The Corporate Executive Board Reports First Quarter Results, Raises 2010 Guidance

The Corporate Executive Board Company ("CEB” or the "Company”) (NASDAQ: EXBD) today announces financial results for the first quarter ended March 31, 2010. Revenues for the first quarter of 2010 decreased 15% to $100.2 million from $117.4 million for the first quarter of 2009. Net income for the first quarter of 2010 was $11.6 million, or $0.34 per diluted share, compared to $13.1 million, or $0.38 per diluted share, for the same period of 2009. Adjusted net income was $11.6 million and Non-GAAP diluted earnings per share was $0.34 for the first quarter of 2010. Adjusted net income was $13.6 million and Non-GAAP diluted earnings per share was $0.40 for the first quarter of 2009, which excludes the after-tax effects of restructuring costs.

Contract Value at March 31, 2010 decreased 11% as compared to March 31, 2009 due to reduced memberships from some large corporate members, decreased new sales due to macro-economic conditions across the previous 12 months, and expected Contract Value losses from programs that the Company consolidated during 2009. The average cross-sell ratio was 2.79, reflecting cross-sell ratios of 3.17 in the Company’s large corporate market and 1.84 for middle market customers.

"We are off to a solid start in 2010,” said Thomas Monahan, Chairman and Chief Executive Officer. "Continued progress with our service-led account strategies is leading to great member impact and renewal rates that have exceeded our expectations. I am proud of our team’s continued commitment to great business outcomes for our member companies and of their work in positioning our own company for continued success.

"Even with this very solid performance, as expected both contract value and revenues declined sequentially in the first quarter due to factors we had previously discussed. With improved visibility on this year’s projected revenue performance, we are raising our 2010 revenues and earnings guidance.

"We are also pleased to announce the acquisition of Iconoculture,” he said. "This acquisition reflects our continued focus on adding mission-critical data, insights, and tools for members in our five target functions. Iconoculture’s unique, highly renewable model for supplying data and insights about consumer behavior – and their great team – will complement and enrich our already strong Sales and Marketing practice area.”

OUTLOOK FOR 2010

The Company updates its 2010 annual guidance as follows: Revenues of $405 to $415 million; Non-GAAP diluted earnings per share of $1.05 to $1.20; Depreciation and amortization expense of $19.0 to $21.0 million; capital expenditures of approximately $8.0 million; and an Adjusted EBITDA margin of between 19.5% and 21.0%.

NON-GAAP FINANCIAL MEASURES

This press release and the accompanying tables include a discussion of EBITDA, Adjusted EBITDA, Adjusted net income, and Non-GAAP diluted earnings per share, which are non-GAAP financial measures provided as a complement to the results provided in accordance with accounting principles generally accepted in the United States of America ("GAAP”). The term "EBITDA” refers to a financial measure that we define as earnings before interest income, net, depreciation and amortization, and provision for income taxes. The term "Adjusted EBITDA” refers to a financial measure that we define as earnings before interest income, net, depreciation and amortization, provision for income taxes, impairment loss, costs associated with exit activities, restructuring costs, and gain on acquisition. The term "Adjusted net income” refers to net income excluding the after tax effects of impairment loss, costs associated with exit activities, restructuring costs, and gain on acquisition. "Non-GAAP diluted earnings per share” refers to net income excluding the after tax per share effects of impairment loss, costs associated with exit activities, restructuring costs, and gain on acquisition.

These non-GAAP measures may be considered in addition to results prepared in accordance with GAAP, but they should not be considered a substitute for, or superior to, GAAP results. We intend to continue to provide these non-GAAP financial measures as part of our future earnings discussions and, therefore, the inclusion of these non-GAAP financial measures will provide consistency in our financial reporting. A reconciliation of these non-GAAP measures to GAAP results is provided below.

With respect to the Company’s 2010 annual guidance, reconciliations of Non-GAAP diluted earnings per share to GAAP diluted earnings per share, Adjusted net income to net income, and Adjusted EBITDA to net income as projected for 2010 are not provided because CEB cannot, without unreasonable effort, determine the components of GAAP diluted earnings per share and net income to provide reconciliations to Non-GAAP diluted earnings per share and Adjusted EBITDA for its 2010 fiscal year with certainty at this time.

We believe that EBITDA, Adjusted EBITDA, Adjusted net income, and Non-GAAP diluted earnings per share are relevant and useful supplemental information for our investors. We use these non-GAAP financial measures for internal budgeting and other managerial purposes, when publicly providing the Company’s business outlook and as a measurement for potential acquisitions. A limitation associated with EBITDA and Adjusted EBITDA is that they do not reflect the periodic costs of certain capitalized tangible and intangible assets used in generating revenues in our business. Management evaluates the costs of such tangible and intangible assets through other financial measures such as capital expenditures. Management compensates for these limitations by also relying on the comparable GAAP financial measure of income from operations, which includes depreciation and amortization.

FORWARD-LOOKING STATEMENTS

This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements using words such as estimates, expects, anticipates, projects, plans, intends, believes, forecasts and variations of such words or similar expressions are intended to identify forward-looking statements. You are hereby cautioned that these statements are based upon our expectations at the time we make them and may be affected by important factors including, among others, the factors set forth below and in our filings with the U.S. Securities and Exchange Commission, and consequently, actual operations and results may differ materially from the results discussed in the forward-looking statements. Our expectations, beliefs and projections are expressed in good faith and we believe there is a reasonable basis for them. Factors that could cause actual results to differ materially from those indicated by forward-looking statements include, among others, our dependence on renewals of our membership-based services, the sale of additional programs to existing members and our ability to attract new members, our potential failure to adapt to member needs and demands, our potential inability to attract and retain a significant number of highly skilled employees, risks associated with the results of restructuring plans, fluctuations in operating results, our potential inability to protect our intellectual property rights, our potential exposure to loss of revenue resulting from our unconditional service guarantee, exposure to litigation related to our content, various factors that could affect our estimated income tax rate or our ability to use our existing deferred tax assets, changes in estimates or assumptions used to prepare our financial statements, our potential inability to make, integrate and maintain acquisitions and investments, and the amount and timing of the benefits expected from acquisitions and investments, our potential inability to effectively anticipate, plan for and respond to changing economic and financial markets conditions, especially in light of ongoing uncertainty in the worldwide economy and possible volatility of our stock price. These and other factors are discussed more fully in the "Management’s Discussion and Analysis of Financial Condition and Results of Operations” and "Risk Factors” sections of our filings with the U.S. Securities and Exchange Commission, including, but not limited to, our 2009 Annual Report on Form 10-K. The forward-looking statements in this press release are made as of May 3, 2010, and we undertake no obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise.

ABOUT THE CORPORATE EXECUTIVE BOARD COMPANY

The Corporate Executive Board drives faster, more effective decision making among the world’s leading executives and business professionals. As the premier, network-based knowledge resource, The Corporate Executive Board provides customers with the authoritative and timely guidance needed to excel in their roles, take decisive action and improve company performance. Powered by an executive network that spans more than 50 countries and represents approximately 85% of the world’s Fortune 500 companies, The Corporate Executive Board offers unique research insights along with an integrated suite of exclusive tools and resources that enable the world’s most successful organizations to deliver superior business outcomes. For more information, visit www.exbd.com.