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 profitabil ity as well as the value of the Company’s fleet.

1

StealthGas: Then vs. Now

At IPO (Oct.2005) Today

Fleet 9 LPG Carriers40 LPG Carriers

3 Product Carriers(49 vessels by 2012)

Value Of Existing Fleet $87.0mm $610.4mm (1)

Average Age (2)

10.5 Years 10.3 Years (2)

Revenue $72.3mm (2006A) $114.0mm (2009E)

EBITDA $38.5mm (2006A) $51.0mm (2009E)

Market Capitalization $116.0mm $154.0mm

Price / NAV $1.66 $0.53

Debt / EBITDA 3.7x 6.9x(E)

Share Price $14.50 $6.90

2

(1) Excludes 1 M.R. Product Carrier for delivery in November 2009 and 5 Handysize LPG Carriers for delivery in 2011-2012

(2) LPG Carriers fleet only

Business Strategy Implementation

Continued Expansion Expanded fleet to 43 vessels in Q3 2009Sold 3 LPG Carriers in 2008 and 1 in 2009Acquiring 1 Product Carrier in November 2009Acquiring 4 LPG Carriers in 2011 and 1 more in 2012

Moderate Leverage Second Quarter 2009 net debt to capitalization: 44.4%

Visible Revenue Stream 70% of voyage days fixed for FY 200946% of voyage days fixed for FY 2010Adjusted average TCE for entire fleet for Q2 2009 $7,857 per dayand $8,254 for six months

Modern Fleet Our fleet average age is 10.3 years Industry average age is 19.4 years

Close Customer Relations High quality customer base – low counterparty risk –Approximately two-third of the Fleet is chartered to three Major Gas Operators/Traders

Cost-Efficient OperationsConsistent Breakeven

Net Income Breakeven of $5,557 per day in Q2 2009 compared to $5,559 in Q1 2009 and $5,853 in Q2 20085.1% reduction over Q2 2008

Business Strategy

3

Fleet DevelopmentNo scheduled capital expenditures until Q1 of 2011 after acquisition of M.R. Product Carrier in Q4 2009 Acquisition strategy for fleet to number of 45 ships by year end 2009, 48 by 2011 and 49 by 2012

4

LPG Industry Ranking

5

StealthGas ranks #1 in owned and controlled vessels.

Nearly double the second ranked competitor.The company owns 45 LPGs, (including 5 new buildings) and 4 Product Carriers (1 for November 2009 delivery)

3,000-7,999 cbm Pressurized/Semi-refrigerated LPG Carriers

Owners & Operators No. Vessels (1) Market Share %StealthGas Inc. 40 10.3%Lauritzen Kosan 23 5.9%Hartmann 20 5.2%Anthony Veder 13 3.4%Sloman Neptune 11 2.8%Exmar 11 2.8%Othello 10 2.6%Epic 10 2.6%Synergas 10 2.6%Pianura Armatori Stargas 10 2.6%

Top 10 Owners & Operators 158 40.8%Industry Total 387 100.0%

Source: Lorentzen & Stemoco(1) No. of vessels in operation

What is LPG?

Natural Gas

AmmoniaProduction

Refining

PropaneButaneEthane

PetrochemicalFeedstock

PropyleneEthyleneButadieneVCM

Crude Oil

Liquid Petroleum GasesPetrochemical Gases

Liquid petroleum gas also refers to petrochemical gases and ammonia

Extracted from natural gas production (60%) and crude oil refining (40%)

LPG in gaseous state at atmospheric pressure and normal temperature

10% of natural gas is LPG, 3% of crude oil refined into LPG

LPG competes with naphtha and gas oil as petrochemical feedstock

High oil prices higher naphtha and gas oil prices LPG cheaper alternative

6

LPG End ProductsLPG used in a number of industries and consumer products

7

Asia leading the way in terms of LPG consumption

LPG consumption stems from a variety of different sources. The domestic sector (heating and cooking) is by far the biggest contributor to overall demand, while the petrochemical industry (production of goods for both retail and industrial usage) is the second largest "taker" of LPG. LPG is also utilized in electricity generation (power plants) and in the production of various clean petroleum products (refinery).

Amongst the largest consumer nations of LPG are the US, South Korea, Japan, Poland, Mexico, and China. The biggest producers are the US, Saudi Arabia, China, Russia, and Canada. Due to a combination of domestic demand and internal supply, Asian countries such as South Korea and Japan are top importers.

A saturation effect is now starting to be seen in the traditional big importing nations in Asia, which put additional pressure on "new" economies to take over the slack. China is such a country, although there is uncertainty about the real import need. The US, European countries, and emerging markets are also perceived to be key to this development.

Source: DnB NOR Markets – Shipping Sector Outlook Autumn 20098

Project investments catalyze importance of LNG

Trade volumes of LNG have been significant in recent years, but will escalate once new production facilities come on stream.

Although these projects mainly are based in the Middle East (with Saudi Arabia and Qatar the biggest contributors), big expansions are also anticipated in West Africa, South America, and in the Asia/Pacific region.

Japan is by far the biggest importer of LNG. Other Asian and European countries also take delivery of significant quantities. The future development in import patterns will however be key for both product pricing, but also for the shipping operating environment.

Source: DnB NOR Markets – Shipping Sector Outlook Autumn 20099

Data source: Clarkson Research Services 2009

Rates: 1-year TC measured weekly

Dry Bulk: average of Cape, Panamax, Handymax, and

Handysize rates

Crude Tanker: average of VLCC, Suezmax, and Aframax rates

Small LPG tanker rates are less volatile than crude tanker and drybulk rates

But, small LPG rates remain relatively stable

1-Year TC Rate Volatility Since 2000

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Fleet Employment Profile

11

Charter Market Rate Indicator (12 Month TCs)

Q3 2009 Average Current Q4 2009 Forecast

3,200 CBM S/R 265,000 265,000 250,000

3,500 CBM P/R 218,076 220,000 210,000

5,000 CBM P/R 250,000 250,000 225,000

6,000 CBM S/R 435,000 435,000 415,000

15,000 CBM S/R 557,693 500,000 475,000

35,000 CBM 590,385 550,000 515,000

60,000 CBM 588,462 550,000 515,000

78,000 CBM 498,077 450,000 450,000

Source: Lorentzen & Stemoco

12

First Half 2009 Income Statement

In US$ 000, except per share amounts Six Months 2008 Six Months 2009

Net Revenues $55,494 $56,282

Operating Income ** 22,426 * 15,357

Net Income ** 16,869 * 6,680

Net Income, net of interest rate swap, stock based compensation & gain / (loss) on sale of vessels 16,792 10,812

EBITDA ** 32,113 * 23,220

EPS ** 0.76 * 0.30

EPS, net of interest rate swap, stock-based compensation & gain / (loss) on sale of vessel 0.76 0.49

Number of Shares, basic 22,177,285 22,210,494

* Includes loss on sale of vessel $ 0,8 million** Includes gain on sale of vessels $1,7 million 13

Second Quarter 2009 Operating HighlightsFleet Data & Daily Results

Fleet Data FY08 2Q08 3Q08 4Q08 1Q09 2Q09 6M09

Average number of vessels in fleet 38.6 38.0 38.7 39.6 40.8 41.6 41.2

Period end number of vessels in fleet 40 38.0 39.0 40.0 41 42 42

Total calendar days for fleet 14,113 3,458 3,557 3,647 3,669 3,788 7,457

Total voyage days for fleet 14,018 3,434 3,550 3,622 3,659 3,765 7,424

Fleet utilization 99.3% 99.3% 99.8% 99.3% 99.7% 99.4% 99.6%

Total charter days for fleet 13,318 3,357 3,334 3,243 3,158 3,022 6,180

Total spot market days for fleet 700 77 216 379 501 743 1,244

Average Daily Results (in $) FY08 2Q08 3Q08 4Q08 1Q09 2Q09 6M09

Time Charter Equivalent – TCE $9,056* $9,340* $9,284* $8,614* $8,821* $7,857* $8,254*

Vessel Operating Expenses 3,736* 3,702* 4,027* 3,724* 3,786* 3,868* 3,756*

Management Fees 327 324 326 329 328 342 335

General & Administrative Expenses 338 556 470 (99) 259 232 245

Total Vessel Operating Expenses 4,074* 4,258* 4,497* 3,625* 4,045* 4,100* 4,001*

* Assuming no vessels on Bareboat Charter14

Consistent Daily Breakeven Level

Q2 2009 lower than Q3 2008

(1) Includes thirteen vessels on Bareboat Charter as of 30.6.2009(2) Includes fourteen vessels on Bareboat Charter as of 30.6.2009(3) Includes write back of first three quarters 2008 Bonus Provisions

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Q3 2008 Q4 2008 Q1 2009 Q2 2009

Expenses Cash Flow Net Income Cash Flow Net Income Cash Flow Net Income Cash Flow Net Income

Operating $ 2,469(2)

$2,469(2)

$ 2,253(1)

$2,253 (1)

$ 2,355(1)

$2,355 (1)

$2,576(1)

$2,576(1)

Management Fees, General & Administrative 797 797 230

(3)230

(3)587 587 573 573

Management Fees, General & Administrative, net of stock-based compensation 639 639 148 148 542 542 529 529

Maintenance (surveys/drydockings) 245 245 245 245 245 245 245 245

Interest 664 664 653 653 653 653 468 468

Realized loss on derivatives 294 294 52 52 285 285 145 145

Principal 1,501 0 1,670 0 1,575 0 1,650 0

Depreciation & Amortization 0 1,680 0 1,688 0 1,718 0 1,695

Total 5,970 6,149 5,103 5,121 5,700 5,843 5,657 5,702

Total, net of stock-based compensation 5,812 5,991 5,021 5,039 5,655 5,798 5,613 5,658

3000-7999 cbm Fleet Development Vs. TC Rates/Earnings*

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

•Fleet growth excl. Chinese fleet

Source: Inge Steensland AS

‐10%

‐5%

0%

5%

10%

15%

‐

100 

200 

300 

400 

500 

600 

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

Fleet growth in % (bars)

TC equ

iv. sp

ot earnings

TC rates in USD

 100

0's p

er mon

th (lines)

Overall 3000‐7999 fleet growth S/R 3000‐7999 fleet growth SR 6500 cbm TCESR 3500 cbm 1yr TC PR 3500 cbm 1yr TC East

INGE STEENSLAND AS

16

Despite a “stop” in new ordering, lots of ships will be delivered But not in the LPG space

Source: DnB NOR Markets – Shipping Sector Outlook Autumn 2009* Includes all LPG Carriers size categories 17

*

Shipping Sector “Value” Comparison

* Source: Cantor & Fitzgerald & Co., as of October 19th , 2009 mid-day NY Time.** Source:, Oppenheimer & Co. Inc., as of October 19th , 2009 mid-day NY Time.

Company Name Symbol NAV P/NAVP/E

Ratio

StealthGas Inc. “GASS” $13.06 0.53x 7.6x

Diana Shipping Inc. * “DSX” $9.78 1.47x 9.4x

DryShips Inc. * “DRYS” $5.89 1.20x 8.4x

Nordic American Tanker Shipping Ltd. * “NAT” $18.73 1.60x 66.7x

Omega Navigation Enterprises Inc. * “ONAV” $0.27 12.33x 5.6x

Capital Product Partners ** “CPLP” $3.37 2.96x 7.7x

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Manageable Funding Requirement

No significant funding needs till Q1 2011 – post M.R. Product Carrier delivery in November 2009.

Four new Handy size LPG carriers to be delivered in 2011 and one in 2012 total cost circa $110 million - 20% of cost already paid.

20% payable in 2010 and early 2011 prior to delivery to be met from internally generated cash flow – No requirement for bank finance.

Expected financing at delivery 65-70% of vessel value – several banks already showing interest to seriously consider in early 2010.

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Summary

Attracting valuation vs shipping sector.

Chartering policy delivers transparent earnings stream.Manageable debt level and capital expenditure.

Handy-size LPG sector has shown resilience to downward valuation of vessels seen elsewhere. LPG vessels carry clean and environmentally friendly products.

LPG sector has “manageable” order book versus other shipping sectors.High quality charterers.

Supportive bank group – Interest expressed re-financing of LPGs in 2011-2012 Strict management of costs – Consistent breakeven.

Well positioned for expected growth in LPG supply and demand dueto increased LPG production and decline in size of fleet going forward.

20

How does shipping contribute to Greenhouse Gas Emissions ?

2121

Source: The Institute of Marine Engineers, 2000

With estimations showing that the figures claimed in 2000 have been already doubled and with expectation that a further increase of 35-70% might occur until 2020, it is clear that even if transport by ships is the most energy efficient there is room for improvement on shipping’s environmentalimpact

Facts

Ships transport accounts for 80-90% of all goods traded worldwide

Five percent of total world oil consumption - about 140 million tonnes.

Five percent of the oil based CO2 production globally - 450 million tonnes of CO2 annually

Two to three percent of total world consumption of fossil fuels.

Thirteen percent of the global fuel based NOx production

Two to five percent of the global SOX emissions

How does vessel’s type affect its emissions?

2123

CO2 emissions per vessel category (million tonnes per year )

Need to increase awareness

Need for urgent actions

Source: NTUA 2008 22

Contacts

Company Contact:

Andrew J. Simmons Visit our Website at:Chief Financial Officer www.stealthgas.comStealthGas Inc.011-30-210-6250-001E-mail: simmons@stealthgas.comwww.stealthgas.com

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Comprehensive Investor Relations Information

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