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

Feb 12, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMMERCE BANCSHARES INC /MO/ (CBSH)
CIK: 0000022356
Period of Report: 2004-01-30

Reporting Person: ABERDEEN JEFFERY D (Controller)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-01-30	Common Stock	M	488	$12.7899	Acquired	8868	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-01-30	Stock Option (right to buy)	$12.7899	M	488	Disposed	2004-02-03	Common Stock (488)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	5876	Indirect
Common Stock	238	Indirect
Common Stock	238	Indirect
Common Stock	238	Indirect
Common Stock	1142	Indirect

Footnotes

F1: All stock holdings adjusted to include 5% stock dividend. Ex-Date 11-25-2003.