EX-99.2

July 23, 2014

United Stationers Inc.

Earnings Presentation

Second Quarter 2014

Exhibit 99.2

July 23, 2014

Forward Looking Statements and

Non-GAAP Measures

This presentation contains forward-looking statements, including references to goals, plans, strategies, objectives, projected costs or savings,

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: United’s reliance on key customers, and the risks inherent in continuing or increased customer concentration; end-user demand for

products in the office, technology, and furniture product categories may continue to decline; 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 supplier allowances and promotional incentives; 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 supply chain disruptions or changes in

key suppliers’ distribution strategies; United’s ability to maintain its existing information technology systems and the systems and e-commerce

services that it provides to customers, and to successfully procure, develop and implement new systems and services without business disruption

or other unanticipated difficulties or costs; the creditworthiness of United’s customers; United’s ability to manage inventory in order to maximize

sales and supplier allowances while minimizing excess and obsolete inventory; United’s success in effectively identifying, consummating and

integrating acquisitions; the risks and expense associated with United’s obligations to maintain the security of private information provided by

United’s customers; the costs and risks related to compliance with laws, regulations and industry standards affecting United’s business; the

availability of financing sources to meet United’s business needs; 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 news release 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 within this presentation to financial results

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

Certain prior-period amounts have been reclassified to conform to the current presentation.

July 23, 2014

Headlines For the Three Months Ended June 30, 2014

Sales were $1.32 billion, up 3.6% from $1.27 billion in Q2 2013.

Earnings per diluted share were $0.85 compared with Q2 2013 EPS of

$0.86.

Gross

margin

$199.5

million,

15.1%

sales,

was

down

from

$201.9

million, or 15.8% of sales, in the prior-year quarter.

Operating expenses in Q2 2014 were $142.2 million, or 10.8% of sales,

compared with operating expenses of $143.0 million, or 11.2% of sales, in

Q2 2013.

Operating income was $57.3 million, or 4.3% of sales, compared to

operating income of $58.9 million, or 4.6% of sales, in the prior-year quarter.

Net income in the current quarter was $33.3 million compared with net

income of $34.7 million in Q2 2013.

During the current quarter, the Company repurchased 0.5 million shares for

$18.7 million and paid cash dividends of $5.5 million to common

shareholders.

July 23, 2014

Headlines For the Six Months Ended June 30, 2014

Sales were $2.57 billion, up 1.9% from $2.52 billion in the first six months of

2013.

Earnings per diluted share were $1.40, compared to adjusted EPS of $1.42*

in the first half of 2013.

Gross

margin

$386.5

million,

15.0%

sales,

was

down

from

$390.5

million, or 15.5% of sales, in the prior-year period.

Operating

expenses

first

half

2014

were

$291.0

million,

11.3%

sales, compared with adjusted operating expenses of $291.9 million*, or

11.6%* of sales in the prior-year period.

Operating income was $95.5 million, or 3.7% of sales, compared to adjusted

operating income of $98.6 million*, or 3.9%* of sales, in the prior-year

period.

Net income in the first six months of 2014 was $55.2 million compared with

adjusted

net

income

$57.5

million*

the

first

six

months

2013.

During the year, the Company repurchased 0.8 million shares for $31.1

million and paid cash dividends of $11.0 million to common shareholders.

July 23, 2014

Consolidated Statement of Income

For the Three Months Ended June 30, 2014 and 2013

% to sales change

% to Sales

$ change

% change

Fav (Unfav)

$ thousands (except EPS)

QTD Q2 2014

QTD Q2 2013

Fav (Unfav)

basis points

Net Sales

1,320,037

1,274,494

45,543

3.6%

Gross Margin

199,460

15.11%

201,936

15.84%

(2,476)

(1.2%)

(73)

Operating Expense

142,186

10.77%

143,009

11.22%

823

0.6%

Operating Income

57,274

4.34%

58,927

4.62%

(1,653)

(2.8%)

(28)

Interest & Other

3,833

2,856

(977)

Taxes

20,110

21,401

1,291

Net Income

33,331

34,670

(1,339)

Diluted Shares (000s)

39,226

40,328

1,102

2.7%

Diluted EPS

0.85

0.86

(0.01)

(1.1%)

July 23, 2014

Consolidated Statement of Income

For the Six Months Ended June 30, 2014 and 2013

% to sales change

% to Sales

$ change

% change

Fav (Unfav)

$ thousands (except EPS)

YTD Q2 2014

YTD Q2 2013

Fav (Unfav)

basis points

Net Sales

2,574,176

2,524,979

49,197

1.9%

Gross Margin

386,543

15.02%

390,461

15.46%

(3,918)

(1.0%)

(44)

Operating Expense

291,035

11.31%

306,293

12.13%

15,258

5.0%

Operating Income

95,508

3.71%

84,168

3.33%

11,340

13.5%

Interest & Other

7,207

5,969

(1,238)

Taxes

33,113

29,655

(3,458)

Net Income

55,188

48,544

6,644

Diluted Shares (000s)

39,435

40,475

1,040

2.6%

Diluted EPS

1.40

1.20

0.20

16.7%

Adjusted to exclude non-operating items *

Adjusted Operating Expense

291,035

11.31%

291,861

11.56%

826

0.3%

Adjusted Operating Income

95,508

3.71%

98,600

3.90%

(3,092)

(3.1%)

(19)

Adjusted Net Income

55,188

57,492

(2,304)

(4.0%)

Adjusted Diluted EPS

1.40

1.42

(0.02)

(1.4%)

July 23, 2014

Sales

Product

Category

vs Q2 2013**

vs Q1 2013

vs Q4 2012***

vs Q3 2012

vs Q2 2012

Technology

(1.9%)

(3.0%)

(11.1%)

(1.6%)

(6.3%)

Office Products

2.1%

1.6%

(2.6%)

(3.3%)

(4.0%)

Furniture

2.2%

(3.8%)

(4.5%)

(2.8%)

(5.1%)

Janitorial/

Breakroom

7.5%

2.3%

7.1%

3.8%

2.6%

Industrial

10.8%

1.4%

10.8%

30.4%

31.5%

Janitorial/Breakroom

28%

Industrial

11%

Technology 29%

Office Products 26%

Furniture

Q2 2014

Sales Mix

Total

Office

Products 61%

July 23, 2014

Sales

Channel

–

2014

Sales growth

(decline)

Q2 2014

Q1 2014

Q4 2013

Q3 2013

Q2 2013

Channel

vs Q2 2013

vs Q1 2013

vs Q4 2012

vs Q3 2012

vs Q2 2012

Independent

& Other

2.7%

0.9%

(1.6%)

2.8%

0.0%

Nationals

10.0%

(3.7%)

(1.9%)

(3.3%)

(0.9%)

Independent

& Other

88%

Nationals

12%

Q2 2014

July 23, 2014

Gross Margin

Q2 13

Q3 13

Q4 13

Q1 14

Q2 14

Dollars

$201.9

$203.7

$195.5

$187.1

$199.5

Rate

15.8%

15.2%

16.0%

14.9%

15.1%

10.0%

12.5%

15.0%

17.5%

20.0%

$150.0

$160.0

$170.0

$180.0

$190.0

$200.0

$210.0

dollars in millions

July 23, 2014

Adjusted Operating Expense*

Q2 13

Q3 13

Q4 13 *

Q1 14

Q2 14

Dollars

$143.0

$136.3

$137.9

$148.8

$142.2

Rate

11.2%

10.2%

11.3%

11.9%

10.8%

7.5%

10.0%

12.5%

15.0%

$100.0

$125.0

$150.0

dollars in millions

July 23, 2014

Adjusted Operating Income*

Q2 13

Q3 13

Q4 13 *

Q1 14

Q2 14

Dollars

$58.9

$67.4

$57.5

$38.2

$57.3

Rate

4.6%

5.0%

4.7%

3.0%

4.3%

2.0%

3.0%

4.0%

5.0%

6.0%

$10.0

$20.0

$30.0

$40.0

$50.0

$60.0

$70.0

dollars in millions

July 23, 2014

Adjusted Earnings per Share*

Q2 13

Q3 13

Q4 13 *

Q1 14

Q2 14

EPS

$0.86

$1.01

$0.86

$0.55

$0.85

Diluted Shares

40.328

40.031

39.915

39.655

39.226

$0.20

$0.40

$0.60

$0.80

$1.00

shares in millions

July 23, 2014

Working Capital Summary

$ Millions

3/31/2013

6/30/2013

9/30/2013

12/31/2013

3/31/2014

6/30/2014

Accounts Receivable

632.2

662.2

695.0

643.4

658.4

662.8

Inventories (LIFO)

726.2

732.2

722.8

830.3

748.5

804.4

Accounts Payable

431.9

475.2

469.9

476.1

397.2

486.6

Q1 2013

Q2 2013

Q3 2013

Q4 2013

Q1 2014

Q2 2014

Net Trade A/R DSO

Inventory Turns

5.7

5.9

6.2

5.3

5.4

5.8

A/P as % Inventory (LIFO)

59%

65%

57%

53%

60%

A/P as % Inventory (FIFO)

52%

56%

51%

46%

53%

July 23, 2014

Cash Flows

QTD

2013

QTD

2014

$ Millions

Q1 13

Q2 13

Q3 13

Q4 13

YTD

Q1 14

Q2 14

YTD

Net Income

13.8

34.7

40.5

34.2

123.2

21.9

33.3

55.2

Depreciation & Amortization

9.7

10.1

10.3

40.2

9.5

10.4

19.9

Share-based compensation

2.4

3.1

2.0

3.3

10.8

3.2

1.1

4.3

Change in Accounts Receivable

26.3

(30.3)

(32.9)

51.6

14.7

(15.6)

(2.1)

(17.7)

Change in Inventory

40.8

(9.2)

9.3

(107.5)

(66.6)

81.7

(42.4)

39.3

Change in Accounts Payable

(63.2)

43.1

(5.4)

6.2

(19.3)

(78.9)

72.3

(6.6)

Change in Other Working Capital

(30.6)

11.8

13.7

0.9

(4.2)

(13.2)

10.4

(2.8)

Change in Working Capital

(26.7)

15.4

(15.3)

(48.8)

(75.4)

(26.0)

38.2

12.2

Other

(12.6)

(4.6)

(3.2)

(3.7)

(24.1)

(7.1)

(5.6)

(12.7)

Cash provided by operating activities

(13.4)

58.7

34.1

(4.7)

74.7

1.5

77.4

78.9

Capital Expenditures

(9.1)

(7.9)

(5.8)

(11.0)

(33.8)

(6.4)

(3.9)

(10.3)

Proceeds from disposition of fixed assets

0.1

3.4

3.5

0.5

0.4

0.9

Net cash used for capital expenditures *

(9.0)

(4.5)

(5.8)

(11.0)

(30.3)

(5.9)

(3.5)

(9.4)

Free Cash Flow *

(22.4)

54.2

28.3

(15.7)

44.4

(4.4)

73.9

69.5

July 23, 2014

Debt and Capitalization

$ Millions

3/31/2013

6/30/2013

9/30/2013

12/31/2013

3/31/2014

6/30/2014

Debt

537.0

518.5

507.5

533.7

562.5

543.5

Equity

755.1

760.5

796.2

825.5

830.0

841.7

Total capitalization

1,292.1

1,279.0

1,303.7

1,359.2

1,392.5

1,385.2

Debt-to-total capitalization

41.6%

40.5%

38.9%

39.3%

40.4%

39.2%