COMMERCE BANCSHARES INC /MO/ — Director's Dealing 2016

May 26, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMMERCE BANCSHARES INC /MO/ (CBSH)
CIK: 0000022356
Period of Report: 2016-05-24

Reporting Person: PETRIE MICHAEL J (Senior Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-05-24	Common Stock	M	2487	$33.707	Acquired	18127	Direct
2016-05-24	Common Stock	F	259	$48.47	Disposed	17868	Direct
2016-05-24	Common Stock	D	1730	$48.47	Disposed	16138	Direct
2016-05-25	Common Stock	S	498	$48.54	Disposed	15640	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-05-24	Stock Appreciation Rights	$33.707	M	2487	Disposed	2023-04-17	Common Stock (2487)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	23658	Indirect