EXHIBIT 99B.4 COMBINED STATEMENTS OF U S WEST MEDIA GROUP CASH FLOWS (UNAUDITED) Six Months Ended June 30, In millions 1996 1995 - -------------------------------------------------------------------- OPERATING ACTIVITIES Net income (loss) ($8) $40 Adjustments to net income (loss): Depreciation and amortization 137 121 Equity losses in unconsolidated ventures 143 90 Deferred income taxes (47) 5 Provision for uncollectibles 30 25 Changes in operating assets and liabilities: Restructuring payments (8) (8) Accounts and notes receivable (48) (44) Deferred directory costs, prepaid and other (10) (16) Accounts payable and accrued liabilities (11) 47 Other - net 24 58 - -------------------------------------------------------------------- Cash provided by operating activities 202 318 - -------------------------------------------------------------------- INVESTING ACTIVITIES Expenditures for property, plant and equipment (243) (172) Investment in international ventures (139) (291) Investment in PCS (74) (254) Cash (to) from investment in assets held for sale 93 (37) Other - net - (27) - -------------------------------------------------------------------- Cash (used for) investing activities (363) (781) - -------------------------------------------------------------------- FINANCING ACTIVITIES Net proceeds from issuances of short-term debt 80 514 Repayments of long-term debt (223) (251) Proceeds from issuance of long-term debt 330 - Proceeds from issuance of common stock 28 21 Preferred dividends paid (2) (2) Advance from Communications Group - 132 - -------------------------------------------------------------------- Cash provided by financing activities 213 414 - -------------------------------------------------------------------- CASH AND CASH EQUIVALENTS Increase (Decrease) 52 (49) Beginning balance 20 93 - -------------------------------------------------------------------- Ending balance $72 $44 ==================================================================== <FN> <F1> Note: Certain reclassifications within the financial statements have been made to conform to the current year presentation. </FN>