TAR Third AD.

    Interim Management Statement
             



           THIRD ADVANCE VALUE REALISATION COMPANY LIMITED


                    Interim Management Statement
             For the four months ended 30 September 2008


This interim management statement covers the period from the 1 June
2008 to 30 September 2008.  This is the second interim management
statement from the Company in the year to 30 November 2008, as
required by the UK Listing Authority's Disclosure and Transparency
Rule 4.3.

Third Advance Value Realisation Company Limited ("TAVR") was listed
on 21 December 2005 in order to provide value and liquidity from a
portfolio of UK Listed Securities and formerly Listed Securities
quoted on AIM.

The latest published net asset value as at 30 September 2008 was
83.1p per share, a small decline from 85.3p as at 31 May 2008.

Since the end of the interim period the financial implications of the
global credit crisis have continued to have a major negative impact
on the banking system on both sides of the Atlantic.  Not
surprisingly this is having a negative impact on UK smaller
companies, which inevitably affects both the Company's ability to
achieve realisations and the net asset value.  Despite this difficult
market backdrop further realisations have been made and as a result
the portfolio has been reduced from 9 stocks to 4 stocks.  The NAV
has been relatively resilient as a result of disposals which have
taken the portfolio's Treasury Bills and cash up to �9.9m, which
represents approximately 80% of the net asset value.  Portfolio
realisation is being managed on the assumption that market conditions
and liquidity will not improve during the remaining life of the
Company.

As at the close of business on 30 September 2008 the Company's net
assets were as follows:


  +-----------------------------------------------------------------+
  |                             |        |                          |
  |-----------------------------+--------+--------------------------|
  | Description                 | �'000  | Percentage of net assets |
  |-----------------------------+--------+--------------------------|
  |                             |        |                          |
  |-----------------------------+--------+--------------------------|
  | UK Treasury Bills           | 7,472  | 61.6%                    |
  |-----------------------------+--------+--------------------------|
  | Zotefoams*                  | 1,534  | 12.6%                    |
  |-----------------------------+--------+--------------------------|
  | Liontrust Asset Management* | 315    | 2.6%                     |
  |-----------------------------+--------+--------------------------|
  | Inveresk**                  | 239    | 2.0%                     |
  |-----------------------------+--------+--------------------------|
  | Midas Capital*              | 96     | 0.8%                     |
  |-----------------------------+--------+--------------------------|
  |                             |        |                          |
  |-----------------------------+--------+--------------------------|
  | Cash and other net assets   | 2,475  | 20.4%                    |
  |-----------------------------+--------+--------------------------|
  |                             |        |                          |
  |-----------------------------+--------+--------------------------|
  | Net Assets                  | 12,131 | 100.0%                   |
  +-----------------------------------------------------------------+


*Valued at bid price
**Inveresk is currently suspended; the holding has been valued at the
pre-suspension bid price.


This Interim Management Statement will be available on:

www.pro-asset.com

For further information, please contact:

Progressive Value Management Limited 020 7566 5550
Robert Legget / Ross Courtier

6 October 2008

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