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

                                    Adjusted Operating Income and Earnings Per Share
                                             (in thousands, except per share data)

                                                                        For the Three Months Ended March 31,
                                                                        2007                              2006
                                                                                    % to                         % to
                                                                 Amount           Net Sales      Amount        Net Sales

Sales                                                      $         1,193,316        100.0%      $ 1,148,230           100.0%

Gross profit                                               $          180,061          15.1%      $   175,277            15.3%
 Product content syndication/marketing programs                            --              --          (2,800)           -0.3%
Adjusted gross profit                                      $          180,061          15.1%      $   172,477            15.0%

Operating expenses                                         $          129,135          10.8%      $   137,348            12.0%
 Write-off related to capitalized software development                     --              --          (6,745)           -0.6%
 Restructuring charge reversal                                             --              --           3,522             0.3%
 Restructuring charge related to workforce reduction                   (1,378)         -0.1%               --                --
Adjusted operating expenses                                $          127,757          10.7%      $   134,125            11.7%

Operating income                                           $            50,926           4.3%     $     37,929             3.3%
 Gross profit item noted above                                              --              --          (2,800)           -0.3%
 Operating expense items noted above                                     1,378           0.1%            3,223             0.3%
Adjusted operating income                                  $            52,304           4.4%     $     38,352             3.3%

Net income per share - diluted                             $              0.90                    $       0.56
 Per share gross profit item noted above                                    --                           (0.05)
 Per share operating expense items noted above                            0.03                            0.06
 Add back loss on discountinued operations                                  --                            0.09
Adjusted net income per share - diluted                    $              0.93                    $       0.66

Weighted average number of common shares - diluted                      30,207                           32,316

Note: Adjusted Operating Income and Earnings Per Share exclude the one-time effects of product content
syndication/marketing programs, restructuring charges and reversals, and the write-off of capitalized software development
costs related to the company’s internal systems initiative. Generally Accepted Accounting Principles require that the effects of
these items be included in the Condensed Consolidated Statements of Income. The company believes that excluding these
items is an appropriate comparison of its ongoing operating results to last year and that it is helpful to provide readers of its
financial statements with a reconciliation of these items to its Condensed Consolidated Statements of Income reported in
accordance with Generally Accepted Accounting Principles.

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  • 1. United Stationers Inc. and Subsidiaries Reconciliation of Non-GAAP Financial Measures Adjusted Operating Income and Earnings Per Share (in thousands, except per share data) For the Three Months Ended March 31, 2007 2006 % to % to Amount Net Sales Amount Net Sales Sales $ 1,193,316 100.0% $ 1,148,230 100.0% Gross profit $ 180,061 15.1% $ 175,277 15.3% Product content syndication/marketing programs -- -- (2,800) -0.3% Adjusted gross profit $ 180,061 15.1% $ 172,477 15.0% Operating expenses $ 129,135 10.8% $ 137,348 12.0% Write-off related to capitalized software development -- -- (6,745) -0.6% Restructuring charge reversal -- -- 3,522 0.3% Restructuring charge related to workforce reduction (1,378) -0.1% -- -- Adjusted operating expenses $ 127,757 10.7% $ 134,125 11.7% Operating income $ 50,926 4.3% $ 37,929 3.3% Gross profit item noted above -- -- (2,800) -0.3% Operating expense items noted above 1,378 0.1% 3,223 0.3% Adjusted operating income $ 52,304 4.4% $ 38,352 3.3% Net income per share - diluted $ 0.90 $ 0.56 Per share gross profit item noted above -- (0.05) Per share operating expense items noted above 0.03 0.06 Add back loss on discountinued operations -- 0.09 Adjusted net income per share - diluted $ 0.93 $ 0.66 Weighted average number of common shares - diluted 30,207 32,316 Note: Adjusted Operating Income and Earnings Per Share exclude the one-time effects of product content syndication/marketing programs, restructuring charges and reversals, and the write-off of capitalized software development costs related to the company’s internal systems initiative. Generally Accepted Accounting Principles require that the effects of these items be included in the Condensed Consolidated Statements of Income. The company believes that excluding these items is an appropriate comparison of its ongoing operating results to last year and that it is helpful to provide readers of its financial statements with a reconciliation of these items to its Condensed Consolidated Statements of Income reported in accordance with Generally Accepted Accounting Principles.