Press Release

Leo Wells Nominated For Turknett Leadership Character Award

NORCROSS, GA. (January 31, 2006) - Leo Wells, president of Wells Real Estate Funds (www.wellsref.com), is among the nominees for the 2005 Turknett Leadership Character Awards, presented annually to business leaders and companies demonstrating character and integrity. The awards are sponsored by Turknett Leadership Group, an Atlanta-based management and consulting firm, and the RTM Institute for Leadership, Ethics and Character at Kennesaw State University. Wells is nominated in the CEO/President/Partner category. Winners will be announced at Turknett's third annual Leadership Character Awards Luncheon, Feb. 6 in Atlanta. The awards are presented to leaders and companies that best exemplify the standards of the Turknett Leadership Character Model, encompassing qualities such as integrity, respect and responsibility. Leo Wells is a 30-year veteran of the real estate industry; he founded his company in 1984.

About the Company
Wells Real Estate Funds, based in suburban Atlanta, purchases and manages real estate nationwide on behalf of Wells-sponsored investment programs. More than 200,000 people have, through their financial representatives, invested in Wells-sponsored programs to help diversify their portfolios. Wells-sponsored programs own some $7 billion in assets (based on purchase price) totaling more than 32 million square feet of space. For more information, see www.wellsref.com.