THE TEEKAY CONVENTIONAL TANKER BUSINESS

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AfraRSA

TEEKAY TANKER SERVICES

PARTNERS

Teekay Tankers

Teekay LNG Partners

31

ClassicAfra

7 26 16

18 11

AROUND THE WORLD, AROUND THE CLOCK

LONDONGLASGOW

MADRID

MUMBAI MANILA

STAMFORD

SYDNEY

TOKYOHOUSTON

VANCOUVER

SINGAPOREPacific

US West Coast

Teekay conventional tanker officesScale of vessel trading operations

Caribbean

MediterraneanAtlantic

Middle East Gulf

SUPPORTED WITH OPERATIONAL LEADERSHIP

VLCCx 1

Suezmaxx 40

Aframax / LR2x 63

109Owned & Managed

47Vessels

$320M

GROSS REVENUE

Own & Manage

Vessels

20111995

The conventional tanker business will continue to be core to Teekay and its dedicated public subsidiary: Teekay Tankers (NYSE: TNK). Continued tanker market supply and

demand volatility presents a challenge and an opportunity. Disruptive technology, future legislation and operating cost pressure will demand innovative customer solutions. We

have the experienced team that will continue to lead the industry by providing safe, quality service; and innovative, profitable solutions.

Fratelli D’Amico

Intrepid Shipping

Navigazione Montanari

Sanko Steamship

Seatankers Management

SPT

Konig & Cie

Diamond S Shipping

Columbia Ship Mgmt

Four Jolly

Fratelli D’Amico

Interorient

Viken Shipping

CUSTOMERS

THE ORIGINAL

Teekay Corporation

31

Teekay Offshore Partners

11

Torben Karlshoej was a shipping original.

He founded Teekay in

1973. Here are some

other Teekay originals:

Teekay has been a player in the conventional tanker market for more than 30 years. The conventional business is at the heart of what has made Teekay successful over

so many years. It is the original Teekay franchise.

BUSINESS DEVELOPMENT

COMMERCIALOPERATIONS

• Vessel in-charter (1976): White Peony• Vessel purchase (1985): Golden Gate Sun• Newbuilding (1988): Frontier Spirit

• Trading route: US West Coast Japan• Americas Office (1975): Long Beach, California• Europe Office (1985): London• Asia Office (1985): Tokyo• Public listing (1995): NYSE – TK

TECHNICALMANAGEMENT

24/7 CHARTERING

FINANCE &ACCOUNTING

MRx 5

128 154 000 000 Litres of oil shipped

x 100

2011

2200Highly trained,

86Safe transits through high-risk Piracy areas

long-term seafarers

Owned and managed conventional tankershipping

Gulf of Aden, Arabian Sea / Indian ocean

4.8 YEARSAverage time withoutLost Time Injury (LTI) on a vessel

12.5 YEARSRecord for a vesselgoing without Lost Time Injury (LTI)

Total Teekay

$603M

$1,954M

ConventionalTankers

TIME-CHARTERS

vessels on time-charter greater than 1 year

27 = 45%

3 YEARS Average length of contract

$880M + $ Value of forward cover

2 Suezmax time-charters

5 Suezmax time-charters

6 Aframax time-charters

2 Aframaxes bareboat charters

2

1

MR time-charter

VLCC joint venture

2012

Time-charter duration

Contracts with diverse range of customers

>6 MONTHS

>12 MONTHS

Time-charters duration

10 MONTHS

2013 2018 2019 2015 2016 2021

+

duration as at 1st March 2012

CONTRACT LENGTH

3 Suezmax time-charters

4 Aframax time-charters

2 MR time-charters

As at March 1, 2012

WHAT WE DOas of March 1, 2012

FLEET BREAKDOWNIncluding pools & revenue sharing agreements, as of March 1, 2012

0Litres of cargo spilled