DELUXE CORP — Director's Dealing 2004

May 6, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: DELUXE CORP (DLX)
CIK: 0000027996
Period of Report: 2004-05-04

Reporting Person: MILLER KATHERINE L (V.P., Controller)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-05-04	Common Stock	A	380	—	Acquired	685	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-05-04	Common Stock Option	$42.35	A	1825	Acquired	2011-05-04	Common Stock (1825)	Direct

Footnotes

F1: Includes 138 shares and 167 shares acquired under the Company's Employee Stock Purchase Plan on July 31, 2003 and February 2, 2004, respectively.

F2: Options were granted under the Company's Stock Incentive Plan on 3/19/99 (2,000 shares at $24.48 per share), 1/28/00 (2,000 shares at $20.00 per share), 1/26/01 (10,000 shares at $20.24 per share), 3/14/02 (10,000 shares at $47.67 per share), 3/10/03 (11,000 shares at $38.54 per share) and 5/4/04 (1,825 shares at $42.35 per share). Options granted prior to 1/1/01 have a term of ten years from the date of grant, and options granted after 1/1/01 have seven year terms. One-third of each option vests and becomes exercisable on each of the three succeeding anniversaries of the date of grant if, subject to certain exceptions, the holder remains in the employ of the Company through the applicable vesting date.