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

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 $214.75 to $215.61, 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

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 $216.01 to $216.94, 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 $217.03 to $218.02, 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

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 $218.03 to $218.99, 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

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 $219.03 to $220.02, 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

F7

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↩ 9↩ 10↩ 11↩ 12

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 $214.36 to $214.95, 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

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 $220.96 to $221.895, 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

F10

This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $222.09 to $223.08, 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

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 $223.59 to $224.40, 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

F12

These Class A Shares are owned by IGSB Cardinal I, LLC, a limited liability company, of which the Reporting Person is the managing member. In that capacity, the Reporting Person possesses sole voting and dispositive power over these Class A Shares. However, the Reporting Person disclaims beneficial ownership in these Class A Shares, except to the extent of any pecuniary interest he may have therein.↩ 1

F13

These Class A Shares are owned by IGSB Gaucho Fund I, LLC, a limited liability company, of which the Reporting Person is the managing member. In that capacity, the Reporting Person possesses sole voting and dispositive power over these Class A Shares. However, the Reporting Person disclaims beneficial ownership in these Class A Shares, except to the extent of any pecuniary interest he may have therein.↩ 1

F14

These Class A Shares are owned by IGSB Cardinal Core BV, LLC, a limited liability company, of which the Reporting Person is the managing member. In that capacity, the Reporting Person possesses sole voting and dispositive power over these Class A Shares, but he disclaims beneficial ownership in these Class A Shares, except to the extent of any pecuniary interest he may have therein.↩ 1

F15

These Class A Shares are held by a trust of which the Reporting Person is a co-trustee and, in that capacity, he may be deemed to share voting and dispositive power over these Class A Shares with the other trustee. However, the Reporting Person does not have a pecuniary interest in, and he disclaims beneficial ownership of, these Class A Shares.↩ 1