Security	Date	Code	Shares	Price	A/D	Owned after	D/I
CLASS A COMMON STOCK^F1,F2	Jan 4, 2016	P	18,700	$13.88	A	23,700	D
CLASS A COMMON STOCK^F1,F3	Jan 4, 2016	P	779	$13.88	A	6,479	D
CLASS A COMMON STOCK^F4,F2	Jan 5, 2016	P	4,600	$13.92	A	28,300	D
CLASS A COMMON STOCK^F5,F2	Jan 6, 2016	P	35,100	$13.68	A	63,400	D
CLASS A COMMON STOCK^F5,F3	Jan 6, 2016	P	1,000	$13.68	A	7,479	D
CLASS A COMMON STOCK^F6	holding	—	—		—	175,025	D
CLASS A COMMON STOCK^F7	holding	—	—		—	12,890	D

Table II — derivative securities

No Table II lines on this filing.

Explanation of responses

F1The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $13.60 to $14.00, inclusive. The reporting persons undertake to provide to AppFolio, Inc., any security holder of AppFolio, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in footnotes (1), (4) and (5) to this Form 4.
F2These shares are directly owned by Clarity Ventures, L.P. ("Clarity LP"). These shares are indirectly owned by Clarity Ventures, Inc. ("Clarity GP"), as the general partner of Clarity LP. These shares are also indirectly owned by Steven L. Karan ("Mr. Karan"), as the President and 100% owner of Clarity GP, and by Jason F. Hughes ("Mr. Hughes"), as an authorized officer of Clarity GP.
F3These shares are directly owned by Meadowridge Ventures, L.P. ("Meadowridge"). These shares are indirectly owned by Clarity GP, as the general partner of Meadowridge. These shares are also indirectly owned by Mr. Karan, as the President and 100% owner of Clarity GP, and by Mr. Hughes, as an authorized officer of Clarity GP.
F4The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $13.84 to $14.00, inclusive.
F5The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $13.47 to $13.95, inclusive.
F6These shares are directly owned by Mr. Karan. These shares are held in the Steven L. Karan Roth IRA.
F7These shares are directly owned by Mr. Hughes. These shares are held in the Jason F. Hughes Roth IRA.

Remarks

The reporting persons herein collectively form a Section 13(d) "group," together with the Steven L. Karan Revocable Trust dated the 29th day of October, 2014 and the Hughes Family Trust dated 8/7/03, as described in a Schedule 13G and a Form 3 filed with the Securities and Exchange Commission on December 30, 2015. Exhibit List Exhibit 24 ? Confirming Statement (incorporated by reference to Exhibit 24 to the Form 3 filed by the reporting persons with the Securities and Exchange Commission on December 30, 2015).