COMMERCE BANCSHARES INC /MO/ — Director's Dealing 2007

Feb 6, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMMERCE BANCSHARES INC /MO/ (CBSH)
CIK: 0000022356
Period of Report: 2007-02-02

Reporting Person: CLARK A BAYARD III (Executive Vice President, CFO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-02-02	Common Stock	A	690	—	Acquired	52727	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-02-02	Stock Appreciation Rights	$49.66	A	14000	Acquired	2017-02-02	Common Stock (14000)	Direct

Footnotes

F1: Restricted stock award.

F2: The stock appreciation rights vest in four equal annual installments beginning February 2, 2008.