March 2006 NASDAQ: “GASS” StealthGas Inc. Informational Roadshow.

March 2006

NASDAQ: “GASS”

StealthGas Inc.Informational Roadshow

Page 2StealthGas Inc. © 2006

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,” “predicts,” “potential,” “continue,” “strategy,” “believes,” “anticipates,” “plans,” “expects,” “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.


About StealthGas

A ship-owning company serving the liquefied petroleum gas (LPG) sector of the international shipping industry.

Listed on NASDAQ (Symbol: GASS)

The only pure LPG company listed in the United States

Established in December 2004 - Went public in October 2005 raising $ 109 million (8 million shares are $ 14.50 per share) (14 million shares outstanding today)

Current fleet of 24 LPG carriers – intend to expand to 28 vessels within 2006

Grew the fleet from 9 vessels pre-IPO (October 2004) to 24 vessels today

Rank # 1 globally in owned vessels in the segment we focuses on (3,000 to 8,000 cbm – cubic meters)


What is LPG?

Natural Gas

AmmoniaProduction

Refining

PropaneButaneEthane

PetrochemicalFeedstock Propylene

EthyleneButadieneVCM

LPG competes with naphtha and gas oil as petrochemical feedstock

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

Crude Oil

Liquid Petroleum Gases

Petrochemical 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 Shipping

Liquefied for seaborne transportation with pressure and/or refrigeration on terminal or on board LPG carriers

Minimal land infrastructure - No Large Liquefaction or regasification plants (LNG)

Environmentally-friendly, superior safety record to tankers

Gas Categories Products Vessel Type

Liquid Petroleum Gases Propane, Butane, Ethane Fully-Pressurized, Fully-Refrigerated

Petrochemical Gases Ethylene (1), Propylene, VCM, Butadiene

Fully-Pressurized, Semi-Refrigerated

Other Ammonia, Naphtha Fully-Refrigerated, Semi-Refrigerated

Size Segment Cargo Capacity (CBM) Primary Liquefaction System

Handy < 8,000Semi Refrigerated, Fully Pressurized

Small 8-25,000Fully Pressurized, Fully Refrigerated

Mid 25-50,000 Fully Refrigerated

Large 50-70,000 Fully Refrigerated

Very Large 70,000+ Fully Refrigerated

StealthGas24 Vessels

(1) Certain semi-refrigerated carriers with gas plats are able to cool cargoes to minus 104 degrees Celsius and are referred to as ethylene carriers.


LPG Fleet

(1) Small size 20+ year old fleet and 25+ year old fleets are assumed to have the same percentagesSource: Drewry’s

We operate in the semi-refrigerated and fully-pressurized segments

Gas Carrier Segment

Name

Cargo Capacity

(CBM)

Primary Liquefaction

System

Number of

VesselsCBM (MM)

OrderbookNo. of

Vessels

Orderbook

CBMOrderbook % of CBM

20+ Year Old

25+ Year Old

Handy < 8,000

Semi Refrigerated Fully Pressurized 630 1,924 53 239 12.4% 34.6% 14.8%

Small (1) 8-25,000Fully Pressurized 104 1,343 19 225 16.7% 37.1% 12.5%

Small (1) 8-25,000Fully Refrigerated 31 479 0 0 0.0% 37.1% 12.5%

Mid25-50,000

Fully Refrigerated 32 1,097 17 616 56.1% 26.8% 10.8%

Large50-70,000

Fully Refrigerated 27 1,542 0 0 0.0% 46.6% 27.8%

Very Large 70,000+Fully Refrigerated 103 8,076 38 3,114 38.2% 34.1% 17.1%

927 14,461 129 4,194 29.0% 35.3% 16.9%

Fully-refrigerated vessels do not compete in short-haul routes and cargo sizes

74% of the orderbook in very large gas carriers

All orderbook for fleet replacement


Why LPG Shipping? – Strong Fundamentals

Attractive Trade Prospects

LPG supply to grow on increasing NG production

Increasing demand from developed and developing countries:− LPG: US, China− Petchems: EU, China, India− Ammonia: Worldwide

Limited Fleet Supply

Increasingly stringent chartering requirements− 35% of fleet > 20 year vessels

Low orderbook in the SR, FP segments− 14% of current fleet on order

through the beginning of 2009

Fewer yards construct LPG carriers

Specialized sector, higher barriers to entry

0

2

4

6

8

10

12

14

16

18

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009-0.5

0.0

0.5

1.0

1.5

2.0

Supply Demand Excess Capacity

LPG CarrierSupply and Demand

Mill

ion

Cu

bic

Mete

rs

TightMarket Range

Source: Drewry


Global Production, Trade and Consumption

48%

30%

4%

18%

Ethylene Propylene Butadiene VCM

Production

Source: CMAI, Drewry(1) 2003 data

Asia (32%), Americas (39%)

LPG Consumption (1)

Seaborne Trade

(525 million tons)

(71 million tons)

LPG accounts for 71% of seaborne gas trade


Seaborne Trading Patterns

Intra Asia

Intra Europe

Middle Eastto Asia

Intra Americas

4.0

0.9

5.7

2.1

0.9

6.0

1.9

0.9Africa to Europe

4.3

20.6

0.80.9

75% of 71 million tons global trade are represented by these routes

Middle East exports to Asia account for 31% of world trade

Asia accounts for 50-60% of world imports

Million tons

7%

14%

6%

31%16%

Natural Gas & PetrochemicalIndustry growth

Page 10

StealthGas Inc. © 2006

Harry Vafias – Chief Executive Officer

Harry Vafias a charismatic young entrepreneur, who started in the tanker business in 1999

Long established family history in shipping, The Vafias family in dry bulk shipping since 1973.

Between 1999 and 2004, he turned a $ 4 million investment into $ 400 million.

In 2004, he spotted the LPG sector as the next growth opportunity.

Established StealthGas, took it public and built a fleet of 24 vessels in less than 1 ½ years. StealthGas now ranks # 1 globally in owned vessels in its segment.

Page 11


Business Strategy ImplementationTriple Fleet by mid-2006 • 9 of 10 Identified Vessels delivered, 1

expected by early March 2006

• Acquired 5 of 9 Additional Vessels – Ahead of vessel acquisition schedule outlined during IPO Road Show

Moderate Leverage • Year-End 2005 debt to capitalization: 40%

Visible Revenue Stream • 83 % of voyage days fixed for Q1 2006 (page 5)

• 72% of voyage days fixed for FY 2006

Modern Fleet • Our fleet average age is 10.8 years

• Industry average age is 15 years

Close Customer Relations • Utilization of 99.7 % in Q4 2005

• Utilization of 99.9% in FY 2005

• All additional vessels acquired with at least 6 months time charters attached

Cost-Efficient Operations • Low Net Income breakeven of $5,326 per day in Q4 2005

Pay Dividends • Paid first dividend of 18.75 cents per share in January 2006, as outlined on IPO Road Show

StealthGas Business Strategy – Since IPO to Present Day

Page 12


4

9 9 9 9 9

9 10 10

35

9

5

0

4

8

12

16

20

24

28

Q4 2004 Q1 2005 Q2 2005 Q3 2005 Q4 2005 Q1 2006 Q2 2006

Initial Fleet Identified Vessels Additional Vessels

Grew fleet to 21 vessels by end of FY 2005 Fleet to number 24 vessels by early March 2006

Ahead of acquisition timetable outlined during IPO Road Show

StealthGas ranks #1 in owned vessels in 3,000 to 8,000 CBM segment

Fleet Development

28

242

1

IPO

Established Oct. 2004

Page 13


Fleet Employment Profile

Page 14


“Blue-Chip” Customers

Include oil majors, chemical companies and traders

We focus on repeat business

Page 15


4th Quarter

Q4 Net Income $4.5 million, revenues of $12.8 million, EBITDA of $7.2 million

EPS $0.33 – 13.6 million shares outstanding

Cash balance of $23.2 million

Conservative leverage: net debt to capitalization of 30.6%

Fully utilized IPO proceeds to acquire 9 of 10 Identified Vessels plus 3 additional vessels

Arranged $50 million 10 year facility secured by 6 vessels: since increased to $64 million; secured by 8 vessels

FY 2005 and Post 4th Quarter Highlights

FY 2005 Net Income $12.2 million, revenues of $29.3 million, EBITDA of $18.0 million

EPS $1.54 – 7.9 million average shares outstanding

As of today, 7 out of the 23 vessels delivered to us remain debt free

Already acquired 5 of the expected 9 additional vessels, as outlined during IPO Road Show

4th Quarter 2005 Financial Highlights

Page 16


4th Quarter Income Statement

In US$ 000, except per share amounts

Q 3 2005

Q 4 2005

12 M 2005

Net Revenues $6,895 $12,810 $29,298

Operating Income 3,786 5,111 13,713

Net Income 3,624 4,536 12,209

EBITDA 5,093 7,181 18,031

EPS 0.60 0.33 1.54

Number of Shares 6,000,000 13,565,217

7,906,849

Note: The total number of shares outstanding after the IPO is 14,000,000

Page 17


4th Quarter & 12M 2005 Operating Highlights – Fleet Data & Daily Results

Fleet Data Q 3 2005

Q 4 2005

12 M 2005

Average number of vessels in fleet 9.0 15.1 9.3

Period end number of vessels in fleet 9.0 21.0 21.0

Total calendar days for fleet 828 1,387 3,382

Total voyage days for fleet 828 1,383 3,378

Fleet utilization 100% 99.7% 99.9%

Total charter days for fleet 828 1,334 3,324

Total spot market days for fleet 0 49 54

Average Daily Results (in USD) Q 3 2005

Q 4 2005

12 M 2005

Time Charter Equivalent – TCE $8,027 $8,155 $8,032

Vessel Operating Expenses 1,809 2,277 2,097

Management Fees 302 371 341

General & Administrative Expenses 137 307 229

Total Vessel Operating Expenses 2,248 2,584 2,326

Page 18


Daily BreakevenQ4 2005 Daily Cashflow and Net Income Breakeven Composition

Note: G&A includes Management Fees

($ per vessel per day) Q4 2005 fleet calendar days: 1,387

FY 2005 fleet calendar days 3,382

Q4 FY05

Expenses Cash Flow

Net Income

Cash Flow

Net Income

Operating $2,277 $2,277 $2,097 $2,097

General & Administrative 678 678 569 569

Maintenance (surveys/drydocks) 137 137 137 137

Interest 742 742 648 648

Principal 1,647 0 1647 0

Depreciation & Amortization 0 1,492 0 1,302

Total 5,481 5,326 5,098 4,753

Page 19


4th Quarter Balance Sheet and Adjustments

(USD in millions)

Dec 31 2005

ActualThree

Vessels

Dec 31, 2005

Pro-Forma

Four Additional

Vessels

Dec 31, 2005

Pro-FormaAdjusted

Cash & Equivalents 23.2 (18.2) 5.0 (8.0) (3.0)

Vessels, Net 229.8 32.2 262.0 40.0 302.0

Total Debt 97.6 14.0 111.6 32.0 143.6

Shareholders’ Equity 151.1 0.0 151.1 0.0 151.1

Total Capitalization 248.7 14.0 262.7 32.0 294.7

Debt/Cap 39% 42.4% 48.7%

Vessels 21

Identified 1

Additional 2 24

4 Additional Vessels 28

Pro forma and adjusted balance sheet does not include Q1 2006 and Q2 2006 cashflow from operations

Includes 1 Identified Vessel to be delivered in March

2006

Page 20


Acquisition Capex

Estimated equity investment of $131.6 million to be funded with $109.0 million net IPO proceeds and $22.6 million cash from operations

Expect to use approximately $26.2 million of Q1 and Q2 2006 cash flow and approximately $46 million of new debt to fund 1 remaining identified vessel plus 2 additional vessels already delivered and 4 additional vessel acquisitions by mid 2006

Q4 2005 Q1 2006 Q2 2006 Total

Vessels Millions Vessels MillionsVessel

s Millions Vessels Millions

Identified Vessels 9 $112.1 1 $12.9 - - 10 $125.0

Additional Vessels 3 $43.3 2 $19.3 4 $40.0 9 $102.6

Acquisition Capex 12 $155.4 3 $32.2 4 $40.0 19 $227.6

Debt Incurrence ($50.0) ($14.0) ($32.0) ($96.0)

Net Cash Outflow $105.4 $18.2 $8.0 $131.6

Note: Estimated numbers, actual figures may vary depending on market conditions

Page 21


Financial Estimator

($ in millions) 24 Vessels 28 Vessels

2006E 2006E

Spot Voyage Days 2,049 3,036

Daily Spot Charter Rate - 4,250 cbm vessel ? ?

Spot Revenue ? ?

Period Charter Revenue (T/C and Bareboat) $49.5 $49.5

Total Revenue ? ?

Operating Expenses 18.7 21.5

SG&A 4.8 5.7

Commissions 1.4 1.9

Maintenance CapEx 2.2 2.5

Total Expenses 27.1 31.6

EBITDA ? ?

D&A 11.1 12.8

Interest 5.1 6.5

Acquisition CapEx 62.7 102.7

Debt Incurrence 64.0 96.0

Debt Repayment 14.3 16.0

Page 22


Increased LPG Supplies => Higher Freight RatesExpanding LPG supplies are driven by increased LNG production and crude oil refining

LPG supplies are expected to increase by 50% from the present 50 million tons to 75 million tons by 2010 and then to 85 million tons by 2015Increased LPG supplies have already had a beneficial impact on freight rates and we believe this trend will continue

Source: CMAI, Drewrys, VLO, ESAI, Purvin Gertz, PIRA, Poten & Partners.

0

2

4

6

8

10

12

14

2004 2005E 2006E 2007E 2008E 2009E 2010E

LNG Production

LNG Production

CAGR = 12%

Tri

llion C

ubic

Feet

Page 23


0.0

5.0

10.0

15.0

20.0

25.0

1960 1965 1970 1975 1980 1985 1990 2000

Japanese LPG Consumption

Mill

ion T

ons

Periods of Rapid LPG Demand Growth

Duration

America

1950 - 1972 22 years

Europe 1960 – 1980 20 years

Japan 1965 – 1988 23 years

Korea 1977 – 1998 24 years

China 1993 - 12 years so far…

LPG Macro Consumption Trends

0

20

40

60

80

100

Ja

pa

n

Ma

laysia

Ta

iwa

i

Ko

rea

Th

aila

nd

Ph

ilip

pin

es

Ch

ina

Ind

ia

Wie

tna

m

Ind

on

esia

Pa

kis

tan

kg per capita

Increasing Urbanization and Rising Living Standards --> Rapid increase in consumptionJapanese LPG consumption steady post-rapid developmentAverage 22 years rapid growth, China should realize another decadeChina Urbanization: 20 Million/p.a., India: Further growth potential

LPG Consumption - Japan Household LPG Usage in Asia

Source: Poten & Partners.

Page 24


Strong LPGC freight rates

Source: Inge Steensland AS Shipbrokers

Average earnings in the spot market excluding waiting time / 1 yr TC rates

0

100

200

300

400

500

600

700

2000 2001 2002 2003 2004 2005 2006

US

D 1

000

per

mo

nth 15000 SR

8000 ETH6500 SR3500 SR 1yr tc3500 PR 1yr tc

Page 25


Charter Market Rate Indicator (12 Month TCs)

Q4 2005 Average

Current Q1 2006 Forecast

3,200 CBM S/R

295,000 305,000 305,000

3,500 CBM P/R

250,000 240,000 240,000

6,000 CBM S/R

430,000 450,000 450,000

15,000 CBM S/R

725,000 775,000 775,000

38,000 CBM 970,000 1,000,000 1,000,000

60,000 CBM 985,000 1,000,000 1,000,000

78,000 CBM 1,100,000 1,100,000 1,100,000

Source: Lorentzen & Stemco

Page 26


Balanced Outlook

Source: Inge Steensland AS Shipbrokers

3-8000 cbm fleet development vs TC rates/earnings

-

100

200

300

400

500

600

1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

US

D 1

00

0's

pc

m (

lin

es

)

-4%

-2%

0%

2%

4%

6%

8%

10%

12%

14%

16%

Pe

rce

nta

ge

gro

wth

(ba

rs)

All 3000-8000 fleet growth S/R 3000-8000 fleet growth SR 6500 cbm TCE

SR 3500 cbm 1 yr TC PR 3500 cbm 1 yr TC

Page 27


Contacts

Company Contact:

Andrew J. Simmons Visit our Website at:

Chief Financial Officer www.stealthgas.com

StealthGas Inc.

011-30-210-6250-001

E-mail: [email protected]

www.stealthgas.com

Investor Relations/Media:

Nicolas Bornozis

Capital Link, Inc.(New York)

Tel. 212-661-7566

E-mail: [email protected]

www.capitallink.com

Weekly LPG Market Report updated every Monday

Comprehensive Investor Relations Information

March 2006 NASDAQ: “GASS” StealthGas Inc. Informational Roadshow.

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