Cullen/Frost Bankers, Inc. announced the demise of Carlos Alvarez on April 9, 2024. Mr. Alvarez, the founder of The Gambrinus Company and a highly respected San Antonio philanthropist, had served on Board of Directors (the ?Board?) since 2001. In light of his death, Mr. Alvarez, whose term as a director was scheduled to expire at the Annual Meeting and who is listed as a nominee for their Board in the Proxy Statement, is no longer a nominee.

The Board has determined not to appoint a successor nominee for election at the Annual Meeting. In addition, the Board has reduced the number of directors on the Board to thirteen members.