On July 15, 2022, Kezhen Li tendered her resignation as a member of the board of the director of Jiuzi Holdings Inc., effective July 15, 2022. Ms. Li's resignation as director is not the result of any disagreement with the Company's operations, policies or procedures. The resignation of Kezhen Li has been approved by the Nominating Committee and the Board of Directors of the Company.

On July 15, 2022, at the recommendation of the Nominating Committee, the Board approved and confirmed the appointment of Francis Zhang as the succeeding director to fill in the vacancy created by Ms. Li's resignation, effective June 15, 2022, until the Company's next annual meeting of shareholders and until his successor is duly elected and qualified, or until his earlier death, resignation or removal. Mr. Zhang has been the Company's Chief Financial Officer since August 2020. He was the Executive Director of Shanghai Qianzhe Consulting Co.

Ltd. and was mainly responsible for overseas M&A projects, and follow-on investments and management of newly formed financial holding groups. Prior to that, he served as the Deputy General Manager of Tebon Innovation Capital Co. Ltd. and was responsible for its business development and asset management.

Mr. Zhang earned an MBA degree from the University of Birmingham in 2005, his Master of Science in Finance with honors from Leeds Metropolitan University in 2004, and his bachelor's degree in Economy from Zhejiang University of Technology in 2003. There are no family relationships between Mr. Zhang and any other employees or members of the Board of Directors of the Company.