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: KEMPER JONATHAN M (Director, Vice Chairman)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-02-02	Common Stock	A	1391	—	Acquired	1004342	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-02-02	Stock Appreciation Rights	$49.66	A	36000	Acquired	2017-02-02	Common Stock (36000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	19861	Indirect
Common Stock	20981	Indirect
Common Stock	26064	Indirect
Common Stock	44610	Indirect
Common Stock	123972	Indirect
Common Stock	43985	Indirect
Common Stock	221420	Indirect
Common Stock	20961	Indirect
Common Stock	158244	Indirect

Footnotes

F1: Restricted stock award.

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