COMMERCE BANCSHARES & WILLIAM T.KEMPER FOUNDATIONS ANNOUNCE CHALLENGE GRANTS TO BENEFIT CENTRAL LIBRARY FUNDRAISING

KANSAS CITY, MO - September 30, 2003 - The William T. Kemper Foundation, Commerce Bank Trustee, the David Woods Kemper Foundation and Commerce Bancshares, Inc. have announced a combined $3.0 million grant to facilitate completion of the Kansas City Public Library's Central Library Campaign.

In announcing the gift, Jonathan M. Kemper, Commerce Bank, Kansas City, chairman said, "This combined gift from the W.T. Kemper Foundation, David Woods Kemper Foundation and Commerce Bank is among the largest commitments we have made. The Central Library project and its surrounding residential developments represents a wonderful opportunity to provide a valuable resource to residents and visitors of our City as well as helping reinvigorate and transform the central core of our community. We feel these funds, when joined with other private and public funds, will have great positive impact."

The William T. Kemper Foundation had previously joined with two other area foundations, each contributing $3 million as the initial $9 million private funding for the Central Library campaign. With this announcement, the combined gift from the W.T. Kemper Foundation, the David Woods Kemper Foundation and Commerce Bank will exceed $6 million. This will together be the largest single charitable contribution to the Central Library Campaign.

Public funds and tax credits comprise more than $24 million in project funding, the total private fund raising goal exceeds $25 million - approximately half of the total project cost. Over the past two years, the Central Library Campaign has raised $20.3 million in a "quiet" campaign. With the additional commitment from the Kemper Foundations and Commerce Bank, the Library is also announcing the "public" phase of its campaign, which will need to raise approximately $3 million to complete the capital campaign.

"We are glad to be able to make these additional grants, which will put the Campaign much nearer to successful completion, and would hope that individuals, businesses and foundations consider taking up this challenge to come forward with generous contributions to support the Central Library," Mr. Kemper continued. "With its enhanced programs and unique setting, the Central Library will be an important asset used by our residents from our entire metropolitan area."

Central Library Project information
Community members interested in making a contribution to the Central Library Campaign or learning about volunteer opportunities may contact Diana Reiter, director of development, at (816) 701-3520 or dianareiter@kclibrary.org for more information. Visit the Kansas City Public Library's website at www.kclibrary.org for updates on the Central Library.

William T. Kemper Foundation, Commerce Bank Trustee
The William T. Kemper Foundation, Commerce Bank Trustee, was established in 1989 after Mr. Kemper's death. The Foundation is dedicated to continuing Mr. Kemper's lifelong interest in improving the human condition and quality of life. The Foundation supports Midwest communities and concentrates on initiatives in education, health and human services, civic improvements and the arts.

About Commerce Bank
Commerce Bank is the principal subsidiary of Commerce Bancshares Inc. (NASDAQ: CBSH), a $14.0 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 operates across three states with more than 330 locations and also has operating subsidiaries involved in mortgage banking, credit related insurance, venture capital and real estate activities.

For more information contact:
Nancy E. Levin, APR
Director, Regional Marketing
816-234-2632

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

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