EXHIBIT 99A.5 COMBINED STATEMENTS OF U S WEST COMMUNICATIONS GROUP CASH FLOWS (UNAUDITED) Year Ended December 31, In millions 1996 1995 - - --------------------------------------------------------------------- OPERATING ACTIVITIES Net income $1,249 $1,176 Adjustments to net income: Depreciation and amortization 2,122 2,042 Gains on sales of rural telephone exchanges (59) (136) Cumulative effect of change in accounting principle (34) - Deferred income taxes and amortization of investment tax credits 91 172 Changes in operating assets and liabilities: Restructuring payments (226) (315) Postretirement medical and life costs, net of cash fundings 28 (90) Accounts and notes receivable (5) (117) Inventories, supplies and other 27 (51) Accounts payable and accrued liabilities 98 7 Other - net 15 31 - - --------------------------------------------------------------------- Cash provided by operating activities 3,306 2,719 - - --------------------------------------------------------------------- INVESTING ACTIVITIES Expenditures for property, plant and equipment (2,419) (2,462) Proceeds from sales of rural telephone exchanges 174 214 Proceeds from (payments on) disposals of property, plant and equipment 15 (18) Other - net - (2) - - --------------------------------------------------------------------- Cash (used for) investing activities (2,230) (2,268) - - --------------------------------------------------------------------- FINANCING ACTIVITIES Net (repayments of) proceeds from issuance of short-term debt 96 (832) Proceeds from issuance of long-term debt 23 1,647 Repayments of long-term debt (482) (334) Dividends paid on common stock (939) (926) Proceeds from issuance of common stock 134 50 - - --------------------------------------------------------------------- Cash (used for) financing activities (1,168) (395) - - --------------------------------------------------------------------- CASH AND CASH EQUIVALENTS Increase (decrease) (92) 56 Beginning balance 172 116 - - --------------------------------------------------------------------- Ending balance $80 $172 =====================================================================