TESORO GOLD LTD — AGM Information 2007

Oct 30, 2007

CHAIRMAN’S ADDRESS Annual General Meeting of Shareholders Wednesday, 31 October 2007

van Eyk Three Pillars has once again had a strong year in terms of:

• absolute returns;

• increase in share price, and;

• share price relative to Net Tangible Assets.

Your Board of Directors has remained focused on ensuring the implementation of strategies to encourage the share price to reflect the net tangible assets. The major strategies have been:

• The announcement of a targeted annual dividend of 9 cents per share fully franked. The actual dividend in relation to 30 June 2007 was 10 cents per share – an increase of 25% on the prior year.

• Annual dividends of 10 cents per share fully franked are worth 14.29 cents before tax to an individual and more to a superannuation fund.

• The placement of additional shares to over 300 investors to support size and liquidity. Many of these shareholders are expected to be ongoing buyers of van Eyk Three Pillars shares.

• A rights issue to all shareholders to further support size and liquidity.

• An increased communication strategy with shareholders, brokers and investment advisors. We are fortunate to be able to benefit from these established van Eyk Research relationships.

The success of these strategies can be seen by the increase in the total volume of van Eyk Three Pillars shares traded. This has increased from 14.1m for the year ended 30 September 2006 to 18.2m for the year ended 30 September 2007. The strength of the share price compared to Net Tangible Assets also attests to the success of these strategies.

The investment portfolio of van Eyk Three Pillars is managed by Three Pillars Portfolio Managers Pty Limited, formerly a division of van Eyk Research and now a separate entity. Corporate management is undertaken by VTP Management Pty Limited, renamed from White Funds Management Administration. The directors’ responsibilities therefore do not include investment decisions, but rather ensuring that the managers operate in accordance with their mandates and in the best interest of the shareholders. The board also addresses issues of corporate governance, reviews corporate strategy and monitors the timeliness and accuracy of reporting to shareholders.

Of course while no one can pick the timing of changes in the market, we are confident in the van Eyk Research investment methodology. Not withstanding the disciplined investment approach, listed investment companies, like most share investments, should be undertaken for the medium or long term.

van Eyk Three Pillars Limited ABN 91 106 854 175

Level 7, 20 Hunter St, Sydney NSW 2000 GPO Box 5482, Sydney NSW 2001 P (02) 8236 7701 F (02) 9221 1194

www.vaneyk.com.au www.threepillars.vaneyk.com.au

While the Australian share market has delivered outstanding returns in recent years, we expect more subdued returns looking forward. The earnings outlook is moderating. Costs in the form of materials, energy and especially labour, continue to show upside risk and will pressure company profit margins moving further into the 2008 financial year. However with the current portfolio composition, the Board consider the company well positioned to face the challenges of 2008.

I thank you for your support.

D.J. Iliffe

Chairman

van Eyk Three Pillars Limited ABN 91 106 854 175 Level 7, 20 Hunter St, Sydney NSW 2000 GPO Box 5482, Sydney NSW 2001 P (02) 8236 7701 F (02) 9221 1194

www.vaneyk.com.au www.threepillars.vaneyk.com.au