HFMX Designated Activity Company: Costamare (Series 231) Notes due 2020

Dublin (pta027/08.07.2026/19:47 UTC+2)

Company name HFMX Designated Activity Company

Headline Notice to Noteholders of Series 231

3 July 2026

REGULATION (EU) NO 596/2014 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL OF 16 APRIL 2014 ON MARKET ABUSE (THE "MARKET ABUSE REGULATION") REQUIRES DISCLOSURE OF INSIDE INFORMATION RELATING TO THE ISSUER AND THE NOTES.

THIS ANNOUNCEMENT MAY CONTAIN INSIDE INFORMATION AS DEFINED IN ARTICLE 7 OF THE MARKET ABUSE REGULATION AND IS THEREFORE DISCLOSED IN ACCORDANCE WITH THE ISSUER'S OBLIGATIONS UNDER ARTICLE 17 OF THE MARKET ABUSE REGULATIONS.

THIS NOTICE IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION.

THIS NOTICE CONTAINS IMPORTANT INFORMATION OF INTEREST TO THE OWNERS OF THE NOTES. IF APPLICABLE, ALL DEPOSITARIES, CUSTODIANS AND OTHER INTERMEDIARIES RECEIVING THIS NOTICE ARE REQUESTED TO PASS THIS NOTICE TO SUCH OWNERS IN A TIMELY MANNER.

If you are in any doubt as to the action you should take, you are recommended to seek your own financial, legal or other advice immediately from your stockbroker, bank manager, solicitor, accountant or other appropriately authorised independent financial adviser.

If you have recently sold or otherwise transferred your entire holding(s) of the Notes referred to below, you should immediately forward this document to the purchaser or transferee or to the stockbroker, bank or other agent through whom the sale or transfer was effected for transmission to the purchaser or transferee.

NOTICE FROM THE ISSUER TO NOTEHOLDERS

HFMX Designated Activity Company

(the "Issuer")

Costamare (Series 231) Notes due 2020

ISIN: XS1887321518 COMMON CODE: 188732151

(the "Notes" or the "Series" and the holders thereof the "Noteholders")

Capitalised terms used but not otherwise defined in this notice shall have the meanings ascribed to them in (i) the Series Memorandum dated 3 October 2018 as amended and/or supplemented from time to time; and (ii) the July 2025 Extraordinary Resolution.

Background

The Issuer used the entire net proceeds of the Notes to make a loan to Boulevard Costa Sur S.A. Subsequent to previous extensions of the term of the Notes, pursuant to an Extraordinary Resolution of the Noteholders dated 21 July 2023, the Noteholders approved a further extension of the term of the Notes to August 29, 2024 (the "Notes Third Extended Maturity Date"). The Notes have now matured as the Notes Third Extended Maturity Date has occurred; however, the Notes remain outstanding pending completion of the Proposed Actions contemplated by the July 2025 Extraordinary Resolution.

July 2025 Extraordinary Resolution

An Extraordinary Resolution of the Noteholders dated 8 July 2025 (the "July 2025 Extraordinary Resolution") attached hereto as Appendix I) was approved by Noteholders.

Pursuant to the Extraordinary Resolution, the Noteholders have, amongst other things:

1. authorized and instructed the Issuer to:

a. assign all its rights and obligations without restriction under the Amended and Restated Loan Agreement and the Loan and the Mortgage Agreement and the Mortgage to the New Lenders; and

b. terminate the Costa Sur Trust Agreement; and

2. directed, empowered, authorised and requested the Trustee to enter into the Deed of Release to release the security created over the Charged Assets, following completion of which (i) the Notes will be cancelled in full; (ii) the Issuer will have no further obligations under the Notes, towards Noteholders or otherwise; and (iii) the Issuer will not be required to make any further payments in respect of the Notes.

Delay in implementation of the July 2025 Extraordinary Resolution

Completion of the Corporate Action is dependent on the registration of a Public Deed at the Public Registry of Panama, by which certain properties are to be transferred and the related mortgages cancelled.

Of the properties to be transferred, a substantial number have been successfully registered and the related mortgages have been cancelled. However, a remaining tranche of properties is subject to an order of conservatory measure issued by a Panamanian court in the context of an ongoing criminal proceeding to which the Issuer is not a party. The Public Registry has admitted that measure, with the effect that no act relating to those properties can be registered until the measure is cancelled.

Cancellation of the measure requires a petition to be made to the court that ordered it. The defendant in the criminal proceeding is pursuing the legal process required to obtain the lifting of the conservatory measure. The Issuer is not in control of the timing of those proceedings and is unable at this stage to give a definitive estimate of when the conservatory measure will be lifted and the registration completed.

Proposed action

The Issuer will continue to liaise with third parties involved in resolving outstanding matters, as necessary. The Issuer will provide further updates as material developments occur. Noteholders should not assume that the matter will be resolved within any particular timeframe.

Further Information

For further information with regards to your investment in the Notes, please contact:

noteholder.support@flexfunds.com

Please see the Notice and Schedules here.

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