Q4-2016 EARNINGS PRESENTATIONFebruary 23, 2017

Forward Looking StatementsThis presentation contains forward-looking statements which reflect management’s current views with

respect to certain future events and performance, including statements regarding: the crude oil and

refined product tanker market fundamentals, including the balance of supply and demand in the tanker

market and the Company’s financial position. 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; 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; changes in interest rates and the financial

markets; delays in the delivery of any new vessels; increases in the Company's expenses, including any

dry docking expenses and associated off-hire days; and other factors discussed in Tanker Investments

Ltd.’s filings from time to time with the Financial Supervisory Authority of Norway. 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.

2

Recent Highlights

3

1 Cash flow from vessel operations (CFVO) represents income from vessel operations before depreciation and amortization expense. Cash flow from vessel operations is a

non-GAAP financial measure used by certain investors to measure the financial performance of shipping companies. Please refer to Appendix A of the Q4-16 earnings

release for the reconciliation of this non-GAAP measure as used in this release to the most directly comparable GAAP financial measure.

• Q4-16 Results:

o Reported net income of USD 2.7 million, or USD 0.09 per share

o Generated USD 16.6 million of cash flow from vessel operations1

• Secured 1-year T/C for Aframax Tarbet Spirit at $17,000 per day

o Charter commenced in Feb. 2017

o TIL now has 2 ships on fixed-rate T/Cs and looking for more

• Expect 2017 to be challenging, however an increase in long-haul trade

and muted fleet growth in 2018 expected to lead to a recovery

• Tanker Investments financially well-positioned to weather expected

2017 weakness

Strong Finish to 2016; Headwinds for 2017

4

Q4-16 Review:

• Seasonal increase in rates supported by:

o Increased Atlantic exports

o Stockpiling ahead of OPEC supply cuts

o High global refinery throughput

2017 Outlook:

• OPEC supply cuts of 1.2 mb/d

o Majority of cuts from the Middle East

o Potential for more Atlantic-Pacific shipments

• Rebalancing of oil markets

o Less strategic stockpiling

o Potential for higher oil prices

• Mid-size fleet growth of 5%

o Above average Suezmax growth

o Deliveries concentrated in 1H-2017

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

50,000

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Mid-Size Tanker Rates*5-year range 5-year avg. 2016

-600

-500

-400

-300

-200

-100

0

100

200

‘00

0 b

arr

els

pe

r d

ay

OPEC Production Cuts From Jan’17

Source: Clarksons

Source: OPEC

*Nigeria and Libya are exempt from cuts

Positive Supply Factors From 2018Lack of newbuild orders and aging fleet to limit supply growth

5

• Aging fleet: potential for more scrapping

o 1/3 of mid-sized fleet reaches age 15 years or

older by 2020

o Capex requirements of new regulations (e.g.

ballast water treatment)

• Small orderbook for 2018 / 19 due to a

lack of newbuild orders

o Ordering in 2016 was the lowest since 1995

• Decrease in ordering has been due to

three main factors:

o Lack of available financing

o Rationalization of shipyard capacity

o Increased spread between secondhand and

newbuild prices

0

20

40

60

80

100

120

140

160

No

. S

hip

s

Mid-Size Fleet & Orderbook Age Profile

Suezmax Aframax

Reduction in Shipyard Capacity

Source: Clarksons

Age 15 or older by 2020

Small 2018 / 19

orderbook

Source: Clarksons

Long-Haul Trade To Drive DemandAtlantic to Pacific crude oil movements up 25 million barrels since Oct’16

6

Note: Figures in million barrels per day (m/bd) and are changes between 2016-2021

Source: IEA MTOMR 2016

2.4

-0.2

Supply Demand

North America

0.6 0.3

Supply Demand

Latin America

2.0

Supply Demand

Africa & Middle East

OPEC policy

dependent

-0.1 -0.6

Supply Demand

Europe

-0.4

4.4

Supply Demand

Asia

Q1-17 Spot Earnings Update

7

Suezmax Aframax LR2

Q1-17 % booked

to-date60% 60%

1 2

$23,109

$16,309

$13,354

$26,000

$18,000

$-

$10,000

$20,000

$30,000

Suezmax Aframax LR2

Q4-16 Actual Q1-17 to-date

LR2s now

trading as

Aframaxes

88

Tanker Investments is Financially Well-positioned

• Total liquidity of ~$110 million

• Conservative financial leverage of 43.6%1

• No covenant concerns

• No debt maturities until 2019

• Minimal capex in 2017 and 2018

• 2 drydocks in 1H17 for ~$1.5m each

• Low cash break-even: ~$11,4002 per day

1 Book value basis

2 Aframax equivalent basis