COMMERCE BANK ANNOUNCES ACCESS TO FREE ONLINE TAX PREPARATION AND ELECTRONIC FILING

Teaming with Intuit once again, Commerce is providing free Web-based tax preparation and filing to lower- income taxpayers

ST. LOUIS - February 28, 2003 - Commerce Bank today announced that it is continuing its participation in the Intuit Tax Freedom Project to offer access to online tax preparation and electronic filing services for the 2002 tax year. The Intuit Tax Freedom Project is a public service initiative that makes online tax preparation and electronic filing available at no charge to taxpayers with an annual adjusted gross income of $27,000 or less. This free program applies to both state and federal individual income tax returns.

Commerce Bank is offering access to online tax preparation and electronic filing -- at no charge to eligible families and individuals -- in conjunction with Intuit Inc., the maker of personal finance software such as Quicken® and TurboTax®. Commerce will make Intuit's TurboTax® for the Websm and TurboTaxEZsm personal tax preparation Web-based products accessible from Commerce's web site at www.commercebank.com through October 16, 2003. These products enable taxpayers to quickly prepare and electronically file their tax returns via the Internet.

"Commerce is committed to understanding and solving the financial needs of our customers," said Charles G. Kim, executive vice president, Retail Administration, Commerce Bancshares, Inc. "Continuing to offer this solution for eligible individuals is another way we are delivering on that promise. This partnership introduces our customers to the benefits of electronic tax preparation and filing, which are time-saving and ease of use, and in some cases, may lead to quicker refunds."

According to IRS statistics, approximately 50 percent of American taxpayers are eligible to participate in the Intuit Tax Freedom Project. Since Intuit began this philanthropic initiative in 1998, more than five million taxpayers have taken advantage of this no-cost Internet based program, which offers both federal and state income tax preparation and filing.

Commerce Bank Offers TurboTax for the Web to All Customers
Commerce is also providing Intuit's TurboTax for the Web to all taxpayers through its Web site at www.commercebank.com. Electronic filing allows taxpayers to receive their refund in approximately half the time it takes when filing taxes via mail. For taxpayers with an adjusted gross income above $27,000, current pricing is available on the TurboTax for the Web site. Through March 31, 2003, 1040EZ filings are priced at $9.95 for Federal Returns and $5.95 for State Returns; Standard 1040 filings are priced at $19.95 for Federal Returns and $14.95 for State Returns.

About Commerce Bank
Commerce Bank is the principal subsidiary of Commerce Bancshares Inc. (NASDAQ: CBSH), a $13.3 billion regional bank holding company. For more than 135 years, Commerce has been meeting the financial services needs of individuals and businesses. Commerce provides a diversified line of financial services, including business and personal banking, wealth management and estate planning and investments through its affiliated companies. Commerce Bancshares operates across three states with more than 340 locations and also has operating subsidiaries involved in mortgage banking, credit related insurance, venture capital and real estate activities.

For more information contact:
Eliza Hamlet
Public Relations Representative
800-892-7100 ext. 1930

Website: www.commercebank.com
e-mail: mymoney@commercebank.com
SYMBOL: CBSH

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