Second Quarter 2014 Earnings PresentationAugust 7, 2014

TANKER INVESTMENTS LTD.

2

Forward Looking StatementsThis presentation contains forward-looking statements which reflect management’s current views withrespect to certain future events and performance, including statements regarding: the crude oil andrefined product tanker market fundamentals, including the balance of supply and demand in the tankermarket; the Company’s financial position and ability to take advantage of growth opportunities; and theexpected effect of any acquisitions on the Company’s financial results. The following factors are amongthose that could cause actual results to differ materially from the forward-looking statements, whichinvolve 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 overallvessel tonnage requirements; greater or less than anticipated levels of tanker newbuilding orders anddeliveries or greater or less than anticipated rates of tanker scrapping; changes in applicable industrylaws and regulations and the timing of implementation of new laws and regulations; changes in interestrates and the financial markets; delays in the delivery of any new vessels; increases in the Company'sexpenses, including any dry docking expenses and associated off-hire days; and other factorsdiscussed in Tanker Investments Ltd.’s filings from time to time with the Financial Supervisory Authorityof Norway. The Company expressly disclaims any obligation or undertaking to release publicly anyupdates or revisions to any forward-looking statements contained herein to reflect any change in theCompany’s expectations with respect thereto or any change in events, conditions or circumstances onwhich any such statement is based.

3

• Q2-14 Results (based on 709 operating days)○ Reported net loss of USD 5.7 million, or USD 0.15 per share

• In July 2014, tanker market experienced the highest Suezmax and Aframax spot tanker rates for the month of July since 2008

• Vessel deliveries since Q1-14:

• Conservative leverage and lean cost structure provide for low cash breakeven rate of $12,100 per day

Recent Highlights

Vessel Name Delivery DateEmerald Spirit April 10

Whistler Spirit May 2

Hemsedal Spirit May 9

Voss Spirit May 9

Hovden Spirit June 2

Trysil Spirit June 19

Garibaldi Spirit June 20

Blackcomb Spirit June 30

4

• The Jiaolong Spirit (Q2-14) and Tarbet Spirit (early Q3-14) have been retrofitted with various fuel-saving modifications, such as:○ Mewis Duct

○ Innovative coating (Hempaguard X7 coating)

• The fuel-saving modifications are expected to save approximately USD 2,000 / day

Investing in Fuel-Saving Modifications

5

• Q2 rates averaged ~$3,000-4,000/day higher than in the same period of 2013

• Counter-seasonal spike in rates during July 2014 (strongest July since 2008)

Stronger Crude Tanker Rates Year-on-Year

0

5

10

15

20

25

30

35

40

45

Apr-14 May-14 Jun-14 Jul-14

‘000

USD

/ D

aySource: Clarksons

Global Spot Crude Tanker Rates

Aframax Suezmax

Market is firming; positive outlook for the seasonally strong winter market

0

2

4

6

8

10

12

14

16

18

Aframax Suezmax

‘000

USD

/ D

ay

Tanker Spot Rates Q2-2013 vs. Q2-2014Q2-2013 Q2-2014

Source: Clarksons

+18% +33%

6

20

30

40

50

60

70

80

90

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

Aframax Asset Values

NB

5 yr

10yr Avg NB

10 yr Avg 5 yr old

45

65

85

105

125

145

165

185

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

VLCC Asset Values

NB5y-old10yr avg NB10yr avg 5y-old

NB 5y-old

Upside to 10y avg.

8%

34%34%NB 5y-old

Upside to 10y avg.

16%

Asset Values Unchanged in Q2-2014

Source: Clarksons Source: Clarksons Source: Clarksons

35

45

55

65

75

85

95

105

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

Suezmax Asset Values

NB5 yr Old10 yr avg. NB10 yr avg 5 yr old

NB 5y-old

8%

Upside to 10y avg.

33%28%

• A weaker freight market halted the rise in asset values during Q2-2014

• Secondhand values remain ~30% below the 10-year average

• Asset values expected to rise as freight market strengthens further

Secondhand tankers remain undervalued vs. long term average

7

A Shrinking Mid-Size Crude Tanker Fleet

• Suezmax fleet size unchanged in 1H-14; expected to contract through 2015 / 16

• Aframax fleet shrank by 13 vessels in 1H-14 (2 deliveries vs. 15 scrapped)• Estimated 7% reduction in Aframax fleet size between now and end-2016

-4%

-2%

0%

2%

4%

6%

8%

10%

-20

-10

0

10

20

30

40

50

2010

2011

2012

2013

2014

E

2015

E

2016

E

Num

ber o

f Ves

sels

Suezmax Fleet Growth

Scrapping Forecast Scrapped

Delivery Forecast Delivered

Net Fleet Growth (% of Fleet)Source: Clarksons / Internal Estimates

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

-5.0%

-3.0%

-1.0%

1.0%

3.0%

5.0%

-50-40-30-20-10

01020304050

2010

2011

2012

2013

2014

E

2015

E

2016

E

Num

ber o

f Ves

sels

Aframax* Fleet Growth

Scrapping Forecast Scrapped

Delivery Forecast Delivered

Net Fleet Growth (% of Fleet) Source: Clarksons / Internal Estimates*Excludes Coated Aframaxes

8

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

$3.50

$0 $5,000 $10,000 $15,000 $20,000 $25,000 $30,000 $35,000

Annu

al CAD

/sha

re

Aframax Tanker Rates ($ per day)

TIL has a Low Cash Breakeven and High Operating Leverage

After interest & drydockbreak-even is ~$12,100/day*

5-yr avg. Aframax rate $15,000/day

10-yr avg. Aframax rate $28,000/day

Spot rate increase $1,000 TCE/day*

above $12,100 / day

CAD / share increase ~$0.14 p.a.

*Aframax Equivalent basis => VLCCs at 1.4x of Aframaxes and Suezmaxes at 1.2x of Aframaxes

9

• Total liquidity of approximately $172 million1

• Net debt to capitalization is conservative => 32%

• No significant debt repayments

TIL Financial Profile

1 – assumes all vessels are collateralized under the current revolver facility

With current vessel prices at 25-30% discount to the 10-year average, TIL intends to continue growing its fleet

10

• The average spot bookings for Q3-14 to-date are:○ VLCCs: ~70% of days booked at $21,000/day

- (vs. $12,100 per day in Q2-14)○ Suezmaxes: ~45% of days booked at $18,300/day

- (vs. $15,170 per day in Q2-14)○ Aframaxes: ~45% of days booked at $19,800/day

- (vs. $12,700 per day in Q2-14)○ Coated Aframaxes: ~70% of days booked at $14,000/day

- (vs. $12,300 per day in Q2-14)

• TIL has taken delivery of all its vessels and is well-positioned to benefit from stronger rates in 2H-2014

Q3-14 Earnings Update

Appendix

12

• TIL strategically planned a heavy drydock schedule for Q3-14 and early Q4-14

• Budgeting approx. 21 days total per drydock (excluding necessary deviation days to/from the yard)

2014 Drydock and Fuel Efficient Upgrade Schedule

Vessel Planned Upgrade Expected Timing

Shenlong Spirit

Mewis Duct retrofitand innovative hi‐spec hull coating

August 2014

Emerald Spirit August 2014

Dilong Spirit September 2014

Garibaldi Spirit October 2014

Whistler Spirit October 2014

13

Fleet DetailsVessel Name Vessel Class Year

Built

Dilong Spirit Suezmax 2009Jiaolong Spirit Suezmax 2009Shenlong Spirit Suezmax 2009Tianlong Spirit Suezmax 2009Emerald Spirit Aframax 2009Whistler Spirit Aframax 2010Garibaldi Spirit Aframax 2009Blackcomb Spirit Aframax 2010

Tarbet Spirit Aframax 2009Hemsedal Spirit VLCC 2010

Voss Spirit VLCC 2010Hovden Spirit Coated Aframax 2012

Trysil Spirit Coated Aframax 2012