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

Jul 27, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMMUNITY BANK SYSTEM, INC. (CBU)
CIK: 0000723188
Period of Report: 2016-07-27

Reporting Person: TRYNISKI MARK E (Director, President & CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-07-27	Common Stock	M	21949	$17.82	Acquired	135251	Direct
2016-07-27	Common Stock	F	15620	$44.05	Disposed	119631	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-07-27	Stock Option	$17.82	M	21949	Disposed	2019-04-22	Common Stock (21949)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	15840.0408	Indirect

Footnotes

F1: The number of shares reported herein were acquired pursuant to Community Bank System, Inc.'s 401(K) Plan and are based on a current plan statement.