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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 5 OMB APPROVAL
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[_] Check this box if no longer OMB NUMBER: 3235-0362
subject to Section 16. Form 4 Expires: SEPTEMBER 30, 1998
or Form 5 obligations may Estimated average burden
continue. SEE Instruction 1(b). hours per response ...... 1.0
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[_] Form 3 Holdings Reported
[_] Form 4 Transaction Reported
ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935 or
Section 30(f) of the Investment Company Act of 1940
1. Name and Address of Reporting Person *
Rudey John M.
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(Last) (First) (Middle)
Suite 10-B, 625 Madison Avenue
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(Street)
New York NY 10022
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(City) (State) (Zip)
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2. Issuer Name and Ticker or Trading Symbol
U.S. Timberlands Company, L.P. (Nasdaq: TIMBZ)
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3. IRS or Social Security Number of Reporting Person (Voluntary)
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4. Statement for Month/Year
December 31, 1997
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5. If Amendment, Date of Original (Month/Day/Year)
February 12, 1998
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6. Relationship of Reporting Person to Issuer
(Check all applicable)
X Director 10% Owner
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Officer (give Other (Specify
----- title below) ------ below)
Chairman of the Board
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7. Individual or Joint/Group Filing
X Form filed by One Reporting Person
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Form filed by More One Reporting Person
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<TABLE>
<CAPTION>
Table 1 -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security 2. Trans- 3. Trans- 4. Securities Acquired (A) 5. Amount of 6. Ownership 7. Nature
(Instr. 3) action action or Disposed of (D) Securities Form: of Indirect
Date Code Beneficially Direct Beneficial
(Instr. 8) (Instr. 3,4 and 5) Owned at End (D) or Ownership
(Month/ -------------------------- Of Issuer's Indirect (Instr. 4)
Day/ Amount (A) or Price Fiscal Year (I)
Year) (D) (Instr. 3 and 4) (Instr. 4)
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
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Common Units 11/19/98 P 2,000 A $21.00 2,000 I by two minor
children
(1,000 each)
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</TABLE>
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
(Print or Type Responses)
* If the from is filed by more than one reporting person, see instruction
4(b)(v).
(Over)
SEC 2270 (3/91)
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FORM 5 (continued)
<TABLE>
<CAPTION>
Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security 2. Conversion 3. Transaction 4. Transaction 5. Number of Derivative 6. Date Exercisable
(Instr. 3) or Exercise Date Code Securities Acquired (A) and Expiration
Price of (Month/Day (Instr. 8) or Disposed of (D) Date
Derivative Year) (Instr. 3, 4, and 5) (Month, Day
Security Year)
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(A) (D) Date Expiration
Exer- Date
cisable
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<S> <C> <C> <C> <C> <C> <C> <C> <C>
Unit Options $21.00 12/12/97 A 13,985 + ++
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</TABLE>
<TABLE>
<CAPTION>
7. Title and Amount of 8. Price of Derivative 9. Number of Derivative 10. Ownership of 11. Nature of the
Underlying Securities Security (Instr. 5) Securities Beneficially Derivative Security: Indirect Beneficial
(Instr. 3 and 4) Owned at End of Year Direct (D) or Ownership (Instr. 4)
Instr. 4) Indirect (I) (Instr. 4)
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Title Amount or
Number of
Shares
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<S> <C> <C> <C> <C>
Common Units 13,985 $21 107,218 D
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</TABLE>
Explanation of Responses:
+ The Unit Options will become exercisable upon the conversion of the
Subordinated Units to Common Units on a pro rata basis, which date shall be no
earlier than December 31, 2000.
++The Unit Options expire on the tenth anniversary of the date such Unit Option
is granted or earlier in certain instances upon termination of employment.
**Intentional misstatements or omissions of facts constitute Federal Criminal
Violations.
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
/s/ John M. Rudey 3/30/98
_______________________________ ______________
**Signature of Reporting Person Date
Note: File three copies of this Form, one of which must be manually signed. If
space provided is insufficient, See Instruction 6 for procedure.
Potential persons who are to respond to the collection of information contained
in this form are not required to respond unless the form displays a currently
valid OMB Number.
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SEC 2270 (3/91)
