TGP Teekay Lng Partners LP

Teekay GP LLC, the general partner of Teekay LNG Partners L.P. (Teekay LNG or the Partnership) (NYSE:TGP), has declared a cash distribution of $0.25 per common unit for the quarter ended December 31, 2020. This corresponds to $1.00 per common unit on an annualized basis.

The cash distribution is payable on February 12, 2021 to all common unitholders of record on February 2, 2021. Teekay LNG’s common unit distributions are reported on Form 1099 for United States tax purposes.

In addition, Teekay LNG expects to provide 2021 distribution guidance and release the Partnership’s fourth quarter and fiscal year 2020 financial results in late-February 2021.

About Teekay LNG

Teekay LNG is one of the world’s largest independent owners and operators of LNG carriers, providing LNG and LPG services primarily under long-term, fee-based charter contracts through its interests in 47 LNG carriers, 23 mid-size LPG carriers, and seven multi-gas carriers. The Partnership’s ownership interests in these vessels range from 20 to 100 percent. In addition, the Partnership owns a 30 percent interest in a regasification terminal. Teekay LNG is a publicly-traded master limited partnership formed by Teekay Corporation (NYSE: TK) as part of its strategy to expand its operations in the LNG and LPG shipping sectors.

Teekay LNG Partners’ common units and preferred units trade on the New York Stock Exchange under the symbols “TGP”, “TGP PR A” and “TGP PR B”, respectively.

For Investor Relations enquiries contact:

Ryan HamiltonTel: +1 (604) 609-2963Website: www.teekay.com

Forward-Looking Statements

This release contains forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended) which reflect management’s current views with respect to certain future events and performance, including statements, among other things, regarding: the timing and certainty of announcing 2021 distribution guidance and releasing its financial results for the fourth quarter and fiscal year 2020. 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: changes in production of LNG or LPG, either generally or in particular regions; changes in trading patterns or timing of start-up of new LNG liquefaction and regasification projects significantly affecting overall vessel tonnage requirements; changes in applicable industry laws and regulations and the timing of implementation of new laws and regulations; the potential for early termination of long-term contracts of existing vessels in the Partnership's fleet; higher than expected costs and expenses; general market conditions and trends, including spot, multi-month and multi-year charter rates; inability of customers of the Partnership or any of its joint ventures to make future payments under contracts; the inability of the Partnership to renew or replace long-term contracts on existing vessels; potential lack of cash flow to reduce balance sheet leverage or of excess capital available to allocate towards returning capital to unitholders; the duration and extent of the COVID-19 coronavirus pandemic; potential delays in finalizing the Partnership’s fourth quarter and fiscal year 2020 financial results and/or determining the Partnership’s 2021 distribution guidance; actual distributions approve by Teekay GP LLC’s Board of Directors in future quarters; and other factors discussed in Teekay LNG’s filings from time to time with the SEC, including its Reports on Form 20-F for the fiscal year ended December 31, 2019. The Partnership expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company and the Partnership’s expectations with respect thereto or any change in events, conditions or circumstances on which any such statement is based.