Arkansas business list: biggest deals of 2003.

ARKANSAS BUSINESS LIST: BIGGEST DEALS OF 2003

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

      Buyer, City                           Seller, City

1     Wal-Mart Stores Inc.,         Lehman Brothers Inc., Deutsche
      Bentonville                   Bank Securities Inc. and
                                    Goldman Sachs & Co.

1     Wal-Mart Stores Inc.,         Morgan Stanley & Co.
      Bentonville

1     Berkshire Hathaway Inc.,      Wal-Mart Stores Inc., Benton-
      Omaha, NE                     ville

4     Fidelity National Financial   Alltel Corp., Little Rock
      Inc., Irvine, CA

5     Wal-Mart Stores Inc.,         J.P. Morgan Securities Inc.,
      Bentonville                   Credit Suisse First Boston LLC

6     Arvest Holdings Inc.,         Superior Financial Corp., Fort
      Bentonville                   Smith

7     Automotive Group Realty       Toyota Motor Credit Corp.,
      LLC, Detroit                  Torrance, CA

8     Triad Hospitals Inc.,         Tenet Healthcare Corp., Santa
      Plano, TX                     Barbara, CA

9     Tyson Foods Inc., Spring-     NA
      dale

10    Nextstar Broadcasting         Morris Newspaper Corp., Sava-
      Corp., Irving, TX             nnah, GA

10    Tyson Foods Inc., Spring-     Choctaw Maid Farmers Inc.,
      dale                          Carthage, MS

12    K2 Inc., Carlsbad, CA         Brass Eagle Inc., Bentonville

13    Aurora Healthcare LLC,        Beverly Enterprises Inc., Fort
      Orchard Park, NY              Smith

14    Alltel Corp., Little Rock     Cellular XL Associates

15    Goodyear Tire and Rubber      Arkansas Best Corp., Fort
      Co., Akron, OH                Smith

16    Alltel Corp., Little Rock     NA

17    First Security Bancorp,       First Tennessee National
      Searcy                        Corp., Memphis

18    Home Bancshares Inc.,         Russellville Bancshares Inc.
      Conway

19    Swift Transportation Co.,     Wal-Mart Stores Inc., Ben-
      Phoenix                       tonville

20    Acxiom Corp., Little Rock     VNU N.V., Haarlem, the Nether-
                                    lands

21    Convergys Corp., Cinci-       Alltel Corp., Little Rock
      nnati

22    NA                            Murphy Oil Corp., El Dorado

22    Benchmark Medical Holdings    Beverly Enterprises Inc., Fort
      Inc., Malvern, PA             Smith

24    NA                            Murphy Oil Corp., El Dorado

25    NA                            Dillard's Inc., Little Rock

26    Beverly Enterprises Inc.,     Sun Healthcare Group Inc.,
      Fort Smith                    Irvine, CA

27    Arvest Bank Group Inc.,       Mountain Bancshares Inc.,
      Bentonville                   Yellville

28    Simmons First National        NA
      Corp., Pine Bluff

28    Pitcairn Properties,          NA
      Jenkintown, PA

30    University of Arkansas for
      Medical Sciences, Little
      Rock

31    Rock Bancshares Inc.,         HCB Bancshares Inc., Camden
      Little Rock

32    Desco Capital Partners,       Magnatrax Corp., Alpharetta,
      Columbus, OH                  GA

33    Climatic Corp., Little Rock   SouthTrust Bank, Birmingham,
                                    AL

34    University of Arkansas,       NA
      Fayetteville

35    Lakewood Village Shopping     Regions Bank, Birmingham, AL
      Park LLC, North Little
      Rock

36    Alltel Corp., Little Rock     NA

37    Springdale School District    NA

38    The Links at Springdale LP    NA

38    Liberty Bancshares Inc.,      MSB Shares Inc., Jonesboro
      Jonesboro

38    Rave Motion Pictures Little   Bank of New York
      Rock LLC, Dallas

41    Dillard's Inc., Little Rock   NA

42    Advanced Environmental        City of Springdale, Allstate
      Recycling Technology Inc.,    Insurance Co.
      Springdale

42    Acxiom Corp., Little Rock     Sun Trust Bank, Memphis

44    Beverly Enterprises Inc.,     NA
      Fort Smith

45    Bentonville School District   NA

46    T.F. Stone Co., Dallas        NA

47    J-M Manufacturing Co.,        Quail Piping Products Inc.,
      Livingston, NJ                Magnolia

48    Newman Family LLC, Spring-    Arvest Bank, Little Rock
      dale

48    Arbors of Pleasant Valley     Arbors of Little Rock Partners
      LLC, Ocean, NJ                Ltd., Dallas

50    Alltel Properties LLC,        Alltel Information Services
      Little Rock                   Inc., Little Rock

51    CNL Retirement MA2 Arkan-     Marriott Senior Living Servi-
      sas Ltd., Orlando, FL         ces Inc., Bethesda, MD

52    Maumelle Housing Associa-     First National Bank, Fort Smith
      tes Ltd., Maumelle
53    Tall Grass Development        First Security Bank, Rogers
      Inc., Rogers

54    McElroy Metal Mill Inc.,      AmSouth Bank, Shreveport
      Bossier City, LA

55    RCP Lakewood LLC, North       Waterton Lakewood LLC, Chicago
      Little Rock

56    P.A.M. Transportation         McNeill Trucking Co., Little
      Services Inc., Tontitown      Rock

57    Little Rock Christian         Metropolitan National Bank,
      Academy Inc.                  Little Rock

58    First Electric Coopera-       NA
      tive, Jacksonville

58    Pleasant Woods Apartment      Pleasant Woods/DEC Ltd.,
      Associates LLC, PA            Columbus, OH

60    EPT Down REIT Inc., Kansas    Rave Motion Pictures Little
      City                          Rock Ltd., Dallas

61    Cryovac Inc., Rogers          NA

61    Bank of the Ozarks Inc.,      RVB Bancshares Inc., Russell-
      Little Rock                   ville

61    PSC Student Housing Foun-     Pulaski County Public Facili-
      dation, Little Rock           ties Board, Little Rock

64    Lowe's Cos., Fayetteville     NA

65    Alltel Corp., Little Rock     NA

66    TH Hospitality LLC,           First Security Bank, Searcy
      Springdale

67    Springdale School District    NA

68    The Plaza at Highlands        Arkansas National Bank, Ben-
      Crossing Co-op, Bella Vista   tonville

69    NA                            Acxiom Corp., Little Rock

70    P.A.M. Transportation         East Coast Transport Inc.,
      Services Inc., Tontitown      Virginia

71    Global Furniture Inc.,        Singer Co., Stanford, CT
      Mooresville, NC

71    SVP West Capital LLC, New     Argora Properties Ltd., Dallas
      York, and SVP W 4th LLC,
      New York

73    Bentonville School District   NA

74    University of Arkansas,       NA
      Fayetteville

74    The Woodcrest Co., North      One Bank & Trust, Little Rock
      Little Rock

76    Dixieland Mall LLC, Rogers    Dixieland Mall LLC, Rogers

76    R&L Properties, Little Rock   Bank of the Ozarks, Little Rock

76    Kaufman Lumber Co., Little    Arvest Bank, Little Rock
      Rock

76    Pavilion in the Park LLC,     Cooper Commercial Properties
      Little Rock                   IV LLC, Bella Vista

80    Tyson Foods Inc., Spring-     NA
      dale

80    11001 Executive Center        Fairfield Resorts Inc.,
      Drive LLC, Little Rock        Orlando, FL

82    Alltel Corp., Little Rock     NA

83    Superior Lodging Inc.,        Old West Annuity & Life Insu-
      Little Rock                   rance Co., Spokane, WA

84    Springdale School District    NA

84    Homecorp Investments Ltd.,    GMAC Commercial Mortgage
      Denver                        Corp., Horsham, PA

86    Henry Management Inc.,        Robert M. Wilson, Little Rock
      Little Rock

86    Beverly Enterprises Inc.,     BMO Global Capital Solutions
      Fort Smith                    Inc., Wilmington, DE

88    Lutheran High School Inc.,    Lutheran Church Extension
      Little Rock                   Fund-Missouri Synod, St. Louis

89    Acxiom Corp., Little Rock     Battleaxe LLC, Illinois

89    Western Foods Inc.            Regions Bank, Birmingham, AL

89    Fellowship Bible Church,      Bank of America, Charlotte,
      Little Rock                   N.C.

89    Wal-Mart Stores Inc.,         The Woodcrest Co. LLP, North
      Bentonville                   Little Rock
                                                Price
      Buyer, City                            (millions)

1     Wal-Mart Stores Inc.,                   $1,500.0
      Bentonville

1     Wal-Mart Stores Inc.,                   $1,500.0
      Bentonville

1     Berkshire Hathaway Inc.,                $1,500.0
      Omaha, NE

4     Fidelity National Financial             $1,050.0
      Inc., Irvine, CA

5     Wal-Mart Stores Inc.,                   $1,000.0
      Bentonville

6     Arvest Holdings Inc.,                    $211.0
      Bentonville

7     Automotive Group Realty                  $150.0
      LLC, Detroit

8     Triad Hospitals Inc.,                    $142.0
      Plano, TX

9     Tyson Foods Inc., Spring-                $100.0
      dale

10    Nextstar Broadcasting                     $90.0
      Corp., Irving, TX

10    Tyson Foods Inc., Spring-                 $90.0
      dale

12    K2 Inc., Carlsbad, CA                     $77.8

13    Aurora Healthcare LLC,                    $73.5
      Orchard Park, NY

14    Alltel Corp., Little Rock                 $72.0

15    Goodyear Tire and Rubber                  $71.3
      Co., Akron, OH

16    Alltel Corp., Little Rock                 $60.0

17    First Security Bancorp,                   $55.0
      Searcy

18    Home Bancshares Inc.,                     $54.0
      Conway

19    Swift Transportation Co.,                 $50.0
      Phoenix

20    Acxiom Corp., Little Rock                 $40.0

21    Convergys Corp., Cinci-                   $37.0
      nnati

22    NA                                        $36.0

22    Benchmark Medical Holdings                $36.0
      Inc., Malvern, PA

24    NA                                        $35.0

25    NA                                        $34.6

26    Beverly Enterprises Inc.,                 $34.0
      Fort Smith

27    Arvest Bank Group Inc.,                   $30.5
      Bentonville

28    Simmons First National                    $30.0
      Corp., Pine Bluff

28    Pitcairn Properties,                      $30.0
      Jenkintown, PA

30    University of Arkansas for                $28.0
      Medical Sciences, Little
      Rock

31    Rock Bancshares Inc.,                     $27.9
      Little Rock

32    Desco Capital Partners,                   $26.7
      Columbus, OH

33    Climatic Corp., Little Rock               $25.0

34    University of Arkansas,                   $24.7
      Fayetteville

35    Lakewood Village Shopping                 $23.0
      Park LLC, North Little
      Rock

36    Alltel Corp., Little Rock                 $22.8

37    Springdale School District                $22.3

38    The Links at Springdale LP                $20.0

38    Liberty Bancshares Inc.,                  $20.0
      Jonesboro

38    Rave Motion Pictures Little               $20.0
      Rock LLC, Dallas

41    Dillard's Inc., Little Rock               $19.1

42    Advanced Environmental                    $17.0
      Recycling Technology Inc.,
      Springdale

42    Acxiom Corp., Little Rock                 $17.0

44    Beverly Enterprises Inc.,                 $16.8
      Fort Smith

45    Bentonville School District               $15.3

46    T.F. Stone Co., Dallas                    $15.0

47    J-M Manufacturing Co.,                    $12.0
      Livingston, NJ

48    Newman Family LLC, Spring-                $11.0
      dale

48    Arbors of Pleasant Valley                 $11.0
      LLC, Ocean, NJ

50    Alltel Properties LLC,                    $10.7
      Little Rock

51    CNL Retirement MA2 Arkan-                 $10.3
      sas Ltd., Orlando, FL

52    Maumelle Housing Associa-                 $10.0
      tes Ltd., Maumelle

53    Tall Grass Development                    $9.8
      Inc., Rogers

54    McElroy Metal Mill Inc.,                  $9.1
      Bossier City, LA

55    RCP Lakewood LLC, North                   $8.8
      Little Rock

56    P.A.M. Transportation                     $8.7
      Services Inc., Tontitown

57    Little Rock Christian                     $8.5
      Academy Inc.

58    First Electric Coopera-                   $8.0
      tive, Jacksonville

58    Pleasant Woods Apartment                  $8.0
      Associates LLC, PA

60    EPT Down REIT Inc., Kansas                $7.9
      City

61    Cryovac Inc., Rogers                      $7.8

61    Bank of the Ozarks Inc.,                  $7.8
      Little Rock

61    PSC Student Housing Foun-                 $7.8
      dation, Little Rock

64    Lowe's Cos., Fayetteville                 $7.6

65    Alltel Corp., Little Rock                 $7.5

66    TH Hospitality LLC,                       $7.2
      Springdale

67    Springdale School District                $7.1

68    The Plaza at Highlands                    $7.0
      Crossing Co-op, Bella Vista

69    NA                                        $6.7

70    P.A.M. Transportation                     $6.6
      Services Inc., Tontitown

71    Global Furniture Inc.,                    $6.5
      Mooresville, NC

71    SVP West Capital LLC, New                 $6.5
      York, and SVP W 4th LLC,
      New York

73    Bentonville School District               $6.4

74    University of Arkansas,                   $6.3
      Fayetteville

74    The Woodcrest Co., North                  $6.3
      Little Rock

76    Dixieland Mall LLC, Rogers                $6.0

76    R&L Properties, Little Rock               $6.0

76    Kaufman Lumber Co., Little                $6.0
      Rock

76    Pavilion in the Park LLC,                 $6.0
      Little Rock

80    Tyson Foods Inc., Spring-                 $5.8
      dale

80    11001 Executive Center                    $5.8
      Drive LLC, Little Rock

82    Alltel Corp., Little Rock                 $5.7

83    Superior Lodging Inc.,                    $5.6
      Little Rock

84    Springdale School District                $5.5

84    Homecorp Investments Ltd.,                $5.5
      Denver

86    Henry Management Inc.,                    $5.3
      Little Rock

86    Beverly Enterprises Inc.,                 $5.3
      Fort Smith

88    Lutheran High School Inc.,                $5.1
      Little Rock

89    Acxiom Corp., Little Rock                 $5.0

89    Western Foods Inc.                        $5.0

89    Fellowship Bible Church,                  $5.0
      Little Rock

89    Wal-Mart Stores Inc.,                     $5.0
      Bentonville

      Buyer, City                     Description or Commodity

1     Wal-Mart Stores Inc.,         Aggregate principal amount of
      Bentonville                   Wal-Mart's 4.55% notes due
                                    2013 pursuant to pricing
                                    agreement

1     Wal-Mart Stores Inc.,         Aggregate principal amount of
      Bentonville                   Wal-Mart's floating rate notes
                                    due 2005 pursuant to pricing
                                    agreement

1     Berkshire Hathaway Inc.,      Sale of national wholesale
      Omaha, NE                     food distributor McLane Co.

4     Fidelity National Financial   Sale of part of Alltel Infor-
      Inc., Irvine, CA              mation Services

5     Wal-Mart Stores Inc.,         Aggregate principal amount of
      Bentonville                   Wal-Mart's 3.375% notes due
                                    2008 pursuant to pricing
                                    agreement

6     Arvest Holdings Inc.,         Purchase of Superior Bank
      Bentonville                   holding company

7     Automotive Group Realty       Funding agreement for southwest
      LLC, Detroit                  Little Rock auto dealership

8     Triad Hospitals Inc.,         Purchase of four Arkansas
      Plano, TX                     hospitals at Russellville,
                                    Searcy, Hot Springs and
                                    Jonesboro

9     Tyson Foods Inc., Spring-     Value of launch of marketing
      dale                          campaign

10    Nextstar Broadcasting         Sale of KARK-TV, Channel 4,
      Corp., Irving, TX             in Little Rock and another
                                    station in Alabama

10    Tyson Foods Inc., Spring-     Purchase of Choctaw Maid Farms
      dale

12    K2 Inc., Carlsbad, CA         Purchase of the paintball
                                    maker and marketer

13    Aurora Healthcare LLC,        Sale of 18 nursing homes to
      Orchard Park, NY              generate $135 million in
                                    revenue

14    Alltel Corp., Little Rock     Purchase of wireless proper-
                                    ties from Cellular XL

15    Goodyear Tire and Rubber      Sale of Wingfoot Commercial
      Co., Akron, OH                Tire Systems LLC

16    Alltel Corp., Little Rock     Purchase of remaining interest
                                    in wireless properties in
                                    two Michigan service areas

17    First Security Bancorp,       Purchase of First National
      Searcy                        Bank of Springdale

18    Home Bancshares Inc.,         Stock swap merger to conso-
      Conway                        lidate ownership of holding
                                    company for First Arkansas
                                    Valley Bank

19    Swift Transportation Co.,     Sale of Merit Distribution,
      Phoenix                       division of McLane Co.

20    Acxiom Corp., Little Rock     Purchase of Claritas Europe
                                    group of companies

21    Convergys Corp., Cinci-       Sale of some of Alltel's
      nnati                         billing and customer care
                                    assets

22    NA                            Sale of interests in United
                                    Kingdom North Sea properties

22    Benchmark Medical Holdings    Sale of 141 outpatient reha-
      Inc., Malvern, PA             bilitation clinic operations
                                    to Matrix Rehabilitation Inc.

24    NA                            Sale of interests in several
                                    Canadian oil and natural gas
                                    properties

25    NA                            Sale of portion of Sunrise
                                    Mall, Brownsville, TX

26    Beverly Enterprises Inc.,     Beverly subsidiary Aegis
      Fort Smith                    Therapies Inc. bought Sun's
                                    SunDance Rehabilitation Corp.
                                    and SunDance Rehabilitation
                                    Agency Inc.

27    Arvest Bank Group Inc.,       Purchase of the $211 million
      Bentonville                   holding company for the Bank
                                    of Yellville

28    Simmons First National        Offering from private trust
      Corp., Pine Bluff             preferred securities to fund
                                    acquisitions, general purposes

28    Pitcairn Properties,          Construction value of a nine-
      Jenkintown, PA                story, 245,000-SF office
                                    building

30    University of Arkansas for    Construction of UAMS Biome-
      Medical Sciences, Little      dical Research Building
      Rock

31    Rock Bancshares Inc.,         Purchase of the holding com-
      Little Rock                   pany of Heartland Community
                                    Bank

32    Desco Capital Partners,       Sale of Windsor Doors Inc. of
      Columbus, OH                  Maumelle

33    Climatic Corp., Little Rock   Funding agreement for Little
                                    Rock industrial project

34    University of Arkansas,       Construction value of a
      Fayetteville                  2,200-space parking garage

35    Lakewood Village Shopping     Funding agreement for North
      Park LLC, North Little        Little Rock retail development
      Rock

36    Alltel Corp., Little Rock     Purchase of wireless property
                                    with 205,000 potential cus-
                                    tomers in Arizona

37    Springdale School District    Combined permit value for
                                    construction of 385,000-SF
                                    high school and 11,500-SF
                                    field house

38    The Links at Springdale LP    Purchase of building permits
                                    for the 498-unit The Links at
                                    Springdale

38    Liberty Bancshares Inc.,      Purchase of holding company
      Jonesboro                     for MidSouth Bank of Jonesboro

38    Rave Motion Pictures Little   Mortgage for 18-screen theater
      Rock LLC, Dallas              in west Little Rock

41    Dillard's Inc., Little Rock   Stock repurchases during the
                                    first three quarters of
                                    Dillard's fiscal year

42    Advanced Environmental        Long-term financing package
      Recycling Technology Inc.,    from tax-exempt industrial
      Springdale                    development bond issue

42    Acxiom Corp., Little Rock     Funding agreement for Acxiom's
                                    corporate office building in
                                    downtown Little Rock

44    Beverly Enterprises Inc.,     Purchase of three leased
      Fort Smith                    properties

45    Bentonville School District   Construction of a 5,000-seat
                                    stadium and 80,593-SF field
                                    house at Bentonville High
                                    School

46    T.F. Stone Co., Dallas        Combined permit value of 254-
                                    unit apartment complex, Stone
                                    Manor, at Rogers

47    J-M Manufacturing Co.,        Sale of two HOPE plants
      Livingston, NJ

48    Newman Family LLC, Spring-    Funding agreement for home
      dale                          improvement center at
                                    Sherwood

48    Arbors of Pleasant Valley     Purchase of 184-unit apartment
      LLC, Ocean, NJ                project in west Little Rock

50    Alltel Properties LLC,        Transfer of undeveloped pro-
      Little Rock                   perty in west Little Rock

51    CNL Retirement MA2 Arkan-     Purchase of the Pleasant Hills
      sas Ltd., Orlando, FL         Retirement center in west
                                    Little Rock

52    Maumelle Housing Associa-     Funding agreement for 168-unit
      tes Ltd., Maumelle            apartment project at Maumelle

53    Tall Grass Development        Mortgage value for construc-
      Inc., Rogers                  tion of 150,000-200,000 SF of
                                    space at Scottsdale Center in
                                    Rogers

54    McElroy Metal Mill Inc.,      Funding agreement for North
      Bossier City, LA              Little Rock industrial project

55    RCP Lakewood LLC, North       Purchase of 260-unit Lakewood
      Little Rock                   Hills apartments in North
                                    Little Rock

56    P.A.M. Transportation         Sale of trucking assets of
      Services Inc., Tontitown      McNeill Trucking Co.

57    Little Rock Christian         Five-year loan for the west
      Academy Inc.                  Little Rock private school

58    First Electric Coopera-       Construction of 60,000-SF
      tive, Jacksonville            headquarters building

58    Pleasant Woods Apartment      Purchase of 220-unit apartment
      Associates LLC, PA            complex in west Little Rock

60    EPT Down REIT Inc., Kansas    Purchase of 18-screen cinema
      City                          in west Little Rock

61    Cryovac Inc., Rogers          Permit value of a 176,000-SF
                                    manufacturing plant

61    Bank of the Ozarks Inc.,      Purchase of holding company
      Little Rock                   for River Valley Bank

61    PSC Student Housing Foun-     Bond issue for dormitory pro-
      dation, Little Rock           ject at Philander Smith
                                    College

64    Lowe's Cos., Fayetteville     Permit value of a 133,000-SF
                                    Lowe's warehouse

65    Alltel Corp., Little Rock     Additional interest in wire-
                                    less property in Wisconsin

66    TH Hospitality LLC,           Construction loan for a 74-
      Springdale                    room Fairfield Inn & Suites
                                    and 69-suite Comfort Suites in
                                    Springdale

67    Springdale School District    Permit value for construction
                                    of a 126,209-SF middle school

68    The Plaza at Highlands        Mortgage value for construc-
      Crossing Co-op, Bella Vista   tion of a 59-unit nonprofit
                                    senior housing complex in
                                    Bella Vista

69    NA                            Sale of Los Angeles outsour-
                                    cing data center

70    P.A.M. Transportation         Purchase of trucking company
      Services Inc., Tontitown

71    Global Furniture Inc.,        Purchase of Singer plant at
      Mooresville, NC               Trumann

71    SVP West Capital LLC, New     Purchase of Bank of America
      York, and SVP W 4th LLC,      Plaza and Union Annex Building
      New York                      in downtown Little Rock

73    Bentonville School District   Combined permit value of Mary
                                    Mae Jones Elementary

74    University of Arkansas,       Construction of a 35,000-SF UA
      Fayetteville                  Innovation Center

74    The Woodcrest Co., North      Funding agreement for commer-
      Little Rock                   cial development in North
                                    Little Rock

76    Dixieland Mall LLC, Rogers    Sale of Dixieland Mall

76    R&L Properties, Little Rock   Mortgage for Kohl's retail
                                    project at Sherwood

76    Kaufman Lumber Co., Little    Funding agreement for south
      Rock                          Little Rock enterprise

76    Pavilion in the Park LLC,     Purchase of 82,000-SF mixed
      Little Rock                   office/retail project

80    Tyson Foods Inc., Spring-     Expansion of lab facility
      dale                          completed in June

80    11001 Executive Center        Purchase of 61,000-SF Fair-
      Drive LLC, Little Rock        field Communities Building in
                                    west Little Rock

82    Alltel Corp., Little Rock     Additional ownership interest
                                    in wireless properties in
                                    Mississippi, New Mexico and
                                    Virginia

83    Superior Lodging Inc.,        Funding agreement for 262-room
      Little Rock                   Radisson Hotel City Center in
                                    Little Rock

84    Springdale School District    Permit value for construction
                                    of a 72,000-SF elementary
                                    school

84    Homecorp Investments Ltd.,    Financial package for 200-unit
      Denver                        Pleasant Ridge apartment de-
                                    velopment in west Little Rock

86    Henry Management Inc.,        Purchase of 126-unit Valley
      Little Rock                   Heights apartments and 56-unit
                                    Windsor Arms apartments

86    Beverly Enterprises Inc.,     Purchase of 12-bed nursing
      Fort Smith                    home in North Little Rock

88    Lutheran High School Inc.,    Funding agreement for private
      Little Rock                   school in Little Rock

89    Acxiom Corp., Little Rock     Investment in Battleaxe, which
                                    owns and manages real property
                                    in Illinois

89    Western Foods Inc.            Financial package for food
                                    distribution facility in south
                                    Little Rock

89    Fellowship Bible Church,      Funding agreement for west
      Little Rock                   Little Rock church

89    Wal-Mart Stores Inc.,         Purchase of 24.7-acre site in
      Bentonville                   North Little Rock

                                    Date
      Buyer, City                   Announced

1     Wal-Mart Stores Inc.,         April
      Bentonville

1     Wal-Mart Stores Inc.,         February
      Bentonville

1     Berkshire Hathaway Inc.,      May
      Omaha, NE

4     Fidelity National Financial   April
      Inc., Irvine, CA

5     Wal-Mart Stores Inc.,         September
      Bentonville

6     Arvest Holdings Inc.,         May
      Bentonville

7     Automotive Group Realty       May
      LLC, Detroit

8     Triad Hospitals Inc.,         September
      Plano, TX

9     Tyson Foods Inc., Spring-     January
      dale

10    Nextstar Broadcasting         January
      Corp., Irving, TX

10    Tyson Foods Inc., Spring-     July
      dale

12    K2 Inc., Carlsbad, CA         October

13    Aurora Healthcare LLC,        June
      Orchard Park, NY

14    Alltel Corp., Little Rock     February

15    Goodyear Tire and Rubber      April
      Co., Akron, OH

16    Alltel Corp., Little Rock     February

17    First Security Bancorp,       October
      Searcy

18    Home Bancshares Inc.,         December
      Conway

19    Swift Transportation Co.,     May
      Phoenix

20    Acxiom Corp., Little Rock     December

21    Convergys Corp., Cinci-       December
      nnati

22    NA                            March

22    Benchmark Medical Holdings    January
      Inc., Malvern, PA

24    NA                            April

25    NA                            1st Quarter

26    Beverly Enterprises Inc.,     December
      Fort Smith

27    Arvest Bank Group Inc.,       February
      Bentonville

28    Simmons First National        December
      Corp., Pine Bluff

28    Pitcairn Properties,          June
      Jenkintown, PA

30    University of Arkansas for    May
      Medical Sciences, Little
      Rock

31    Rock Bancshares Inc.,         December
      Little Rock

32    Desco Capital Partners,       October
      Columbus, OH

33    Climatic Corp., Little Rock   April

34    University of Arkansas,       March
      Fayetteville

35    Lakewood Village Shopping     July
      Park LLC, North Little
      Rock

36    Alltel Corp., Little Rock     August

37    Springdale School District    July

38    The Links at Springdale LP    May

38    Liberty Bancshares Inc.,      April
      Jonesboro

38    Rave Motion Pictures Little   April
      Rock LLC, Dallas

41    Dillard's Inc., Little Rock   1-3 Quarters

42    Advanced Environmental        October
      Recycling Technology Inc.,
      Springdale

42    Acxiom Corp., Little Rock     October

44    Beverly Enterprises Inc.,     March
      Fort Smith

45    Bentonville School District   December

46    T.F. Stone Co., Dallas        October

47    J-M Manufacturing Co.,        September
      Livingston, NJ

48    Newman Family LLC, Spring-    January
      dale

48    Arbors of Pleasant Valley     November
      LLC, Ocean, NJ

50    Alltel Properties LLC,        June
      Little Rock

51    CNL Retirement MA2 Arkan-
      sas Ltd., Orlando, FL         February

52    Maumelle Housing Associa-     March
      tes Ltd., Maumelle
53    Tall Grass Development        November
      Inc., Rogers

54    McElroy Metal Mill Inc.,      November
      Bossier City, LA

55    RCP Lakewood LLC, North       January
      Little Rock

56    P.A.M. Transportation         February
      Services Inc., Tontitown

57    Little Rock Christian         November
      Academy Inc.

58    First Electric Coopera-       November
      tive, Jacksonville

58    Pleasant Woods Apartment      September
      Associates LLC, PA

60    EPT Down REIT Inc., Kansas    March
      City

61    Cryovac Inc., Rogers          March

61    Bank of the Ozarks Inc.,      March
      Little Rock

61    PSC Student Housing Foun-     March
      dation, Little Rock

64    Lowe's Cos., Fayetteville     August

65    Alltel Corp., Little Rock     April

66    TH Hospitality LLC,           January
      Springdale

67    Springdale School District    August

68    The Plaza at Highlands        November
      Crossing Co-op, Bella Vista

69    NA                            June

70    P.A.M. Transportation         January
      Services Inc., Tontitown

71    Global Furniture Inc.,        February
      Mooresville, NC

71    SVP West Capital LLC, New     March
      York, and SVP W 4th LLC,
      New York

73    Bentonville School District   May

74    University of Arkansas,       August
      Fayetteville

74    The Woodcrest Co., North      July
      Little Rock

76    Dixieland Mall LLC, Rogers    June

76    R&L Properties, Little Rock   May

76    Kaufman Lumber Co., Little    December
      Rock

76    Pavilion in the Park LLC,     November
      Little Rock

80    Tyson Foods Inc., Spring-     June
      dale

80    11001 Executive Center        January
      Drive LLC, Little Rock

82    Alltel Corp., Little Rock     3rd Quarter

83    Superior Lodging Inc.,        October
      Little Rock

84    Springdale School District    May

84    Homecorp Investments Ltd.,    March
      Denver

86    Henry Management Inc.,        February
      Little Rock

86    Beverly Enterprises Inc.,     October
      Fort Smith

88    Lutheran High School Inc.,    May
      Little Rock

89    Acxiom Corp., Little Rock     June

89    Western Foods Inc.            January

89    Fellowship Bible Church,      February
      Little Rock

89    Wal-Mart Stores Inc.,         April
      Bentonville

NO Value Listed, But Probably More Than $5 Million

In alphabetical order by buyer's name

AG SNF Real Estate LLC,              Beverly Enterprises Inc., Fort
California                           Smith

Allen Canning Co., Siloam Springs    Birds Eye Foods Inc., Roches-
                                     ter, NY

Allen Canning Co., Siloam Springs    New Harvest Foods Inc.,
                                     Pulaski, WI

Arizona Diversified Equity LLC,      Cannon Express Inc., Springdale
Tucson, AZ

Baker Tanks, Seal Beach, CA          Valley Tank Co., Greenwood

Baldor Electric Co., Fort Smith      Energy Dynamics Inc., Mukwa-
                                     nago, WI

BancorpSouth, Tupelo, MS             Ramsey Krug Farrell & Lensing
                                     Inc., Little Rock

Bradley Lumber Co., Warren           Potlatch Corp., Spokane, WA

Carlton-Bates Co., Little Rack       Ladd Industries Inc., Kette-
                                     ring, OH

Champion Parts Inc., Hope            Beacon Sales & Distribution,
                                     Richland Hills, TX

ConAgra Foods Inc., Omaha, NE        Cargill Turkey Products,
                                     Springdale

Gainco Inc., Gainesville, GA         Weigh Systems South, Waldron

Heritage Management Inc., Salt       Beverly Enterprises Inc., Fort
Lake City                            Smith

Maxim Healthcare Services Inc.,      Beverly Enterprises Inc., Fort
Columbia, MD                         Smith

NetGain Technologies LLC, Louis-     Avow Technology Solutions,
ville, KY                            Little Rock

Dwain Newman (National Home          OneSource Home & Building
Centers), Springdale                 Centers, Little Rock

Pepsi MidAmerica, Marion, IL, and    Dr Pepper-7Up RC Bottling Co.,
PepsiAmericas, Rolling Meadows, IL   Paragould

Pinnacle Air Group LLC, Rogers       Springdale Air Service Inc.,
                                     Springdale

RAKO Capital Corp., Salt Lake        Centre Industries Inc.,
City                                 Fayetteville

Riviana Foods Inc., Houston          ACH Food Cos., New Milford, CT

Simmons First National Corp.,        Union Planters Corp.; Memphis
Pine Bluff

Southern Star Concrete Inc.,         Pioneer Concrete of Arkansas
Irving, TX                           Inc. and Hanson Aggregates
                                     Central Inc., both of Dallas

Trans American Holdings Inc.,        Bandag Inc., Muscaline, IA
Fort Smith

NO Value Listed, But Probably More Than $5 Million

In alphabetical order by buyer's name

AG SNF Real Estate LLC,              Sale of 12 nursing facilities
California                           and one assisted-living center
                                     in California

Allen Canning Co., Siloam Springs    Sale of Veg-All canning subsi-
                                     diary of Birds Eye Foods

Allen Canning Co., Siloam Springs    Sale of manufacturing plant and
                                     other assets of Harvest Foods

Arizona Diversified Equity LLC,      Sale of control of truckload
Tucson, AZ                           carrier Cannon Express

Baker Tanks, Seal Beach, CA          Sale of Valley Tank, a company
                                     that rents steel tanks for
                                     temporary liquid storage

Baldor Electric Co., Fort Smith      Purchase of company

BancorpSouth, Tupelo, MS             Sale of one of Arkansas' largest
                                     insurance companies

Bradley Lumber Co., Warren           Purchase of 15,200 acres of
                                     Potlatch hardwood bottomland

Carlton-Bates Co., Little Rack       Purchase of exclusive distri-
                                     butor of environmentally sealed
                                     electrical connectors

Champion Parts Inc., Hope            Purchase of assets of auto air
                                     conditioning aftermarket

ConAgra Foods Inc., Omaha, NE        Sale of turkey production plant
                                     at Ozark

Gainco Inc., Gainesville, GA         Purchase of assets of Weigh
                                     Systems, including manufactu-
                                     ring and service facilities at
                                     Waldron

Heritage Management Inc., Salt       Sale of 21 nursing facilities
Lake City                            in California, Washington and
                                     Arizona

Maxim Healthcare Services Inc.,      Sale of 20 licensed home care
Columbia, MD                         agencies operating under
                                     CareFocus

NetGain Technologies LLC, Louis-     Surchase of 11-year-old
ville, KY                            technology company

Dwain Newman (National Home          Purchase of 100-year-old
Centers), Springdale                 building supply company

Pepsi MidAmerica, Marion, IL, and    Purchase of Dr Pepper franchise
PepsiAmericas, Rolling Meadows, IL

Pinnacle Air Group LLC, Rogers       Purchase of air service and
                                     takeover of fixed-base opera-
                                     tion at Springdale

RAKO Capital Corp., Salt Lake
City

Riviana Foods Inc., Houston          Purchase of several plants,
                                     including Brinkley Dryer and
                                     Storage and Brinkley Food
                                     Technology

Simmons First National Corp.,        Purchase of nine bank branches
Pine Bluff                           in north-central Arkansas

Southern Star Concrete Inc.,         Purchase of ready-mix plants at
Irving, TX                           Little Rock, North Little Rock,
                                     Jacksonville, Alexander,
                                     Ashdown, Magnolia and Mena

Trans American Holdings Inc.,        Sale of five tire stores of
Fort Smith                           Tire Distribution Systems Inc.
                                     and three Bandag retread plants

NO Value Listed, But Probably More Than $5 Million

In alphabetical order by buyer's name

AG SNF Real Estate LLC,              October
California

Allen Canning Co., Siloam Springs    June

Allen Canning Co., Siloam Springs    June

Arizona Diversified Equity LLC,      May
Tucson, AZ

Baker Tanks, Seal Beach, CA          August

Baldor Electric Co., Fort Smith      February

BancorpSouth, Tupelo, MS             July

Bradley Lumber Co., Warren           April

Carlton-Bates Co., Little Rack       October

Champion Parts Inc., Hope            December

ConAgra Foods Inc., Omaha, NE        March

Gainco Inc., Gainesville, GA         March

Heritage Management Inc., Salt       December
Lake City

Maxim Healthcare Services Inc.,      July
Columbia, MD

NetGain Technologies LLC, Louis-     November
ville, KY

Dwain Newman (National Home          November
Centers), Springdale

Pepsi MidAmerica, Marion, IL, and    December
PepsiAmericas, Rolling Meadows, IL

Pinnacle Air Group LLC, Rogers       January

RAKO Capital Corp., Salt Lake        January
City

Riviana Foods Inc., Houston          February

Simmons First National Corp.,        September
Pine Bluff

Southern Star Concrete Inc.,         November
Irving, TX

Trans American Holdings Inc.,        March
Fort Smith

Sources: Houlihan Lokey Howard & Zukin's Mergerstat report,
www.mergerstat.com, real estate filings, company disclosures, U.S.
Securities and Exchange Commission filings, press releases, Arkansas
Development Authority.

Research by John Henry