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

Nov 24, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMMERCE BANCSHARES INC /MO/ (CBSH)
CIK: 0000022356
Period of Report: 2003-11-21

Reporting Person: ABERDEEN JEFFERY D (Controller)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-11-21	Common Stock	M	600	$13.4294	Acquired	7981	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-11-21	Stock Option (right to buy)	$13.4294	M	600	Disposed	2004-02-03	Common Stock (600)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	5471	Indirect
Common Stock	227	Indirect
Common Stock	227	Indirect
Common Stock	227	Indirect
Common Stock	1088	Indirect