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

Nov 20, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMMUNITY BANK SYSTEM, INC. (CBU)
CIK: 0000723188
Period of Report: 2014-11-19

Reporting Person: DICERBO NICHOLAS A (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-11-19	Common Stock	M	533	—	Acquired	136174.7964	Direct
2014-11-19	Common Stock	S	533	$37.00	Disposed	135641.7964	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-11-19	Stock Option	$24.84	M	533	Disposed	2015-01-19	Common Stock (533)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	107655.7876	Indirect
Common Stock	915.536	Indirect