teekay LNG and Teekay Tankers&#59; the impact of geopolitical tensions and changes in global economic conditions&#59; and other factors discussed in Teekay&#8217;s filings from time to time with the SEC, including its Annual Report on Form 20-F for the fiscal year ended December 31, 2020. Teekay expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Teekay&#8217;s expectations with respect thereto or any change in events, conditions or circumstances on which any such statement is based.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:120%">22</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:120%">Teekay Corporation</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">    Investor Relations Tel&#58; +1 604 609 2963    www.teekay.com</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">4</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">th</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Floor, Belvedere Building, 69 Pitts Bay Road, Hamilton, HM 08, Bermuda</font></div></div></div></body></html>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
