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COMMUNITY FINANCIAL SYSTEM, INC. Director's Dealing 2012

Oct 22, 2012

31347_dirs_2012-10-22_e0291f04-8854-45ab-8722-6bbea3bc5736.zip

Director's Dealing

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SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMMUNITY BANK SYSTEM INC (CBU)
CIK: 0000723188
Period of Report: 2012-10-18

Reporting Person: Bolus Mark J. (Director)

Derivative Transactions

Date Security Exercise Price Code Shares A/D Expiration Underlying Ownership
2012-10-18 Phantom Stock (Deferred Compensation) $ A 91.6758 Acquired Common Stock (91.6758) Direct

Holdings (Non-Derivative)

Security Shares Ownership
Common Stock 52319.4366 Direct
Common Stock 5506.794 Indirect
Common Stock 169.1586 Indirect
Common Stock 169.1586 Indirect
Common Stock 169.1586 Indirect
Common Stock 169.1586 Indirect

Footnotes

F1: Includes 495.263 shares acquired on October 10, 2012 pursuant to the Community Bank System, Inc. Dividend Reinvestment Plan.

F2: Includes 52.04 shares acquired on October 10, 2012 pursuant to the Community Bank System, Inc. Dividend Reinvestment Plan.

F3: Includes 1.61 shares acquired on October 10, 2012 pursuant to the Community Bank System, Inc. Dividend Reinvestment Plan.

F4: Each unit of phantom stock is the economic equivalent of one share of Community Bank System, Inc. common stock. The units of phantom stock relating to the Deferred Compensation Plan will be settled in Community Bank System, Inc. common stock at future dates selected by the reporting person.

F5: Includes 33.6737 units of phantom stock acquired October 10, 2012 under the Deferred Compensation Plan's dividend reinvestment feature.