Deluxe Corporation · NYSE:DLX

Deluxe — Merger or Acquisition (April 2021)

16 slides from Deluxe's merger presentation, Apr 22, 2021

1. Slide 1: Deluxe to Acquire First American

   © 2021 Deluxe Corporation Deluxe to Acquire First American April 22, 2021

2. Slide 2: Cautionary Statement

   2 Cautionary Statement Statements made in this presentation concerning Deluxe, the Company’s or management’s intentions, expectations, outlook or pr edi ctions about future results or events are “forward - looking statements” within the meaning of the Private Securities Litigation Reform A ct of 199

3. Slide 3: +

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4. Slide 4: Transaction Summary

   4 Transaction Summary Financial Consideration • $960M purchase price, cash consideration • Customary adjustments for cash, indebtedness, working capital and transaction expenses Expected Financials • Strategic acquisition will immediately double Payments annual revenue • Significant revenue synergie

5. Slide 5: Strategic Rationale

   5 Strategic Rationale Payments Expertise and Scaled Business Create Powerful Platform for Deluxe to Build Upon • End - to - end payments technology platform with significant operating leverage to accelerate organic growth • Deep bench of management talent with extensive payments experience Significa

6. Slide 6: Deluxe Overview

   6 Deluxe Overview Leading business technology company with strong free cash flow Selected Financial Metrics $2.8T IN PAYMENTS VALUE PROCESSING ~4,000 # OF FINANCIAL INSTITUTION CUSTOMERS $1.8B 2020A REVENUE Business Overview HQ Shoreview, MN FORTUNE 1000 COMPANY OPERATING IN FOUR MAIN SEGMENTS Payme

7. Slide 7: Uniquely Powering Companies Through Lifecycle

   7 Uniquely Powering Companies Through Lifecycle Meaningful Cross - sell Opportunities START YOUR BUSINESS BRAND YOUR BUSINESS GROW YOUR BUSINESS OPTIMIZE YOUR BUSINESS Checks Cloud Promo Payments Merchant Services Payroll Solutions Remote Deposit Capture Digital Payments Website & Hosting Data - Dri

8. Slide 8: First American Overview

   Growth Drivers and Opportunities 8 First American Overview Scaled, robust, and reliable payment platform that enables the delivery of true end - to - end omni - channel payment solutions catering to SMB and large enterprise merchants Business Overview HQ Fort Worth, TX OWNERSHIP PE Backed (Ontario T

9. Slide 9: First American's Compelling Attributes

   9 First American’s Compelling Attributes Leverageable diversified distribution channels • Independent Software Vendors and Integrated Payments • Financial institutions • Independent Sales Organizations (ISOs) • Strong complementary direct sales Strong financial model • Highly predictable and recurri

10. Slide 10: First American Clients

    10 First American Clients First American’s Highly Diversified Customer Base and Complementary Payment Solutions 60 % Partners Retail and wholesale independent sales organizations, and financial institutions 20 % Direct sales Telesales and office - based sales 20 % Integrated Payments Include non - p

11. Slide 11: Significant Revenue Synergy Opportunities

    11 Significant Revenue Synergy Opportunities + Merchant Services to DLX FIs • Brings new adoption tools including Fitech Academy • Online banking connected offering via Autobooks Payroll to new First American merchants • Complementary to multiple selling channels like ISO, ISV / Integrated Payments,

12. Slide 12: Maintaining a Strong Capital Structure

    12 Maintaining a Strong Capital Structure Debt financing to include a combination of • Term loan A/revolver • Term loan B • High - yield unsecured bonds Total Debt will be approximately $1.85 billion • Cost of debt expected to be approximately 4% • Total Net Debt*/Adjusted EBITDA ratio expected to b

13. Slide 13: Payments to Be Much Larger Part of DLX

    2020 Deluxe Pro Forma 2020 Deluxe 2020 Deluxe Pro Forma 2020 Deluxe Source: Deluxe and First American actual financials. ”Pro Forma Deluxe” based on 2020 results. Adjusted EBITDA excludes Delu xe corporate expenses. Pro forma of combined entity will be filed at a later time. 13 Payments to Be Much L

14. Slide 14: Strong Start to 2021

    14 Strong Start to 2021 Q121 Revenues, Adjusted EBITDA, and Adjusted EPS expected to beat consensus 14 14 REVENUES Continued sequential improvement in year - over year rate of decline from fourth quarter 2020 ADJUSTED EBITDA 7 - 9% growth, year over year ADJUSTED EBITDA MARGIN Expanded year - over -

15. Slide 15: dlx

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16. Slide 16: Deluxe: trusted business technology

    deluxe trusted business technology

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