United Stationers Inc. provided a reconciliation of its non-GAAP financial measure of total gross accounts receivable by breaking down accounts receivable, net into its components including retained interest in receivables sold and accounts receivable sold, showing that as of March 31, 2005 its total gross accounts receivable was $507.5 million compared to $483.7 million as of March 31, 2004. The note explains that retained interest represents the company's residual interest in receivables sold under a securitization program and is the amount in excess of accounts receivables sold, and the company believes total gross accounts receivable provides a more meaningful measure for readers of its financial statements.

1. United Stationers Inc. and Subsidiaries
Reconciliations of Non-GAAP Financial Measures
(Unaudited)
March 31,
2005 2004
Accounts receivable (in millions):
Accounts receivable, net $ 129.4 $ 154.6
Retained interest in receivables sold, net 308.6 229.1
Accounts receivable sold 69.5 100.0
Total accounts receivable $ 507.5 $ 483.7
Note: Retained interest in receivables sold represents the company's residual interest in
receivables that effectively form part of the collateral for the securitization. This
retained interest is the amount in excess of the balance of accounts receivables sold
under the securitization program. The company believes it is helpful to provide readers
of its financial statements with total gross accounts receivable, which the company
regards as a more meaningful measure of accounts receivable that are used in the
company's operations.