Costamare (CMRE) to Spin Off Dry Bulk Business

Costamare Inc. (NYSE: CMRE) today announced its intent to spin-off the Company’s dry bulk business into a standalone company, Costamare Bulkers Holdings Limited. The planned spin-off will result in two separate, publicly traded companies:

• Costamare Inc. will remain a global container shipping provider, retaining the owned container vessels and Neptune Maritime Leasing Limited businesses
• Costamare Bulkers Holdings Limited will be an international owner and operator of dry bulk vessels and will hold the owned dry bulk vessels and the CBI operating platform

The Costamare Inc. board believes the proposed separation will unlock the inherent value within the two companies, which have unique growth prospects and investment opportunities. The separation is expected to provide compelling benefits for all stakeholders, including:

• Improved financial flexibility to pursue distinct operating priorities and strategic initiatives focused on the container and dry bulk shipping markets, respectively
• Enabling management teams of both companies to enhance focus on individualized opportunities for long-term growth and profitability
• Two separate, pure-play investment opportunities for different investor bases
• A simplified structure with separate, focused balance sheets and capital allocation strategies tailored to each business driving operating efficiency and value creation

Shares of Costamare Bulkers Holdings Limited are expected to be listed on the New York Stock Exchange. Costamare Inc. is targeting to complete the spin-off as soon as practicable this calendar year, subject to various conditions, including regulatory approvals and obtaining the final approval of the Costamare Inc. board of directors. However, there can be no assurance that a separation transaction will occur, or if one does occur, of its terms or timing.

While no definitive decision has been made, the spin-off is expected to be completed via a pro rata distribution by Costamare Inc. of all of the shares it owns of Costamare Bulkers Holdings Limited to Costamare Inc. shareholders based on a distribution ratio that is set at the time the distribution is formally declared.

Advisors
Morgan Stanley & Co. LLC is serving as financial advisor to Costamare Inc. and Cravath, Swaine & Moore LLP is serving as legal counsel.

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