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The Corporate Executive Board Reports Fourth Quarter Earnings of $0.20 Per Diluted Share
WASHINGTON, D.C. (January 31, 2000) -- The Corporate Executive Board Company (“CEB”) (Nasdaq/NM:EXBD) today announced financial results for the fourth quarter and year ended December 3l, 1999. For the quarter, revenues increased 34.9% to $19,950,000 from $14,791,000 for the fourth quarter of 1998. Pro forma net income was $3,241,000, up 174% from $1,183,000. Pro forma diluted earnings per share increased 150% for the quarter to $0.20 from $0.08 for the fourth quarter of 1998. Pro forma adjustments exclude stock option restructuring and repurchase expenses and include income taxes at 40.0% for both quarters.

Revenues for the year increased 33.4% to $70,767,000 from $53,030,000 for 1998. Pro forma net income rose 100.3% to $10,591,000 from $5,288,000. Pro forma diluted earnings per share for the year were $0.66, an 88.6% increase from $0.35 for 1998. Pro forma adjustments exclude stock option restructuring and repurchase expenses and include income taxes at a blended rate of 41.0% for both years. The Company’s income tax rate for 2000 is expected to approximate 39.0%.

A registration statement relating to an offering of 5,000,000 shares of the Company’s common stock has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any State in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such State.

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 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, the dependence on renewal of membership based services, dependence on key personnel, the need to attract and retain qualified personnel, management of growth, new product development, competition, risks associated with anticipating market trends, industry consolidation, variability of quarterly operating results, various factors that could affect the estimated tax rate and possible volatility of stock price. The Company undertakes no obligation to update publicly 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 1,480 of the world’s largest and most prestigious corporations, including more than 70% 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 on-line database access.

                 THE CORPORATE EXECUTIVE BOARD COMPANY
                         Financial Highlights
                 (in thousands, except per share data)

                              Three Months Ended        Year Ended
                                 December 31,          December 31,
                              ------------------    ------------------
                               1999       1998       1999        1998
                              -------    -------    -------    -------
Revenues                      $19,950    $14,791    $70,767    $53,030
Net income (loss)              $3,184    $(1,984)   $13,246     $3,259
Basic earnings (loss)
 per share                      $0.23     $(0.16)     $1.00      $0.26
Diluted earnings (loss)
 per share                      $0.19     $(0.13)     $0.83      $0.22
Weighted average common
 shares outstanding:
   Basic                       13,570     12,504     13,223     12,504
   Diluted                     16,359     15,119     16,027     14,950

Pro forma: (1) (2)

   Net income                  $3,241     $1,183    $10,591     $5,288
Diluted earnings per share      $0.20      $0.08      $0.66      $0.35

(1) Excludes stock option restructuring and repurchase expenses.

(2) Includes income taxes of 40.0% for the three-months periods and
income taxes of 41.0% for the year end periods.

                 THE CORPORATE EXECUTIVE BOARD COMPANY
                         Financial Highlights
                 (in thousands, except per share data)

                             Three Months Ended           Year Ended
                    Selected     December 31,   Selected  December 31,
                     Growth  ------------------  Growth  ---------------
                     Rates    1999       1998    Rates    1999     1998
                    -------- -------    -------  ------- -------  ------
Contract Value        31.8%  $80,633    $61,180

Statements of Income
Revenues              34.9%  $19,950    $14,791    33.4% $70,767 $53,030
Cost of services               8,011      7,479           28,602  25,373
                             -------    -------          -------  ------
     Gross profit             11,939      7,312           42,165  27,657

Member relations
 and marketing                 4,269      3,155           15,525  11,676
General and
 administrative                2,088      2,013            8,485   6,920
Depreciation                     493        384            1,318     885
Stock option
 restructuring
 and repurchase                   95      4,184              383   5,342
                             -------    -------          -------  ------
    Income (loss)
     from operations           4,994     (2,424)          16,454   2,834

Interest income                  312        211            1,114     786
                             -------    -------          -------  ------
Income (loss) before
 income taxes                  5,306     (2,213)          17,568   3,620
Provision (benefit)
 for income taxes              2,122       (229)           4,322     361
                             -------    -------          -------  ------
     Reported net
      income (loss)           $3,184    $(1,984)         $13,246  $3,259
                             =======    =======          =======  ======

Reported EPS-basic             $0.23     $(0.16)           $1.00   $0.26
Reported EPS-diluted           $0.19     $(0.13)           $0.83   $0.22

Pro forma net
 income (1) (2)      174.0%   $3,241     $1,183   100.3%  10,591  $5,288

Pro forma
 EPS-basic (1) (2)             $0.24      $0.09            $0.80   $0.42
Pro forma
 EPS-diluted (1) (2) 150.0%    $0.20      $0.08    88.6%   $0.66   $0.35

Weighted average
 shares outstanding
   Basic                      13,570     12,504           13,223  12,504
   Diluted             8.2%   16,359     15,119     7.2%  16,027  14,950

Percentages
 of Revenues
Gross profit                    59.8%      49.4%            59.6%   52.2%
Member relation
 and marketing                  21.4%      21.3%            21.9%   22.0%
General
 and administrative             10.5%      13.6%            12.0%   13.0%
Pro forma income
 from operations (1)            25.5%      11.9%            23.8%   15.4%
Pro forma net
 income (1) (2)                 16.2%       8.0%            15.0%   10.0%

(1)  Excludes stock option restructuring and repurchase expenses.

(2)  Includes income taxes of 40.0% for the three-months periods and
     income taxes of 41.0% for the year end periods.

                 THE CORPORATE EXECUTIVE BOARD COMPANY
                       CONDENSED BALANCE SHEETS
                 (in thousands, except share amounts)

                                        Dec. 31, 1999   Dec.31, 1998
                                        -------------   ------------
Assets

Current assets:
    Cash and marketable
      securities                       $     19,726        $16,104
    Receivables:
       Membership fees
        receivable, net                      26,603         17,165
       Due from
        stockholder                             --           6,500
       Due from affiliate                       --             350
    Prepaid expenses and
     other current assets                     1,318            383
    Deferred income
     taxes, net                               8,047          1,438
    Deferred offering
     costs                                       --          1,251
    Deferred incentive
     compensation                             2,801          2,023
                                        -------------   ------------
        Total current
         assets                              58,495         45,214

Marketable securities                        13,348             --
Property and equipment,
 net                                          9,921          3,714
                                        -------------   ------------
        Total assets                   $     81,764        $48,928
                                       ==============   ============

Liabilities and
 stockholders' equity
 (deficit)

Current liabilities:
    Accounts payable,
     accrued liabilities
     and other liabilities                   $6,041         $5,159
    Accrued incentive
     compensation                             3,877          2,661
    Due to affiliate                             41             --
    Stock option repurchase
     and special bonus plan
     liability                                4,710          7,054
    Deferred revenues                        55,436         39,061
                                        -------------   ------------
        Total current liabilities            70,105         53,935

Other liabilities                               813             --
Long-term stock option
 repurchase liability                          --            3,140
                                        -------------   ------------
        Total liabilities                    70,918         57,075

        Total stockholders'
         equity (deficit)                    10,846         (8,147)
                                        -------------   ------------
Total liabilities and stockholders'
 equity (deficit)                           $81,764        $48,928
                                       ==============   ============
Contact:

Clay Whitson
Chief Financial Officer
(202) 777-5455
heroldl@executiveboard.com