Transactions Table

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Explanation of Responses:

Id	Content
F1	142,857 shares of Class A Common Stock ("Class A Shares") were acquired by IGSB Gaucho Fund I, LLC ("IGSB Gaucho LLC") in connection with the transfer of these Class A Shares from other members of IGSB Gaucho LLC.
F2	The Reporting Person is one of the managing members of IGSB Gaucho LLC and may be deemed to have shared voting and dispositive power with the other managing members over these Class A Shares. However, the Reporting Person disclaims beneficial ownership in these Class A Shares, except to the extent of any pecuniary interest he may have therein.
F3	These Class A Shares are held by a pension trust of which the Reporting Person is the sole trustee and who, in that capacity, possesses sole voting and sole dispositive power over these Class A Shares. However, the Reporting Person does not possess any pecuniary interest in these Class A Shares.
F4	These Class A Shares are owned by IGSB Cardinal Core BV, LLC, a limited liability company, of which the Reporting Person is the managing member. In that capacity, the Reporting Person possesses sole voting and dispositive power over these Class A Shares, but he disclaims beneficial ownership over the Class A Shares, except to the extent of any pecuniary interest he may have therein.
F5	These Class A Shares are held by a private foundation of which the Reporting Person is the president and one of five members of its board of directors. The Reporting Person does not have any pecuniary interest in, and disclaims beneficial ownership of, these Class A Shares because decisions with respect to the voting and disposition of these Class A Shares are subject to the oversight and the approval of not less than three of the foundation's five-member board of directors.
F6	142,858 shares of Class B Common Stock ("Class B Shares") were acquired by IGSB Gaucho LLC in connection with the transfer of these Class B Shares from various IRA accounts held by the Reporting Person.
F7	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).
F8	(Continued from Footnote 7) 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 Shares and Class B Shares.
F9	The Reporting Person is one of the managing members of IGSB Gaucho LLC and may be deemed to have shared voting and dispositive power with the other managing members over these Class B Shares. However, the Reporting Person disclaims beneficial ownership in these Class B Shares, except to the extent of any pecuniary interest he may have therein.
F10	These Class B Shares are held by a pension trust of which the Reporting Person is the sole trustee and who, in that capacity, possesses sole voting and sole dispositive power over these Class B Shares. However, the Reporting Person does not possess any pecuniary interest in these Class B Shares.
F11	These Class B Shares are owned by IGSB Cardinal Core BV, LLC, a limited liability company, of which the Reporting Person is the managing member. In that capacity, the Reporting Person possesses sole voting and dispositive power over these Class B Shares, but he disclaims beneficial ownership over the Class B Shares, except to the extent of any pecuniary interest he may have therein.
F12	These Class B Shares are owned by IGSB Cardinal Core MX, LLC, a limited liability company, of which the Reporting Person is the managing member. In that capacity, the Reporting Person possesses sole voting and dispositive power over these Class B Shares, but he disclaims beneficial ownership over the Class B Shares, except to the extent of any pecuniary interest he may have therein.
F13	These Class B Shares are held by a trust of which the Reporting Person is a co-trustee and, in that capacity, he may be deemed to share voting and dispositive power over these Class B Shares with the other trustee. However, the Reporting Person does not have a pecuniary interest in, and he disclaims beneficial ownership of, these Class B Shares.
F14	These Class B Shares are held by a private foundation of which the Reporting Person is the president and one of five members of its board of directors. The Reporting Person does not have any pecuniary interest in, and disclaims beneficial ownership of, these Class B Shares because decisions with respect to the voting and disposition of these Class B Shares are subject to the oversight and the approval of not less than three of the foundation's five-member board of directors.