Earnings Presentation

July 25, 2011

United Stationers Inc.

Second Quarter 2011

TO BE FILED IN

CONJUNCTION WITH

PRESS RELEASE

Exhibit 99.2

July 25, 2011

Forward Looking Statements and

Non-GAAP Measures

This presentation contains forward-looking statements, including references to goals, plans, strategies, objectives, anticipated future

performance, results or events and other statements that are not strictly historical in nature. These statements are based on management’s

current expectations, forecasts and assumptions. This means they involve a number of risks and uncertainties that could cause actual

results to differ materially from those expressed or implied here. These risks and uncertainties include, but are not limited to, the following:

Prevailing economic conditions and changes affecting the business products industry and the general economy; United’s ability to

effectively manage its operations and to implement growth, cost-reduction and margin-enhancement initiatives; United’s reliance on key

customers, and the business, credit and other risks inherent in continuing or increased customer concentration; United’s reliance on key

suppliers and the supplier allowances and promotional incentives they offer; United’s reliance on independent resellers for a significant

percentage of its net sales and therefore the importance of the continued independence, viability and success of these resellers; continuing

or increasing competitive activity and pricing pressures within existing or expanded product categories, including competition from product

manufacturers who sell directly to United’s customers; the impact of variability in customer and end-user demand patterns on United’s

product sales mix and, in turn, on profit margins; the impact of a loss of, or substantial decrease in, the availability of products or service

from key suppliers at competitive prices; the availability of financing sources to meet United’s business needs; United’s ability to manage

inventory in order to maximize sales and supplier allowances while minimizing excess and obsolete inventory; United’s ability to maintain its

existing information technology and e-commerce systems and to successfully procure and implement new systems without business

disruption or other unanticipated difficulties or costs; United’s ability to effectively identify, consummate and integrate acquisitions; United’s

reliance on key management personnel, both in day-to-day operations and in execution of new business initiatives; and the effects of

hurricanes, acts of terrorism and other natural or man-made disruptions.

Shareholders, potential investors and other readers are urged to consider these risks and uncertainties in evaluating forward-looking

statements and are cautioned not to place undue reliance on the forward-looking statements. For additional information about risks and

uncertainties that could materially affect United’s results, please see the company’s Securities and Exchange Commission filings. The

forward-looking information in this presentation is made as of this date only, and the Company does not undertake to update any forward-

looking statement. Investors are advised to consult any further disclosure by United regarding the matters discussed in this release in its

filings with the Securities and Exchange Commission and in other written statements it makes from time to time. It is not possible to

anticipate or foresee all risks and uncertainties, and investors should not consider any list of risks and uncertainties to be exhaustive or

complete.

* This is non-GAAP information. A reconciliation of these items to the most comparable GAAP measures is presented on the company’s

Website (www.unitedstationers.com) under the Investor Information section. Except as noted, all references to financial results within this

presentation are presented in accordance with U.S. Generally Accepted Accounting Principles.

July 25, 2011

Q2 2011 Headlines

Sales increased 2.9% from Q2 2010 to $1.26 billion.

Adjusted earnings per diluted share were $0.59*, up 16% from Q2 2010

EPS of $0.51*.

Gross Margin rate of 14.7% was flat with last year.

Operating expenses in Q2 2011 were $132.0 million*, compared to $131.7*

million in the prior-year quarter, and were 10.5%* of sales, down from

10.8%* of sales in the prior-year quarter.

Operating income as a percent of sales was 4.2%*, up from 3.9%* in Q2

2010.

Net income increased 9% to $27.5 million* from $25.3 million* in

Q2 2010.

Net cash provided by operating activities was $32.3 million* in Q2 2011.

Debt was even with the prior-year end and down $11.6 million from the

prior-year quarter end.

During the quarter, the Company repurchased 1.3 million shares for $45.3

million and paid a cash dividend of $6 million to common shareholders

July 25, 2011

Second Quarter 2011 P&L

% to sales change

% to Sales

$ change

% change

Fav (Unfav)

$ Millions (except EPS)

QTD Q2 2011

QTD Q2 2010

Fav (Unfav)

basis points

Net Sales

1,256.6

1,220.8

35.8

2.9%

Workday Adjusted Sales Growth

2.9%

Gross Margin

184.2

14.66%

179.2

14.68%

5.0

2.8%

(2)

Operating Expense

136.4

10.86%

128.9

10.56%

(7.5)

(5.8%)

(30)

Operating Income

47.8

3.80%

50.3

4.12%

(2.5)

(5.0%)

(32)

Interest & Other

6.7

0.53%

6.4

0.52%

(0.3)

(4.7%)

(1)

Taxes

16.3

1.30%

16.9

1.39%

0.6

3.6%

Net Income

24.8

1.97%

27.0

2.21%

(2.2)

(8.1%)

(24)

Diluted Shares (000s)

46,340

49,272

Diluted EPS

0.54

0.55

(0.01)

(1.8%)

Effective Tax Rate

39.6%

38.5%

Adjusted to exclude non-operating items *

Adjusted Operating Income

52.2

4.15%

47.6

3.89%

4.6

9.7%

Adjusted Net Income

27.5

2.19%

25.3

2.08%

2.2

8.7%

Adjusted Diluted EPS

0.59

0.51

0.08

15.7%

July 25, 2011

YTD June 2011 Headlines

Sales increased 4.2%, workday adjusted, from YTD June 2010 to $2.49

billion.

Adjusted

earnings

per

diluted

were

$1.07*,

22%

from

YTD

June

2010 EPS of $0.88*.

Gross Margin rate of 14.7% was up from 14.6% last year.

Operating expenses in YTD June 2011 were $272.8 million*, up from

$262.7 million* in the prior-year period, and were 10.9%* of sales versus

11.1%* in the prior-year period.

Operating income as a percent of sales was 3.8%*, up from 3.5%* in YTD

June 2010.

Net income increased 14% to $49.6 million* from $43.5 million* in YTD

June 2010.

Net

cash

provided

operating

activities

was

$73.3

million*

YTD

June

2011 compared to $54.7 million* YTD June 2010.

Through June 30, 2011, the Company repurchased 2.1 million shares for

$69.9 million, paid a cash dividend of $6 million to common shareholders,

and declared another $0.13 per share dividend.

July 25, 2011

Year-to-Date 2010 P&L

% to sales change

$ Millions (except EPS)

% to Sales

$ change

% change

Fav (Unfav)

YTD Q2 2011

YTD Q2 2010

Fav (Unfav)

basis points

Net Sales

2,494.1

2,375.1

119.0

5.0%

Workday Adjusted Sales Growth

4.2%

Gross Margin

366.6

14.70%

346.1

14.57%

20.5

5.9%

Operating Expense

278.8

11.18%

260.0

10.94%

(18.8)

(7.2%)

(24)

Operating Income

87.8

3.52%

86.1

3.63%

1.7

2.0%

(11)

Interest & Other

13.4

0.54%

12.7

0.53%

(0.7)

(5.5%)

(1)

Taxes

29.1

1.17%

28.2

1.19%

(0.9)

(3.2%)

Net Income

45.3

1.81%

45.2

1.90%

0.1

0.2%

(9)

Diluted Shares (000s)

46,470

49,446

Diluted EPS

0.97

0.91

0.06

6.6%

Effective Tax Rate

39.1%

38.4%

Adjusted to exclude non-operating items*

Adjusted Operating Income

93.9

3.76%

83.4

3.51%

10.5

12.6%

Adjusted Net Income

49.6

1.99%

43.5

1.84%

6.1

14.0%

Adjusted Diluted EPS

1.07

0.88

0.19

21.6%

July 25, 2011

Sales

by Product Category –

Q2 2011

•

Technology sales declined due to printer imaging supplies, timing shifts in response to supply chain

disruptions towards the end of Q1 2011, and solid Q2 2010 results that created difficult comparisons.

•

Office Products sales growth was driven by strong growth in cut sheet paper and private brands.

•

Janitorial/Breakroom growth reflects execution of growth initiatives that helped offset the shift of some

national account business in certain product lines that went direct to manufacturers in 2010.

•

Furniture sales have been impacted by a challenging transactional market and a shift to direct purchases

by national accounts.

•

Industrial sales grew significantly due to the impact of strategic initiatives in addition to some modest

support from favorable economic conditions.

Sales

growth (decline)

Q2 2011

Q1 2011

Q4 2010

Q3 2010

Q2 2010

Category

vs Q2 2010

vs Q1 2010

vs Q4 2009

vs Q3 2009

vs Q2 2009

Technology

(5.8%)

3.6%

(2.8%)

(1.4%)

8.6%

Office Products

4.4%

3.4%

0.3%

6.7%

5.6%

Janitorial/

Breakroom

11.5%

7.6%

(1.7%)

(4.4%)

(2.1%)

Furniture

(3.9%)

(0.9%)

1.0%

(0.0%)

(2.1%)

Industrial

20.5%

26.2%

25.1%

29.6%

27.7%

Technology

34%

Office Products

28%

Janitorial/

Breakroom

25%

Furniture

Industrial

Q2 2011

July 25, 2011

Sales by Channel –

Q2 2011

Sales growth

(decline)

Q2 2011

Q1 2011

Q4 2010

Q3 2010

Q2 2010

Channel

vs Q2 2010

vs Q1 2010

vs Q4 2009

vs Q3 2009

vs Q2 2009

Independent

& Other

4.4%

6.2%

1.2%

3.7%

8.2%

Nationals

(5.6%)

1.8%

(4.3%)

(7.6%)

(8.9%)

Independent

& Other

87%

Nationals

13%

Q2 2011

•

Independent/Other

channel

sales

growth

was

led

strong

results

in Industrial and Jan/San

channels, and with New Channel customers, including e-tail.

•

National accounts sales decline was mainly due to timing shifts in the technology category with

sales shifting to earlier this year due to Japan-related supply chain concerns. In addition, this

channel experienced a shift to more direct purchases from manufacturers.

July 25, 2011

Gross

Margin

dollars in millions

Q1 10

Q2 10

Q3 10

Q4 10

Q1 11

Q2 11

Dollars

$166.9

$179.2

$194.8

$189.5

$182.4

$184.2

Rate

14.5%

14.7%

15.3%

16.0%

14.7%

10.0%

12.5%

15.0%

17.5%

20.0%

$25.0

$50.0

$75.0

$100.0

$125.0

$150.0

$175.0

$200.0

•

Margins were flat in Q2 2011 versus Q2 2010 due to lower margin-mix, continued competitive

pricing

pressures,

and

higher

diesel

fuel

costs

offset

higher

inventory

purchase-related

supplier allowances

and

“War

Waste”

(WOW)

savings.

July 25, 2011

Operating Expense*

dollars in millions

Q1 10

Q2 10 *

Q3 10 *

Q4 10 *

Q1 11 *

Q2 11 *

Dollars

$131.1

$131.7

$132.6

$136.9

$140.8

$132.0

Rate

11.4%

10.8%

10.4%

11.5%

11.4%

10.5%

7.5%

10.0%

12.5%

15.0%

$25.0

$50.0

$75.0

$100.0

$125.0

$150.0

•

Operating expense dollars increased slightly in Q2 2011 versus the prior-year quarter mainly due to

sales growth and investment in strategic growth initiatives. These increases were partially offset by

reduced variable compensation costs and savings from WOW initiatives.

•

As a percent to sales, operating expenses were 30 basis points favorable versus the prior year.

July 25, 2011

Operating Income*

dollars in millions

Q1 10

Q2 10 *

Q3 10 *

Q4 10 *

Q1 11*

Q2 11*

Dollars

$35.8

$47.6

$62.2

$52.6

$41.6

$52.2

Rate

3.1%

3.9%

4.9%

4.4%

3.4%

4.2%

2.0%

3.0%

4.0%

5.0%

6.0%

$10.0

$20.0

$30.0

$40.0

$50.0

$60.0

July 25, 2011

Earnings per Share*

shares in millions

Q1 10

Q2 10 *

Q3 10 *

Q4 10 *

Q1 11*

Q2 11*

EPS

$0.37

$0.51

$0.72

$0.58

$0.47

$0.59

Diluted Shares

49.640

49.272

47.548

47.456

46.656

46.340

0.000

1.000

$0.10

$0.20

$0.30

$0.40

$0.50

$0.60

$0.70

$0.80

July 25, 2011

Working Capital Summary

$ Millions

3/31/2010

6/30/2010

9/30/2010

12/31/2010

3/31/2011

6/30/2011

Accounts Receivable

606.2

642.6

655.1

628.1

648.1

669.5

Inventories (LIFO)

610.1

639.2

617.4

684.1

636.2

632.1

Accounts Payable

433.8

443.9

424.9

421.6

422.4

443.5

Q1 10

Q2 10

Q3 10

Q4 10

Q1 11

Q2 11

Net Trade A/R DSO

Inventory Turns

6.6

6.7

6.8

6.1

6.4

6.8

A/P as % Inventory (LIFO)

71%

69%

62%

66%

70%

A/P as % Inventory (FIFO)

63%

61%

55%

58%

61%

•

Trade A/R DSO improved compared to Q2 2010 as the credit environment continues to gradually

improve for our customers.

•

Inventories were down 1% versus Q2 2010 and down 8% versus Q4 2010 as the Company

continues to manage working capital efficiently while maintaining high service levels.

•

Payables leverage ratios were even with Q2 2010 and up from Q4 2010.

July 25, 2011

Cash Flows

QTD

2010

QTD

2011

$ Millions

Q1 10

Q2 10

Q3 10

Q4 10

Total Year

Q1 11

Q2 11

YTD

Net Income

18.2

27.0

36.5

31.1

112.8

20.4

24.9

45.3

Depreciation & Amortization

9.4

37.6

9.0

8.9

17.9

Share-based compensation

3.3

3.5

3.7

3.6

14.1

3.7

6.7

10.4

Writedown on impaired assets

1.6

Change in Accounts Receivable

35.9

(36.7)

(12.3)

27.0

13.9

(19.8)

(21.3)

(41.1)

Change in Inventory

(18.1)

(29.4)

21.9

(66.5)

(92.1)

48.2

4.3

52.5

Change in Accounts Payable

42.5

9.9

(18.9)

(3.3)

30.2

1.0

21.0

22.0

Change in Other Working Capital

(4.1)

1.0

12.8

(6.6)

3.1

(18.7)

(3.3)

(22.0)

Change in Working Capital

56.2

(55.2)

3.5

(49.4)

(44.9)

10.7

0.7

11.4

Other

(4.2)

(12.9)

6.6

5.7

(4.8)

(4.4)

(8.9)

(13.3)

Adjusted cash provided by (used in)

operating activities

82.9

(28.2)

59.7

0.4

114.8

41.0

32.3

73.3

Capital Expenditures

(5.7)

(5.0)

(7.3)

(9.3)

(27.3)

(9.8)

(6.4)

(16.2)

Proceeds from disposition of fixed assets

0.1

0.0

Net cash used for capital expenditures *

(5.7)

(5.0)

(7.2)

(9.3)

(27.2)

(9.8)

(6.4)

(16.2)

Free Cash Flow *

77.2

(33.2)

52.5

(8.9)

87.6

31.2

25.9

57.1

•

Cash flow

results

reflect

strong

working

capital

management,

led

reduction

in inventory in

2011.

July 25, 2011

Debt and Capitalization

$ Millions

3/31/2010

6/30/2010

9/30/2010

12/31/2010

3/31/2011

6/30/2011

Debt

441.8

453.4

441.8

Equity

730.5

710.6

733.1

759.6

769.7

752.7

Total capitalization

1,172.3

1,164.0

1,174.9

1,201.4

1,211.5

1,194.5

Debt-to-total capitalization

37.7%

39.0%

37.6%

36.8%

36.5%

37.0%

•

Operating cash flow generated continues to be used for investments in growth initiatives and share

repurchases. In addition, the Company’s strong financial position and continuing positive cash flow

enabled it to initiate quarterly dividends.

•

Total debt was down $11.6 million from Q2 2010 and even with Q4 2010 as strong cash flow

allowed debt to be maintained at consistent levels while making share repurchases and dividend

payments.

•

Share repurchases totaled 2.1 million shares, or $69.9 million, in the year through June 2011.