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

Aug 26, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMMERCE BANCSHARES INC /MO/ (CBSH)
CIK: 0000022356
Period of Report: 2004-08-24

Reporting Person: LEADBEATER SETH M (Vice Chairman)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-08-24	Common Stock	M	6202	$16.0749	Acquired	28185	Direct
2004-08-24	Common Stock	F	2066	$48.25	Disposed	26119	Direct
2004-08-24	Common Stock	S	4000	$48.18	Disposed	22119	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-08-24	Stock Option (right to buy)	$16.0749	M	6202	Disposed	2006-02-07	Common Stock (6202)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	4166	Indirect