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

May 12, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMMERCE BANCSHARES INC /MO/ (CBSH)
CIK: 0000022356
Period of Report: 2016-05-11

Reporting Person: RAUSCHER ROBERT (Senior Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-05-11	Common Stock	M	10854	$32.0112	Acquired	47615	Direct
2016-05-11	Common Stock	F	1214	$47.48	Disposed	46401	Direct
2016-05-11	Common Stock	D	7318	$47.48	Disposed	39083	Direct
2016-05-12	Common Stock	S	2322	$47.48	Disposed	36761	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-05-11	Stock Appreciation Rights	$32.0112	M	10854	Disposed	2017-02-02	Common Stock (10854)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	9046	Indirect

Footnotes

F1: All stock holdings were adjusted to include a 5% stock dividend (record date 11/27/15, payable 12/14/15).

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