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INNOVATIVE SOLUTIONS & SUPPORT INC Director's Dealing 2004

May 12, 2004

33638_dirs_2004-05-12_3988ee6a-5bb9-4fca-9742-abf13ce68740.zip

Director's Dealing

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SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: INNOVATIVE SOLUTIONS & SUPPORT INC (ISSC)
CIK: 0000836690
Period of Report: 2004-05-12

Reporting Person: HEDRICK GEOFFREY S M (Director, Chairman and CEO, 10% Owner)

Non-Derivative Transactions

Date Security Code Shares Price A/D Holdings After Ownership
2004-05-12 Common Stock X 149088 $2.19 Acquired 3068184 Direct

Derivative Transactions

Date Security Exercise Price Code Shares A/D Expiration Underlying Ownership
2004-05-12 Warrants $2.19 X 149088 Disposed 2004-06-04 Common Stock (149088) Direct

Footnotes

F1: To purchase common stock.