Press Release

Wells Real Estate Funds Names Robert Bowers Chief Financial Officer

ATLANTA (December 28, 2004) - Wells Real Estate Funds today announced that Robert E. Bowers has joined the firm as Chief Financial Officer. In this role, Bowers will serve as a key member of the executive committee, providing overall guidance and counsel on the long-term financial structure and strategy of the firm. He will also direct the finance, corporate accounting, risk management, investor services, and compliance organizations.

A 20-year veteran of the financial services industry, Bowers' broad range of experience includes investor relations, debt and capital infusion, IPO structuring, budgeting and forecasting, financial management, and strategic planning.

"Bobby brings to Wells a long and distinguished track record in the financial services industry," said Leo Wells, founder and president of Wells Real Estate Funds. "We are excited that he has joined our firm, and are confident that he will be a tremendous asset as we work toward our goal of becoming one of the premier real estate investment firms in the country."

Prior to joining Wells, Bowers served as a business financial consultant, interfacing regularly with the Securities and Exchange Commission (SEC) and providing strategic financial counsel to a range of organizations including the University System of Georgia, venture capital funds, and public corporations such as NetBank, Inc., a publicly held online bank. Previously, Bowers was Chief Financial Officer of NetBank, Inc., the first profitable Internet bank. While at NetBank, he participated in the company's successful IPO and subsequent secondary offerings, directing all SEC and regulatory reporting and compliance.

Prior to NetBank, Bowers was Chief Financial Officer of CheckFree Corporation, a pioneer in the electronic bill payment industry. He was instrumental in negotiating the merger of SSI, a Norcross, Georgia-based financial applications company with CheckFree, eventually becoming Chief Financial Officer of the combined organization.

Bowers earned a B.S. in Accounting from Auburn University, where he graduated summa cum laude. He is a licensed CPA and serves on the boards of various venture capital and nonprofit organizations primarily in the Atlanta area, including Woodward Academy and Southwest Christian Care, Inc.

Wells Real Estate Funds is a national real estate investment management firm that purchases real estate on behalf of Wells-sponsored investment programs. Since 1984, more than 160,000 individuals across the country have invested (through their financial consultants) in Wells-sponsored investment programs to help diversify their investment portfolios. Collectively, Wellssponsored programs own more than $6 billion in assets (valued at cost) totaling more than 30 million square feet of space.

For more information and/or a high-resolution image of Mr. Bowers, please contact Laura Hynes at (212) 843-8095. Wells is online at www.wellsref.com.

This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and 21E of the Securities Exchange Act of 1934, including discussions regarding Wells' use of proceeds and certain other factors that may affect future earnings or financial results. Such statements involve risks and uncertainties, which could cause actual results to vary materially from those expressed in or indicated by the forward-looking statements. Factors that may cause actual results to differ materially include changes in general economic conditions, changes in real estate conditions, construction delays, increases in interest rates, lease-up risks, lack of availability of financing, and lack of availability of capital proceeds. This is neither an offer nor a solicitation to purchase securities.