The Corporate Executive Board Reports Fourth-Quarter Earnings of $0.58 Per Diluted Share on 26% Growth in Revenues.

CEB Increases Quarterly Cash Dividend 33% and Raises Share Repurchase Authorization by $200 Million

WASHINGTON -- The Corporate Executive Board Company (CEB or the Company) (NASDAQ: EXBD) today announced financial results for the fourth quarter and year ended December 31, 2006. Revenues for the fourth quarter increased 25.7% to $125.5 million from $99.8 million for the fourth quarter of 2005. Net income and earnings per diluted share for the fourth quarter of 2006 were $23.2 million and $0.58, respectively.

For the year ended December 31, 2006, revenues were $460.6 million, a 27.2% increase from $362.2 million for 2005. Net income and earnings per diluted share for 2006 were $79.2 million and $1.94, respectively.

Effective January 2006, the Company adopted Statement of Financial Accounting Standards No. 123(R) (FAS No. 123(R)), which provides the accounting rules for share-based compensation. To present results on a comparable basis to the prior year, the Company is providing adjusted financial results, including net income and earnings per diluted share that exclude the effects of share-based compensation.

Excluding the effects of share-based compensation related to FAS No. 123(R), adjusted net income for the fourth quarter of 2006 increased 27.2% to $27.1 million from $21.3 million for the fourth quarter of 2005. Adjusted earnings per diluted share for the fourth quarter of 2006 increased 30.8% to $0.68 from $0.52 in 2005.

Excluding the effects of share-based compensation related to FAS No. 123(R), adjusted net income for the year ended December 31, 2006 increased 26.2% to $94.7 million from $75.1 million for 2005. Adjusted earnings per diluted share for 2006 increased 27.3% to $2.33 from $1.83 in 2005. A reconciliation of CEB's reported and adjusted results is set forth in the notes to the Financial Highlights section below.

Tom Monahan, Chief Executive Officer of the Corporate Executive Board, commented, "We are very pleased to have delivered well against our stated revenue and EPS objectives for 2006. While Contract Value growth of 24.7% came in below our objective for Q4, we continued to see strength across most of our key growth drivers. Client renewal rate for the full year was 92% and the cross-sell ratio - the average number of subscriptions per member institution - rose from 3.91 to 4.15 in our traditional large company market. With the advent of a second program serving the middle market, our cross-sell in this new segment for CEB rose to 1.1. We also continued to expand the membership roster: in our large company market alone, over 500 members joined their first CEB program during 2006 and this membership network grew to over 3,200 companies. In our middle market platform, with the launch of our second program, we now have over 500 members. Some terrific new companies were added to the membership list in Q4, including: The Brink's Company; Buhrmann, NV; The Cheesecake Factory Incorporated; Eni S.p.A.; Major League Baseball; Singapore Airlines; and Whole Foods Market, Inc.

"Today, I am also delighted to announce the launch of two membership programs: first, in the fourth quarter we launched the Finance Leadership Exchange to serve CFOs of middle market companies. The program is off to a great start, versioning content from our larger company CFO program on such hot topics as accelerating value capture from M&A and right sizing the finance function. This launch builds on the success of our first foray into the middle market via our HR launch in 2005. Much like its sister middle market program, the initial feedback from members has been very positive.

"We are also pleased to announce the first of the 6-7 programs we will launch in 2007, The Data Center Operations Council. This program serves the executives responsible for operating and evolving the storage and data infrastructure needs of the large company. These senior executives control a large piece of the overall IT budget and are at the center of many of the challenges confronting IT organizations. This launch brings our total number of programs to 43."

Mr. Monahan also announced that Derek van Bever, Chief Research Officer, will be scaling back his commitments at CEB and, as a result, will step down as an executive officer of the Company on March 1, 2007. Mr. Monahan commented, "Derek van Bever has been a friend and colleague in many capacities across my tenure with CEB. I want to recognize the many contributions to our research, strategy, and operations that Derek has brought to CEB across more than two decades as a member of the executive team. I am delighted Derek's new role allows him to remain a key contributor to, and thought-partner in, the evolution of CEB."

In addition, CEB also announced that in the fourth quarter, it had transitioned responsibility for members and contracts in its CLC Metrics program, to its partner InfoHRM, and had exited the partnership. As part of this transition, CEB will retain access to benchmarking data to support its existing business.

AGREEMENT WITH THE ADVISORY BOARD COMPANY

The Company also announced that it has entered into an agreement with The Advisory Board Company to collaborate on several initiatives specific to each company's traditional best demonstrated practice research memberships. In addition to structuring the terms for the companies to license certain research content from each other, the agreement also establishes a collaboration to enhance value to the firms' existing and prospective members of such programs. The agreement also outlines several potential product development opportunities. The three-year collaboration includes renewal options for additional two-year terms. To facilitate the open sharing of information required for the collaboration, the agreement also includes a non-compete provision in the traditional best practice research memberships which extends one year beyond the collaboration. Mr. Monahan commented, "We are excited to continue and expand our relationship with The Advisory Board Company and look forward to the possibilities that this collaboration opens up for CEB."

DIVIDEND INCREASE AND ADDITIONAL SHARE REPURCHASE AUTHORIZATION

CEB is increasing its quarterly dividend to $0.40 from $0.30 per share. The dividend is payable on March 30, 2007, to stockholders of record at the close of business on March 9, 2007. The Company also announced that its Board of Directors authorized additional share repurchases for up to $200 million, which when combined with the remaining balance of the existing share repurchase authorization, provides CEB the opportunity to repurchase up to approximately $242.2 million of its shares. The increase in the dividend and the share repurchase authorization reflect the Company's continued strong performance and its commitment to returning excess capital to shareholders.

During the year ended December 31, 2006, the Company repurchased approximately 1,940,000 shares of its common stock at a total cost of approximately $176.0 million. Repurchases will continue to be made in open market and privately negotiated transactions subject to market conditions. No minimum number of shares has been fixed. The Company is funding its share repurchases with cash on hand and cash generated from operations.

OUTLOOK FOR 2007

The following statements summarize the Company's guidance for 2007.

The Company is comfortable with a target for annual growth in revenues of a minimum of 20%, or $553 million, and the following quarterly revenue distribution (in millions):

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The Company's guidance for GAAP annual diluted earnings per share in 2007 is $2.39 with a quarterly distribution as follows:

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Included in this amount is approximately $0.40 of share-based compensation expense. The assumptions on share-based compensation expense are estimates and will be updated and finalized after 2007 grants are made during the first quarter.

The Company is comfortable with a GAAP operating margin, including share-based compensation expenses, of approximately 23.7%.

For 2007, the Company expects other income of approximately $23.0 - $24.5 million, an effective income tax rate of approximately 38.5% and diluted weighted shares outstanding of approximately 39.5 - 40.0 million.

FORWARD-LOOKING STATEMENTS

This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You are hereby cautioned that these statements may be affected by the important factors, among others, set forth below and in CEB's 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. 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, difficulties we may experience in anticipating market trends, our need to attract and retain a significant number of highly skilled employees, 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, 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 under FAS No. 123(R), whether the Washington, D.C. Office of Tax and Revenue withdraws our QHTC status 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 CEB's filings with the U.S. Securities and Exchange Commission, including, but not limited to, its 2005 Annual Report on Form 10-K. The forward-looking statements in this press release are made as of February 6, 2007 and we undertake no obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise.

The Corporate Executive Board Company is a leading provider of best practices research and analysis focusing on corporate strategy, operations and general management issues. CEB provides its integrated set of services currently to more than 3,700 of the world's largest and most prestigious corporations, including over 80% of the Fortune 500. These services are provided primarily on an annual subscription basis and include best practices research studies, executive education seminars, customized research briefs and Web-based access to a library of over 275,000 corporate best practices.

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