CULLEN/FROST BANKERS, INC. — Director's Dealing 2017

May 2, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CULLEN/FROST BANKERS, INC. (CFR)
CIK: 0000039263
Period of Report: 2017-04-27

Reporting Person: STEEN IDA CLEMENT (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2017-04-27	Deferred Stock Units	$	A	419	Acquired		Common Stock (419)	Direct

Footnotes

F1: Each deferred stock unit represents the right to receive one share of Cullen/Frost Bankers, Inc. common stock.

F2: The deferred stock units vested on April 27, 2017. Shares will be delivered to the reporting person on the date when the reporting person experiences a separation from service with Cullen/Frost Bankers, Inc.