#1100 IN FOR SOPEN KAN tex COSTAMARE INC. Second Quarter 2022 Financial Results Conference Call July 28, 2022 ESIZER ESTREN tex 45 SUCH EREICHEN THESEUS AN www. tex tex#2Forward-Looking Statements This presentation contains certain “forward-looking statements” (as such term is defined in Section 21E of the Securities Exchange Act of 1934, as amended). All statements, other than statements of historical facts, that address activities, events or developments that Costamare Inc; (the “Company”) expects, projects, believes or anticipates will or may occur in the future, including, without limitation, future operating or financial results and future revenues and expenses, future, pending or recent acquisitions, general market conditions and shipping industry trends, the financial condition and liquidity of the Company, cash available for dividend payments, future capital expenditures and dry-docking costs and newbuild vessels and expected delivery dates, are forward-looking statements. Although the Company believes that its expectations stated in this presentation are based on reasonable assumptions, actual results may differ from those projected in the forward-looking statements. Important factors that, in our view, could cause actual results to differ materially from the future results discussed in the forward- looking statements include, without limitation, global supply and demand for containerships and dry bulk vessels, the financial stability of the Company's counterparties and charterers, global economic weakness, disruptions in the world financial markets, the loss of one or more customers, a decrease in the level of Chinese exports, the availability of debt financing, our ability to expand through newbuildings and secondhand acquisitions, risks associated with the operation of the Framework Agreement with our joint venture partner, delay in the delivery of newbuildings, rising crew and fuel costs, increases in capital expenditure requirements or operating costs, a decrease in containership or dry bulk vessel values, increased competition in the industry, re-chartering risk, fluctuations in interest rates, actions taken by governmental and regulatory authorities, potential liability for future litigation and environmental liabilities, the availability of adequate insurance coverage, potential disruption of shipping routes due to accidents or political conditions and the other factors discussed in the Company's most recent Annual Report on Form 20-F (File No. 001-34934). All forward-looking statements reflect management's current views with respect to certain future events, and the Company expressly disclaims any obligation to update or revise any of these forward-looking statements, whether because of future events, new information, a change in the Company's views or expectations, or otherwise. COSTAMARE INC. 2#3Highlights (1/4) Q2 2022 - Another Record Quarter Q2 2022 Net Income available to common stockholders of $114.1 million vs $82.8 million in Q2 2021. Q2 2022 Earnings per Share of $0.92 vs $0.67 in Q2 2021, up 37%. Q2 2022 Adjusted Net Income available to common stockholders (1) of $118.6 million vs $58.3 million in Q2 2021. Q2 2022 Adjusted Earnings per Share (1) of $0.95 vs $0.47 in Q2 2021, up 102%. Liquidity of $854 million (2) vs $565 million in Q2 2021. Notes 1. Adjusted Net Income and Adjusted Earnings per Share are non-GAAP measures. See Appendix I for definitions and reconciliations to the nearest GAAP measures. 2. Liquidity includes $688.0 million of cash and cash equivalents (incl. restricted cash), our share of cash held in companies co-owned with York Capital ($3.6 million), short term investments in U.S. Treasury Bills amounting to $10.0 million, and $152.5 million in available undrawn funds from two hunting license facilities as of June 30, 2022. 3 COSTAMARE INC.#4Highlights (2/4) New $500 million syndicated loan facility Refinancing of existing indebtedness of 17 vessels, secured by contracted cash flows with a tenor of 5 years. Raised additional liquidity of approximately $200 million. Participation of 12 U.S., European and Asian financing institutions, most of which represent new financing relationships. Significant reduction of funding cost, and extension of repayment schedule for 16 out of the 17 refinanced vessels. Corporate Leverage: Market Values basis: ca. 24% as calculated for our compliance certificates(1). Share Repurchase Program Approximately $60 million of common share repurchases, representing 3.8% of total common shares at an average price of $12.67 per share(2). Available funds remaining under the share repurchase programs: Approximately $90 million for common shares. $150 million for preferred shares. Notes 1. 2. (Total Liabilities minus Cash and Cash Equivalents)/(Total Market Value Adjusted Assets minus Cash and Cash Equivalents) as of June 30, 2022. As of the date of this presentation. COSTAMARE INC.#5Highlights (3/4) Strong chartering performance and new charter arrangements Our containership revenue days are ca. 100% (1) contracted for the remainder of 2022 and ca. 95% (¹) contracted for 2023. We have concluded forward fixtures for two of our containerships at a daily rate of $58,500, significantly above previous rates. Vessel Aries Built Size (TEUs) Charterer Timecharter Rate (p.d.) Timecharter Period 2004 6,492 (*) 2004 6,492 (*) $58,500 $58,500 36 40 months 36 40 months Latest start date Q1 2023 Q2 2023 Current Timecharter rate (p.d.) (*) (*) Argus Continue to trade our dry bulk vessels on short term charters with 27 new fixtures since the Q1 2022 earnings release. Sale and purchase activity Conclusion of the sale of the 2009-built, 57,334 DWT dry bulk vessel Thunder, resulting in a capital gain of $3.5 million. Notes 1. Containership contracted revenue days are excluding vessels we have agreed to sell and are calculated on a TEU basis. (*) Denotes charterer's identity and/or current daily charter rates and/or charter expiration dates, which are treated as confidential. COSTAMARE INC. S#6Highlights (4/4) Containership Market Box rates are showing some signs of weakness, but charter rates remain at very strong levels as we enter peak season. Commercially fully employed container fleet with idle capacity at 0.9% (1), with no vessels available at short notice. Dry Bulk Market Charter rates have come under pressure. Newbuilding orderbook is at 7.2% (2) of the total fleet, and new ordering continues to remain subdued. Dividends and Strong Sponsor Support Regular Q2 2022 dividend of $0.115 per share payable on August 8, 2022 to shareholders of record on July 21, 2022. 47 consecutive quarterly common dividends since IPO. $130 million reinvested by the sponsor family through the Dividend Reinvestment Plan to date. Notes 1. Alphaliner July 2022 - 2. = Clarksons July 2022 COSTAMARE INC. 6#7Conservative Capital Structure We maintain low leverage and ample liquidity of $854 million (1) for future growth. LIQUIDITY (1) AND LEVERAGE RATIO (2) (in USD millions) 900 53.8% 800 51.0% 45.3% 700 600 500 400 300 200 100 39.0% Cash, equivalents & st investments Credit lines -Leverage 46.0% 41.0% 39.0% 43.0% 37.0% 31.0% 60.0% 50.0% 40.0% 30.0% 25.5% 23.8% 20.0% 10.0% 0 0.0% Dec-16 Jun-17 Dec-17 Jun-18 Dec-18 Jun-19 Dec-19 Jun-20 Dec-20 Jun-21 Dec-21 Jun-22 Notes 1. 2. Liquidity as of June 30, 2022 includes $688.0 million of cash and cash equivalents (incl. restricted cash), our share of cash held in companies co-owned with York Capital ($3.6 million), short term investments in U.S. Treasury Bills amounting to $10.0 million, and $152.5 million in available undrawn funds from two hunting license facilities as of June 30, 2022. (Total Liabilities minus Cash and Cash Equivalents) / (Total Market Value Adjusted Assets minus Cash and Cash Equivalents). Calculated in accordance with the relevant provisions of our bank financing agreements as of June 30, 2022. COSTAMARE INC. 7#8Containerships: High Quality and Stable Cash Flows ZIM 5% 18% Hapag-Lloyd 6% COSTAMARE INC. Others 12% MAERSK 6% YANG MING 15% Revenue Contribution (All Vessels)(1)(2) 長榮海運 EVERGREEN MARINE CORP. 10% Contracted revenues for the containership fleet of approximately $3.3Bn (1)(2) ► TEU-weighted average remaining time charter duration for the containership fleet is about 4.0 years(1)(2) 100% 100% 90% 80% 28% 70% 60% ៥០. SC 50% 40% 30% 20% 10% 0% 2022E Notes 1. 23 2. 3. Fixed Revenue Days(3) 95% 2023E 84% 2024E 58% 2025E As of July 28, 2022. Revenues include our ownership percentage of contracted revenues for four vessels owned pursuant to the Framework Agreement with York. Revenues also include the five vessels we have agreed to sell. Assumes earliest re-delivery dates after giving effect to the exercise of any owners' extension options. Containership contracted revenue days are excluding the five vessels we have agreed to sell and are calculated on a TEU basis. 8#9Q2 2022 Income Statement Snapshot Q2 2022 RESULTS Notes 114,133 (*) Interest and finance costs minus Interest Income 1,712 49 (**) Non-GAAP items, see Appendix I for definitions and reconciliations to (3,452) 983 the nearest GAAP measure. 1,705 Ownership Days (incl. dry bulk vessels) Average Number of Vessels Voyage Revenues Net Interest and Finance Costs (*) Adjusted Net Income Available to Common Stockholders (**) Weighted Average Number of Shares Q2 2021 6,509 Q2 2022 10,715 % Change 64.6% 71.5 117.7 64.6% 166,770 290,927 74.4% 19,319 29,957 55.1% 58,275 122,844,260 118,563 103.5% 124,306,059 Q2 2022 RESULTS – Non-Cash and Other Adjustments Net Income Available to Common Stockholders Q2 2021 82,762 Accrued charter revenue Amortization of time charter assumed (Gain) on sale of vessels, net (Gain)/Loss on derivative instruments One-off write-off of loan deferred financing fees Change in fair value of equity securities Non-cash G&A expenses Realized (gain)/loss on Euro/USD FX contracts Non-recurring payments for loan cancelation fees Adjusted Net Income Available to Common Stockholders(**) Adjusted EPS(**) Q2 2022 1,114 (345) (1,666) (105) (25,157) 1,768 1,808 (96) 619 1,006 58,275 118,563 $0.47 $0.95 All numbers in thousands of U.S. dollars, except ownership days, number of vessels, share and per share data. COSTAMARE INC. 0#10COSTAMARE INC. Container Market Environment Charter rates remain at lofty levels. Rates for vessels above 2,500 TEU remained at historical highs year-to-date as very few vessels are available. 12m Timecharter Rates 200,000 150,000 100,000 Idle fleet remains at low levels and is currently at 0.9%. 12% 50,000 Jan-19 Mar-19 May-19 Jul-19 Sep-19 Nov-19 Jan-20 Mar-20 ⚫8,500 Source: Alphaliner - July 2022 May-20 Charter Rates Jul-20 Sep-20 Nov-20 Jan-21 Mar-21 May-21 Jul-21 Sep-21 Nov-21 Jan-22 Mar-22 May-22 Jul-22 5,600 4,000 TEU capacity Idle Fleet / Total Fleet 2,500 1,700 الساسة 0% Jul-13 Jul-14 Source: Alphaliner - July 2022 0.9% Jul-15 Jul-16 Jul-17 Jul-18 Jul-19 Jul-20 Jul-21 Jul-22 10#11COSTAMARE INC. Dry Bulk Market Environment New vessel ordering continues to be restrained. Average Spot Earnings (USD/p.d.) 50,000 Rates for dry bulk vessels have come under pressure. 40,000 Despite recent weakness, rates remain well above cash break even levels. 30,000 20,000 10,000 60% 50% The orderbook for newbuilding dry bulk vessels currently stands at 7.2%. 40% 30% 20% 10% 0% Jul-11 Jul-12 Source: Clarksons - July 2022 Jul-13 Jul-14- Jul-15 Jul-12 Panamax Earnings Source: Clarksons - July 2022 Supramax Earnings Orderbook for Dry Bulk vessels Jul-16- Jul-17 Jul-18 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22 Jul-19- Jul-20 Jul-21 Jul-22 11 7.2% -Handysize Earnings 24,753 20,375 17,537#12COSTAMARE INC. Thank You! Q&A RITY BERNISOOLS SMOKING 12#13Appendix I – Net Income to Adj. Net Income Reconciliation - Expressed in thousands of U.S. dollars, except share and per share data Net Income Earnings allocated to Preferred Stock Net Income Available to common stockholders Accrued charter revenue Amortization of TC assumed (Gain) on sale of vessels, net 2022 $121,987 (7,854) $114,133 1,712 49 983 1,808 619 Adjusted Net Income available to common stockholders and Adjusted Earnings per Share represent Net Income after earnings allocated to preferred stock and gain on retirement of preferred stock, but before non-cash "Accrued charter revenue" recorded under charters with escalating or descending charter rates, realized (gain)/loss on Euro/USD forward contracts, gain on sale of vessels, net, change in fair value of equity securities, non-recurring, non-cash write-off of loan deferred financing costs, non-recurring payments for loan cancelation fees, general and administrative expenses - non-cash component, 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. Three-month period ended June 30, 2021 $90,616 (7,854) $82,762 1,114 (345) (1,666) (3,452) Change in fair value of equity securities (25,157) (Gain)/loss on derivative instruments (1) (105) Non-cash G&A expenses 1,768 Realized (gain)/loss on Euro/USD FX contracts (1) (96) One-off write-off of loan deferred financing fees 1,705 Non-recurring payments for loan cancelation fees 1,006 Adjusted Net Income available to common stockholders $58,275 Weighted average number of shares Adjusted Earnings per Share 122,844,260 $0.47 $118,563 124,306,059 $0.95 (1) Items to consider for comparability include gains and charges. Gains positively impacting Net Income available to common stockholders are reflected as deductions to Adjusted Net Income available to common stockholders. Charges negatively impacting Net Income available to common stockholders are reflected as increases to Adjusted Net Income available to common stockholders. COSTAMARE INC. 13#14Appendix II - Dry Bulk fleet # Vessel Built Size (DWT) # Vessel Built Size (DWT) Panamax/Kamsarmax Supramax/Ultramax 1 AEOLIAN 2012 83,478 MERCHIA 2015 63,800 2 2 SEABIRD 2016 63,553 GRENETA 2010 82,166 3 3 DAWN 2018 63,530 HYDRUS 2011 81,601 4 ORION 2015 4 63,473 PHOENIX 2012 81,569 5 DAMON 2012 5 63,227 BUILDER 2012 81,541 6 TITAN I 2009 58,090 6 FARMER 2012 81,541 7 ERACLE 2012 58,018 7 SAUVAN 2010 79,700 8 PYTHIAS 2010 58,018 8 ROSE 2008 76,619 9 NORMA 2010 58,018 10 ORACLE 2009 57,970 Handysize 11 CURACAO 2011 57,937 1 COMITY 2010 37,302 12 URUGUAY 2011 57,937 2 VERITY 2012 37,163 13 ATHENA 2012 57,809 3 PARITY 2012 37,152 14 SERENA 2010 57,266 4 ACUITY 2011 37,149 15 LIBRA 2010 56,729 5 EQUITY 2013 37,071 16 PEGASUS 2011 56,726 6 DISCOVERY 2012 37,019 17 MERIDA 2012 56,670 7 TAIBO 2011 35,112 18 CLARA 2008 56,557 8 BERNIS 2011 34,627 19 PEACE 2006 55,709 9 MANZANILLO 2010 34,426 20 PRIDE 2006 55,705 10 ADVENTURE 2011 33,755 21 BERMONDI 2009 55,469 11 ALLIANCE 2012 33,751 12 CETUS 2010 32,527 13 PROGRESS 2011 32,400 As of July 28, 2022. 14 MINER 2010 32,300 15 KONSTANTINOS 2012 32,178 16 RESOURCE 2010 31,776 COSTAMARE INC. 14#15Appendix III - Containership Operating Fleet Charter Status (1/5) 12,000 15,000 TEUS 10x Vessels Charterer Age Vessels 1 YM TIPTOP 1 YM TARGET MYANG MING 2 YM TOTALITY 2 YM TRUTH 2 YM TRIUMPH 9 6 THESEUS 6 長 榮 海 運 EVERGREEN MARINE CORP. 6 TAURUS TALOS 6 TITAN TRITON Jul/22 Jul/23 Jul/24 Jul/25 Jul/26 Jul/27 Jul/28 Jul/29 Jul/30 Jul/31 Jul/32 6 CAPE AKRITAS m SC 5 CAPE KORTIA 5 CAPE TAINARO 10,000 - 12,000 TEUS 5x Vessels 5 CAPE SOUNIO Hapag-Lloyd 5 CAPE ARTEMISIO Jul/22 Jul/23 Jul/24 Jul/25 Jul/26 Jul/27 Jul/28 Jul/29 Jul/30 Jul/31 Jul/32 Note 1. Based on last charter fixtures per vessel and earliest re-delivery dates after giving effect to the exercise of any owners' extension options. 15 COSTAMARE INC.#16Appendix III - Containership Operating Fleet Charter Status (2/5) 7,500 10,000 TEUS 18x Vessels Charterer Age Vessels(¹) 8 MSC AMALFI m 00 8 MSC AJACCIO MAERSK SC m SC m JOOL SC Hapag-Lloyd 6 9 8 MSC AZOV 26 MAERSK KOTKA 26 MAERSK KLEVEN 9 MSC ATHOS MSC ATHENS VANTAGE 6 VALENCE 16 ZIM SHANGHAI (2) **** ZIM (3). 16 ZIM YANTIAN 9 VALIANT Hapag-Lloyd Joo 6 6 VALUE VALOR SC 269 12 NAVARINO 16 BEIJING 16 COSCO HELLAS Cosco 16 YANTIAN Jul/22 Jul/23 Based on last charter fixtures per vessel and earliest re-delivery dates after giving effect to the exercise of any owners' extension options. ZIM Shanghai (ex. Cosco Guangzhou) Note 1. 2. 3. ZIM Yantian (ex. Cosco Ningbo) COSTAMARE INC. Jul/24 Jul/25 Jul/26 Jul/27 Jul/28 Jul/29 Jul/30 Jul/31 Jul/32 16#17Appendix III - Containership Operating Fleet Charter Status (3/5) 5,000 7,500 TEUS 17x Vessels Charterer Age Vessels 19 METHONI 20 PORTO GERMENO MAERSK 21 PORTO CHELI 20 20 PORTO KAGIO Confidential 18 ARGUS 18 ARIES m SC 26 KURE 19 MAERSK KINGSTON ZIM MAERSK 19 MAERSK KOLKATA 17 MAERSK KOWLOON MAERSK 22 ZIM TAMPA *** ZIM 16 GLEN CANYON (2)(3) 22 22 S/L WASHINGTON (2)(3) 19 MAERSK KALAMATA (2)(3) 22 YORK MAERSK (2)(3) 22 SEALAND ILLINOIS (2)(3) 22 SEALAND MICHIGAN Jul/22 Jul/23 Jul/24 Jul/25 Jul/26 Jul/27 Jul/28 Jul/29 Jul/30 Jul/31 Jul/32 Note 1. 2. Based on last charter fixtures per vessel and earliest re-delivery dates after giving effect to the exercise of any owners' extension options. Charter tenor based on latest redelivery date. 3. Vessel agreed to be sold after expiration of current charter. 17 COSTAMARE INC.#18Appendix III - Containership Operating Fleet Charter Status (4/5) Charterer Age Vessels" 12 VULPECULA • 1,000 5,000 TEUS 26x Vessels Da / ZIM 13 VELA CMA CGM 11 NEOKASTRO 20 ULSAN 9 MARATHOPOLIS MAERSK 9 MEGALOPOLIS 22 AREOPOLIS 18 LAKONIA 4 POLAR BRASIL 8 LEONIDIO MAERSK 8 KYPARISSIA 4 POLAR ARGENTINA Jul/22 Jul/23 Jul/24 Jul/25 Jul/26 Jul/27 Jul/28 Jul/29 Jul/30 Jul/31 Jul/32 Note 1. Based on latest charters concluded and earliest re-delivery dates after giving effect to the exercise of any owners' extension options. 18 COSTAMARE INC.#19Appendix III - Containership Operating Fleet Charter Status (5/5) Charterer Vessels(¹) • Age Confidential 14 TRADER 13 GIALOVA ZIM 12 VOLANS 21 LUEBECK SC 1,000 5,000 TEUS 13 VIRGO 26x Vessels MAERSK 14 DYROS JOOL 14 SC MICHIGAN 13 NORFOLK MAERSK SWIRE SHIPPING 221 21 ARKADIA 12 12 ANDROUSA MAERSK 22 OAKLAND Confidential 17 ETOILE Hapag-Lloyd 15 SCORPIUS (2) 24 MONEMVASIA MAERSK Jul/22 Jul/23 Jul/24 Jul/25 Jul/26 Jul/27 Jul/28 Jul/29 Jul/30 Jul/31 Jul/32 Note 1. 2. Based on latest charters concluded and earliest re-delivery dates after giving effect to the exercise of any owners' extension options. Charter tenor based on latest redelivery date. 19 COSTAMARE INC.