COMMERCE BANCSHARES INC /MO/ — Director's Dealing 2008

Nov 21, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMMERCE BANCSHARES INC /MO/ (CBSH)
CIK: 0000022356
Period of Report: 2008-11-14

Reporting Person: ABERDEEN JEFFERY D (Controller)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2008-11-14	Common Stock	M	4881	$23.4822	Acquired	20787	Direct
2008-11-14	Common Stock	S	4881	$45	Disposed	15906	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2008-11-14	Stock Option (right to buy)	$23.4822	M	4881	Disposed	2009-02-01	Common Stock (4881)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	9611	Indirect
Common Stock	301	Indirect
Common Stock	301	Indirect
Common Stock	301	Indirect
Common Stock	1455	Indirect

Footnotes

F1: Stock holdings adjusted to include 5% stock dividend. Record date 11/14/2008. Payable date 12/1/2008.