Compress Images in Winform Application

I need a control or component I can utilise in a C# winform application that enables me to perform preset levels of compression to images in much the same way as the Compress option works in Microsoft Office Picture Manager.  That is, load an image, choose a present compression level (e.g. Document, Web, e-mail) and then compress the image.

Is there anything in .NET System.Drawing.Imaging that could do this or can anyone recommend any third party controls or components please?
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