Gaucho Group Holdings, Inc. announced on previously disclosed in the Company's Current Report on Form 8-K as filed with the Securities and Exchange Commission on September 2, 2022, as amended on September 8, 2022 and September 13, 2022, the terms of two directors of the Board of Directors of the Company, Dr. Steven Moel and Ms. Edie Rodriguez, ended and both did not stand for re-election at the Company's Annual General Stockholder Meeting on October 30, 2022. The Board of Directors approved a reduction in the number of directors from seven to five effective October 30, 2022. Dr. Moel and Ms. Rodriguez were members and chairpersons of the Company's Audit Committee and Compensation Committee, respectively.

As a result, vacancies were created in both committees. At a meeting of the Board of Directors of the Company held on September 14, 2022, the Board of Directors, at the recommendation of the Nominating and Corporate Governance Committee, appointed Mr. Reuben Cannon to fill the vacancy on the Audit Committee created by Dr. Steven Moel's departure and appointed Mr. Peter Lawrence to fill the vacancy in the Compensation Committee created by Ms. Edie Rodriguez's departure, effective August 30, 2022. The Board of Directors determined that both Mr. Cannon and Mr. Lawrence are independent pursuant to the definition of independence under Rule 5605(a)(2) of the Nasdaq Listing Rules and further meet all qualifications to serve as members of the Audit Committee and Compensation Committee, respectively.

The Board of Directors, at the recommendation of the Nominating and Corporate Governance Committee, further appointed Mr. Marc Dumont as Chairman of the Audit Committee and Mr. Reuben Cannon as Chairman of the Compensation Committee effective August 30, 2022. The Board of Directors then accepted Mr. Cannon's resignation as Chairman of the Nominating and Corporate Governance Committee and appointed Mr. Peter Lawrence as Chairman of the Nominating and Corporate Governance Committee effective August 30, 2022. As a result of the above, the composition of each of the committees of the Board of Directors is as follows as of August 30, 2022: Audit Committee: Marc Dumont (Chairman), Reuben Cannon and Peter Lawrence.

Compensation Committee: Reuben Cannon (Chairman), Peter Lawrence, Marc Dumont and William Allen. Nominating and Corporate Governance Committee: Peter Lawrence (Chairman), Reuben Cannon and Marc Dumont. Mr. Allen, a member of the Compensation Committee, has been deemed not to meet the definition of an independent director as defined in Rule 5605(a)(2) because he owns a 20% interest in and is the Managing Member of SLVH LLC, (SLVH").

SLVH is the Managing Member of LVH Holdings LLC (LVH") and the Company, through its wholly owned subsidiary Gaucho Ventures I Las Vegas, LLC holds a minority membership interest in LVH.