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

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B.          Mr.
Huber

a. Mr. Huber may be deemed to beneficially own 14,705,160 Class A Shares, individually, and on behalf of the clients of HCM, which
represents 10.3% of the outstanding Class A Shares of the Issuer, based on 142.2 million Class A Shares issued and outstanding
as reported in the Issuer’s Form 6-K for the quarterly period ended March 31, 2017 filed on June 13, 2017. This beneficial
ownership arises out of (i) Mr. Huber’s role as managing member of HCM, (ii) the ownership of 100% of the membership interests
of HCM by Huber Capital Holdings, LLC, a Delaware limited liability company (“HCH”), for which Mr. Huber serves as
managing member; (iii) the ownership of a controlling interest in the membership interests of HCH by JRH Enterprises, Inc., a Delaware
corporation, in which Mr. Huber owns a controlling interest; and (iv) through his direct and indirect power over other Class A
Shares.
b. Mr. Huber may be deemed to have sole power to dispose of, individually, and on behalf of HCM’s clients, 14,705,160 Class
A Shares. Mr. Huber may also be deemed to have sole power to vote, individually, and on behalf of HCM’s clients, 8,891,910
Class A Shares. The power to vote the remaining shares rests with the HCM client or clients for whom such shares were acquired.
c. Mr. Huber may be deemed to have caused the purchase or sale, on behalf of the clients of HCM, the following Class A Shares
within the past 60 days:
Transaction Date Shares/Units Purchased (Sold) Price per Share/Unit (average price)
5/22/2017 (34,300) $2.1140
5/23/2017 (1,900) $2.0800
6/6/2017 81,000 $1.8145
6/7/2017 30,000 $1.8050
6/7/2017 6,000 $1.7648
6/7/2017 101,000 $1.7848
6/7/2017 23,600 $1.7547
6/8/2017 60,783 $1.8057
6/9/2017 210,000 $1.8655
6/12/2017 339,800 $1.8597
6/13/2017 413,100 $1.8665
6/13/2017 105,326 $1.8700
6/13/2017 268,400 $1.8675
d. Please see (a) above.
e. Not applicable.

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