INCORPORATED UNDER THE LAWS OF THE REPUBLIC OF THE MARSHALL ISLANDS COSTAMARE
INC. CUSIP Y1771G 136 THIS IS TO CERTIFY that is the owner of FULLY PAID AND NON-ASSESSABLE SHARES OF 8.75% SERIES D CUMULATIVE
REDEEMABLE PERPETUAL PREFERRED STOCK, PAR VALUE $0.0001, OF Costamare Inc. (hereinafter called the “Corporation”),
transferable on the books of the Corporation by the holder hereof in person or by duly authorized attorney upon surrender
of this Certificate properly endorsed. This Certificate and the shares represented hereby are issued and shall be held subject
to all the provisions of the Second Amended and Restated Articles of Incorporation and Bylaws of the Corporation and the Statement
of Designation related to the 8.75% Series D Cumulative Redeemable Perpetual Preferred Stock and the amendments from time
to time made thereto. The shares represented by this Certificate have limited voting rights. This Certificate is not valid
unless countersigned and registered by the Transfer Agent and Registrar. WITNESS, the seal of the Corporation and the signatures
of its duly authorized officers. Dated: SECRETARY CHIEF EXECUTIVE OFFICER COUNTERSIGNED AND REGISTERED AMERICAN STOCK TRANSFER
& TRUST COMPANY, LLC TRANSFER AGENT AND REGISTRAR By Authorized Signature No. of Certificate No. of Shares 100



    	 



    	



    

The Corporation will furnish without charge
to each Costamare Inc. stockholder who so requests a statement of the number of shares constituting each class or series of stock
and the designation thereof, and a copy of the powers, designations, preferences and relative, participating, optional or other
special rights of each class of stock or series thereof and the qualifications, limitations or restrictions of such preferences
and/or rights.


 


The following abbreviations, when used in
the inscription on the face of this certificate, shall be construed as though they were written out in full according to applicable
laws or regulations:


 


	TEN COM 	—	as tenants in common	 	UNIF GIFT MIN ACT —  ______________ Custodian __________
	TEN ENT	—	as tenants by the entireties		(Cust)                                (Minor)     
	JT TEN	—	as joint tenants with right of survivorship and not as tenants in common	 	
        Under Uniform Gifts to Minors                
 Act ______________________________

        (State)                          

         



 


Additional abbreviations may also be used
though not in the above list.


 


For value received,____________________________________
hereby sells, assigns and transfers unto


 


	
        PLEASE INSERT SOCIAL SECURITY OR OTHER


IDENTIFYING NUMBER OF ASSIGNEE


	 
	 	 



 


 


(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS,
INCLUDING ZIP CODE, OF ASSIGNEE)


 


 


 


 


 


______________________________________________________________________________________________________________________Shares
represented by the within Certificate, and does hereby irrevocably constitute and appoint


 


______________________________________________________________________________________________________________________Attorney
to transfer the said shares on the books of the within named Corporation with full power of substitution in the premises.


 


 


	Dated	 	 	 
	 	 	NOTICE:	THE SIGNATURE TO THIS ASSIGNMENT

MUST CORRESPOND WITH THE NAME AS

WRITTEN UPON THE FACE OF THE

CERTIFICATE IN EVERY PARTICULAR,

WITHOUT ALTERATION OR ENLARGEMENT

OR ANY CHANGE WHATEVER.
	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 


 


 


SIGNATURE(S) GUARANTEED:


 


_______________________________________________


THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN

ELIGIBLE GUARANTOR INSTITUTION (BANKS,

STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS

AND CREDIT UNIONS WITH MEMBERSHIP IN AN

APPROVED SIGNATURE GUARANTEE MEDALLION

PROGRAM), PURSUANT TO S.E.C. RULE 17Ad-15.