Equity UpdateWhile the S&P 500 got off to a robust start in the first five months of 2013, many investors remember the period following the previous highs were not too favorable for equity investors, so the natural question is whether it is time to reduce an overweight position in equities. “Our answer is no, since we believe equities could see an additional 5% to 7% o the upside in 2013,” Carnal said. “Even with strong gains this year, the valuation levels for the market remain reasonable with the S&P 500 Price/Operating Earnings Ratio at 16.6 times earnings and only 0.5 above the 50-year average of 16.1 times. Given the low level of interest rates, we could see the multiple expand 18 times. Reported earnings for the remainder of the year will accelerate and should surpass 10% growth versus 2012.” For more information, go to The Commerce Trust Company Market Update at: www.commercebank.com/wealth-management/trust/resources/economic-outlook.asp About The Commerce Trust Company As of June 30, 2013, The Commerce Trust Company was responsible for the administration of more than $31.2 billion of total client assets. Since 1906, Commerce Trust has been a leading source of tailored asset management, creative private banking and comprehensive trust services for individuals, families, corporate executives, and business owners. In addition, Commerce Trust serves a variety of institutional clients with customized investment programs as well as sole-source solutions for all of their financial needs. The Commerce Trust Company is a division of Commerce Bank. About Commerce Bank Commerce Bank, is a subsidiary of Commerce Bancshares, Inc. (NASDAQ: CBSH), a $21.9 billion regional bank holding company, as of March 31, 2013. For more than 145 years, Commerce Bank has been meeting the financial services needs of individuals and businesses. Commerce Bank provides a diversified line of financial services, including business and personal banking, wealth management, financial planning, and investments through its affiliated companies. Commerce Bank operates in more than 360 retail locations in the Central United States and has a nationwide presence in the commercial payments industry. Commerce Bancshares also has operating subsidiaries involved in mortgage banking, leasing, credit-related insurance, private equity and real estate activities.