DELUXE CORP — Director's Dealing 2005

Apr 29, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: DELUXE CORP (DLX)
CIK: 0000027996
Period of Report: 2005-04-27

Reporting Person: TREFF DOUGLAS J (Sr. Vice President and CFO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-04-27	Common Stock	A	1180	—	Acquired	23955	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2005-04-27	Common Stock Option	$39.63	A	5670	Acquired	2012-04-27	Common Stock (5670)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Restricted Stock Units	$0	2007-01-25	Common Stock (8465)	8465	Direct
Common Stock Option	$16.42	2010-10-26	Common Stock (60485)	60485	Direct
Common Stock Option	$47.67	2009-03-14	Common Stock (36000)	36000	Direct
Common Stock Option	$38.54	2010-03-10	Common Stock (36000)	36000	Direct
Common Stock Option	$42.35	2011-05-04	Common Stock (5400)	5400	Direct

Footnotes

F1: Includes 2,305 shares of restricted stock.

F2: Restricted stock units were awarded on 1/25/05 under the Company's Stock Incentive Plan. The units will vest and be converted into common stock on the second anniversary of the date of grant if, subject to certain exceptions, the holder remains in the employ of the Company through such date. Award results from an election to receive a portion of the holder's 2004 incentive compensation in restricted stock units in lieu of cash.

F3: Options vest in three equal installments on the three succeeding anniversary dates of grant, provided the holder remains in the employ of the Company. Date entered reflects date on which first installment vests(ed).