TESORO GOLD LTD — Fund Information / Factsheet 2006

Dec 13, 2006

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COMPANY ANNOUNCEMENTS OFFICE
AUSTRALIAN STOCK EXCHANGE LIMITED
VAN EYK THREE PILLARS LIMITED
14 December 2006

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 2006
Gross Tangible Asset Backing * (prior to deferred tax)	\$1.35
Less Net Deferred Tax	$($ \$0.10)
Net Tangible Asset Backing	\$1.25

*This amount is net of any current tax liabilities.

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

P. Roberts Company Secretary

van Eyk Three Pillars Monthly Comment - November 2006

Market / Portfolio

The ASX 300 Accumulation Index rose 2.37% in November. Driving the move was a continuation of merger and acquisition activity, while property trusts continued their very strong run assisted by a fall in bond yields. While at this juncture the market as a whole looks reasonably valued, there are areas that by our reckoning look quite expensive. Of note is the fact that small caps outperformed the broader market, indicating risk appetites are still buoyant, despite some valuation challenges and softer earnings guidance emerging.

Market / Portfolio (cont.)

Looking at pure quantitative factor data, value based factors such as P/E and yield underperformed yet again, while short term earnings and price momentum added value. Over the past quarter and a half there has been little consistency in factor effectiveness, reflecting the rapidly swinging defensive versus growth mood and the increasing influence of M&A activity.

In the current environment, high guality stocks remain favoured. To this end, the portfolio shows a 73/27 quality split (by our measures) compared to the market's 55/45 position.

For the month some of our high quality large cap holdings such as Toll Holdings and QBE provided strong contributions, while resources again lagged as investors withdrew from the sector over fading global growth expectations, despite commodity prices remaining robust and the often quoted 'supply response' clearly taking significantly more time to emerge than generally expected.

Positive contributors to the portfolio for November:

$\bullet$	Toll Holdings	$+0.30%$
$\bullet$	QBE Insurance	$+0.20%$
$\bullet$	Downer EDI	$+0.19%$

Coffev International $+0.15%$

Negative contributors:

$\bullet$	BHP Billiton	$-0.30\%$
$\bullet$	Rio Tinto	$-0.18%$
$\bullet$	Coates Hire	$-0.10\%$
	Adelaide Bank	$-0.05\%$

In terms of performance relative to benchmark, takeover targets, speculated targets and property trusts have provided a significant portion of benchmark returns over the past few months, however, in alignment with our investment philosophy and process we will continue to exclude stocks that look expensive on our relative valuation criteria.

Gross Performance

			1 Month 12 Month Inception *
NTP.	2.0%	18.7%	22.0%
ASX 300	2.4%	23.8%	24.7%

* Returns shown are annualised since incention numbers

Outlook

Looking forward we expect more subdued returns from the Australian market, back from the extraordinary period we have seen over the last two vears. While earnings are still buoyant, we have started to see some softening of company guidance in several areas. The constructive outlook for the resources and infrastructure sectors remains, but significant challenges in the shape of the US economic outlook, plus domestic consumer sentiment, oil prices, and interest rates remain in place.

In our view however, stock specifics and valuation rather than macro or sector thematics will play a greater role in successful stock selection for 2007.

In the short term, market volatility will increase. While our relative value ranks show continued compression in valuation across the market, over time we expect this compression to disperse and increased stock picking opportunities to emerge.

Aggregate Portfolio Ratios

	P/E	Price/Book	Price/Sales	ROE	Yield
ITD	16.8	2.9	$\circ$	oo. ----	u.
ASX 300	6.7	2.8	-9	6.9	3.6

Top Ten Holdings

BHP Billiton	8.9%
National Australia Bank	5.8%
Commonwealth Bank	5.8%
ANZ Bank	5.0%
QBE Insurance	4.3%
Westpac Bank	4.3%
Rio Tinto	4.2%
Toll Holdings	3.6%
United Group	2.9%
Transfield Services	2.8%
	47.6%