COMMERCE BANCSHARES INC /MO/ — Director's Dealing 2004

Nov 26, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMMERCE BANCSHARES INC /MO/ (CBSH)
CIK: 0000022356
Period of Report: 2004-11-24

Reporting Person: KEMPER DAVID W (Director, Chairman of the Board, CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-11-24	Common Stock	G	2051	—	Disposed	1015063	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	11283	Indirect
Common Stock	1534	Indirect
Common Stock	19031	Indirect
Common Stock	19035	Indirect
Common Stock	5964	Indirect
Common Stock	19035	Indirect
Common Stock	2002568	Indirect
Common Stock	39897	Indirect
Common Stock	143533	Indirect
Common Stock	19022	Indirect

Footnotes

F1: All holdings reported in column 5 of this form have been restated for a 5% stock dividend, ex-date 11/24/2004.