TESORO GOLD LTD — Fund Information / Factsheet 2005

Dec 12, 2005

vantiyk Three Miller

TO:	COMPANY ANNOUNCEMENTS OFFICE
COMPANY: I	AUSTRALIAN STOCK EXCHANGE LIMITED
FROM:	VAN EYK THREE PILLARS LIMITED
DATE:	13 December 2005

NO. OF PAGES: 3

Notification of Net Tangible Assets

We hereby provide notification of van Eyk Three Pillars Limited's net tangible asset backing per ordinary share as at the close of the last month.

Net Tangible Asset Backing per Ordinary Share
Month End	November 2005
Gross Tangible Asset Backing (prior to deferred tax and provision for dividend declared)	\$1.26
Dividend payable*	(\$0.04)
Gross Tangible Asset Backing (prior to deferred tax)	\$1.22
Less Net Deferred Tax	(\$0.07
Net Tangible Asset Backing	\$1.15

*Dividend payable on 16 December 2005.

Net tangible asset backing includes investments at current market value less associated selling costs and provision for tax at 30%.

Van Eyk Three Pillars Limited ABN: ABN 91 106 854 175

van Eyk Three Pillars Monthly Comment - November 2005

Market Comments

The S&P/ASX 300 Accumulation Index rose 4.4% for November, abruptly reversing the prior month's falls to revisit market highs. Driving the move was a decline in oil prices, "bargain" hunting and the lead from a stronger U.S market, which bounced on anticipation of an end to the Fed's tightening cycle.

Inflation concerns eased as oil fell 4% for the month as inventories rose. Investors also began to anticipate an end to the Fed's tightening cycle as official rates hit 4.0%. Gold rose sharply over the month, up 6% and breaking USD \$500/oz for the first time in 18 years.

Performance

The sharp rally saw a return to positive sentiment for the large cap resources and quality growth stocks. Meanwhile defensive areas such as utilities, property and consumer lagged the market despite a brief return to favour in October. Quantitative factor data shows resurgence in earnings growth and price momentum related factors at the expense of traditional value factors such as P/E. P/Book and dividend vield. This trend has been in place for much of the year.

As noted in last month's comment, an increased amount of profit warnings were issued as AGM season drew to a close. There have been a few significant falls based on company specific news, with margin pressure from rising input costs being a key issue, along with certain sectors, specifically consumer sensitive areas of the economy experiencing slower top line growth. The Australian consumer continues to tighten the belt with falling property prices and extreme debt levels starting to take their toll.

Positive contributors to the portfolio:

• Rio Tinto $+0.49%$
• Sigma $+0.44%$ $\bullet$
• Downer EDI $+0.42%$
• BHP $+0.42%$

Negative contributions:

• Salmat $-0.21%$
• PMP Ltd $-0.13%$
• $-0.11%$ Fairfax
• NAB $-0.08%$

	1 Month	$^{\circ}$ 3 Month $\,$ 6 Month $\,$ 12 Month $\,$			Inception*
NTP	4.69%	7.18%	18.84%	17.91%	23.89%
ASX 300	4.44%	5.54%	15.79%	22.50%	25.22%

*Gross returns annualised from inception 28 Jan 2004.

Van Eyk Three Pillars Limited ABN: ABN 91 106 854 175

Outlook

The outlook for the global economy and equity markets remains mixed. Growth remains solid in most OECD countries, as does the outlook for Asia, but concerns remain over equity valuations, rising bond yields, and imbalances in the financial system in the shape of ever increasing deficits in the US.

Locally, it is clear the outlook is softening. Resources and related industries are providing the bullish aspect, albeit with growth rates slowing and commodity prices expected to moderate, while the consumer, financials and property sectors appear set for continued pressure. We do not expect the plus 20% returns of 2005 to be repeated in 2006.

We retain a significant bias to the 'quality' end of the market, with sector biases being limited. In line with our investment philosophy and process, the key ratios and aggregate portfolio valuation indicate favourable positioning relative to market.

Aggregate Portfolio Ratios

			P/E Ratio Price/Book Price/Sales	ROE	Yield
NTP	16.6			19.0	3.3
ASX 300	16.8	Δ		14.3	3.9

Top Ten Holdings

Company	Weight
BHP Billiton	7.8%
Commonwealth Bank	5.4%
Rio Tinto	5.2%
National Australia Bank	4.8%
ANZ Bank	4.4%
Westpac	4.4%
QBE Insurance	3.6%
Toll Holdings	3.5%
Sigma	3.3%
Sims Group	3.1%
	45.5%

P. Roberts Secretary

Van Eyk Three Pillars Limited ABN: ABN 91 106 854 175