COMMERCE BANCSHARES INC /MO/ — Director's Dealing 2006

Feb 21, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMMERCE BANCSHARES INC /MO/ (CBSH)
CIK: 0000022356
Period of Report: 2006-02-17

Reporting Person: BARTH KEVIN G (Senior Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-02-17	Common Stock	A	972	—	Acquired	20719	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-02-17	Stock Appreciation Rights	$51.95	A	15000	Acquired	2016-02-17	Common Stock (15000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	10301	Indirect
Common Stock	5879	Indirect

Footnotes

F1: Restricted stock award.

F2: The stock appreciation right vests in four equal annual installments beginning on February 17, 2007.