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Leo F. Wells III, is the founder, President, and sole Director of Wells Real Estate Funds and its subsidiaries. A 30-year veteran of the real estate brokerage, sales, and management industries, Mr. Wells founded Wells Real Estate Funds in 1984 and pioneered a conservative real estate investment philosophy that seeks to deliver income and wealth preservation to investors across the nation. Under Mr. Wells' guidance, the company has experienced great growth. Wells Real Estate Funds currently serves more than 200,000 investors and manages over $7 billion in assets. Wells Real Estate Funds was the nation's largest purchaser of Class-A office properties in 2002 and the largest purchaser of commercial real estate in 2003, according to Real Capital Analytics. Recognized as an industry expert on real estate investment trusts (REITs), Mr. Wells is sought after by the media and industry speaking circuit. He has been a guest on ABC, CNBC, CBS Market Watch, and Bloomberg Television. His insights have been featured in numerous publications including Money, Investors Business Daily, Pensions & Investments, Financial Planning, The New York Post, The Wall Street Journal, and The Wall Street Transcript. He also is the national winner of the 2003 Ernst & Young Entrepreneur of the Year Award in the financial services category. Prior to launching Wells Real Estate Funds, Mr. Wells was vice president of Hill-Johnson, a Georgia-based construction company. He also served in numerous real estate investment, sales, and management capacities for Gaskin Real Estate Company and Atlanta-based Roy D. Warren Company. Mr. Wells is a registered principal, a member of the Financial Planning Association, a licensed real estate broker in Georgia, and a Life Member of the Atlanta Board of Realtors Million Dollar Club. Mr. Wells earned a Bachelor of Business Administration degree in Economics from the University of Georgia and is a General Securities Principal. In his spare time, Mr. Wells enjoys travel on international mission trips and with the National Geographic Society, as well as photography, bridge, and golf. He is an active supporter of the Fellowship of Christian Athletes at the University of Georgia and other schools, and a staunch supporter of UGA athletics. Mr. Wells is a member of Fellowship Bible Church in Roswell, Georgia. Mr. Wells and his wife, Angie, live in Alpharetta, Georgia.

Date: 2006

Don L. Henry

Douglas P. Williams

Ron D. Ford

Joel Williamson

Leo F Wells Iii @ Wells Real Estate Fund 1 Llp

Leo F Wells Iii @ Wells Partners L L P

Leo F Wells Iii @ Wells Capital Inc