Contract of Transaction and Settlement

(c) Crystallex pursued a dual-track approach of seeking recognition and enforcement of the Award, while concurrently engaging in negotiations with Venezuela to achieve a negotiated resolution of the Award;

(d) those negotiations have culminated in a settlement between Crystallex and Venezuela of all of the outstanding issues between the parties, which settlement is subject to, among other things, approval of this Honourable Court;

(e) the terms of the settlement are set out in the Settlement Agreement, which will be filed separately with the Court under seal, and is summarized in the Affidavit of Harry Near to be sworn November 21, 2017 (the "Near Affidavit");

(f) the Settlement Agreement is in the best interests of Crystallex, and it is in the interests of Crystallex and its stakeholders that the terms contemplated thereunder be implemented;

(g) the Monitor and the DIP Lender support the Settlement Agreement and Crystallex's motion for its approval;

(h) Crystallex has and continues to act in good faith and with due diligence;

Sealing

(i) Crystallex is requesting that the Settlement Agreement be sealed in the court file and not be part of the public record in this proceeding, as confidentiality is a fundamental term of the Settlement Agreement, and was insisted on by Venezuela;

(j) Crystallex also requests that commercially sensitive portions of the Near Affidavit and the Monitor's Reports be redacted and similarly be sealed in the court file, and not form part of the public record in this proceeding;