TEN Ltd

Tsakos Energy Navigation

March 2012

2

Empire State 1,250′

VLCC 1,100′

300,000dwt

Suezmax 900′

150,000dwt

Aframax 850′

100,000dwt

Panamax 750′

70,000dwt

Handymax 615’

50,000dwt

Handysize 570’

37,000dwt

Crude Product

3 12 8 9 6 8

Aframax 850′

100,000dwt

3

Scale & Diversified Operations

LNG

LNG 750′

85,000dwt

1

3

Corporate Highlights – Value Proposition 18 years of profitable operations Public markets experience: 1993-2005 Oslo Stock Exchange, 2002 New York Stock Exchange Since NYSE listing in 2002: Average ROE 13.6% pa, accumulated Net Income of about $1bn

=> Total Capital Gains at $280 million Total Dividends of $346 million paid since NYSE listing (2Q 2002) – approx. $1/share average dividend per year $9.225/share in total dividends against an IPO price of $7.50/share (in 2002) Growth: 4 ships in 1993 – 50 today

One of the largest transporters of energy in the world

Carried 380m barrels of oil in 2011 – the equivalent of about 38 days of current US imports

50 vessels of 5.4 million dwt (proforma): 23 crude oil carriers + 27 product tankers (incl. one LNG vessel) 48 operating 2 under construction

Modern diversified fleet: 100% double hull vs. 93% of world fleet – 7.0 yrs average age vs. 8.5 of world fleet

$3.2 billion investment in 57 newbuildings since 1997

One of the largest ice-class owners in the world (21 ice-class vessels)

Share price at significant discount to Book Value ($19.96/share)

Dividend yield today at about 9.0% - Consistent dividend payments – Dividend sustainability

Tsakos family, insiders and management control about 40% of the equity

VALUE PROPOSITION

SCALE

HISTORY

Market Cap: $308m

Share price at 01/10/11: $6.71

52-wk High (03/22/11): $11.18

52-wk Low (12/30/11): $4.78

Discount/Analyst NAV: 40-50%

4

40

50

Ac

tual

Val

ue

Bas

ed o

n Sh

are

Valu

e…

Hidden value

$23.0m per vsl

Pentathlon/Decathlon Sale Price: $51.5m each Total Capital Gains: $6.0m Free Cash: $101m Total ROI: 56.0%

Parthenon / Marathon Sale Price: $39.0m each Total Capital Gains: $14.2m Free Cash: $19.4m Total ROI: 88.2%

Bas

ed o

n Sh

are

Valu

e…

Hidden value

$17.5m per vsl

Hidden Value of TNP stock vs. Actual Market

5

10

15

20

25

30

35

45

In USD mill

Actu

al V

alue

Average ROE since 2002: 13.6%

Consistent dividends

Versatile / flexible employment

Active in Sales & Purchase - More than 100 transactions - Realizing actual value - $280m in capital gains

Attractive comparison to peer group

SUEZMAX AFRAMAX

5

Equity value of TEN as of 12/31/10: $1.0 billion

Market Cap today: $245 million Market values TNP as a 15-vessel company – 35 modern vessels at NO value

Virtual Reality…..Valuation Imbalance

The stock market

ascribes no value to

more than half of

TEN’s fleet… ?

* Real market values

as of 3/15/12 Stock market values

as of 3/15/12

LNG $200m $80m

Suezmax $48m $19m

Aframax $37m $15m

Product $30m $12m

1

11

23

12

*All based on Clarkson's 5 year vessels

$0.25 $0.25$0.35

$0.50$0.63

$0.83$0.90

$0.30

$0.15 $0.15

$0.10

$0.25

$0.48

$0.55

$0.75

$0.90$0.85

$0.30

$0.15 $0.15

$0.15$0.15

0.150.15

$0.0

$0.2

$0.4

$0.6

$0.8

$1.0

$1.2

$1.4

$1.6

$1.8

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

1st 2nd 3rd 4th

Continuous Dividend Payments

6

On June 4th, 2010 the Board of Directors declared a change in TEN’s dividend policy from semi-annual to quarterly payments

Since initiation of dividend payments and including the recently announced quarterly payment, TEN has distributed a total of $9.225 per share to its shareholders (IPO price, split adjusted: $7.50)

The basis of dividends will continue to target a payout ratio of 25% to 50% of net income subject to maintaining an appropriate level of liquidity as a function of a prudent and strong financial position

Semi-annual distributions

7

Fleet Operation & Growth

13.6% average ROE pa since 2002 NYSE listing

A deadweight CAGR of 25% since inception (1993)

Competitive operating expenses per vessel per day compared to peer group

Efficient expense maintenance – achieved significant reductions

Net income of $3.9m in 2002 (NYSE listing) – record net income $203m in 2008

=> Accumulated Net Income since NYSE listing close to $1 billion

8 0

1

2

3

4

5

6

1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Dwt (

in m

ill)

October 1993

4 vessels

0.2m dwt

March 2002

26 vessels

2.3m dwt

Timely Fleet Expansion

Dec. 2011

50 vessels

5.0m dwt

(1) 51% ownership

Modern & Diversified Fleet

9

CLEAN / PRODUCT TANKERS

Dwt Built Hull Ice ClassAFRAMAX - LR

1 Proteas 117,055 2006 DH 1A2 Promitheas 117,055 2006 DH 1A3 Propontis 117,055 2006 DH 1A

PANAMAX1 World Harmony 74,200 2009 DH2 Chantal 74,329 2009 DH3 Selini 74,296 2009 DH4 Salamina 74,251 2009 DH5 Selecao 74,296 2008 DH6 Socrates 74,327 2008 DH7 Maya (1) 68,439 2003 DH8 Inca (1) 68,439 2003 DH9 Andes 68,439 2003 DH

HANDYMAX - MR1 Ariadne 53,021 2005 DH 1A2 Artemis 53,039 2005 DH 1A3 Afrodite 53,082 2005 DH 1A4 Apollon 53,149 2005 DH 1A5 Aris 53,107 2005 DH 1A6 Ajax 53,095 2005 DH 1A

HANDYSIZE - MR1 Andromeda 37,061 2007 DH 1A2 Aegeas 37,061 2007 DH 1A3 Byzantion 37,275 2007 DH 1B4 Bosporos 37,275 2007 DH 1B5 Amphitrite 37,061 2006 DH 1A6 Arion 37,061 2006 DH 1A7 Didimon 37,432 2005 DH8 Delphi 37,432 2004 DH

LNG1 Neo Energy 85,602 2007 DH

CRUDE TANKERS

Dwt Built Hull Ice ClassVLCC

1 Millennium 301,171 1998 DH2 La Madrina 299,700 1994 DH3 La Prudencia 298,900 1993 DH

SUEZMAX1 DP2 Shuttle 157,000 2013 DH2 DP2 Shuttle 157,000 2013 DH3 Spyros K 158,000 2011 DH4 Dimitris P 158,000 2011 DH5 Arctic 163,216 2007 DH 1A6 Antarctic 163,216 2007 DH 1A7 Archangel 163,216 2006 DH 1A8 Alaska 163,250 2006 DH 1A9 Eurochampion 2004 164,608 2005 DH 1C

10 Euronike 164,565 2005 DH 1C11 Triathlon 164,445 2002 DH12 Silia T 164,286 2002 DH

AFRAMAX1 Uraga Princess 105,344 2010 DH2 Sapporo Princess 105,354 2010 DH3 Asahi Princess 105,372 2009 DH4 Ise Princess 105,361 2009 DH5 Maria Princess 105,346 2008 DH6 Nippon Princess 105,392 2008 DH7 Izumo Princess 105,374 2007 DH8 Sakura Princess 105,365 2007 DH

10

1. Petrobras 15.5% 2. BP Shipping 8.9% 3. Exxon 8.6% 4. Flopec 8.5% 5. HMM 7.8% 6. Stena 4.5% 7. Vitol 4.3% 8. Dorado 3.2% 9. Neste Oil 2.8%

Blue-Chip Clientele – Repeat Business

TOP CLIENTS (2010) - IN TERMS OF REVENUES

Februa

ry-12

March-1

2

April-1

2

May-12

June

-12

July-

12

Augus

t-12

Septem

ber-1

2

Octobe

r-12

Novem

ber-1

2

Decem

ber-1

2

Janu

ary-13

March-1

3

March-1

3

May-13

May-13

July-

13

July-

13

Augus

t-13

Septem

ber-1

3

Octobe

r-13

Novem

ber-1

3

Decem

ber-1

3

Andromeda (HSZ)Byzantion (HSZ)Bosporos (HSZ)

Sakura Princess (AFR)Sapporo Princess (AFR)

Izumo Princess (AFR)Asahi Princess (AFR)Uraga Princess (AFR)

Propontis (AFR)Promitheas (AFR)

Ise Princess (AFR)La Madrina (VLCC)

La Prudencia (VLCC)Salamina (PNX)

Selini (PNX)Ajax (HMX)Aris (HMX)

Amphitrite (HSZ)Arion (HSZ)Arctic (SZX)Maya (PNX)

Antarctic (SZX)Ariadne (HMX)

Eurochampion (SZX)Apollon (HMX)Afrodite (HMX)Proteas (AFR)

World Harmony (PNX)Inca (PNX)

Chantal (PNX)Andes (PNX)

Triathlon (SZX)Euronike (SZX)Spyros K (SZX)Dimitris P (SZX)

Nippon Princess (AFR)Maria Princess (AFR)

Millennium (VLCC)Aegeas (HSZ)Delphi (HSZ)

Didimon (HSZ)Socrates (PNX)Selecao (PNX)

Alaska (SZX)Archangel (SZX)

Artemis (HMX)Silia T (SZX)

Neo Energy (LNG)DP2 (Shuttle)DP2 (Shuttle) UNDER CONSTRUCTION

TIME CHARTER

TIME CHARTER W/PROFIT SHARE

POOL

SPOT

11

Earnings Visibility (as of Mar. 2012 – variable rates subject to market)

Var

iabl

e ra

tes

Sec

ured

Em

ploy

men

t

64%

Fixed

As of March. 15, 2012 29 vessels with time charter employment only (profit-share vessels at min. rates) have secured:

773 months forward coverage - $537m in minimum gross revenues

Total Fixed Fleet Average Employment: 2.2 years

Minimum Revenues (Expected)

$144m

Minimum Revenues (Expected)

$175m

50%

Fixed

Remaining 2012 (end Q1) 2013 (1)

Based on employable dates and includes vessels time charter, pools – subject to change based on new deliveries and potential changes in TEN’s chartering policy

Secured Revenues (TC, TC w/PS, Pool)

$319m

(1) Includes delivery and employment of two DP2 Shuttle tankers currently under construction. The first from Feb 2013 and the second from April 2013

12

S&P Activity - Integral Part of Operations

Sale & Purchase activity integral to operations – Close to 100

transactions - realizing actual value

Since 2003 TEN has generated capital gains from its sale &

purchase activity close to $280 million

$29 million average per year in capital gains since NYSE listing in 2002

Unprecedented fleet growth

Maintain fleet modernity

Sale & Purchase activity integral to operations

On average approximately 27% of net income in capital gains

13

$85m

$0

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000

$70,000

$80,000

$90,000

$100,000

1992

-01

1992

-10

1993

-07

1994

-04

1995

-01

1995

-10

1996

-07

1997

-04

1998

-01

1998

-10

1999

-07

2000

-04

2001

-01

2001

-10

2002

-07

2003

-04

2004

-01

2004

-10

2005

-07

2006

-04

2007

-01

2007

-10

2008

-07

2009

-04

2010

-01

2010

-10

$35m $95m

$125m

9/11

Asian Crisis

Gulf War

Iraq War

1 ye

ar T

/C ra

te (V

LCC

)

$20m

Strategic Growth in Challenging Times

Tapping the Equity markets…with view in growing the company World Crisis

Taking advantage of tanker lows….

4 Vessels 12 Vessels

26 Vessels

40 Vessels

50 Vessels

50 Vessels

$85m

14

15

Financial Highlights

16

Strong Profitability

In US$ million except per share and vessel data. Numbers reflect 2:1 Stock Split effected on November 15, 2007

(1) TCE = Revenues less voyage expenses (bunkers, port expenses, canal dues) (2) EBITDA = Net Income + Interest and Finance Cost + Depreciation + Amortization. 2011 EBITDA adds back impairment charges

$179

2.2%

39.6

$0.50

$19.7

$19.8

$322

$408

46.1

2010

$104

-8.8%

46.1

$(1.94)

$5.0

$(89.5)

$381

$395

47.8

2011

$176

3.2%

37.2

$0.77

$5.1

$28.7

$368

$445

46.6

2009

38.038.238.139.638.2W/Av. Shares Out. diluted

$377

23.7%

$5.33

$35

$202.9

$540

$623

44.1

2008

$345

24.8%

$4.79

$69

$183.2

$429

$501

41.7

2007

$303$215$198EBITDA (2)

32.3%31.1%45.5%ROE

$5.15$4.09$3.76EPS, diluted (split adjusted)

$63$45$21Capital Gains

$196.4$161.8$143.3Net Income

$359$260$276TCE Revenues, net (1)

$428$296$318Total Revenues

33.826.127.3Av. Number of Vessels

200620052004Expressed in million US dollars

$179

2.2%

39.6

$0.50

$19.7

$19.8

$322

$408

46.1

2010

$104

-8.8%

46.1

$(1.94)

$5.0

$(89.5)

$381

$395

47.8

2011

$176

3.2%

37.2

$0.77

$5.1

$28.7

$368

$445

46.6

2009

38.038.238.139.638.2W/Av. Shares Out. diluted

$377

23.7%

$5.33

$35

$202.9

$540

$623

44.1

2008

$345

24.8%

$4.79

$69

$183.2

$429

$501

41.7

2007

$303$215$198EBITDA (2)

32.3%31.1%45.5%ROE

$5.15$4.09$3.76EPS, diluted (split adjusted)

$63$45$21Capital Gains

$196.4$161.8$143.3Net Income

$359$260$276TCE Revenues, net (1)

$428$296$318Total Revenues

33.826.127.3Av. Number of Vessels

200620052004Expressed in million US dollars

17

Strong Balance Sheet

56%

$1,562

$1,013

$1,429

$223

$134

$2,702

$2,235

$82

$367

$277

2010

56%

$1,515

$922

$1,327

$271

$188

$2,538

$2,302

$38

$288

$176

2011

57%

$1,503

$914

$1,330

$264

$173

$2,550

$2,009

$49

$472

$296

2009

57%

$1,514

$915

$1,423

$190

$92

$2,602

$2,155

$54

$371

$312

2008

59%

$1,390

$858

$1,346

$132

$44

$2,363

$1,900

$170

$276

$181

2007

$1,134$434Total Debt

20062005Expressed in million US dollars

$755$607Total Stockholders’ equity

56%32%Net Debt/Cap

$1,111$382Long term debt, net of current portion

$101$92Total Current Liabilities

$23$51Current portion of long term debt

$1,970$1,090Total Assets

$1,458$711Vessels’ net book value

$261$150Advances for vessels under construction

$223$192Total Current Assets (incl. cash)

$175$146Cash & Cash equivalents

56%

$1,562

$1,013

$1,429

$223

$134

$2,702

$2,235

$82

$367

$277

2010

56%

$1,515

$922

$1,327

$271

$188

$2,538

$2,302

$38

$288

$176

2011

57%

$1,503

$914

$1,330

$264

$173

$2,550

$2,009

$49

$472

$296

2009

57%

$1,514

$915

$1,423

$190

$92

$2,602

$2,155

$54

$371

$312

2008

59%

$1,390

$858

$1,346

$132

$44

$2,363

$1,900

$170

$276

$181

2007

$1,134$434Total Debt

20062005Expressed in million US dollars

$755$607Total Stockholders’ equity

56%32%Net Debt/Cap

$1,111$382Long term debt, net of current portion

$101$92Total Current Liabilities

$23$51Current portion of long term debt

$1,970$1,090Total Assets

$1,458$711Vessels’ net book value

$261$150Advances for vessels under construction

$223$192Total Current Assets (incl. cash)

$175$146Cash & Cash equivalents

Total returns to investors who subscribed to the IPO in March 2002 and reinvested their dividends have been 4.5% p.a. compounded. The Bloomberg Tanker Index (TNP, TK, FRO, NAT, OSG, GMR) returns were -0.5% while for the S&P Index stood at 3.7%

Market Outperform

18

19

Attractive stock valuation

Modern & diversified tanker fleet

No Greek country risk

Earnings visibility

Strong balance sheet

Easy to analyze

Track record - Profitable throughout market cycles

Growth potential

LNG Exposure

Dividend payments

Public markets experience

Ice-class capabilities

Management largest shareholder

Why is TNP Different…

20 Tsakos Energy Navigation, Ltd – 367 Syngrou Av. , Athens 175 64, Greece Tel: +30210 940 7710, Fax: +30210 940 7716 email: ten@tenn.gr

TEN Ltd

Company Contact: Paul Durham, Chief Financial Officer pdurham@tenn.gr George Saroglou, Chief Operating Officer gsaroglou@tenn.gr Harrys Kosmatos, Corporate Development Officer hkosmatos@tenn.gr

12 years

11 years 4 years

15 years (x 2)

Recent Chartering Activity

Above charters are expected to generate over $800 million in total gross revenues over respective employments….

22

1,847

412

915

444586

12

24

914

186

42

87

124121

110

0

250

500

750

1,000

1,250

1,500

1,750

2,000

2,250

Handies Panamax Aframax Suezmax VLCC

Double Hull Single Hull NB Orderbook

Net fleet increase in the next four years at about 5.0% pa

169 single-hull vessels (263 vessels over 20 years of age) in a total fleet of 4,204 Single-hull vessels not scrapped could be converted to FPSO units or operate in coastal regions

Scrapping backlog – Past healthy freight market dissuaded owners from scrapping older vessels

Source: Clarkson Research Studies, Oil & Tanker Trades Outlook – February 2012 For vessels over 30,000dwt

Num

ber o

f Shi

ps

World Fleet Breakdown (By Vessel Type)

11%

10%

10%

28%

21%

About 4.0% of the fleet Single Hull

0

50

100

150

200

250

300

350

Handysize Panamax Aframax Suezmax VLCC

VLCC 61 45 14 1

Suezmax 65 48 11

Aframax 55 23 9

Panamax 22 18 2

Handysize 99 72 13 2

2012 (Feb) 2013 2014 2015

23

Num

ber o

f Shi

ps

Source: Clarkson Research Studies, Oil & Tanker Trades Outlook - February 2012

121

124

87

42

186

Total NBs

560

14

9

24

12

110

Total S/Hs

169

Newbuilding Orderbook (Delivery Schedule)

54% of Orderbook

37% of Orderbook

9% of Orderbook

0.5% of Orderbook

0

100

200

300

400

500

600

700

Handy Panamax Aframax Suezmax VLCC

2008 2009 2010 2011 2012 (Exp)

Newbuilding Orderbook on a Downward Trend

Num

ber o

f Shi

ps

Source: Clarkson Research Studies, Oil & Tanker Trades Outlook - February 2012

In Feb. 2012 the Orderbook stood at 13% of the fleet

At November 2011 it stood at 15%

25

Demand – Positive Long-Term Outlook

GLOBAL OIL DEMAND

Year Demand YoY Change % Change

2006 85.3 mbpd +1.1 mbpd +1.3%

2007 87.0 mbpd +1.7 mbpd +2.0%

2008 86.4 mbpd -0.6 mbpd -0.7%

2009 85.1 mbpd -1.3 mbpd -1.5%

2010 88.3 mbpd +3.2 mbpd +3.7%

2011 89.2 mbpd +0.2 mbpd +0.9%

2012 (est) 89.9 mbpd +0.8 mbpd +0.9%

Source: International Energy Agency, Oil Market Report, Feb. 2012

Demand (today) – Positive Long-Term Outlook

Tremendous potential of China and India with a combined population of 2.5 billion in a world of 6.5 billion. Their per capita oil consumption is at extremely low levels and have already embarked on an aggressive industrialization program

If China reaches the same levels of consumption per capita as Thailand, Chinese oil demand (based on existing population) would rise to 18 mbpd, an increase of 10 mbpd from current levels

IEA expects demand for oil to continue its recovery in 2012 => 89.9 mbpd +0.8 mbpd over 2011 or 0.9% increase

OPEC crude supply (at 31.4 mbpd at the highest level since 2008

Crude oil storage due to oil contango although narrow at present (in VLCCs, Suezmaxes and Aframaxes) could be a swing factor

IMF revised world GDP growth in 2011, 2012 and 2013, 3.8%, 3.3% and 3.9% respectively

BARRELS OF OIL PER CAPITA PER ANNUM(Source: BP Statistical Review of World Energy June 2010)

22

12 11

52 1

0

5

10

15

20

25

2010United States Japan EUThailand China (incl. HK) India

26

$12,714

$25,473

$47,250

$9,388

$17,890

$35,500

$26,670

$15,873

$10,134

$0

$10,000

$20,000

$30,000

$40,000

$50,000

1980-89 1990-99 2000-2009

VLCC Suezmax Aframax

Structural changes and improved ship designs have led to higher base rates over the last three decades

Flight to quality has raised the floor for double hull tankers

TEN’s modern double-hull fleet on the forefront of reaping the rewards

Source: Clarkson Research Studies

Historical Healthy Operating Environment

27

$48.0m (2002)

GERMAN K/G

Sold: $55.0m (2003)

Repurchased: $47.5m (2008)

TC Back

Market

Net profit:

$24 m

XYZ SHIPPING CO.

Sold: $51.5m (2009/10)

Total ROI: 56%

Decathlon / Pentathlon Case Study

This presentation may contain forward-looking statements that are not based on historical fact, including without limitation, statements containing the words “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,”

“estimates” and similar expressions. Because these forward-looking statements involve known and unknown risks and uncertainties, there are important factors that could cause actual results, events or developments to differ

materially from those expressed or implied by these forward-looking statements. Such factors include those risks described from time to time in Tsakos Energy Navigation Ltd’s (TEN) filings with the Securities and Exchange

Commission, including, without limitation, the risks described in TEN’s most recent Annual Report on Form 20-F on file with the Securities and Exchange Commission. These factors should be considered carefully and you are

cautioned not to place undue reliance on such forward-looking statements. All information is current as of the date of this presentation, and TEN undertakes no duty to update this information.