13D Filing: Huber Capital Management and Teekay Tankers Ltd (TNK)

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While it is clear to us that these continuous
related-party transactions raise serious red flags and their apparent empire-building strategy has not paid off (at least for the
Class A shareholders), we would hope that the board would take these simple minimal actions as fiduciaries of the Class A shareholders:

· Ask to issue no more than 31 million shares
to do the deal (from the 200 million they are currently asking);
· Have TK recuse themselves from the vote
authorization citing a clear and distinct conflict of interest;
· Authorize and execute a major stock repurchase
program;
· Place a 5-year moratorium on acquiring
any more related-party assets

As a Class A shareholder, HCM intends to
signal to the board through our voting power that without proper governance or capital allocation policy in place to maximize the
value of Class A shareholders, that we cannot support yet another related-party transaction to grow Teekay Tankers’ empire
while shoring up the balance sheet of their related parties.

Sincerely,

Huber Capital Management

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