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


                                                   Adjusted Cash Flow
                                                      (in thousands)

                                                                                For the Six Months Ended
                                                                                         June 30,
                                                                                 2006              2005
 Cash Flows From Operating Activities:
   Net cash provided by operating activities                              $     22,500        $   143,898
   Excluding the change in accounts receivable sold                                 --            (96,500)
   Net cash provided by operating activities excluding the effects
     of receivables sold                                                  $     22,500        $    47,398

 Cash Flows From Financing Activities:
   Net cash (used in) provided by financing activities                    $    (19,720)       $     5,194
   Including the change in accounts receivable sold                                 --             96,500
   Net cash (used in) provided by financing activities including
     the effects of receivables sold                                      $    (19,720)       $   101,694

Note: Net cash provided by operating activities, excluding the effects of receivables 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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cash-flow-reconciliation2q2006

  • 1. United Stationers Inc. and Subsidiaries Reconciliation of Non-GAAP Financial Measures Adjusted Cash Flow (in thousands) For the Six Months Ended June 30, 2006 2005 Cash Flows From Operating Activities: Net cash provided by operating activities $ 22,500 $ 143,898 Excluding the change in accounts receivable sold -- (96,500) Net cash provided by operating activities excluding the effects of receivables sold $ 22,500 $ 47,398 Cash Flows From Financing Activities: Net cash (used in) provided by financing activities $ (19,720) $ 5,194 Including the change in accounts receivable sold -- 96,500 Net cash (used in) provided by financing activities including the effects of receivables sold $ (19,720) $ 101,694 Note: Net cash provided by operating activities, excluding the effects of receivables 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.