COMMERCE BANCSHARES INC /MO/ — Director's Dealing 2011

May 4, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMMERCE BANCSHARES INC /MO/ (CBSH)
CIK: 0000022356
Period of Report: 2011-05-03

Reporting Person: FOSTER SARA E (Senior Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-05-03	Common Stock	M	13957	$27.3313	Acquired	31768	Direct
2011-05-03	Common Stock	S	2157	$42.90	Disposed	29611	Direct
2011-05-03	Common Stock	S	11800	$43.0058	Disposed	17811	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-05-03	Non-qualified Stock Option (Right to Buy)	$27.3313	M	13957	Disposed	2012-03-07	Common Stock (13957)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	10433	Indirect