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

Feb 4, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMMERCE BANCSHARES INC /MO/ (CBSH)
CIK: 0000022356
Period of Report: 2004-02-02

Reporting Person: KEMPER JONATHAN M (Director, Vice Chairman)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-02-02	Common Stock	M	7326	$12.7899	Acquired	833032	Direct
2004-02-02	Common Stock	F	1918	$48.84	Disposed	831114	Direct
2004-02-02	Common Stock	M	4190	$12.7899	Acquired	835304	Direct
2004-02-02	Common Stock	F	1108	$48.84	Disposed	834196	Direct
2004-02-02	Common Stock	F	1097	$48.84	Disposed	833099	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-02-02	Stock Option (right to buy)	$12.7899	M	7326	Disposed	2004-02-04	Common Stock (7326)	Direct
2004-02-02	Stock Option (right to buy)	$12.7899	M	4190	Disposed	2004-02-04	Common Stock (4190)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	15128	Indirect
Common Stock	18125	Indirect
Common Stock	22516	Indirect
Common Stock	33075	Indirect
Common Stock	107093	Indirect
Common Stock	37998	Indirect
Common Stock	213722	Indirect
Common Stock	18108	Indirect
Common Stock	136699	Indirect