TEEKAYTEEKAY

TEEKAY TANKERS THIRD QUARTER 2014 EARNINGS PRESENTATION

November 6, 2014

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 growth in the world tanker fleet in 2014 and 2015, estimated growth in global oil demand and crude oil tanker

demand in 2014 and 2015, increased long-haul crude tanker movements from the Atlantic to Pacific basins and tanker fleet utilization

and spot tanker rates in 2014 and 2015; the impact of lower global oil prices, including stockpiling, a contango price structure, higher

oil demand and reduced bunker fuel prices; the Company’s financial position and ability to take advantage of growth opportunities in

an expected future tanker market recovery; the Company’s plans regarding increased spot market exposure; the Company’s fixed-

rate coverage for the next 12 months and the timing of new charter-in vessel deliveries; the expected effects of the Company’s

acquisition of a 50 percent interest in Teekay Operations; and the estimated spot tanker rates for the Company for the fourth quarter

of 2014. 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 global oil prices; 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; delays in delivery of new charter-in vessels; 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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Recent Highlights

• Q3-14 Results

○ Reported adjusted net income of $2.6 million or $0.03 per share

○ Generated Cash Available for Distribution (CAD)(1) of $0.19 per share

○ Declared quarterly fixed dividend of $0.03 per share

• On August 1, 2014, completed the acquisition of a 50% interest in

Teekay Corporation’s commercial and technical management

operations

• In October 2014, TNK secured additional time charter-in contracts for

two Aframax tankers at average rate of $18,000 per day

○ New in-charter vessels increase TNK’s total in-charter fleet to ten vessels

• In October 2014, Teekay Tankers invested approximately $10 million to

increase its holdings in Tanker Investments Ltd. to 9.3%

(1) Cash Available for Distribution 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 Q3-14 Earnings Release

for reconciliation to most directly comparable GAAP financial measure.

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Increasing Earnings Power Additional spot exposure better positions TNK for a tanker market recovery

44%

56%

64%

82%

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 2015

Sp

ot E

xp

osu

re

Op

era

tin

g D

ays

TNK Fleet Employment Mix

Fixed-rate Spot (owned)

Spot (in-charter) Spot Exposure

$-

$0.50

$1.00

$1.50

$2.00

$2.50

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

$ p

er

sh

are

TNK CAD Per Share Spot Rate Sensitivity

12 months ending Q3-15 12 months ended Q3-14

Aframax Equivalent TCE

• For every $5,000 per day increase in

spot rates, TNK’s CAD increases by

$0.48 per share compared to $0.32

per share for the same period in the

prior year

• Actively increased in-charter portfolio

to 10 vessels resulting in ~3,600

additional spot days in FY2015

• Vessels re-delivering from out-

charters will join our spot fleet

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Stronger Crude Tanker Rates Strongest Q3 tanker rates since 2008

• Q3-14 earnings improved as a result of: ○ Q3-14 oil demand increased by ~ 1.5 mb/d, majority coming from OECD

○ Longer-haul movements as WAF barrels moved to Asia in record volumes

• Q3-14 rates averaged ~$9,000 / day higher than in the same period of 2013 ○ Mid-sized tanker rates for Q1-14 and Q2-14 were also higher y-o-y

0

5

10

15

20

25

2013 2014

$‘0

00 /

Day

Q3-13 vs Q3-14 Earnings

Aframax Suezmax

Source: Clarksons

10

20

30

40

50

60

70

$’0

00 /

day

Tanker Rates: January – October

*average mid-sized tankers

Source: Clarksons

6

Positive Impact of Oil Prices on Tanker Earnings

• Prices for Brent oil benchmark lowest

since November 2010 as supply

currently outpaces demand

• Price decline driven by glut of light

sweet crude in the Atlantic coupled

with slowing global economic growth

• Producers strategically lowering

Official Selling Prices (OSP) to

protect market share

• Saudi Arabian reductions to OSP in

September 2014 and October 2014

prompted Chinese buyers to purchase

28 million barrels

0

20

40

60

80

100

120

140

0

10

20

30

40

50

60

Jan-0

9

Ma

y-0

9

Sep-0

9

Jan-1

0

Ma

y-1

0

Sep-1

0

Jan-1

1

Ma

y-1

1

Sep-1

1

Jan-1

2

Ma

y-1

2

Sep-1

2

Jan-1

3

Ma

y-1

3

Sep-1

3

Jan-1

4

Ma

y-1

4

Sep-1

4

$/b

bl

$'0

00/d

ay

Brent Price vs. Spot Tanker Rates

Average Mid-Sized Tanker Rates Brent

Source: Clarksons

Benefits of declining oil price:

• Increased earnings: each $10 drop in price of oil equivalent to $2,400/day in bunker fuel

savings

• Arbitrage buying driven by lower OSPs has potential to alter traditional trade patterns

• Supportive of positive refining margins, potential to increase crude tanker demand

• Contango price structure may encourage floating storage

7

Winter Rally Expected to Support Q4 Rates Increased demand in winter should result in higher spot rates

• Expected oil demand increase of ~500 kb/d in Q4-14 in OECD due to colder

weather in Northern Hemisphere

• Chinese oil demand forecasted to increase by ~200 kb/d in Q4, though actual

import requirements will be much higher as China takes advantage of recent low oil

prices to fill its strategic petroleum reserves

• Winter weather and transit delays into Q4-14 could provide support to crude tanker

rates

○ Turkish Straits transit delays, Baltic sea ice conditions, potential for late season

hurricane/storm activity in the Atlantic

90.5

91

91.5

92

92.5

93

93.5

94

Q1-14 Q2-14 Q3-14 Q4-14E

Mill

ion

bb

l / d

ay

Global Oil Demand

Source: IEA

5

10

15

20

25

30

35

40

45

50

July August September October November December January

$'0

00

/ d

ay

Seasonal Winter Spike Expected

2011 2012 2013 2014Source: Clarksons

End-October

*average mid-sized tanker rates

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Q4-14 Spot Earnings Update Overall, average spot bookings for Q4-14 to-date are higher than Q4-13 based on

approximately 50%, 40%, and 60% of days booked in the quarter for Suezmax, Aframax,

and LR2 segments, respectively.

$15,200

$13,900 $12,900

$21,100 $22,100

$17,300

$17,200 $18,000

$20,500

$-

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

Suezmax Aframax RSA LR2Q4-13 Actual Q3-14 Actual Q4-14 to-date Q4-14 estimate*

*Q4-14 estimates are based on bookings to-date plus BITR-based forward rates for unfixed days (forward rates are: ~$37k for Suezmax,

~$32K for Aframax, and ~$21k for LR2)

Although Q4-14 spot bookings to-date are lower than Q3-14, recent strengthening in

the market calls for stronger final Q4-14 results.

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APPENDIX

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TNK 2014 & 2015 Drydock Schedule

Entity 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

Vessels

Drydocked

Total

Offhire

Days

Teekay Tankers Spot Tanker 1 21 - - 4 143 - - 5 164 7 113

Fixed-Rate Tanker - - 2 56 1 35 1 24 4 115 - -

1 21 2 56 5 178 1 24 9 279 7 113

Total 2015December 31, 2014 (E) Total 2014March 31, 2014 (A) June 30, 2014 (A) September 30, 2014 (A)