Silver, Freedman, Taff & Tiernan LLPAgreement and Plan of Merger • July 27th, 2018 • Timberland Bancorp Inc • Savings institutions, not federally chartered
We have acted as special tax counsel for Timberland Bancorp, Inc., a Washington corporation ("Timberland"), in connection with the preparation and filing on even date herewith, with the Securities and Exchange Commission (the "Commission") under the Securities Act of 1933, as amended (the "Securities Act"), of the Registration Statement on Form S-4 (as such may thereafter be amended or supplemented) (the "Registration Statement"). The Registration Statement relates to a plan of reorganization involving the merger of South Sound Bank with and into Timberland Bank, a first tier, wholly owned subsidiary of Timberland, with Timberland Bank being the surviving or resulting entity (the "Merger") and the resulting exchange by South Sound Bank shareholders of South Sound Bank Common Stock for Timberland Common Stock and cash pursuant to the terms of the Agreement and Plan of Merger by and between Timberland, Timberland Bank and South Sound Bank dated May 22, 2018 (the "Merger Agreement"), as f
