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

Mar 8, 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: LEADBEATER SETH M (Vice Chairman)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-03-05	Common Stock	A	864	—	Acquired	20464	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	18000	Acquired	2014-03-05	Common Stock (18000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	4166	Indirect

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.