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

Oct 28, 2013

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMMUNITY BANK SYSTEM, INC. (CBU)
CIK: 0000723188
Period of Report: 2013-10-25

Reporting Person: STEELE SALLY A (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2013-10-25	Common Stock	M	3604	$24.84	Acquired	42891	Direct
2013-10-25	Common Stock	M	3298	$23.74	Acquired	46189	Direct
2013-10-25	Common Stock	S	6902	$36.7175	Disposed	39287	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2013-10-25	Stock Option	$24.84	M	3604	Disposed	2015-01-19	Common Stock (3604)	Direct
2013-10-25	Stock Option	$23.74	M	3298	Disposed	2016-01-18	Common Stock (3298)	Direct

Footnotes

F1: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $36.70 to $36.75, inclusive. The reporting person undertakes to provide Community Bank System, Inc., any security holder of Community Bank System, Inc. or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.