U.S. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 4 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 [_] Check box if no longer subject of Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b). -------------------------------------------------------------------------------- 1. Name and Address of Reporting Person* Rudey John M. -------------------------------------------------------------------------------- (Last) (First) (Middle) 625 Madison Avenue, Suite 10-B -------------------------------------------------------------------------------- (Street) New York New York 10022 -------------------------------------------------------------------------------- (City) (State) (Zip) -------------------------------------------------------------------------------- 2. Issuer Name and Ticker or Trading Symbol U.S. Timberlands Company, L.P. (NASDAQ: TIMBZ) -------------------------------------------------------------------------------- 3. IRS Identification Number of Reporting Person, if an Entity (Voluntary) -------------------------------------------------------------------------------- 4. Statement for Month/Year 5/01 -------------------------------------------------------------------------------- 5. If Amendment, Date of Original (Month/Year) -------------------------------------------------------------------------------- 6. Relationship of Reporting Person to Issuer (Check all applicable) [x] Director [_] 10% Owner [x] Officer (give title below) [_] Other (specify below) Chairman of the Board -------------------------------------------------------------------------------- 7. Individual or Joint/Group Filing (Check applicable line) [x] Form filed by one Reporting Person [_] Form filed by more than one Reporting Person -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned ================================================================================

6. 4. 5. Owner- Securities Acquired (A) or Amount of ship 3. Disposed of (D) Securities Form: 7. Transaction (Instr. 3, 4 and 5) Beneficially Direct Nature of 2. Code ------------------------------- Owned at End (D) or Indirect 1. Transaction (Instr. 8) (A) of Month Indirect Beneficial Title of Security Date ------------ Amount or Price (Instr. 3 (I) Ownership (Instr. 3) (mm/dd/yy) Code V (D) and 4) (Instr.4) (Instr. 4) ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ Common Units 1205/0117/~~00 P 2,700 A $6.5 D (1) ------------------------------------------------------------------------------------------------------------------------------------ Common Units 12/~~01~~/00~~ P 1,500 A $6.375 D (1) ------------------------------------------------------------------------------------------------------------------------------------ Common Units 12/01/00 P 500 A $6.1875 D (1) ------------------------------------------------------------------------------------------------------------------------------------ Common Units 12/01/00 P 1000 A $6.3125 D (1) ------------------------------------------------------------------------------------------------------------------------------------ Common Units 12/05/00 P 3,100 A $5.~~875~~80 D (1) ------------------------------------------------------------------------------------------------------------------------------------ ~~Common Units 12/05/00 P 1,000 A $6.0625 D (1)~~ ------------------------------------------------------------------------------------------------------------------------------------ ~~Common Units 12/05/00 P 2,000 A $6 D (1)~~ ------------------------------------------------------------------------------------------------------------------------------------ ~~Common Units 12/06/00 P 1,000 A $5.875 D (1)~~ ------------------------------------------------------------------------------------------------------------------------------------ ~~Common Units 12/06/00 P 3,800 A $5.8125 D (~~1~~) ------------------------------------------------------------------------------------------------------------------------------------ Common Units 12/08/00 P 3~~,~~000 A $5.875 D (1) ------------------------------------------------------------------------------------------------------------------------------------ Common Units 12/08/00 P 2~~767,~~000~~340 ~~A $6.0625 D~~ (1) ------------------------------------------------------------------------------------------------------------------------------------ Common Units 12/08/00 P 5,000 A $6 D (1) ------------------------------------------------------------------------------------------------------------------------------------ Common Units 12/11/00 P 1,000 A $6.1875 D (1) ------------------------------------------------------------------------------------------------------------------------------------ Common Units 12/11/00 P 1,700 A $6 D (1) ------------------------------------------------------------------------------------------------------------------------------------ Common Units 12/11/00 P 500 A $6.0625 D (1) ------------------------------------------------------------------------------------------------------------------------------------ Common Units 12/11/00 P 2~~,000 A $5.875 D (1~~) ------------------------------------------------------------------------------------------------------------------------------------ Common Units 12/13/00 P 6,500 A $6 D (1) ------------------------------------------------------------------------------------------------------------------------------------ Common Units 12/13/00 P 5,000 A $6.125 D (1) ------------------------------------------------------------------------------------------------------------------------------------ Common Units 12/13/00 P 500 A $6.25 D (1) ------------------------------------------------------------------------------------------------------------------------------------ Common Units 12/14/00 P 2,300 A $5.9375 D (1) ------------------------------------------------------------------------------------------------------------------------------------ Common Units 12/18/00 P 13,500 A $5.9375 D (1) ------------------------------------------------------------------------------------------------------------------------------------ Common Units 12/19/00 P 10,000 A $5.875 D (1) ------------------------------------------------------------------------------------------------------------------------------------ Common Units 12/20/00 P 5,000 A $5.9375 D (1) ------------------------------------------------------------------------------------------------------------------------------------ Common Units 12/20/00 P 7,660 A $5.875 D (1) ------------------------------------------------------------------------------------------------------------------------------------ Common Units 12/20/00 P 350 A $5.625 D (1) ------------------------------------------------------------------------------------------------------------------------------------ Common Units 12/21/00 P 8,500 A $5.75 D (1) ------------------------------------------------------------------------------------------------------------------------------------ Common Units 12/21/00 P 5,000 A $5.5625 D (1) ------------------------------------------------------------------------------------------------------------------------------------ Common Units 12/21/00 P 3,700 A $5.6875 D (1) ------------------------------------------------------------------------------------------------------------------------------------ Common Units 12/22/00 P 5,000 A $5.625 D (1) ------------------------------------------------------------------------------------------------------------------------------------ 732,160 (2) ====================================================================================================================================

* If the Form is filed by more than one Reporting Person, see Instruction 4(b)(v). Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. (Print or Type Responses) (Over) (Form 4-07/99) SEC 1474 (3/91) FORM 4 (continued) Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)

Explanation of Responses: (1) Represents shares purchased by John M. Rudey. (2) Includes Common Units owned by John Rudey and his wife, Rudey Timber Company, John Rudey's minor children, Garrin Properties Group and U.S. Timberlands Services Company, L.L.C. Excludes Subordinated Units owned by the Reporting Person. Also includes an aggregate of 1,034,680 common units into which an equivalent number of subordinated units were automatically converted. /s/ John M. Rudey 06/07/01 --------------------------------------------- ----------------------- **Signature of Reporting Person Date ** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). Note: File three copies of this Form, one of which must be manually signed. If space provided is insufficient, see Instruction 6 for procedure. Page 2 SEC 1474 (3/91)

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