Timberland Bancorp, Inc. ("Company"), the holding company for Timberland Bank, held its Annual Meeting of Shareholders on Tuesday, January 22, 2013 in Hoquiam, Washington. The results of the vote for the four items presented at the meeting were as follows:

1. Election of Directors:

Shareholders elected the following nominees to the Board of Directors for a three-year term ending 2016 by the following vote:

For Against Broker Non-Votes Number Number Number of Votes Percentage of Votes Percentage of Votes Percentage Michael R. Sand 4,184,411 98.34 70,550 1.66 2,790,075 N/A David A. Smith 4,200,928 98.73 54,033 1.27 2,790,075 N/A Larry D. Goldberg 4,162,587 97.83 92,374 2.17 2,790,075 N/A

The following directors, who were not up for re-election at the Annual Meeting of Shareholders, will continue to serve as directors: Jon C. Parker, James C. Mason, Michael J. Stoney, Andrea M. Clinton and Ronald A. Robbel.

2. Advisory (Non-Binding) Vote on Compensation of Named Executive Officers:

Shareholders approved an advisory (non-binding) vote on the compensation of the Company's named executive officers as follows:

                  Number
                 of Votes  Percentage
For              4,042,694   95.01
Against            155,477    3.68
Abstain            55,790     1.31

3. Advisory (Non-Binding) Vote on Advisory Vote on Executive Compensation. Shareholders approved an advisory (non-binding) vote on executive compensation every year, as follows:

                  Number
                 of Votes  Percentage
One Year         1,825,042   42.89
Two Years          176,794    4.16
Three Years.     1,772,995    41.67
Abstain            480,130    11.28

In light of the voting results with respect to this proposal, the Board of Directors determined to hold a shareholder advisory vote every year to approve the compensation of the Company's named executive officers, commencing with its 2014 annual meeting of shareholders, and

continuing thereafter until such time that the Board of Directors determines that a different frequency is in the best interest of the Company and its shareholders.

4. Ratification of Appointment of Independent Auditor:

Shareholders ratified the appointment of Delap LLP as the Company's independent auditor for the fiscal year ending September 30, 2013 by the following vote:

         Number
        of Votes  Percentage
For     6,387,458   97.87
Against   28,015     0.43
Abstain   110,972    1.70