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United Stationers Inc. and Subsidiaries
                                   Reconciliation of Non-GAAP Financial Measures


                                                   Adjusted Cash Flow
                                                      (in thousands)

                                                                                   For the Years Ended
                                                                                      December 31,
                                                                                 2007              2006
 Cash Flows From Operating Activities:
   Net cash provided by operating activities                               $ 207,361           $   13,994
   Excluding the change in accounts receivable sold                          (23,000)                  --
   Net cash provided by operating activities excluding
   the effects of accounts receivable sold                                 $ 184,361           $   13,994


 Cash Flows From Financing Activities:
   Net cash (used in) provided by financing activities                     $   (2,495)         $    2,198
   Including the change in accounts receivable sold                            23,000                  --
   Net cash provided by financing activities including
     the effects of accounts receivable sold                               $   20,505          $    2,198

Note: Net cash provided by operating activities, excluding the effects of accounts receivable sold, is presented as an
additional liquidity measure. Generally Accepted Accounting Principles require that the cash flow effects of changes in
the amount of accounts receivable sold under the company’s receivables securitization program be reflected within
operating cash flows. Internally, the company considers accounts receivable sold to be a financing mechanism and not a
source of cash flow related to operations. The company believes it is helpful to provide readers of its financial statements
with operating cash flows adjusted for the effects of changes in accounts receivable sold.

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4q2007adjustedcashflow

  • 1. United Stationers Inc. and Subsidiaries Reconciliation of Non-GAAP Financial Measures Adjusted Cash Flow (in thousands) For the Years Ended December 31, 2007 2006 Cash Flows From Operating Activities: Net cash provided by operating activities $ 207,361 $ 13,994 Excluding the change in accounts receivable sold (23,000) -- Net cash provided by operating activities excluding the effects of accounts receivable sold $ 184,361 $ 13,994 Cash Flows From Financing Activities: Net cash (used in) provided by financing activities $ (2,495) $ 2,198 Including the change in accounts receivable sold 23,000 -- Net cash provided by financing activities including the effects of accounts receivable sold $ 20,505 $ 2,198 Note: Net cash provided by operating activities, excluding the effects of accounts receivable sold, is presented as an additional liquidity measure. Generally Accepted Accounting Principles require that the cash flow effects of changes in the amount of accounts receivable sold under the company’s receivables securitization program be reflected within operating cash flows. Internally, the company considers accounts receivable sold to be a financing mechanism and not a source of cash flow related to operations. The company believes it is helpful to provide readers of its financial statements with operating cash flows adjusted for the effects of changes in accounts receivable sold.