X0306 4 2016-03-02 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 Options 28.20 2016-03-02 4 A 0 16800 0.00 A 2023-03-02 Common Stock 16800 16800 D Common Stock Options 28.20 2016-03-02 4 A 0 63776 0.00 A 2023-03-02 Common Stock 63776 63776 D One-half of the award will vest on the date that the Company's common stock closes at a price equal to or greater than $35.25 for at least 20 trading days out of 30 consecutive trading days, except that if such performance metric is satisfied prior to the first anniversary of the date of grant, such shares will vest on the first anniversary of the date of grant, and will in each case become exercisable 35 calendar days after vesting; and one-half of the award will vest on the date that the Company's common stock closes at a price equal to or greater than $39.48 at least 20 trading days out of 30 consecutive trading days, except that if such performance metric is satisfied prior to the first anniversary of the date of grant, such shares will vest on the first anniversary of the date of grant, and will in each case become exercisable 35 calendar days after vesting. The options to purchase the Company's common stock become exercisable in four equal annual installments beginning on March 2, 2017. /s/ Michael T. Kirshbaum by Seth A. Allyn by Power of Attorney 2016-03-04