Teekay Tankers Q3-2015 Earnings Presentation

1. TEEKAYTEEKAY
TEEKAY TANKERS
Q3-2015
EARNINGS
PRESENTATION
November 5, 2015

2. 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, 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, spot tanker rates, and the potential for localized floating storage and weather and port delays; the effect of
lower global oil prices, including the potential impact on oil stockpiling, refinery throughput and bunker fuel prices; and the
timing and certainty of the financial and commercial benefits of the Company’s recent acquisitions, including the impact on
its future free cash flow generation. 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;
the ability of the Company to operate the acquired businesses profitably; increased costs; 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. 3
Recent Highlights
• Q3-2015 Financial Results
○ Generated adjusted net income1 of
$40.3 million, or $0.30 per share, versus
adjusted net income of $2.6 million, or
$0.03 per share in Q3-14
○ Generated free cash flow1 of $59.4
million, or $0.44 per share, versus $16.2
million, or $0.19 per share in Q3-14
• Completed delivery of 12 Suezmax tankers
acquired from Principal Maritime Tankers
in late Q3-15 / early Q4-15
• Commenced integration of full service
ship-to-ship (STS) transfer business
• Increase in Suezmax ship days well-timed
for strong winter rally
(1) See the Q3-15 earnings release for explanations and reconciliations of these non-
GAAP measures to the most directly comparable financial measures under GAAP.

4. 4
• Successfully bid on the Principal Maritime fleet at an attractive price
• Assimilation of twelve Suezmaxes into the TNK platform in just nine weeks
Execution of Strategic Acquisitions
• Accelerating drydocks in order to
maximize long-term earnings
○ Eight of twelve Principal Maritime
vessels being drydocked including eco
modifications
• Economies of scale further reducing G&A
per ship day
Suezmax fleet and ship-to-ship transfer business
• Immediately realizing cost synergies from early stage integration of STS transfer
business with revenue synergies in the future
• Both acquisitions fully financed and accretive to earnings and free cash flow per share
Q3-15 Q4-15 Q1-16
Revenue
days
33 892 1,092
Ship
Equivalent
0.3 9.7 12.0

5. 5
Continuing to Deliver Shareholder Value
• Increasing net asset value through delevering balance sheet
• Increasing operating leverage to $0.57 per share for every $5,000 per day
increase in spot tanker rates
• Dividend policy to be reviewed with the Board in December 2015
FCF1 Per Share Spot Rate Sensitivity
72%
65%
53%
40%
50%
60%
70%
80%
Q3-2013 Q3-2014 Q3-2015
Financial Leverage
Net Debt to Book Capitalization
$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
$PerShare
Aframax Equivalent TCE
12 months ended Q3-14 12 months ending Q3-16
(1) Free cash flow represents net income, plus depreciation and amortization, unrealized losses from derivatives, non-cash items, FCF from equity accounted investments and any write-offs
or other non-recurring items, less unrealized gains from derivatives and other non-cash items. Please refer to the Teekay Tankers Earnings Releases for reconciliation to most directly
comparable GAAP financial measure.

6. 6
Rates Remained Historically Strong in Q3-15
Source: 90% Clarksons / internal forecasts
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
50,000
Aframax Suezmax VLCC
USD/day
Q3 Crude Tanker Earnings
Q3-2010
Q3-2011
Q3-2012
Q3-2013
Q3-2014
Q3-2015
• Tanker rates softened in Q3-15 due to seasonal refinery maintenance, but remained firm
on a historical basis due to strong underlying fundamentals
o Low oil prices, strong refining margins, stockpiling and limited fleet growth driving rates
• Rates began to increase in late Q3-15 / early Q4-15, led by the VLCC sector
o Increase in exports from diverse supply regions to Asia as refineries returned from maintenance
• Mid-size tanker rates lagged VLCCs initially, but are now starting to firm
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
Oct-14
Nov-14
Dec-14
Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
USD/day
Crude Tanker Rates
Aframax Suezmax VLCC

7. 7
Strong Winter Tanker Market Expected
• Expected global oil demand increase of ~250 kb/d in Q4-15 as colder weather in the
Northern Hemisphere drives up demand
• Chinese oil demand forecasted to increase by ~100 kb/d through Q1-16
○ Actual import requirements expected to be higher as China uses low oil prices to fill SPR.
Estimates suggest an additional 200 kb/d of crude imports through 1H-16
• Winter weather delays coupled with transit and port delays through Q1-16 should give
further support to crude tanker rates
92.0
92.5
93.0
93.5
94.0
94.5
95.0
95.5
96.0
1Q2015 2Q2015 3Q2015 4Q2015E 2016E
Millionbbl/day
Rising Global Oil Demand
Source: IEA
5
10
15
20
25
30
35
40
45
50
$'000/day
Rates Typically Spike in Dec / Jan
2011 2012 2013
2014 2015
Source: 90% Clarksons
*average mid-sized tanker rates

8. 8
Q4-15 Spot Earnings Update
• Spot rates averaged significantly higher year-on-year in Q3-15
• Spot rates bookings to-date are stronger than Q4-14
• Recent strengthening in the Suezmax and Aframax markets will bring Q4-15 rates
above Q3-15 rates
Q4-15 %
booked to-
date
40% 42% 70%
*Q4-15 estimates are based on bookings to-date plus BITR-based forward rates for unfixed days (forward rates are: ~$45k for Suezmax,
~$41K for Aframax, and ~$28k for LR2)
$21,134 $22,105
$17,232
$34,782
$32,269
$33,555
$26,627
$25,677
$21,884
$33,000
$26,100
$30,300
$-
$5,000
$10,000
$15,000
$20,000
$25,000
$30,000
$35,000
$40,000
$45,000
Suezmax Aframax RSA LR2
Q3-14 Actual Q3-15 Actual Q4-14 Actual Q4-15 to-date
$40,400*
$34,900*
$29,600*

9. 9
APPENDIX

10. 10
Fleet Employment Profile
(1) 50/50 profit share if earnings are above $12,000/day
(2) 50/50 profit share if earnings are between $16,000 and $24,000 /day plus 75/25 profit share in TNK’s favor if earnings are above
$24,001/day
(3) The Company’s ownership interest in this vessel is 50%. 50/50 profit share if earnings are above $40,500/day
In-Charter Portfolio
Aframax 2008
Aframax 2009
Aframax 2008 Optional Period
Aframax 2008
Aframax 2008
Aframax 2008
Aframax 2008
Aframax 2003
Aframax 2002
Aframax 2008
LR2 2006
LR2 2009
LR2 2001
Out-Charter Porfolio
Aframax 2004
Aframax 2004
Aframax 2005
Aframax 2004
Aframax 2004
LR2 2001
Suezmax 2012
Suezmax 2006
Suezmax 2006
Suezmax 2009
Suezmax 2004
VLCC 2013 ###
Aframax 2005
3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18
$12,000 (1)
$16,750
$18,600
$21,500
$24,900
$18,500 $19,500
$15,750
$18,066
$18,066
$20,500
$19,500
$17,750
$21,000
$28,000
$15,500
$24,000
Optional Period
Optional Period
Optional Period
$37,500
(3)
$15,600
$22,000
$18,900
$16,500
$32,906
$32,906
$26,000 Optional Period
$16,250
Optional Period
$16,000 (2)
$22,000

11. 11
Delivery Schedule for Principal Maritime Fleet
(1) Only owned vessels are accounted for in this schedule.
No. Vessel Name Delivery Date
1 Beijing Spirit* 08-17-15
2 Atlanta Spirit* 09-03-15
3 Moscow Spirit* 09-08-15
4 Athens Spirit 09-09-15
5 Seoul Spirit* 09-21-15
6 London Spirit* 09-21-15
7 Barcelona Spirit* 09-23-15
8 Rio Spirit 09-24-15
9 Los Angeles Spirit 09-28-15
10 Montreal Spirit* 09-30-15
11 Tokyo Spirit* 10-05-15
12 Sydney Spirit 10-15-15
Drydock & Offhire Schedule
*Vessels delivered and proceeded directly to drydock.
Teekay Tankers
Segment
Vessels
Total
Off-hire
Days
Vessels
Total
Off-hire
Days
Vessels
Total
Off-hire
Days
Vessels
Total
Off-hire
Days
Vessels
Total
Off-hire
Days
Vessels
Total
Off-hire
Days
Spot Tankers 1 27 1 24 4 102 4 171 10 324 1 14
Fixed-Rate Tankers 1 90 2 103 - - - - 3 193 - -
Principal Tankers - - - - 5 108 3 210 8 318
2 117 3 127 9 210 7 381 21 835 1 14
December 31, 2015 (E) Total 2015 Total 2016March 31, 2015 (A) June 30, 2015 (A) September 30, 2015 (A)