Arkansas Business list: biggest deals of 2004.

ARKANSAS BUSINESS LIST: BIGGEST DEALS OF 2004

Announced transactions of more than $5 million involving Arkansas
projects or companies, ranked by value (Arkansas companies in bold)

    Buyer, City                         Seller, City

1   Wal-Mart Store Inc., Bentonville    NA
2   GE Consumer Finance, Fairfield, CT  Dillard's Inc., Little Rock
3   Pengrowth Corp., Calgary, Alberta   Murphy Oil Corp., El Dorado
4   Wal-Mart Stores Inc., Bentonville   Royal Ahold, Zaandam the
                                        Netherlands
5   Alltel Corp., Little Rock           Cingular Wireless, Atlanta
6   Alltel Corp., Little Rock           Telephone and Data Systems
                                        Inc., Chicago
7   Whitney Holding Go., New Orleans    Destin Bancshares Inc., Destin,
                                        FL
8   CBL & Associates Properties Inc.,   First Union Real Estate Equity
    Chattanooga                         and Mortgage Investments,
                                        Boston
9   Ram Ventures Holding Corp.,         American Apparel & Accessories
    Little Rock                         Inc., Little Rock
10  Behringer Harvard Funds, Dallas     Beau Terre Inc., Bentonville
11  Genesee & Wyoming Inc.,             Georgia-Pacific Corp., Atlanta
    Greenwich, CT
12  Springdale School District,         NA
    Springdale
13  Moses Tucker Real Estate Inc.,      Innerplan Office Interiors,
    Little Rod                          Little Rock
14  State of Arkansas, Little Rock      George Donaghey Foundation,
                                        Little Rock
15  Dixie Management & Investments LP,  NA
    Fayetteville
16  Acxiom Corp., Little Rock           Seat Pagine Gialle SpA. Turin,
                                        Italy
17  Cadron Valley Country Club, Conway  Centennial Valley Investors
                                        Inc., Conway
18  Stephen L. LaFrance Holdings,       The ACLC Business Loans
    Pine Bluff                          Receivables Trust, Boise, ID
19  NCI Building Systems Inc., Houston  Heritage Building Systems,
                                        North Little Rock
20  First Baptist Church, Springdale    NA
21  Publicis Groupe S.A., Paris         ThompsonMurray Inc.,
                                        Fayetteville
22  Rock Bancshares Inc., Little Rock   HCB Bancshares Inc., Camden
23  Liberty Bancshares Inc., Jonesboro  TrustBanc Financial Group Inc.,
                                        Mountain Nome
24  First Bank Corp., Fort Smith        BOR Bancshares Inc., Rogers
25  CVM Inc., Van Buren                 Marvin's IGA, OK
26  Brookhaven LLC, Springdale          NA
27  West Dickson Development Co.,       NA
    Fayetteville
28  AseraCare Hospice, Fort Smith       Hospice USA LLC, Memphis
29  Liberty Bancshares, Russellville    Arkansas State Bancshares Inc.,
    Bancshares, Jonesboro               Siloam Springs
30  Willard and Pat Walker Charitable   NA
    Foundation, Springdale
31  ISB Investors LLC, Little Rock      Wachovia Bank, Charlotte, NC
32  The Reserve at Chenal Valley        Reilly Mortgage Group, McLean,
    Apartment LLC, Little Rock          VA
33  Medcath of Little Rack LLC,         Medcath Finance Co., Charlotte,
    Little Rock                         NC
34  Research Solutions LLC,             Jennings Osborne, Little Rock
    Little Rock
35  Heifer International, Little Rock   Regions Bank, Birmingham
36  Vintage Pleasant Valley LLC,        Schaedle Worthington Hyde
    Little Rock                         Properties Ltd., Atlanta
37  Gravette School District, Gravetto  NA
38  Stonebridge At The Ranch,           NA
    Little Rock
39  Mountain Home Bancshares Inc.,      Pocahontas Bankstock Inc.,
    Mountain Home                       Pocahontas
40  Gary Combs, Springdale              Sundowner Ranch, Prairie Grove
41  Stearns Street LLC, Fayetteville    NA
42  West LR Highland Pointe Associates  Bank of the Ozarks, Little Rock
    LLC, Little Rock
43  HSG Holdings Inc., Rogers           NA
44  Robert M. Goff & Associates,        Regions Bank
    Little Rock
45  Acxiom Corp., Little Rock           Arvest Bank, Little Rock
46  Interstate Highway Sign Corp.,      Patriot Capital Funding Inc.,
    Little Rock                         Westport, CT
47  Trivest McCain LLC, Dallas          McCain Development Co.,
                                        Little Rock
48  Performance Food Group,             heirs of six Don Kirkpatrick
    Richmond, VA                        LLCs, Little Rock
49  30 West Pershing LLC, Kansas City   Megaplex Four Inc., Kansas City
50  University of Arkansas,             NA
    Fayetteville
51  Continental Express Inc.,           First Tennessee Bank, Memphis
    Little Rock
52  HLR LLC, Memphis                    Liberty Bank of Arkansas,
                                        Jonesboro
53  Collins Haynes, Rogers              NA
54  Overbrook Apartments LLC, North     SW Capital LLC, Needham, MA
    Little Rock
55  Bushwood LLC, Fayetteville          Cozart Development,
                                        Fayetteville
56  J.B. Hunt Transport Services        NA
    Inc., Lowell
57  Jim Lindsey Office Properties LLC,  NA
    Fayetteville
58  Springdale Lowe's                   NA
59  Arbors of Pleasant Valley LLC,      Wachovia Bank, Charlotte, NG
    Little Rock
60  Afro Steel Inc., Little Rock        Second Steel Investments Ltd.,
                                        Wilmington, DE
61  Noonan LLC, Springdale              NA
62  ASH Land & Development LLC, North   Stillwater National Bank &
    Little Rock                         Trust, Oklahoma City
63  JBD Inc., Little Rock               Bank of America, Charlotte, NC
64  Kiehl Partners Ltd., Jackson, MS    Federal National Mortgage
                                        Association
65  Landers Chrysler, Benton            NA
66  GRE Pleasant Grove LLC, Seattle     NA
67  HB Rentals LLC, Rogers              NA
68  Pulaski Heights United Methodist    Bank of America, Charlotte, INC
    Church, Little Rack
69  The Cedars at Wellington Lake LLC,  Greystone Servicing Corp.,
    Little Rock                         Warrenton, VA
76  Full Counsel Christian Fellowship,  NA
    North Little Rock
71  Orion Realty, Fayetteville          NA
72  Triad Inc., San Antonio             NA
73  Gary Combs, Springdale              NA
74  Be ville Hotel Deters LLC,          NA
    Bentonville
75  Bake-Line Group LLC, Pittsburgh     Quantum Industrial Partners
                                        LDC, Cayman Islands and SFM
                                        Domestic Investment LLC, DE
78  Glazer Investments Inc., North      Frost National Bank, San
    Little Rock                         Antonio
77  Acxiom Corp., Little Rock           ChinaLoop Co., Shanghai
78  Verizon Wireless                    American Wireless License
                                        Group LLC
79  Springdale School District,         NA
    Springdale
80  Rogers School District, Rogers      NA
81  The Providence Group,               NA
    Greenwood, MS
82  The Group, Rogers                   NA
83  Bentonville School District,        NA
    Bentonville
84  Mountain Pure LLC, Little Rock      Metropolitan National Bank,
                                        Little Rock
85  Kaufman Lumber Co., Little Rock     Arvest Bank, Little Rock
86  The Peaks LLC, Rogers               NA
87  Dynamic Development Inc.,           NA
    Bentonville
88  Willow Street Ventures LLC,         FF Hotels Inc., National
    Little Rock                         Banking Corp., Bella Torre
                                        Luxury Condominiums LLC, North
                                        Little Rock
89  Glass Investments LLC, Bentonville  Gary Brandon Enterprises Inc.,
                                        Bentonville
90  Lutheran High School Inc.,          Lutheran Church Extension
    Little Rock                         Fund-Missouri Synod, St. Louis
91  Southedge Apartments LLC,           Twin City Bank, North Little
    Little Rock                         Rock
92  Aero Airport Hotel LLC,             NA
    Bentonville
93  Arkansas Neuro-Spine Center LLC,    Pulaski Bank & Trust, Little
    Little Rock                         Rock
94  Sunset Development, Rogers          NA
95  University of Arkansas at           University Plaza Shopping
    Little Rock                         Center, Little Rock
96  Arkansas Blue Cross and Blue        NA
    Shield, Little Rock
97  Circle of Life Hospice, Springdale  NA
99  Arkansas Children's Hospital,       Immanuel Baptist Church,
    Little Rock                         Little Rock
100 Lindsey Construction Co.,           NA
    Fayetteville
101 Tim Terminella, Fayetteville        NA

                                                                   Per
    Buyer, City                                             (millions)

1   Wal-Mart Store Inc., Bentonville                         $10,000.0
2   GE Consumer Finance, Fairfield, CT                        $1,250.0
3   Pengrowth Corp., Calgary, Alberta                           $582.7
4   Wal-Mart Stores Inc., Bentonville                           $300.0
5   Alltel Corp., Little Rock                                   $170.0
6   Alltel Corp., Little Rock                                   $143.0
7   Whitney Holding Go., New Orleans                            $115.0
8   CBL & Associates Properties Inc.,                            $77.5
    Chattanooga
9   Ram Ventures Holding Corp.,                                  $70.8
    Little Rock
10  Behringer Harvard Funds, Dallas                             $559.0
11  Genesee & Wyoming Inc.,                                      $55.6
    Greenwich, CT
12  Springdale School District,                                  $47.3
    Springdale
13  Moses Tucker Real Estate Inc.,                               $45.0
    Little Rod
14  State of Arkansas, Little Rock                               $42.0
15  Dixie Management & Investments LP,                           $40.0
    Fayetteville
16  Acxiom Corp., Little Rock                                    $37.5
17  Cadron Valley Country Club, Conway                           $35.0
18  Stephen L. LaFrance Holdings,                                $33.3
    Pine Bluff
19  NCI Building Systems Inc., Houston                           $30.0
20  First Baptist Church, Springdale                             $30.0
21  Publicis Groupe S.A., Paris                                  $29.0
22  Rock Bancshares Inc., Little Rock                            $27.9
23  Liberty Bancshares Inc., Jonesboro                           $26.6
24  First Bank Corp., Fort Smith                                 $26.5
25  CVM Inc., Van Buren                                          $25.9
26  Brookhaven LLC, Springdale                                   $25.0
27  West Dickson Development Co.,                                $25.0
    Fayetteville
28  AseraCare Hospice, Fort Smith                                $24.0
29  Liberty Bancshares, Russellville                             $23.7
    Bancshares, Jonesboro
30  Willard and Pat Walker Charitable                            $21.5
    Foundation, Springdale
31  ISB Investors LLC, Little Rock                               $20.2
32  The Reserve at Chenal Valley                                 $20.1
    Apartment LLC, Little Rock
33  Medcath of Little Rack LLC,                                   20.0
    Little Rock
34  Research Solutions LLC,                                      $20.0
    Little Rock
35  Heifer International, Little Rock                            $19.5
36  Vintage Pleasant Valley LLC,                                 $16.1
    Little Rock
37  Gravette School District, Gravetto                           $15.0
38  Stonebridge At The Ranch,                                    $15.0
    Little Rock
39  Mountain Home Bancshares Inc.,                               $15.0
    Mountain Home
40  Gary Combs, Springdale                                       $15.0
41  Stearns Street LLC, Fayetteville                             $13.9
42  West LR Highland Pointe Associates                           $13.6
    LLC, Little Rock                                             $13.6
43  HSG Holdings Inc., Rogers                                    $13.3
44  Robert M. Goff & Associates,                                 $13.3
    Little Rock
45  Acxiom Corp., Little Rock                                   $128.0
46  Interstate Highway Sign Corp.,                               $12.6
    Little Rock
47  Trivest McCain LLC, Dallas                                   $12.3
48  Performance Food Group,                                      $12.3
    Richmond, VA
49  30 West Pershing LLC, Kansas City                            $12.1
50  University of Arkansas,                                      $12.0
    Fayetteville
51  Continental Express Inc.,                                    $12.0
    Little Rock
52  HLR LLC, Memphis                                             $12.0
53  Collins Haynes, Rogers                                       $12.0
54  Overbrook Apartments LLC, North                              $11.4
    Little Rock
55  Bushwood LLC, Fayetteville                                   $11.4
56  J.B. Hunt Transport Services                                 $11.0
    Inc., Lowell
57  Jim Lindsey Office Properties LLC,                           $10.9
    Fayetteville
58  Springdale Lowe's                                            $10.6
59  Arbors of Pleasant Valley LLC,                               $10.3
    Little Rock
60  Afro Steel Inc., Little Rock                                 $10.0
61  Noonan LLC, Springdale                                        $9.7
62  ASH Land & Development LLC, North                             $9.6
    Little Rock
63  JBD Inc., Little Rock                                         $9.5
64  Kiehl Partners Ltd., Jackson, MS                              $9.2
65  Landers Chrysler, Benton                                      $8.5
66  GRE Pleasant Grove LLC, Seattle                               $8.0
67  HB Rentals LLC, Rogers                                        $8.0
68  Pulaski Heights United Methodist                              $8.0
    Church, Little Rack
69  The Cedars at Wellington Lake LLC,                            $8.0
    Little Rock
76  Full Counsel Christian Fellowship,                            $8.0
    North Little Rock
71  Orion Realty, Fayetteville                                    $8.0
72  Triad Inc., San Antonio                                       $7.9
73  Gary Combs, Springdale                                        $7.7
74  Be ville Hotel Deters LLC,                                    $7.5
    Bentonville
75  Bake-Line Group LLC, Pittsburgh                               $7.5
78  Glazer Investments Inc., North                                $7.2
    Little Rock
77  Acxiom Corp., Little Rock                                     $7.0
78  Verizon Wireless                                              $7.0
79  Springdale School District,                                   $6.9
    Springdale
80  Rogers School District, Rogers                                $6.7
81  The Providence Group,                                         $6.7
    Greenwood, MS
82  The Group, Rogers                                             $6.5
83  Bentonville School District,                                  $6.5
    Bentonville
84  Mountain Pure LLC, Little Rock                                $6.3
85  Kaufman Lumber Co., Little Rock                               $6.0
86  The Peaks LLC, Rogers                                         $6.0
87  Dynamic Development Inc.,                                     $5.8
    Bentonville
88  Willow Street Ventures LLC,                                   $5.8
    Little Rock
89  Glass Investments LLC, Bentonville                            $5.7
90  Lutheran High School Inc.,                                    $5.6
    Little Rock
91  Southedge Apartments LLC,                                     $5.5
    Little Rock
92  Aero Airport Hotel LLC,                                       $5.4
    Bentonville
93  Arkansas Neuro-Spine Center LLC,                              $5.4
    Little Rock
94  Sunset Development, Rogers                                    $5.4
95  University of Arkansas at                                     $5.4
    Little Rock
96  Arkansas Blue Cross and Blue                                  $5.2
    Shield, Little Rock
97  Circle of Life Hospice, Springdale                            $5.0
99  Arkansas Children's Hospital,                                 $5.0
    Little Rock
100 Lindsey Construction Co.,                                     $5.0
    Fayetteville
101 Tim Terminella, Fayetteville                                  $5.0

    Buyer, City                         Description or Commodity

1   Wal-Mart Store Inc., Bentonville    stock buyback program

2   GE Consumer Finance, Fairfield, CT  sale of private label credit
                                        card subsidiary Dillard
                                        National Bank

3   Pengrowth Corp., Calgary, Alberta   sale of oil and natural gas
                                        assets in western Canada

4   Wal-Mart Stores Inc., Bentonville   purchase of 118-store Brazilian
                                        supermarket chain, Bompreco

5   Alltel Corp., Little Rock           purchase of wireless in
                                        Cingular divestiture
                                        of AT&T Wireless assets

6   Alltel Corp., Little Rock           purchase of two wireless
                                        subsidiaries, U.S. Cellular
                                        and TDS Telecom

7   Whitney Holding Go., New Orleans    purchase of bank by Arkansas
                                        neurosurgeon Jim Arthur, along
                                        with ex-Arkies Frank Burge and
                                        Ronny Clay

8   CBL & Associates Properties Inc.,   purchase of Park Plaza
    Chattanooga                         shopping mall in Little Rock

9   Ram Ventures Holding Corp.,         purchase of Mack's Prairie
    Little Rock                         Wings sporting goods store and
other properties

10  Behringer Harvard Funds, Dallas     purchase of 371.083-SF of
                                        office space at Bentonville

11  Genesee & Wyoming Inc.,             purchase of three railroads,
    Greenwich, CT                       including Arkansas Louisiana &
                                        Mississippi Railroad and the
                                        Fordyce & Princeton Railroad
                                        Co. of Crossett

12  Springdale School District,         construction of Springdale
    Springdale                          High School and Middle School

13  Moses Tucker Real Estate Inc.,      development of 17-story
    Little Rod                          residential tower in downtown
                                        Little Rock

14  State of Arkansas, Little Rock      purchase of three office
                                        buildings, park deck in
                                        downtown Little Rock

15  Dixie Management & Investments LP,  development of Brighton Heights
    Fayetteville                        and Eden's Brooke subdivisions
                                        at Bentonville

16  Acxiom Corp., Little Rock           purchase of Consodata companies
                                        in Europe

17  Cadron Valley Country Club, Conway  sales of country club to Hal
                                        Crafton, Rush Harding and Jim
                                        lindsey to develop property
                                        and build apartments

18  Stephen L. LaFrance Holdings,       funding agreement for USA Drugs
    Pine Bluff                          and Super D drug stores

19  NCI Building Systems Inc., Houston  purchase of NLR steel building
                                        marketer and affiliate
                                        Steelbuilding.com

20  First Baptist Church, Springdale    construction of new worship
                                        center at Pinnacle Hills in
                                        Rogers, addition at Springdale
                                        Church

21  Publicis Groupe S.A., Paris         sale of 160-employee marketing
                                        agency

22  Rock Bancshares Inc., Little Rock   purchase of parent company of
                                        Heartland Community Bank

23  Liberty Bancshares Inc., Jonesboro  purchase of TrustBanc

24  First Bank Corp., Fort Smith        purchase of Bank of Rogers and
                                        its holding company

25  CVM Inc., Van Buren                 purchase of 21 supermarkets in
                                        Arkansas, Oklahoma and Kansas

26  Brookhaven LLC, Springdale          construction of 472-unit
                                        Brookhaven apartment in
                                        Springdale

27  West Dickson Development Co.,       development of residential/
    Fayetteville                        commercial complex on Dickson
                                        Street in Fayetteville

28  AseraCare Hospice, Fort Smith       purchase by Beverly Enterprises
                                        subsidiary of hospice chain

29  Liberty Bancshares, Russellville    purchase of holding company for
    Bancshares, Jonesboro               Arkansas State Bank

30  Willard and Pat Walker Charitable   donation to University of
    Foundation, Springdale              Arkansas for Medical Sciences
                                        eye institute

31  ISB Investors LLC, Little Rock      funding agreement for
                                        development of WestLake
                                        Corporate Center in west
                                        Little Rock

32  The Reserve at Chenal Valley        loan for a 248-apartment
    Apartment LLC, Little Rock          project in west Little Rock

33  Medcath of Little Rack LLC,         funding agreement for Arkansas
    Little Rock                         Heart Hospital development

34  Research Solutions LLC,             sale of Arkansas Research
    Little Rock                         Medical Testing Inc.

35  Heifer International, Little Rock   funding agreement for
                                        construction of downtown Little
                                        Rock headquarters

36  Vintage Pleasant Valley LLC,        purchase of 225-unit The Grove
    Little Rock                         at Pleasant Ridge apartment
                                        complex in Little Rock

37  Gravette School District, Gravetto  construction of Gravette
                                        High School

38  Stonebridge At The Ranch,           construction of 260-unit
    Little Rock                         apartment project in west
                                        Little Rock

39  Mountain Home Bancshares Inc.,      purchase of holding company for
    Mountain Home                       Bank of Pocahontas

40  Gary Combs, Springdale              purchase of 1,300 acres for
                                        residential development

41  Stearns Street LLC, Fayetteville    construction of Stearns Street
                                        Apartments complex in
                                        Fayetteville

42  West LR Highland Pointe Associates  loan for construction of
    LLC, Little Rock                    216-unit apartment project in
                                        west Little Rock

43  HSG Holdings Inc., Rogers           safe of 120 acres in west
                                        Rogers

44  Robert M. Goff & Associates,        refinancing agreement for
    Little Rock                         265-room Holiday Inn Select
                                        hotel in west Little Rock

45  Acxiom Corp., Little Rock           loan for construction of
                                        30,000-SF data processing and
                                        storage center in west Little
                                        Rock

46  Interstate Highway Sign Corp.,      funding agreement
    Little Rock

47  Trivest McCain LLC, Dallas          purchase of McCain Park
                                        Apartments in North Little Rock

48  Performance Food Group,             purchase of the real estate
    Richmond, VA                        portion of Quality Foods Inc.

49  30 West Pershing LLC, Kansas City   purchase of 18-screen Rave
                                        Motion Pictures

50  University of Arkansas,             construction of UA Chemistry
    Fayetteville                        Building

51  Continental Express Inc.,           financial package for 110-acre
    Little Rock                         industrial site in east Little
                                        Rock

52  HLR LLC, Memphis                    funding for redevelopment of
                                        Little Rock Hilton

53  Collins Haynes, Rogers              development of Metropark office
                                        buildings at Rogers

54  Overbrook Apartments LLC, North     financial package for 440-unit
    Little Rock                         apartment complex in North
                                        Little Rock

55  Bushwood LLC, Fayetteville          purchase of Crossroads Village
                                        shopping center at Fayetteville

56  J.B. Hunt Transport Services        construction of 111,000-SF
    Inc., Lowell                        office building

57  Jim Lindsey Office Properties LLC,  construction of 68,000-SF
    Fayetteville                        office building in Fayetteville

58  Springdale Lowe's                   construction of 135,000-SF
                                        Lowe's building in Springdale

59  Arbors of Pleasant Valley LLC,      financial package for 186-unit
    Little Rock                         apartment complex in west
                                        Little Rock

60  Afro Steel Inc., Little Rock        funding agreement

61  Noonan LLC, Springdale              sale of 33 acres in the mixed-
                                        use 158-acre Peaks complex at
                                        Rogers

62  ASH Land & Development LLC, North   funding agreement for surgical
    Little Rock                         hospital development in North
                                        Little Rock

63  JBD Inc., Little Rock               loan for Jacuzzi industrial
                                        development in southwest
                                        Little Rock

64  Kiehl Partners Ltd., Jackson, MS    mortgage for 216-unit apartment
                                        project in Sherwood

65  Landers Chrysler, Benton            construction of 70,000-SF
                                        project

66  GRE Pleasant Grove LLC, Seattle     sale of 100 acres off Pleasant
                                        Grove Road in Rogers

67  HB Rentals LLC, Rogers              construction of 59,000-SF
                                        building in Rogers for PB2
                                        Architects & Engineers

68  Pulaski Heights United Methodist    construction of 80,056-SF
    Church, Little Rack                 addition

69  The Cedars at Wellington Lake LLC,  financing package for 128-unit
    Little Rock                         apartment project in west
                                        Little Rock

76  Full Counsel Christian Fellowship,  construction of 1,900-seat
    North Little Rock                   sanctuary

71  Orion Realty, Fayetteville          construction of 60,000-SF
                                        office building in Clear Creek
                                        Office Park at Johnson

72  Triad Inc., San Antonio             expansion of Northwest Medical
                                        Center of Benton County

73  Gary Combs, Springdale              construction of 192-unit
                                        Electric Avenue Apartment
                                        complex in Springdale

74  Be ville Hotel Deters LLC,          constriction of La Quinta Inn
    Bentonville                         in Bentonville

75  Bake-Line Group LLC, Pittsburgh     funding agreement for North
                                        Little Rock cookie plant

78  Glazer Investments Inc., North      funding agreement for 20-acre
    Little Rock                         industrial project in North
                                        Little Rock

77  Acxiom Corp., Little Rock           purchase of Chinese data
                                        management firm

78  Verizon Wireless                    purchase of PCS radio spectrum
                                        licenses in Arkansas

79  Springdale School District,         construction of 72,000-SF
    Springdale                          Northwest Elementary School

80  Rogers School District, Rogers      construction of 68,000-SF
                                        elementary school

81  The Providence Group,               construction of Rogers Commons
    Greenwood, MS                       Apartments

82  The Group, Rogers                   construction of 105,000-SF
                                        building in the Pinnacle Suites

83  Bentonville School District,        construction of 82,000-SF
    Bentonville                         Central Park at Morning Star
                                        Elementary School

84  Mountain Pure LLC, Little Rock      mortgage for 9.93-acre
                                        development on Interstate 30

85  Kaufman Lumber Co., Little Rock     funding agreement

86  The Peaks LLC, Rogers               construction of 40,000-SF
                                        office building in the The
                                        Peaks development at Rogers

87  Dynamic Development Inc.,           construction of office
    Bentonville                         buildings in Fountain Plaza at
                                        Bentonville

88  Willow Street Ventures LLC,         purchase of 11.6 acres for
    Little Rock                         downtown ballpark development

89  Glass Investments LLC, Bentonville  purchase of 150 acres of the
                                        Brownstone Development at
                                        Bentonville

90  Lutheran High School Inc.,          funding agreement for private
    Little Rock                         school in Little Rock

91  Southedge Apartments LLC,           financial package for two west
    Little Rock                         Little Rock apartment projects

92  Aero Airport Hotel LLC,             construction of 61,463-SF
    Bentonville                         Wingate Hotel in Bentonville

93  Arkansas Neuro-Spine Center LLC,    financial package for half-acre
    Little Rock                         medical office development in
                                        west Little Rock

94  Sunset Development, Rogers          construction of Wingate Inn at
                                        Bentonville

95  University of Arkansas at           purchase of shopping center to
    Little Rock                         extend campus

96  Arkansas Blue Cross and Blue        construction of 618-car parking
    Shield, Little Rock                 deck in downtown Little Rock

97  Circle of Life Hospice, Springdale  project value of 27,000-SF
                                        hospice center in Springdale

99  Arkansas Children's Hospital,       completion of purchase of
    Little Rock                         Immanuel Baptist property

100 Lindsey Construction Co.,           development of second phase of
    Fayetteville                        Southern View Apartments

101 Tim Terminella, Fayetteville        development of office building
                                        in Fayetteville

                                        Date
    Buyer, City                         Announced

1   Wal-Mart Store Inc., Bentonville    September
2   GE Consumer Finance, Fairfield, CT  August
3   Pengrowth Corp., Calgary, Alberta   April
4   Wal-Mart Stores Inc., Bentonville   March
5   Alltel Corp., Little Rock           November
6   Alltel Corp., Little Rock           August
7   Whitney Holding Go., New Orleans    November
8   CBL & Associates Properties Inc.,   June
    Chattanooga
9   Ram Ventures Holding Corp.,         June
    Little Rock
10  Behringer Harvard Funds, Dallas     June
11  Genesee & Wyoming Inc.,             January
    Greenwich, CT
12  Springdale School District,         January
    Springdale
13  Moses Tucker Real Estate Inc.,      October
    Little Rod
14  State of Arkansas, Little Rock      July
15  Dixie Management & Investments LP,  October
    Fayetteville
16  Acxiom Corp., Little Rock           March
17  Cadron Valley Country Club, Conway  December
18  Stephen L. LaFrance Holdings,       September
    Pine Bluff
19  NCI Building Systems Inc., Houston  August
20  First Baptist Church, Springdale    July
21  Publicis Groupe S.A., Paris         May
22  Rock Bancshares Inc., Little Rock   January
23  Liberty Bancshares Inc., Jonesboro  December
24  First Bank Corp., Fort Smith        December
25  CVM Inc., Van Buren                 November
26  Brookhaven LLC, Springdale          August
27  West Dickson Development Co.,       June
    Fayetteville
28  AseraCare Hospice, Fort Smith       July
29  Liberty Bancshares, Russellville    June
    Bancshares, Jonesboro
30  Willard and Pat Walker Charitable   March
    Foundation, Springdale
31  ISB Investors LLC, Little Rock      January
32  The Reserve at Chenal Valley        October
    Apartment LLC, Little Rock
33  Medcath of Little Rack LLC,         October
    Little Rock
34  Research Solutions LLC,             July
    Little Rock
35  Heifer International, Little Rock
36  Vintage Pleasant Valley LLC,        March
    Little Rock
37  Gravette School District, Gravetto  September
38  Stonebridge At The Ranch,           April
    Little Rock
39  Mountain Home Bancshares Inc.,      March
    Mountain Home
40  Gary Combs, Springdale              July
41  Stearns Street LLC, Fayetteville    May
42  West LR Highland Pointe Associates  August
    LLC, Little Rock
43  HSG Holdings Inc., Rogers           May
44  Robert M. Goff & Associates,        September
    Little Rock
45  Acxiom Corp., Little Rock           June
46  Interstate Highway Sign Corp.,      April
    Little Rock
47  Trivest McCain LLC, Dallas          October
48  Performance Food Group,             August
    Richmond, VA
49  30 West Pershing LLC, Kansas City   September
50  University of Arkansas,             August
    Fayetteville
51  Continental Express Inc.,           March
    Little Rock
52  HLR LLC, Memphis                    July
53  Collins Haynes, Rogers              October
54  Overbrook Apartments LLC, North     March
    Little Rock
55  Bushwood LLC, Fayetteville          June
56  J.B. Hunt Transport Services        May
    Inc., Lowell
57  Jim Lindsey Office Properties LLC,  August
    Fayetteville
58  Springdale Lowe's                   January
59  Arbors of Pleasant Valley LLC,      April
    Little Rock
60  Afro Steel Inc., Little Rock        September
61  Noonan LLC, Springdale              November
62  ASH Land & Development LLC, North   April
    Little Rock
63  JBD Inc., Little Rock               February
64  Kiehl Partners Ltd., Jackson, MS    December
65  Landers Chrysler, Benton            NA
66  GRE Pleasant Grove LLC, Seattle     October
67  HB Rentals LLC, Rogers              August
68  Pulaski Heights United Methodist    April
    Church, Little Rack
69  The Cedars at Wellington Lake LLC,  August
    Little Rock
76  Full Counsel Christian Fellowship,  NA
    North Little Rock
71  Orion Realty, Fayetteville          September
72  Triad Inc., San Antonio             January
73  Gary Combs, Springdale              May
74  Be ville Hotel Deters LLC,          July
    Bentonville
75  Bake-Line Group LLC, Pittsburgh     March
78  Glazer Investments Inc., North      May
    Little Rock
77  Acxiom Corp., Little Rock           November
78  Verizon Wireless                    June
79  Springdale School District,         March
    Springdale
80  Rogers School District, Rogers      May
81  The Providence Group,               March
    Greenwood, MS
82  The Group, Rogers                   November
83  Bentonville School District,        August
    Bentonville
84  Mountain Pure LLC, Little Rock      December
85  Kaufman Lumber Co., Little Rock     January
86  The Peaks LLC, Rogers               October
87  Dynamic Development Inc.,           September
    Bentonville
88  Willow Street Ventures LLC,         September
    Little Rock
89  Glass Investments LLC, Bentonville  September
90  Lutheran High School Inc.,          December
    Little Rock
91  Southedge Apartments LLC,           March
    Little Rock
92  Aero Airport Hotel LLC,             September
    Bentonville
93  Arkansas Neuro-Spine Center LLC,    February
    Little Rock
94  Sunset Development, Rogers          September
95  University of Arkansas at           July
    Little Rock
96  Arkansas Blue Cross and Blue        June
    Shield, Little Rock
97  Circle of Life Hospice, Springdale  May
99  Arkansas Children's Hospital,       June
    Little Rock
100 Lindsey Construction Co.,           July
    Fayetteville
101 Tim Terminella, Fayetteville        October

No Value Listed, But Probably More Than $5 Million

In alphabetical order by buyer's name

  Allen Canning Co., Siloam Springs    Birds Eye Foods Inc.,
                                       Rochester, NY
  Alltel Corp., Little Rock            SJI Inc., Larose, La.
  Almatis Asset Holdings LLC           Alcoa Inc., Pittsburg
  American Management Corp., Conway    Cargill Sherman & Associates,
                                       Scottsdale, AZ
  American Management Corp., Conway    Embassy Insurance Group,
                                       Scottsdale, AZ
  Apria Healthcare Group Inc.,         Life Plus International,
  Lake Forest, CA                      Batesville
  Angus Funding Co., Texas             CognitiveDATA Inc., Little Rock
  Arkansas Blue Cross and Blue         Blue Cross & Blue Shield of
  Shield, Little Rock                  Jacksonville Florida,
  AseraCare Hospice, Fort Smith        Hospice USA LLC, Memphis
  Astar Asb Ar2 LLC, Dallas            Asbury Automotive Arkansas
                                       LLC, Little Rock
  BBSF Logistics, Springdale           Sunmark Services, Versailles,
                                       Ohio
  Bill Gwatney, Jacksonville           Bob Fewell, Little Rock
  Brown & Brown Inc., Daytona          Hardin & Wilsons Inc.,
  Beach, FL                            Little Rock
  Clear Mountain Spring Water,         Mountain Valley Spring Co.,
  Little Rock                          Hot Springs
  Cooling & Applied Technology         Mepsco Inc., West Chicago, IL
  Inc., Russellville
  Crafton Tull & Associates Inc.,      I.C.E. Inc., Little Rock
  Rogers
  Crye-Leike Inc., Memphis             Ann Ball Realtors/Ball Asset
                                       Management, Maumelle
  Equity Broadcasting Corp.,           KWBM-TV, Springfield, MO
  Little Rock
  First Security Bancorp, Searcy       Beardsley Public Finance Inc.,
                                       Little Rock
  Franklin Electric Co.,               JBD Inc., Little Rock
  Bluffton, IN
  GreenMan Technologies Inc.,          American Tire Disposal Inc.,
  Malvern                              Victorville, CA
  Hancock Fabric Inc., Tupelo, MS      The Carter Family, Camden
  Highway Sign Holding LLC,            Mitchell Manufacturing Division
  Little Rock                          Inc., Lyons, GA
  IBAC Corp., Brooklyn, NY             National Hospitality Services
                                       Co., Pine Bluff
  Imagistics International Inc.,       Mary Jane and Mike Rebick, John
  Trumbull, CT                         Frederick, Little Rock
  Inergy LP, Kansas City, MO           Hometown Propane Gas Inc.,
                                       Greenbrier
  JW Aluminum, Mount Holly, SC         Alcoa Inc., Pittsburgh
  Lance Landers, Mark Martin           Independence Ford-Mercury Inc.,
                                       Batesville
  Lawhon Seed, McCrory                 American Greetings, Cleveland
  LocalCareers.com Inc., Milwaukee     ArkansasJobs.com, Little Rock
  Mack McLarty, Steve Landers,         Ron Blackwell, Bentonville
  Little Rock
  Metropolitan National Bank,          Waschka Capital Investments,
  Little Rock                          Little Rock
  Mountain Pure LLC, Little Rock       Real Pure, Magee, MS
  Nabholz Construction Corp.,          B.B. Vance and Sons Inc.,
  Conway                               Jonesboro
  OneSource Technologies Inc.,         First Financial Computer
  Scottsdale, AZ                       Services Inc., Little Rock
  Perennial Healthcare Management,     Beverly Enterprises Inc.,
  Monkton, MD                          Fort Smith
  Pinnacle Group, Rogers               Parker Northwest Properties
                                       LLC, Rogers
  Radio Works Inc., De Queen           US Stations LLC, Jade
                                       Communications Ltd., Y95 Radio
  Regions Financial Corp.,             Union Planters Corp., Memphis
  Birmingham, AL
  Saeid Korhani, Monticello            Pridential Capital Partners
  Saks Inc., Birmingham, AL            NA
  Southern Development Bancorp,        State Bank & Trust Co.,
  Arkadelphia                          Greenwood, MS
  Superior Automotive Group,           United Motor Co., Conway
  Fayetteville
  Tennessee BlueCross BlueShield       USAble Life Inc., Little Rock
  Inc., Chattanooga
  USA Drug, Malvern                    Med-X Drug and Mays Drug Stores
                                       Inc., OK
  Vestcom International Corp.,         Nitto Denko Corp., Osaka, Japan
  Little Rock
  Wal-Mart Stores Inc., Bentonville    W.M. Morrison Supermarkets, West
                                       Yorkshire, UK
  WCA Waste Corp., Houston             Translift Inc., North Little
                                       Rock

  Allen Canning Co., Siloam Springs    Purchase of Freshlike canned
                                       vegetable business
  Alltel Corp., Little Rock            purchase of MobileTel wireless
                                       properties in south Louisiana
  Almatis Asset Holdings LLC           sale of special chemical
                                       facilities at Bauxite
  American Management Corp., Conway    purchase of insurance broker
  American Management Corp., Conway    purchase of insurance broker
  Apria Healthcare Group Inc.,         sale of medical equipment and
  Lake Forest, CA                      products maker
  Angus Funding Co., Texas             sale of company that provides
                                       data solutions for data quality,
                                       marketing automation, customer
                                       communications management and
                                       direct marketing applications
  Arkansas Blue Cross and Blue         purchase of special products
  Shield, Little Rock                  business
  AseraCare Hospice, Fort Smith        purchase by Beverly Enterprises
                                       subsidiary of hospice chain
  Astar Asb Ar2 LLC, Dallas            purchase of North Point Nissan
                                       in LR and North Point Body
                                       Shop in Sherwood
  BBSF Logistics, Springdale           purchase of third-party
                                       logistics company
  Bill Gwatney, Jacksonville           purchase of Chenal Parkway Buick
                                       Pontiac GMC dealership and
                                       University Truck Center in
                                       Little Rock
  Brown & Brown Inc., Daytona          sale of insurance agency
  Beach, FL
  Clear Mountain Spring Water,         purchase of bottled water
  Little Rock                          company, estimated at $18
                                       million
  Cooling & Applied Technology         purchase of company that makes
  Inc., Russellville                   high-speed brine injectors,
                                       macerators, mix tanks, and
                                       packaged processing systems for
                                       the meat and poultry industries
  Crafton Tull & Associates Inc.,      merger of engineering firms
  Rogers
  Crye-Leike Inc., Memphis             sale of real estate agency
  Equity Broadcasting Corp.,           purchase of television station
  Little Rock
  First Security Bancorp, Searcy       purchase of investment banking
                                       firm that works as financial
                                       adviser for public schools
  Franklin Electric Co.,               sale of Jacuzzi brand pump maker
  Bluffton, IN
  GreenMan Technologies Inc.,          purchase of company that deals
  Malvern                              in scrap tires
  Hancock Fabric Inc., Tupelo, MS      sale of eight franchised Hancock
                                       Fabric stores
  Highway Sign Holding LLC,            purchase of sign maker
  Little Rock
  IBAC Corp., Brooklyn, NY             sale of hotel at Pine Bluff
                                       Convention Center
  Imagistics International Inc.,       purchase of Copy Systems Inc.,
  Trumbull, CT                         a digital copier dealership
  Inergy LP, Kansas City, MO           sale of propane gas
                                       distributorship
  JW Aluminum, Mount Holly, SC         sale of Alumas Foil plant at
                                       Russellville
  Lance Landers, Mark Martin           purchase of auto dealership
  Lawhon Seed, McCrory                 purchase of 770,000-SF plant
  LocalCareers.com Inc., Milwaukee     sale of job search Web site
  Mack McLarty, Steve Landers,         purchase of Ron Blackwell Ford-
  Little Rock                          Jeep dealership in Bentonville
                                       and Dodge dealership in
                                       Louisiana
  Metropolitan National Bank,          purchase of wealth management
  Little Rock                          firm after death of Larry
                                       Waschka
  Mountain Pure LLC, Little Rock       purchase of water bottling
                                       company
  Nabholz Construction Corp.,          purchase of construction firm
  Conway
  OneSource Technologies Inc.,         sale of company that provides
  Scottsdale, AZ                       equipment sales, leasing and
                                       maintenance services for the
                                       financial services industry
  Perennial Healthcare Management,     sale of 10 nursing homes
  Monkton, MD
  Pinnacle Group, Rogers               sale of 30 acres at Lowell
  Radio Works Inc., De Queen           sale of radio stations KAMD-FM,
                                       KMGC-FM, KCXY-FM
  Regions Financial Corp.,             purchase of bank holding
  Birmingham, AL                       company. Both banks have
                                       branches in Arkansas
  Saeid Korhani, Monticello            sell of stock in Yanoor Corp.,
                                       which owns Burlington Rug Corp.
                                       and Monticello Carpet Mills
  Saks Inc., Birmingham, AL            construction of Parisian store
                                       in planned Pleasant Ridge Town
                                       Center in Little Rots
  Southern Development Bancorp,        purchase of state bank
  Arkadelphia
  Superior Automotive Group,           purchase of Dodge-Chrysler
  Fayetteville                         dealership
  Tennessee BlueCross BlueShield       purchase of 10 percent of
  Inc., Chattanooga                    insurance company
  USA Drug, Malvern                    purchase of drug stores
  Vestcom International Corp.,         purchase of Graphic Technology
  Little Rock                          Inc. in Kansas
  Wal-Mart Stores Inc., Bentonville    sales of four Safeway stores
  WCA Waste Corp., Houston             sale of company that provides
                                       waste collection services and
                                       internalizes wastes in landfills

  Allen Canning Co., Siloam Springs    April
  Alltel Corp., Little Rock            July
  Almatis Asset Holdings LLC           April
  American Management Corp., Conway    August
  American Management Corp., Conway    August
  Apria Healthcare Group Inc.,         October
  Lake Forest, CA
  Angus Funding Co., Texas             May
  Arkansas Blue Cross and Blue         June
  Shield, Little Rock
  AseraCare Hospice, Fort Smith        August
  Astar Asb Ar2 LLC, Dallas            December
  BBSF Logistics, Springdale           June
  Bill Gwatney, Jacksonville           August
  Brown & Brown Inc., Daytona          August
  Beach, FL
  Clear Mountain Spring Water,         April
  Little Rock
  Cooling & Applied Technology         July
  Inc., Russellville
  Crafton Tull & Associates Inc.,      May

  Rogers
  Crye-Leike Inc., Memphis             February
  Equity Broadcasting Corp.,           December
  Little Rock
  First Security Bancorp, Searcy       August
  Franklin Electric Co.,               August
  Bluffton, IN
  GreenMan Technologies Inc.,          July
  Malvern
  Hancock Fabric Inc., Tupelo, MS      December
  Highway Sign Holding LLC,            December
  Little Rock
  IBAC Corp., Brooklyn, NY             November
  Imagistics International Inc.,       June
  Trumbull, CT
  Inergy LP, Kansas City, MO           March
  JW Aluminum, Mount Holly, SC         March
  Lance Landers, Mark Martin           January
  Lawhon Seed, McCrory                 December
  LocalCareers.com Inc., Milwaukee     June
  Mack McLarty, Steve Landers,         October
  Little Rock
  Metropolitan National Bank,          November
  Little Rock
  Mountain Pure LLC, Little Rock       December
  Nabholz Construction Corp.,          December
  Conway
  OneSource Technologies Inc.,         June
  Scottsdale, AZ
  Perennial Healthcare Management,     July
  Monkton, MD
  Pinnacle Group, Rogers               November
  Radio Works Inc., De Queen           October
  Regions Financial Corp.,             January
  Birmingham, AL
  Saeid Korhani, Monticello            August
  Saks Inc., Birmingham, AL            October
  Southern Development Bancorp,        April
  Arkadelphia
  Superior Automotive Group,           June
  Fayetteville
  Tennessee BlueCross BlueShield       August
  Inc., Chattanooga
  USA Drug, Malvern                    July
  Vestcom International Corp.,         December
  Little Rock
  Wal-Mart Stores Inc., Bentonville    September
  WCA Waste Corp., Houston             September

Sources: Houlihan Lokey Howard & Zukin and Mergerstat LLC, company news
releases, Arkansas Business and Northwest Business Journal archives,
public records.