TEEKAYTEEKAY

TEEKAY TANKERS INVESTOR DAY September 30, 2014

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KEVIN MACKAY President & CEO,

Teekay Tankers

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Photo credit:

Alexandr Lyakhov

Australian Spirit

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Forward Looking Statements

This presentation 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. All statements included

in or accompanying this presentation, other than statements of historical fact, are forward-looking statements. Forward-looking

statements are not guarantees and actual results could differ materially from those expressed or implied in the forward-looking

statements. Forward-looking statements in this presentation include, among others, statements regarding: the crude oil and refined

product tanker market fundamentals, including the balance of supply and demand in the tanker market, estimated growth in the world

tanker fleet during 2014 through 2016, estimated growth in global oil demand and crude oil tanker demand in during 2014 through

2016, estimated crude supply and refining capacity in 2014 to 2019, and tanker fleet utilization and spot tanker rates during 2014

through 2016; the Company’s financial position and ability to take advantage of growth opportunities in an expected future tanker

market recovery and its ability to invest in newbuildings; the Company’s plans regarding increased spot market exposure and growth

in capacity through in-charters; the Company’s fixed-rate coverage for the next 12 months; the Company’s growth strategy; the effect

of the Company’s operating leverage on cash available for distribution per share; and the Company’s 2015 expected fleet profile. 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 the production of or

demand for oil; changes in trading patterns significantly affecting overall vessel tonnage requirements; changes in commercial tanker

pools; greater or less than anticipated levels of tanker newbuilding orders and deliveries or greater or less than anticipated rates of

tanker scrapping; changes in applicable industry laws and regulations and the timing of implementation of new laws and regulations;

the potential for early termination of short- or medium-term contracts and inability of the Company to renew or replace short- or

medium-term contracts; changes in interest rates and the financial markets; increases in the Company's expenses, including any dry

docking expenses and associated off-hire days; failure to realize expected benefits of the acquisition of an interest in Teekay

Operations; failure of Teekay Tankers Board of Directors and its Conflicts Committee to accept future acquisitions of vessels that

may be offered by Teekay Corporation or third parties; and other factors discussed in Teekay Tankers’ filings from time to time with

the United States Securities and Exchange Commission, including its Report on Form 20-F for the fiscal year ended December 31,

2013. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-

looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in

events, conditions or circumstances on which any such statement is based.

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Strong

Operating

Leverage

Leading

Market

Position

Trusted

Operating

Franchise

One of the world’s

largest tanker

owners and

operators

Every $5,000

increase in spot

rates increases

earnings by

$0.45 per share

Over 40 years of

leading commercial

and technical

management

expertise

$250 million

of liquidity and

proven access

to capital

INVESTMENT

HIGHLIGHTS

Stable

Financial

Platform

5

Largest Operator

700M barrels

Cargo Lifted in 2013

82 Vessels Commercially

Managed

125+ Global Customers

2000 Seafarers

$7.37 per share

Dividends Paid

Since IPO

82 64 58 52 48

30 30

TeekayTankers

Sovcomflot Heidmar AET Navig8 Minerva Thenamaris

Of Mid-Sized Tankers

TEEKAY TANKERS AT A GLANCE

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BUSINESS

OVERVIEW

6

7

40 YEARS OF

OPERATIONAL

EXCELLENCE

Commitment to high HSEQ

standards is key to winning and

maintaining business and is the

essence of the Teekay brand.

0

1

2

3

0

0.5

1

1.5

2011 2012 2013

HSEQ KPIs (Per Million Man Hours)

TR

CF

LT

IF

TRCF: Total Recordable Case Frequency

LTIF: Loss Time Injury Frequency

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Photo credit:

Aaron Lobo

Al Marrouna

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Global and Diverse Customer Network

• Customer relationships spanning 40 years based on our reputation for

reliability and operational excellence

• Provides access to diverse cargo streams and agility to respond to changing

market dynamics

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World-Class Operating Franchise

Technical management leverages power of One Teekay

• Over 2,000 seafarers managed directly through manning offices in

Glasgow, Manila, and Mumbai

• Procurement economies of scale

• Shipyard access and negotiating power

Broad commercial footprint

• Over 80 vessels under commercial management

• Variety of contracts provide access to global trade volumes

• Commercial tonnage pools consistently outperform peers and indices

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• Transitioned portfolio and added in-chartered vessels for higher spot

exposure

• Increased liquidity by monetizing investment in term loans ($154m)

• Purchased a 50% interest in Teekay’s conventional tanker franchise

• Co-created Tanker Investments Limited (TIL)

16 15

0

5

10

15

20

25

30

35

40

Nu

mb

er

of

Ve

ss

els

2012 Fleet Profile

Fixed rate vessels Spot (owned vessels) Spot (in-chartered vessels)

48% Spot

Exposure

81% Spot

Exposure

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21

8

0

5

10

15

20

25

30

35

Nu

mb

er

of

Ve

ss

els

Pro forma 2015 Fleet Profile

Well-Positioned for Tanker Market Recovery

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Strong Operating Leverage

$-

$0.50

$1.00

$1.50

$2.00

$2.50

$10,000 $15,000 $20,000 $25,000 $30,000 $35,000

TNK CAD* Per Share Spot Rate Sensitivity

• For every $5,000 per day increase in spot

rates, TNK’s CAD* increases by $0.45 per

share

• Low current CAD break-even rate of

~$10,500 per day

• A 10% increase in vessel values increases

net asset value by ~$0.90 per share

* Cash Available for Distribution represents net income (loss) excluding depreciation and

amortization, unrealized (gains) losses from derivatives, any non-cash items or write-offs of

other non-recurring items.

Aframax Equivalent TCE (12 months ended June 30, 2015)

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12

TANKER MARKET

OVERVIEW

12

13

-1%

0%

1%

2%

3%

4%

5%

6%

7%

-10

0

10

20

30

40

50

60

70

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

% G

DP

Gro

wth

$ 0

00

s / d

ay

Source: Clarksons / IMF

Global GDP Growth Aframax Spot Rates Suezmax Spot Rates

2013 2009-13 Avg Long-term Avg*

Suezmax $14,000 / day $18,500 / day $38,700 / day

Aframax $13,100 / day $13,000 / day $28,500 / day

2009 – 2013: Depressed Tanker Market

Tanker rates during 2009 - 2013 were well below the long-term average

*For the period 2002-2013

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-4,000 -2,000 0 2,000 4,000 6,000 8,000

MR

LR2

Aframax

Suezmax

VLCC

TCE ($ / day)

2014 Change Over 2013 Earnings (Jan-Sep)

$5,600

$7,900

$7,500

$2,200

-$3,500

Source: 90% of Clarksons Reported Rates

2014 Earnings Indicate Rising Market

Mid-sized crude tankers outpacing recovery in other segments

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Flows of Crude are Moving

West to East

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West of Suez East of Suez

Crude Supply Increasing West of Suez

Change 2014 - 2019

2.7

1.1

0.3 0.2 0.2

Latin

America

North

America OPEC

West Africa FSU OPEC

East

Asia

0.6

-0.2

Australia

0.2

Source: IEA

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West of Suez East of Suez

Crude Supply Increasing West of Suez

+3.8

mb/d

+0.6

mb/d

Source: IEA

Change 2014 - 2019

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Refining Capacity Increasing East of Suez

2.4 2.2

0.7 0.6

0.1

Middle

East

China India Other

Asia

FSU OECD

Asia

-0.4

0.8 0.7

0.3 0.2

Latin

America

North

America FSU Africa Europe

-0.6

West of Suez East of Suez

Source: IEA

Change 2014 - 2019

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Refining Capacity Increasing East of Suez

+1.4

mb/d

+5.5

mb/d

West of Suez East of Suez

Source: IEA

Change 2014 - 2019

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MEG - Asia

+280%

WAF- Euro

+74%

WAF - US

-70%

Suezmax Benchmark Routes are Changing

WAF - Asia

+75%

Source: SSY

* Spot routes with greatest tonne-mile in given period

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Aframaxes Remain the Workhorse of the Fleet

Existing Trade Routes

Potential New Routes

Source: SSY

* Spot routes with greatest tonne-mile in given period

22 Source: IEA

To Asia /

Pacific

Refined product surplus

Refined product deficit

Changes in Long-Haul Refined Product Trade

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42 30

11

43

35

15

0

20

40

60

80

100

120

140

160

Aframax

20+ Years 19 Years 16-18 Years 15 Years 14 Years Orderbook

42 30

11

43

35

15

0

20

40

60

80

100

120

140

160

Aframax

Mid-Sized Tanker Fleet Age Profile

50

19

4

30

9

18

0

10

20

30

40

50

60

70

80

90

Suezmax

Note: Uncoated vessels only

Mid-sized tankers aged 15+ years exceed orderbook

Orderbook Existing

Fleet >14

Years

Orderbook Existing

Fleet >14

Years

Source: Clarksons / Internal Estimates

Nu

mb

er

of V

essels

Nu

mb

er

of V

essels

24

-4%

-2%

0%

2%

4%

6%

8%

10%

-20

-10

0

10

20

30

40

50

20

10

20

11

20

12

20

13

20

14E

20

15E

20

16E

Nu

mb

er

of

Vessels

Suezmax Fleet Growth

Scrapping Forecast Scrapped Delivery Forecast Delivered Net Fleet Growth (% of Fleet)

-5%

-3%

-1%

1%

3%

5%

-50

-40

-30

-20

-10

0

10

20

30

40

50

20

10

20

11

20

12

20

13

20

14E

20

15E

20

16E

Nu

mb

er

of

Vessels

Aframax Fleet Growth

Source: Clarksons / Internal Estimates

Uncoated vessels only

Shrinking Mid-Sized Fleet

Declining mid-size crude tanker fleet driving a sustained market recovery

25

0%

1%

2%

3%

4%

5%

6%

7%

8%

78%

80%

82%

84%

86%

88%

90%

92%

200

8

200

9

201

0

201

1

201

2

201

3

201

4E

201

5E

201

6E

Tanker Demand Growth Tanker Supply Growth Fleet Utilization

Higher Fleet Utilization Beginning in 2014

Driver for increased rates and asset prices

Source: Platou/Internal Estimates

Fle

et U

tiliz

atio

n

Su

pp

ly/D

em

am

d G

row

th

26

20

30

40

50

60

70

80

90

20

04

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

Aframax Asset Values

NB 5y-old

Upside to 10y avg.

10%

21%

Source: Clarksons

35

45

55

65

75

85

95

105

20

04

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

Suezmax Asset Values

NB 5y-old

9%

Upside to 10y avg.

30%

Asset Values Remain Below 10-Year Averages

NB 5 yr old 10 yr avg NB 10 yr avg 5 yr old

$ m

illi

on

s

$ m

illi

on

s

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STRATEGIC

FOCUS

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• Actively pursue in-charters while

managing out-charter portfolio

• Utilize TNK’s operating platform to

pursue consolidation and investment

opportunities

• Invest in newbuildings

• Increase fee revenues from

commercial and technical

management

Teekay Tankers Strategy for Growth Invest and operate throughout the tanker

cycle using a variety of levers

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Photo credit:

Benhur Villavicencio

Mahanadi Spirit

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• Continue to reduce our fixed-rate cover to increase spot fleet

○ 75% of fleet will trade in spot market over the next 12 months

• Further grow our spot fleet capacity through in-charters

○ Recent in-charters added 2,000 operating days

○ Pursue medium-term contracts to increase in-charter portfolio by an additional

15 ship years

• Increase vessels under management and

fee-based revenues

○ Grow existing commercial pools

○ Develop new operating segments to leverage our

commercial and technical expertise

Positioning TNK for Greater Upside to Tanker Market Recovery Rebalancing our portfolio mix

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Since the Financial Crisis:

• Several competitors have restructured or

exited

• Non-traditional financial backers have

entered the market with shorter investment

horizons

• Many new entrants do not have a full

operating platform

The Competitive Landscape Has Changed

Presents TNK with opportunities

for consolidation

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Photo credit:

Benhur Villavicencio

Mahanadi Spirit

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TNK: Strong Platform for Consolidation

Operational

Financial Technical

Commercial

• Deep customer relationships

• Growing commercial

management platform

• Variety of cargo contracts

• Global footprint and

experience

• 40 years of Operational

Excellence

• Size to deliver reliable

and flexible operations

• Ability to maximize

vessel performance and

voyage returns

• Industry leading HSEQ

• Leveraging power of One

Teekay

• Technical and engineering

expertise

• Strong liquidity

• Financial expertise and

access to diversified

sources of capital

• NYSE listing

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