X0306 4 2016-01-29 0 0000039263 CULLEN/FROST BANKERS, INC. CFR 0001188022 ALVAREZ CARLOS 14800 SAN PEDRO AVENUE SAN ANTONIO TX 78232 1 0 0 0 Common Stock, $0.01 par value 2016-01-29 4 P 0 40000 47.24 A 370000 D The price in Column 4 is based on a weighted price. The prices actually paid range from $47.00 to $47.40. The reporting person will provide to the issuer, any security holder of the issuer, or the SEC staff, upon request, information regarding the number of shares purchased at each price within the range. /s/ Carlos Alvarez 2016-02-02