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Management

Joe Jackson, CEO

WageWorks Appoints Joe Jackson as Chief Executive Officer

SAN MATEO, CA – February 26, 2007 – WageWorks, the nation's largest provider of tax-advantaged benefits programs, today announced the appointment of Joe Jackson as chief executive officer, effective today. Jackson succeeds Jon Kessler, founder and chairman of WageWorks, who has served as interim chief executive officer since July of 2006. Kessler will continue to serve as Executive Chairman of the company.

Jackson has nearly 25 years of experience in the financial services industry with First Data Corporation, one of the world's largest payment processing companies. He was most recently President of Western Union Global Payment Services, a subsidiary of First Data. Prior to that, he was President of First Data Europe, based in London. Early in his career, Jackson served in a number of increasingly senior services, sales, and sales management positions with First Data.

"Joe Jackson has a fantastic track record of leading and growing large, consumer-oriented financial services businesses," said Jon Kessler, executive chairman of WageWorks. "Throughout every phase of his career, Joe has taken a customer-centric approach that puts client and participant success at the top of the business agenda. As a result, he is an ideal fit for WageWorks and will be invaluable in making even more working families and employers aware of the tremendous benefits of WageWorks' tax-advantaged benefits programs and helping them maximize their value. We look forward to working with Joe to propel WageWorks to even greater heights of success."

"I'm tremendously impressed with WageWorks' unparalleled efforts in helping working families achieve greater wealth and well-being through consumer-driven health, wellness, child care, commuting, and education benefit programs," said Joe Jackson, CEO, WageWorks. "The company has made fantastic strides in making American consumers and many of the country's largest companies embrace the immense value of its tax-advantaged spending accounts. I look forward to the opportunity of taking that success to the next level by focusing on people, products, and services that further cement WageWorks' reputation as the nation's first and best choice for benefits administration."

WageWorks has experienced significant growth since its inception in 2000. The company has been named to Inc. magazine's annual list of America's 500 fastest growing private companies for two consecutive years. In 2004, the company ranked No. 26.

About WageWorks
Founded in 2000, WageWorks provides tax-advantaged health, wellness, child care, commuting, and education benefits. More than 100 of America's Fortune 500 employers and millions of their benefits-eligible employees use WageWorks' programs. As the cost of living continues to rise and more health care costs are pushed to employees, WageWorks seeks to eliminate barriers to benefit participation so working families can save money and improve their overall well-being.

WageWorks provides easy-to-use benefits programs that help save time, and educational tools and resources to increase employees' knowledge and understanding of their family's health care and financial needs.

WageWorks is headquartered in San Mateo, CA., with offices in New York, Chicago, Washington, D.C., Phoenix, Ariz., Mequon, WI., and Troy, MI. For more information, please visit www.wageworks.com.

Clem O'Donnell, CTO

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Scott Halstead, CEO

Scott Halstead leads Zane Benefit's overall strategy, operations, and growth initiatives. Scott is a recognized health benefits industry leader and brings significant experience in health benefits and early stage company growth. Previously, he was the Chief Executive Officer of WageWorks, where recurring revenue grew from $6 million to more than $80 million during his tenure. Prior to WageWorks, he was the Chief Operating Officer of eBenX Inc, then a publicly-held health and welfare benefits administrator. Scott holds a Bachelor's degree from Northwestern University and an MBA from The Wharton School of the University of Pennsylvania.

Andre Oberholzer, CFO

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Board of Directors

Richard Berkeley

Richard Berkeley joined Camden Partners in 2002, and focuses on investments in the business and financial services, health care, and education markets for the firm.Before joining Camden Partners, Berkeley spent more than 19 years with Alex, Brown & Sons, Inc. and its successor organizations, Bankers Trust Corporation and Deutsche Bank Securities, Inc. As Managing Director and Global Head of the Equity Private Placements Group at Deutsche Bank Securities, Inc., Berkeley was responsible for the origination, structuring, and consummation of numerous private equity financings for private and public companies.

Berkeley holds a bachelor’s degree, a JD and an MBA from the University of Virginia. He also served as an officer in the United States Air Force.

Annette Bianchi

Annette Bianchi has 19 years of venture capital experience and significant expertise in all aspects of health care investing including medical devices, biotechnology, healthcare IT, and services. Since 2004 she has been co-head of VantagePoint’s health care practice. Previously, Bianchi was Managing Director with health care venture fund Pacific Venture Group. She began her career in venture capital in 1985 as an associate and subsequently general partner with Burr, Egan, Deleage & Company, where she was the first person at the firm to focus exclusively on health care. In 1992, Bianchi joined Weiss, Peck & Greer Venture Partners as a general partner, investing in both life science and health services companies.

Bianchi holds an MBA from the Wharton School and master’s and bachelor’s of science and engineering degrees also from the University of Pennsylvania.

Gary Gensler

WageWorks Appoints New Board Member

SAN MATEO, CA – March 2, 2006 –WageWorks®, the leader in consumer health spending management, announced today the appointment of Gary Gensler to its board of directors.

Gensler brings unmatched credentials to this position. In 1997, President Clinton appointed Gensler to the position of Assistant Treasury Secretary for Financial Markets and later Under Secretary of the Treasury for Domestic Finance. In that capacity, he was the principal adviser to Treasury Secretaries Robert Rubin and Lawrence Summers on all matters of domestic finance including US financial markets, debt management, fiscal policy, federal lending, and related economic and financial matters. Gensler subsequently acted as a Senior Advisor to Senator Paul Sarbanes, then Chairman of the Senate Finance Committee, in the crafting of the landmark Sarbanes-Oxley Act of 2002. Sarbanes-Oxley is the legal framework for federal government oversight of the accounting and governance practices of public companies.

Before joining the Treasury Department, Gensler was a partner of Goldman Sachs, where he held numerous positions, including Co-head of Finance, overseeing the worldwide finance operations of one of the world's premier investment banking, securities and investment management firms.

"WageWorks is honored to have an accomplished individual such as Gary join our Board and serve as audit committee Chair," says Scott Halstead, chief executive officer. "His experience will be valuable to WageWorks as we continue to grow and expand our business."

"I am pleased to be joining the WageWorks team," says Gensler. "The company's growth, and the achievements of the senior management team are impressive, and I look forward to helping WageWorks continue to be a leader in its industry."

Gensler currently serves as audit committee Chair of Strayer Education, Inc. (NASDAQ: STRA), Treasurer of the Baltimore Museum of Art and Trustee of The Bryn Mawr School and Enterprise Community Partners as well as a number of other community and civic organizations.

About WageWorks
WageWorks, Inc. is the leading provider of consumer-driven tax-advantaged spending accounts for health and dependent care, and commuting. Products include flexible spending (FSA), health reimbursement (HRA), health savings (HSA), COBRA and commuter accounts. WageWorks is the only company to deliver a completely integrated spending account solution. It offers products on a single platform with built-in debit cards for health care and convenient account management tools such as electronic-bill payment, cash reimbursement and transit-pass home-delivery services. This reduces the cost of plan administration, while maximizing plan participation and value for employees.

WageWorks is headquartered in San Mateo, California, with offices in Chicago, Mequon, WI, New York, Phoenix, Troy, Michigan and Washington D.C. For more information, please visit the web site at www.wageworks.com, email WageWorks at info@wageworks.com, or call 866-602-3887 .

John Larson

John Larson has maintained an active practice in corporate, M&A, and securities law for nearly 40 years. Larson became a partner in the law firm of Brobeck, Phleger & Harrison in 1969, and was the firm’s CEO from 1988 through 1996, before joining Morgan Lewis with other former Brobeck partners in 2003. Larson also served as Assistant Secretary of the U.S. Department of Interior (1971-1973) and as Counselor to George Shultz, Chairman of the Cost of Living Council (1973). He is listed in Who’s Who in America and in The Best Lawyers in America. He is a member of the Board of Directors of public and private companies.

Larson holds a bachelor’s degree from Stanford University and a JD from Stanford Law School. He is a member of the Order of the Coif and sat on the executive editorial staff of the Stanford Law Review. Morgan, Lewis and Bockius is outside counsel to the company.

Leigh Michl

Leigh Michl has 19 years of venture capital and private equity experience. Prior to joining Advent in 2003, he was a founder and managing director of Ascent Venture Partners and a general partner of Ascent’s predecessor, Pioneer Capital Corporation. He also worked as a business analyst for The Pioneer Group Inc., a publicly traded mutual fund company, and completed General Electric Company’s Financial Management Program. Michl has been a director of 30 companies, and is also the past president and trustee of the Mad River Glen ski area in Vermont, and a member of the Investment Committee of the Berklee College of Music board of trustees in Boston.

Michl holds a bachelor’s degree in economics from Bates College and a master’s degree in finance from Boston College.

Bruce Bodaken

WageWorks Appoints Bruce Bodaken to Board of Directors

SAN MATEO, CA – November 8, 2005 –WageWorks®, the leader in consumer health spending management, announced today the appointment of Bruce Bodaken to its board of directors.

Mr. Bodaken brings significant health care industry expertise to WageWorks as the company continues to expand its leadership in health care spending management. He currently serves as chairman, president and CEO of Blue Shield of California. During his five-year tenure as CEO, Blue Shield of California has been the fastest growing health plan in the state, with membership more than doubling and revenue increasing from $3 billion to nearly $7 billion.

Mr. Bodaken serves on the boards of the California Business Roundtable, America's Health Insurance Plans, and the University of California, Berkeley's Health Services Management Program. He is also a member of the UCSF School of Pharmacy Dean's Board of Advisors.

"WageWorks is positioned for significant continued growth in the health care market," says Bodaken. "As employers and individuals continue to seek ways to more effectively manage health care costs, WageWorks has focused on providing products, services and tools that significantly enhance the administration of health care spending accounts."

"The tremendous health care knowledge and experience that Bruce brings will play a key role in WageWorks' continued growth," says Scott Halstead, CEO of WageWorks. "We are pleased that an individual with such outstanding credentials has chosen to be a part of shaping our future."

About WageWorks
WageWorks, Inc. is the leading provider of consumer-driven tax-advantaged spending accounts for health and dependent care, and commuting. Products include flexible spending (FSA), health reimbursement (HRA), health savings (HSA), COBRA and commuter accounts. WageWorks is the only company to deliver a completely integrated spending account solution. It offers products on a single platform with built-in debit cards for health care and convenient account management tools such as electronic-bill payment, cash reimbursement and transit-pass home-delivery services. This reduces the cost of plan administration, while maximizing plan participation and value for employees.

WageWorks is headquartered in San Mateo, California, with offices in Chicago, Mequon, WI, New York, Phoenix, Troy, Michigan and Washington D.C. For more information, please visit the web site at www.wageworks.com, email WageWorks at info@wageworks.com, or call 866-602-3887 .

Jerry Gramaglia

Jerry Gramaglia is a Venture Partner with ArrowPath Venture Partners and serves on the boards of Coldwater Creek, WageWorks, Firefly Mobile and BeVocal. He also advises InCode Telecom and Umbria Communications in addition to Reactrix.

Gramaglia joined Arrowpath from E*TRADE Financial, where, as president and COO, he was instrumental in building E*TRADE's multiline, global brand. Prior to E*TRADE, Jerry held management positions with Procter & Gamble, Sprint and PepsiCo.

J. Dolezalek

Stephan has spent the last 20 years in Silicon Valley working exclusively with technology driven companies. Currently, he serves as a partner of VantagePoint Venture Partners, where he directs a number of VantagePoint portfolio companies including Inxight. Prior to joining VantagePoint, Stephan was a Business and Technology partner with Brobeck, Phleger & Harrison, LLP. Acting as an entrepreneur, corporate and securities counsel and venture capitalist, throughout his career Stephan has assisted more than 100 entrepreneurial companies in developing business plans, obtaining venture funding, completing corporate partnering arrangements, going public and/or merging with third parties. In addition to his work with traditional venture capital and public offering financings, Stephan was a leader in developing the use of innovative financing vehicles such as PIPES, SWORDS, Registered-Direct Offerings and Reset Preferred Stock, as well as a number of highly complex corporate partnering and licensing structures.

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