United Stationers Inc. provided a reconciliation of non-GAAP financial measures for debt to total capitalization. As of September 30, 2006, total debt and securitization was $344.4 million compared to $183.8 million in 2005, an increase of $160.6 million. When including accounts receivable sold, the adjusted debt to total capitalization ratio was 30.4% as of September 30, 2006 compared to 19.2% in 2005, an increase of 11.2 percentage points. The additional measure is provided as a liquidity measure and includes accounts receivable sold as a financing mechanism rather than a reduction to accounts receivable.

1. United Stationers Inc. and Subsidiaries
Reconciliation of Non-GAAP Financial Measures
Debt to Total Capitalization
(dollars in thousands)
September 30,
2006 2005 Change
Long-term debt $ 119,400 $ 8,800 $ 110,600
Accounts receivable sold 225,000 175,000 50,000
Total debt and securitization (adjusted debt) 344,400 183,800 160,600
Stockholders’ equity 788,797 775,095 13,702
Total capitalization $ 1,133,197 $ 958,895 $ 174,302
Adjusted debt to total capitalization 30.4% 19.2% 11.2%
Note: Adjusted debt to total capitalization is provided as an additional liquidity measure. Generally Accepted Accounting
Principles require that accounts receivable sold under the company’s receivables securitization program be reflected as a
reduction in accounts receivable and not reported as debt. Internally, the company considers accounts receivables sold to
be a financing mechanism. The company believes it is helpful to provide readers of its financial statements with a measure
that adds accounts receivable sold to debt, and calculates debt to total capitalization on that basis.