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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
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FORM 3 OMB APPROVAL
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OMB Number 3235-0194
Expires: September 30, 1998
Estimated average burden
hours per response........ 0.5
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INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES
File 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
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(Print or Type Responses)
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<S> <C> <C>
1. Name and address of Reporting Person* 2. Date of Event Re- 4. Issuer Name and Ticker or Trading Symbol
quiring Statement U.S. Timberlands Company, L.P. (Nasdaq: TIMBZ)
McDowell John C. (Month/Day/Year) --------------------------------------------------------
- -------------------------------------------- 5. Relationship of Reporting Person to Issuer
(Last) (First) (Middle) 1/5/98 (Check all applicable)
--------------------------- Director 10% Owner
P.O. Box 10, 6400 Highway 66 3. IRS or Social Se- ----- -----
- -------------------------------------------- curity Number of x Officer (give Other (specify
(Street) Reporting Person ----- title below) ----- below)
(Voluntary) Vice President-Finance and Controller
Klamath Falls OR 97601 ------------------------------------------
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(City) (State) (Zip)
6. If Amendment, Date of
Original (Month/Day/Year)
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7. Individual or Joint/Group
Filing (Check Applicable Line)
x Form filed by One Reporting Person
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Form filed by More than One Reporting Person
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TABLE I - Non Derivative Securities Beneficially Owned
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1. Title of Security 2. Amounts of Securities 3. Ownership 4. Nature of Indirect Beneficial Ownership
(Instr. 4) Beneficially Owned Form: Direct (Instr. 5)
(Instr. 4) (D) or Indirect
(I) (Instr. 5)
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Common Units 0 N/A
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(Over)
SEC 1473 (7/96)
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Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction
5(b)(v).
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FORM 3 (continued)
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Table II -- Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
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1. Title of Derivative Security 2. Date Exer- 3. Title and Amount of Securities 4. Conversion 5. Ownership 6. Nature of
(Instr. 4) cisable and Underlying Derivative Security or Exercise Form of Indirect
Expiration (Instr. 4) Price of Derivative Beneficial
Date Derivative Security: Ownership
(Month/Day/ Security Direct (D) (Instr. 5)
Year) or
------- ------- --------------------------------- Indirect (I)
Date Expira- Amount (Instr. 5)
Exer- tion or
cisable Date Title Number
of
Shares
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<S> <C> <C> <C> <C> <C> <C> <C>
Unit Options (right to convert) + ++ Common Units 34,310 +++ D
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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.
+++ The Unit Options will have an exercise price of $21.44, the market value of
the Common Units as of the close of trading on January 5, 1998.
**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 C. McDowell 1/27/98
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**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 1473 (7-96)
