INNODATA INC — Director's Dealing 2004

May 20, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: INNODATA ISOGEN INC (INOD)
CIK: 0000903651
Period of Report: 2004-05-19

Reporting Person: TANPHO JURGEN (Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-05-19	Common Stock	M	39000	$1.56	Acquired	39000	Direct
2004-05-19	Common Stock	S	3900	$3.90	Disposed	35100	Direct
2004-05-19	Common Stock	S	4900	$3.93	Disposed	30200	Direct
2004-05-19	Common Stock	S	3000	$3.94	Disposed	27200	Direct
2004-05-19	Common Stock	S	11600	$3.97	Disposed	15600	Direct
2004-05-19	Common Stock	S	300	$3.977	Disposed	15300	Direct
2004-05-19	Common Stock	S	3700	$3.98	Disposed	11600	Direct
2004-05-19	Common Stock	S	1400	$3.99	Disposed	10200	Direct
2004-05-19	Common Stock	S	1000	$4.00	Disposed	9200	Direct
2004-05-19	Common Stock	S	3200	$4.01	Disposed	6000	Direct
2004-05-19	Common Stock	S	4816	$4.05	Disposed	1184	Direct
2004-05-19	Common Stock	S	184	$4.06	Disposed	1000	Direct
2004-05-19	Common Stock	S	900	$4.07	Disposed	100	Direct
2004-05-19	Common Stock	S	100	$4.08	Disposed	0	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-05-19	Stock Option	$1.56	M	39000	Disposed	2005-05-31	Common Stock (39000)	Direct

Footnotes

F1: Various

F2: Exercise of employee stock options