COMMUNITY FINANCIAL SYSTEM, INC. — Director's Dealing 2013

Oct 29, 2013

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMMUNITY BANK SYSTEM, INC. (CBU)
CIK: 0000723188
Period of Report: 2013-10-28

Reporting Person: DICERBO NICHOLAS A (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2013-10-28	Common Stock	M	4520	$24.15	Acquired	138604.0854	Direct
2013-10-28	Common Stock	S	4520	$37.00	Disposed	134084.0854	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2013-10-28	Stock Option	$24.15	M	4520	Disposed	2014-01-21	Common Stock (4520)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	104378.6726	Indirect
Common Stock	888.293	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Phantom Stock (Deferred Compensation)	$		Common Stock (56107.4463)	56107.4463	Direct

Footnotes

F1: Includes 19.917 and 559.534 shares acquired on July 10, 2013 and October 10, 2013, respectively, pursuant to the Community Bank System, Inc. Dividend Reinvestment Plan.

F2: Includes 837.357 shares acquired on October 10, 2013 pursuant to the Community Bank System, Inc. Dividend Reinvestment Plan.

F3: Includes 7.383 shares acquired on July 10, 2013 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 452.0888 units of phantom stock acquired on October 10, 2013 under the Deferred Compensation Plan's dividend reinvestment feature.