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: CUMBERLAND ASSOCIATES LLC (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: Cumberland is a New York limited liability company and is engaged in the business of managing securities accounts on a discretionary basis. Cumberland has received these securities on behalf of its discretionary accounts and disclaims beneficial ownership of such securities except to the extent of its pecuniary interest herein.