X0306 4 2021-10-20 0 0001433195 APPFOLIO INC APPF 0001213191 RAUTH WILLIAM R III C/O IGSB, INC. 1485 E. VALLEY ROAD, SUITE H SANTA BARBARA CA 93108 1 0 1 0 Class A Common Stock 2021-10-20 4 S 0 72859 130.87 D 0 D Class A Common Stock 2021-10-20 4 P 0 16192 130.87 A 16192 I See Footnote Class A Common Stock 2021-10-20 4 P 0 16192 130.87 A 16192 I See Footnote Class A Common Stock 2021-10-20 4 P 0 16193 130.87 A 16193 I See Footnote Class A Common Stock 2021-10-20 4 P 0 2698 130.87 A 2698 I See Footnote Class A Common Stock 2021-10-20 4 P 0 2698 130.87 A 2698 I See Footnote Class A Common Stock 2021-10-20 4 P 0 2698 130.87 A 2698 I See Footnote Class A Common Stock 2021-10-20 4 P 0 2698 130.87 A 2698 I See Footnote Class A Common Stock 2021-10-20 4 P 0 2698 130.87 A 2698 I See Footnote Class A Common Stock 2021-10-20 4 P 0 2698 130.87 A 2698 I See Footnote Class A Common Stock 2021-10-20 4 P 0 2698 130.87 A 2698 I See Footnote Class A Common Stock 2021-10-20 4 P 0 2698 130.87 A 6698 I See Footnote Class A Common Stock 2021-10-20 4 P 0 2698 130.87 A 6698 I See Footnote Class A Common Stock 4000 I See Footnote Class A Common Stock 4000 I See Footnote Class A Common Stock 4000 I See Footnote Class A Common Stock 4000 I See Footnote Class A Common Stock 4000 I See Footnote Class A Common Stock 4000 I See Footnote Class A Common Stock 4000 I See Footnote Class A Common Stock 13072 I By IGSB IVP III, LLC On October 20, 2021, the Reporting Person sold these 72,859 Class A Shares, at a price of $130.87 per share, to irrevocable trusts previously established for his children and grandchildren in the respective numbers of Shares set forth below in this Form 4. These Class A Shares were purchased from the Reporting Person and are owned by an irrevocable trust established for one of the Reporting Person's children. The Reporting Person's spouse is the sole trustee of the trust. As a result, per a rule of the Securities and Exchange Commission (the "SEC"), the Reporting Person may be deemed to share, with his spouse, voting and dispositive power over the Class A Shares. However, the Reporting Person and his spouse disclaim any pecuniary interest in these Class A Shares. These Class A Shares were purchased from the Reporting Person and are owned by an irrevocable trust established for another of the Reporting Person's children. The Reporting Person's spouse is the sole trustee of the trust. As a result, per SEC rule, the Reporting Person may be deemed to share, with his spouse, voting and dispositive power over these Class A Shares. However, the Reporting Person and his spouse disclaim any pecuniary interest in these Class A Shares. These Class A Shares were purchased from the Reporting Person and are owned by an irrevocable trust established for one of the Reporting Person's grandchildren. The Reporting Person's spouse is the sole trustee of the trust. As a result, per SEC rule, the Reporting Person may be deemed to share, with his spouse, voting and dispositive power over these Class A Shares. However, the Reporting Person and his spouse disclaim any pecuniary interest in these Class A Shares. These Class A Shares were purchased from the Reporting Person and are owned by an irrevocable trust established for another of the Reporting Person's grandchildren. The Reporting Person's spouse has become the sole trustee of the trust. As a result, per SEC rule, the Reporting Person may be deemed to share, with his spouse, voting and dispositive power over these Class A Shares. However, the Reporting Person and his spouse disclaim any pecuniary interest in these Class A Shares. These Class A Shares are owned by an irrevocable trust established for another of the Reporting Person's grandchildren. The Reporting Person's spouse has become the sole trustee of the trust. As a result, per SEC rule, the Reporting Person may be deemed to share, with his spouse, voting and dispositive power over these Class A Shares. However, the Reporting Person and his spouse disclaim any pecuniary interest in these Class A Shares. These Class A Shares are owned by IGSB IVP III LLC, a private investment fund, which is managed by Investment Group of Santa Barbara LLC ("IGSB"). The Reporting Person is one of the members of IGSB and may be deemed to share voting and dispositive power with IGSB and its other members over these Class A Shares. However, the Reporting Person disclaims beneficial ownership of these Class A Shares, except to the extent of any pecuniary interest he may have therein. William R. Rauth, III, By: /s/ KIMBERLY SHEA, Attorney-in-Fact for William R. Rauth, III 2021-10-22