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COMMERCE BANCSHARES, INC. ANNUAL SHAREHOLDERS’ MEETING April 15, 2020

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COMMERCE BANCSHARES, INC. ANNUAL SHAREHOLDERS’ MEETING April 15, 2020 Embracing a Growth Mindset COMMERCE BANCSHARES, INC. ANNUAL SHAREHOLDERS’ MEETING April 15, 2020 John Kemper President and Chief Executive Officer CAUTIONARY STATEMENT A number of statements we will be making in our presentation and in the accompanying slides are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements of the Corporation’s plans, goals, objectives, expectations, projections, estimates and intentions. These forward- looking statements involve significant risks and uncertainties and are subject to change based on various factors (some of which are beyond the Corporation’s control). Factors that could cause the Corporation’s actual results to differ materially from such forward- looking statements made herein or by management of the Corporation are set forth in the Corporation’s 2019 Report on Form 10-K and the Corporation’s Current Reports on Form 8-K. 2 2 TODAY’S DISCUSSION ABOUT COMMERCE BANCSHARES COMMERCE’S PREPAREDNESS AND RESPONSE TO COVID-19 ECONOMIC AND INDUSTRY THEMES OUR STRATEGIC POSITION OUR PERFORMANCE AND PEER COMPARISONS 3 COMMERCE BANCSHARES $26.1 $20.5 154 YEARS IN BUSINESS BILLION IN ASSETS BILLION IN TOTAL DEPOSITS 47TH LARGEST U.S. BANK BASED ON ASSET SIZE1 $14.8 BILLION IN TOTAL LOANS2 $7.6 BILLION IN MARKET CAPITALIZATION $9.1 TH BILLION IN COMMERCIAL 18 CARD VOLUME as of 12/31/19 LARGEST U.S. BANK BASED ON MARKET CAPITALIZATION1 14.1% FULL-SERVICE BANKING FOOTPRINT RETURN ON AVERAGE 164 full-service branches and 366 ATMs $56.7 COMMON EQUITY St. Louis ⬧ Kansas City ⬧ Springfield ⬧ Central Missouri BILLION IN TRUST as of YTD 12/31/19 Central Illinois ⬧ Wichita ⬧ Tulsa ⬧ Oklahoma City ⬧ Denver ASSETS COMMERCIAL OFFICES TH 7TH Cincinnati ⬧ Nashville ⬧ Dallas ⬧ Des Moines ⬧ Indianapolis 20 YTD ROACE FOR THE TOP ⬧ LARGEST AMONG U.S. 50 U.S. BANKS BASED ON Grand Rapids Houston BANK-MANAGED TRUST 1 1 ASSET SIZE U.S. PRESENCE COMPANIES BASED ON AUM Extended Commercial Market Area Commercial Payments Services BASELINE MOODY’S RANKS COMMERCE Offered in 48 states across the U.S. AMONG THE TOP 6 BANKS IN Source: 1S&P Global Market Intelligence, does not include asset management or specialty finance banks; company reports and CREDIT 2 3 3 filings; information as of 12/31/2019; Includes loans held for sale; Moody’s U.S. Bank Ratings, February 19, 2020, Baseline credit ASSESSMENT THE COUNTRY 4 assessment reflects a bank’s standalone credit strength. a1 SUPER-COMMUNITY BANK PLATFORM A consistent strategy with a long-term view Customer relationship-based: Community Bank Challenge Accepted.® Super-Regional Bank • • Award-winning High-performing teams Sophisticated payment customer service and engaged workforce system capabilities • Focus on the full client • Broad consumer relationship Long history of top quartile product offerings • • Core values credit quality metrics Private Banking; Trust; embraced by team Capital Markets Investment in distinctive, members • Shareholder driven and high-return businesses • Quickly adapt to strong financial customer needs performance Focus on operational • and changing efficiencies Competitive on unit preferences costs Disciplined approach to acquisitions 5 OUR STRONG CULTURE IS THE KEY A culture formed 150+ years ago to DRIVER TO OUR LONG-TERM SUCCESS be a force for At Commerce, our core values shape the way we live and work. good in our region and in We have a long We are engaged, enabled and effective. our industry V term View Commerce named Outstanding We collaborate Employer 2019 by Korn Ferry1 O as One team • Best-in class for Engagement and Enablement across 500+ companies We act with I • Commerce is one of only three companies in the U.S. Integrity to receive this global award We are C Customer focused We strive for E Excellence 1The Korn Ferry Hay Group – based on 2018 survey results 6 BEYOND FINANCIALS Supporting each other, our customers and our communities 1 2019 Engagement & Enablement nonprofit organizations supported by Consistently scoring above 500 the U.S. High Performance As a socially Commerce team members through volunteer hours and U.S. Financial Services responsible and in leadership roles by serving on boards norms for engagement, corporate citizen, OUTSTANDING enablement and we continuously effectiveness “ community $22 million seek opportunities reinvestment rating of charitable to make a from the Federal investments advised 76% 78% difference. Reserve for more than by Commerce Trust ENABLEMENT ENGAGEMENT 2 ” 20 years Company New groups launched to A culture that celebrates support diversity at Commerce inclusion and diversity Commerce offers a variety Empowering women of Internal resource groups, Focused on young mentoring programs and professionals 1,200+ members networking opportunities Nearly 600 members 100+ hours of LGBTQIA+ Multi- community service cultural 1The Korn Ferry Hay Group – 2019 survey results 2Includes investments on behalf of the Commerce Bancshares Foundation and private foundations that have engaged the bank as trustee. 7 RECENT RECOGNITION Commerce Bank was named a Top Commerce Bank was named among Mid-size Employer by Forbes for the America’s Best Banks 2020 by third consecutive year and ranked in Forbes. the top one-third among a selection Ranked in the top quartile nationally of 500 employers. and 2nd Missouri-based bank. We placed 13th among all banking Since the first list debuted, and financial services companies and Commerce has consistently ranked 7th among employers headquartered near the top among the highest- in Missouri. performing institutions. Commerce Bank was selected as one of 20 best-in-class banks in Bank Director’s 2019 RankingBanking study. We placed third overall in the Midwest and ranked first in the Midwest for Best Branch Network Strategy, Best Core Deposit Growth Strategy and Best Retail Strategy. Commerce Trust Company received Highly Commended status for Best Private Wealth Manager in client services with assets over $5 billion. PAM Awards recognize top investment professionals, wealth advisors, legal firms, consultants and other key service providers operating within the private asset management industry. 8 TODAY’S DISCUSSION ABOUT COMMERCE BANCSHARES COMMERCE’S PREPAREDNESS AND RESPONSE TO COVID-19 ECONOMIC AND INDUSTRY THEMES OUR STRATEGIC POSITION OUR PERFORMANCE AND PEER COMPARISONS 9 COMMERCE’S PREPAREDNESS AND RESPONSE TO COVID-19 Taking care of our customers and team members is our top priority. • Activated our Pandemic Preparedness and Response Plan and COVID-19 Task Force. • Validated Business Continuity Plans for all teams, including successful use of remote access. • Built-in resiliency with campuses in both St Louis and Kansas City, as well as our business resumption site. • Proactively communicating with customers across our business lines to reassure them of our resiliency and to offer our guidance for any financial challenges they may encounter. • Contacting key suppliers to verify their continuity plans and confirm their ability to maintain service levels. • Participating in multiple industry resource groups specific to this topic in order to share best practices. 10 KEY ACTIONS TAKEN IN RESPONSE TO COVID-19 We continue to monitor the outbreak & implement updates as the situation evolves. 2018-January 2020 February 2020 Early March 2020 Mid-late March 2020 April 2020 ✓ Enhanced cleaning protocols ✓ March 17: Closed branch ✓ Rolled-out SBA Loan ✓ ✓ Activated Plan Appointed and ordered additional lobbies; drive-thru only program Pandemic Planning and COVID-19 cleaning/safety supplies Task Force ✓ Began daily internal ✓ Implemented premium Committee & ✓ Verified critical suppliers communications and pay for hourly team ✓ published plan First all-team ✓ Expanded remote worker regular CEO video members who cannot communication capabilities, including messages work remotely ✓ Conducted ✓ Established Customer Care Center ✓ Restricted all business ✓ Upgraded IT systems, Pandemic social media ✓ March 10: Restricted travel travel; all meetings processes & equipment Response Tabletop monitoring ✓ Began daily executive virtual or by phone for an improved Exercises management briefings ✓ Launched Consumer & remote-working experience ✓ Business relief programs ✓ Jan: Began Launched COVID-19 page ✓ ✓ Ongoing monitoring the on CB.com and internal Implemented 100% of resource site distributed workforce communication with COVID-19 outbreak our team and ✓ Enhanced social distancing plans and began customers policies ✓ Reduced operating preparedness ✓ Continue to monitor ✓ March 13: limited all internal hours in select branches; discussions alternating schedule for legislative changes & gatherings to <20; restricted stay-home orders access to buildings; branch staff activated recovery sites 1111 DISPERSION OF KEY OPERATING FUNCTIONS Safeguarding our operational resiliency scheduleA/B Implemented March 23 Alternating Escalated branch teams on-site 100% workforce of distributed distribution to all workforce team members 82% Team members plans working from 93% home* IT staff working >800 from home first-time remote access users 80% Customer Care agents working remotely Data as of April 9, 2020 *Working from home or alternate sites; excludes branch employees who cannot work from home 12 HELPING OUR TEAM FOCUS ON WHAT MATTERS MOST For our Team Members and their Families For our Team Members in their Workplaces • Providing Premium Pay for hourly team • Limited access to the interior of our members working on-site branches to minimize
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