X0306 4 2015-07-02 0 0001433195 APPFOLIO INC APPF 0001218663 OBERNDORF WILLIAM E 615 FRONT STREET SAN FRANCISCO CA 94111 0 0 1 0 0001607557 Oberndorf Investments, LLC 615 FRONT STREET SAN FRANCISCO CA 94111 0 0 1 0 Class A common stock 2015-07-02 4 P 0 7500 13.9597 A 454500 I See Footnote Class A common stock 2015-07-06 4 P 0 1600 13.9034 A 456100 I See Footnote Class A common stock 506171 D Class A common stock 182788 I See Footnote Class A common stock 4100 I See Footnote Class A common stock 45900 I See Footnote These shares are owned directly by Oberndorf Investments LLC, a Delaware limited liability company ("OBI"), and may be deemed to be indirectly beneficially owned by William E. Oberndorf ("WEO") as the sole controlling person of OBI. WEO disclaims beneficial ownership of these shares except to the extent of his pecuniary interest therein. These shares are held in the self-directed Individual Retirement Account of WEO. These shares are owned directly by the Bill & Susan Oberndorf Foundation, a California corporation ("Oberndorf Foundation"), and may be deemed to be indirectly beneficially owned by WEO as a controlling person of Oberndorf Foundation. WEO disclaims beneficial ownership of these shares except to the extent of his pecuniary interest therein. These shares are directly owned by WEO's child Peter C. Oberndorf, and may be deemed to be indirectly beneficially owned by WEO. WEO disclaims beneficial ownership of these shares except to the extent of his pecuniary interest therein. These shares are owned directly by the Peter Oberndorf Irrevocable Trust, dated 6/30/89 ("PCO Trust"), and may be deemed to be indirectly beneficially owned by WEO in his capacity as sole trustee for the PCO Trust. WEO disclaims beneficial ownership of these shares except to the extent of his pecuniary interest therein. /s/ Gary Scheier as Attorney-in-Fact for William E. Oberndorf 2015-07-07 /s/ Gary Scheier as Attorney-in-Fact for Oberndorf Investments LLC 2015-07-07