Biggest deals of 2005.

Biggest Deals of 2005

Announced transactions of more than $5 million (or believed to be more
than $5 million) involving Arkansas projects or companies, ranked by
value

     Buyer, City                        Seller, City

  1  Valor Communications, Irving, TX   Alltel Corp., Little Rock
  2  Alltel Corp., Little Rock          Western Wireless Corp.,
                                        Bellevue, WA
  3  T-Mobile Austria, Vienna           Alltel Corp., Little Rock
  4  Filmore Capital Partners, San      Beverly Enterprises Inc.,
     Francisco                          Fort Smith
  5                                     Alltel Corp., Little Rock
  6  Alltel Corp., Little Rock          Midwest Wireless, Mankato, MN
  7  Wal-Mart Stores Inc, Bentonville   Sonae SGPS SA, Brazil
  8  Wal-Mart Stores Inc, Bentonville   Seiyu Ltd., Japan
  9  Eircom Group PLC, Ireland          Alltel Corp., Little Rock
 10  Alltel Corp., Little Rock
 11  Goldman Sachs, New York            Alltel Corp., Little Rock
 12  Olympus Partners, Stamford, CT     K-Mac Enterprises Inc.,
                                        Fort Smith
 13  Energy Resource Technology,        Murphy Oil Corp., El Dorado
     Houston
 14  Atlas Pipeline Partners, Moon      OGE Energy Corp., Oklahoma City
     Township, PA
 15  Alltel Corp., Little Rock          Cingular Wireless-AT&T Wireless
 16  Mercy Health System, Rogers
 17  Wal-Mart Stores Inc, Bentonville   WIVI Morrison Supermarkets PLC,
                                        United Kingdom
 18  Acxiom Corp., Little Rock          Digital Impact Inc., San
                                        Mateo, CA
 19  IPC US REIT, Toronto               Arkansas Teacher Retirement
                                        System, Little Rock
 20  U.S. Cellular, Chicago             Alltel Corp., Little Rock
 21  First Arkansas Bank & Trust,       First Team Bank, Heber Springs
     Jacksonville
 22  Alltel Corp., Little Rock          Public Service Cellular Inc.,
                                        Reynolds, GA
 23  John Q. Hammons, Springfield, MO
 23  Stone/Hanna LLC, Bentonville
 25  BancorpSouth Inc., Tupelo. MS      American State Bank Corp.,
                                        Jonesboro
 26  White River Bancshares Inc.,
     Fayetteville
 27  International Telcell Cellular     Alltel Corp., Little Rock
     LLC, Charlotte, NC
 28  Home Bancshares Inc., Conway       Mountain View Bancshares Inc.,
                                        Mountain View
 29  Town Creek Construction &
     Development, Fayetteville
 30  Acxiom Corp., Little Rock          InsightAmerica, Boomfield, CO
 31  Granite Construction Inc.,         Army Corps of Engineers
     Watonsville, CA
 32  U.S. Renal Care Inc., Jonesboro    TruCare, Mount Pleasant, TX
 33  Liberty Bancshares Inc. and        Arkansas State Bancshares Inc.,
     Russellville Bancshares Inc.,      Siloam Springs
     Jonesboro, Russellville
 34  Vratsinas Construction Co.,
     Little Rock
 35  General Growth Partners/The
     Pinnacle Group, Rogers
 36  Liberty Bancshares Inc.,           TrustBanc Financial Group Inc.,
     Jonesboro                          Mountain Home
 36  Southland Capital LP, Fort Smith   Regions Bank, Birmingham, AL
 38  Cooper Homes Inc., Little Rock     Bank of America, Charlotte, NC
 39  First Baptist Church, Springdale
 40  10600 Colonel Glenn LLC, Bowman    Deutsche Bank, New York
     Plaza Phase 1 LLC, Bowman Plaza
     Phase 2 LLC, Little Rock
 41  Fisher Communications Inc.,        Equity Broadcasting Corp.,
     Seattle                            Little Rock
 42  Acxiom Corp., Little Rock          SmartDM, Nashville, TN
 43  John Q. Hammons, Springfield, MO
 44  Emeritus Corp., Seattle            Camlu Real Estate Development
                                        and Cheridan Inc., Albuquerque,
                                        NM
 45  BCS Hopper LLC, Rogers             Regions Bank, Birmingham, AL
 46  Reserve LLC, Fayetteville          Signature Bank of Arkansas,
                                        Fayetteville
 47  Stoneleigh Centerton Apartments    Hillcrest Bank, Kansas City, MO
     Ltd., Little Rock
 48  Nexstar Broadcasting Group,        JDG Television Inc., Muskogee,
     Irving, TX                         OK
 48  Heckathorn Construction Co.,
     Fayetteville
 48  Mourton Bhatka LLC, Bentonville
 51  LynnKohn LLC, Fayetteville         Legacy National Bank,
                                        Springdale
 52  Union Bancshares Inc., Mena        First National Bank, Paris
 53  Home Bancshares Inc., Conway       Marine Bank, Marathon, FL
 54  Triad Hospitals Inc., Plano, TX    White County Medical Center,
                                        Searcy
 55  Texas BBL LP, Dallas
 55  Home Place Retirement Develop-
     ment Corp., Bentonville
 57  First National Corp., Wynne        Bank of Harrisburg, Harrisburg
 58  Lowell Park Plaza Office           JP Morgan Chase Bank, New York
     Partners Ltd., Rogers
 59  Wilco District LLC, Fayetteville   Centennial Bank, Fountain
                                        Valley, CA
 60  Hunt Schwyhart Graham II LLC,      Great Southern Bank,
     Rogers                             Springfield, MO
 61  Wagon Wheel Development LLC,       Metropolitan National Bank,
     Springdale                         Little Rock
 62  GE Capital Franchise Finance       AZ Olympus Partners, Stamford,
     Corp., Scottsdale,                 CT
 62  Harbin Pointe Apartments LLC,      GMAC Commercial Mortgage Bank,
     Bentonville                        Horsham, PA
 62  Security National Financial        Memorial Insurance Co. of
     Corp., Salt Lake City              America, Blytheville
 65  Waterford Estates Development      Bank of the Ozarks, Little Rock
     Inc., Fayetteville
 66  Arbors of Little Rock LLC, Tulsa   Pleasant Valley LLC, New York
 67  Chenal Commons 1031 LLC, Oak       Arkansas Public Employees
     Brook, IL                          Retirement System, Little Rock
 67  Remington Place Apartments LLC,
     Springdale
 67  R.B. of Springdale Inc.,
     Springdale
 70  Dillard's Inc., Little Rock        Arkansas Teacher Retirement
                                        System, Little Rock
 71  J.B. Poindexter & Co., Houston     Federal Coach LLC, Fort Smith
 72  Gaddy Investment Co.,              Liberty Bank of Arkansas,
     Fayetteville                       Jonesboro
 73  May Construction Co.,
     Little Rock
 74  Sienna Estates LLC, Fayetteville   First Security Bank, Searcy
 75  Shackleford Crossings LLC,         Summit Mall Co. LLC, Little
     Little Rock                        Rock
 75  Stephens Group Inc., Little Rock   Alltel Corp., Little Rock
 77  Wagon Wheel Development LLC,       Bank of the Ozarks, Little Rock
     Springdale
 78  JB Hanna LLC, Fayetteville         Bank of America, Charlotte, NC
 79  The Barber Group Inc.,
     Springdale
 79  Community Health Systems Inc.,     Newport Hospital & Clinic,
     Brentwood, TN                      Newport
 81  Burton Dougan Hanna Revocable      Arvest Bank, Fayetteville
     Trust, Fayetteville
 82  Lindsey Construction Co.,
     Fayetteville
 83  Western Foods Inc., Little Rock    U.S. Bank, Minneapolis,
                                        Minneapolis
 83  OCP Multifamily LLC,               Mathias Rentals & Construction
     Fayetteville                       Inc., Springdale
 85  Lakewood Village LLC,              Bank of Rogers, Rogers
     Fayetteville
 85  Pleasant Crossing Power Centers    Arvest Bank, Fayetteville
     LLC, Rogers
 85  HB Rentals LLC, Rogers             ANB Financial N.A., Rogers
 85  Ghana National Petroleum Corp.,    Alltel Corp., Little Rock
     Accra, Ghana
 89  Centre Pointe Properties LLC,      Liberty Bank of Arkansas,
     Rogers                             Jonesboro
 89  Grand Valley Ridge LLC,            Metropolitan National Bank,
     Fayetteville                       Little Rock
 91  Peaks Holdings LLC, Rogers
 91  J.M. Products Inc., Little Rock    Bank of America, Charlotte, NC
 93  Athletic Clubs of America LLC,     ANB Financial N.A., Rogers
     Little Rock
 94  Lindsey Construction Co.,
     Fayetteville
 95  Remington Place Apartments LLC,    Chambers Bank of North
     Springdale                         Arkansas, Fayetteville
 96  McGibbon Hotel Group,              Clinton & Sherman Building LLC,
     Gainesville, GA                    Little Rock
 96  Hampton Inn Rogers, Rogers         Morgan Stanley Credit Corp.,
 96  City of Bentonville                Riverwoods, IL
 99  C&K Properties LLC, Springdale     Pinnacle Bank, Bentonville
100  Pleasant Wood Apartment            PA Residential Housing & Public
     Associates, Yardley,               Facilities Board, Little Rock
101  OA Land Co., Little Rock           Bank of America, Charlotte, NC
101  Bowman Station Properties LLC,     Deutsche Bank, New York
     Little Rock
103  Riverpointe Development LLC,       U.S. Bank, Minneapolis
     Little Rock
104  Geyer Springs Baptist Church,      Metropolitan National Bank,
     Little Rock                        Little Rock
104  Crossland Construction Co.,
     Columbus, KS
104  Flintco Inc., Springdale
107  First Security Bancorp, Searcy     Clinton & Sherman Building LLC,
                                        Little Rock
108  Crossland Construction Co.,
     Rogers
108  ThermoEnergy Corp., Little Rock    City of New York
110  Newman Family LLC, Springdale      Arvest Bank, Fayetteville
111  5813 Baseline Road Realty,         Blue Valley Apartments Inc.,
     Bronxville, NY                     West Palm Beach, FL
111  Mathias Shopping Centers,          Barloworld Truck Center Inc.,
     Springdale                         Memphis
113  Simmons First National Bank,
     Pine Bluff
113  EWI Constructors Inc.,
     Fayetteville
113  Barber Construction Inc.,
     Springdale
116  Crossland Construction Co.,
     Rogers
117  Cantrell West Properties LLC,      Summit Bank, Arkadelphia
     Little Rock
117  Kappa Realty LLC, Little Rock      First Community Bank, Jonesboro
119  Im's Enterprises LLC, Little
     Rock
119  CM Miller Properties LLC,
     Springdale
119  J.E. Dunn Constructions Co.,
     Rogers
119  Tire Curing Bladders LLC,          Pirelli Tire LLC, Rome, GA
     Little Rock
123  James H. Cone Inc., Little Rock
124  CDI Contractors LLC, Little Rock
125  CDI Contractors LLC, Little Rock
125  Dogwood Crossing LLC, Little       Summit Bank, Arkadelphia
     Rock
127  Smith-Mayfield Properties LLC,     R&L Properties, Little Rock
     Little Rock
127  Jefferson Bancshares, Pine Bluff
129  Neal Hefner Construction Inc.,
     Springdale
129  Pro Con Inc., Bentonville
129  River Rock Properties LLC,         Downtown Riverview Ltd.,
     Little Rock                        Little Rock
NR   Garrison Financial Corp.,          Garner Asset Management Co.,
     Fayetteville                       Fayetteville
NR   Welsco Inc., North Little Rock     Ozark Welding & Industrial
                                        Supply Inc., Fayetteville
NR   Marsh Cove Productions, Atlanta    August House Publishers Inc.,
                                        Little Rock
NR   National Dentex Corp., Wayland,    Green Dental Laboratories Inc.,
     MA                                 Heber Springs
NR   Stephens Group Inc., Little Rock   The Kane Agency, Little Rock
NR   Cherokee Porcelain Enamel Corp.,   Highway Sign Holding LLC,
     Knoxville, TN                      Little Rock
NR   Oyaco International, Tan Tzu,      Spirit Fitness, Jonesboro
     Taiwan
NR   Garrison Financial Corp.,          Tahoe Advisers Inc., Englewood

     Fayetteville                       Cliffs, NJ
NR   Industrial Growth Partners, San    AmerCable Inc., Et Dorado
     Francisco
NR   NextCare Urgent Care, Mesa, AZ     Beverly Enterprises Inc., Fort
                                        Smith
NR   Ritter Communications Holdings     Cebridge Connections, St. Louis
     Inc., Marked Tree
NR   Ralcorp Holdings Inc., St. Louis   Medallions Foods Inc., Newport
NR   L&W Supply Corp., Chicago          River City Materials, Little
                                        Rock
NR   Psychiatric Solutions Inc.,        Ardent Health Services LLC,
     Franklin, TN                       Nashville, TN
NR   Stephens Group Inc., Little Rock   Direct Mail Holding Inc.,
                                        Westport, CT
NR   Thomas McLarty III and Steve       Al East, Jackson, MS
     Landers Sr., Little Rock
NR   MailSouth Inc., Birmingham, AL     CAP Media Inc., Little Rock
NR   Wesco International Inc.,          Carlton Bates Co., Little Rock
     Pittsburgh
NR   Corporate Express Inc.,            Peerless Office Products Inc.,
     Amsterdam, Netherlands             Little Rock
NR   LKQ Corp., Chicago                 Mid-State Aftermarket Parts
                                        Inc., Bryant
NR   RailAmerica Inc., Boca Raton, FL
NR   Syrgis Performance Products LLC,   H&S Chemical Co., Covington, KY
     El Dorado
NR   Wal-Mart Stores Inc.,              Royal Ahold, Netherlands
     Bentonville
NR   Community Publishers Inc.,         Retherford Publications, Tulsa
     Bentonville
NR   Arkansas Precast Corp.,            CertainTeed, Hillsboro, TX
     Jacksonville
NR   IntelliMark Holdings Inc.,         Impact Innovations Group,
     Little Rock                        Dallas
NR   IVI Communications Inc., Los       Futura Inc., Jacksonville
     Angeles
NR   Liberty Group Publishing,          HarborPoint Media, Daytona
     Northbrook, IL                     Beach, FL
NR   Sysco Inc., Houston                Western Foods Inc., Little Rock

                                      Price
Buyer, City                        (millions)

Valor Communications, Irving, TX    $9,100.0
Alltel Corp., Little Rock           $6,500.0

T-Mobile Austria, Vienna            $1,600.0
Filmore Capital Partners, San       $1,590.0
Francisco
                                    $1,400.0
Alltel Corp., Little Rock           $1,080.0
Wal-Mart Stores Inc, Bentonville     $757.0
Wal-Mart Stores Inc, Bentonville     $614.0
Eircom Group PLC, Ireland            $500.0
Alltel Corp., Little Rock            $450.0
Goldman Sachs, New York              $350.0
Olympus Partners, Stamford, CT       $220.0
Energy Resource Technology,          $200.0
Houston
Atlas Pipeline Partners, Moon        $173.0
Township, PA
Alltel Corp., Little Rock            $170.0
Mercy Health System, Rogers          $145.0
Wal-Mart Stores Inc, Bentonville     $134.2
Acxiom Corp., Little Rock            $107.0
IPC US REIT, Toronto                 $63.0
U.S. Cellular, Chicago               $50.0
First Arkansas Bank & Trust,         $48.8
Jacksonville
Alltel Corp., Little Rock            $48.3
John Q. Hammons, Springfield, MO     $45.0
Stone/Hanna LLC, Bentonville         $45.0
BancorpSouth Inc., Tupelo. MS        $44.3
White River Bancshares Inc.,         $44.0
Fayetteville
International Telcell Cellular       $43.0
LLC, Charlotte, NC
Home Bancshares Inc., Conway         $42.5
Town Creek Construction &            $38.0
Development, Fayetteville
Acxiom Corp., Little Rock            $35.0
Granite Construction Inc.,           $34.8
Watonsville, CA
U.S. Renal Care Inc., Jonesboro      $30.0
Liberty Bancshares Inc. and          $29.7
Russellville Bancshares Inc.,
Jonesboro, Russellville
Vratsinas Construction Co.,          $27.3
Little Rock
General Growth Partners/The          $27.0
Pinnacle Group, Rogers
Liberty Bancshares Inc.,             $26.6
Jonesboro
Southland Capital LP, Fort Smith     $26.6
Cooper Homes Inc., Little Rock       $25.0
First Baptist Church, Springdale     $24.0
10600 Colonel Glenn LLC, Bowman      $22.5
Plaza Phase 1 LLC, Bowman Plaza
Phase 2 LLC, Little Rock
Fisher Communications Inc.,          $20.3
Seattle
Acxiom Corp., Little Rock            $20.0
John Q. Hammons, Springfield, MO     $19.0
Emeritus Corp., Seattle              $18.0
BCS Hopper LLC, Rogers               $17.9
Reserve LLC, Fayetteville            $17.8
Stoneleigh Centerton Apartments      $17.5
Ltd., Little Rock
Nexstar Broadcasting Group,          $17.0
Irving, TX
Heckathorn Construction Co.,         $17.0
Fayetteville
Mourton Bhatka LLC, Bentonville      $17.0
LynnKohn LLC, Fayetteville           $16.7
Union Bancshares Inc., Mena          $16.1
Home Bancshares Inc., Conway         $16.0
Triad Hospitals Inc., Plano, TX      $15.9
Texas BBL LP, Dallas                 $15.0
Home Place Retirement Develop-       $15.0
ment Corp., Bentonville
First National Corp., Wynne          $14.9
Lowell Park Plaza Office             $14.4
Partners Ltd., Rogers
Wilco District LLC, Fayetteville     $14.3
Hunt Schwyhart Graham II LLC,        $13.9
Rogers
Wagon Wheel Development LLC,         $13.7
Springdale
GE Capital Franchise Finance         $13.5
Corp., Scottsdale,
Harbin Pointe Apartments LLC,        $13.5
Bentonville
Security National Financial          $13.5
Corp., Salt Lake City
Waterford Estates Development        $13.4
Inc., Fayetteville
Arbors of Little Rock LLC, Tulsa     $13.1
Chenal Commons 1031 LLC, Oak         $13.0
Brook, IL
Remington Place Apartments LLC,      $13.0
Springdale
R.B. of Springdale Inc.,             $13.0
Springdale
Dillard's Inc., Little Rock          $12.8
J.B. Poindexter & Co., Houston       $12.6
Gaddy Investment Co.,                $12.4
Fayetteville
May Construction Co.,                $12.1
Little Rock
Sienna Estates LLC, Fayetteville     $11.6
Shackleford Crossings LLC,           $11.4
Little Rock
Stephens Group Inc., Little Rock     $11.4
Wagon Wheel Development LLC,         $11.3
Springdale
JB Hanna LLC, Fayetteville           $11.2
The Barber Group Inc.,               $11.0
Springdale
Community Health Systems Inc.,       $11.0
Brentwood, TN
Burton Dougan Hanna Revocable        $10.5
Trust, Fayetteville
Lindsey Construction Co.,            $10.2
Fayetteville
Western Foods Inc., Little Rock      $10.1
OCP Multifamily LLC,                 $10.1
Fayetteville
Lakewood Village LLC,                $10.0
Fayetteville
Pleasant Crossing Power Centers      $10.0
LLC, Rogers
HB Rentals LLC, Rogers               $10.0
Ghana National Petroleum Corp.,      $10.0
Accra, Ghana
Centre Pointe Properties LLC,         $9.6
Rogers
Grand Valley Ridge LLC,               $9.6
Fayetteville
Peaks Holdings LLC, Rogers            $9.5
J.M. Products Inc., Little Rock       $9.5
Athletic Clubs of America LLC,        $9.4
Little Rock
Lindsey Construction Co.,             $9.4
Fayetteville
Remington Place Apartments LLC,       $9.3
Springdale
McGibbon Hotel Group,                 $9.0
Gainesville, GA
Hampton Inn Rogers, Rogers            $9.0
City of Bentonville                   $9.0
C&K Properties LLC, Springdale        $8.9
Pleasant Wood Apartment               $8.6
Associates, Yardley,
OA Land Co., Little Rock              $8.5
Bowman Station Properties LLC,        $8.5
Little Rock
Riverpointe Development LLC,          $8.1
Little Rock
Geyer Springs Baptist Church,         $8.0
Little Rock
Crossland Construction Co.,           $8.0
Columbus, KS
Flintco Inc., Springdale              $8.0
First Security Bancorp, Searcy        $7.6
Crossland Construction Co.,           $7.0
Rogers
ThermoEnergy Corp., Little Rock       $7.0
Newman Family LLC, Springdale         $6.8
5813 Baseline Road Realty,            $6.6
Bronxville, NY
Mathias Shopping Centers,             $6.6
Springdale
Simmons First National Bank,          $6.5
Pine Bluff
EWI Constructors Inc.,                $6.5
Fayetteville
Barber Construction Inc.,             $6.5
Springdale
Crossland Construction Co.,           $6.4
Rogers
Cantrell West Properties LLC,         $6.1
Little Rock
Kappa Realty LLC, Little Rock         $6.1
Im's Enterprises LLC, Little          $6.0
Rock
CM Miller Properties LLC,             $6.0
Springdale
J.E. Dunn Constructions Co.,          $6.0
Rogers
Tire Curing Bladders LLC,             $6.0
Little Rock
James H. Cone Inc., Little Rock       $5.8
CDI Contractors LLC, Little Rock      $5.6
CDI Contractors LLC, Little Rock      $5.4
Dogwood Crossing LLC, Little          $5.4
Rock
Smith-Mayfield Properties LLC,        $5.1
Little Rock
Jefferson Bancshares, Pine Bluff      $5.1
Neal Hefner Construction Inc.,        $5.0
Springdale
Pro Con Inc., Bentonville             $5.0
River Rock Properties LLC,            $5.0
Little Rock
Garrison Financial Corp.,              NA
Fayetteville
Welsco Inc., North Little Rock         NA
Marsh Cove Productions, Atlanta        NA
National Dentex Corp., Wayland,        NA
MA
Stephens Group Inc., Little Rock       NA
Cherokee Porcelain Enamel Corp.,       NA
Knoxville, TN
Oyaco International, Tan Tzu,          NA
Taiwan
Garrison Financial Corp.,              NA
Fayetteville
Industrial Growth Partners, San        NA
Francisco
NextCare Urgent Care, Mesa, AZ         NA
Ritter Communications Holdings         NA
Inc., Marked Tree
Ralcorp Holdings Inc., St. Louis       NA
L&W Supply Corp., Chicago              NA
Psychiatric Solutions Inc.,            NA
Franklin, TN
Stephens Group Inc., Little Rock       NA
Thomas McLarty III and Steve           NA
Landers Sr., Little Rock
MailSouth Inc., Birmingham, AL         NA
Wesco International Inc.,              NA
Pittsburgh
Corporate Express Inc.,                NA
Amsterdam, Netherlands
LKQ Corp., Chicago                     NA
RailAmerica Inc., Boca Raton, FL       NA
Syrgis Performance Products LLC,       NA
El Dorado
Wal-Mart Stores Inc.,                  NA
Bentonville
Community Publishers Inc.,             NA
Bentonville
Arkansas Precast Corp.,                NA
Jacksonville
IntelliMark Holdings Inc.,             NA
Little Rock
IVI Communications Inc., Los           NA
Angeles
Liberty Group Publishing,              NA
Northbrook, IL
Sysco Inc., Houston                    NA

Buyer, City                        Description

Valor Communications, Irving, TX   sale of wireline division to spin
                                   off new company
Alltel Corp., Little Rock          purchase of telecommunications
                                   company
T-Mobile Austria, Vienna           sale of former Western Wireless
                                   property Telering
Filmore Capital Partners, San      sale of Fort Smith-based nursing
Francisco                          home chain
                                   issuance of 24.5 million shares
                                   of stock
Alltel Corp., Little Rock          purchase of wireless provider
Wal-Mart Stores Inc, Bentonville   purchase of retail operations in
                                   Brazil
Wal-Mart Stores Inc, Bentonville   rescue plan that makes Seiyu a
                                   subsidiary of Wal-Mart
Eircom Group PLC, Ireland          sale of former Western Wireless
                                   property Meteor Mobile
                                   Communications
Alltel Corp., Little Rock          redemption of outstanding notes
Goldman Sachs, New York            sale of stake in Fidelity National
                                   Financial Inc.
Olympus Partners, Stamford, CT     sale of 147 restaurants
Energy Resource Technology,        sale of Gulf of Mexico shelf
Houston                            properties by Cal-Dive
                                   International subsidiary
Atlas Pipeline Partners, Moon      sale of Enogex Arkansas Pipeline
Township, PA                       Corp.
Alltel Corp., Little Rock          purchase of 80 percent to 90
                                   percent of divestitures ordered
                                   by U.S. regulators
Mercy Health System, Rogers        construction of 200-bed, 332-000-
                                   SF hospital
Wal-Mart Stores Inc, Bentonville   purchase of Safeway stores in
                                   Northern Ireland by Asda Group
Acxiom Corp., Little Rock          purchase of digital marketing
                                   company
IPC US REIT, Toronto               sale of 338,396-SF Crescent Center
                                   in Memphis
U.S. Cellular, Chicago             swap of rural wireless markets
                                   plus Alltel got $50 million in cash
First Arkansas Bank & Trust,       purchase of bank
Jacksonville
Alltel Corp., Little Rock          purchase of rural wireless provider
John Q. Hammons, Springfield, MO   construction of 220-room Courtyard
                                   by Marriott hotel at Jonesboro and
                                   convention center
Stone/Hanna LLC, Bentonville       construction of 396,000-SF office
                                   building
BancorpSouth Inc., Tupelo. MS      sale of Arkansas State Bank
White River Bancshares Inc.,       startup capital raised to open
Fayetteville                       Signature Bank
International Telcell Cellular     sale of former Western Wireless
LLC, Charlotte, NC                 properties in Republic of Georgia
Home Bancshares Inc., Conway       purchase of holding company of
                                   Bank of Mountain View
Town Creek Construction &          construction of Aspen Ridge town-
Development, Fayetteville          home development at Fayetteville
Acxiom Corp., Little Rock          purchase of fraud prevention and
                                   identity verification company
Granite Construction Inc.,         construction of pumping station at
Watonsville, CA                    DeValls Bluff
U.S. Renal Care Inc., Jonesboro    purchase of company that operates
                                   dialysis centers in Rio Grande area
Liberty Bancshares Inc. and        purchase of Arkansas State Bank
Russellville Bancshares Inc.,      of Siloam Springs
Jonesboro, Russellville
Vratsinas Construction Co.,        purchase of eight building permits
Little Rock                        for Pinnacle Hills October
                                   Promenade project at Rogers
General Growth Partners/The        construction of 980,000-SF
Pinnacle Group, Rogers             lifestyle center
Liberty Bancshares Inc.,           purchase of bank holding company
Jonesboro
Southland Capital LP, Fort Smith   mortgage for Southland Capital
Cooper Homes Inc., Little Rock     mortgage for Cooper Homes Inc.
First Baptist Church, Springdale   construction of Church at Pinnacle
                                   Hills
10600 Colonel Glenn LLC, Bowman    funding agreement backed by
Plaza Phase 1 LLC, Bowman Plaza    office-warehouse project
Phase 2 LLC, Little Rock
Fisher Communications Inc.,        sale of some Oregon and Idaho TV
Seattle                            stations
Acxiom Corp., Little Rock          purchase of direct marketing and
                                   information management company
John Q. Hammons, Springfield, MO   construction of 125,000-SF
                                   convention center at Rogers
Emeritus Corp., Seattle            purchase of three assisted-living
                                   centers in Arkansas
BCS Hopper LLC, Rogers             mortgage for BCS Hopper
Reserve LLC, Fayetteville          mortgage for Reserve LLC
Stoneleigh Centerton Apartments    mortgage for Stoneleigh
Ltd., Little Rock
Nexstar Broadcasting Group,        purchase of KNWA-TV at
Irving, TX                         Fayetteville
Heckathorn Construction Co.,       purchase of building permit for
Fayetteville                       DoubleTree hotel project in
                                   Bentonville
Mourton Bhatka LLC, Bentonville    construction of 145,508 SF,
                                   141-room hotel at Bentonville
LynnKohn LLC, Fayetteville         mortgage for LynnKohn
Union Bancshares Inc., Mena        purchase of Logan County bank
Home Bancshares Inc., Conway       purchase of bank in the Florida
                                   Keys
Triad Hospitals Inc., Plano, TX    sale of 193-bed Central Arkansas
                                   Hospital in Searcy
Texas BBL LP, Dallas               construction of apartment complex
                                   at the Glen at Polo Park in
                                   Bentonville
Home Place Retirement Develop-     construction of 194-unit apartment
ment Corp., Bentonville            complex
First National Corp., Wynne        purchase of bank
Lowell Park Plaza Office           mortgage for Lowell Park Plaza
Partners Ltd., Rogers
Wilco District LLC, Fayetteville   mortgage for mixed-use development
                                   in Fayetteville
Hunt Schwyhart Graham II LLC,      mortgage for construction in
Rogers                             Pinnacle Hills subdivision
Wagon Wheel Development LLC,       mortgage issued to Gary Combs,
Springdale                         member of LLC
GE Capital Franchise Finance       purchase of 11 restaurants in
Corp., Scottsdale,                 Pulaski County to ease back to
                                   K-Mac Enterprises
Harbin Pointe Apartments LLC,      mortgage for Home Place
Bentonville                        Retirement's apartment complex at
                                   Bentonville
Security National Financial        purchase of insurance company
Corp., Salt Lake City
Waterford Estates Development      mortgage for residential
Inc., Fayetteville                 subdivision in Goshen
Arbors of Little Rock LLC, Tulsa   purchase of 186-unit Arbors of
                                   Pleasant Valley apartment complex
Chenal Commons 1031 LLC, Oak       sale of 70,000-SF Chenal Commons
Brook, IL                          project
Remington Place Apartments LLC,    construction of Remington Place
Springdale                         Apartments complex at Springdale
R.B. of Springdale Inc.,           purchase of 17 building permits to
Springdale                         build apartment units in
                                   Springdale
Dillard's Inc., Little Rock        sale of headquarters complex back
                                   to retail company
J.B. Poindexter & Co., Houston     sale of maker of funeral coaches,
                                   limousines and mid-sized buses
Gaddy Investment Co.,              mortgage for Gaddy Investment
Fayetteville
May Construction Co.,              purchase of building permit for
Little Rock                        Lowe's center at Bentonville
Sienna Estates LLC, Fayetteville   mortgage for Sienna Estates
Shackleford Crossings LLC,         purchase of 97.4-acre commercial
Little Rock                        tract in west Little Rock
Stephens Group Inc., Little Rock   purchase of Alltel Corp. stock
                                   for Stephens
Wagon Wheel Development LLC,       mortgage for construction of
Springdale                         Diesel Downs
JB Hanna LLC, Fayetteville         mortgage for J.B. Hanna LLC
The Barber Group Inc.,             construction of condominiums in
Springdale                         Fayetteville
Community Health Systems Inc.,     sale of hospital and clinic to
Brentwood, TN                      combine it with existing Harris
                                   Hospital
Burton Dougan Hanna Revocable      funding agreement
Trust, Fayetteville
Lindsey Construction Co.,          purchase of building permit for
Fayetteville                       82,420-SF office building in
                                   Fayetteville
Western Foods Inc., Little Rock    funding agreement for food distri-
                                   bution enterprise in south Little
                                   Rock
OCP Multifamily LLC,               purchase of 254 multifamily units
Fayetteville                       in three Springdale apartment
                                   complexes
Lakewood Village LLC,              mortgage for Lakewood Village
Fayetteville
Pleasant Crossing Power Centers    mortgage for development of
LLC, Rogers                        Pleasant Crossing lifestyle center
HB Rentals LLC, Rogers             NA
Ghana National Petroleum Corp.,    sale of former Western Wireless
Accra, Ghana                       properties in Ghana
Centre Pointe Properties LLC,      mortgage for purchase of 21 acres
Rogers                             in Rogers
Grand Valley Ridge LLC,            mortgage for residential subdivi-
Fayetteville                       sion in Springdale
Peaks Holdings LLC, Rogers         construction of commercial lease
                                   building in The Peaks development
                                   at Rogers
J.M. Products Inc., Little Rock    seven-year loan backed by commer-
                                   cial property
Athletic Clubs of America LLC,     mortgage for Athletic Clubs of
Little Rock                        America
Lindsey Construction Co.,          purchase of building permits for
Fayetteville                       Southern View apartments in
                                   Fayetteville
Remington Place Apartments LLC,    mortgage for construction of
Springdale                         192-unit apartment complex in
                                   Springdale
McGibbon Hotel Group,              purchase of first six floors of
Gainesville, GA                    First Security Building for
                                   Marriott Courtyard
Hampton Inn Rogers, Rogers         funding agreement
City of Bentonville                construction of library
C&K Properties LLC, Springdale     mortgage for C&K Properties
Pleasant Wood Apartment            funding agreement for 220-unit
Associates, Yardley,               apartment complex
OA Land Co., Little Rock           funding agreement backed by
                                   orthopedic and sports medicine
                                   clinics
Bowman Station Properties LLC,     funding agreement backed by west
Little Rock                        Little Rock retail center
Riverpointe Development LLC,       loan for construction of 168-unit
Little Rock                        apartment project
Geyer Springs Baptist Church,      financial package for development
Little Rock
Crossland Construction Co.,        purchase of building permit for
Columbus, KS                       $85 million Tyson Foods Inc.
                                   Discovery Center project
Flintco Inc., Springdale           purchase of building permit for
                                   Homewood Suites hotel in Rogers
First Security Bancorp, Searcy     purchase of four floors of office
                                   space in First Security Center
Crossland Construction Co.,        purchase of building permits for
Rogers                             additions to fellowship Bible
                                   Church at Lowell
ThermoEnergy Corp., Little Rock    trial contract to use ThermoEnergy
                                   technology at New York wastewater
                                   treatment plant
Newman Family LLC, Springdale      funding agreement for two National
                                   Home Center projects
5813 Baseline Road Realty,         purchase of The Pines Apartments
Bronxville, NY                     in southwest Little Rock
Mathias Shopping Centers,          purchase of 23-acre Barloworld
Springdale                         Truck Center at North Little Rock
Simmons First National Bank,       repurchase of common stock in a
Pine Bluff                         private transaction
EWI Constructors Inc.,             construction of Phase II of Clear
Fayetteville                       Creek Apartments at Johnson
Barber Construction Inc.,          purchase of building permits for
Springdale                         condominiums at Rogers' Condos at
                                   the Peaks
Crossland Construction Co.,        purchase of building permit
Rogers                             Comfort Suites hotel in
                                   Bentonville
Cantrell West Properties LLC,      mortgage for 53,100-SF office
Little Rock                        building in west Little Rock
Kappa Realty LLC, Little Rock      funding agreement backed by
                                   Riverdale Center
Im's Enterprises LLC, Little       funding restaurant agreement to
Rock                               develop North Little Rock
CM Miller Properties LLC,          land purchase and site work for
Springdale                         Weatherton subdivision at Lowell
J.E. Dunn Constructions Co.,       site work construction for new
Rogers                             St. Mary's hospital at Rogers
Tire Curing Bladders LLC,          purchase of 40-acre industrial
Little Rock                        site in southwest Little Rock
James H. Cone Inc., Little Rock    building permit for addition to
                                   Central United Methodist Church
                                   in Rogers
CDI Contractors LLC, Little Rock   purchase of building permit for
                                   Dillard's store at Rogers'
                                   Pinnacle Hills center
CDI Contractors LLC, Little Rock   renovation and construction of
                                   Arkansas State Veterans Home at
                                   Fayetteville
Dogwood Crossing LLC, Little       funding agreement for 4.4-acre
Rock                               development
Smith-Mayfield Properties LLC,     purchase of 13.1-acre site for
Little Rock                        Pinnacle Ford
Jefferson Bancshares, Pine Bluff   investment by holding company in
                                   new startup bank in Hot Springs
Neal Hefner Construction Inc.,     purchase of building permit for
Springdale                         warehouse in Springdale
Pro Con Inc., Bentonville          value of construction of three
                                   buildings at Bentonville
River Rock Properties LLC,         purchase of 73-unit apartment
Little Rock                        complex in downtown Little Rock
Garrison Financial Corp.,          purchase of investment advice and
Fayetteville                       asset management company
Welsco Inc., North Little Rock     purchase of industrial gas company
Marsh Cove Productions, Atlanta    sale of independent book and
                                   audio publisher
National Dentex Corp., Wayland,    sale of provider of dental
MA                                 laboratory services
Stephens Group Inc., Little Rock   purchase of insurance agency by
                                   Stephens insurance
Cherokee Porcelain Enamel Corp.,   sale of American Porcelain Enamel
Knoxville, TN                      Co. of Dallas
Oyaco International, Tan Tzu,      sale of maker of home and light
Taiwan                             commercial fitness equipment
Garrison Financial Corp.,          purchase of investment advisory
Fayetteville                       firm
Industrial Growth Partners, San    sale of cable maker
Francisco
NextCare Urgent Care, Mesa, AZ     sale of Doctor's Urgent Care
                                   Centers in North Carolina
Ritter Communications Holdings     purchase of cable systems in 38
Inc., Marked Tree                  Arkansas towns
Ralcorp Holdings Inc., St. Louis   sale of maker of corn-based food
                                   products
L&W Supply Corp., Chicago          sale of five River City locations,
                                   including Rogers and Little Rock
                                   locations
Psychiatric Solutions Inc.,        560 million purchase of facilities
                                   that included
Franklin, TN                       Pinnacle Pointe Hospital in
                                   Little Rock
Stephens Group Inc., Little Rock   purchase of Focus Direct Inc.,
                                   Alaniz LLC, Mail America Holdings
                                   Inc.
Thomas McLarty III and Steve       purchase of East Ford dealership
Landers Sr., Little Rock           in Jackson
MailSouth Inc., Birmingham, AL     sale of Little Rock advertising
                                   mailer
Wesco International Inc.,          sale of regional industrial
Pittsburgh                         distributor
Corporate Express Inc.,            sale of business to expand Little
Amsterdam, Netherlands             Rock and Pine Bluff markets
LKQ Corp., Chicago                 sale of aftermarket collision
                                   replacement parts business
RailAmerica Inc., Boca Raton, FL   purchase of four short line
                                   railroads, including one at
                                   Bauxite's former Alcoa plant
Syrgis Performance Products LLC,   purchase of specialty chemical
El Dorado                          maker
Wal-Mart Stores Inc.,              purchase of 33 percent share of
Bentonville                        Guatemalan supermarket chain
                                   Central American Retail Holdings
                                   Co.
Community Publishers Inc.,         purchase of Tulsa publisher,
Bentonville                        which included 19 publications
Arkansas Precast Corp.,            purchase of part of former Certain
Jacksonville                       Teed facility to expand operations
IntelliMark Holdings Inc.,         purchase of IT outsourcing and
Little Rock                        technical staffing company
IVI Communications Inc., Los       sale of Internet service provider
Angeles
Liberty Group Publishing,          purchase of Hope Star Daily
Northbrook, IL                     Siftings Herald, Gurdon Times,
                                   Nevada County Picayune
Sysco Inc., Houston                sale of family-owned foodservice
                                   distributor

                                   Month
Buyer, City                        Announced

Valor Communications, Irving, TX   December
Alltel Corp., Little Rock          January
T-Mobile Austria, Vienna           August
Filmore Capital Partners, San      November
Francisco
                                   May
Alltel Corp., Little Rock          November
Wal-Mart Stores Inc, Bentonville   December
Wal-Mart Stores Inc, Bentonville   September
Eircom Group PLC, Ireland          November
Alltel Corp., Little Rock          April
Goldman Sachs, New York            April
Olympus Partners, Stamford, CT     March
Energy Resource Technology,        June
Houston
Atlas Pipeline Partners, Moon      October
Township, PA
Alltel Corp., Little Rock          November
Mercy Health System, Rogers        February
Wal-Mart Stores Inc, Bentonville   June
Acxiom Corp., Little Rock          March
IPC US REIT, Toronto               September
U.S. Cellular, Chicago             September
First Arkansas Bank & Trust,       April
Jacksonville
Alltel Corp., Little Rock          January
John Q. Hammons, Springfield, MO   July
Stone/Hanna LLC, Bentonville       September
BancorpSouth Inc., Tupelo. MS      August
White River Bancshares Inc.,       June
Fayetteville
International Telcell Cellular     September
LLC, Charlotte, NC
Home Bancshares Inc., Conway       April
Town Creek Construction &          August
Development, Fayetteville
Acxiom Corp., Little Rock          August
Granite Construction Inc.,         March
Watonsville, CA
U.S. Renal Care Inc., Jonesboro    March
Liberty Bancshares Inc. and        January
Russellville Bancshares Inc.,
Jonesboro, Russellville
Vratsinas Construction Co.,
Little Rock
General Growth Partners/The        October
Pinnacle Group, Rogers
Liberty Bancshares Inc.,           January
Jonesboro
Southland Capital LP, Fort Smith   November
Cooper Homes Inc., Little Rock     December
First Baptist Church, Springdale   July
10600 Colonel Glenn LLC, Bowman    July
Plaza Phase 1 LLC, Bowman Plaza
Phase 2 LLC, Little Rock
Fisher Communications Inc.,        December
Seattle
Acxiom Corp., Little Rock          January
John Q. Hammons, Springfield, MO   October
Emeritus Corp., Seattle            December
BCS Hopper LLC, Rogers             April
Reserve LLC, Fayetteville          August
Stoneleigh Centerton Apartments    December
Ltd., Little Rock
Nexstar Broadcasting Group,        January
Irving, TX
Heckathorn Construction Co.,       June
Fayetteville
Mourton Bhatka LLC, Bentonville    July
LynnKohn LLC, Fayetteville         December
Union Bancshares Inc., Mena        August
Home Bancshares Inc., Conway       March
Triad Hospitals Inc., Plano, TX    September
Texas BBL LP, Dallas               February
Home Place Retirement Develop-     September
ment Corp., Bentonville
First National Corp., Wynne        July
Lowell Park Plaza Office           December
Partners Ltd., Rogers
Wilco District LLC, Fayetteville   September
Hunt Schwyhart Graham II LLC,      July
Rogers
Wagon Wheel Development LLC,       December
Springdale
GE Capital Franchise Finance       April
Corp., Scottsdale,
Harbin Pointe Apartments LLC,      August
Bentonville
Security National Financial        August
Corp., Salt Lake City
Waterford Estates Development      September
Inc., Fayetteville
Arbors of Little Rock LLC, Tulsa   December
Chenal Commons 1031 LLC, Oak       July
Brook, IL
Remington Place Apartments LLC,    October
Springdale
R.B. of Springdale Inc.,           November
Springdale
Dillard's Inc., Little Rock        October
J.B. Poindexter & Co., Houston     June
Gaddy Investment Co.,              February
Fayetteville
May Construction Co.,              September
Little Rock
Sienna Estates LLC, Fayetteville   August
Shackleford Crossings LLC,         December
Little Rock
Stephens Group Inc., Little Rock   December
Wagon Wheel Development LLC,       June
Springdale
JB Hanna LLC, Fayetteville         September
The Barber Group Inc.,             March
Springdale
Community Health Systems Inc.,     September
Brentwood, TN
Burton Dougan Hanna Revocable      August
Trust, Fayetteville
Lindsey Construction Co.,          January
Fayetteville
Western Foods Inc., Little Rock    April
OCP Multifamily LLC,               September
Fayetteville
Lakewood Village LLC,              January
Fayetteville
Pleasant Crossing Power Centers    July
LLC, Rogers
HB Rentals LLC, Rogers             August
Ghana National Petroleum Corp.,    September
Accra, Ghana
Centre Pointe Properties LLC,      January
Rogers
Grand Valley Ridge LLC,            September
Fayetteville
Peaks Holdings LLC, Rogers         March
J.M. Products Inc., Little Rock    November
Athletic Clubs of America LLC,     July
Little Rock
Lindsey Construction Co.,          May
Fayetteville
Remington Place Apartments LLC,    September
Springdale
McGibbon Hotel Group,              January
Gainesville, GA
Hampton Inn Rogers, Rogers         September
City of Bentonville                October
C&K Properties LLC, Springdale     April
Pleasant Wood Apartment            November
Associates, Yardley,
OA Land Co., Little Rock           May
Bowman Station Properties LLC,     July
Little Rock
Riverpointe Development LLC,       December
Little Rock
Geyer Springs Baptist Church,      August
Little Rock
Crossland Construction Co.,        November
Columbus, KS
Flintco Inc., Springdale           December
First Security Bancorp, Searcy     January
Crossland Construction Co.,        April
Rogers
ThermoEnergy Corp., Little Rock    April
Newman Family LLC, Springdale      March
5813 Baseline Road Realty,         September
Bronxville, NY
Mathias Shopping Centers,          October
Springdale
Simmons First National Bank,       January
Pine Bluff
EWI Constructors Inc.,             March
Fayetteville
Barber Construction Inc.,          April
Springdale
Crossland Construction Co.,        December
Rogers
Cantrell West Properties LLC,      July
Little Rock
Kappa Realty LLC, Little Rock      September
Im's Enterprises LLC, Little       March
Rock
CM Miller Properties LLC,          April
Springdale
J.E. Dunn Constructions Co.,       May
Rogers
Tire Curing Bladders LLC,          August
Little Rock
James H. Cone Inc., Little Rock    October
CDI Contractors LLC, Little Rock   December
CDI Contractors LLC, Little Rock   February
Dogwood Crossing LLC, Little       October
Rock
Smith-Mayfield Properties LLC,     August
Little Rock
Jefferson Bancshares, Pine Bluff   September
Neal Hefner Construction Inc.,     April
Springdale
Pro Con Inc., Bentonville          April
River Rock Properties LLC,         September
Little Rock
Garrison Financial Corp.,          February
Fayetteville
Welsco Inc., North Little Rock     February
Marsh Cove Productions, Atlanta    March
National Dentex Corp., Wayland,    March
MA
Stephens Group Inc., Little Rock   March
Cherokee Porcelain Enamel Corp.,   April
Knoxville, TN
Oyaco International, Tan Tzu,      April
Taiwan
Garrison Financial Corp.,          April
Fayetteville
Industrial Growth Partners, San    April
Francisco
NextCare Urgent Care, Mesa, AZ     May
Ritter Communications Holdings     May
Inc., Marked Tree
Ralcorp Holdings Inc., St. Louis   June
L&W Supply Corp., Chicago          July
Psychiatric Solutions Inc.,        July
Franklin, TN
Stephens Group Inc., Little Rock   July
Thomas McLarty III and Steve       July
Landers Sr., Little Rock
MailSouth Inc., Birmingham, AL     August
Wesco International Inc.,          August
Pittsburgh
Corporate Express Inc.,            September
Amsterdam, Netherlands
LKQ Corp., Chicago                 September
RailAmerica Inc., Boca Raton, FL   September
Syrgis Performance Products LLC,   September
El Dorado
Wal-Mart Stores Inc.,              September
Bentonville
Community Publishers Inc.,         November
Bentonville
Arkansas Precast Corp.,            December
Jacksonville
IntelliMark Holdings Inc.,         December
Little Rock
IVI Communications Inc., Los       December
Angeles
Liberty Group Publishing,          December
Northbrook, IL
Sysco Inc., Houston                December

Sources: FactSet Mergerstat LLC, company news releases, Arkansas
Business and Northwest Arkansas Business Journal archives,
public records. Researched by John Henry