United Stationers Inc. provided a reconciliation of its non-GAAP financial measure of total gross accounts receivable by breaking down accounts receivable, net into its components of accounts receivable, net ($189.3M in 2006 and $112.4M in 2005), retained interest in receivables sold, net ($162.8M in 2006 and $308.6M in 2005) representing the company's residual interest in receivables sold, and accounts receivable sold ($215M in 2006 and $69.5M in 2005). The company believes presenting total gross accounts receivable provides a more meaningful measure for readers than accounts receivable, net alone.

1. United Stationers Inc. and Subsidiaries
Reconciliations of Non-GAAP Financial Measures
(Unaudited)
March 31,
2006 2005
Accounts receivable (in millions):
Accounts receivable, net $ 189.3 $ 112.4
Retained interest in receivables sold, net 162.8 308.6
Accounts receivable sold 215.0 69.5
Total accounts receivable $ 567.1 $ 490.5
Note: Retained interest in receivables sold represents the company's residual interest in
receivables that effectively form part of the collateral for the securitization. This
retained interest is the amount in excess of the balance of accounts receivables 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.