TESORO GOLD LTD — Net Asset Value 2009

Jun 11, 2009

TO: COMPANY ANNOUNCEMENTS OFFICE

COMPANY: AUSTRALIAN SECURITIES EXCHANGE LIMITED

FROM: VAN EYK THREE PILLARS LIMITED DATE: 12 June 2009

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	Net Tangible Asset Backing per Ordinary Share
Month End	May 2009
Gross Tangible Asset Backing* (prior to deferred tax)	$0.89
Add Deferred Tax Benefit	$0.02
Net Tangible Asset Backing	$0.91

*This amount is net of any deferred tax asset on unrealised investment losses.

Net tangible asset backing includes investments at current market value less associated selling costs and includes the deferred tax asset on unrealised investment losses.

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 May 2009

Market / Portfolio

The ASX 300 posted another positive month as the global equity rally continued, with a return of 1.5% over May, bringing the rally off the lows seen in early March close to 30% at the time of writing.

Key global macro indicators have shown some improvement, albeit from very depressed levels. Combined with the immense amounts of monetary and fiscal stimulus being applied worldwide, sentiment has improved dramatically from the depressed levels seen only two months ago. The improved outlook has seen a continued re-allocation from defensive sectors to those exposed to global recovery, particularly in emerging economies. Most commodities continue to rally, the crude oil price has double from the lows seen in January and emerging stock markets have recovered very strongly. While it is clear that the considerable stimulus applied is gaining traction, especially in China, the durability of such a recovery will be increasingly under question, given the transient nature of fiscal spending effects and the limits of deficit financing.

We expect company valuations will also increasingly come under question given both significant top line and margin pressures in a softer growth environment. The uptick in bond yields will also act to temper fair valuations, as will the rapid rise in the Australian dollar, particularly to the key export sector.

Industry sector contributions to the index for the month illustrate the continued swing to the growth and cyclical sectors. Materials (+6.6%), Energy (+6.5%), and IT (+2.1%) sectors outperformed, while the Healthcare (-6.9%), Telecoms (-6.4%) and Consumer Staples (-5.0%) underperformed.

Best stock contributors to the portfolio for May:

•	Incitec Pivot	+0.42 %
•	Worley Parsons	+0.34 %
•	Tassal Group	+0.34 %
•	Avoca Resources	+0.29 %

Worst contributors:

• Origin Energy -0.33 %

• • CSL -0.31 % • Austal -0.19 % • Cabcharge -0.18 %

	**1 Month **	**12 Month **	**Inception ***
VTP	+3.2%	-27.6%	+7.6%
ASX 300	+1.5%	-29.2%	+7.2%

*Annualised from inception Jan 28 2004.

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

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Outlook
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While the market was clearly oversold, and undervalued in early March, the current raft of commentary declaring a new bull market is arguably premature. While it is sensible to be selectively increasing risk allocations, the macro outlook suggests that the balance of 2009, moving into 2010, will be a tough period, with massive fiscal/monetary stimulus attempting, but in all probability only partially offsetting the effects of an over-leveraged global economy gradually rebalancing. While individual companies can de-leverage relatively quickly, illustrated by the massive amount of equity raisings in the market this year, the over-indebted consumers of the western economies will take some time to feel comfortable, especially given the steep rises to unemployment, asset price falls and the attendant effects on consumer confidence.

It is important to note that as much of the current fiscal stimulus packages have been funded by immense deficits, it will act as a drag on growth over time. While finding buyers for the massive amount of paper is but one concern, another is that this debt will have to be paid back, by a combination of higher taxes and lower government spending.

On the strength of the current rally, aggregate market valuations have rapidly come back to being in sight of fair value, however it is important to note we are entering “confession season” and also note apart from softer top line growth, key themes in some recent company commentary has been margin compression and higher funding costs. Hence, earnings risk remains high and sound stock selection will be critical.

We continue to expect an environment of continued high volatility for the foreseeable future, and greatly increased opportunities for value add over the index return via solid active stock selection.

Top Ten Holdings

Company	Weight
BHP Billiton	10.6%
Westpac	5.7%
National AustraliaBank	4.3%
Commonwealth Bank	4.1%
ANZ Bank	4.0%
Origin Energy	4.0%
CSL	3.5%
Woolworths	3.5%
Orica	2.7%
ABBGrain	2.5%
	44.9%

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