Tanker Investments : Leading Independent Proxy Advisory Firm Recommends Tanker Investments’ Shareholders Vote “FOR” the Proposed Merger with Teekay Tankers LTD.

NEWS RELEASE Tanker Investments Ltd.

Fourth Floor, Belvedere Building

69 Pitts Bay Road Hamilton, HM 08 Bermuda

tel: [phone]

LEADING INDEPENDENT PROXY ADVISORY FIRM RECOMMENDS TANKER INVESTMENTS' SHAREHOLDERS VOTE "FOR" THE

PROPOSED MERGER WITH TEEKAY TANKERS LTD.

Hamilton, Bermuda, November 7, 2017 - Tanker Investments Ltd. (TIL or the Company) (OSE:TIL) today announced that Institutional Shareholder Services Inc. (ISS) has recommended that the Company's shareholders vote "FOR" the proposed merger with Teekay Tankers Ltd. (Teekay Tankers), which will create one of the world's largest mid-size tanker companies.

In making its recommendations, ISS noted the following strategic rationale and conclusions:

• "The transaction will create the largest publicly-listed mid-sized tanker company with a 62-vessel fleet and combined total assets of $2.4 billion. In addition, the merger is expected to be immediately accretive to earnings per share and provides TIL shareholders with the added value of a consistent quarterly dividend. Shareholders also have the ability to stay invested in the next tanker market upturn as part of a company with a larger market capitalization and higher trading liquidity on the New York Stock Exchange. The merger will further strengthen the balance sheet and over

  $200 million of combined liquidity to take advantage of future opportunities along with an increase in fixed-rate charter cover to 35% helping to ride out a weak 2017 tanker market."

• "The transaction consideration offered a reasonable premium to TIL shareholders and the stock based deal provides TIL shareholders with an opportunity to share the upside in the future."

• "The company has run a proper process and has established a special committee to mitigate potential concerns related to cross-ownership interests."

ISS is a leading independent international proxy advisory firm, and their voting analyses and recommendations are relied upon by thousands of major institutional investment firms, mutual funds and fiduciaries throughout the world.

The Company's special meeting of shareholders to consider and vote on a proposal to approve the Merger Agreement between TIL and Teekay Tankers will be held on November 17, 2017 at 1:00 p.m. (Pacific Standard Time) in the Victoria Room, Semiahmoo Resort, 9565 Semiahmoo Pkwy, Blaine, WA 98230, USA.

Shareholders with questions about the special meeting voting should contact the Company's proxy solicitor, Innisfree M&A Incorporated, toll free at [phone] (New York) or [phone] (London).

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"We are pleased that ISS supports our proposed merger with Teekay Tankers, which we believe creates significant value for all our shareholders," commented William Hung, TIL's Chief Executive Officer. "We believe the merger offers compelling strategic and financial benefits, including the opportunity to remain invested in the tanker space as part of a larger company with over 40 years of experience at a time when the fundamentals show signs of improvement. In addition, the combined entity is expected to have a stronger balance sheet and increased liquidity, increased equity trading liquidity and a dividend policy based largely on the strength of underlying tanker rates. We encourage all shareholders to vote in favour of the proposed merger with Teekay Tankers to allow us to effect the merger and move forward with our plan to create significant shareholder value."

The Special Committee, comprised solely of TIL's three independent directors, and TIL's Board of Directors unanimously recommend that TIL's shareholders vote "FOR" the proposal to approve the Merger Agreement between TIL and Teekay Tankers, which will allow the Company to effect its proposed merger with Teekay Tankers.

About Tanker Investments Ltd.

Tanker Investments Ltd. is a specialized investment company focused on the tanker market. Tanker Investments Ltd. was formed in January 2014 to opportunistically operate and sell modern secondhand tankers to benefit from cyclical fluctuations in the tanker market. Tanker Investments' fleet consists of 18 vessels.

Tanker Investments' common stock trades on the Oslo Stock Exchange under the symbol "TIL".

For Investor Relations enquiries contact:

Scott Gayton

Tel: [phone]

www.tankerinvestments.com

Forward-Looking Statements

This release contains forward-looking statements which reflect management's current views with respect to certain future events and performance, including statements regarding: the expected timetable for completing the merger, and the expected benefits of the merger, future financial and operating results. 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 complete the merger, including obtaining the necessary approval, or to realize expected benefits and synergies from the combined company; potential change in Teekay Tankers' dividend policy; and other factors discussed in Tanker Investments Ltd.'s filings from time to time with the Financial Supervisory Authority of Norway. 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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