COMMERCE BANCSHARES, INC. ANNUAL SHAREHOLDERS MEETING April 18, 2018

David Kemper Chairman 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 2017 Report on Form 10-K and the Corporation’s Current Reports on Form 8-K.

2 2 ABOUT COMMERCE $24.8 153 BILLION IN YEARS IN BUSINESS BANCSHARES ASSETS 46TH $20.4 6 LARGEST U.S. BANK BASED ON ASSET SIZE1 BILLION IN TOTAL DEPOSITS 4 9 5 5 1 2 4 1 6 3 2 $14.0 8 7 $6.0 BILLION IN TOTAL LOANS 3 BILLION MARKET CAPITALIZATION 34TH $7.9 LARGEST U.S. BANK BILLION IN COMMERCIAL BASED ON MARKET 1 CARD VOLUME 176 branches and 376 ATMs in our footprint CAPITALIZATION Extended Commercial Market Area Commercial Payments Services offered in 48 states 12.46% Nine key markets RETURN ON AVERAGE  St. Louis  Central  Tulsa $48.7 ❖ City  Central City BILLION IN COMMON EQUITY  Springfield  Wichita  Denver TRUST ASSETS TH Commercial offices TH 5    20 Cincinnati Dallas Indianapolis LARGEST AMONG U.S. BANK- ROACE FOR THE TOP 50 ❖ Nashville  Des Moines  Grand Rapids OWNED TRUST COMPANIES U.S. BANKS BASED ON BASED ON AUM1 1 Source: 1S&P Global Market Intelligence as of 12/31/2017; Company reports and filings as of 12/31/2017 ASSET SIZE 33 SUPER-COMMUNITY BANK PLATFORM A consistent strategy with a long term view

Community Bank Customer relationship-based Super-Regional Bank • Quickly adapt to CHALLENGE ACCEPTED • Sophisticated customer needs High performing teams and payment system and changing engaged workforce capabilities preferences • Broad consumer • Core values Investment in distinctive, high- product offerings return businesses embraced by • Private Banking; employees Long history of top quartile credit Trust; Capital Markets • Award winning quality metrics • Shareholder driven customer service and strong financial • Focus on the full Disciplined approach to acquisitions performance client relationship • Competitive on unit Focus on operational efficiencies costs

4 4 A STRONG EMPHASIS ON CULTURE 1 Giving 2017 Employee Engagement to our VALUES 78% • Engaged, long-term 75% 74% We have a leadership team long term We • Focus on people and talent iew collaborate development Commerce U.S. High U.S. Financial as ne • Knowledge of customers Performance Norm Services Norm We act with team and markets • Contributed $32 million to Commerce ntegrity • Collaboration drives sales Bancshares Foundation to enable We are across business lines expanded community support ustomer • • We strive focused Focus on EPS growth Rated “outstanding” from the Federal Reserve for community reinvestment for • Investing in the xcellence communities in which we • Employees heavily engaged in the operate communities we serve

ENABLES EXECUTION OF CORPORATE STRATEGIES

1The Korn Ferry Hay Group – 2017 survey results 5 RECENT RECOGNITION

Commerce Bank was recognized with eight Greenwich Excellence Awards in the following categories:

Middle Market Banking ($10-500MM) Cash Management - Overall Satisfaction Cash Management - Overall Satisfaction - Midwest Likelihood to Recommend / Net Promoter Score Likelihood to Recommend / Net Promoter Score - Midwest Overall Satisfaction Overall Satisfaction - Midwest The 2017 Private Asset Management Proactively Provides Advice – Midwest Awards recognize and reward top investment professionals, wealth Small Business Banking ($1-10MM) advisors, legal firms, consultants and Likelihood to Recommend / Net Promoter Score - Midwest other key service providers operating within the private asset management industry.

Ranked 62 out of The award publicly 300 midsize recognizes Korn Ferry employers clients that have (companies with achieved best-in-class 1,000 to 5,000 levels of engagement. employees). Commerce is one of only Commerce ranks three companies in the #2 among other to receive banks on the list. this global award.

6 6 ECONOMIC THEMES We expect growth to accelerate even further in 2018. It would not surprise us if growth approaches or even surpasses 3% this year. The key drivers to this growth are: • Increasing levels of employment • Growth in business and consumer confidence that is translating to increasing retail sales and a deepening of the capital stock with investment in infrastructure and capital equipment • A continued recovery in the housing market • A positive tailwind from the global economy • Record stock prices • A boost from the Trump tax plan U.S. Real GDP Employment

9.0% 600 3% 8.0% 7.0% 400 2% 6.0% 1% 5.0% 200 4.0% 0% 0 3.0% -1% 2.0% -200 -2% 1.0% -3% 0.0% -400 -1.0% -4% -2.0% 10-year Average -600 -5% -3.0% "Sustainable" Trend Growth 3 Month Change (right axis) -4.0% -800 Y-O-Y (left axis) Monthly Increase (left axis) -6% -5.0% 1973 1977 1981 1985 1989 1993 1997 2001 2005 2009 2013 2017 -1,000 -7% 2000 2002 2004 2006 2008 2010 2012 2014 2016

Source: Commerce Trust Company, U.S. Bureau of Economic Analysis, Bloomberg 7 THEMES IN THE BANKING INDUSTRY • The traditional brick and mortar retail branch network remains relevant but with evolution of format and emphasis on strategic location • Tech enhancements to the digital experience will continue to meet the customers changing needs; organic growth as a result • Maintaining a balance between deposit retention and rate adjustments • Fraud and cyber crimes continue to be a big threat driving big investments to improve security • Fintechs are no longer viewed strictly as a competitive threat but also as potential partnership opportunities • Increased investments in innovation and an ongoing emphasis on reducing operating costs • Introduction of new technologies, automated processes and the need to replace aging core systems • Regulation is still a strong influence in the industry but pace of new regulation is slowing; leadership changes at government agencies will

continue to play a role 8 MAINTAINING THE BALANCE STRONG PERFORMANCE with Disciplined focus on PRIORITY ongoing refinement of the “Core BLUE CHIP investments Bank” • Super-Community Bank platform • Funding Future Growth • Relationship-based banking • Expansion Market Growth • High-touch customer service • Transform the Retail Model • Full suite of product and service • offerings Enhance Private Client Model • • Disciplined attention to risk return Health Services Financing • Divest in businesses & activities • Claims Payments that no longer provide • acceptable returns Commerce Bank Mortgage • • A highly engaged workforce Enterprise CRM • Focus on profitability and • Succession Planning shareholder return

…emphasis on culture, collaboration & core values 9 CONSUMER BANKING 2009 $113.5 MILLION $10.3 $2.5 $1.0 BILLION BILLION BILLION MILLION$15 Consumer Consumer Consumer Branch Deposits Loans Auto Loans Expense 2016 2016 Average Reduction $10.2 $2.5 FICO since 2009 BILLION BILLION 750

Banking Channel Preferences Continue Expanding Digital Capabilities Monthly Banking Sessions (in thousands) Mobile Online Branch Mobile Mobile 7,000 Penetration Deposit Use 6,000 2016: 2017: 2016: 2017: 5,000 49.4% 54.7% 3.3% 7.6% 4,000 3,000 App Store as of Digital Loan 2,000 Rating 1/17/18 Sales(000s) 1,000 2016: 2017: 2016: 2017: 0 $19,157 $25,500 2015 2016 2017 10 Period end balances, Information as of December 31, 2017 10 For high net worth individuals who are looking to simplify their complex financial life, The Commerce Trust Company provides a full-service approach to wealth management.

TH  $48.7 Largest20 Among BILLION $30.0BILLION Record13% Asset Bank-Owned Assets Under Total Client 2 Management Trust Company Management Assets1 Sales

Total Client Assets Assets Under Management Asset Management Sales $ in billions $48.7 $ in billions Growth 13% $43.1 $38.4

$30.0 7% $25.4 6% $22.6

2015 2016 2017 2015 2016 2017 2015 2016 2017 Period end balances, Information as of December 31, 2017 1Assets under Administration 11 2S&P Global Market Intelligence ranking as of 12/31/2017, based on assets under management 11 COMMERCIAL BANKING Revenue growth opportunities $7.9 $523 $8.9BILLION BILLION MILLION Commercial Commercial Commercial Deposits 5 Yr. Revenue 5 Yr. Loans 5 Yr. CAGR CAGR CAGR +9.3% +3.0% +2.1% Commercial Loans Commercial Deposits Commercial Revenue $ in billions $ in billions $ in millions $523.0 $8.9 $511.0 $8.4 $8.5 $491.0 $8.1 $7.9 $7.5

2015 2016 2017 2015 2016 2017 2015 2016 2017

Period end balances, Information as of December 31, 2017 12 COMMERCIAL BANKING – EXPANSION MARKETS OFFERING GROWTH OPPORTUNITIES Nashville Cincinnati Oklahoma Denver Dallas Expansion Market Loan Growth Expansion $s in millions Market Loan $2,000 $1,793 $1,542 Growth $1,500 $1,338 $962 $1,091 $1,000 $608 195% $500 since 2012 $0 2012 2013 2014 2015 2016 2017

Personnel Overview for Expansion Markets Loan Growth 2017 vs 2016 #of commercial bankers per market* (includes open positions) 16.2% 2012 2017

21 4.3% 14 14 15 8 8 8 8 3 3 Total Company Expansion Markets Cincinnati Denver Oklahoma Nashville Dallas * As of August 2017 13 Period end balances, Information as of December 31, 2017 13 COMMERCIAL PAYMENTS $194 $7.9 MILLION BILLION $145MILLION MILLION$42 Payments Commercial Health Services Treasury Revenue Card Volume Financing Services Loans Revenue

EMBRACING INNOVATION IN Invoice Capture and THE PAYMENTS Payments Hub Supply Chain Finance Workflow Approval SYSTEMS Our full suite of $ products and services brings real value to client relationships Remit Connect Health Services Financing Claims Payments

14 Period end balances, Information as of December 31, 2017 14 FEE INCOME AT 40% OF TOTAL REVENUE Balanced mix of interest and non-interest income

Non-Interest Income $ millions $487 $474 Net Interest Income 8% $437 $448 $419 $400 13% Wealth Management Deposit Service Charges 1% 7% Commerce Fees And Commissions Bank* 60% Card Income 2012 2013 2014 2015 2016 2017 11% Other Continued focus on growing fee income through 10% new and existing product and services offerings 3% 3% Examples: 6% • Toggle™ • 5% Peer Remitconnect™ Banks* • Supply chain finance • Insurance claims payment processing 73% • Accounts Payable automation • Swaps

Peer Banks include: ASB, BKU, BOKF, CFR, FHN, FNB, FULT, HBHC, IBKC, ISBC, MBFI, PB, SNV, TCF, UMBF, UMPQ, VLY, WBS, WTFC *Source: S&P Global Market Intelligence & FIS as of 12/31/2017 15 WHERE DO WE RANK AGAINST PEERS? (YTD RESULTS – DECEMBER 2017) CBSH CBSH 1Q18 ROA: 1Q18 ROACE: ROA – 4Q2017 1.66% ROACE – 4Q2017 15.58% BankUnited 2.13% BankUnited 23.36% MB Financial 1.55% Commerce 12.46% Commerce 1.28% UMB 11.88% TCF 1.26% Cullen/Frost 11.48% Prosperity 1.22% MB Financial 11.41% Cullen/Frost 1.17% TCF 10.69% BOK 1.02% BOK 9.81% Umpqua 0.98% Webster Fin 9.76% Wintrust 0.98% Synovus 9.27% Webster Fin 0.97% Wintrust 9.07% UMB 0.90% Fulton 7.83% Synovus 0.89% Hancock 7.68% Fulton 0.88% Prosperity 7.26% Hancock 0.82% Associated 7.23% Associated 0.78% Valley 6.55% Valley 0.69% Umpqua 6.20% FNB 0.68% First Horizon 6.19% First Horizon 0.59% FNB 4.89% IBERIABANK 0.58% IBERIABANK 4.06% Investors 0.52% Investors 4.00%

Source: S&P Global Market Intelligence 16 2017 YEAR END EARNINGS Actual $ in millions 2016A 2017A % Incr. ROA 2016: 1.12% Net interest income $ 680 $ 734 8% 2017: 1.28% Non-interest income 446 461 3% Total revenue 1,127 1,195 6% ROACE 2016: 11.33% Securities gains/(losses) (0) 25 NM 2017: 12.46% Non-interest expense (689) (744) 8% Provision for loan losses (36) (45) 25% Efficiency Ratio Pretax income 401 431 7% 2016: 61.04% 2017: 62.18% Income taxes (124) (111) -11% Net income 277 320 16% Cash Dividends Non-controlling int. exp. (1) (1) NM 2016: $0.816 Net inc attrib. to Commerce 275 319 16% 2017: $0.857 Less preferred stock div. (9) (9) 0% Ending Stock Price Net inc avail. to common 266 310 17% 2016: $55.06 stock 2017: $55.84 Diluted EPS $ 2.49 $ 2.89 16%

17 FINANCIAL HIGHLIGHTS QTD MARCH 31, 2018

$ millions (except EPS) 1Q2017 1Q2018 % change Net Income attrib to Commerce $72 $101 40.3%

Return on Average Assets 1.15% 1.66% 44.3%

Return on Average Common Equity 11.74% 15.58% 32.7%

Efficiency Ratio 62.19% 58.21% -6.4%

Average Loans $13,537 $13,929 2.9%

Average Deposits $21,023 $20,161 -4.1%

Diluted EPS* $0.65 $0.92 41.5%

*Per shares figures have been restated for 5% stock dividend distributed in December 2017 18 COMMERCE BANK MAINTAINS SOLID PERFORMANCE OVER TIME Commerce Bank Peer Banks Large Banks ROA 10-yr average Return on Assets CBSH: 1.18% Peers: 0.63% 1.5%

1.0%

0.5%

0.0%

-0.5% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

ROACE 10-yr average Return on Average Common Equity CBSH: 11.57% Peers: 5.53% 15.0%

10.0%

5.0%

0.0%

-5.0% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Peer Banks include: ASB, BKU, BOKF, CFR, FHN, FNB, FULT, HBHC, IBKC, ISBC, MBFI, PB, SNV, TCF, UMBF, UMPQ, VLY, WBS, WTFC; Large Banks include: JPM, BAC, C, WFC USB, PNC, FITH, RF Source: S&P Global Market Intelligence; data as of 12/31/2017; CBI numbers via internal reporting 19 LONG TERM VIEW: NET INCOME AND EARNINGS PER SHARE Earnings Per Share Net Income $350 $3.00

300 $2.50 250

200 $2.00

$ 000s $ 150 $1.50

Net Income Net 100 Earnings per Share per Earnings 50 $1.00 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Dividends $0.61 $0.62 $0.64 $0.65 $0.69* $0.71 $0.74 $0.78 $0.82 $0.86 per share EPS REMAINS STRONG 49TH CONSECUTIVE YEAR OF DIVIDEND GROWTH *Including 2012 special dividend = $1.806 All data has been restated for 5% stock dividend distributed in December 2017 Net Income in the chart represents Net Income Available to Common Shareholders Source: Corporate Finance 20 STEADY SHAREHOLDER RETURNS as of December 31, 2017 Annualized Comparison Total Shareholder Returns Total Shareholder Returns Indexed, 12/31/2007 = $100 Percent $300 25% CBSH NASDAQ Banks COMMERCE KBW BANK 20% S&P 500 KBW Bank Index $250 BANK INDEX NASDAQ S&P 15% $200 BANK INDEX 10%

$150 5%

$100 0% 1 Year 3 Year 5 Year 10 Year $50 3.03% 16.19% 17.43% 10.06% 21.82% 11.39% 15.77% 8.49% $0 5.46% 16.53% 18.66% 6.48% 2007 2009 2011 2013 2015 2017 18.59% 15.24% 18.18% 4.13% Consistent, positive returns to shareholders Significant outperformance relative to banks over long period

Source: Corporate Finance, Bloomberg; data as of 12/31/2017 21 NOTICE: Due to technical difficulties, the recorded audio file for the Annual Shareholder meeting is of low quality. However, if you are interested in listening to the recorded message, you can access the recording by clicking on the link provided below.

2018 Shareholder Meeting Webcast Audio