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: 2004-12-02

Reporting Person: ALEXANDER STUART (V.P., Investor Relations)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-12-02	Common Stock	M	12000	$20.24	Acquired	30935	Direct
2004-12-02	Common Stock	F	1940	$40.05	Disposed	28995	Direct
2004-12-02	Common Stock	S	1000	$40.13	Disposed	27995	Direct
2004-12-02	Common Stock	S	1000	$40.09	Disposed	26995	Direct
2004-12-02	Common Stock	S	100	$40.08	Disposed	26895	Direct
2004-12-02	Common Stock	S	400	$40.07	Disposed	26495	Direct
2004-12-02	Common Stock	S	2680	$40.06	Disposed	23815	Direct
2004-12-02	Common Stock	S	300	$40.05	Disposed	23515	Direct
2004-12-02	Common Stock	S	2500	$40.04	Disposed	21015	Direct
2004-12-02	Common Stock	S	1100	$40.03	Disposed	19915	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-12-02	Common Stock Option	$20.24	M	12000	Disposed	2008-01-26	Common Stock (12000)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Common Stock Option	$47.67	2009-03-14	Common Stock (10800)	10800	Direct
Common Stock Option	$38.54	2010-03-10	Common Stock (11000)	11000	Direct
Common Stock Option	$42.35	2011-05-04	Common Stock (1665)	1665	Direct

Footnotes

F1: Includes 235 shares acquired under the Company's Employee Stock Purchase Plan on August 2, 2004, and 342 shares of restricted stock.

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