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, retained interest in receivables sold, net, and accounts receivable sold for the years ending December 31, 2005 and December 31, 2004. The company regards total gross accounts receivable as a more meaningful measure of accounts receivable used in its operations than accounts receivable, net alone.

1. United Stationers Inc. and Subsidiaries
Reconciliations of Non-GAAP Financial Measures
(Unaudited)
December 31,
2005 2004
Accounts receivable (in millions):
Accounts receivable, net $ 237.2 $ 184.5
Retained interest in receivables sold, net 116.5 227.8
Accounts receivable sold 225.0 118.5
Total accounts receivable $ 578.7 $ 530.8
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.