Insider Transactions in Q4 2019 at Cullen/Frost Bankers, Inc. (CFR)

Date	Insider	Transaction	Ownership Type	Shares Traded	Value / Price
Nov 01 2019	Paul Bracher President of CFR	SELL Open market or private sale	Direct	9,360 -10.79%	$842,400 $90.1 P/Share
Nov 01 2019	Paul Bracher President of CFR	BUY Exercise of conversion of derivative security	Direct	9,360 +9.74%	$486,720 $52.46 P/Share
Oct 27 2019	Annette M Alonzo GEVP Chief HR Officer	SELL Payment of exercise price or tax liability	Direct	516 -22.3%	$47,472 $92.84 P/Share
Oct 27 2019	Bobby Berman GEVP Research & Strategy	SELL Payment of exercise price or tax liability	Direct	516 -1.83%	$47,472 $92.84 P/Share
Oct 27 2019	Paul Bracher President of CFR	SELL Payment of exercise price or tax liability	Direct	562 -0.72%	$51,704 $92.84 P/Share
Oct 27 2019	Phillip D Green Chairman and CEO	SELL Payment of exercise price or tax liability	Direct	5,449 -15.53%	$501,308 $92.84 P/Share
Oct 27 2019	Phillip D Green Chairman and CEO	BUY Exercise of conversion of derivative security	Direct	13,850 +28.31%	-
Oct 27 2019	William L Perotti GEVP and Chief Credit Officer	SELL Payment of exercise price or tax liability	Direct	595 -0.67%	$54,740 $92.84 P/Share
Oct 27 2019	Jerry Salinas GEVP and CFO	SELL Payment of exercise price or tax liability	Direct	1,211 -9.42%	$111,412 $92.84 P/Share
Oct 27 2019	Candace K Wolfshohl GEVP Culture/PeopleDevelopment	SELL Payment of exercise price or tax liability	Direct	374 -5.6%	$34,408 $92.84 P/Share
Oct 27 2019	Patrick B Frost	SELL Payment of exercise price or tax liability	Direct	751 -0.51%	$69,092 $92.84 P/Share

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