New York Wheel Update

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For Immediate Release

24 October 2018

Challenger Acquisitions Limited

("Challenger" or the "Company")

New York Wheel Update

Challenger Acquisitions Limited (LSE: CHAL) announces that on 23 October 2018 it received a status update from the developers of the New York Wheel Project ("NYW Project" or the "Project"). Besides indicating in the update that the "New York Wheel has paid approximately US$453 million in construction related expenses and costs across all Project components", the concluding statements indicates "there appear to be no viable options for financing the balance of the work required to complete the Project" and the "New York Wheel now intends to proceed in an effort to maximize its potential cash recovery from the DBT (Design Build Team) and its parents".

Mark Gustafson, Challenger's Chief Executive Officer, commented, "For all the stakeholders in the NYW Project, this is definitely not a good development assuming the Project does in fact not proceed. Besides being a minority shareholder, Challenger is not involved in any litigation connected to this project. Since our company was not expecting a return from this investment for several years, we are continuing to seek out, evaluate and review a potential project that can utilise the public company platform in a manner that makes sense from a financial and regulatory perspective. Further updates with regards to the NYW Project as well as our evaluation of a potential new project will be made in due course."

This announcement contains inside information.

**ENDS**

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