Teekay Group 2019 Investor Day - Participant Questionnaire Survey

	Agree	Disagree	No Change
The principles that guide the Teekay Group	The principles that guide the Teekay Group Agree	The principles that guide the Teekay Group Disagree	The principles that guide the Teekay Group No Change
The benefits of the Teekay Group structure	The benefits of the Teekay Group structure Agree	The benefits of the Teekay Group structure Disagree	The benefits of the Teekay Group structure No Change
How decisions are made at Teekay Group	How decisions are made at Teekay Group Agree	How decisions are made at Teekay Group Disagree	How decisions are made at Teekay Group No Change
What differentiates Teekay Group in the industry	What differentiates Teekay Group in the industry Agree	What differentiates Teekay Group in the industry Disagree	What differentiates Teekay Group in the industry No Change
Senior Teekay Group leadership	Senior Teekay Group leadership Agree	Senior Teekay Group leadership Disagree	Senior Teekay Group leadership No Change
Teekay Group strategy	Teekay Group strategy Agree	Teekay Group strategy Disagree	Teekay Group strategy No Change

Question Title

* 2. Which Teekay Group company or companies do you focus on? Please select all that apply.

Teekay Corporation (NYSE:TK)

Teekay LNG Partners (NYSE:TGP)

Teekay Tankers (NYSE:TNK)

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* 3. Did you find the Teekay Group 2019 Investor Day to be a good use of your time and something that you’d like the Group to do again in the future?

Strongly agree

Somewhat agree

Somewhat disagree

Strongly disagree

Additional comments:

Question Title

* 4. In your opinion, what was the most important or helpful aspect of the Teekay Group 2019 Investor Day? Please select all that apply.

Understanding Group/Management Identity

Strategic Overview

Capital Allocation Priorities

Market Outlook

Forward Guidance

Financial Modelling/Valuation

Other (please specify)

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* 5. Was there anything about the Teekay Group 2019 Investor Day itself that you would like to see the Company replicate or do differently at future events?

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* 6. Teekay Corporation: Following the Teekay Group 2019 Investor Day, I have a better understanding of Teekay Corporation's...

	Agree	Disagree	No Change
Capital allocation priorities	Capital allocation priorities Agree	Capital allocation priorities Disagree	Capital allocation priorities No Change
2020 strategy	2020 strategy Agree	2020 strategy Disagree	2020 strategy No Change
Longer-term strategy	Longer-term strategy Agree	Longer-term strategy Disagree	Longer-term strategy No Change
Relationships with the Daughters	Relationships with the Daughters Agree	Relationships with the Daughters Disagree	Relationships with the Daughters No Change
Levers for value creation	Levers for value creation Agree	Levers for value creation Disagree	Levers for value creation No Change
Expectations for the FPSOs	Expectations for the FPSOs Agree	Expectations for the FPSOs Disagree	Expectations for the FPSOs No Change
Appropriate valuation	Appropriate valuation Agree	Appropriate valuation Disagree	Appropriate valuation No Change

Additional questions/comments:

Question Title

* 7. Teekay Corporation: Do you agree that the management team conveyed a clear and compelling investment case for Teekay Corporation?

Strongly agree

Somewhat agree

Somewhat disagree

Strongly disagree

Additional comments:

Question Title

* 8. Teekay LNG: Following the Teekay Group 2019 Investor Day, I have a better understanding of Teekay LNG's…

	Agree	Disagree	No Change
Capital allocation priorities	Capital allocation priorities Agree	Capital allocation priorities Disagree	Capital allocation priorities No Change
2020 strategy	2020 strategy Agree	2020 strategy Disagree	2020 strategy No Change
Longer-term strategy	Longer-term strategy Agree	Longer-term strategy Disagree	Longer-term strategy No Change
Position relative to investment peers	Position relative to investment peers Agree	Position relative to investment peers Disagree	Position relative to investment peers No Change
Chartering strategy	Chartering strategy Agree	Chartering strategy Disagree	Chartering strategy No Change
Fleet makeup and rationale	Fleet makeup and rationale Agree	Fleet makeup and rationale Disagree	Fleet makeup and rationale No Change
Earnings growth trajectory	Earnings growth trajectory Agree	Earnings growth trajectory Disagree	Earnings growth trajectory No Change
Use of joint ventures	Use of joint ventures Agree	Use of joint ventures Disagree	Use of joint ventures No Change
Appropriate valuation	Appropriate valuation Agree	Appropriate valuation Disagree	Appropriate valuation No Change

Additional questions/comments:

Question Title

* 9. Teekay LNG: Do you agree that commentary from Group management provided helpful insight into plans for a resolution of the IDRs?

Strongly agree

Somewhat agree

Somewhat disagree

Strongly disagree

Additional comments:

Question Title

* 10. Teekay LNG: Do you agree that a capital allocation strategy focused on balance sheet delevering and returning capital to unitholders is optimal for Teekay LNG in the current circumstances?

Yes

If not, please explain:

Question Title

* 11. Teekay LNG: Did you find the Company’s discussion of its joint ventures, their characteristics, and appropriate valuations to be helpful to your ability to accurately model and understand their value proposition?

Very Helpful

Somewhat helpful

Somewhat unhelpful

Not helpful

Additional comments:

Question Title

* 12. Teekay Tankers: Following the Teekay Group 2019 Investor Day, I have a better understanding of Teekay Tankers'…

	Agree	Disagree	No Change
Capital allocation priorities	Capital allocation priorities Agree	Capital allocation priorities Disagree	Capital allocation priorities No Change
2020 strategy	2020 strategy Agree	2020 strategy Disagree	2020 strategy No Change
Longer-term strategy	Longer-term strategy Agree	Longer-term strategy Disagree	Longer-term strategy No Change
Position relative to investment peers	Position relative to investment peers Agree	Position relative to investment peers Disagree	Position relative to investment peers No Change
Chartering strategy	Chartering strategy Agree	Chartering strategy Disagree	Chartering strategy No Change
Fleet makeup and rationale	Fleet makeup and rationale Agree	Fleet makeup and rationale Disagree	Fleet makeup and rationale No Change
Earnings growth trajectory	Earnings growth trajectory Agree	Earnings growth trajectory Disagree	Earnings growth trajectory No Change
Appropriate valuation	Appropriate valuation Agree	Appropriate valuation Disagree	Appropriate valuation No Change

Additional questions/comments:

Question Title

* 13. Teekay Tankers: Do you agree that Teekay Tankers made a compelling argument for its concentration in the mid-size crude carrier (Aframax and Suezmax) segments?

Strongly agree

Somewhat agree

Somewhat disagree

Strongly disagree

Additional comments:

Question Title

* 14. Teekay Tankers: Do you agree that a capital allocation strategy that eliminates the formulaic dividend and focuses on balance sheet delevering is optimal for Teekay Tankers in the current circumstances?

Strongly agree

Somewhat agree

Somewhat disagree

Strongly disagree

Additional comments:

Question Title

* 15. Do you intend to follow Teekay Group companies moving forward?

Yes

Question Title

* 16. Do you have any further comments or questions about the Teekay Group 2019 Investor Day or about the Teekay Group? Please let us know below. (Include contact information as appropriate)

Teekay Group 2019 Investor Day - Participant Questionnaire

Question Title

* 1. Following the Teekay Group 2019 Investor Day, I have a better understanding of…

Question Title

* 2. Which Teekay Group company or companies do you focus on? Please select all that apply.

Question Title

* 3. Did you find the Teekay Group 2019 Investor Day to be a good use of your time and something that you’d like the Group to do again in the future?

Question Title

* 4. In your opinion, what was the most important or helpful aspect of the Teekay Group 2019 Investor Day? Please select all that apply.

Question Title

* 5. Was there anything about the Teekay Group 2019 Investor Day itself that you would like to see the Company replicate or do differently at future events?

Question Title

* 6. Teekay Corporation: Following the Teekay Group 2019 Investor Day, I have a better understanding of Teekay Corporation's...

Question Title

* 7. Teekay Corporation: Do you agree that the management team conveyed a clear and compelling investment case for Teekay Corporation?

Question Title

* 8. Teekay LNG: Following the Teekay Group 2019 Investor Day, I have a better understanding of Teekay LNG's…

Question Title

* 9. Teekay LNG: Do you agree that commentary from Group management provided helpful insight into plans for a resolution of the IDRs?

Question Title

* 10. Teekay LNG: Do you agree that a capital allocation strategy focused on balance sheet delevering and returning capital to unitholders is optimal for Teekay LNG in the current circumstances?

Question Title

* 11. Teekay LNG: Did you find the Company’s discussion of its joint ventures, their characteristics, and appropriate valuations to be helpful to your ability to accurately model and understand their value proposition?

Question Title

* 12. Teekay Tankers: Following the Teekay Group 2019 Investor Day, I have a better understanding of Teekay Tankers'…

Question Title

* 13. Teekay Tankers: Do you agree that Teekay Tankers made a compelling argument for its concentration in the mid-size crude carrier (Aframax and Suezmax) segments?

Question Title

* 14. Teekay Tankers: Do you agree that a capital allocation strategy that eliminates the formulaic dividend and focuses on balance sheet delevering is optimal for Teekay Tankers in the current circumstances?

Question Title

* 15. Do you intend to follow Teekay Group companies moving forward?

Question Title

* 16. Do you have any further comments or questions about the Teekay Group 2019 Investor Day or about the Teekay Group? Please let us know below. (Include contact information as appropriate)