Update on Global Giant Observation Wheel Activity

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31 March 2016

Challenger Acquisitions Limited

('Challenger' or the 'Company')

Update on Global Giant Observation Wheel Activity

Challenger Acquisitions Limited (LSE: CHAL), a leader in the design and engineering of Giant Observation Wheels ('GOW'), is pleased to provide an update on a number of project developments across its global portfolio, which is separated into the Company's four primary target regions - Europe, Asia, the Middle East, and the Americas. This is in line with the Company's defined and structured growth strategy to develop its current pipeline of 25 potential GOWs, targeting at least one major project per year and leveraging the proven experience of its 100% owned subsidiary, the Starneth Group ('Starneth').

Europe

· In the process of securing one site and has identified a second development opportunity in another European city

· Architects have been mobilised and the initial contacts with both cities' decision makers are very supportive

· Three other developers in separate cities have requested direct support for overall project management for GOWs

o Lump sum turnkey project management bids have been sent to all three developers and they are now in discussions with their investors and respective city officials

· Opportunity to both develop sites as a project manager, retaining significant equity stakes, and to operate as the overall project manager for other third party GOW projects

Asia

· Developer of the Jakarta GOW continues to make positive progress in securing financing for the project - further details will be provided as they become available

· Actively supporting developers proposing GOWs in two further cities outside of China and three cities inside China with the prospect of project management roles

· One of these projects in China has the potential for an equity stake for Challenger

· Asia is anticipated to be one of the most active regions

Middle East

· Project management bids have been sent to three cities

· One developer in a city in the Middle East is now paying for an initial feasibility study and design

· The technical team in Dubai is actively supporting these developers

Americas

· Currently supporting developers for several cities in the United States, Canada and South America

· The most active country is the United States with the potential for several GOW projects in addition to the on-going US$500 million New York Wheel project in which Challenger has a ~3% equity interest

Group Infrastructure

· Operating headquarters in Enschede, Netherlands and established regional offices in Dubai and Florida

· Existing resources are sufficient for managing at least one major GOW project at a time however planning is underway in preparation for managing multiple GOW projects in parallel

· In the process of opening an Asian office in Singapore to have the required presence in the APAC region

Mark Gustafson, the Company's Chief Executive Officer, said: "This is a transformational time for Challenger. We are currently at various stages of discussion with regards to multiple GOW opportunities in our four chosen regions of the world, Europe, Asia, the Middle East and the Americas. With strategic regional offices located in these areas to support our active growth strategy, and as a result of the hard work over many years by our global team, we are very confident that at least one new GOW project from our pipeline of 25 projects will commence each year. We look forward to providing further updates with regards to our progress on all fronts in due course."

**ENDS**

For more information visit www.challengeracquisitions.com or enquire to:

Notes to Editors:

Challenger (LSE: CHAL) is focused on the design, engineering, project management and investment in select giant observation wheels. By combining its world-class team of technical engineering and project management skills with proven international financial expertise, the Company is ideally positioned to become a leader in the giant observation wheel sector.

The Company, which also has a ~3% equity interest in the US$500 million New York Wheel Project, is currently focusing on appraising approximately 25 opportunities in its project pipeline where it believes that it can utilise its expertise. With a team that has worked on four of the largest giant observation wheels constructed over the last 16 years, including the iconic London Eye, the Company is building on its unique position to deliver projects and generate shareholder value.