innovating for the future

COMMERCE BANCSHARES, INC. INVESTOR UPDATE 4th Quarter 2019 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 2018 Annual Report on Form 10-K, 3RD Quarter 2019 Report on Form 10- Q and the Corporation’s Current Reports on Form 8-K.

2 2 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 LOANS3 $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 as of YTD 12/31/19 Central Illinois ⬧ Wichita ⬧ Tulsa ⬧ Oklahoma City ⬧ Denver TRUST ASSETS COMMERCIAL OFFICES TH 7TH ⬧ ⬧ ⬧ ⬧ 18 Cincinnati Nashville Dallas Des Moines Indianapolis LARGEST AMONG U.S. YTD ROACE FOR THE TOP Grand Rapids ⬧ Houston 50 U.S. BANKS BASED ON BANK-MANAGED TRUST 1 2 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. Source: 1S&P Global Market Intelligence, does not include asset management or specialty finance banks; company reports and CREDIT AMONG THE TOP 6 BANKS IN 2 3 4 4 filings; information as of 12/31/2019; S&P Global Market Intelligence as of 9/30/2019; Includes loans held for sale; Moody’s U.S. ASSESSMENT THE COUNTRY 3 Bank Ratings, November 8, 2019, Baseline credit 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 credit quality metrics • • Core values Private Banking; Trust; Capital Markets embraced by team Investment in distinctive, members • Shareholder driven and high-return businesses • strong financial Quickly adapt to performance customer needs Focus on operational • and changing efficiencies Competitive on unit preferences costs Disciplined approach to acquisitions

4 OUR STRONG CULTURE IS THE KEY DRIVER TO

OUR LONG-TERM SUCCESS A culture At Commerce, our core values shape the way we live and work. formed 150+ years ago to • We have a long We make decisions today that will be a force for V sustain us well into the future. good in our term View region and • We see diversity and inclusion as an our industry We collaborate O imperative and seize opportunities to as One team build teams that reflect all sides of We act with an issue. I Integrity • We value integrity, we recognize our first duty is to conduct business in We are C Customer ways that merit trust and confidence, focused and that adhere to the highest standards of governance and ethics. We strive for E • We value relationships, our Excellence customers are our primary focus.

5 BEYOND FINANCIALS Supporting each other, our customers and our communities 1 2019 Engagement & Enablement 500 nonprofit organizations supported by Consistently Commerce team members through volunteer hours As a socially scoring above and in leadership roles by serving on boards the U.S. High 78% responsible ENGAGEMENT Performance corporate citizen, norms and the OUTSTANDING $22 million U.S. Financial “we continuously community Services norms seek opportunities of charitable reinvestment rating for engagement, 76% to make a investments advised enablement and from the Federal by Commerce Trust effectiveness ENABLEMENT difference. Reserve for more than Company2 20 years.

A culture that celebrates ” inclusion and diversity New groups launched to support diversity at Commerce Commerce offers a variety of Internal resource groups, Focused on young Empowering women professionals mentoring programs and 1,200 members Nearly 600 members networking opportunities 100+ hours of LGBTQIA+ Multi-cultural community service 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. 6 RECENT RECOGNITION Commerce Bank was named The award publicly among America’s Best Banks 2019 recognizes by Forbes. We were a top-ranked employers that Missouri-based bank and ranked have achieved 17th in the nation overall. Since the best-in-class first list debuted, Commerce has levels of consistently ranked near the top engagement and enablement. Commerce ranks among an elite among the highest-performing class of 37 companies to have earned the distinction in both metrics. institutions.

Commerce Bank was named a Top Commerce Bank was selected as Midsize Employer by Forbes for the third one of 20 best-in-class banks in consecutive year and ranked in the top Bank Director’s 2019 RankingBanking one-third among a selection of 500 study. We placed third overall in the employers. We placed 13th among all Midwest and ranked first in the banking and financial services Midwest for Best Branch Network companies and 7th among employers Strategy, Best Core Deposit Growth headquartered in Missouri. Strategy and Best Retail Strategy.

Commerce Trust Company received Highly Commended Commerce Bank was named among status for Best Private Wealth Forbes’ first-ever ranking of Best Manager in client services with Employers for Women. Commerce assets over $5 billion. PAM was in the Top 10 for Banking and Awards recognize top investment Financial Services companies and professionals, wealth advisors, among the Top 5 employers legal firms, consultants and other headquartered in Missouri. key service providers operating within the private asset management industry. 7 FINANCIAL PERFORMANCE IN 2019 ROA ROE Fee Dividend  income  growth 16% 5% 1.67% 14.1% growth

Net loan Net Growth in charge- interest 3.36% loans 4% .35% period end offs to margin loans

Long-term performance remains strong 15-year TOTAL ANNUALIZED SHAREHOLDER RETURN @ 9.6% Vs KBW Bank Index of 3.1% 8 FINANCIAL PERFORMANCE VS. PRIOR YEAR Net Income Attributable to Earnings per Common Return on Total Assets CBI ($ in Millions) Share $434 $3.60 $3.58 $421 1.76% 1.67% $319 $2.62 1.28%

YE 2017 YE 2018 YE 2019 YE 2017 YE 2018 YE 2019 YE 2017 YE 2018 YE 2019

Return on Average Common Period End Loans Period End Deposits Equity ($ in Billions) ($ in Billions) 16.2% $20,425 $20,324 $20,520 14.1% 12.5% $14,005 $14,161 $14,752

YE 2017 YE 2018 YE 2019 YE 2017 YE 2018 YE 2019 YE 2017 YE 2018 YE 2019

9 DRIVERS OF 4TH QUARTER 2019 EARNINGS Core NIM decreased 7 bps to 3.33% from 3.40% in Q3 2019, due to lower loan balances and yields on business real estate, Net Interest construction and consumer credit card loans combined with lower Margin yields on business loans. Higher volume in personal real estate and business loans partially offset the decrease. Deposit costs decreased 6 bps from the previous quarter.

7.8% fee income growth vs the same quarter in the prior year, Fee Income driven by the sale of our corporate trust business, growth in trust fees, deposit account fees, and interest rate swap fees, partly offset by lower net bank card fees.

Non-Interest Expense was up 3.5% vs the same period last year, driven by increases in salaries and benefits, and data processing and Expense software costs, partly offset by lower marketing expenses.

The overall credit environment remains favorable as annualized net Credit loan charge-offs remain low at .42% of total loans.

10 NET INTEREST INCOME: December 31, 2019 Quarterly Net Interest Income ⦁ Net interest income (tax equivalent) declined $220 (Tax Equivalent) 4.0% slightly from the prior quarter. – ⦁ $210 3.8% The YTD decline was mostly due to lower interest Net Net Yield on the investment securities portfolio, while $200 3.6% higher loan interest was mostly offset by $190 increased funding costs. 3.4%

$180 ⦁ Excluding the impact of inflation income, the net $ in millions in $ $170 3.2% yield on interest earning assets declined 7 basis points from the previous quarter. Net interest income income interest Net $160 3.0% 4Q18 1Q19 2Q19 3Q19 4Q19 TIPs Interest - $ in 000s 2019 Net int inc 2018 Net int inc $8,000 258 Net Yield Adjusted Net Yield* 256 *Adjusted to exclude TIPs inflation income and non-recurring CFB dividends $6,000 254 in 4Q18 252

$4,000 250 CPI

248 - Tax equivalent - YTD 2018 2019 Change U $2,000 246

244 Interest income Interest Rates earned - assets 3.81% 3.91% 0.10% $0 242 240

Rates paid - liabilities 0.44% 0.67% 0.23% -$2,000 238

1Q17

1Q18

1Q19

2Q17 3Q17

4Q17

2Q18 3Q18

2Q19 3Q19 4Q18 Net yield - earning assets 3.53% 3.48% (0.05)% 4Q19 Normal int. Inflation inc. CPI-U 1111 NIM PROTECTION Hedge against lower interest rates by purchasing interest rate floor contracts and extending duration

Floor Impact on Loan Yields Extending Duration Assumes Loans at LIBOR +200bps 8% In addition to the interest rate Unhedged Illustrative floors, Commerce has been 2.5% Floor (effective 6/1/2020) extending fixed-rate bond maturities. Duration has been 6% 2.25% Floor (effective 1/1/2020) mostly maintained despite: 2% Floor (effective 12/15/2020)

* — A large decline in rates

Yield Current 1ML: 1.65% 4% increasing prepayment

speeds Loan

Entered into three interest rate floors with a combined — Strategic move out of 2% notional value of $1.5 billion, to hedge the risk of municipals (typically our declining interest rates on floating rate commercial longest securities) loans indexed to 1 Month LIBOR. Each contract has a term of 6 years. — Reduced monthly cash 0% flows to reinvest 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 5.0% 1 Month LIBOR * 12 As of January 21, 2020 12 FEE INCOME AT 38% OF TOTAL REVENUE Card, Wealth & Deposit fees provide stable, growing revenue source Non-Interest Income Net Interest Income $ in millions 7% $501 $525 $447 $461 11% Wealth Management $410 $422 1% Deposit Service Charges 7% Commerce Fees and Commissions 1 Bank Card Income 12% 62% 2014 2015 2016 2017 2018 2019 Other 10% Continued focus on growing fee income through new and existing product and service offerings 1% 3% 4% Examples: • ® • 4% Peer toggle Accounts Payable Automation • • Banks1 Remitconnect™ Interest Rate Swaps • Claims Payments • CommerceHealthcare™ 78% • Horizons • Asset Management

Peer Banks include: BSX, CFR, FINN, FULT, HWC, IBKC, ISBC, ONB, OZK, PB, PNFP, SFNC, STL, UMBF, UMPQ, UBSI , VLY, WBS, WTFC 1Sources: S&P Global Market Intelligence & FIS as of 9/30/2019 13 WELL-DIVERSIFIED LOAN PORTFOLIO

Business Loans YTD Average Loans2 $s in millions Construction 6% $13,946 $14,243 $13,629 Business RE 18% 34% $12,953 Residential RE $11,873 Commerce Consumer/HELOCs 1 Bank Credit Card 17% 2015 2016 2017 2018 2019 6% Loans Held for Sale 2019 Loan Growth by Category (Average loans Dec. 2019 vs. Sept. 2019) 19% 9% 2% 26% Personal RE  $108 million 16%  Peer Business/ lease/ tax-free $99 million 1 Auto/ motorcycle/ other  $37 million Banks 8% Consumer Card  $14 million  39% Business RE & construction $82 million

Peer Banks include: BSX, CFR, FINN, FULT, HWC, IBKC, ISBC, ONB, OZK, PB, PNFP, SFNC, STL, UMBF, UMPQ, UBSI , VLY, WBS, WTFC 1Source: S&P Global Market Intelligence & FIS as of 9/30/2019 2Includes loans held for sale 14 SUMMARY OF FIXED & FLOATING LOANS 57% of total loans are variable; 65% of commercial loans have floating rates; mostly tied to a LIBOR index Fixed Variable Business Construction Business RE Total Loans: $5.1B Total Loans: $0.9B Total Loans: $2.9B 5%

36% 43% 57% 64%

Commercial 95% Personal RE Consumer HELOC Consumer Card Total Loans: $2.1B Total Loans: $2.0B Total Loans: $0.4B Total Loans: $0.8B 2% 8% 32% 30%

68% 70% Consumer 98% 92% 15 Source: 2018 10K 15 HIGH QUALITY, HIGHLY LIQUID AND DIVERSE INVESTMENT PORTFOLIO Composition of AFS Portfolio AFS Portfolio as of 12/31/19 Total investments $8.6 billion 4% 12% Treasury & agency 15% Unrealized gain $136.1 million Municipal 14% 12 month maturities / pay-downs $1.3 billion MBS Duration Other asset backed December 2016 2.9 years December 2017 3.0 years Corporate December 2018 3.2 years 55% December 2019 3.0 years

YTD Tax Equivalent Rate - Investments Duration 2.8% 2.8% QTD - December 31, 2019 Avg Rate 2.8% (yrs)

1 2.6% Treasury & agency 2.2% 3.4 2.5% 2.4% Municipal 3.1%2 3.9 2.4% MBS 2.7% 3.1 2.2% 2.2% Other asset-backed 2.6% 1.2 2.0% Corporate 2.8% 2.7 2015 2016 2017 2018 2019

1Excludes inflation effect on TIPs 2 16 Tax Equivalent yield 16 STRONG CAPITAL POSITION – FLEXIBILITY IN CAPITAL PLANNING 52 consecutive years of regular common cash dividend increases1 Capital Returned to Common Shareholders as a percentage of Net Income2 $300 Cash dividends paid on common stock (left) 200% Common share repurchase (left) $250 % Payout (right) 150% $200

$150 100%

$ in millions in $ $100

50% (%) Ratio Payout $50

$0 0% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 • Special cash dividend paid in 2012 totaled $131 million. Capital Ratios – 12/31/2019 • 2014 included $200 million accelerated share repurchase in conjunction with preferred stock issuance. Tier 1 common risk-based capital 13.9% • 2015 included a $100 million accelerated share repurchase. Tier 1 risk-based capital 14.7% • Common cash dividends increased 10% in 2018, 16% in 2019 and 9% in Total risk-based capital 15.5% 2020 (based on 1Q2020 declared dividend). • 2019 included a $150 million accelerated share repurchase. 1Based on 1st quarter 2020 declared dividend; 2Net Income is 17 defined as Net Income Available to Common Shareholders 17 NET LOAN CHARGE-OFFS: YTD – December 31, 2019 '19 YTD YTD Actual Loss ⦁ The YTD increase in $ in 000s 2018 2019 $ Chge Rate business loan net charge-offs was primarily Business $ 2,102 $ 4,102 $ 2,000 0.08% due to a charge-off on a Overdraft 1,621 1,523 (98) 16.55% single leasing customer in th Construction (635) (117) 518 (0.01)% the 4 quarter. Business R/E (378) (60) 318 0.00% ⦁ Loss rate on credit card Personal R/E (335) 56 391 0.00% loans increased 23 bps to 4.68% in the 4th quarter. Consumer 9,286 8,554 (732) 0.44% HELOC 55 209 154 0.06% ⦁ Credit card delinquencies Credit card 30,578 35,421 4,843 4.63% remain elevated. Total $ 42,294 $ 49,688 $ 7,394 0.35%

$200 Non-Performing Assets to Allowance 0.5% $15 90-Day Delinquencies: Credit Card & Consumer Loans $160 0.4% NPAs to Loans $10 $120 0.3%

$80 0.2%

$5

$ in millions in $ $ in $ millions $40 0.1%

$0 0.0% $0 2015 2016 2017 2018 2019 Dec17 Jun18 Dec18 Jun19 Dec19 $ Allow for Loan Loss % NPA to Total Loans Credit card Consumer $ Non-Perform Assets 18 STRATEGIC POSTURE: MAINTAINING THE BALANCE STRONG PERFORMANCE with Disciplined focus on PRIORITY ongoing refinement of the BLUE CHIP investments “Core Bank” • Develop Claims Payment • Super-Community Bank platform • Commerce Bank Mortgage • Relationship-based banking • Accelerate Growth in Healthcare • High-touch customer service • Enhance Consumer Digital • • Full suite of product and service Accelerate Expansion Market offerings Growth • • Disciplined attention to risk return Enhance the Private Client Model • Retain and Grow Mass Affluent • Divest in businesses & activities Households that no longer provide acceptable • returns Enhance Enterprise Customer Relationship Management (CRM) • A highly engaged team • Implement Transform 360 • Focus on profitability and • Enhance the People Experience shareholder return

Commerce …emphasis on culture, collaboration and core values EDGE 19 EXTERNAL INNOVATION: CONSUMER BANKING

Transforming our Branches – Aligning Consumer Digital – A new mobile Commerce Bank physical presence with customer demand. banking app launched in 2018 offers for iPhone Challenge Accepted ® more functionality. Technology investments OPEN … and introduction of new Over 22 new releases in 2019 including tools combined with a an improved interface for Online new operating model Banking, ability to view mobile deposit 4.7  4+ provide an enhanced check images, mobile lock/unlock of 53.5K Ratings Age experience for our Branch Lobby cards, ability to add recurring transfers customers. through mobile and more.

Advanced ATM Video Advisor

CARA - Guided Exploration Center Conversation Tool 20 Blending technology, community and relationships

Four main goals:

• Grow relationships.

• Enhance engagements.

• Strengthen brand awareness.

• Drive innovation through research and development. 21 EXTERNAL INNOVATION: COMMERCIAL PAYMENTS CUSTOMERS

Tailored return on investment-based solutions enable healthcare + $809 providers to enhance the patient Clients in 50Hospitals0 & MILLION experience, improve cash flow, and Healthcare Patient Loan Originations* leverage new opportunities in States47 Systems everyday processes.

Claims Payments With the help of our insurance advisory council, Claims Payments was built for the industry with the input of insurance experts. We help insurance companies provide faster payments to their customers.

*Estimated since program inception (March, 2013) 22 INTERNAL INNOVATION AT COMMERCE innovating for the future

Internal software development Commerce’s commitment to As innovation and technology rapidly events to rapidly build, test, and promoting an innovative mindset, drive change, our customers’ needs

TOOLS promote new products or services from everyday incremental and expectations continue to evolve. for both internal and external improvement to transformative AGILE enables our organization to customers. changes in the way we do business. meet this disruption head on.

TRUST CRM Target Operating Model Customer Advising & Commerce’s (TOM) is an initiative to Referral Assistant (CARA) Commerce Trust implementation of a help Commerce design a is a guided conversation Company’s A Bank-wide single, integrated future operating model tool that helps us better implementation of a project to replace Customer Relationship across people, process, understand our Customer Relationship the existing Management (CRM) and technology to simplify customers’ needs, make Management (CRM) mainframe core platform that will processes, drive consistent platform to improve system with a

KEY PROJECTS KEY enable commercial consistency, and improve recommendations, and sales, service levels, and new and modern business lines to efficiencies in a way that free up time to fulfillment interactions solution. improve sales, service, can best support the concentrate on building with clients. and fulfillment commercial lending model relationships with our interactions with clients. and customer experience. clients. 23 CONSUMER BANKING SNAPSHOT

164 $10.4 $4.2 1.1 Full-service BILLION BILLION MILLION branches Consumer Consumer Consumer 366 Deposits Loans* Households* ATMs

Focus on Digital

Commerce Digital HH Digital Loan Mobile Bank App Rating Penetration Sales (000s) Deposit Use 4.7 46% $42,755 13% 4.7

Period end balances, information as of December 31, 2019; App store rating as of 1/15/2020 24 *Excludes Trust Company / Private Banking households 24 For high net worth individuals who are looking to simplify their complex financial life, Commerce Trust Company provides a full-service approach to wealth management.

TH Largest18 Among $57 $34 $539 BILLION BILLION MILLION Bank-Managed Total Client Assets Under Managed Trust 2 Assets Management Brokerage Companies1 Assets

Total Client Assets2 Assets Under Management $ in billions $56.7 $ in billions $48.7 $50.0 $43.1 $38.4 $34.4 $30.0 $30.3 $22.6 $25.4

2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 Period end balances, information as of December 31, 2019 1S&P Global Market Intelligence ranking as of 9/30/2019, based on assets under management 25 2Assets under administration 25 COMMERCIAL BANKING Revenue growth opportunities Financing solutions – options for all sizes and types of businesses • Equipment Financing • Working Capital Lines of Credit • Government Lending Programs • International Financing • Term Financing • Interest Rate Swaps • Employee Stock & Ownership Financing • Construction & Real Estate Loans • Floor Plan Lending • Tax-exempt Financing $9.6 $8.1 $547 BILLION BILLION MILLION Commercial Commercial Commercial Loans Deposits Revenue

Commercial Loans Commercial Deposits Commercial Revenue $ in billions $ in billions $ in millions $9.6 $548 $9.1 $547 $8.9 $8.0 $8.1 $7.9 $514

2017 2018 2019 2017 2018 2019 2017 2018 2019 Commercial segment as of December 31, 2019 26 COMMERCIAL BANKING – EXPANSION MARKETS OFFER GROWTH OPPORTUNITIES

Expansion Market Loan Growth Expansion Fee Income $ in millions Market Loan Team Overview for Growth $2,316 Growth Expansion Markets $2,200  # of team members per market  89% (includes open positions) $1,913 98% since 2015 since 2015 2012 2019 $1,619 $1,338 Oklahoma 31 52 Texas 3 23

Denver 41 47

Cincinnati/ 11 13 Indianapolis

2015 2016 2017 2018 2019 Expansion Markets Nashville 3 6 • Cincinnati • Houston • • Oklahoma Nashville Dallas Indianapolis Des Moines 0 3 • Denver • Nashville Texas Des Moines • Des Moines • Oklahoma City • • Grand Rapids 0 2 Denver Grand Rapids Grand Rapids Tulsa Cincinnati & Indianapolis

Period end balances as of December 31, 2019 27 INDUSTRY-LEADING COMMERCIAL PAYMENTS CAPABILITIES Innovative payments solutions to manage payables and receivables to streamline cash flow

Commercial Payments $177 $9.1 Card Revenue MILLION BILLION Volume

Treasury Merchant $47.7 Management $6.2 Volume MILLION Revenue BILLION

Information as of December 31, 2019 28 CARD PRODUCTS – A LEADER AMONGST TOP 50 U.S. BANKS Consistently ranked among the top issuers in the Nilson Report

1 #12 #19 Commercial#12 Purchasing#7 #12Bank Consumer Debit #14Prepaid Card Issuer Card Issuer Acquirer Card Card Card

A full suite of innovative card and payment product offerings Health Multi Contactless Claims Prepaid Services Account Co-Brand toggle® Visa® Debit Payments Expense Card Financing Chip Early adopter

1 Includes fleet cards Source: Nilson Reports (Debit: April 2018; Consumer Card: February 2019; Prepaid: July 2019; Merchant: March 2019; Purchasing: June 2019; Commercial Card: June 2019), based on the top 50 U.S. banks ranked by total assets as of 12/31/2018, S&P Global Market Intelligence 29 COMMERCE BANK MAINTAINS SOLID PERFORMANCE OVER TIME Return on Average Assets 2.0% 1.5% ROAA 10-yr average 1.0% 0.5% CBSH: 1.31% 0.0% Peers: 0.99% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Peers Large Banks Commerce

Return on Average Common Equity 20.0% 15.0% ROACE 10-yr average 10.0% 5.0% CBSH: 12.4% 0.0% Peers: 8.2% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Peers Large Banks Commerce

Peer Banks include BXS, CFR, FINN, FULT, HWC, IBKC, ISBC, ONB, OZK, PB, PNFP, SFNC, STL UBSI, UMBF, UMPQ, VLY, WBS, WTFC; Large Banks include: JPM, BAC, C, WFC, USB, PNC, FITH, RF Sources: S&P Global Market Intelligence and company reports and filings as of 12/31/2019 30 LONG-TERM VIEW: NET INCOME AND EARNINGS PER SHARE $450 $4.00 400 Earnings Per Share Net Income 3.50 350 3.00 300

250 2.50 $ $ 000s 200

Net Income Net 2.00 150 1.50

100 Earnings per Share 50 1.00 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Dividends $0.58 $0.59 $0.62* $0.64 $0.67 $0.71 $0.74 $0.78 $0.85 $0.99 per share EPS REMAINS STRONG 2020 MARKS THE 52ND CONSECUTIVE YEAR OF DIVIDEND GROWTH

*Including 2012 special dividend = $1.64 All data has been restated for 5% stock dividend distributed in December 2019 Net Income in the chart represents Net Income Available to Common Shareholders Source: Corporate Finance 31 STEADY SHAREHOLDER RETURNS as of December 31, 2019 Annualized Comparison Total Shareholder Returns Total Shareholder Returns Indexed, 12/31/2004 = $100 Percent $400 50% CBSH NASDAQ Bank COMMERCE S&P 500 KBW Bank 350 NASDAQ 40% 300 BANK 30% KBW BANK 250 20% S&P 500 200 10%

150 0% 1 Year 3 Year 5 Year 10 Year 15 Year 100 CBSH 28.7% 12.6% 16.8% 13.7% 9.6% 50 S&P 31.5% 15.3% 11.7% 13.5% 9.0% NASDAQ 0 BANK 24.4% 3.2% 10.5% 11.5% 3.8% 2005 2007 2009 2011 2013 2015 2017 2019 KBW BANK 36.1% 9.9% 11.4% 12.5% 3.1% Consistent, positive returns to shareholders Significant outperformance relative to banks over long period

Source: Bloomberg; data as of 12/31/2019 32 Contact Information: Matthew Burkemper Senior Vice President, Commerce Bank Corporate Development and Investor Relations 314.746.7485 [email protected]

Commerce Bancshares, Inc. Investor Relations website: http://investor.commercebank.com/