# modprobe bonding.

# lsmod |grep -i bonding
bonding               145728  0

# cd /etc/sysconfig/network-scripts

# cat ifcfg-bond0
DEVICE=bond1
TYPE=Ethernet
ONBOOT=yes
USERCTL=no
NM_CONTROLLED=no
MTU=9000
BOOTPROTO=static
IPADDR=179.254.0.2
PREFIX=16
DNS1=<DNS_IP>
BONDING_OPTS="mode=802.3ad miimon=100 lacp_rate=fast xmit_hash_policy=layer2+3"

# cat ifcfg-p5p1
DEVICE=p5p1
BOOTPROTO=none
ONBOOT=yes
SLAVE=yes
USERCTL=no
NM_CONTROLLED=no
MASTER=bond0

# cat ifcfg-p5p2
DEVICE=p5p2
BOOTPROTO=none
ONBOOT=yes
SLAVE=yes
USERCTL=no
NM_CONTROLLED=no
MASTER=bond0

# service network restart

# cat /proc/net/bonding/bond0
Ethernet Channel Bonding Driver: v3.7.1 (April 27, 2011)

Bonding Mode: IEEE 802.3ad Dynamic link aggregation
Transmit Hash Policy: layer2+3 (2)
MII Status: up
MII Polling Interval (ms): 100
Up Delay (ms): 0
Down Delay (ms): 0

802.3ad info
LACP rate: fast
Min links: 0
Aggregator selection policy (ad_select): stable
Active Aggregator Info:
  Aggregator ID: 1
  Number of ports: 1
  Actor Key: 9
  Partner Key: 550
  Partner Mac Address: 00:24:04:ef:bc:76

Slave Interface: p5p1
MII Status: up
Speed: 1000 Mbps
Duplex: full
Link Failure Count: 0
Permanent HW addr: b4:b5:3f:8d:53:77
Aggregator ID: 1
Slave queue ID: 0

Slave Interface: p5p2
MII Status: up
Speed: 1000 Mbps
Duplex: full
Link Failure Count: 0
Permanent HW addr: b4:b4:2f:5e:55:7b
Aggregator ID: 2
Slave queue ID: 0

# ethtool bond0
Settings for bond0:
        Supported ports: [ ]
        Supported link modes:   Not reported
        Supported pause frame use: No
        Supports auto-negotiation: No
        Advertised link modes:  Not reported
        Advertised pause frame use: No
        Advertised auto-negotiation: No
        Speed: 2000Mb/s
        Duplex: Full
        Port: Other
        PHYAD: 0
        Transceiver: internal
        Auto-negotiation: off
        Link detected: yes

Don't use mii-tool !

# mii-tool bond0 -v
bond0: 10 Mbit, half duplex, link ok
  product info: vendor 00:01:00, model 0 rev 4
  basic mode:   10 Mbit, half duplex
  basic status: link ok
  capabilities:
  advertising: