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 2006
Gross Tangible Asset Backing (prior to deferred tax)	\$1.38
Less Net Deferred Tax	(S0.11)
Net Tangible Asset Backing	\$1.27

*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%.

van Eyk Three Pillars Monthly Comment-April 2006

Market

The ASX 300 Accumulation Index rose 2.6% in the month of April. Driving the move higher was strength in the materials sector (+3.8%), as the strong gains in commodity prices continued. Copper prices rose by almost 30%, nickel 26%, zinc 20% and gold 12%. Oil prices rose by 8%, taking back last months fall, and breaching US\$70 per barrel as geopolitical uncertainty in Iran increased. The AUD rose strongly to 75.95c from 71.64c, supported by the prospect of an interest rate rise and broad USD weakness.

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

Portfolio

The sharp rises in commodity prices saw our holdings in the materials sector (BHP, RIO, SGM, PEM) post strong gains, while a solid reporting season from the major banks resulted in good performance across the board. Selected holdings (CSR, LEI) suffered from profit taking on the back of gains over the past few months, while at the time of writing, Toll Holdings' bid for Patrick Corp appeared closer to resolution.

Our nil holding of RIN, MBL and WPL has affected short term performance relative to benchmark. Quantitative factor data shows continued strength in growth and momentum factors at the expense of value factors. This trend has been in place for more than 18 months.

Positive contributors to the portfolio:

$\bullet$	BHP Billiton	$+0.47%$
	$\bullet$ Sims Group	$+0.27\%$
	● ANZ Bank	$+0.25%$
	• Westpac	$+0.24\%$

Negative contributions:

	$\bullet$ CSR	$-0.21%$
$\bullet$	PMP • Origin Energy • Downer EDI	$-0.10%$ $-0.10%$ $-0.08%$

36.06% 1.88% 19.25% NTP		1 Month	6 Month	12 Month	∣ Inception * ∶
					26.19%
	ASX 300	2.60%	20.57%	37.95%	28.05%

*Inception annualized from 28 Jan 2004

Outlook

In the next few months the market appears set for increased volatility, particularly in view of mounting inflation expectations, rising bond yields and simmering geopolitical tensions. The continued rise in the gold price is testament to the increasing uncertainties and concerns.

As the end of the financial year approaches, we expect an increase in downgrades to company earnings as a result of further margin compression due to increasing materials, energy and labour costs. High petrol prices and extreme debt levels look set to continue to pressure consumer sentiment, despite the recent round of tax cuts. On the positive side, the outlook for resources and related industries remains solid.

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

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

Aggregate Portfolio Ratios

	P/E Ratio	Price/Book	Price/Sales	ROE	Yield
VTP	17.3	2 ² ີ	2.0	20.8	2.1 v.
ASX 300	18.4	-4 n .	2.0	14.9	タボ ີ

Top Ten Holdings

Com pany	Weight
BHP Billiton	10.2%
National Australia Bank	5.8%
Commonwealth Bank	5.6%
Rio Tinto	5.2%
ANZ Bank	4.7%
Westpac	4.5%
QBE Insurance	3.9%
Downer EDI	3.6%
Sims Group	3.2%
Toll Holdings	3.2%
	49.9%

P. Roberts Company Secretary

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

AI assistant

TESORO GOLD LTD Net Asset Value 2006

65957_rns_2006-05-11_78348897-3756-458e-a1b8-60bfd993e7a6.pdf

Notification of Net Tangible Assets