X0306 4 2021-12-01 1 0001433195 APPFOLIO INC APPF 0001645662 Investment Group of Santa Barbara, 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 2021-12-01 4 J 0 3554584 0.00 D Class A Common Stock 3554584 0 I By IGSB IVP III, LLC Class B Common Stock 0.00 2021-12-01 4 J 0 993627 0.00 D Class A Common Stock 993627 0 I By IGSB Internal Venture Fund III, LLC Investment Group of Santa Barbara, LLC ("IGSB") is the manager of IGSB IVP III, LLC ("IVP III"). On December 1, 2021, three of the investment funds of IVP III were dissolved, resulting in the termination of each of those investment funds and the distribution of an aggregate of 3,554,584 shares of AppFolio Class B Common Stock ("Class B Shares") held by those investment funds, pro-rata to their investors. No consideration was paid by any of the investors in those investment funds for the Class B Shares distributed to them. Each Class B Share is convertible, at any time at the option of the holder, into one share of Appfolio Class A Common Stock (the "Class A Shares"). 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 also is the manager of IGSB Internal Venture Fund III, LLC ("IVF III"). On December 1, 2021, four investment funds of IVF III were dissolved, resulting in the termination of those investment funds and the distribution of an aggregate of 993,627 shares of AppFolio Class B Shares held by those investment funds, pro-rata to their investors. No consideration was paid by any of the investors in those investment funds for the Class B Shares distributed to them. 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 2021-12-03