DELUXE CORP — Director's Dealing 2004

May 20, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: DELUXE CORP (DLX)
CIK: 0000027996
Period of Report: 2004-05-17

Reporting Person: ESL INVESTMENTS INC (10% Owner)
Reporting Person: ESL PARTNERS LP (10% Owner)
Reporting Person: ESL LTD (10% Owner)
Reporting Person: ESL INSTITUTIONAL PARTNERS LP (10% Owner)
Reporting Person: ESL INVESTORS LLC (10% Owner)
Reporting Person: KP I PARTNERS LP (10% Owner)
Reporting Person: ESL INVESTMENT MANAGEMENT LLC (10% Owner)
Reporting Person: RBS PARTNERS L P /CT (10% Owner)
Reporting Person: RBS INVESTMENT MANAGEMENT LLC (10% Owner)
Reporting Person: LAMPERT EDWARD S (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-05-17	Common Stock	S	24675	$42.56	Disposed	116651	Direct
2004-05-17	Common Stock	S	96385	$42.56	Disposed	1434345	Direct
2004-05-17	Common Stock	S	9040	$42.56	Disposed	269819	Direct
2004-05-18	Common Stock	S	382	$42.79	Disposed	116269	Direct
2004-05-18	Common Stock	S	5111	$42.79	Disposed	1429234	Direct
2004-05-18	Common Stock	S	16707	$42.79	Disposed	253112	Direct
2004-05-19	Common Stock	S	308362	$42.69	Disposed	3170111	Direct
2004-05-19	Common Stock	S	36634	$42.69	Disposed	400848	Direct
2004-05-19	Common Stock	S	9621	$42.69	Disposed	106648	Direct
2004-05-19	Common Stock	S	118271	$42.69	Disposed	1310963	Direct
2004-05-19	Common Stock	S	253112	$42.69	Disposed	0	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	3478473	Direct
Common Stock	437482	Direct
Common Stock	3478473	Direct
Common Stock	437482	Direct

Footnotes

F1: These securities are owned by ESL Partners, L.P., a Delaware limited partnership ("Partners").

F2: These securities are owned by ESL Limited, a Bermuda corporation ("Limited").

F3: These securities are owned by ESL Institutional Partners, L.P., a Delaware limited partnership ("Institutional").

F4: These securities are owned by ESL Investors, L.L.C., a Delaware limited liability company ("Investors").

F5: These securities are owned by KP I Partners, L.P., a Delaware limited partnership ("KPI").

F6: This Form 4 is filed on behalf of a group consisting of Partners, Limited, Institutional, Investors and KPI (collectively, the "ESL Parties"), ESL Investments, Inc. ("Investments"), RBS Partners, L.P. ("RBS"), ESL Investment Management, LLC ("ESLIM"), RBS Investment Management, LLC ("RBSIM") and Edward S. Lampert. The general partner of Partners and the manager of Investors is RBS. The general partner of RBS 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 the managing member of RBSIM and ESLIM.

F7: Each of the ESL Parties, Investments, RBS, ESLIM, RBSIM and Mr. Lampert may be deemed to be an indirect beneficial owner of the securities reported herein. The total amount of securities reported as beneficially owned by each of the ESL Parties is greater than Investments' and Mr. Lampert's indirect pecuniary interest therein. The total amount of securities reported as beneficially owned by Institutional is greater than RBSIM's indirect pecuniary interest therein. The total amount of securities reported as beneficially owned by Limited and KPI, respectively, is greater than ESLIM's indirect pecuniary interest therein. The total amount of securities reported as beneficially owned by Partners and Investors, respectively, is greater than RBS's indirect pecuniary interest therein.