X0303 4 2010-03-23 0 0001341141 Wells Timberland REIT, Inc. N/A 0001487974 Sands George W 560 MARSH PARK DRIVE DULUTH GA 30097 1 0 0 0 Common Stock 2010-03-23 4 A 0 2500 0 A 2500 D Represents grant of restricted common stock upon George W. Sands initial appointment to Wells Timberland REIT, Inc.'s board of directors. One-third of the restricted common stock vested immediately, one-third vests on March 23, 2011, and one-third vests on March 23, 2012. Randall D. Fretz, Attorney-in-Fact 2010-03-25