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: ODWYER MARY ANN (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-05-04	Common Stock	J	333	—	Acquired	333	Direct
2004-05-04	Restricted Shares	J	333	—	Disposed	667	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-05-04	Common Stock Option	$42.35	A	1000	Disposed	2011-05-04	Common Stock (1000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Restricted Stock Units	814	Direct

Footnotes

F1: Represents vesting of restricted shares of the Company's common stock issued pursuant to the Company's Stock Incentive Plan on October 28, 2003. The shares vest in three equal installments on the dates of the three succeeding annual shareholders' meetings of the Company held following the date of grant, provided that the holder remains a director of the Company after the meeting.

F2: Represents restricted stock units received in lieu of directors' fees pursuant to the Company's Non-Employee Director Stock and Deferral Plan. The units will vest and be converted into shares of Common Stock when the holder ceases to serve as a director of the Company.

F3: Options vest in three equal installments on the three succeeding anniversary dates of the date of grant, provided the holder remains a director of the Company.