X0306 4 2020-07-01 0 0001433195 APPFOLIO INC APPF 0001645481 IGSB IVP III, LLC C/O IGSB, INC. 1485 E. VALLEY ROAD, SUITE H SANTA BARBARA CA 93108 0 0 1 0 Class B Common Stock 0.00 2020-07-01 4 J 0 300691 0.00 D Class A Common Stock 300691 3554584 D On July 1, 2020, the investors in one of the investment funds of IGSB IVP III, LLC ("IVP III") approved the termination of that investment fund and the distribution of all 300,691 shares of AppFolio Class B Common Stock ("Class B Shares") held by that fund, pro-rata to the investors in that fund. No consideration was paid by any of those investors for the respective Class B Shares distributed to them. Each Class B Share is convertible, at any time at the option of the holder, into one Class A Share. In addition, Class B Shares that are sold or otherwise transferred will convert automatically, on a one share-for-one share basis, into Class A Shares, except for (i) any transfer by a partnership or limited liability company that was a registered holder of Class B Shares prior to June 30, 2015 that is made to anyone who was a partner or member of any such partnership or limited liability company prior to June 30, 2015, and (ii) any transfer to a "qualified recipient" (as defined in AppFolio's Amended and Restated Certificate of Incorporation). (Continued from footnote 2) AppFolio's Class B Shares do not have an expiration date. However, all of the outstanding Class B Shares will convert automatically into Class A Shares, on a one share-for-one share basis, on the date when the number of the Company's outstanding Class B Shares represents less than 10% of the sum of AppFolio's outstanding Class A and Class B Shares. IGSB IVP III, LLC, a California limited liability company, By: Investment Group of Santa Barbara, LLC, a California limited liability company, By: Timothy K. Bliss, Member & Vice President, By: /s/ Kimberly Shea, Attorney-in-Fact for Timothy K. Bliss 2020-07-06