For Immediate Release: February 18, 2010

Contact: Wendy Homeyer (803) 661-8487

STATE’S CHIEF FINANCIAL OFFICER, CONVERSE CHELLIS,

ANNOUNCES CAMPAIGN FOR STATE TREASURER

(Columbia, SC) State Treasurer Converse Chellis formally announces his candidacy for
State Treasurer today in Columbia a day after he receives the “Friend of the Taxpayer
Award” from the South Carolina Association of Taxpayers for his work on saving
billions of dollars in taxpayers’ money.

“In only 30 months, we’ve put together a solid record of cutting budgets, saving taxpayer
dollars and protecting our state’s assets,” said Chellis.

“During this period of economic uncertainty, we need to keep a stable, experienced,

financial professional serving as the State’s chief financial officer and banker,” he added.

The campaign also announced that Ambassador David Wilkins will serve as Honorary
Chairman while Governor David Beasley, Governor Jim Edwards and former State
Republican Party Chairman Katon Dawson will serve as Co-Chairmen of the Chellis
campaign.

“I have known and have worked with Converse for many years and I cannot think of a
more qualified and honorable man to serve as State Treasurer,” said Ambassador
Wilkins.

Governor Beasley said, “I am proud to be a part of Converse’s campaign because of his

solid record of conservative leadership, cutting wasteful spending, and protecting
taxpayers’ dollars.”

“He has already assembled a solid record of saving taxpayers’ dollars,” said Governor
Jim Edwards, adding “Converse is uniquely qualified to serve as Treasurer because of his
strong financial background as a CPA, knowledge of the budgetary process and his
commitment to conservative fiscal reform.

Katon Dawson said, “Converse and his wife, Sharon, have worked tirelessly for
conservative causes all their lives and if we are to safeguard our state’s resources, put
principle over politics, and make our state a better place to live, raise a family, work and
do business, we need to keep Converse Chellis as our Treasurer.”

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The Treasurer cited a number of successes during his 30 months in office. They include:

● Working to safeguard our state’s finances while many other states have suffered
dramatically.

● Saving taxpayers over a quarter of a billion dollars by renegotiating the state’s tobacco
bonds.

● Fighting to strengthen the State’s Retirement System while saving $3 billion over 20
years.

● Helping make our State Retirement System Investment Commission move to #1 in the
country.

● Returning a record $13 million dollars in unclaimed property to its rightful owners in
2009.

● Holding local municipalities accountable by making them submit their annual audits
and accounting for the money they already have before disbursing more taxpayer dollars.

● Moving the State’s Future Scholar 529 College Savings Program to one of the top 5 in
the nation.

● Increasing CD limits deposited with local banks to help provide funds to loan to
working families and local businesses.

● Helping cities and towns avoid potential financial disasters through careful investing
with the Treasurer’s Office Local Government Investment Pool.

Last month, Treasurer Chellis asked the General Assembly to consider a Twelve-Point
Fiscal Reform Package. In doing so, Treasurer Chellis said, “If we are to remain a
financially sound state, maintain high credit ratings, and weather the inevitable future
economic downturns, we must move to implement a number of fiscally conservative
initiatives that will keep our state on a steadier and healthier financial path.” The package
included plans to:

1) Increase the size of the General Reserve Fund.

2) Implement spending caps.
3) Delay use of the Capital Reserve Fund during the fiscal year.
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4) Respond more quickly to reduced revenue projections.

5) Create a government streamlining commission.
6) Eliminate the TERI Program.
7) Reinstate 30-year retirement.
8) Create a Department of Administration.
9) Shorten the legislative session.
10) Enact a biennial budget.
11) Reform and streamline the capital improvement project process.
12) Implement zero-based budgeting.

Treasurer Chellis, of Summerville, was elected to the Legislature six times and served as
the Rules Committee Chairman. He was elected overwhelmingly by the members of the
General Assembly in August of 2007 to fill a vacancy left when Thomas Ravenel
resigned from office.

The Chellis campaign had just over $500,000 on hand as of the January State Ethics
Commission filing and expects that figure to grow to $1 million. The campaign will
announce a statewide grassroots steering committee and an 85-member statewide finance
committee later this month.

Chellis is a graduate of the Citadel and served as a Captain in the United States Air Force.
Mr. Chellis has been married for 43 years to his wife, Sharon, and has two children and
one grandchild.

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