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

Nov 14, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMMUNITY BANK SYSTEM, INC. (CBU)
CIK: 0000723188
Period of Report: 2014-11-12

Reporting Person: DICERBO NICHOLAS A (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-11-12	Common Stock	M	1238	—	Acquired	136879.7964	Direct
2014-11-12	Common Stock	S	1238	$39.00	Disposed	135641.7964	Direct
2014-11-14	Common Stock	M	1300	—	Acquired	136941.7964	Direct
2014-11-14	Common Stock	S	1300	$38.13	Disposed	135641.7964	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-11-12	Stock Option	$24.84	M	1238	Disposed	2015-01-19	Common Stock (1238)	Direct
2014-11-14	Stock Option	$24.84	M	1300	Disposed	2015-01-19	Common Stock (1300)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	107655.7876	Indirect
Common Stock	915.536	Indirect

Footnotes

F1: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $38.00 to $38.31, 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.