MILESTONE SCIENTIFIC INC. — Director's Dealing 2003

Nov 5, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: MILESTONE SCIENTIFIC INC/NJ (MS)
CIK: 0000855683
Period of Report: 2003-11-03

Reporting Person: WALLACH ANDREW W (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-11-03	Common Stock, par value $.001 per share	J	182308	—	Acquired	1980775	Indirect

Footnotes

F1: Received from Milestone Scientific, Inc. (the "Issuer") as consideration for the agreement of Cumberland Associates LLC ("Cumberland") to a one-year extension of the term of certain promissory notes of the Issuer held by Cumberland.

F2: Consideration for the shares of Common Stock was Cumberland's agreement to a one-year extension of the term of certain promissory notes of the Issuer held by Cumberland.

F3: The reporting person is a member of Cumberland Associates LLC, a limited liability company organized under the laws of the State of New York which is engaged in the business of managing on a discretionary basis, various securities accounts. Cumberland Associates received these Securities on behalf of one or more of the accounts (the "Accounts"), and the reporting person disclaims beneficial membership of these Securities except to the extent of his share in Cumberland Associates' indirect pecuniary interest therein, which pecuniary interest, if any, is limited to incentive fees and/or allocations payable to Cumberland Associates based on a percentage of realized and/or unrealized gains with respect to these Securities held in the Accounts.