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

Mar 9, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMMERCE BANCSHARES INC /MO/ (CBSH)
CIK: 0000022356
Period of Report: 2004-03-05

Reporting Person: CLARK A BAYARD III (Executive Vice President, CFO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-03-05	Common Stock	A	635	—	Acquired	58218	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-03-05	Non-Qualified Stock Option (right to buy)	$49.89	A	14000	Acquired	2014-03-05	Common Stock (14000)	Direct

Footnotes

F1: Award of stock pursuant to Commerce Bancshares, Inc. Restricted Stock Plan.

F2: The option vests in four equal annual installments beginning on March 5, 2004.