Press Release

Wells Timberland REIT, MeadWestvaco Reach Agreement On Sale of Forestlands in Georgia and Alabama

320,000+ Acres Involved In First Acquisition for Wells Timberland

NORCROSS, Ga. - Aug. 6, 2007 - Wells Timberland REIT, the first public, nontraded timberland fund, has reached an agreement to acquire approximately 228,000 acres of forestland in Georgia and Alabama, and long-term leaseholds on another 95,000 acres, from MeadWestvaco, the company announced today.

It's the first property acquisition for Wells Timberland REIT. The purchase price is $400 million.

In January, MeadWestvaco announced its intention to auction more than 300,000 acres of forestland surrounding its Mahrt, Ala., paper mill. Wells, which in May announced the launch of its new Wells Timberland REIT, was selected from a number of bidders.

"This property is a great example of investment-quality timberland," said Jess Jarratt, president of Wells Timberland Investment Management Organization. "It is well managed, stocked with a wide diversity of timber, and it's located in one of the most productive growing areas in the country. We will look to manage this property for the long term. That's one of the nice things about timberland - the timber literally grows."

Some 228,000 acres are owned by MeadWestvaco in Stewart, Marion, Quitman and Randolph counties in Georgia, and in Russell, Barbour and Chambers counties in Alabama. The sale also includes long-term leaseholds on roughly 95,000 acres owned by third parties.

The company's business model seeks to generate revenue and income for the fund through the sale of timber-harvesting rights, as well as by leasing land-use rights. The two companies have agreed to a long-term fiber supply arrangement to support MeadWestvaco's paperboard mill operations.

The land tracts include an estimated 13.5 million tons of merchantable timber, with significant amounts of sawtimber and pulpwood. Most of the timber is pine.

Wells Real Estate Funds is a national real estate investment company based in suburban Atlanta. Since its founding in 1984, Wells has invested more than $10 billion in real estate for more than 200,000 investors. Wells funds include REITs, mutual funds and other commercial real estate investment vehicles. For more information, see www.wellsref.com.

Wells Timberland REIT's Board of Directors will elect to be qualified as a REIT in the first year in which we meet the requirements for election as a REIT. There are no assurances that we will qualify to be taxed as a REIT in the future. This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as "may," "will," "expect," "intend," "anticipate," "estimate," "believe," "continue," or other similar words. Readers of this press release should be aware that there are various factors that could cause actual results to differ materially from any forward-looking statements made in this release. Factors that could cause or contribute to such differences include, but are not limited to, changes in the general economic and business conditions, industry trends, changes in government rules and regulations (including changes in tax laws), and increases in interest rates. Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. This is neither an offer nor a solicitation to purchase securities. Such an offer can be made only by prospectus and a qualified financial representative. For a prospectus, contact Wells Investment Securities, Inc., 6200 The Corners Parkway, Norcross, Georgia 30092, (800) 448-1010. SEC filings: www.sec.gov.