DELUXE CORP — Director's Dealing 2003

Jul 3, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: DELUXE CORP (DLX)
CIK: 0000027996
Period of Report: 2003-06-30

Reporting Person: ESL INVESTMENTS INC (10% Owner)

Footnotes

F1: Securities were contributed by ESL Limited, a Bermuda corporation ("Limited"), to KP I Partners, L.P., a Delaware limited partnership ("KPI"), in exchange for limited partnership interests in KPI.

F2: Includes (i) 3,478,473 shares held of record by ESL Partners, L.P., a Delaware limited partnership ("ESL"), (ii) 437,482 shares held of record by Limited, (iii) 141,326 shares held of record by ESL Institutional Partners, L.P., a Delaware limited partnership ("Institutional"), (iv) 1,530,730 shares held of record by ESL Investors, L.L.C., a Delaware limited liability company ("Investors"), and (v) 278,859 shares held of record by KPI.

F3: This Form 4 is filed on behalf of a group consisting of ESL, Limited, Institutional and Investors (collectively, the "ESL Parties"), RBS Partners, L.P. ("RBS Partners"), ESL Investment Management, LLC, a Delaware limited liability company ("ESLIM"), RBS Investment Management, LLC, a Delaware limited liability company ("RBSIM"), ESL Investments, Inc. ("Investments") and Edward S. Lampert. Pursuant to Section 16, the ESL Parties, RBS Partners, ESLIM, RBSIM, Investments and Mr. Lampert may each be deemed indirect beneficial owners of the securities reported on this Form 4. The general partner of ESL and the manager of Investors is RBS Partners. The general partner of RBS Partners is Investments. ESLIM is the investment manager of Limited and the general partner of KPI. RBSIM is the general partner of Institutional. Mr. Lampert is a controlling stockholder of Investments and is the managing member of RBSIM and ESLIM.

F4: Investments and Mr. Lampert each have less than a 40% interest in each of the ESL Parties. The total amount of securities reported as owned by each of the ESL Parties is greater than Investments' or Mr. Lampert's indirect pecuniary interest in such securities. RBSIM has less than a 40% interest in Institutional. The total amount of securities reported as owned by Institutional is greater than RBSIM's indirect pecuniary interest in such securities. ESLIM has less than a 40% interest in each of Limited and KPI. The total amount of securities reported as owned by Limited and KPI, respectively, is greater than ESLIM's indirect pecuniary interest in such securities. RBS Partners has less than a 40% interest in each of ESL and Investors. The total amount of securities reported as owned by ESL and Investors, respectively, is greater than RBS Partners' indirect pecuniary interest in such securities.