COMMERCE BANCSHARES INC /MO/ — Director's Dealing 2008

Feb 5, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMMERCE BANCSHARES INC /MO/ (CBSH)
CIK: 0000022356
Period of Report: 2008-02-01

Reporting Person: RAUSCHER ROBERT (Senior Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2008-02-01	Common Stock	A	405	—	Acquired	12211	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2008-02-01	Stock Appreciation Rights	$45.46	A	8050	Acquired	2018-02-01	Common Stock (8050)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	6271	Indirect

Footnotes

F1: Stock holdings adjusted to include 5% stock dividend. Record date 11/29/2007. Payable date 12/13/2007.

F2: Restricted stock award.

F3: The stock appreciation rights vest in four equal annual installments beginning February 1, 2009.