Conference Call April 17, 2012 Time: 09:00 AM EST www.teekaytankers.com

1. Overview of Strategic 13 Vessel Acquisition from Teekay Corporation
April 17, 2012
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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: the Company’s pending acquisition of 13 conventional tankers from Teekay Corporation, including the
purchase price, timing and certainty of completing the transaction, and the effect of this transaction on the Company’s cash
available for distribution per share, dividend per share, and liquidity; tanker market fundamentals and the Company’s outlook
for an improving spot tanker market commencing in 2013; the Company’s financial position and ability to pursue further
accretive growth opportunities; the Company's mix of spot market and time-charter trading; and fixed-rate cover for the 12-
month period commencing July 1, 2012. 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: failure to satisfy the closing conditions or obtain the necessary third party consents for the
Company’s pending 13-vessel acquisition from Teekay Corporation or unexpected results from the technical inspection of
these vessels which would result in a change to the transaction purchase price; changes in the production of or demand for
oil or petroleum products; changes in trading patterns significantly affecting overall vessel tonnage requirements; lower than
expected level of tanker scrapping; changes in applicable industry laws and regulations and the timing of implementation of
new laws and regulations; the potential for early termination of time-charter out contracts and inability of the Company to
renew or replace time-charter out contracts; changes in interest rates and the capital markets; the ability of the owner of the
two VLCC newbuildings securing the two first-priority ship mortgage loans to continue to meet its payment obligations;
increases in the Company's expenses, including any dry docking expenses and associated off-hire days; the ability of
Teekay Tankers' Board of directors to establish cash reserves for the prudent conduct of Teekay Tankers' business or
otherwise; 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; the number of additional conventional and product tanker
opportunities, if any, Teekay Corporation develops and offers to the Company under the three-year non-competition
agreement; market opportunities to acquire additional assets; 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, 2011. 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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3. Transaction Overview
» Teekay Tankers has agreed to acquire 13 conventional tankers from Teekay Corporation
for a total purchase price of approximately $455 million
• 7 mid-size conventional oil tankers and 6 product tankers with average age of only 7 years
• 9 of the thirteen vessels come with fixed-rate charters at an average rate of over $20,000 per day
• Post-transaction, fixed-rate coverage will increase from 29% to 43% for 12-month period
commencing July 1, 2012
» Transaction expected to be accretive to TNK’s Cash Available for Distribution1 per share
and cash dividend per share
» To be financed with $25 million of new TNK Class A common shares at $5.60 per share
and assumption of existing in-the-money debt facilities secured by the acquired vessels
• Acquisition includes assumption of approximately $180 million of term debt, approximately $290
million of available revolving credit facilities (of which approximately $40 million will be undrawn),
and a $200 million interest rate swap priced at 2.6%
• Post-transaction, TNK’s liquidity will increase by approximately $40 million to approximately $400
million
» Non-competition agreement provides TNK with a right of first refusal to participate in any
conventional tanker projects developed by Teekay Corporation for a period of 3 years
» Transaction is expected to close in Q2 2012
1. Cash Available for Distribution represents net income (loss) excluding depreciation and amortization, unrealized (gains) losses from derivatives, any non-cash items or write-offs of other non-
recurring items, and net income attributable to the historical results of vessels acquired by the Company from Teekay for the period when these vessels were owned and operated by Teekay.
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4. Strategic Rationale
» Modern, double-hull fleet acquired at a cyclical-low fair market value
• Mid-size Aframax and Suezmax vessels complement existing TNK fleet
• Diversification into product tanker market, supported by attractive fundamentals
• Well-maintained vessels managed by Teekay with no loss of customer trading
approvals
» Fixed-rate charter profile provides additional downside protection to TNK’s
dividend and is consistent with TNK’s outlook for improving spot tanker market
fundamentals commencing in 2013
• 7 of the 13 acquired vessels will provide upside to spot market by Q2-2013
» Acquired vessels come with attractive, ‘covenant-lite’ debt facilities with
favorable repayment profiles
» Assumed revolving credit facilities come with $40 million of undrawn capacity
which further enhances TNK’s liquidity to ~$400 million
• Provides TNK with significant financial flexibility to pursue further accretive growth
opportunities
» Non-competition agreement with Teekay Corporation further strengthens
sponsor relationship
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5. Acquired Fleet - Good Fit with Existing Business
Charter
Acquired Vessel Year Contract
Employment Rate
Vessels Class Built Expiry
($ per day)
Zenith Spirit Suezmax 2009 Spot
Pinnacle Spirit Suezmax 2008 Fixed Oct 2014 21,000
Crude
Summit Spirit Suezmax 2008 Fixed Oct 2014 21,000
Godavari Spirit Suezmax 2004 Fixed Dec 2012 21,000
Australian Spirit Aframax 2004 Fixed Jan 2016 21,000
Axel Spirit Aframax 2004 Fixed Dec 2016 19,500
Americas Spirit Aframax 2003 Fixed Sep 2015 21,000
Galway Spirit LR2 2007 Spot
Limerick Spirit LR2 2007 Spot
Product
Donegal Spirit LR2 2006 Spot
Hugli Spirit MR 2005 Fixed Mar 2015 30,600*
Teesta Spirit MR 2004 Fixed Mar 2013 21,500
Mahanadi Spirit MR 2000 Fixed May 2013 21,500
*Charter rate covers incremental Australian crewing expenses of approximately $14,000 per day above international crewing costs.
Average Vessel Age: 7 Years Average Charter Duration: 2.3 Years
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6. Pro Forma Fleet Employment
Name Class Y/Built Fixed-Rate Coverage
Erik Spirit Aframax 2005
Kareela Spirit Aframax 1999 Pre- Post-
Nassau Spirit Aframax 1998 Transaction Transaction
Ashkini Spirit Suezmax 2003
12 months ending
Iskmati Spirit Suezmax 2003 Trading in June 30, 2013 (Estimated) 29% 43%
Kaveri Spirit Suezmax 2004
Zenith Spirit Suezmax 2009
Teekay Pools
Donegal Spirit LR2 2006 2013 (Estimated) 23% 34%
Limerick Spirit LR2 2007
Existing Vessels Charter rate per day
Galway Spirit LR2 2007
Vessels to be Acquired Charter rate per day
Ganges Spirit Aframax 1998 $30,5001
Yamuna Spirit Aframax 1998 $30,5001
Everest Spirit Aframax 2004 $17,000
Esther Spirit Aframax 2004 $18,2002
Kanata Spirit Aframax 1999 $17,250
Matterhorn Spirit Aframax 2005 $21,375
Narmada Spirit Suezmax 2003 $21,0003
Godavari Spirit Suezmax 2004 $21,000
Teesta Spirit MR 2004 $21,500
VLCC Mortgage A
VLCC Mortgage B
Mahanadi Spirit MR 2000 $21,500
Kyeema Spirit Aframax 1999 $17,000
Helga Spirit Aframax 2004 $18,000
Pinnacle Spirit Suezmax 2008 $21,000
Summit Spirit Suezmax 2008 $21,000
Hugli Spirit MR 2005 $30,600*
Americas Spirit Aframax 2003 $21,000
Australian Spirit Aframax 2004 $21,000
Axel Spirit Aframax 2004 $19,500
Newbuilding J/V VLCC 2013
1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16
* Charter rate covers incremental Australian crewing expenses of approximately $14,000 per day above international crewing costs.
1. Plus profit share. Profit share above $30,500 per day entitles Teekay Tankers to the first $3,000 per day plus 50% thereafter of vessel’s incremental Gemini Pool earnings, settled in the second quarter of each year.
2. Includes profit share paying 49% of earnings in excess of $18,700 generated December 1 through March 20.
3. Profit share above the applicable minimum time-charter rate entitles Teekay Tankers to 50% of the difference between the average TD5 BITR rate and the minimum rate.
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7. Tanker Market: Fundamentals Point to a 2013 Recovery
Demand Range Supply Range
Source: Platou / Internal estimates
Global Floating Slowdown in Moving towards Tanker market
recession; storage demand; balance by end recovery on
of 2012 –
accelerating steadied the fleet growth the back of
economy /
fleet growth market dominates demand is the lower fleet
wild card growth
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8. Strong Product Tanker Market Fundamentals
Product tanker ton-miles set to grow as fleet growth slows to a 10-year low
Fleet Growth* (mdwt) Fleet Growth (%)
10 14%
Million Deadweight
9
% Fleet Growth
12%
8
7 10%
6 8%
5
4 6%
3 4%
2
1 2%
0 0%
2012E
2013E
2005
2006
2007
2008
2009
2010
2011
*All product tankers >10,000 dwt
» Global refining capacity expected to increase by ~8 mb/d in the period 2012-2016
• ~40% of new capacity is from export-oriented facilities in India / MEG
» Older / less efficient refineries in the Atlantic Basin are closing / converting to storage
» Product tanker fleet growth falls to ~2-3% in 2012 / 13 as the orderbook rolls off
Low fleet growth and the development of longer haul product trades
expected to increase product tanker fleet utilization
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9. Acquisition Provides TNK with Significant Scale
» Post-transaction, TNK will become one of the world’s largest owners of
mid-size conventional tanker tonnage
Comparable Fleet Size*
8 (MDWT of Owned Tonnage)
7
6
MDwt
5
4
3
2
1
0
Sovcomflot AET Teekay Fredriksen Dynacom NAT Minerva Tsakos Marmaras General Teekay
Tankers Group Marine Navigation Maritime Tankers
Pro Forma Pre-
Transaction
Source: Owner websites/Clarksons
* Fleet data includes top owners of Aframax/LR2 and Suezmax tankers only.
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10. Transaction is Immediately Accretive to CAD1 and Dividend Per Share
Illustrative CAD 1 and $15,000 / $20,000 2
Dividend Accretion (Aframax / Suezmax)
Pre- Pro For every $1,000 per day
Transaction Forma Accretion
0.50 0.79
increase in spot rates,
CAD per share 58%
Less: Drydocking Reserve per share (0.11) (0.17) CAD1 and dividend per
Less: Principal Reserve per share (0.02) (0.19) share increase by
Dividend per Share 0.37 0.43 16% approximately $0.075
Cash Dividend Yield3 7% 8%
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Total Yield Including Principal Repayments 7% 11%
1. Cash Available for Distribution represents net income (loss) excluding depreciation and amortization, unrealized (gains) losses from derivatives, any non-cash items or write-offs of other non-
recurring items, and net income attributable to the historical results of vessels acquired by the Company from Teekay for the period when these vessels were owned and operated by Teekay.
2. Based on illustrative spot tanker rates of $15,000 per day for Aframax and $20,000 per day for Suezmax.
3. Based on closing share price of $5.43 on April 16, 2012.
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11. Key Transaction Metrics
(1)
Pre-Transaction Adjustment Pro-Forma
Fleet Size (Owned Vessels) 15 13 28
Average Vessel Age 9.6 years 8.3 years
Liquidity (as at December 31, 2011) $293m $105m $398m
Net Debt (as at December 31, 2011) $333m $366m $699m
Net Debt / Total Capitalization 40.5% 49.8%
Net Debt / Total Capitalization, net of
30.8% 45.3%
VLCC Mortgage Loans
2
Book Equity $489m $216m $706m
1. Liquidity, Net Debt, and Book Equity adjustments include $66.4m net proceeds from February 8, 2012 follow-on equity raise.
2. Book Equity adjustment includes a credit of $125 million relating to dropdown predecessor accounting whereby TNK records the difference between
Teekay Corporation’s book value ($580 million) and the purchase price as an increase to equity. TNK will incur annual depreciation expense on the
acquired vessels of approximately $29 million, reflecting the Teekay Corporation book values. Book Equity adjustment also includes $25 million to be
issued to Teekay Corporation as part of this transaction.
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12. Favorable Debt Profile Maintained
» No financial covenant concerns – only requirement to maintain liquidity equivalent to 5%
of total debt, or minimum of $35 million
» Average cost of debt remains at approximately 3.7%
» Low principal repayments through 2016
*Based on estimated amount drawn upon closing.
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