Costamare : Reports Results for the Third Quarter and Nine-Months Ended September 30, 2017

• Voyage revenues adjusted on a cash basis of $98.4 million and $303.4 million for the three and nine-months ended September 30, 2017, respectively.

• Adjusted Net Income available to common stockholders of $17.2 million or $0.16 per share and $58.5 million or $0.60 per share for the three and nine-months ended September 30, 2017, respectively.

See "Fina ncial S u m mar y" a nd "No n -G AAP Meas ures" b elo w fo r ad d itional d etail

1. New financing transactions

   • In August 2017, we entered into a loan agreement with a leading European financial institution for the financing of the 2005-built 7,471 TEU containership, Maersk Kowloon. The vessel was acquired in the previous quarter and commenced its 5-year charter to Maersk Line. The respective loan facility will be repayable over 5 years.

2. New charter agreements

   • All of our vessels are currently being employed.

   • The Company has chartered in total 15 vessels since June 30, 2017. More specifically, the Company:

     • Agreed to charter the 2016-built, 11,010 TEU containership Cape Akritas with CMA-CGM, for a period of 12 months plus/minus 30 days in charterers' option, starting from September 15, 2017.

     • Agreed to charter the 2017-built, 11,010 TEU containership Cape Kortia with Evergreen, for a period of 11 to 13 months, starting from October 14, 2017.

     • Agreed to extend the charter of the 2001-built, 1,550 TEU containership Arkadia with Evergreen, for a period starting from August 18, 2017 and expiring at the charterers' option during the period from January 10, 2018 to April 18, 2018, at a daily rate of $7,800.

     • Agreed to charter the 2001-built, 1,078 TEU containership Luebeck with United Africa Feeder Line for a period of 45 to 75 days, starting from October 25, 2017, at a daily rate of $6,950.

     • Agreed to extend the charter of the 1997-built, 2,458 TEU containership Messini with Evergreen for a period of 4 to 8 months, starting from September 16, 2017, at a daily rate of $8,300.

     • Agreed to extend the charter of the 1998-built, 3,842 TEU containership Itea with ACL for a period starting from September 11, 2017 and expiring at the charterers' option during the period from January 10, 2018 to February 15, 2018, at a daily rate of $8,000.

     • Agreed to extend the charter of the 1994-built, 1,162 TEU containership Petalidi with CMA- CGM at a daily rate of $6,400 for a period of 15 to 50 days, starting from October 31, 2017.

     • Extended the charters of the 2002-built, 4,992 TEU containerships Zim New York and Zim Shanghai for an additional one year period expiring on September 30, 2018 at a daily rate of

       $8,401 per vessel starting from October 1, 2017.

     • Agreed to extend the charter of the 2000-built, 4,890 TEU containerships Oakland Express, Halifax Express and Singapore Express with Hapag Lloyd, for a period of 13 to 16 months, starting from January 1, 2018, at a daily rate of $8,800.

     • Agreed to extend the charter of the 1996-built, 1,504 TEU containership Prosper with Sea Consortium, for a period of 3 to 6 months, starting from October 26, 2017, at a daily rate of

       $7,500.

     • Agreed to charter the 2004-built, 4,992 TEU containership Piraeus for a period of 70 to 130 days, starting from November 15, 2017.

     • Agreed to charter the 2002-built, 4,132 TEU containership Ulsan with ZIM, at a daily rate of

$7,600 for a period of 77 days to 6 months, starting from November 9, 2017.

1. Vessel disposals

   • In August and September 2017 we sold for demolition the 1988-built 4,828 TEU container vessel Mandraki and the 1988-built 4,828 TEU container vessel Mykonos and we recorded an accounting gain of $1.5 million.

2. Dividend announcements

   • On October 2, 2017, we declared a dividend for the third quarter ended September 30, 2017, of

     $0.10 per share on our common stock, payable on November 6, 2017, to stockholders of record as of October 23, 2017.

   • On October 2, 2017, we declared a dividend of $0.476563 per share on our Series B Preferred Stock, a dividend of $0.531250 per share on our Series C Preferred Stock and a dividend of $0.546875 per share on our Series D Preferred Stock, which were all paid on October 16, 2017 to holders of record as of October 13, 2017.

"During the third quarter the Company delivered positive results.

On the financing side, we entered into a debt financing agreement with a leading institution for the financing of the containership Maersk Kowloon. The vessel has a 5-year charter to Maersk Line. Regarding our commitments, all of our new building program is fully funded with remaining equity commitments amounting to only $2 million, due in 2018.

Regarding chartering, we chartered in total 15 ships at substantially higher rates. We have no ships laid up.

Finally, on the dividend and the Dividend Reinvestment Plan currently in place, members of the founding family have decided to reinvest in full the third quarter cash dividends. This is sixth consecutive quarter that insiders have decided to reinvest their dividends in new shares."

1. Accrued charter revenue represents the difference between cash received during the period and revenue recognized on a straight- line basis. In the early years of a charter with escalating charter rates, voyage revenue will exceed cash received during the period and during the last years of such charter cash received will exceed revenue recognized on a straight line basis.

2. Voyage revenue adjusted on a cash basis represents Voyage revenue after adjusting for non-cash "Accrued charter revenue" recorded under charters with escalating charter rates. However, Voyage revenue adjusted on a cash basis is not a recognized measurement under U.S. generally accepted accounting principles ("GAAP"). We believe that the presentation of Voyage revenue adjusted on a cash basis is useful to investors because it presents the charter revenue for the relevant period based on the then current daily charter rates. The increases or decreases in daily charter rates under our charter party agreements are described in the notes to the "Fleet List" below.

3. Adjusted Net Income available to common stockholders and Adjusted Earnings per Share are non- GAAP measures. Refer to the reconciliation of Net Income to Adjusted Net Income.

The Company reports its financial results in accordance with U.S. GAAP. However, management believes that certain non- GAAP financial measures used in managing the business may provide users of these financial measures additional meaningful comparisons between current results and results in prior operating periods. Management believes that these non-GAAP financial measures can provide additional meaningful reflection of underlying trends of the business because they provide a comparison of historical information that excludes certain items that impact the overall comparability. Management also uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company's performance. The tables below set out supplemental financial data and corresponding reconciliations to GAAP financial measures for the three and nine- month periods ended September 30, 2017 and 2016. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, voyage revenue or net income as determined in accordance with GAAP. Non-GAAP financial measures include (i) Voyage revenue adjusted on a cash basis (reconciled above), (ii) Adjusted Net Income available to common stockholders and (iii) Adjusted Earnings per Share.

Adjusted Net Income available to common stockholders and Adjusted Earnings per Share represent Net Income after earnings allocated to preferred stock, but before non-cash "Accrued charter revenue" recorded under charters with escalating charter rates, realized gain on Euro/USD forward contracts, (gain) / loss on sale / disposal of vessels, non-recurring, non-cash write-off of loan deferred financing costs, swap breakage cost, general and administrative expenses - non-cash component, amortization of prepaid lease rentals, net and non-cash changes in fair value of derivatives. "Accrued charter revenue" is attributed to the timing difference between the revenue recognition and the cash collection. However, Adjusted Net Income available to common stockholders and Adjusted Earnings per Share are not recognized measurements under U.S. GAAP. We believe that the presentation of Adjusted Net Income available to common stockholders and Adjusted Earnings per Share are useful to investors because they are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. We also believe that Adjusted Net Income available to common stockholders and Adjusted Earnings per Share are useful in evaluating our ability to service additional debt and make capital expenditures. In addition, we believe that Adjusted Net Income available to common stockholders and Adjusted Earnings per Share are useful in evaluating our operating performance and liquidity position compared to that of other companies in our industry because the calculation of Adjusted Net Income available to common stockholders and Adjusted Earnings per Share generally eliminates the effects of the accounting effects of capital expenditures and acquisitions, certain hedging instruments and other accounting treatments, items which may vary for different companies for reasons unrelated to overall operating performance and liquidity. In evaluating Adjusted Net Income available to common stockholders and Adjusted Earnings per Share, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation. Our presentation of Adjusted Net Income available to common stockholders and Adjusted Earnings per Share should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items.

(1) Items to consider for comparability include gains and charges. Gains positively impacting Net Income are reflected as deductions to Adjusted Net Income. Charges negatively impacting Net Income are reflected as increases to Adjusted Net Income.