TFS Financial CORP — Director's Dealing 2011

May 24, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TFS Financial CORP (TFSL)
CIK: 0001381668
Period of Report: 2008-08-29

Reporting Person: Asher Anthony J (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2008-08-29	Common Stock	P	20	$12.15	Acquired	16020	Indirect
2008-11-28	Common Stock	P	14	$12.75	Acquired	3514	Indirect
2008-11-28	Common Stock	P	20	$12.75	Acquired	16040	Indirect
2009-02-09	Common Stock	P	700	$12.63	Acquired	4214	Indirect
2009-02-27	Common Stock	P	25	$11.71	Acquired	4239	Indirect
2009-02-27	Common Stock	P	36	$11.71	Acquired	16076	Indirect
2009-05-29	Common Stock	P	26	$11.25	Acquired	4265	Indirect
2009-05-29	Common Stock	P	38	$11.25	Acquired	16114	Indirect
2009-08-28	Common Stock	P	38	$11.35	Acquired	16152	Indirect
2009-08-28	Common Stock	P	26	$11.35	Acquired	4291	Indirect
2009-11-27	Common Stock	P	28	$10.87	Acquired	4319	Indirect
2009-11-27	Common Stock	P	104	$10.87	Acquired	16256	Indirect
2010-02-26	Common Stock	P	23	$12.87	Acquired	4342	Indirect
2010-02-26	Common Stock	P	88	$12.87	Acquired	16344	Indirect
2010-05-28	Common Stock	P	23	$13.28	Acquired	4365	Indirect
2010-05-28	Common Stock	P	86	$13.28	Acquired	16430	Indirect
2011-04-25	Common Stock	G	2050	—	Disposed	0	Direct
2011-04-25	Common Stock	G	2050	—	Acquired	18480	Indirect
2011-04-25	Common Stock	G	3000	—	Disposed	10000	Direct
2011-04-25	Common Stock	G	3000	—	Acquired	21480	Indirect
2011-05-24	Common Stock	G	10000	—	Disposed	0	Direct
2011-05-24	Common Stock	G	10000	—	Acquired	31480	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Restricted Stock Units	$		Common Stock (30000)	30000	Direct

Footnotes

F1: These shares were purchased on behalf of the reporting person's wife by the reporting person's broker through a dividend reinvestment arrangement provided by the brokerage firm.

F2: These shares were purchased on behalf of the reporting person by the reporting person's broker through a dividend reinvestment arrangement provided by the brokerage firm.

F3: These shares were purchased by reporting person jointly with his wife on February 16, 2011. On April 25, 2011, the reporting person gifted these shares to his wife, who shares reporting person's household.

F4: These shares were purchased by the reporting person on May 30, 2008. On April 25, 2011, the reporting person gifted these shares to his wife, who shares the reporting person's household.

F5: On May 24, 2011, the reporting person gifted these shares to his wife, who shares reporting person's household.

F6: As reported on the Form 4 dated August 11, 2008 and filed on August 13, 2008, the reporting person received a grant of 50,000 Restricted Stock Units ("RSUs") on August 11, 2008. The RSUs vest 20% on each of the first through the fifth anniversaries of the date of the grant. On each vesting date, for each Unit vesting on such date, the reporting person will receive one share of TFS Financial Corporation common stock. The first 20% and second 20% of these RSUs wested on August 11, 2009 and August 11, 2010, respectively, resulting in the issuance of 10,000 shares on both dates of TFS Financial Corporation common stock to the reporting person.

F7: The Restricted Stock Units vest 20% on each of the first through the fifth anniversaries of the date of the grant, which was August 11, 2008. Restricted Stock Units are entitled to dividend equivalent rights in the form of the cash payment in the amount of any cash dividend paid per share of common stock.