United Stationers Inc. provided a reconciliation of its non-GAAP financial measure of total accounts receivable for June 30, 2005 and June 30, 2004. Total accounts receivable was $556.4 million as of June 30, 2005 and $495.5 million as of June 30, 2004, consisting of accounts receivable, net, retained interest in receivables sold, net, and accounts receivable sold. The company believes presenting total gross accounts receivable provides a more meaningful measure for readers than the individual line items.

1. United Stationers Inc. and Subsidiaries
Reconciliations of Non-GAAP Financial Measures
(in millions)
June 30,
2005 2004
Accounts receivable:
Accounts receivable, net $ 193.6 $ 149.3
Retained interest in receivables sold, net 147.8 222.2
Accounts receivable sold 215.0 124.0
Total accounts receivable $ 556.4 $ 495.5
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.