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

Dec 31, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMMUNITY BANK SYSTEM, INC. (CBU)
CIK: 0000723188
Period of Report: 2014-12-30

Reporting Person: DONAHUE BRIAN D (Chief Banking Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-12-30	Common Stock	M	5500	$23.74	Acquired	37818	Direct
2014-12-30	Common Stock	S	5500	$38.75	Disposed	32318	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-12-30	Stock Option	$23.74	M	5500	Disposed	2016-01-18	Common Stock (5500)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	6025.9897	Indirect

Footnotes

F1: The option vested ratably on January 18, 2007, 2008, 2009, 2010, and 2011.