CULLEN FROST BANKERS INC

Ticker: CFR CUSIP: 229899109 Class: COM

Municipal Employees' Retirement System of Michigan's Holding History (CIK: 0001588873)

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

Q1 2020

Shares 10,680 Value ($000) $596 Avg Close $68.15 Range $40.09 - $81.89

Q4 2019

Shares 10,580 Value ($000) $1,035 Avg Close $77.10 Range $67.80 - $82.90

Q3 2019

Shares 10,460 Value ($000) $926 Avg Close $72.94 Range $65.52 - $82.69

Q2 2019

Shares 11,650 Value ($000) $1,091 Avg Close $79.79 Range $73.85 - $85.12

Q1 2019

Shares 11,660 Value ($000) $1,132 Avg Close $80.50 Range $69.90 - $85.96

Q4 2018

Shares 15,360 Value ($000) $1,351 Avg Close $78.37 Range $66.24 - $87.16

Q2 2018

Shares 13,610 Value ($000) $1,473 Avg Close $89.84 Range $80.91 - $96.62

Q1 2018

Shares 18,010 Value ($000) $1,910 Avg Close $82.70 Range $74.57 - $88.23

Q4 2017

Shares 17,680 Value ($000) $1,673 Avg Close $75.74 Range $72.28 - $81.18

Q3 2017

Shares 17,680 Value ($000) $1,678 Avg Close $70.69 Range $63.69 - $77.00

Q2 2017

Shares 21,970 Value ($000) $2,063 Avg Close $71.70 Range $66.32 - $77.39

Q1 2017

Shares 25,970 Value ($000) $2,311 Avg Close $69.53 Range $63.64 - $74.92

Q4 2016

Shares 25,180 Value ($000) $2,222 Avg Close $61.60 Range $53.50 - $68.59

Q3 2016

Shares 24,490 Value ($000) $1,762 Avg Close $52.78 Range $44.85 - $56.52

Q2 2016

Shares 24,150 Value ($000) $1,539 Avg Close $46.66 Range $38.78 - $51.48

Q1 2016

Shares 18,180 Value ($000) $1,002 Avg Close $38.79 Range $31.63 - $44.93

Q4 2015

Shares 17,810 Value ($000) $1,069 Avg Close $49.23 Range $44.21 - $54.77

Q3 2015

Shares 17,590 Value ($000) $1,118 Avg Close $50.16 Range $43.56 - $58.34

Q2 2015

Shares 17,290 Value ($000) $1,359 Avg Close $53.97 Range $49.18 - $58.88

Q1 2015

Shares 16,600 Value ($000) $1,147 Avg Close $48.75 Range $44.02 - $51.97

Q4 2014

Shares 17,780 Value ($000) $1,256 Avg Close $54.33 Range $48.79 - $58.92

Q3 2014

Shares 15,000 Value ($000) $1,148 Avg Close $56.16 Range $53.78 - $58.73

Q2 2014

Shares 14,600 Value ($000) $1,160 Avg Close $54.77 Range $51.32 - $57.00

Q1 2014

Shares 14,600 Value ($000) $1,132 Avg Close $52.77 Range $49.21 - $56.00

Q4 2013

Shares 14,400 Value ($000) $1,072 Avg Close $50.20 Range $48.35 - $52.59

Q3 2013

Shares 9,900 Value ($000) $698 Avg Close $49.56 Range $46.51 - $53.04

Period	Shares	Value ($000)	Average Close	Price Range
Q1 2020	10,680	$596	$68.15	$40.09 - $81.89
Q4 2019	10,580	$1,035	$77.10	$67.80 - $82.90
Q3 2019	10,460	$926	$72.94	$65.52 - $82.69
Q2 2019	11,650	$1,091	$79.79	$73.85 - $85.12
Q1 2019	11,660	$1,132	$80.50	$69.90 - $85.96
Q4 2018	15,360	$1,351	$78.37	$66.24 - $87.16
Q2 2018	13,610	$1,473	$89.84	$80.91 - $96.62
Q1 2018	18,010	$1,910	$82.70	$74.57 - $88.23
Q4 2017	17,680	$1,673	$75.74	$72.28 - $81.18
Q3 2017	17,680	$1,678	$70.69	$63.69 - $77.00
Q2 2017	21,970	$2,063	$71.70	$66.32 - $77.39
Q1 2017	25,970	$2,311	$69.53	$63.64 - $74.92
Q4 2016	25,180	$2,222	$61.60	$53.50 - $68.59
Q3 2016	24,490	$1,762	$52.78	$44.85 - $56.52
Q2 2016	24,150	$1,539	$46.66	$38.78 - $51.48
Q1 2016	18,180	$1,002	$38.79	$31.63 - $44.93
Q4 2015	17,810	$1,069	$49.23	$44.21 - $54.77
Q3 2015	17,590	$1,118	$50.16	$43.56 - $58.34
Q2 2015	17,290	$1,359	$53.97	$49.18 - $58.88
Q1 2015	16,600	$1,147	$48.75	$44.02 - $51.97
Q4 2014	17,780	$1,256	$54.33	$48.79 - $58.92
Q3 2014	15,000	$1,148	$56.16	$53.78 - $58.73
Q2 2014	14,600	$1,160	$54.77	$51.32 - $57.00
Q1 2014	14,600	$1,132	$52.77	$49.21 - $56.00
Q4 2013	14,400	$1,072	$50.20	$48.35 - $52.59
Q3 2013	9,900	$698	$49.56	$46.51 - $53.04