StealthGas Inc.

Q3 2016Financial & Operating Results

November 29th 2016

Disclaimer

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

2

StealthGas Key Highlights

❶ Highlights

• 12.4% increase in vessel calendar days in 9M 2016 compared to 9M 2015, surpassing 15,000 days.

• Operational utilization of 88.2% in Q3 2016 (94.4% in Q3 2015).

• 87% of fleet days secured on period charters for the remainder of 2016, with a total of c. $ 175 mm in contracted revenues.

• Market leading position in the coastal LPG segment, with approximately 20% market share.

• Average fleet age of 9.4 years (12 years market average), with 72% of our fleet below 15 years of age.

• Deferral of the deliveries for our four 22K semi ref newbuildings.

Fleet & Operations

Financial• Revenues in Q3 2016 of $ 34.4 mm, decreased by 4% compared to Q3 2015- in a challenging market environment.

• EBITDA in Q3 2016 of $ 11.2 mm ($ 13.4 mm in Q3 2016).

• Moderate gearing as debt to assets stands at c. 40%, while net debt to assets is as low as 34%.

• Cash at hand about $ 61 mm with operating cashflow of c. $ 25.2 mm.

• Release of $ 10 million guarantee for SPIKE, our Aframax tanker, in November 2016, enhancing our unrestricted cash base by the corresponding amount.

• Fully funded order book, following the finalization of credit terms for our last four newbuild deliveries in 2017.

3

Fleet Employment Analytics (as of November 2016)

4

❶ Highlights

Indicative Clients

• Long term relationships with reputable energy companies.

• Successful chartering policy, given the soft market environment, with 49 out of 56 operating vessels on period charters.

• Close to USD 175 mm in secured revenues up to 2022 with an average charter duration of about 1 year.

• Efficient in securing fleet employment as:

- All of our vessels delivered in 2015 and 2016 are on period charters.

- 13 out of 16 of our vessels above 15 years old are also employed on a period contract basis.

Vessel Charter End Date Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

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13

25

21

Gas Esco1 B/B June 2018

Dec 2017

Eco Invictus T/C Sep 2017

Gas Emperor T/C Jan 2018

T/C Dec 2017

Gas Icon T/C Jul 2017

Eco Lucidity

29

28

Gas Ethereal T/C

20

Gas Cathar T/C Nov 2017

Eco Corsair T/C June 2017

22

Nov 2016

Eco Galaxy T/C Jan 2017

Gas Spirit T/C Mar 201731

Gas Inspiration T/C

Gas Monarch TC49

46

48

33

39

26

Gas Moxie T/C Dec 2016

Mar 201732

56 Gas Evoluzione

Gas Sikousis

55

10

45

19

Gas Premiership

1 Gas Exelero B/B

Spot

Spot

24

53

Gas Legacy Spot

54 Gas Pasha

Gas Prodigy T/C Sep 2017

T/C Dec 2016

Spot

52 Gas Ice Spot

50 Gas Haralambos Spot

51 Gas Alice Spot

44 Eco Enigma T/C Dec 2016

43 Fidelity N B/B Dec 2016

42 Gas Imperiale T/C Dec 2016

41 Gas Myth T/C Dec 2016

38 Gas Flawless T/C Jan 2017

37 Eco Nemesis T/C Jan 2017

36 Gas Husky B/B Jan 2017

35 Eco Nical T/C Jan 2017

34 Gas Texiana T/C Jan 2017

Gas Elixir T/C Feb 2017

30 Gas Cerberus T/C June 2017

27 Stealth Balha B/B Jul 2017

Eco Czar T/C Aug 2017

23 Gas Shuriken T/C Oct 2017

Eco Dominator T/C Dec 2017

17 Gas Galaxy T/C Jan 2018

16 Gas Defiance T/C Jan 2018

15 Stealth Berana B/B Feb 2018

14 Gas Zael B/B Feb 2018

12 Gas Sincerity B/B Aug 2018

11 Navig8 Faith B/B Feb 2019

Eco Universe T/C Aug 2019

9 Eco Dream T/C Sep 2020

8 Eco Green T/C Nov 2020

7 Eco Elysium B/B Sep 2021

6 Eco Stream B/B Mar 2022

5 Gas Astrid B/B Apr 2022

4 Eco Royalty B/B Apr2022

3 Eco Loyalty B/B Jun 2022

2 Eco Chios B/B Jun 2022

Q3 2017 Q4 2017

Jun 2022

EARNINGS VISIBILITY2016 2017

Q1 2017 Q2 2017

Jan 2017

47 Gas Nirvana T/C Dec 2016

18

40

Gas Enchanted T/C Dec 2016

Gas Marathon T/C

2017

58%2016

87%Note1. Gas Esco is currently on TC and will commence its bareboat charter in January 2017.

Fleet Trading Profile

5

❶ Highlights

• StealthGas focuses on regional trade and local distribution of gas.

• Company trading pattern is geographically diversified and is continuously adjusted to market needs.

• Currently 50% of the fleet trades in the Middle- Far East , 30% in Europe, 11% in South America, 4% in Australia and 5% in Africa.

• Compared to Q2 16’, in Q3 16’ we had one vessel relocating from Far East to Africa and three vessels commencing trade in the USA.

Trading Areas

Middle- Far East ~ 50%

EU~ 30%

America ~ 11%

Australia~ 4%

Note: Rounding discrepancy of +/- 1%

Africa~ 5%

UK13%

France10%

Netherlands16%

Finland10%Norway

13%

Sweden10%

Italy10%

Rest18%

Brazil25%

Carib (Panama)

25%

USA25%

Rest25%

Singapore20%

China14%

South Korea14%India

10%

Japan6%

Oman5%

Indonesia8%

Rest23%

Capex Program Analysis

6

❶ Highlights

STEALTHGAS New buildings

• Remaining investment program, excluding advances paid, of about 156 USD mm up to end of 2017.

• 4 remaining LPG orders of 88,000 cbm aggregate capacity, under construction in Korea.

• Deferral of deliveries:

- One quarter forward for each of the first three vessels, initially scheduled to be delivered within the 1H’ of 2017.

- Eight months for the final vessel, initially scheduled to be delivered in August 2017.

Capital Expenditure Analysis

• *Committed bank debt refers to debt for the 2017 22K semi-ref vessels in the order of $ 140 mm that has been agreed and a portion of which is subject to the drafting of definitive documentation.

• As per our investment plan, required equity stands in the order of $ 16.2 mm while our current cash is about $ 61 mm.

2017 2018 Total

No of Vessels (LPG) 3semi refrigerated

1semi refrigerated

4semi refrigerated

Capacity (cbm) (3x 22,000 cbm) (1x 22,000 cbm) 88,000 cbm

Remaining Capex as per vessel

$109.37 $46.87 $156.24

RemainingCapexSchedule

Committed bank debt

ContractValues

200

100

Advances paid

208.3

52.1

140.0*

16.2

Remaining equity from cash and future

cash flows

(Amounts in USD mm)

Note: 1. Excludes advances paid.

Q4 16' Q1 17' Q2 17' Q3 17' Q4 17' Q1 18' Q2 18' Q3 18' Q4 18' Total

Advances 5,208 10,416 5,208 10,416 31,248

Final Payments 31,248 31,248 31,248 31,248 124,992

Total 5,208 10,416 31,248 36,456 31,248 156,240

Financials – Income Statement Q3 2016 & Q3 2015

7

- Revenue decreased by c. 4% in spite of the net addition of one vessel. Decrease in

revenues is attributed to poor freight rates, weak seasonal demand and one of our

product tankers switching to bareboat from time in the second half of Q3 16’.

- 22% decrease in Voyage Costs mainly driven by higher time charter days and lower

utilization in the spot market.

- Running costs up by 9%, primarily as a result of :

- net addition of one vessel

- two vessels coming off bareboat

- EBITDA in the order of $ 11.2 mm mainly as a result of:

- Low market rates that led to lower than anticipated revenues

- Weak spot market mostly due to seasonal factors.

- High drydocking costs as three vessels were drydocked during this quarter.

Comparing Q3 2016 to Q3 2015

Note: Any difference in totals is attributed to rounding

❷ Financials

Incom e Statem ent

( Am ounts in USD' 000s )

Q3

2015

Q3

20169M

2015

9M

2016

Voyage revenues 35,793 34,440 103,906 106,659

Voyage costs (5,210) (4,046) (13,351) (11,683)Net revenues 30,584 30,394 90,555 94,976

Running costs (13,382) (14,558) (36,504) (44,319)

Charter hire expenses (1,031) (1,031) (3,087) (3,086)

Drydocking costs (528) (996) (961) (3,168)

Management fees (1,658) (1,879) (4,676) (5,495)

G&A (1,032) (751) (2,872) (2,296)

Depreciation (9,166) (9,881) (26,153) (29,215)

Impraiment Loss (3,567)

Net gain on sale of vessels 33 294

Income from operations 3,786 1,297.634 12,769 7,690

Interest and finance costs (2,754) (3,687) (7,309) (10,537)

Other income/(expenses) 15 (112) 158 (568)

Net income 1,046 (2,501) 5,618 (3,416)

Net income Adjusted 932 (2,415) 9,149 (3,760)

EBITDA 13,365 11,159 39,934 36,840

EBITDA Adjusted 13,251 11,245 43,464 36,550

EPS (0.03) (0.06) 0.13 (0.09)

EPS Adjusted 0.02 (0.06) 0.22 (0.09)

Number of Shares 41,160,920 39,745,207 41,578,036 39,841,876

Number of Vessels 53 54 53 54

Fleet Data Q3 2015 Q3 2016 9M 2015 9M 2016

Average number of owned vessels in fleet 50.0 54.0 47.0 53.0

Period number of owned vessels in fleet 53.0 54.0 53.0 54.0

Total calendar days for fleet 4,800 5,152 13,481 15,152

Total voyage days for fleet 4,765 5,093 13,429 14,921

Fleet utilization 99.3% 98.9% 99.6% 98.5%

Total charter days for fleet 3,624 3,877 10,574 11,524

Total spot market days for fleet 1,141 1,216 2,855 3,397

Fleet operational utilization 94.4% 88.1% 93.1% 90.1%

Average Daily Results (in $) Q3 2015 Q3 2016 9M 2015 9M 2016

Adjusted Time Charter Equivalent - TCE 7,847 7,260 8,170 7,568

Vessel Operating Expenses- Adjusted 4,157 4,092 4,147 4,183

Management Fees 346 365 347 363

General and Administrative Expenses 215 146 213 152

Total Vessel Operating Expenses- Adjusted 4,372 4,238 4,370 4,334

Financials -Performance Highlights Q3 2016 & Q3 2015

8

❷ Financials

Key Comments

(Note: * Assuming no BB charters)

*

*

*

- Operational utilization at 88.1% an outcome of the weak

seasonal demand and increased idle time for our spot fleet.

- Adjusted Time charter equivalent is lower by c. 7.5% in Q3 16’

compared to Q3 15’, reflecting the declining trend of market

rates.

- Daily operational expenses marked a decrease of 2%

- Almost 32% decrease in Daily G&A as a result of cost

management and lower equity stock compensation costs

Financials – Balance Sheet 9M 2016

9

❷ Financials

Assets 9M 2016

• Vessels net value up by c. $ 25 mm mainly as a result of the delivery of 2

new eco LPG vessel- one in Q1 16’ and one at the end of Q2 16’.

• Strong liquidity continues as cash amounts to c. $ 61 mm.

Key Remarks

Equity & Liabilities 9M 2016

Low gearing as total debt corresponds to about 40% of total assets, while

net debt ratio is as low as 34%.

• Company leverage reduced by $ 12 mm, as:

• No drawdown for vessel delivery was realized in the third quarter of

2016

• $ 43.4 million of loans were repaid in the first nine months of 2016.

(Note: 1. Debt Balances are net of capitalized Arrangement Fees)

Balance Sheet

(Amounts in $'000s) 12M 2015 9M 2016

AssetsCash & cash equivalents 100,063 60,715

Current assets excl. cash 23,309 22,771

Advances for vessels under construction 44,032 49,718

Vessel, net 864,690 879,898

Other assets 5,780 5,716

Total Assets 1 ,037,874 1,018,819

Liabilities & Stockholders Equity

Current portion of long term debt1 74,928 43,441

Current liabilities 28,786 27,458

Long term debt1 347,234 366,529

Other liabilities 3,875 4,447

Stockholders' equity 583,051 576,944

Total Liabilities & Stockholders Equity 1,037,874 1,018,819

Financials – Break Even and Fleet Analysis

10

❷ Financials

• Average TCE follows the trend of the market. As evident from

the table below that presents the average TCE decline of our

segment against rates in the beginning of 2015, rates are lower

by approximately 13.0%.

• As a general trend, our breakeven has more or less stabilized in

the past quarters at satisfactory levels.

• However the soft market has considerably reduced our average

TCE.

Daily Breakeven Analysis ($)

Fleet Contribution Analysis

• Indeed period charter contracts remain our strongest revenue

stream even during poor market conditions.

• The weak spot market is reflected in the low contribution to

our net revenues.

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016Daily Average TCE Daily Breakeven

Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

Average Decline

of Market TCE(5.0%) (10.1%) (10.9%) (9.6%) (8.9%) (9.6%) (13.3%)

Bareboat Spot Time Charter

% Voyage Days 25% 23% 52%

Bareboat Spot Time Charter

% of Net Revenues 22% 11% 66%

LPG Sector Highlights & Trends

11

❸Market Update

Source: GRIEG Shipbrokers, EIA, Banchero Costa

US Net LPG Exports (mil mt) China LPG Imports (mil tonnes)

• In terms of LPG supply, US LPG production is anticipated to follow an upward trend. US LPG net exports may close to 26 m mt in 2016 and around 30 m mtin 2017.

• In terms of LPG demand, petchem demand and economics in Asia and Europe are expected to be largely the balancing mechanism of the LPG market.

• China is estimated to be the major demand pull of the LPG market toward 2020, followed by India’s retail demand growth as well as the rapid growth ofsmaller markets such as Bangladesh.

Global Propane Price Differentials

-

5.00

10.00

15.00

20.00

25.00

30.00

35.00

Jan-

14

Mar

-14

May

-14

Jul-1

4

Sep-

14

Nov

-14

Jan-

15

Mar

-15

May

-15

Jul-1

5

Sep-

15

Nov

-15

Jan-

16

Mar

-16

May

-16

Jul-1

6

Sep-

16

Nov

-16

Jan-

17

Mar

-17

May

-17

Jul-1

7

Sep-

17

Nov

-17

0

2

4

6

8

10

12

14

2010 2011 2012 2013 2014 2015 2016 9M

• LPG price arbitrage that mostly affects long-haul voyages did notshow’ any signs of improvement in Q3 16’.

• We noticed a small widening of price differentials in October,attributed to a combination of factors such as oil price increase,seasonal factors and increase in US exports.

• The widening of price differentials, will intensify LPG seaborne trade.

0.56

0.3

0.23

0.1 0.090.08

0.11

0.72

0.53

0.46

0.25

0.160.12

0.16

0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

2013 2014 2015 Q1 2016 Q2 2016 Q3 2016 Oct-16

North America to Western Europe North America to NorthEast Asia

28%

25%

9%

17%

15%

5%

0%0%

5%

10%

15%

20%

25%

30%

0-4 yrs 5-9 yrs 10-14 yrs 15-19 yrs 20-24 yrs 25-30 yrs 30+ yrs

12

❸Market Update

Source: GRIEG Shipbrokers, Clarksons

Historical Charter Rates

• Rates seem to be at the bottom of the cycle.Small LPG Daily Charter Rates Evolution ($)

Coastal LPG (3,000-8,000 cbm) Fleet Age & Scrapping

• Although the age distribution in our segment favors morescrapping, in 2016 we have seen the demolition of only 4 vessels.

Coastal LPG Orderbook

• Our segment’s orderbook continues to be very low as we have only11 vessels- around 3% of total fleet- to be delivered up to the endof 2018.

• In addition to this, 43% of total orders fall under the 7,500 cbmsegment.

20% of the market fleet is above 20 years of age.

Note: Based on an estimated fleet for the above categories of approximately 350 vessels.

2016 2017 2018Press 7,000- 7,500 cbm 1 4 3

Press 5,000- 5,500 cbm

Press 3,000- 5,000 cbm 1 1 1

Total 2 5 4% of fleet (3,000 to 7,500 cbm) 0.6% 1.4% 1.1%

0

5,000

10,000

15,000

Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 20167,500 PR 5,000 PR 3,500 PR (West) 3,500 PR (East)

% Change

2 Years

% Change

1 Year

% Change

Last Quarter7,500 PR (14.3%) (8.3%) (5.6%)

5,000 PR (23.5%) 0.9% (1.4%)

3,500 PR (West) (21.9%) 3.1% (5.0%)

3,500 PR (East) (24.3%) (2.0%) (3.6%)

GASS Share Performance vs Peers (July– November, 2016)

13

❹ Share Performance

• Oil price movement continues to affect energy related stocks.

• Our Company’s stock broadly follows the oil price trend.

• Immediate post election period in the US gave shipping stock a boost.

% c

ha

ng

e o

f pri

ce

-50%

-40%

-30%

-20%

-10%

0%

10%

7/1/2016 8/1/2016 9/1/2016 10/1/2016 11/1/2016

Crude Oil GASS Dorian LPG Navigator Holdings

Time Charter Equivalent – Sensitivity Analysis

14

❺ Outlook

• Numbers based on pre-contracted revenues plus open vessels with sensitivity at the spot rates.

E: Expected

• Forecast excludes the four larger semi-ref newbuildings.

(Amounts in $ '000s)

TCE/EBITDA Q1 2017E Q2 2017E Q3 2017E Q4 2017E Total 2017E

Number of Operating Vessels 56 56 56 56 56

Operational Utilization 91.8% 91.1% 91.2% 90.6% 91.2%

Fixed Income plus spot rates

12,167 14,296 13,701 13,136 53,300

Fixed Income plus spot rates up by $ 500

12,977 15,346 14,867 14,454 57,645

Fixed Income plus spot rates up by $ 1,000

13,788 16,395 16,033 15,773 61,990

Fixed Income plus spot rates up by $ 1,500

14,599 17,445 17,199 17,091 66,334

Fixed Income plus spot rates up by $ 2,000

15,410 18,495 18,365 18,409 70,679

Valuation – Listed Companies Comparables

15

❺ Outlook

P/NAV Total Debt/ Assets EV/EBITDA (16E)

Navigator Gas 0.84 0.43 5.80

Dorian LPG 0.40 0.45 11.50

Epic Gas 0.38 0.47 7.80

Average 0.54 0.45 8.40

StealthGas 0.26 0.40 6.70

StealthGas deviation to comps (52%) (11%) (20%)

Source: Seaborne Capital Advisors, September 2016, GASS financials

• All peer group companies trade at a discount to their Net Asset Value.• It is GASS’s low share price that affects the P/NAV ratio and our Enterprise Value.• On the other hand our Company has lower percentage leverage compared to the peer average.• Low share price, combined with solid company fundamentals makes a good investment opportunity.

Why StealthGas?

16

❺Outlook

Positive Market DriversStealthGas Strengths

Market Factors that will positively affect our segment and consequently our Company:

Stabilization and increase of oil prices.

Intensification of scrapping in our segment.

Currently our segment has a very small orderbook.

Widening of price arbitrage in order to assist LPG seaborne trade.

Our Company’s core value lies on the following:

Conservative chartering policy and capital structure management with a significant measure of secured future revenues, close to $ 170 million on an ongoing basis, and a sensible plan of continuous deleveraging.

Healthy capital structure in spite of rigorous capital expansion plan, with a leverage ratio of close to 40%.

Successful implementation of stated fleet expansion which was realized in spite of poor market conditions; all new vessels are on period charters.

Market leading position in our market segment, and very well positioned in terms of fleet management and chartering strategy to take full advantage of even the slightest improvement in market conditions.

Low daily operational expenses, management fees and G&A compared to other companies in our peer group- an outcome of more than a decade of experience in our segment.

Attractive share price for investors in a Company that is capable to achieve solid profitability when market conditions permit so.

Company’s asset base surpasses $ 1 billion.