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20080918 Creative Benefits Inc letter re: WageWorks Inc Acquisition s � 1 • RECEIVED CrtY Qf rancho Palos Ver7 September 18, 2008 SEP 18 2008 Carolynn Petru Managerse City of Rancho Palos Verdes 30940 Hawthorne Blvd Rancho Palos Verdes, CA 90275 Dear Creative Benefits Client: What will happen: As a valued client, I wanted you to be among the first to hear that we have been acquired by WageWorks, Inc. Our combination unites two leaders, WageWorks, Inc., the No. 1 provider of tax-advantaged benefits for large employers, and Creative Benefits, a nationally recognized leader and specialist in the progressive field of flexible benefits, COBRA and Eligibility administration. What will result: Together, we are uniquely positioned to provide employers with the nation's most comprehensive set of benefit service solutions and assure they are managed, securely and in a compliant manner. In joining the WageWorks, Inc. family, we become a stronger, more versatile company. Our complementary services will offer unprecedented options in employee benefit solutions. Our company will operate under the name Creative Benefits, a WageWorks Company and be headquartered in San Mateo, California. All of our services will be retained and performed from our offices in Vista, CA and we will continue to serve businesses of all sizes. Itemized Benefits What does this mean for you? • A broader and deeper range of products and services to meet your needs • Continuing delivery of high-quality innovations ensuring your next-generation benefit solutions • Greater support and resources • More opportunities to offer tax advantaged programs to your employees as we join the nation's fastest growing benefits firm • Improved participant service experience through new products and services including enhanced self-service tools, a learning center, more benefit options, and a new website Quick Summary We hope you will join us in celebrating this exciting news for you, your employees, and ourselves. We look forward to offering a range of expertise and a quality of service unmatched by any other benefits firm. Since 1989, Creative Benefits has been privileged to serve hundreds Creative Benefits, Inc. • CBI Benefits Administrators • License 0636514 • www.creativebenefits.com 956 Vale Terrace Dr.Vista, CA 92084-5212 • mail P.O. Box 1928 Vista, CA 92085-1928 • 760.758.4600 • fax 760.758.4610 • of clients across the country. As a division of WageWorks, Inc., the depth of our resources and the breadth of our reach will be stronger than ever. The Process For the foreseeable future, Creative Benefits will continue to operate as an independent company and our staff will remain focused on providing you with the very finest personal service. Over the next several months, Creative Benefits and WageWorks will be assessing our combined capabilities in order to provide you with "best practice", ultimately delivering enhanced products and services that will sustain your confidence. As these efforts yield new services, features and benefits that we can offer, we promise to communicate them to you in advance and to seek your input as to how our combined capabilities can best suit your needs. Reassurance Creative Benefits and WageWorks, Inc. share a common objective: absolute client satisfaction. We remain dedicated to this objective. You can be assured that our relationship with and commitment to you and your clients will not be affected by this news. Your existing service, and support contacts remain unchanged, so you can use the same communication channels with which you are accustomed. We take great pride in our reputation as a company with a personal interest in your business. That will not change. We will continue working hard to serve you, and I want to personally thank you for your loyalty and support. Keeping Informed We will soon host a webcast that will provide more in-depth information about our growth with WageWorks and the advantages it will bring to you. Look for your email invitation soon. If you have questions, please don't hesitate to contact me directly or any of our representatives. Finally, let me personally assure you that it is BUSINESS AS USUAL. We will continue to operate as an independent company and the staff at Creative Benefits that serve you today will serve you tomorrow and remain focused on providing you and your employees with exceptional service. Sincerely, Jody L. Dietel, CFCI President Creative Benefits, Inc. 760.509.0118 jdietel@creativebenefits.com 410 Fact Sheet-WageWorks, Inc. When was the company founded? The year 2000. Is WageWorks,Inc.a private or public company? WageWorks, Inc. is a privately-owned firm. How many employees does WageWorks, Inc. have? Currently, more than 575 full-time staff members. Where are they located: WageWorks, Inc. is headquartered in San Mateo, CA.,with primary locations in Tempe,AZ, Lombard, IL, Kansas City, KS,Troy, MI and Mequon,WI. How many participants and clients does WageWorks, Inc. have? WageWorks, inc. has more than 1.6 million participants representing over 2,000 clients. Who are their clients? Many of America's largest employers, including more than 20%of America's Fortune 500 employers use WageWorks, Inc.' programs. In 2007 WageWorks, Inc. recorded three-year growth of 1,187.5%and was ranked No. 177 on Inc. magazine's annual list of America's 500 fastest growing private companies. What are its specialties? WageWorks provides client and participant service, and innovative products that are changing the face of benefits administration, including: • Commuter Benefits Accounts Public transportation,vanpool, and parking reimbursement accounts. • Health Care Accounts Flexible Spending Accounts, Health Savings Accounts, and Health Reimbursement Arrangements. • Dependent Care Accounts Dependent Care Flexible Spending Accounts for day care,elder care, and preschool. • Benefits Continuation COBRA and direct billing services. • Lifestyle programs such as adoption reimbursement,fitness reimbursement and life planning accounts. • Education tools, including the WageWorks, Inc. Learning Center.The Learning Center provides direct access to trained benefits experts through phone-and Web- based assistance designed to help participants understand their options and configure plans to maximize their savings. More WageWorks, Inc. is the only company delivering a completely integrated spending account solution. It offers products on a single platform with built-in debit cards for health care and account management tools such as electronic-bill payment, cash reimbursement and transit pass home delivery services. Consolidated account management allows for maximum flexibility and reduced administration,while increasing plan participation and value for employees.