TEEKAYTEEKAY

TEEKAY TANKERS Q1-2015 EARNINGS PRESENTATION

May 14, 2015

2

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, including

statements regarding: the crude oil and refined product tanker market fundamentals, including the balance of supply and

demand in the tanker market, estimated negative growth in the world tanker fleet, estimated growth in global oil demand

and crude oil tanker demand, changes in long-haul crude tanker movements from the Atlantic to Pacific basins, tanker

fleet utilization and spot tanker rates; the effect of lower global oil prices, including the potential impact on oil stockpiling,

refinery throughput and bunker fuel prices; TIL’s anticipated acquisition of six vessels; and the timing of a new charter-in

vessel delivery. 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 or refined products; changes in trading patterns significantly

affecting overall vessel tonnage requirements; greater or less than anticipated levels of tanker newbuilding orders and

deliveries and greater or less than anticipated rates of tanker scrapping; changes in global oil prices; changes in

applicable industry laws and regulations and the timing of implementation of new laws and regulations; delays in delivery

of a new charter-in vessel; 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, 2014.

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.

3

Recent Highlights

• Financial Results

○ Generated adjusted net income1 of $39.0

million, or $0.34 per share, up from $18.6

million, or $0.21 per share, in Q4-14

○ Generated free cash flow1 of $53.0

million, or $0.46 per share, up from $31.7

million, or $0.35 per share, in Q4-14

• Completed acquisition of five modern mid-

size tankers for an aggregate purchase price

of $230 million

• Continuing to expand in-charter fleet with

the addition of two vessels in Q1-15

○ Increases the total in-charter fleet to 12

vessels

• Strongest year-to-date spot rates since 2008

(1) See the Q1-15 earnings release for explanations and reconciliations of these non-

GAAP measures to the most directly comparable financial measures under GAAP.

4

72%

57%

40%

50%

60%

70%

80%

Q4-2013 Q1-2015

Net Debt to Book Capitalization

Executing on Teekay Tankers’ Strategy

• In-charter portfolio expanded to 12

vessels

○ Over $21 million of additional profit earned to-date

• Transitioned vessels to spot trading upon

expiration of fixed charters

○ 85% of fleet operating in the spot market

• Well-timed acquisition of 5 modern

vessels in Q1-15, which was immediately

accretive to net income

• $35 million investment in Tanker

Investments Ltd (TIL)

○ Marked-to-market gain of $11.9 million, or 34%

• Increasing shareholders’ equity through

delevering balance sheet

Financial Leverage

44%

56%

64%

85%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

-

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

2012 2013 2014 Next 12 monthsended Q1-2016

Sp

ot

Exp

osu

re

Op

era

tin

g D

ays

Fixed-rate Spot (owned)

Spot (in-charter) Spot Exposure

TNK Fleet Employment Mix

Delivering Shareholder Value

5

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

$0.00

$0.05

$0.10

$0.15

$0.20

$0.25

$0.30

$0.35

$0.40

$0.45

$0.50

Q1-2014 Q2-2014 Q3-2014 Q4-2014 Q1-2015

FC

F y

ield

(annualiz

ed)2

Cash f

low

uses p

er

share

Debt prepayments Scheduled debt repayments

Dividend FCF Yield

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

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

Annual $ P

er

Share

Aframax Equivalent TCE4

• Spot exposure increased to maximize

FCF and net asset value (NAV)3

○ Q1 FCF yield = 32% (annualized)

○ Majority of FCF currently used to prepay debt,

increasing NAV/share

Significant Operating Leverage

(1) Free cash flow represents net income (loss), plus depreciation and amortization, unrealized losses from derivatives, non-cash Items and any write-downs or other non-recurring items,

less unrealized gains from derivatives. Please refer to the Teekay Tankers Earnings Releases for reconciliation to most directly comparable GAAP financial measure.

(2) Free cash flow (FCF) Yield is calculated based on annualized free cash flow in the given quarter over the average share price during that period.

(3) Excludes net asset value uplift from asset price appreciation.

(4) Aframax equivalent TCE: Suezmax = 1.25x, LR2 = 0.86x, MR = 0.64x

FCF1 Per Share Spot Rate Sensitivity 12 months

ending Q1-16

Current Average Aframax Spot Rate = $33,000/day

Free cash flow (FCF)1 Uses and FCF Yield2

• Every $5,000 per day increases

TNK’s FCF by $0.57 per share

6

Highest Average Q1 Spot Rates Since 2008

• Strong spot rates in Q1-2015 due to firm underlying fundamentals:

○ low fleet growth,

○ high crude oil supply,

○ rising oil demand

Source: 90% of Clarksons reported rates

$0

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000

$40,000

$45,000

Suezmax Aframax LR2

Stronger Spot Rates Y-o-Y

Q1-2014 Q1-2015

Strong spot rates continuing into Q2-2015

$0

$20,000

$40,000

$60,000

$80,000

$100,000

$120,000

Monthly Spot Tanker Rates

Suezmax Aframax

7

Tanker Demand Strength Driven by Fundamentals

Source: IEA

73

74

75

76

77

78

79

Jan Feb Mar Apr May

Mb

/d

Global Refinery Throughput

2014 2015

High crude oil supply and rising oil demand

• Increase in OPEC crude supply is positive for crude tanker tonne-mile demand

○ Saudi Arabian production at a record high 10.1 mb/d

• Demand for crude oil is rising

○ Global refinery throughput is significantly higher year-on-year

○ Rising vehicle miles travelled in the U.S. is a sign that end-user demand is rising

○ IEA has raised its 2015 oil demand growth forecast to 1.1 mb/d (+210 kb/d from Jan’15)

7.5

8.0

8.5

9.0

9.5

10.0

10.5

18

19

20

21

22

23

24

Jan-0

8

Jul-0

8

Jan-0

9

Jul-0

9

Jan-1

0

Jul-1

0

Jan-1

1

Jul-1

1

Jan-1

2

Jul-1

2

Jan-1

3

Jul-1

3

Jan-1

4

Jul-1

4

Jan-1

5

Mb

/d (

Sau

di A

rab

ia)

Mb

/d (

Mid

dle

East

OP

EC

)

Middle East OPEC Production

Middle East OPEC Saudi Arabia

Source: IEA

8

-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

14

20

15E

20

16E

20

17E

Nu

mb

er

of

Vessels

Suezmax Fleet Growth

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

Source: Clarksons / Internal Estimates

Low Fleet Supply Growth into 2017

Aframax Fleet Growth*

Mid-size tanker fleet growth remains low despite recent orders and conversions

*Includes both coated and uncoated vessels

-4%

-2%

0%

2%

4%

6%

8%

-40

-20

0

20

40

60

80

20

10

20

11

20

12

20

13

20

14

20

15E

20

16E

20

17E

Nu

mb

er

of

Vessels

9

Q2-15 Spot Rates Remain Counter-seasonally Strong

$26,600 $25,700

$21,900

$39,400

$30,700

$24,900

$36,500

$32,600

$29,100

$-

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000

$40,000

$45,000

Suezmax Aframax RSA LR2

Q4-14 Actual Q1-15 Actual Q2-15 to-date

Q2-15 %

booked to-

date 50% 50% 80%

10

APPENDIX

11

Fleet Employment Profile

(1) 50/50 profit share if earnings are above $12,000/day

(2) 50/50 profit share if earnings are between $16,400 and $24,400 /day plus 75/25 profit share if earnings are above $24,401/day

(3) 50/50 profit share if earnings are above $40,500/day

In-Charter Portfolio

Aframax

Aframax

Aframax

Aframax

Aframax

Aframax

Aframax

Aframax

Aframax

LR2

LR2

LR2

Out-Charter Porfolio

Aframax

Aframax

Aframax

Aframax

Aframax

Aframax

Aframax

VLCC

2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18

37,500 (3)

Optional Period$15,750

$18,900

$22,000 Optional Period

$12,000 (1)

$21,000

$16,500

$15,500

Optional Period

$21,000

$19,500

$16,750

$24,000

$15,600

$15,600

Optional Period

Optional Period

Optional Period

$18,600

$18,500 Optional Period

$15,000 Optional Period

$20,500

16,400 (2)

$22,000$17,100

12

TNK 2015 Drydock & Offhire Schedule

Notes:

(1) In the case that vessel offhire straddles between quarters, the number of vessels offhire has been allocated to the quarter in which majority of the offhire

days occur

(2) Only owned vessels are accounted for in this schedule

Segment

Vessels

Drydocked

Total

Offhire

Days

Vessels

Drydocked

Total

Offhire

Days

Vessels

Drydocked

Total

Offhire

Days

Vessels

Drydocked

Total

Offhire

Days

Vessels

Drydocked

Total

Offhire

Days

Spot Tanker 1 27 1 27 1 25 4 100 7 179

Fixed-Rate Tanker 1 90 - 53 - - - - 1 143

2 117 1 80 1 25 4 100 8 322

Total 2015March 31, 2015 (A) June 30, 2015 (E) September 30, 2015 (E) December 31, 2015 (E)