TESORO GOLD LTD — Net Asset Value 2008

Nov 13, 2008

TO: COMPANY ANNOUNCEMENTS OFFICE

COMPANY: AUSTRALIAN SECURITIES EXCHANGE LIMITED

FROM: VAN EYK THREE PILLARS LIMITED

DATE: 14 November 2008

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.

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Net Tangible Asset Backing per Ordinary Share
Month End October 2008
Gross Tangible Asset Backing $0.84
(prior to deferred tax)
Add Deferred Tax Benefit $0.06
Net Tangible Asset Backing $0.90
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*This amount is net of any deferred tax asset

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

Peter Roberts Company Secretary

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

van Eyk Three Pillars Monthly Comment – October 2008

Market / Portfolio

The ASX 300 suffered one of the worst months since the 1970’s with a massive 12.88% decline as the global economic outlook worsened and concerns heightened over the potential effectiveness of intervention measures.

From the highs reached over Sep/Oct 2007 the ASX 300 has now crashed more than 42%, while the Small Companies index is off an incredible 54%

In terms of industry sectors, none made positive returns for the month, but the traditionally defensive areas of telecoms, healthcare, utilities and consumer staples outperformed significantly on a relative basis, whilst property and energy were the worst performers.

Best stock contributors to the portfolio for October:

•	Cabcharge	+0.57%
•	Beach Petroleum	+0.45%
•	Sonic Healthcare	+0.34%
•	Ramsay Healthcare	+0.34%
rst	contributors:
•	Bradken	-0.94%
•	Kingsgate	-0.70%
•	Alumina	-0.60%
•	Imdex	-0.55%

Worst contributors:

The overall portfolio strategy remains well positioned for the current environment. The sector exposures maintain an overweight to healthcare, energy, and selected high quality industrials, in particular those leveraged to the ongoing high levels of infrastructure spend. The portfolio remains underweight in financials, property, and consumer. The portfolio also remains heavily tilted towards ‘quality’ companies as defined by our proprietary criteria.

At month end the portfolio held 1.6% cash.

	1 Month	12 Month	Inception *
VTP	-14.35%	-36.97%	8.63%
ASX 300	-12.88%	-38.29%	8.48%

*Annualised from inception Jan 28 2004.

Outlook

The effects of the credit crunch, while previously expected to be “contained” by the authorities, have turned out to show no boundaries. The result has been a very rapid and severe slowdown in most economies. While a prolonged recession in the US looks a fait accompli, the UK, broader Europe, Russia and Japan are reporting some rapidly softening economic data. Recent data from the emerging economies and especially China has followed the trend, testing the resolve of the most steadfast of commodity bulls, accelerating the sell off across most of the commodity space.

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

Outlook (continued)

Intervention is the new buzzword, with many governmental and associated agencies providing unprecedented amounts of both fiscal and monetary stimulus. However, depending on perspective, liquidity is not the problem, but solvency is. The cause and solution of the current situation remains, in that excess credit creation, excess leverage and excess asset price speculation has been a worldwide phenomenon. Deleveraging and balance sheet repair will be an ongoing theme for some time.

On the back of the very steep falls, aggregate market valuations look very reasonable with some compelling long term value opening up in areas. The forward P/E multiple for the ASX 300 is 8.9 times at the time of writing, and even allowing for some significant downgrades to consensus forecasts, we expect the market should find strong support around current levels. Strong dividend yields, the potential for further interest rate cuts and falling bond yields should provide further support, however given the negative developments to the macro backdrop the outlook for equity markets is subdued.

We continue to expect an environment of continued volatility over a broad trading range, however cheap valuations should help limit downside from current levels. In our view the environment is becoming more suitable for active stock selection than seen in the previous three years, such that we aim to exploit ongoing volatility by focussing on our key criteria of quality, growth and valuation.

Top Ten Holdings

Company	Weight
BHP Billiton	10.5%
Commonwealth Bank	6.7%
Origin Energy	5.9%
National Australia Bank	4.8%
Westpac	4.7%
Woolworths	4.1%
ANZ Bank	3.8%
QBE Insurance	3.1%
WoodsidePetroleum	2.9%
Ramsay Healthcare	2.8%
	49.3%

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