ANNUAL REPORT 2004 The Board of Directors of Cullen/Frost Bankers, Inc. and The Frost National Bank R. Denny Alexander  Owner, R. Denny Alexander & Company Carlos Alvarez  Chairman, President and CEO, The Gambrinus Company Isaac Arnold, Jr.  Oil, Real Estate, Investments Royce S. Caldwell  Retired, SBC Communications Inc. Harry H. Cullen  Oil, Real Estate, Investments  Eugene H. Dawson, Sr. 3 Chairman of the Board, Pape-Dawson Consulting Engineers, Inc. Ruben M. Escobedo Certified Public Accountant Dick Evans 4 Chairman and CEO, Cullen/Frost Bankers, Inc. Pat Frost  President, Frost National Bank Tom Frost  Senior Chairman, Cullen/Frost Bankers, Inc. Joe R. Fulton 2 Chairman,  Fulton Construction Corporation Preston M. Geren III  Special Assistant to the Secretary of Defense; Attorney and Businessman; Former U.S. Congressman, 12th District of Texas Mr. James L. Hayne 1 Chairman, Catto & Catto Insurance Karen E. Jennings Senior Executive Vice President, Human Resources and Communications, SBC Communications Inc. Richard M. Kleberg, III  Investments  Robert S. McClane  President, McClane Partners, LLC Ida Clement Steen  Investments Horace Wilkins, Jr.  Retired, SBC Communications Inc. Mary Beth Williamson 5,6 Education (Consultant) Senior Officers Tom Frost Senior Chairman Dick Evans Chairman and  Chief Executive Officer Dave Beck President, Chief Business Banking Officer Bobby Berman Group Executive Vice President E-Commerce Operations, Data Warehouse, Research and Strategy Paul Bracher President, State Regions Pat Frost President, Frost National Bank Phillip D. Green Group Executive Vice President  and Chief Financial Officer Richard Kardys Group Executive Vice President, Financial Management Group Stan McCormick Executive Vice President, Corporate Counsel and  Corporate Secretary Paul Olivier Group Executive Vice President and Chief Consumer Banking Officer Bill Perotti Group Executive Vice President  and Chief Credit Officer Emily Skillman Group Executive Vice President, Human Resources PAGE 5 1. Chair, Directors Loan/CRA Committee — 2. Chair, Trust Committee — 3. Chair, Audit Committee — 4. Chair, Strategic Planning Committee 5. Chair, Compensation & Benefits Committee — 6. Chair, Corporate Governance & Nominating Committee