United Stationers Inc. provided a reconciliation of its non-GAAP financial measure of total accounts receivable, which combines accounts receivable on its balance sheet ($321.3 million in 2007) with its retained interest in accounts receivable sold under a securitization program ($94.8 million in 2007) and the amount of accounts receivable actually sold under the program ($248 million in 2007), for a total of $664.1 million in accounts receivable for 2007. The company disclosed this total amount as it believes it provides a more meaningful measure of the accounts receivable used in its operations than the net amount shown on its balance sheet alone.

1. United Stationers Inc. and Subsidiaries
Reconciliation of Non-GAAP Financial Measures
Accounts Receivable Adjusted for Receivables
Sold Under the Securitization Program
December 31,
2007 2006 Change
Accounts receivable (in millions):
Accounts receivable, net $ 321.3 $ 273.9 $ 47.4
Retained interest in accounts
receivable sold, net 94.8 107.1 (12.3)
Accounts receivable sold 248.0 225.0 23.0
Total accounts receivable $ 664.1 $ 606.0 $ 58.1
Note: Retained interest in accounts receivable sold represents the company's residual interest in accounts
receivable that effectively form part of the collateral for the securitization. This retained interest is the
amount in excess of the balance of accounts receivable 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.