HispanicBusiness

(i) The charterer has a unilateral option to extend the charter of the vessel for two periods of 30 months each +/-90 days on the final period performed, at a rate of $41,700 per day.
(ii) The charterer has a unilateral option to extend the charter of the vessel for a period of 12 months at a rate of $28,000 per day.
(iii) The charterer has a unilateral option to extend the charter of the vessel for a period of 12 months +/-60 days at a rate of $27,500 per day.
(iv) Owners have a unilateral option to extend the charters of the vessels for an additional period of two years at market rate, to be defined annually, based on the closest category on the Contex index.
(v) The charterer has a unilateral option to extend the charter for an additional six months after the initial period at a daily rate of $8,500.

                               COSTAMARE INC.                     Consolidated Statements of Income                                                      Three months ended                          Year ended December 31,        December 31,                         ------------------------  ------------------------(Expressed in thousands of U.S. dollars, except share and per share amounts)                    2011         2012         2011         2012                         -----------  -----------  -----------  -----------REVENUES:Voyage revenue           $   382,155  $   386,155  $   101,990  $    95,193EXPENSES:Voyage expenses               (4,218)      (5,533)        (898)      (1,543)Voyage expenses - related parties              (2,877)      (2,873)        (767)        (712)Vessels' operating expenses                   (110,359)    (112,462)     (27,047)     (27,762)General and administrative expenses      (4,958)      (4,045)      (1,391)        (959)Management fees - related parties             (15,349)     (15,171)      (4,074)      (3,753)Amortization of dry- docking and special survey costs                 (8,139)      (8,179)      (2,000)      (2,162)Depreciation                 (78,803)     (80,333)     (20,711)     (20,151)Gain/ (Loss) on sale of vessels                      13,077       (2,796)       2,306        1,500Foreign exchange gains (losses)                        133          110          137          (57)                         -----------  -----------  -----------  -----------Operating income         $   170,662  $   154,873  $    47,545  $    39,594                         -----------  -----------  -----------  -----------OTHER INCOME (EXPENSES):Interest income          $       477  $     1,495  $       123  $       322Interest and finance costs                       (75,441)     (74,734)     (19,488)     (16,894)Other                            603          (43)          31           50Gain/ (Loss) on derivative instruments       (8,709)        (462)      (2,129)        (141)                         -----------  -----------  -----------  -----------Total other income (expenses)              $   (83,070) $   (73,744) $   (21,463) $   (16,663)                         -----------  -----------  -----------  -----------Net Income               $    87,592  $    81,129  $    26,082  $    22,931                         ===========  ===========  ===========  ===========Earnings per common share, basic and diluted                 $      1.45  $      1.20  $      0.43  $      0.31                         ===========  ===========  ===========  ===========Weighted average number of shares, basic and diluted                  60,300,000   67,612,842   60,300,000   73,658,696                         ===========  ===========  ===========  ===========                               COSTAMARE INC.                        Consolidated Balance Sheets                                                   As of          As of                                                December 31,   December 31,                                               -------------  -------------   (Expressed in thousands of U.S. dollars)         2011           2012                                               -------------  -------------                                                 (Audited)ASSETSCURRENT ASSETS:Cash and cash equivalents                      $      97,996  $     267,321Restricted cash                                        7,371          5,330Receivables                                            2,150          2,237Inventories                                            9,335          9,398Due from related parties                               3,585          2,616Fair value of derivatives                                  -            165Insurance claims receivable                            3,076          1,454Accrued charter revenue                               13,428          5,100Prepayments and other                                  1,910          1,862Vessels held for sale                                      -          4,441                                               -------------  -------------Total current assets                           $     138,851  $     299,924                                               -------------  -------------FIXED ASSETS, NET:Advances for vessels acquisitions              $     148,373  $     339,552Vessels, net                                       1,618,887      1,582,345                                               -------------  -------------Total fixed assets, net                        $   1,767,260  $   1,921,897                                               -------------  -------------NON-CURRENT ASSETS:Deferred charges, net                          $      32,641  $      34,099Restricted cash                                       38,707         41,992Accrued charter revenue                                5,086         13,422                                               -------------  -------------Total assets                                   $   1,982,545  $   2,311,334                                               =============  =============LIABILITIES AND STOCKHOLDERS' EQUITYCURRENT LIABILITIES:Current portion of long-term debt              $     153,176  $     162,169Accounts payable                                       4,057          5,882Accrued liabilities                                   13,455          9,292Unearned revenue                                       6,901          5,595Fair value of derivatives                             46,481         55,701Other current liabilities                              2,519         10,772                                               -------------  -------------Total current liabilities                      $     226,589  $     249,411                                               -------------  -------------NON-CURRENT LIABILITIESLong-term debt, net of current portion         $   1,290,244  $   1,399,720Fair value of derivatives, net of current portion                                             125,194        125,110Unearned revenue, net of current portion              10,532         16,641                                               -------------  -------------Total non-current liabilities                  $   1,425,970  $   1,541,471                                               -------------  -------------COMMITMENTS AND CONTINGENCIESSTOCKHOLDERS' EQUITY:Common stock                                   $           6  $           8Additional paid-in capital                           519,971        714,100Accumulated deficit                                  (48,854)       (40,814)Accumulated other comprehensive loss                (141,137)      (152,842)                                               -------------  -------------Total stockholders' equity                     $     329,986  $     520,452                                               -------------  -------------Total liabilities and stockholders' equity     $   1,982,545  $   2,311,334                                               =============  =============