Teekay : Commitment to the UNGC Ten Principles

TEEKAY'S COMMITMENT TO THE UNGC TEN PRINCIPLES

Our Standards of Business Conduct are an extension of our Core Values and reflect our continued commitment to manage our business activities with integrity. We treat people fairly and respect human rights. We take allegations seriously and address all such concerns that are raised regarding these policies.

1. Respect human rights

Standard of Business Conduct Policy Whistleblowing Reporting Procedure

2. Not be complicit in human rights abuses

We recognize that doing the right thing means ensuring that our business suppliers and partners share our commitment to uphold business ethics. Teekay reviews new business partners through a compliance due diligence system and rejects any partners that present an unacceptable risk. We also expect our subcontractors to promote workplaces that are free of human rights violations.

Third Party Business Ethics Due Diligence Procedure (Internal)

Subcontracting with Integrity Policy (Internal)

3. Uphold freedom of association and the right to collective bargaining

We respect the right of employees to join associations and choose representative organizations for the purpose of engaging in collective bargaining in a manner consistent with applicable local laws, rules, and regulations. A significant portion of our seafarers are employed under collective bargaining agreements.

Standard of Business Conduct Policy

Global Policy on Discrimination and Harassment (Internal) Employee Conduct Policies and Guidelines (Internal)

Maritime Labour Convention, and Workplace Behavior Standard (Internal)

• 4. Eliminate forced labour

• 5. Eliminate child labour

We have a zero-tolerance approach towards slavery, forced labour, human trafficking, and child labour. We have implemented a program to provide reassurance that modern slavery is not taking place within our company or supply chain.

Modern Slavery Act Statement Seafarer Minimum Age Policy (Internal)

6. Prevent workplace discrimination

We are committed to creating a workplace where everyone is treated with respect and dignity. We do not tolerate discrimination or harassment in the workplace or work-related situations, and we investigate any reported violation of our policy.

Global Policy on Discrimination and Harassment (Internal)

Grievance Procedure (Internal)

Workplace Behavior Standard, and Onboard Complaints (Internal)

We have built our company on a deep commitment to responsible safety and environmental practices. Our HSEQ policy establishes our commitment to meet and exceed all environmental requirements and to operate sustainably by preventing pollution, striving for zero spills, and minimizing emissions that impact the environment. Teekay is accredited to ISO 14001 and we require our contractors and suppliers to implement similarenvironmental management programs.

7. Support a precautionary approach to environmental challenges

Subcontracting with Integrity Policy (Internal)

8. Promote greater environmental responsibility

Sustainability is one of our core values and ensures the long-term health and success of our people, our business, and the surroundings we work in.

Since 2010, Teekay has published an annual Sustainability Report that outlines our social, safety and environmental performance. Over the coming years, we intend to further strengthen our Environmental, Social and Governance (ESG) commitment and performance as we work towards our vision of being the most trusted shipping company.

9. Encourage environmentally friendly technologies

Teekay is a leader in environmentally friendly technologies. We were the first company in the world to order a MEGI-powered newbuild LNG carrier and across our crude/product tanker fleet, we made the decision to adopt low-sulphur fuel instead of installing scrubbers to comply with the IMO 2020 standards. To support decarbonization in the shipping industry, we are also embarking on new industry partnerships to drive necessary technological developments.

10. Work against corruption in all its forms

We take a zero-tolerance approach to bribery and corruption and are committed to acting professionally, fairly and in an honest and ethical manner in all our business dealings and relationships. Mandatory business ethics training is provided to all shore-based personnel and our seafarers receive training through our onboard Training Officers program. Teekay is a member of The Maritime Anti-Corruption Network (MACN).

Standard of Business Conduct Policy

Doing Business with Integrity training (Internal)