X0306 4 2020-06-04 0 0000039263 CULLEN/FROST BANKERS, INC. CFR 0001388771 Perotti William L 111 WEST HOUSTON STREET SAN ANTONIO TX 78205 0 1 0 0 GEVP and Chief Credit Officer Common Stock, $0.01 par value 2020-06-04 4 M 0 9360 50.64 A 100994 D Common Stock, $0.01 par value 2020-06-04 4 S 0 8600 78.75 D 92394 D Common Stock, $0.01 par value 2020-06-04 4 S 0 760 79.48 D 91634 D Common Stock, $0.01 par value 42679 I Through 401(k) Plan Employee Stock Option (right to buy) 50.64 2020-06-04 4 M 0 9360 0.00 D 2014-10-26 2020-10-26 Common Stock 9360 0 D The price in Column 4 is based on a weighted average price. The prices actually paid range from $78.36 to $79.35. 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 sold at each price within the ranges set forth in footnotes 1 and 2 to this form. The price in Column 4 is based on a weighted average price. The prices actually paid range from $79.37 to $79.58. /s/ William L. Perotti 2020-06-08