COMMERCE BANCSHARES INC /MO/ — Director's Dealing 2003

Dec 15, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMMERCE BANCSHARES INC /MO/ (CBSH)
CIK: 0000022356
Period of Report: 2003-12-11

Reporting Person: PETRIE MICHAEL J (Senior Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-12-11	Common Stock	M	3000	$24.9381	Acquired	8255	Direct
2003-12-11	Common Stock	F	499	$48.24	Disposed	7756	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-12-11	Stock Option (right to buy)	$24.9381	M	3000	Disposed	2010-02-03	Common Stock (3000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	15068	Indirect

Footnotes

F1: All stock holdings adjusted to include 5% stock dividend. Ex-Date 11-25-2003.