COMMUNITY FINANCIAL SYSTEM, INC. — Director's Dealing 2014

Mar 31, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMMUNITY BANK SYSTEM, INC. (CBU)
CIK: 0000723188
Period of Report: 2014-03-31

Reporting Person: STEELE SALLY A (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-03-31	Common Stock	M	3817	$22.94	Acquired	43104	Direct
2014-03-31	Common Stock	M	4471	$19.48	Acquired	47575	Direct
2014-03-31	Common Stock	S	8288	$38.9776	Disposed	39287	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-03-31	Stock Option	$22.94	M	3817	Disposed	2017-01-17	Common Stock (3817)	Direct
2014-03-31	Stock Option	$19.48	M	4471	Disposed	2020-01-20	Common Stock (4471)	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 $38.95 to $39.03, 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.