Document:

SELLING RESTRICTIONS

     The Shares have not been and will not be registered under the United
States Securities Act of 1933, as amended (the "Securities Act"), or with
any securities regulatory authority of any state or territory within the
jurisdiction of the United States, and may not be offered or sold within
the United States or to, or for the account or benefit of, U.S. persons,
except in accordance with Regulation S under the Securities Act.  The
Shares will be placed in accordance with Rule 903 of Regulation S (as
provided below) under the Securities Act and in compliance with the
offering restrictions requirement of Regulation S.  (Terms used herein
have the meanings given to them by Regulation S.)  Each person that
purchases a share in this Issue will receive a share certificate bearing a
legend substantially to the following effect:

     "THE SHARES COVERED HEREBY HAVE NOT BEEN REGISTERED UNDER THE
     UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE SECURITIES
     ACT), OR WITH ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE
     OR OTHER JURISDICTION OF THE UNITED STATES, AND MAY NOT BE
     OFFERED AND SOLD WITHIN THE UNITED STATES OR TO, OR FOR THE
     ACCOUNT OR BENEFIT OF, U.S. PERSONS EXCEPT IN ACCORDANCE WITH
     REGULATION S UNDER THE SECURITIES ACT.  TERMS USED ABOVE HAVE
     THE MEANINGS GIVEN TO THEM BY REGULATION S AS PROMULGATED BY THE
     UNITED STATES SECURITIES AND EXCHANGE COMMISSION."

     An offer or sale of Shares within the United States except as
described above, may violate the registration requirements of the
Securities Act.  The U.S. Securities and Exchange Commission (the "SEC")
has recently amended Regulation S to change the holding period for resales
back into the United States from forty (40) days to one (1) year.
Securities sold under Regulation S are now classified as "restricted
securities" subject to the resale restrictions of Rule 144.  As a result,
unless the Shares acquired in this Issue are registered with the SEC for
resale, purchasers of Shares may not resell their Shares into the United
States or to United States persons except in accordance with the volume
limitations, manner of sale, and filing requirements of Rule 144 after the
one (1) year holding period.  As a result, the Company has agreed to file
a Form S-3 registration statement with the SEC covering the Shares sold
hereunder as soon as practicable after the close of this Issue.  The
effect of such registration, when it is declared effective by the SEC,
will be to remove all restrictions on resales into the U.S. by purchasers
in the Issue other than a prospectus delivery requirement.  There can be
no assurance as to how quickly the SEC will exercise its discretionary
authority to register the Shares.  In the Company's prior registration of
Shares that had been previously issued in a Regulation S offering, the
registration statement was declared effective as soon as 35 days after the
close of the Issue and as long as 120 days after the closing.  While the
Company will make its best efforts to effect a prompt registration of the
Shares for resale, the recent advent of "Plain English" review of
registration statements by the SEC has delayed the registration process
for many issuers by an additional thirty (30) days or more.

     Generally speaking, in the absence of an effective registration with
the SEC, purchasers of the Shares may sell these "restricted securities"
into the U.S. only under Rule 144.  In general, under Rule 144 as
currently in effect, an "affiliate" of the Company, or any person who has
beneficially owned shares which are "restricted securities" for at least
one year, is entitled to sell within any three-month period a number of
shares that does not exceed the greater of: (i) one percent (1%) of the
then outstanding shares of Common Stock of the Company, or (ii) the
average weekly trading volume of the Common Stock during the four calendar
weeks preceding a sale by such person.  Sales under Rule 144 are also
subject to certain manner of sale provisions, notice requirements and the
availability of current public information about the Company.  Under Rule
144(k), however, a person who is not, and for the three months prior to
the sale of such shares has not been, an "affiliate" of the Company is
free to sell shares which are "restricted securities" which have been held
by non-affiliates for at least two years without regard to the limitations
contained in Rule 144.

     Kestrel and CIBC ("Seller") (i) will not offer or sell any Shares in
the United Kingdom, by means of any document, other than to persons whose
ordinary business it is to buy or sell shares or debentures, whether as
principal or agent (or in circumstances which do not constitute an offer
to the public within the meaning of the Companies Act 1985); (ii) has
complied and will comply with all applicable provisions of the Financial
Services Act 1986 with respect to anything done by it in relation to the
Shares in, from or otherwise involving the United Kingdom; and (iii) has
only issued or passed on and will only issue or pass on in the United
Kingdom this document or any other document received by it in connection
with the issue of the Shares to a person who is of a kind described in
Article 9(3) of the Financial Services Act 1986 (Investment
Advertisements) (Exemptions) Order 1988 or is a person to whom the
document may otherwise lawfully be issued and passed on.

     Further, Seller will comply with all applicable securities laws and
regulations in each jurisdiction in which it offers, sells or delivers
Shares and will ensure that no obligations are imposed on the Company in
any such jurisdiction as a result of any of the foregoing actions.  Seller
will obtain any consent, approval or permission required of it for the
offer, sale or delivery by it of Shares under the laws and regulations in
force in any jurisdiction to which it is subject or in or from which it
makes any offer, sale or delivery.  No one is authorized to make any
representation or use any information in connection with the issue,
subscription and sale of the Shares that is inconsistent with that
contained in this document.

     The purchase of shares is subject to completion, execution and
satisfactory review of the Offshore Securities Subscription Agreement
attached hereto.

     In addition to the purchase price, purchasers of Shares in this Issue
may be required to pay stamp taxes and other charges in accordance with
the laws and practices of the country of purchase.AMENDMENT NO. 1
                                       TO
                      AMENDED AND RESTATED RIGHTS AGREEMENT

         This Amendment No. 1 to Amended and Restated Rights Agreement is
entered into as of January 21, 2000, between Deluxe Corporation, a Minnesota
corporation (the "Company"), and Norwest Bank Minnesota, National Association, a
national banking association (the "Rights Agent").

                                    RECITALS

         WHEREAS, the Company and the Rights Agent are parties to an Amended and
Restated Rights Agreement dated as of January 31, 1997 (the "Rights Agreement");

         WHEREAS, there is no Acquiring Person as defined in the Rights
Agreement.

         WHEREAS, the Board of Directors of the Company has determined that an
amendment to the Rights Agreement pursuant to Section 27 of the Rights Agreement
is necessary and desirable, and the Company and the Rights Agent desire to
evidence such amendment in writing.

         NOW, THEREFORE, in consideration of the foregoing and the mutual
agreements set forth herein, the parties agree as follows:

         (a) Section 1(a) of the Rights Agreement is amended to delete clauses
(f) and (i).

         (b) Section 1(p) of the Rights Agreement is amended to read as follows:

                  (p) "Permitted Offer" shall mean an acquisition of shares of
         Common Stock pursuant to a tender offer or an exchange offer for all
         outstanding shares of Common Stock determined by the Board of Directors
         in good faith prior to the occurrence of an Acquisition Event after
         receiving advice from one or more investment or financial advisers and
         such other advisers as the Board of Directors deems necessary or
         desirable to be (x) fair to the Company's shareholders and (y), to the
         extent deemed appropriate, otherwise in the best interests of the
         Company, its shareholders, employees, customers, suppliers and
         creditors, and the communities in which the Company does business.

         (c) Section 7(e) of the Rights Agreement is amended to read as follows:

                  (e) Notwithstanding anything in this Agreement to the
         contrary, from and after the occurrence of an Acquisition Event, any
         Rights beneficially owned by (i) an Acquiring Person or an Associate or
         Affiliate of an Acquiring Person, (ii) a transferee of an Acquiring
         Person or

                                       -1-

<PAGE>

         an Associate or Affiliate of an Acquiring Person who becomes a
         transferee after such Acquiring Person becomes such, and (iii) a
         transferee of an Acquiring Person or an Associate or Affiliate of an
         Acquiring Person who becomes a transferee prior to or concurrently with
         such Acquiring Person becoming such and receives such Rights pursuant
         to either (A) a transfer (whether or not for consideration) from such
         Acquiring Person or Associate or Affiliate to or on behalf of holders
         of equity interests in such Acquiring Person or Associate or Affiliate
         or to any Person with whom such Acquiring Person or Associate or
         Affiliate has any continuing oral or written plan, agreement,
         arrangement or understanding regarding the transferred Rights or (B) a
         transfer which the Board of Directors concludes in good faith is a part
         of an oral or written plan, agreement, arrangement or understanding
         which has as a primary purpose or effect avoidance of this Section
         7(e), shall become null and void without any further action, and any
         holder of such Rights shall have no rights whatsoever with respect to
         such Rights under any provision of this Agreement or otherwise. The
         Company shall use all reasonable efforts to insure that the provisions
         of this Section 7(e) are complied with, but shall have no liability to
         any holder of Rights or other Person as a result of its failure to make
         any determinations with respect to an Acquiring Person or its
         Affiliates or Associates or the transferees thereof hereunder.

         (d) Section 11(a)(iii) of the Rights Agreement is amended to read as
follows:

                  (iii) In the event that there shall not be sufficient
         authorized but unissued shares of Common Stock of the Company to permit
         the exercise in full of the Rights, the Company shall use its best
         efforts to have the shareholders of the Company take all such action as
         may be necessary to authorize additional shares of Common Stock of the
         Company for issuance upon exercise of the Rights. If the Board of
         Directors determines in good faith that it is likely that sufficient
         additional shares of Common Stock could be authorized for issuance upon
         exercise in full of the Rights, the Company may suspend the
         exercisability of the Rights to the extent necessary (but not more than
         90 days) for the Company to seek shareholder approval for the
         authorization of such additional shares. In the event of any suspension
         under this Section 11(a)(iii), the Company shall issue a public
         announcement stating that the exercisability of the Rights has been
         temporarily suspended, as well as a public announcement at the time
         such suspension is no longer in effect.

         (e) Section 11(b), (c) and (d) of the Rights Agreement is amended to
read as follows:

                  (b) In the case the Company shall fix a record date for the
         issuance of rights, options or warrants to all holders of Common Stock
         entitling them (for a period expiring within 45 calendar days after
         such record date) to subscribe for or purchase Common Stock (or
         securities convertible into Common Stock) at a price per share of
         Common Stock (or having a conversion price per share of Common Stock,
         if a security convertible into Common Stock) less than the current
         market price of one share of Common Stock on such record date (as
         determined pursuant to Section 11(d)), the Purchase Price to be in
         effect after such record date

                                       -2-

<PAGE>

         shall be determined by multiplying the Purchase Price in effect
         immediately prior to such record date by a fraction, the numerator of
         which shall be the number of shares of Common Stock outstanding on such
         record date, plus the number of shares of Common Stock which the
         aggregate offering price of the total number of shares of Common Stock
         so to be offered (and/or the aggregate initial conversion price of the
         convertible securities so to be offered) would purchase, at such
         current market price, and the denominator of which shall be the number
         of shares of Common Stock outstanding on such record date, plus the
         number of additional shares of Common Stock to be offered for
         subscription or purchase (or into which the convertible securities so
         to be offered are initially convertible). In case such subscription
         price may be paid by delivery of consideration part or all of which
         shall be in a form other than cash, the value of such consideration
         shall be as determined in good faith by the Board of Directors, whose
         determination shall be described in a statement filed with the Rights
         Agent and shall be binding on the Rights Agent. Shares of Common Stock
         owned by or held for the account of the Company shall not be deemed
         outstanding for the purpose of any such computation. Such adjustment
         shall be made successively whenever such a record date is fixed; and in
         the event that such rights or warrants are not so issued, the Purchase
         Price shall be adjusted to be the Purchase Price which would then be in
         effect if such record date had not been fixed.

                  (c) In case the Company shall fix a record date for a
         distribution to all holders of Common Stock (including any such
         distribution made in connection with a consolidation or merger in which
         the Company is the continuing or surviving corporation) of evidences of
         indebtedness or cash or non-cash assets (other than (i) a regular
         periodic cash dividend or (ii) a dividend payable in Common Stock, but
         including any dividend payable in stock other than Common Stock) or
         subscription rights or warrants (excluding those referred to in Section
         11(b)), the Purchase Price to be in effect after such record date shall
         be determined by multiplying the Purchase Price in effect immediately
         prior to such record date by a fraction, the numerator of which shall
         be the current market price of one share of the Common Stock on such
         record date (as determined pursuant to Section 11(d)), less the fair
         market value (as determined in good faith by the Board of Directors,
         whose determination shall be described in a statement filed with the
         Rights Agent) of the portion of the evidences of indebtedness or cash
         or non-cash assets so to be distributed on, or of such subscription
         rights or warrants applicable to, one share of the Common Stock, and
         the denominator of which shall be such current market price of one
         share of the Common Stock. Such adjustments shall be made successively
         whenever such a record date is fixed; and in the event that such
         distribution is not so made, the Purchase Price shall again be adjusted
         to be the Purchase Price which would then be in effect if such record
         date had not been fixed.

                  (d) For the purpose of any computation hereunder, the "current
         market price" of one share of the Common Stock on any date shall be
         deemed to be the average of the daily closing prices per share of such
         Common Stock for the 30 consecutive Trading Days (as such

                                       -3-

<PAGE>

         term is hereinafter defined) immediately prior to such date; provided,
         however, that in the event that the current market price of one share
         of the Common Stock is determined during a period following the
         announcement by the issuer of such Common Stock of (i) a dividend or
         distribution on such Common Stock payable in shares of such Common
         Stock or securities convertible into shares of such Common Stock (other
         than the Rights), or (ii) any subdivision, combination or
         reclassification of such Common Stock, and prior to the expiration of
         30 Trading Days after the ex-dividend date for such dividend or
         distribution, or the record date for such subdivision, combination or
         reclassification, then, and in each such case, the "current market
         price" per one share of such Common Stock shall be appropriately
         adjusted to take into account ex-dividend trading. The closing price
         for any day shall be the last sale price, regular way, or, in case no
         such sale takes place on such day, the average of the closing bid and
         asked prices, regular way, in either case as reported in the principal
         consolidated transaction reporting system with respect to securities
         listed or admitted to trading on the New York Stock Exchange or, if the
         shares of Common Stock are not listed or admitted to trading on the New
         York Stock Exchange, as reported in the principal consolidated
         transaction reporting system with respect to securities listed on the
         principal national securities exchange on which the shares of Common
         Stock are listed or admitted to trading or, if the shares of Common
         Stock are not listed or admitted to trading on any national securities
         exchange, the last sale price or, if not so quoted, the average of the
         high bid and low asked prices in the over-the-counter market, as
         reported by the National Association of Securities Dealers, Inc.
         Automated Quotation System ("NASDAQ") or such other system then in use
         or, if on any such day the shares of Common Stock are not quoted by any
         such organization, the average of the closing bid and asked prices as
         furnished by a professional market maker making a market in the Common
         Stock selected in good faith by the Board of Directors. If on any such
         day no market maker is making a market in the Common Stock, the fair
         value of such shares on such day as determined in good faith by the
         Board of Directors shall be used in lieu of the closing price for such
         day. The term "Trading Day" shall mean a day on which the principal
         national securities exchange on which the shares of Common Stock are
         listed or admitted to trading is open for the transaction of business
         or, if the Common Stock is not listed or admitted to trading on any
         national securities exchange, a Business Day. If the Common Stock is
         not publicly held or not so listed or traded, the "current market
         price" of one share of such Common Stock shall be deemed to be the fair
         value per share of such Common Stock as determined in good faith by the
         Board of Directors, whose determination shall be described in a
         statement filed with the Rights Agent and shall be conclusive for all
         purposes.

         (f) Section 11(m) of the Rights Agreement is amended to read as
follows:

                  (m) Anything in this Section 11 to the contrary
         notwithstanding, the Company shall be entitled to make such reductions
         in the Purchase Price, in addition to those adjustments expressly
         required by this Section 11, as and to the extent that in their sole
         discretion the Board of Directors shall determine in good faith to be
         advisable in order that any (i) combination or

                                       -4-

<PAGE>

         subdivision of the Common Stock, (ii) issuance wholly for cash of any
         shares of Common Stock at less than the current market price of one
         share of the Common Stock, (iii) issuance wholly for cash of securities
         which by their terms are convertible into or exchangeable for shares of
         Common Stock, (iv) stock dividends or (v) issuance of rights, options
         or warrants referred to in this Section 11, hereafter made by the
         Company to holders of its Common Stock shall not be taxable to such
         shareholders.

         (g) Section 11(o) of the Rights Agreement is amended to read as
follows:

                  (o) The Company shall not, after the Stock Acquisition Date,
         except as permitted by Section 23 or 27, take (or permit any Subsidiary
         to take) any action if at the time such action is taken it is
         reasonably foreseeable that such action will diminish substantially or
         otherwise eliminate the benefits intended to be afforded by the Rights

         (h) Section 13(e) of the Rights Agreement is amended to read as
follows:

                  (e) Notwithstanding anything in this Agreement to the
         contrary, Section 13 shall not be applicable to a Section 13 Event if
         such Section 13 Event is consummated with a Person or Persons who
         acquired Common Stock pursuant to a Permitted Offer (or a wholly owned
         Subsidiary of any such Person or Persons), (ii) the price per share of
         Common Stock offered in such Section 13 Event is not less than the
         price per share of Common Stock paid to all holders of Common Stock
         whose shares were purchased pursuant to a Permitted Offer and (iii) the
         form of consideration being offered to the remaining holders of Common
         Stock pursuant to such Section 13 Event is the same as the form of
         consideration paid pursuant to such Permitted Offer. Upon consummation
         of any such transaction contemplated by this Section 13(e), all Rights
         hereunder shall expire.

         (i) Section 14(a) of the Rights Agreement is amended to read as
follows:

                  (a) The Company shall not be required to issue fractions of
         Rights, except prior to the Distribution Date, or to distribute Right
         Certificates which evidence fractional Rights. The Company may, in lieu
         of such fractional Rights, pay to the registered holders of the Right
         Certificates with regard to which such fractional Rights would
         otherwise be issuable, an amount in cash equal to the same fraction of
         the current market value of a whole Right. For the purposes of this
         Section 14(a), the current market value of a whole Right shall be the
         closing price of the Rights for the Trading Day immediately prior to
         the date on which such fractional Rights would have been otherwise
         issuable. The closing price for any day shall be the last sale price,
         regular way, or, in case no such sale takes place on such day, the
         average of the closing bid and asked prices, regular way, in either
         case as reported in the principal consolidated transaction reporting
         system with respect to securities listed or admitted to trading on the
         New York Stock Exchange or, if the Rights are not listed or admitted to
         trading on the New York

                                       -5-

<PAGE>

         Stock Exchange, as reported in the principal consolidated transaction
         reporting system with respect to securities listed on theprincipal
         national securities exchange on which the Rights are listed or admitted
         to trading or, if the Rights are not listed or admitted to trading on
         any national securities exchange, the last sale price or, if not so
         quoted, the average of the high bid and low asked prices in the
         over-the-counter market, as reported by NASDAQ or such other system
         then in use or, if on any such day the Rights are not quoted by any
         such organization, the average of the closing bid and asked prices as
         furnished by a professional market maker making a market in the Rights
         selected in good faith by the Board of Directors. If on any such day no
         market maker is making a market in the Rights, the fair value of the
         Rights on such day as determined in good faith by the Board of
         Directors shall be used in lieu of the closing price for such day.

         (j) Section 16 of the Rights Agreement is amended to read as follows:

                  Section 16. Agreement of Right Holders. Every holder of Rights
         by accepting the Rights consents and agrees with the Company and the
         Rights Agent and with every other holder of Rights that:

                           (a) prior to the Distribution Date, the Rights will
                  be transferable only in connection with the transfer of the
                  Common Stock;

                           (b) on or after the Distribution Date, the Right
                  Certificates are transferable only on the registry books of
                  the Rights Agent if surrendered at the office or offices of
                  the Rights Agent designated for such purposes, duly endorsed
                  or accompanied by a proper instrument of transfer together
                  with a signature guarantee and such other and further
                  documentation as the Rights Agent may reasonably request; and

                           (c) subject to Sections 6(a) and 7(f), the Company
                  and the Rights Agent may deem and treat the Person in whose
                  name the Right Certificate (or, prior to the Distribution
                  Date, the associated Common Stock certificate) is registered
                  as the absolute owner thereof and of the Rights evidenced
                  thereby (notwithstanding any notations of ownership or writing
                  on the Right Certificates or the associated Common Stock
                  certificate made by anyone other than the Company or the
                  Rights Agent) for all purposes whatsoever, and neither the
                  Company nor the Rights Agent shall be affected by any notice
                  to the contrary.

         Notwithstanding anything in this Agreement or the Rights to the
         contrary, the Company, the Rights Agent and the Board of Directors
         shall not have any liability to any holder of a Right or other Person
         as a result of the inability of the Company or the Rights Agent to
         perform any of its obligations under this Agreement by reason of any
         preliminary or permanent injunction or other order, decree or ruling
         issued by a court of competent jurisdiction or by a governmental,

                                      -6-

<PAGE>

         regulatory or administrative agency or commission, or any statute,
         rule, regulation or executive order promulgated or enacted by any
         governmental authority prohibiting or otherwise restraining performance
         of such obligation; provided, however, that the Company shall use its
         best efforts to have any such order, decree or ruling lifted, dissolved
         or overturned at the earliest possible time.

         (k) Section 23(a) of the Rights Agreement is amended to read as
follows:

                  (a) The Board of Directors may, at its option, at any time
         prior to the earlier of the Close of Business (i) on the Stock
         Acquisition Date or (ii) on the Final Expiration Date, redeem all but
         not less than all of the then outstanding Rights at a redemption price
         of $.01 per Right, appropriately adjusted to reflect any stock split,
         stock dividend or similar transaction occurring after the date of this
         Agreement (such redemption price being hereinafter referred to as the
         "Redemption Price"). The Board of Directors and the Company shall not
         have any liability to any Person as a result of the redemption of
         Rights pursuant to the terms hereof.

         (l) Section 27 of the Rights Agreement is amended to read as follows:

                  Section 27. Supplements and Amendments. The Company and the
         Rights Agent shall from time to time, if the Company so directs,
         supplement or amend this Agreement without the approval of any holders
         of Right Certificates (or, prior to the Distribution Date, the
         associated Common Stock certificates) in order (i) to cure any
         ambiguity herein, (ii) to correct or supplement any provision herein
         which may be defective or inconsistent with any other provision herein,
         (iii) to extend the period of redemption provided for in Section 23 or
         the Final Expiration Date, notwithstanding anything to the contrary
         provided in clause (v), (iv) prior to the Distribution Date, to
         otherwise amend or supplement any provision herein in any manner which
         the Company may deem necessary or desirable to effectuate the purposes
         of this Agreement or (v) following the Distribution Date, to otherwise
         amend or supplement any provision herein in any manner which the
         Company may deem necessary or desirable and which shall not adversely
         affect the interests of the holders of Right Certificates (other than
         an Acquiring Person or any Affiliate or Associate thereof); provided,
         however, that this Agreement may not be supplemented or amended in any
         way (other than pursuant to clauses (i) and (ii) above) at any time
         after the occurrence of an Acquisition Event and provided, further,
         that this Agreement may not be supplemented or amended to lengthen,
         pursuant to clause (iii) of this sentence, a period relating to when
         the Rights may be redeemed if at the time of such supplement or
         amendment the Rights are not redeemable. Upon the delivery of a
         certificate from an appropriate officer of the Company which states
         that the proposed supplement or amendment is in compliance with the
         terms of this Section 27, the Rights Agent shall execute such
         supplement or amendment unless the Rights Agent shall have determined
         in good faith that such supplement or amendment would adversely affect
         its interests under this Agreement. Prior to

                                       -7-

<PAGE>

         the Distribution Date, the interests of the holders of Rights shall be
         deemed coincident with the interests of the holders of Common Stock.

         (m) Section 30 of the Rights Agreement is amended to read as follows:

                  Section 30. Administration and Interpretation by Directors.
         The Board of Directors shall have the exclusive power and authority to
         administer this Agreement and to exercise all rights and powers
         specifically granted to the Board of Directors or the Company or
         necessary or advisable in the administration of this Agreement,
         including, without limitation, the right and power to interpret this
         Agreement and to make all determinations deemed necessary or advisable
         for the administration of this Agreement. All such acts,
         interpretations and determinations done or made by the Board of
         Directors in good faith shall be final, conclusive and binding on the
         Company, the Rights Agent and the holders of the Rights. Accordingly,
         the Board of Directors shall not be liable to the holders of the Rights
         or any other party for any determination made, action taken or action
         omitted to be taken pursuant to the terms of this Agreement, if such
         determination, action or omitted action was made or taken or omitted in
         good faith.

         (n) Section 31 of the Rights Agreement is amended to read as follows:

                  Section 31. Severability. If any term, provision, covenant or
         restriction of this Agreement is held by a court of competent
         jurisdiction or other authority to be invalid, void or unenforceable,
         the remainder of the terms, provisions, covenants and restrictions of
         this Agreement shall remain in full force and effect and shall in no
         way be affected, impaired or invalidated.

         (o) Effectiveness. This Amendment shall be deemed effective as of the
date first written above, as if executed on such date. Except as amended hereby,
the Rights Agreement shall remain in full force and effect and shall be
otherwise unaffected hereby.

                                       -8-

<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
duly executed, all as of the date and year first above written.

                                  DELUXE CORPORATION

                                  By /s/ John H. LeFevre

                                      Its Senior Vice President

                                  NORWEST BANK MINNESOTA,
                                    NATIONAL ASSOCIATION

                                  By /s/ Barbara M. Novak

                                      Its Vice President

                                       -9-

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