X0306 4 2014-04-15 0 0001157377 ADVISORY BOARD CO ABCO 0001353721 Kirshbaum Michael T 2445 M STREET, NW WASHINGTON DC 20037 0 1 0 0 Chief Financial Officer Common Stock 2014-04-15 4 M 0 2940 0.00 A 23378 D Common Stock 2014-04-15 4 F 0 1069 59.72 D 22309 D Common Stock 2014-04-15 4 M 0 2625 22.38 A 24934 D Common Stock 2014-04-15 4 S 0 2482 58.88 D 22452 D Common Stock 2014-04-15 4 S 0 143 59.49 D 22309 D Restricted Stock Units 2014-04-15 4 M 0 2940 0.00 D Common Stock 2940 2940 D Common Stock Options 22.38 2014-04-15 4 M 0 2625 0.00 D 2015-05-20 Common Stock 2625 21000 D This transaction was effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person. These shares were sold in multiple transactions at prices ranging from $58.43 to $59.42. The price reported in Column 4 reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer, or a security holder of the issuer full information regarding the number of shares sold at each separate price within the range at which the transaction was effected. These shares were sold in multiple transactions at prices ranging from $59.43 to $59.52. The price reported in Column 4 reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer, or a security holder of the issuer full information regarding the number of shares sold at each separate price within the range at which the transaction was effected. Each Restricted Stock Unit ("RSU") represents a contingent right to receive one share of the Company's common stock. On April 15, 2011, the Reporting Person was awarded RSUs that vest in four equal installments on May 15, 2012; April 15, 2013; April 15, 2014; and April 15, 2015, unless deferred. Upon vesting, each RSU is settled by the delivery of the underlying shares of common stock or payment of the current cash value of the vested shares, at the discretion of the Company. The option represents a right to purchase a total of 31,500 shares of the Company's common stock, which became exercisable in four equal annual installments beginning on March 31, 2009. /s/ Michael T. Kirshbaum by Seth A. Allyn by Power of Attorney 2014-04-17