COMMUNITY FINANCIAL SYSTEM, INC. — Director's Dealing 2016

Sep 1, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMMUNITY BANK SYSTEM, INC. (CBU)
CIK: 0000723188
Period of Report: 2016-08-30

Reporting Person: STEELE SALLY A (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-08-30	Common Stock	M	3850	$27.36	Acquired	47898.8421	Direct
2016-08-30	Common Stock	M	4566	$28.78	Acquired	52464.8421	Direct
2016-08-30	Common Stock	F	5721	$46.90	Disposed	46743.8421	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-08-30	Stock Option	$27.36	M	3850	Disposed	2021-01-19	Common Stock (3850)	Direct
2016-08-30	Stock Option	$28.78	M	4566	Disposed	2022-03-21	Common Stock (4566)	Direct