EXHIBIT 99B4 COMBINED STATEMENTS OF U S WEST MEDIA GROUP CASH FLOWS (UNAUDITED) Nine Months Ended September 30, In millions 1996 1995 - --------------------------------------------------------------------- OPERATING ACTIVITIES Net income $10 $69 Adjustments to net income: Depreciation and amortization 216 181 Equity losses in unconsolidated ventures 223 128 Deferred income taxes (57) (28) Provision for uncollectibles 46 37 Changes in operating assets and liabilities: Accounts and notes receivable (115) (52) Deferred directory costs, prepaid and other 5 (18) Accounts payable and accrued liabilities 45 107 Other - net 47 40 - --------------------------------------------------------------------- Cash provided by operating activities 420 464 - --------------------------------------------------------------------- INVESTING ACTIVITIES Expenditures for property, plant and equipment (361) (240) Investment in international ventures (227) (576) Cash (to) from investment in assets held for sale 176 (108) Other - net (41) (269) - --------------------------------------------------------------------- Cash (used for) investing activities (453) (1,193) - --------------------------------------------------------------------- FINANCING ACTIVITIES Net proceeds from issuances of short-term debt (8) 323 Repayments of long-term debt (283) (384) Proceeds from issuance of trust originated preferred securities - net - 581 Proceeds from issuance of long-term debt 330 - Proceeds from issuance of common stock 31 104 Preferred dividends paid (3) (3) Advance from Communications Group - 105 Purchase of treasury stock - (63) - --------------------------------------------------------------------- Cash provided by financing activities 67 663 - --------------------------------------------------------------------- CASH AND CASH EQUIVALENTS Increase (Decrease) 34 (66) Beginning balance 20 93 - --------------------------------------------------------------------- Ending balance $54 $27 ===================================================================== Note: Certain reclassifications within the financial statements have made to conform to the current year presentation. 9