| Explanation of Responses: |
| (1) | These common shares were delivered to the issuer to pay the option's exercise price and applicable tax due upon vesting of certain stock options. |
| (2) | Shares are held with shared voting power with spouse. |
| (3) | Reflects transactions not required to be reported under Section 16 of the Securities Exchange Act, as amended. |
| (4) | As reported on a Form 4 dated December 19, 2011, the reporting person received a grant of 36,900 stock options that vest in three equal annual installments beginning December 15, 2012. |
| (5) | Each restricted stock unit represents a contingent right to receive one share of TFS Financial Corporation common stock. Restricted stock units are entitled to dividend equivalent rights in the form of a cash payment in the amount of any cash dividend paid per share of common stock. |
| (6) | As reported on a Form 4 dated December 19, 2019, the reporting person received a grant of 8,100 restricted stock units. These restricted stock units vest in three equal installments beginning December 10, 2020. |
| (7) | On December 17, 2020, the reporting person received a grant of 9,400 Restricted Stock Units (RSUs), which fully vest on December 10, 2021. |
| (8) | On November 24, 2020, the reporting person achieved performance level of 112.5% on a target award of 15,100 Performance Share Units ("PSUs"), resulting in a total earned award of 16,988 shares. This represents the final determination of a December 20, 2018 award that was dependent on certain performance results during the two fiscal year period ended September 30, 2020. Each PSU represents a contingent right to receive one share of TFS Financial Corporation common stock and are entitled to dividend equivalent rights in the form of a cash payment in the amount of any cash dividend paid per share of common stock during the period the award was outstanding. The shares and dividend equivalent payment will vest and distribute to the reporting person on December 10, 2021. |
| (9) | As reported on a Form 4 dated January 8, 2018, the reporting person received a grant of 187,500 stock options. These stock options vest in three equal annual installments beginning December 10, 2018. |
| (10) | As reported on a Form 4 dated December 19, 2014, the reporting person received a grant of 32,400 stock options. These stock options vest in three equal annual installments beginning December 10, 2015. |
| (11) | As reported on a Form 4 dated May 29, 2015, the reporting person received a grant of 108,300 stock options on May 28, 2015. These stock options vest in five equal annual installments beginning May 28, 2016. |
| (12) | As reported on a Form 4 dated December 17, 2015, the reporting person received a grant of 49,200 stock options on December 15, 2015. These stock options vest in three equal annual installments beginning December 10, 2016. |
| (13) | As reported on a Form 4 dated December 12, 2013, the reporting person received a grant of 28,700 stock options on December 3, 2013. These stock options vest in three equal installments beginning December 3, 2014. |
| (14) | As reported on a Form 4 dated December 15, 2016, the reporting person received a grant of 79,400 stock options. These stock options vest in three equal annual installments beginning December 10, 2017. |
| (15) | On December 20, 2018, the reporting person received a grant of 10,100 Restricted Stock Units ("RSUs"). These RSUs vest in three equal annual installments beginning December 10, 2019. |
| (16) | As reported on a Form 4 dated September 29, 2011, the reporting person received a grant of 3,600 restricted stock units that vest in four equal annual installments beginning May 14, 2011. Vested shares may be distributed to the Reporting Person only after that person's termination of employment with TFS Financial Corporation. |
| (17) | The reporting person received a grant of 41,700 stock options on December 28, 2012. These stock options vest in three equal installments beginning December 15, 2013. |