CULLEN FROST BANKERS INC

Ticker: CFR CUSIP: 229899109 Class: COM

VAN LANSCHOT KEMPEN INVESTMENT MANAGEMENT N.V.'s Holding History (CIK: 0001367401)

Note: Option positions (PUT/CALL) are excluded.

Q3 2016

Shares 15,050 Value ($000) $1,083 Avg Close $52.78 Range $44.85 - $56.52

Q2 2016

Shares 336,477 Value ($000) $21,444 Avg Close $46.66 Range $38.78 - $51.48

Q1 2016

Shares 385,250 Value ($000) $21,231 Avg Close $38.79 Range $31.63 - $44.93

Q4 2015

Shares 355,100 Value ($000) $21,306 Avg Close $49.23 Range $44.21 - $54.77

Period	Shares	Value ($000)	Average Close	Price Range
Q3 2016	15,050	$1,083	$52.78	$44.85 - $56.52
Q2 2016	336,477	$21,444	$46.66	$38.78 - $51.48
Q1 2016	385,250	$21,231	$38.79	$31.63 - $44.93
Q4 2015	355,100	$21,306	$49.23	$44.21 - $54.77