From: "Jeffrey E." <[email protected]>

From: "Jeffrey E." <[email protected]> To: Richard Kahn Subject: Re: APPF IPO Coming 6/25/15 Date: Tue, 23 Jun 2015 17:12:41 +0000 yes On Tue, Jun 23, 2015 at 1:10 PM, Richard Kahn please confirm that i should indicate for max shares thank you Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor New York, NY 10022 f ceal Begin forwarded message: From: "Atlas, Andrew S" To: "Richard Kahn Subject: APPF IPO Coming 6/25/15 Date: June 23, 2015 at 1:07:36 PM EDT Hey Rich, Here is a IPO, pricing on Thursday and trading on Friday. Let me know if Southern Trust would like to indicate. AppFolio, Inc. ("APPF" / NASDAQ) Base Offer Size: 6,200,000 Shares (100% Primary) Price Range: $12.00 - $14.00 > wrote: EFTA00853606 Expected Pricing Date: Thursday, June 25, 2015 (Post-Close) Best Always, Andrew Andrew S. Atlas Financial Advisor Equity Sales/Middle Markets Group Morgan Stanley Wealth Management hlidtown Manhattan Complex 1290 Avenue of the Americas. 12th Floor I New York. NY 10104 Tel/Direct Fax: Important Notice to Recipients: Please do not use e-mail to request, authorize or effect the purchase or sale of any security or commodity. Unfortunately, we cannot execute such instructions provided in e-mail. Thank you. The sender of this e-mail is an employee of Morgan Stanley Smith Barney LLC ("Morgan Stanley"). If you have received this communication in error, please destroy all electronic and paper copies and notify the sender immediately. Erroneous transmission is not intended to waive confidentiality or privilege. Morgan Stanley reserves the right, to the extent permitted under applicable law, to monitor electronic communications. This message is subject to terms available at the following link: If you cannot access this link, please notify us by reply message and we will send the contents to you. By messaging with Morgan Stanley you consent to the foregoing. please note The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE EFTA00853607 Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to jeevacation®gmail.com, and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved EFTA00853608