DELUXE CORP — Director's Dealing 2004

Dec 3, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: DELUXE CORP (DLX)
CIK: 0000027996
Period of Report: 2004-11-30

Reporting Person: NACHSHEIM STEPHEN P (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-11-30	Common Stock	G	2500	—	Disposed	2971	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	1000	Indirect
Restricted Stock Units	9697	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Common Stock Option	$27.11	2006-05-06	Common Stock (1000)	1000	Direct
Common Stock Option	$24.62	2007-05-06	Common Stock (1000)	1000	Direct
Common Stock Option	$44.32	2009-05-07	Common Stock (1000)	1000	Direct
Common Stock Option	$44.28	2010-04-29	Common Stock (1000)	1000	Direct
Common Stock Option	$42.35	2011-05-04	Common Stock (1000)	1000	Direct

Footnotes

F1: Represents restricted stock units received in lieu of directors' fees pursuant to the Company's Non-Employee Director Stock and Deferral Plan. The units will vest and be converted into shares of Common Stock when the holder ceases to serve as a director of the Company.

F2: Options vest in three equal installments on the three succeeding anniversary dates of the date of grant, provided the holder remains a director of the Company. Date entered reflects date on which first installment vests(ed).