DECEMBER 17, 2012 — Peter Evensen, President and Chief Executive Officer (CEO) of Teekay Corporation has been named Connecticut Maritime Association (CMA) Commodore for the year 2013. Mr. Evensen follows a long succession of influential maritime industry leaders as Commodore. The 2013 Commodore Award will be presented on March 20, 2013 at the Gala Dinner marking the conclusion of the annual CMA conference and trade show, at the Hilton Hotel in Stamford, Connecticut.

The Award is given each year to a person in the international maritime industry who has contributed to the growth and development of the industry.

Mr. Evensen became a Teekay director in April 2011 and assumed the position of President and Chief Executive Officer. Mr. Evensen joined Teekay in 2003 as Senior Vice President, Treasurer and Chief Financial Officer. He was appointed Executive Vice President and Chief Financial Officer in 2004 and was appointed Executive Vice President and Chief Strategy Officer in 2006. He also sits on the Board of Directors for Teekay Corporation, Teekay LNG Partners, Teekay Offshore Partners and Teekay Tankers Ltd.

Mr. Evensen has been involved in shipping investment banking and commercial banking for over 25 years, previously as Managing Director and Head of Global Shipping at J.P. Morgan Securities, Inc., the investment banking arm of JP Morgan Chase Bank based in New York. He held the same position at Chase Securities, Inc. prior to the merger of Chase Manhattan Corporation and J.P. Morgan on December 31, 2000. Mr. Evensen also worked with the predecessor firms of Chase Manhattan Bank, Chemical Bank and Manufacturers Hanover Trust in locations including Oslo, London and New York.

Mr. Evensen obtained a BA in 1980 from Amherst College in Economics and Political Science. In 1994 he completed the Advanced Management Program at the Amos Tuck Business School of Dartmouth University, USA.

Ian Workman, President of the CMA, said, "Mr. Evensen and his team around the world at Teekay have created a brand which has consistently served its customers, people and investors brilliantly. We celebrated Teekay when we gave the Commodore Award to Sean Day, and since then we have watched the industry struggle through a difficult market, yet Teekay has thrived through the downturn, demonstrating leadership, creativity and delivering value. Whether it is the company's support of INTERTANKO, which has been hugely well served by Teekay's Graham Westgarth or its support of the CMA education and intern programs, it is a corporate citizen worthy of praise. It is also a financially sound and shareholder friendly family of businesses. All of this is of course a team effort, but it is a team led from successes to successes by Mr. Evensen. We could not be happier that our own Connecticut native will be Commodore in March."

Former CMA Commodores include: Ole Skaarup, Jacob Stolt-Nielsen, George Livanos, Phil Loree, Thomas Moran, Gregory Hadjieleftheriadis, Helmut Sohmen, Gerhard Kurz, William O'Neil, Richard du Moulin, Per Heidenreich, Marc Saverys, Frank Tsao, Stelios Haji-Ioannou, Peter Georgiopoulos, C. Sean Day, Torben Jensen, Morten Arntzen, John Fredriksen, Capt. Wei Jiafu, Philippe Louis-Dreyfus, Angeliki Frangou and in 2012 Øivind Lorentzen, III.

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