CONSOLIDATED PRO FORMA STATEMENTS OF CASH FLOWS U S WEST, Inc. (UNAUDITED) Quarter Ended March 31, In millions 2000 1999(1) - ------------------------------------------------- -------- --------- OPERATING ACTIVITIES Net income $ 404 $ 394 Adjustments to net income: Depreciation and amortization 586 602 Loss on market value of derivatives 129 - Gain on sales of investments (79) - Deferred income taxes and amortization of investment tax credits 84 12 Changes in operating assets and liabilities: Accounts receivable 100 55 Inventories, supplies and other current assets (97) (116) Accounts payable, accrued expense and advance billings (181) 51 Other (139) (61) - ------------------------------------------------- -------- --------- Cash provided by operating activities 807 937 - ------------------------------------------------- -------- --------- INVESTING ACTIVITIES Expenditures for property, plant and equipment (1,277) (753) Payments on disposals of property, plant and equipment (9) (8) Proceeds from sale of Global Crossing stock 1,140 - Other 136 (11) - ------------------------------------------------- -------- --------- Cash used for investing activities (10) (772) - ------------------------------------------------- -------- --------- FINANCING ACTIVITIES Net(reductions)proceeds from short-term debt (520) 256 Repayments of long-term debt (32) (181) Proceeds from issuance of common stock 30 16 Dividends paid on common stock (271) (269) - ------------------------------------------------- -------- --------- Cash used for financing activities (793) (178) - ------------------------------------------------- -------- --------- CASH AND CASH EQUIVALENTS Increase(Decrease) 4 (13) Beginning balance 78 49 - ------------------------------------------------- -------- --------- Ending balance $ 82 $ 36 ================================================= ======== ========= <FN> (1) The results for 1999 include pro forma adjustments for the change in accounting principle to recognize revenues and expenses for directory publishing under the "point of publication" method from the "amortization" method, as if the company had always used this method. </FN> 9