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

Aug 31, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMMUNITY BANK SYSTEM, INC. (CBU)
CIK: 0000723188
Period of Report: 2016-08-31

Reporting Person: Kingsley Scott Allen (Chief Financial Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-08-31	Common Stock	M	6257	$18.08	Acquired	39541	Direct
2016-08-31	Common Stock	F	3824	$47.22	Disposed	35717	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-08-31	Stock Option	$18.08	M	6257	Disposed	2019-01-29	Common Stock (6257)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	4866.9272	Indirect

Footnotes

F1: The option vested ratably on January 29, 2010, 2011, 2012, 2013, and 2014.