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

Jan 29, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMMERCE BANCSHARES INC /MO/ (CBSH)
CIK: 0000022356
Period of Report: 2008-01-28

Reporting Person: KEMPER JONATHAN M (Director, Vice Chairman)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2008-01-28	Common Stock	M	3414	$27.5238	Acquired	1079455	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2008-01-28	Stock Option (right to buy)	$27.5238	M	3414	Disposed	2008-02-05	Common Stock (3414)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	21389	Indirect
Common Stock	22030	Indirect
Common Stock	27367	Indirect
Common Stock	48861	Indirect
Common Stock	130170	Indirect
Common Stock	46184	Indirect
Common Stock	223564	Indirect
Common Stock	22009	Indirect
Common Stock	166156	Indirect