Press Release: April 5, 2000

WR Hambrecht + Co Initiates Coverage of eBenX, Inc. (EBNX) with a Strong Buy Rating and a Target of $50

First mover in large, untapped market shapes the future of healthcare benefits market

San Francisco, CA, April 5, 2000—WR Hambrecht + Co today initiated research coverage on eBenX, Inc. (EBNX) with a strong buy rating and a price target of $50. WR Hambrecht + Co.’s eHealth analyst Josh Fisher cited eBenX’s first mover status, strong balance sheet and proven ability to reduce costs and streamline the purchase and administration of group health insurance for employers as key reasons for the rating. WR Hambrecht + Co offers all its research reports free and real-time at www.wrhambrecht.com.

" eBenX has developed its Internet exchange platform and built an impressive list of clients over the past six years, creating a significant lead in the healthcare benefits market. Connectivity to health plans and payors is a key component to success and eBenX is connected to health plans serving 85 percent % of the managed care population in the U.S. We believe eBenX is simply too big to ignore," Fisher said.

Fisher projects eBenX’s total revenues will reach $24.9 million in 2000 and $38.7 million in 2001, up from the 1999 total of $17.5 million.

eBenX provides B2B ecommerce and connectivity solutions for the procurement, administration and payment of group health insurance benefits.