AppFolio, Inc.

Footnotes

F1

Sales made pursuant to a 10b5-1 trading plan previously adopted by the Reporting Person on March 13, 2026.↩ 1↩ 2↩ 3↩ 4↩ 5↩ 6↩ 7↩ 8↩ 9↩ 10↩ 11↩ 12↩ 13↩ 14↩ 15↩ 16↩ 17↩ 18↩ 19↩ 20↩ 21↩ 22↩ 23↩ 24↩ 25↩ 26↩ 27↩ 28↩ 29↩ 30

F2

This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $197.50 to $198.38, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.↩ 1↩ 2↩ 3

F3

This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $198.825 to $199.01, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.↩ 1↩ 2

F4

This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $199.98 to $200.68, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.↩ 1↩ 2↩ 3

F5

This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $201.03 to $201.95, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.↩ 1↩ 2↩ 3

F6

This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $202.23 to $203.00, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.↩ 1↩ 2↩ 3

F7

This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $203.355 to $204.29, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.↩ 1↩ 2↩ 3

F8

This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $204.49 to $205.46, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.↩ 1↩ 2↩ 3

F9

This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $205.495 to $206.14, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.↩ 1↩ 2↩ 3

F10

These shares of Class A Common Stock ("Class A Shares") are held by a pension trust of which the Reporting Person is the sole trustee and who, in that capacity, possesses sole voting and sole dispositive power over these Class A Shares. However, the Reporting Person does not possess any pecuniary interest in these Class A Shares.↩ 1↩ 2↩ 3↩ 4↩ 5↩ 6↩ 7↩ 8

F11

This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $198.825 to $199.10, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.↩ 1

F12

This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $206.05 to $207.03, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.↩ 1

F13

This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $209.01 to $209.22, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.↩ 1

F14

This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $210.94 to $211.67, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.↩ 1