Wells Names Joe Oglesby Chief Investment Officer

Wells Names Joe Oglesby Chief Investment Officer

NORCROSS, Ga. (June 24, 2008) - Wells Real Estate Funds, a nationally recognized leader in real estate investing, has promoted Joe Oglesby to chief investment officer.

In this capacity, Oglesby will oversee Wells' Capital Markets group, which includes real estate acquisition, disposition, and finance. He also is responsible for the development and implementation of real estate investment strategy and new partner relationships.

Oglesby joined Wells in 2003 as managing director of acquisitions in the western United States, with additional national responsibility for Wells' corporate office and industrial build-to-suit program.

A 29-year real estate veteran, Oglesby was previously senior vice president of development with Jones Lang LaSalle, where he was responsible for commercial development activities focusing on suburban office and warehouse/distribution products in Atlanta and selected Florida cities. He also served as regional partner with Faison Enterprises in Jacksonville, Florida, and as vice president of Portman Properties prior to that.

Oglesby holds an M.B.A. in finance from Georgia State University and a B.S. in industrial engineering from Georgia Tech. He is a member of the National Association of Industrial and Office Properties and the Board of Advisors for the Metro Atlanta Chamber of Commerce. He is a licensed real estate broker in Georgia and Florida.

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 $11 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.

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 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. For a prospectus, contact Wells Investment Securities, Inc., 6200 The Corners Pkwy., Norcross, Ga. 30092-3365 (tel. 800-448-1010). SEC filings: www.wellsref.com/investmentproducts/reit/secfilings.html.

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