Press Release

Leo Wells Honored by UGA's Terry College of Business

Wells Real Estate Funds President Named "Distinguished Alumnus"

NORCROSS, Ga. (May 18, 2006) - Leo Wells, president of Wells Real Estate Funds, was among four Georgia business leaders honored Wednesday with alumni awards from the Terry College of Business at the University of Georgia.

Wells was one of three executives receiving the college's Distinguished Alumni Award. "Leo is a great businessman who has built a tremendous organization," said Joe Terrell, president of the Terry College Alumni Board.

Leo Wells earned his bachelor's degree in economics from UGA in 1967. He founded Wells Real Estate Funds in 1984. Under his leadership the company has grown to be one of the largest real estate investment companies in the United States, with more than 200,000 investors and over $7 billion in assets under management. "This is a tremendous honor from one of the nation's great business schools," said Wells. "My UGA education has been an invaluable foundation for my career, and I will always be grateful to the Terry College."

Wells is the 2003 recipient of the Ernst & Young Entrepreneur of the Year Award in the financial services category. He also is a life member of the Atlanta Board of REALTORS Million Dollar Club, and holds NASD Series 7, 24 and 63 registrations. An expert on real estate investing, he has appeared numerous times in the media, including CNBC, MSNBC and Bloomberg, and was a nominee this year for the Turknett Leadership Character Award.

Wells' involvement with the University of Georgia includes his contribution of time and financial support to the Terry College Institute for Leadership Advancement and its students. Wells is an enthusiastic supporter of UGA athletic programs and has funded several team chaplain positions at UGA and other schools through the Fellowship of Christian Athletes. He is an active member of Fellowship Bible Church of Roswell and participates in the church's international mission trips.

Since 1964, the Terry College of Business has honored outstanding alumni who have excelled in their careers and made a difference in their communities. Honorees are selected by the Terry College Alumni Board from nominations submitted throughout the year. Only 148 of more than 50,000 alumni have received this award since the business college was founded in 1912. Previous recipients of the Distinguished Alumni Award include former Georgia Govs. George Busbee and Joe Frank Harris, U.S. Senator Johnny Isakson, former Synovus CEO James Blanchard and former Georgia-Pacific CEO Pete Correll.

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 over $7 billion in assets (based on purchase price) totaling more than 32 million square feet of space. For more information, see www.wellsref.com.