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

                                                  Adjusted Cash Flow
                                                     (in thousands)

                                                                              For the Nine Months Ended
                                                                                     September 30,
                                                                                2007             2006
Cash Flows From Operating Activities:
   Net cash provided by (used in) operating activities                    $      243,283    $     (17,033)
   Excluding the change in accounts receivable sold                              (15,000)             -
   Net cash provided by (used in) operating activities
      excluding the effects of accounts receivable sold                   $      228,283    $     (17,033)

Cash Flows From Financing Activities:
   Net cash (used in) provided by financing activities                    $     (234,790)   $      29,088
   Including the change in accounts receivable sold                               15,000              -
   Net cash (used in) provided by financing activities
      including the effects of accounts receivable sold                   $     (219,790)   $      29,088


Note: Adjusted cash provided by (used in) operating activities 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.
Management 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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adjustedcashflow_3Q2007

  • 1. United Stationers Inc. and Subsidiaries Reconciliation of Non-GAAP Financial Measures Adjusted Cash Flow (in thousands) For the Nine Months Ended September 30, 2007 2006 Cash Flows From Operating Activities: Net cash provided by (used in) operating activities $ 243,283 $ (17,033) Excluding the change in accounts receivable sold (15,000) - Net cash provided by (used in) operating activities excluding the effects of accounts receivable sold $ 228,283 $ (17,033) Cash Flows From Financing Activities: Net cash (used in) provided by financing activities $ (234,790) $ 29,088 Including the change in accounts receivable sold 15,000 - Net cash (used in) provided by financing activities including the effects of accounts receivable sold $ (219,790) $ 29,088 Note: Adjusted cash provided by (used in) operating activities 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. Management 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.