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	April 2005
Gross Tangible Asset Backing (prior to deferred tax and provision for dividend declared)	\$1.15
Dividend payable*	$(\$0.055)$
Gross Tangible Asset Backing (prior to deferred tax)	\$1.09
Less Net Deferred Tax	$($ \$0.02)
Net Tangible Asset Backing	\$1.07

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

* The record date of the dividend declared is 28 June 2005

Market Comments

The ASX 300 lost close to 3% last month as concern over world growth and inflation, particularly in the U.S. re-emerged. Compounding this lack of confidence were company profit warnings from a wide range of industries, mostly relating to shrinking profit margins despite reasonable top line growth.

The Consumer Discretionary and Materials sectors were heavily sold down during April. losing 9.2% and 7.5% respectively. In contrast, the perceived safe havens of the banks and utilities were the sole positive return sectors.

While the current environment is creating anxiety in the short term, the opportunity to acquire solid stocks at more attractive prices will open up in the next few months leading into profit season.

One point worth noting is that the main contributors to stock returns during the hot market environment of the last year have been earnings growth and price momentum. We are now seeing these momentum related factors taper off as investors shift to a more defensive posture. It is in this environment that the value conscious investor can expect to be better rewarded.

Performance

The portfolio had a volatile month, as PMP issued a profit warning and sold off sharply and companies with more cyclical exposures were ditched in favour of the banks.

Positive contributors to the portfolio were:

Commonwealth Bank $0.28%$
0.19% • ANZ Banking Group
National Australia Bank $0.12%$
$\bullet$ HPAL Ltd $0.09%$

Negative contributions were:

$-0.73%$ $\bullet$ PMP

	Sims Group	$-0.50\%$
--	------------	-----------

Rio Tinto $-0.49%$
$-0.44%$ • Toll Holdings

At month end, the portfolio held around 11% cash. There is an index put option strategy in place to protect the portfolio from significant falls out to September 2005.

Outlook

As the market posts an overdue correction, sentiment is fading considerably, so much so that we have seen many severe markdowns in stock prices. But this dramatically increased volatility is also uncovering interesting opportunities.

While the market's outlook is not overly bearish, factors such as greater than expected inflation, further rate rises, or leads from the US and China may place pressure on stock prices. As such, we retain a 'quality' tilt in the portfolio. Further, the key valuation measures indicate favourable metrics relative to market. This is in line with our investment philosophy and process.

Performance

$ 30 - Apr - 05 $	1 Month		3 Month 12 Month Inception
Van Eyk Three Pillars	-5.15%	-4.62%	19.39%	24.21%
ASX300 Accum	$-3.15\%$	$-2.02\%$	21.93%	26.62%
Excess Return	$-2.00\%$	$-2.60\%$	$-2.54\%$	$-2.41\%$

Portfolio Ratios

	ASX 300	van Eyk Three Pillars
Price Earnings Ratio	19.2	17.0
Price to Book Ratio	27	29
Dividend Yield	3.8	40
Price to Sales Ratio	4.1	27
Return on Equity	16.7	18.1

Top Ten Holdings

Company	Weight
Commonwealth Bank	6.4%
Rio Tinto	4.8%
Coca Cola	4.0%
Woolworths	3.9%
Toll Holdings	3.9%
BHP Billiton	3.8%
QBE Insurance	3.8%
ANZ Bank	3.7%
NAB	3.6%
Sims Group	$3.5\%$
Total	41.4%

P. Roberts Secretary

AI assistant

TESORO GOLD LTD Net Asset Value 2005

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