On September 3, 2019, Ms. Cloris Li, an independent director of Dragon Victory International Limited, tendered her resignation as a member of the Board of Directors and as a member of the Company's Audit Committee, Nominating and Corporate Governance Committee, and Compensation Committee, effective September 30, 2019. The Board has accepted Ms. Li's resignation. Ms. Li's resignation is due to personal reasons and not due to any disagreement with the Company on any matter related to the operations, policies, or practices of the Company. On September 4, 2019, Mr. Bin Liu ("Mr. Liu") was elected to fill the vacancy on the Board of Directors of the Company, effective September 30, 2019, until his successor is duly qualified and elected to succeed him at the Company's next annual meeting or such earlier date of his resignation or removal. Mr. Liu will serve as a member on each of the Audit Committee, Nominating and Corporate Governance Committee, and Compensation Committee. Mr. Liu has over 20 years of experience in accounting, finance, and capital markets areas. Mr. Liu has been a deputy manager of Beijing Houyi Capital Management Co. Ltd., a private equity fund headquartered in Beijing, since July 2019.