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CORPORATE EXECUTIVE BOARDWhat the Best Companies Do™

FEBRUARY 2009

2

The following slides are accompanied by an oral description and elaboration of this information, which

constitutes an essential part of this presentation. Persons should not rely on or analyze these slides without

reference to the oral part of this presentation. Except as otherwise expressly indicated in this presentation,

all the information in the presentation refl ects historical results. While this information is believed to be

representative of the issues discussed in this presentation, past results and trends may not be indicative of the

future, and the Company hereby disclaims any representation, regardless of whether express or implied, to

the contrary. Any information in this presentation relating to future performance, growth, or operating results

constitutes a forward-looking statement within the meaning of the Private Securities Litigation Reform Act.

Actual future performance or results may vary, perhaps materially, from those indicated herein, based on

a variety of factors. Those factors include, but are not limited to, the Company’s dependence on renewal of

membership-based services, dependence on key personnel, the need to attract and retain qualifi ed personnel,

risks arising from the management of growth, new product development, competition, risks associated with

anticipating market trends, industry consolidation, variability of quarterly operating results, factors that

could aff ect the estimated tax rate, and possible volatility of the Company’s stock price. The statements in this

presentation are made as of 10 February 2009, and the Company undertakes no obligation to update any of the

forward-looking information made in this presentation, whether as a result of new information, future events,

changes in expectations, or otherwise.

SECURITIES LAW DISCLAIMER

3

THE EXBD INVESTMENT PROPOSITION

EXBD develops and delivers an unparalleled set of resources to executives and professionals in the fi ve core decision centers of the world’s largest corporations.

The economics of EXBD’s business model allow for development of products and businesses with attractive fi nancial characteristics.

Expanding support for teams in core decision centers, continuing penetration of new markets, and versioning products to support critical decision points, positions EXBD for sustainable growth.

In 2009, EXBD will protect vital relationships and strengthen its growth outlook by streamlining the product portfolio, implementing a proven integrated service and sales model, and investing in critical technology and branding capabilities.

Debt free E

High visibility revenue E

Strong cash fl ow E

High and consistent operating margins E

4

Product Economics

Renewable revenue stream E

Scalable operating cost Estructure

Strong, interrelated brands Ethat support corporate decision centers

Resources that travel Eacross a professional’s career

TARGETING THE FIVE CORE DECISION CENTERS OF THE WORLD’S LARGEST CORPORATIONS

EXBD AT A GLANCE

Marketing

IT

FinanceLegal

HR

CXO

Key Direct Reports

Divisional/Operational

Support

Professionals

Corporate Leadership

Council, Human Resources Executive Forum

Benefi ts Roundtable,

Leadership and Development Roundtable

CLC-Genesee, Employee

Satisfaction Tool (ESAT)

Toolbox for HR®, HR Leadership

Academy

Product Characteristics

Targets clearly identifi able Epoint of sale

Supports recurring, Ehigh-dollar value decision/processes

Provides globally relevant Edecision-making support

Builds proprietary, Enetwork-enabled dataand intellectual property

1993: Human Resources

1983: Financial Services

1994

1995

1996: Finance

2004: India

2005: Middle Market

2006

2007: AsiaPAC

1997: ITMarketing

Europe1998

1999: Legal

5

AN UNPARALLELED SET OF RESOURCESUnparalleled Set of Resources

Economically Sound Business Model

Positioned for Sustainable Growth

Protecting Vital Relationships

World-class IP and resources for executives to leverage across every major decision they face

More than 40 programs, 5,100+ Eunique clients

200 new studies, 300,000+ corporate Epractices

Delivery systems that match actionable business insights to professional outcomes

7,500 education sessions; E187,000 attendees

Daily news feeds E

159,000 unique Web site users with E2 million+ downloads

Expansive intellectual and data assets to support professionals throughout their careers

More than 150 new benchmarking datasets E

More than 100 new analytic tools (e.g., EInvestor Message Absorption Diagnostic, Recruiting Executive Dashboard, LiquidityEdge)

Unprecedented executive network that spans functions, industries, and geographies

More than 80% of the Fortune 500 E

More than 190 executive discussion Egroups

1.5 million registered ITtoolbox.com users E

6

DELIVERING EXCEPTIONAL VALUE

FASTER

BETTER

SUPERIOR OUTCOMES

“If we hadn’t had this insight from CLC, I feel we would have risked

choosing the wrong vendor due to our lack of knowledge on the

topic. As it was, we saved an estimated 30–50% of the time we

would have otherwise spent.”

“It’s a wonderful way, when you’re

trying to execute on change, not to

have to reinvent the wheel.”

“My category leaders can

quantify the savings/cost avoidance

directly related to our PSC supplier

management engagement at more

than $1.5M in 12 months.”

“In diffi cult times, people who maintain investments in

themselves and their companies will win out over others

who chose to retrench. Now is not the time to retreat from

vision and ideas. Quite the reverse. I need all the fresh ideas

I can get. And it’s investment in those ideas that will lead to

sustained competitive advantage.”

“The current state of the economy has added pressure to all areas

of the business. We are making every eff ort to be common sense

stewards of our resources. Understandably this leaves less funding for

formal training; however, I found the CLC resource to be a great low-

cost solution to support self development…Thank you again for your

forward thinking and commitment to growth and self-development.”

Unparalleled Set of Resources




“It permits me to do a reality

check of my team’s processes and

organization. It helps us to be more

effi cient and make sure that we aren’t

missing the boat on important ideas.”

7





SERVING THE WORLD’S PREMIER EXECUTIVE NETWORK

5,100+Global

Enterprises

50+Countries

120,000+Executives andProfessionals

80%of the

Fortune 500 Companies

8

HIGHLY VISIBLE REVENUE = SUPERIOR COST MANAGEMENT

Deferred Revenue

55%

Renewals 30%

New Business

Total Annual

Revenue

CEB Revenue

Large Corporate Client Renewal Rate

~85% of Annual

Revenue Visible

1 January

2004 2005 2006 2007 20080.0%

25.0%

50.0%

75.0%

100.0%91.0% 92.0% 92.0% 92.0%

88.0%

15%

85%

100%





9

HIGH-MARGIN BUSINESS MODELIndexed 2004 = 100

2004 2005 2006 2007 20080.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

17.7%

22.4%25.1% 24.2% 24.5%

Revenue

Employees

Adjusted EBITDA Margin*

HIGH AND CONSISTENT OPERATING MARGIN

SCALABLE COST STRUCTURE

2004 2005 2006 2007 2008100

125

150

175

200





* Refer to the attached appendix for discussion of and reconciliation pertaining to non–GAAP measures.

10

A STRONG CASH-GENERATING CAPABILITY

Net Income

Depreciation and

Amortization

Averaging 24.6%

Adjusted EBITDA Margin*

2006–2008

~2% of Revenue

More than 85% of

Members Prepay

1.1x ~ 2.0x Adjusted

Net Income* 2003–2008

2–3% Revenue

EBITDA

Stock-Based Comp

Deferred Income Tax

Change in Working Capital

Cash Flow from Operations CAPEX

Free Cash Flow





* Refer to the attached appendix for discussion of and reconciliation pertaining to non–GAAP measures.

11

MARKETINGITLEGALFINANCE

SIZING EXBD’S MARKET POTENTIALUnparalleled Set of Resources




HR

SEGMENT CHARACTERISTICS EXAMPLESPOTENTIAL HR

FUNCTION SPEND PER INSTITUTION

EXBD MARKET

POTENTIAL

GLOBAL ENTERPRISES

~750 INSTITUTIONS

$10 B+ REVENUE

Globally distributed Einstitutions with multiple business units

Strategic focus E

Large teams with executive Elevel sub-functions defi ned

Pfi zer

Pepsico

Samsung

General Electric

$500 K–$1 M $375M–$750M

LARGE ENTERPRISES

~4,000 INSTITUTIONS

$1 B–$10 B REVENUE

Single location or small Esubsidiaries structure

Established functions with Eemerging sub-functions

Smaller teams with shared Eresponsibilities

Heinz

Avon

Limited Brands

Novo Nordisk

$100 K–$150 K $400 M–$600 M

MIDSIZED ENTERPRISES

~17,000 INSTITUTIONS

$100 M–$1 B REVENUE

Single location E

Emerging functions Eand sub-functions

Very small teams E

Choicepoint

Scholastic

Polycom

$20 K–$40 K $300 M–$600 M

TOTAL HR FUNCTION MARKET POTENTIAL $1 B–$2 B

12

1994 1996 1998 2000 2002 2004 2006 2007 2008

$17.0$36.9

$86.8

$171.0

$335.3

$425.4

$576.8

$725.5

$689.9

Compensation

Information Security

Investor Relations

Real Estate

Recruiting

Shared ServicesApplications

Learning and Development

Compliance

Controller

Sales

Benefi ts

Infrastructure

Treasury

Procurement

R&D

Legal

Finance

IT

StrategyHR

PROTECTING KEY MEMBER RELATIONSHIPS

New Customer

New Product

Cross-Sell and Price Increases

SAMPLE MEMBERSHIP CONSUMPTION (IN THOUSANDS)

EXBD PROGRAMS





On average, members expand their EXBD relationship from 1.3 to 5.9 programs within their fi rst three years of membership.

13

FOCUSING ON FOUR KEY GROWTH AREAS IN 2009

1 Protect the core economics of EXBD’s business through careful cost management.

2 Engage and grow unparalleled networks in EXBD’s fi ve core domains by leveraging an integrated sales and service model.

3 Version the existing EXBD product set for key new markets.

4 Launch new products that target new decisions and decision makers in EXBD’s fi ve core domains.





FINANCIAL HIGHLIGHTS

15

FINANCIAL HIGHLIGHTS

OPERATING STATISTICS

DEC. `05 DEC. `06 DEC. `07 DEC. `08

NUMBER OF INSTITUTIONS 2,831 3,739 4,711 5,114

NUMBER OF MEMBERSHIPS 10,825 14,190 16,349 15,747

MARKET METRICS

LARGE CORPORATE CLIENTS

CLIENTS 3,653 3,685

RENEWAL RATE 92% 88%

CROSS-SELL RATIO 4.03 3.63

MIDDLE MARKET CLIENTS

CLIENTS 1,136 1,508

RENEWAL RATE 80% 71%

CROSS-SELL RATIO 1.44 1.58

16

YEAR-TO-DATE FINANCIAL PERFORMANCE

STATEMENT OF OPERATIONS AND CONTRACT VALUE(In thousands, except per share amounts)

YEAR ENDED31 DEC 2007

YEAR ENDED31 DEC 2008

2007–2008GROWTH

REVENUE $532,716 $558,352 4.8%

ADJUSTED NET INCOME1 $80,587 $70,259 (12.8%)

GAAP EARNINGS PER DILUTED SHARE $2.17 $1.48 (31.8%)

NON-GAAP EARNINGS PER DILUTED SHARE1 $2.17 $2.05 (5.5%)

ADJUSTED EBITDA1 $128,724 $136,627 6.1%

CONTRACT VALUE2 $526,386 $487,107 (7.5%)

1 Refer to the attached appendix for discussion of and reconciliation pertaining to non-GAAP measures.

2 We defi ne “Contract Value” as of the year end as the aggregate annualized revenue attributed to all agreements in eff ect on such date, without regard to the remaining duration of any such agreement.

17

This Appendix and the accompanying tables include a discussion of EBITDA, Adjusted EBITDA, Adjusted

net income and Non–GAAP earnings per diluted share, which are non–GAAP fi nancial 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 fi nancial measure that CEB defi nes as

earnings before interest income, net, income taxes, and depreciation and amortization. The term “Adjusted

EBITDA” refers to a fi nancial measure that CEB defi nes as earnings before interest income, net, income taxes,

depreciation and amortization, impairment loss, and restructuring costs. “Adjusted net income” refers to Net

income excluding the eff ect, net of tax, of the impairment loss and restructuring costs. “Non_GAAP earnings

per diluted share” refers to Net income excluding the per share eff ect, net of tax, of the impairment loss and

restructuring costs.

These non–GAAP measures may be considered in addition to results prepared in accordance with GAAP, but

should not be considered a substitute for, or superior to, GAAP results. Furthermore, CEB intends to continue

to provide these non–GAAP fi nancial measures as part of the company’s future earnings discussions and,

therefore, the inclusion of these non-GAAP fi nancial measures will provide consistency in CEB’s fi nancial

reporting. A reconciliation of these non–GAAP measures to GAAP results is provided on the following page.

APPENDIX

18

APPENDIX2004 2005 2006 2007 2008

REVENUE $280,724 $362,226 $460,623 $532,716 $558,352

ADJUSTED EBITDA

NET INCOME $53,656 $75,060 $79,171 $80,587 $50,791

DEPRECIATION AND AMORTIZATION 6,782 7,308 10,381 15,573 21,895

INTEREST INCOME, NET (9,936) (13,588) (23,566) (14,937) (4,268)

PROVISION FOR INCOME TAXES 26,729 38,550 49,561 47,501 36,957

EBITDA 77,231 107,330 115,547 128,724 105,375

SHARE BASED COMPENSATION (27,573) (26,370) – – –

IMPAIRMENT LOSS – – – – 23,246

RESTRUCTURING COSTS – – – – 8,006

ADJUSTED EBITDA $49,658 $80,960 $115,547 $128,724 $136,627

ADJUSTED EBITDA MARGIN 17.7% 22.4% 25.1% 24.2% 24.5%

2007 2008

ADJUSTED NET INCOME

NET INCOME $80,587 $50,791

IMPAIRMENT LOSS, NET OF TAX – 14,664

RESTRUCTURING COSTS, NET OF TAX – 4,804

ADJUSTED NET INCOME $80,587 $70,259

2007 2008

NON-GAAP EARNINGS PER DILUTED SHARE

GAAP EARNINGS PER DILUTED SHARE $2.17 $1.48

PER SHARE EFFECT OF IMPAIRMENT LOSS, NET OF TAX – 0.43

PER SHARE EFFECT OF RESTRUCTURING COSTS, NET OF TAX – 0.14

NON-GAAP EARNINGS PER DILUTED SHARE $2.17 $2.05

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