DELUXE CORP — Director's Dealing 2004

Nov 30, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: DELUXE CORP (DLX)
CIK: 0000027996
Period of Report: 2004-11-29

Reporting Person: SCHLAIS WARNER F (Sr. V.P. and CIO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-11-29	Common Stock	M	6667	$20.24	Acquired	14566	Direct
2004-11-29	Common Stock	S	3400	$39.72	Disposed	11166	Direct
2004-11-29	Common Stock	S	550	$39.65	Disposed	10616	Direct
2004-11-29	Common Stock	F	1068	$39.71	Disposed	9548	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-11-29	Common Stock Option	$20.24	M	6667	Disposed	2008-01-26	Common Stock (6667)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Common Stock Option	$47.67	2009-03-14	Common Stock (20000)	20000	Direct
Common Stock Option	$38.54	2010-03-10	Common Stock (22500)	22500	Direct
Common Stock Option	$42.35	2011-05-04	Common Stock (2400)	2400	Direct

Footnotes

F1: Includes 500 shares of restricted stock.

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