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

Aug 23, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMMERCE BANCSHARES INC /MO/ (CBSH)
CIK: 0000022356
Period of Report: 2004-08-20

Reporting Person: FOSTER SARA E (Senior Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-08-20	Common Stock	M	2561	$29.9699	Acquired	8437	Direct
2004-08-20	Common Stock	S	2591	$48	Disposed	5846	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-08-20	Stock Option (right to buy)	$29.9699	M	2561	Disposed	2009-02-01	Common Stock (2561)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	5309	Indirect