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

May 27, 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	M	3850	$27.36	Acquired	202503.0794	Direct
2016-05-26	Common Stock	F	1283	$41.04	Disposed	201220.0794	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-05-26	Stock Option	$27.36	M	3850	Disposed	2021-01-19	Common Stock (3850)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	962.37	Indirect

Footnotes

F1: Includes 968.559 shares acquired on April 11, 2016 under the Community Bank System, Inc. Dividend Reinvestment Plan.