StealthGas Inc.

3rd Quarter 2012 Results November 27th , 2012

CONSISTENCY & GREAT VALUE

Disclaimer

Forward-Looking Statements

This presentation contains forward-looking statements within the meaning of applicable federal securities laws. Such statements are based upon current expectations that involve risks and uncertainties. Any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. For example, words such as “may,” “will,” “should,” “estimates,” “intends,” and similar expressions are intended to identify forward-looking statements. Actual results and the timing of certain events may differ significantly from the results discussed or implied in the forward-looking statements. Among the factors that might cause or contribute to such a discrepancy include, but are not limited to the risk factors described in the Company’s Registration Statement filed with the Securities and Exchange Commission, particularly those describing variations on charter rates and their effect on the Company’s revenues, net income and profitability as well as the value of the Company’s fleet.

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Business Strategy Implementation

Consolidation and fleet renewal

Took delivery of 5 Newbuilding LPG carriers (February, April & September 2011, January & June 2012)

Sold 4 LPG carriers in 2011 & 2 LPG carriers in 2012

Acquired 4 Newbuilding LPG carriers to be delivered in 2014

Moderate Leverage Q3 2012 net debt to capitalization: 47.9%

Visible Revenue Stream – Consistency

68% of voyage days fixed for FY 2013

41% of voyage days fixed for FY 2014

Modern Fleet Our fleet average age is 10.7 years

Close Customer Relations High quality customer base – low counterparty risk

Cost-Efficient Operations

Consistent Breakeven

Net Income Breakeven of $5,991 per day in Q3 2012 (net on interest rate swaps) compared to $5,816 in Q2 2012 and $5,847 in Q1 2012.

Share Repurchases 15 million share repurchase program, 1.8 million shares since the program’s inception (cost $8.5 million).

Business Strategy

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Fleet Development

Newbuilding program of 12 LPG carriers completed with the 2 latest deliveries in 2012

Remaining newbuilding vessels have committed financing

Selective sale of older & smaller tonnage in 2011/12

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Fleet Employment Profile

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Financial Highlights

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Third Quarter 2012

Q3 Net Income of $6.6 million, net revenues of $30.4 million, EBITDA of $16.4

million. EPS of $0.32 per share on 20.6 million shares outstanding.

Q3 Adjusted Net Income of $5.8 million and Adjusted EPS $0.28 per share, before

net non cash loss of $0.4 million on interest rate swaps, $1.2 million on swap

interest paid.

Nine Months 2012

9 Months Income of $21.2 million, net revenues of $88.6 million, EBITDA of $49.7

million. EPS of $1.03 per share on 20.6 million shares outstanding.

9 Months Adjusted Net Income of $17.5 million and Adjusted EPS $0.85 per share,

before net non cash loss of $1.2 million on interest rate swaps, $3.6 million on

swap interest paid, $1.4 million gain on sale of vessel and $0.1 million unrealized

exchange loss.

Cash balance of circa $41 million

2012 Income Statement

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In US$ 000, except per share amounts

Q3 2011 Q2 2012 Q3 2012

Net Revenues 27,493 $29,148 $30,357

Voyage Costs 4,186 2,708 3,547

Running Costs 8,428 7,493 7,699

Operating Income 5,453 9,880 9,448

Net Income 6,201 7,186 6,634

Net Income, adjusted 2,061 6,458 5,793

EBITDA 15,109 16,533 16,365

EPS 0.30 0.35 0.32

EPS, adjusted 0.10 0.31 0.28

Number of Shares, diluted 20,887,422 20,552,568 20,552,568

Balance Sheet

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December 31, September 30,

2011 2012

Cash and Cash Equivalents incl. restricted 51,793,666 47,347,912

Current Assets excl. cash 5,106,792 5,708,360

Vessels held for sale 921,285 --

Advances for vessels under construction 22,347,811 19,200,000

Vessels, net 613,832,973 641,968,871

Other assets 1,707,624 1,382,047

Total Assets 695,710,151 715,607,190

Current portion of long term debt 33,166,887 35,162,544

Current portion of long term debt associated with vessel held for sale 791,823 --

Current Liabilities 22,142,145 22,114,615

Long Term Debt 317,109,471 318,107,439

Other Liabilities 9,401,798 5,913,326

Stockholders' Equity 313,098,027 334,309,266

Total Liabilities and Stockholders Equity 695,710,151 715,607,190

2012 Operating Highlights

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Fleet Data & Daily Results

* Assuming no vessels on Bareboat Charter

Fleet Data Q3 2011 Q2 2012 Q3 2012

Average number of vessels in fleet 36.3 36.5 37.0

Period end number of vessels in fleet 37 37 37

Total calendar days for fleet 3,335 3,319 3,404

Total voyage days for fleet 3,247 3,288 3,388

Fleet utilization 97.4% 99.1% 99.5%

Total charter days for fleet 2,514 2,869 2,883

Total spot market days for fleet 733 419 505

Fleet operational utilization 88.1% 94.3% 95.7%

Average Daily Results (in $) Q3 2011 Q2 2012 Q3 2012

Time Charter Equivalent – TCE $8,691* $9,853* $9,800*

Vessel Operating Expenses 4,297 4,144 4,122

Management Fees 337 316 317

General & Administrative Expenses 194 163 290

Total Vessel Operating Expenses 4,492* 4,307* 4,411*

Financial Estimator 2012 Q4

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Contracted Revenues $24 million

Non contracted Voyage days 546

Drydock Expenses No vessel to be drydocked in Q4

Interest & Swaps (cash portion) $3.3 million

Operating Expenses $8 million per quarter

D&A $7.3 million

Average Rate $11,000 $12,000 $13,000

EBITDA 82million 97million 112million

EBITDA Estimates if all the LPG vessels in the fleet were chartered at the TC rate below:

LPG Major Trades

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Seaborne LPG trade up 10% in 2012 driven by demand from emerging economies: increasing

consumption vs limited production capacity is offering bright prospects for the future in these countries.

Low prices for LPG products lead importing nations to fill up stocks; Asian imports expected to rise up

by 12% for 2012, contributing to 90% of growth rate in LPG seaborne trade.

LPG Major Trades

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New prospects in the US for oil and natural gas output growth are expected to change regional dynamics and future seaborne global energy flows in the next decades to come.

Positive news for pressurized owners, USCG confirm that pressure vessels type tanks based on IGC Code stress factors are acceptable (18 bars instead of 12,75). Hence, it will be possible for pressurized owners to load Propane in the US. This can lead to several smaller export terminals being developed in the US based on less expensive and quicker to build pressurized terminals especially for the Caribbean market which to a great extent have pressurized receiving terminals.

The Middle East remained the main

supplier and the single largest

contributor to growth in total LPG

exports in 2012, with LPG supply for

Middle East exports expected to increase

by 12%.

2/3 of our fleet operates in the Far East, while the rest usually operates in the Middle East, the Mediterranean, North West Europe and Latin America.

Charter Market Rate Indicator (12 Month TCs)

Source: Lorentzen & Stemoco

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Q3 2011 Average

Q3 2012 Average Q4 2012 Forecast

3,200 CBM S/R 275,000 267,300 265,000

3,500 CBM P/R 246,000 241,730 230,000

5,000 CBM P/R 310,000 306,920 290,000

6,000 CBM 450,000 435,000 435,000

15,000 CBM 525,000 650,000 650,000

35,000 CBM 664,000 805,770 775,000

60,000 CBM 729,000 950,000 950,000

78,000 CBM 861,000 1,077,000 950,000

3000-8000 cbm Fleet Development Vs. TC Rates/Earnings*

•TC equivalent spot earnings are assessed average earnings in the spot market excluding waiting time. Yearly average

•Fleet growth excl. Chinese fleet, assuming 30 year scrap age by end 2013.

Source: Inge Steensland AS 13

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Overall 3000-7999 fleet growth SR 3000-7999 fleet growth

SR 6500 cbm TCE SR 3500 cbm 1yr TC

PR 3500 cbm 1yr TC East

INGE STEENSLAND AS

An overloaded orderbook in mainstream segments But not in the LPG space

* Includes all LPG Carriers size categories

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LPG orderbook still remains smaller than other shipping segments with a limited fleet

growth of pressurized vessels for 2012 and a negative fleet growth from 2013 onwards.

StealthGas is in a position to take advantage of positive market dynamics.

24%

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Offshore Drybulk LNG Container Crude Tankers LPG

Valuations comparison

Based on Wells Fargo, Morgan Stanley and Seaborne Capital Advisors April 2012. For StealthGas, based on company’s estimates. 15

Company P/NAV

GASLOG (GLOG) 128.4%

GOLAR LNG (GNLG) 159%

SCORPIO TANKERS (STNG) 175%

CAPITAL PRODUCT PARTNERS (CPLP) 202.4%

TEEKAY TANKERS (TNK) 242.9%

STEALTHGAS (GASS) 53.5%

Shipping companies listed in the US listed operating in different sectors such as gas, tankers and drybulk,

are trading above net asset values. Although there may be a variety of reasons for that, we believe there are

no other US listed company operating in a sector that has better fundamentals than our LPG sector; and yet

our stock continues to trade far below our net asset value.

Contacts

Company Contact: Konstantinos Sistovaris Visit our Website at: Chief Financial Officer www.stealthgas.com StealthGas Inc. 011-30-210-6250-001 E-mail: sistovaris@stealthgas.com www.stealthgas.com

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