Teekay Tankers reported its Q2-2016 earnings. Some key highlights include: - Generated $31.6 million in adjusted net income and $59.6 million in free cash flow. - Paid a dividend of $0.06 per share, representing 30% of adjusted net income. - Sold a non-core product tanker for $14 million, with delivery expected in mid-August. - Increased fixed-rate charter coverage to 30% for the next 12 months.

1. TEEKAY TANKERS
Q2-2016
EARNINGS
PRESENTATION
August 4, 2016

2. Forward Looking Statements
This release 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: crude oil and refined product tanker market fundamentals, including the balance of supply and
demand in the tanker market, the amount of new orders for tankers, the estimated growth in the world tanker fleet, the
amount of tanker scrapping, estimated growth in global oil demand and supply, crude oil tanker demand, and the potential
return of oil production in the Atlantic basin; tanker fleet utilization and spot tanker rates, particularly in the third quarter of
2016 and the upcoming winter months; the effect of changes in oil prices and refinery throughput; the Company’s future
fixed-rate cover, including the impact on the Company’s cash flow break-even level; the expected timeframe for
commencement of a time charter-out contract; and the sale of the Teesta Spirit product tanker, including the impact on the
Company’s financial leverage. 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: a delay in, or failure to complete, the sale of the Teesta Spirit; 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 number of off-hire days relating to the Company’s fleet; 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, 2015. 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

3. 33
Recent Highlights
• Q2-16 Financial Results
○ Generated adjusted net income(1) of
$31.6 million, or $0.20 per share, and
free cash flow(1) of $59.6 million
• Dividend of $0.06 per share for Q2-16,
representing 30% of adjusted net
income
• Completed sale of non-core MR product
tanker for proceeds of approximately
$14 million with expected delivery in
mid-August
• Increased fixed-rate charter coverage to
approximately 30% for 12 months
ending June 30, 2017
(1) These are non-GAAP financial measures. Please refer to “Definitions and Non-
GAAP Financial Measures” and the Appendices of the earnings release for
definitions of these terms and reconciliations of these non-GAAP financial
measures as used in the earnings release to the most directly comparable
financial measures under United States generally accepted accounting
principals (or GAAP).

4. 44
• Rates currently being impacted by Atlantic supply outages and lower refinery throughput
o ~20 fewer WAF Suezmax cargos and ~20 fewer Caribs / US Gulf Aframax cargos during July
o Stronger rates expected in Q4 due to seasonal demand and weather delays
• Fixed-rate charter coverage for next 12 months increased to 30%
o Concluded four fixed-rate contracts in Q2-16 at attractive rates
o Increased fixed-rate lightering coverage
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
2016 Aframax Rates
5-year range 5-year avg. 2016
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2016 Suezmax Rates
5-year range 5-year avg 2016
TNK is taking action to reduce the impact of softer spot rate environment
Counteracting a Lower Rate Environment

5. 55
Positive Long-Term Supply Outlook
• Lack of access to capital is limiting new tanker orders for 2018 / 19 delivery
o 5.5 mdwt ordered in 2016 YTD (on track for lowest ordering since mid-1990s)
• Lack of scrapping in recent years leading to a build-up of potential scrap candidates
o High cost of 3rd and 4th special survey exacerbated by additional ballast water CAPEX
Tanker market facing near-term headwinds, but long-term fundamentals are positive
0
20
40
60
80
100
120
140
160
NumberofVessels
Suezmax Orderbook
Aframax Orderbook
Suezmax Fleet
Aframax Fleet
246
64
26
44
52
39
26
0
50
100
150
200
250
300
NumberofVessels
15 Years
16 Years
17 Years
18 Years
19 Years
20+ Years
Orderbook Existing Fleet
15+ years
Orderbook vs 15+ Year FleetFleet Profile and Orderbook

6. Focus on Total Shareholder Return
• Continued balance sheet delevering through reduction of net debt in Q2-16
• Rewarding shareholders through variable cash dividend
o Q2-16 dividend of $0.06 per share, representing 30% of adjusted net income
6
FCF and Dividend Yield1,2,3
(1) Based on estimated results for 12 months ending June 30, 2017 assuming share price of $3.00 per share
(2) Assumed sale of Hugli Spirit in Q4-16
(3) Based on an assumed dividend payout of 30% of adjusted net income
(4) Aframax equivalent TCE: Suezmax = 1.30x, LR2 = 1.00x, MR = 0.70x
(5) Pro-forma to include Q1-15 vessel acquisitions that were committed for in Q4-14
(6) Pro-forma to include sale of Teesta Spirit which is expected to deliver in August 2016
0%
20%
40%
60%
80%
100%
10,000 15,000 20,000 25,000 30,000 35,000
%Yield
Aframax Equivalent TCE4
FCF Yield
Dividend Yield
60%5
51%6
45%
72%
42%
39%
30%
40%
50%
60%
70%
80%
Q4-2013 Q4-2014 Q2-2016 Q2-2017
Financial Leverage2,3
Aframax Equivalent TCE4
$20,000
$25,000
$30,000

7. Q3-16 Spot Earnings Update
7
Suezmax Aframax LR2
Q3-16 spot ship
days available
1,767 857 687
Q3-16 % booked
to-date
45% 39% 40%
$31,000
$23,800
$21,000
$23,600
$17,900 $18,100
$-
$10,000
$20,000
$30,000
$40,000
Suezmax Aframax RSA LR2
Q2-16 Actual Q3-16 to-date

8. APPENDIX
8

9. Fleet Employment Profile
9
(1) 50/50 profit share if earnings are above $13,000/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
Aframax
Aframax
Aframax
Aframax
LR2 $16,000
(2)
LR2
Out-Charter Porfolio
Aframax
Aframax
Aframax
Aframax
Aframax
Aframax
Aframax
Aframax
LR2
Suezmax
Suezmax
Suezmax
Suezmax
VLCC
$22,000
2Q19
$25,000
Fixed-rate coverage for 12 months ended:
June 30, 2015: 22%
June 30, 2016: 21%
June 30, 2017: 30%
$22,750
$13,000
(1)
$32,906
$32,906
$37,500(3)
$29,000
$25,000
$24,900
$26,000
$18,066
$22,000
$18,900
$20,500
$22,000
$19,500
3Q16 4Q16 1Q17
$23,000
3Q18 4Q18 1Q192Q17 3Q17 4Q17 1Q18 2Q18
$26,200
Optional Period
Optional Period
Optional Period
Optional Period
$27,800

10. 10
Q3-16 Outlook
Income Statement Item Q3-16 Outlook
(expected changes from Q2-16)
Revenues (1)
Decrease of approximately 380 net spot revenue days in TNK, mainly due to redeliveries of three net in-
chartered vessels in Q3-16.
Approximately 42% of Q3-16 spot revenue days for Aframaxes and Suezmaxes fixed at $17,900/day and
$23,600/day, respectively, compared to $23,800/day and $31,000/day, respectively, in Q2-16.
Vessel operating expenses Expected to be consistent with Q2-16.
Time charter hire expense Approximately $5 million decrease from the redelivery of various in-chartered vessels.
Depreciation and amortization Expected to be consistent with Q2-16.
General and administrative expenses Expected to be consistent with Q2-16.
Net interest expense and realized loss on derivative instruments (1)
Expected to be consistent with Q2-16.
Equity income (1)
Approximately $4 million decrease due to the profit-sharing component that was recognized in Q2-16 from
TNK’s investment in the High-Q JV and the impact of lower forecasted average spot TCE rates on the income
from TNK’s conventional tanker franchise and from TIL.
(1) Changes described are after adjusting Q2-16 for items included in Appendix A of Teekay Tankers Q2-16 Earnings Release and realized gains and losses on derivatives (see slide 11
to this presentation for the Consolidated Adjusted Line Items for Q2-16).

11. 11
Consolidated Adjusted Line Items
Q2-16
(in thousands of U.S. dollars)
(1) Please refer to Appendix A in Teekay Tankers Q2-16 Earnings Release for a description of Appendix A items.
Income Statement Item As Reported Appendix A
Items (1)
Reclass for
Realized
Gain/
Loss on
Derivatives
As Adjusted
Revenues 129,863 - 126 129,989
Asset impairment (6,420) 6,420 - -
Interest expense (7,341) - (1,276) (8,617)
Realized and unrealized loss on derivative instruments (3,750) 2,600 1,150 -
Equity income 4,740 17 - 4,757
Other - net (1,940) 77 - (1,863)

12. Drydock & Offhire Schedule
12
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
Spot Tanker - 50 1 34 - - 1 28 2 112
Fixed-Rate Tanker 1 95 - 95 - - - - 1 190
1 145 1 129 - - 1 28 3 302
Note:
(1) In the case that a vessel drydock & offhire straddles between quarters, the drydock & offhire has been allocated to the quarter in which majority of drydock days occur.
(2) Only owned vessels were accounted for in this schedule.
March 31, 2016 (A) June 30, 2016 (A) September 30, 2016 (E) December 31, 2016 (E) Total 2016

13. 13