DELUXE CORP — Director's Dealing 2004

Sep 13, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: DELUXE CORP (DLX)
CIK: 0000027996
Period of Report: 2004-09-09

Reporting Person: FELTZ GUY C (Sr. V.P., President - DFS & DC)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-09-09	Common Stock	M	8333	$20.24	Acquired	25468.38	Direct
2004-09-09	Common Stock	S	600	$41.58	Disposed	24868.38	Direct
2004-09-09	Common Stock	S	1400	$41.54	Disposed	23468.38	Direct
2004-09-09	Common Stock	S	1800	$41.53	Disposed	21668.38	Direct
2004-09-09	Common Stock	S	100	$41.52	Disposed	21568.38	Direct
2004-09-09	Common Stock	S	171	$41.50	Disposed	21397.38	Direct
2004-09-09	Common Stock	F	1397	$41.54	Disposed	20000.38	Direct
2004-09-10	Common Stock	S	2908	$41.61	Disposed	17092.38	Direct
2004-09-10	Common Stock	S	100	$41.64	Disposed	16992.38	Direct
2004-09-10	Common Stock	S	300	$41.68	Disposed	16692.38	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-09-09	Common Stock Option	$20.24	M	8333	Disposed	2008-01-26	Common Stock (8333)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Common Stock Option	$47.67	2009-03-14	Common Stock (40000)	40000	Direct
Common Stock Option	$38.54	2010-03-10	Common Stock (40000)	40000	Direct
Common Stock Option	$42.35	2011-05-04	Common Stock (5400)	5400	Direct

Footnotes

F1: Includes 1,125 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).