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

May 31, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMMUNITY BANK SYSTEM, INC. (CBU)
CIK: 0000723188
Period of Report: 2016-05-26

Reporting Person: DICERBO NICHOLAS A (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-05-26	Common Stock	S	703	$41.00	Disposed	200517.0794	Direct
2016-05-27	Common Stock	S	248	$41.00	Disposed	200269.0794	Direct
2016-05-27	Common Stock	S	962	$41.00	Disposed	0.37	Indirect
2016-05-27	Common Stock	S	0.37	$13.61	Disposed	0	Indirect
2016-05-31	Common Stock	M	4566	$28.78	Acquired	204835.0794	Direct
2016-05-31	Common Stock	F	3234	$41.15	Disposed	201601.0794	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-05-31	Stock Option	$28.78	M	4566	Disposed	2022-03-21	Common Stock (4566)	Direct