1. StealthGas Inc.
3rd Quarter 2012 Results
November 27th , 2012
CONSISTENCY & GREAT VALUE

2. 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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3. Business Strategy
Business Strategy Implementation
Consolidation and fleet  Took delivery of 5 Newbuilding LPG carriers (February, April & September
2011, January & June 2012)
renewal
 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 –  68% of voyage days fixed for FY 2013
Consistency  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  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.
Consistent Breakeven
Share Repurchases  15 million share repurchase program, 1.8 million shares since the
program’s inception (cost $8.5 million).
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4. 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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5. Fleet Employment Profile
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6. Financial Highlights
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 $41 million
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7. 2012 Income Statement
In US$ 000, except per share
Q3 2011 Q2 2012 Q3 2012
amounts
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
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8. Balance Sheet
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
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9. 2012 Operating Highlights
Fleet Data & Daily Results
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*
* Assuming no vessels on Bareboat Charter 8

10. Financial Estimator 2012 Q4
Contracted Revenues $24 million
Non contracted Voyage days 546
Operating Expenses $8 million per quarter
Drydock Expenses No vessel to be drydocked in Q4
Interest & Swaps (cash portion) $3.3 million
D&A $7.3 million
EBITDA Estimates if all the LPG vessels in the fleet were chartered at the TC rate below:
Average Rate $11,000 $12,000 $13,000
EBITDA 82million 97million 112million
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11. LPG Major Trades
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.
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12. LPG Major Trades
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.
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.
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13. Charter Market Rate Indicator (12 Month TCs)
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
Source: Lorentzen & Stemoco
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14. 3000-8000 cbm Fleet Development Vs. TC Rates/Earnings*
600 10%
INGE STEENSLAND AS
TC rates in USD 1000's per month (lines)
500
Fleet growth in % (bars)
TC equiv. spot earnings
400 5%
300
200 0%
100 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
- -5%
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
•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

15. An overloaded orderbook in mainstream segments
But not in the LPG space
30%
25% 24%
22% 22%
20% 19%
15%
13%
12%
10%
5%
0%
Offshore Drybulk LNG Container Crude Tankers LPG
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.
* Includes all LPG Carriers size categories
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16. Valuations comparison
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.
Based on Wells Fargo, Morgan Stanley and Seaborne Capital Advisors April 2012.
For StealthGas, based on company’s estimates. 15

17. Contacts
Company Contact:
Konstantinos Sistovaris Visit our Website at:
Chief Financial Officer www.stealthgas.com
StealthGas Inc. Weekly LPG Market Report
011-30-210-6250-001 updated every Monday
E-mail: sistovaris@stealthgas.com
www.stealthgas.com
Comprehensive Investor
Relations Information
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