| **EXHIBIT                4.20** |
|---------------------------------|

| TO                  SUBSCRIBE, EACH SUBSCRIBER MUST RETURN TO THE                  FOLLOWING: |
|-----------------------------------------------------------------------------------------------|
|                                                                                          |   |
| *a.*                                                                                          | *Duly                  completed and executed Subscription Agreement (complete cover                  page):* |
| *b.*                                                                                          | *Subscription                  Funds by certified cheque, bank draft, money order or wire transfer;                  and* |
| *c.*                                                                                          | *Duly                  completed and executed Accredited Investor Certificate (attached                  as                  schedule "D").* |

| **SUBSCRIPTION                AGREEMENT - ONTARIO SUBSCRIBERS**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
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|  TO:                ADB Systems International Ltd. (the "Corporation") The                undersigned (hereinafter referred to as the "Subscriber") hereby                confirms                its agreement to subscribe for the number of units ("Units") of the                Corporation set out below, each Unit consisting of one common share                (each                a "Common Share") and one half of one non-transferable common share                purchase warrant (each a "Warrant"), at a price of $0.23 per Unit,                in the                aggregate amount as set out below opposite the headings "Number of                Units"                and "Purchase Price". Each whole Warrant will entitle the holder                to                acquire one Common Share at an exercise price of $0.40 at any time                prior                to the fourth anniversary of the Closing Date. This subscription                is made                upon and subject to the terms and conditions set forth in Schedule                "A"                attached hereto and is subject to the formal terms and conditions                of the                certificates representing the Common Shares and the Warrants, as                the case                may be. The particulars of this offering (together with certain other                material covenants and acknowledgements) are set out in Schedules                "A" and                "B" to this subscription agreement and certain representations and                warranties to be made by the Subscriber so that the Corporation can                ensure                compliance with applicable securities laws are set out in Schedule                "C" to                this subscription agreement, all of which forms part of and is hereby                incorporated as part of this subscription                agreement. |

|                                                                                                                                                                         |   |                                                                                                                                |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------------------------------------------------------------------------------------------|
| Name                  of Subscriber - please print                                                                                                                           |   | **Number                  of Units:**                                                                                          |
|                                                                                                                                                                         |   |                                                                                                                                |
| By:                                                                                                                                                                          |   | **Purchase                  Price: $**                                                                                              |
|                                                                                                                                                                         |   |                                                                                                                                |
| Authorized                  signature                                                                                                                                        |   |                                                                                                                                |
|                                                                                                                                                                         |   |                                                                                                                                |
|                                                                                                                                                                         |   |                                                                                                                                |
|                                                                                                                                                                         |   |                                                                                                                                |
| Please                  print name of individual whose signature appears above if different                  than                  the name of the Subscriber printed above. |   | Please                  complete **if                  purchasing as agent or trustee for a disclosed                  principal**. |
|                                                                                                                                                                         |   |                                                                                                                                |
|                                                                                                                                                                         |   |                                                                                                                                |
| Subscriber's                  address                                                                                                                                        |   | Name                  of disclosed principal                                                                                        |
|                                                                                                                                                                         |   |                                                                                                                                |
|                                                                                                                                                                         |   |                                                                                                                                |
| Telephone                  number                                                                                                                                            |   |                                                                                                                                |
|                                                                                                                                                                         |   | Address                  of disclosed principal                                                                                     |
|                                                                                                                                                                         |   |                                                                                                                                |
| Fax                  number                                                                                                                                                  |   |                                                                                                                                |
|                                                                                                                                                                         |   | Telephone                  Number of disclosed principal                                                                            |
|                                                                                                                                                                         |   |                                                                                                                                |
| Email                  address                                                                                                                                               |   | **Deliver**                  the Units as set forth below:                                                                          |
|                                                                                                                                                                         |   |                                                                                                                                |
| **Register**                  the Common Shares and Warrants subscribed for                                                                                                  |   |                                                                                                                                |
| hereunder                  as set forth below:                                                                                                                               |   | Name                                                                                                                                |
|                                                                                                                                                                         |   |                                                                                                                                |
| Name                                                                                                                                                                         |   |                                                                                                                                |
|                                                                                                                                                                         |   | Account                  reference, if applicable                                                                                   |
|                                                                                                                                                                         |   |                                                                                                                                |
| Account                  reference, if applicable                                                                                                                            |   |                                                                                                                                |
|                                                                                                                                                                         |   | Address                                                                                                                             |
|                                                                                                                                                                         |   |                                                                                                                                |
| Address                                                                                                                                                                      |   | Contact                  Name                                                                                                       |

----

| **ACCEPTANCE:**                The Corporation hereby accepts the above subscription on the terms                and                conditions contained in this Subscription Agreement. ADB                SYSTEMS INTERNATIONAL LTD. ________________________, 2005. Per:                _______________________________________ Name: Title: |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| **SCHEDULE                  "A"**                                                                                                                                           |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                        |
| *This                  is Schedule "A" to the subscription agreement relating to the purchase                  of                  Units of ADB Systems International Ltd.* |
|                                                                                                                                                                        |
| **TERMS                  OF THE OFFERING**                                                                                                                                  |
|                                                                                                                                                                        |

| 1.**  ** | **Offering.**                    The Units subscribed for hereunder form the total sale by the                    Corporation                    of 2,500,000 Units (the **"Offering"**). |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.**  ** | **Definitions.**                    In this subscription agreement and the schedules to this subscription                    agreement the defined terms set out in the first page of this                    subscription                    agreement or as set out in Section 1 above shall apply and, unless                    the                    context otherwise requires: |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| o   | **"Applicable                    Securities Laws"**                    means the applicable securities laws of the Province of Ontario                    and the                    regulations and rules made and forms prescribed thereunder, together                    with                    all applicable instruments, published policy statements, blanket                    orders,                    notices, rulings and rules of the Ontario Securities                    Commission; |
|---------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| o   | **"Business                    Day"**                    means a day other than a Saturday, Sunday or statutory or banking                    holiday                    in Toronto, Ontario; |
|---------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| o   | **"Closing                    Date"**                    means on or about February 23, 2005, or such other date or dates                    as the                    Corporation may designate; |
|---------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| o   | **"Closing                    Time"**                    means 10:00 a.m. (Toronto time) on the Closing Date, or such                    other time on                    the Closing Date as the Corporation may                    designate; |
|---------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| o   | **"Common                    Share"**                    means one common share in the capital of the                    Corporation; |
|---------------|---------------------------------------------------------------------------------------------------------------------------------------|

| o   | **"Corporation's                    Information Record"**                    means any statement contained in any press release, material                    change                    report, financial statements or other document of the Corporation                    which                    has been or is publicly disseminated, whether pursuant to any                    Applicable                    Securities Laws or otherwise, prior to the Closing                    Time; |
|---------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| o   | **"including"**                    means including without limitation; |
|---------------|------------------------------------------------------------------------|

| o   | **"material"**                    means material in relation to the                    Corporation; |
|---------------|-----------------------------------------------------------------------------------------------------|

| o   | **"material                    change"**                    means any change in the business, operations, assets, liabilities,                    ownership or capital of the Corporation, on a consolidated basis,                    that                    would reasonably be expected to have a significant effect on                    the market                    price or value of the Common Shares and includes a decision to                    implement                    such a change made by the board of directors of the Corporation                    or by                    senior management of the Corporation who believe that confirmation                    of the                    decision by the board of directors is                    probable; |
|---------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| o   | **"material                    fact"**                    means any fact that significantly affects or would reasonably                    be expected                    to have a significant effect on the market price or value of                    the Common                    Shares; |
|---------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| o   | **"Material                    Subsidiaries"**                    means the material direct or indirect subsidiaries of the Corporation,                    being, ADB Systemer ASA (Norway), ADB Systems USA, Inc. (Delaware)                    and ADB                    Systems International Limited                    (Ireland); |
|---------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| o   | **"misrepresentation"**                    means an untrue statement of material fact, or an omission to                    state a                    material fact that is required to be stated or that is necessary                    to make a                    statement not misleading in the light of the circumstances in                    which it was                    made; |
|---------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| o   | **"Regulation                    S"**                    means Regulation S under the U.S. Securities                    Act; |
|---------------|-------------------------------------------------------------------------------------------------------------------------------|

| o   | **"TSX"**                    means the Toronto Stock Exchange; |
|---------------|----------------------------------------------------------------|

| o   | **"Units"**                    means the 2,500,000 units being offered by the Corporation at                    a price of                    $0.23 per unit, each unit consisting of one Common Share and                    one half of                    one Warrant; |
|---------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| o   | **"Unit                    Price"**                    means $0.23 per Unit; |
|---------------|------------------------------------------------------------------------------|

| o   | **"United                    States"**                    means the United States as that term is defined in Regulation                    S; |
|---------------|-----------------------------------------------------------------------------------------------------------------------------------------------|

| o   | **"U.S.                    Person"**                    means a U.S. Person as that term is defined in Regulation                    S; |
|---------------|-----------------------------------------------------------------------------------------------------------------------------------------|

| o   | **"U.S.                    Securities Act**                    means the Securities Act of 1933, as amended, of the United States                    of                    America; |
|---------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| o   | **"Warrant"**                    means a non-transferrable Common Share purchase warrant comprising                    part of                    the Units being offered by the Corporation pursuant to this subscription                    agreement, each whole warrant entitling the holder to purchase                    one Common                    Share at a price of $0.40 at any time prior to the fourth anniversary                    of                    the Closing Date; and |
|---------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| o   | **"Warrants                    Shares"**                    means the Common Shares issuable upon exercise of the                    Warrants. |
|---------------|------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 3.   | **Currency**                    All dollar amounts referred to in this subscription agreement                    and the                    schedules thereto are expressed in Canadian                    funds. |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.   | Representations                    and Warranties of the Corporation. The Corporation hereby represents                    and                    warrants for the benefit of the Subscriber as                    follows: |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| a.   | the                    Corporation is (and will be at the Closing Time) a reporting                    issuer in the                    Provinces of Ontario, Alberta and British Columbia, and is in                    compliance                    with all material obligations under applicable securities legislation                    of                    such jurisdictions; |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| b.   | the                      Corporation has been duly incorporated and organized and is                      validly                      subsisting under the laws of the Province of Ontario and has                      all requisite                      corporate power and authority to own its assets and to carry                      on its                      business as currently conducted; |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|

| c.   | each                    of the Material Subsidiaries has been duly incorporated and organized                    and                    is validly subsisting under the laws of its jurisdiction of incorporation                    and has all requisite corporate power and authority to carry                    on its                    business as now conducted and to own, lease and operate its properties                    and                    assets; |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| d.   | the                    Corporation and each of the Material Subsidiaries is conducting                    its                    business in material compliance with all applicable laws, rules                    and                    regulations of each jurisdiction in which its business is carried                    on and                    is duly licensed, registered or qualified in all jurisdictions                    in which it                    carries on business to enable its business to be carried on as                    now                    conducted and all such licences, registrations and qualifications                    are and                    will at the Closing Time be valid, subsisting and in good standing,                    except                    in respect of matters which do not and will not result in any                    adverse                    material change in respect of the Corporation, and except for                    the failure                    to be so qualified or the absence of any such license, registration                    or                    qualification which does not and will not have a material adverse                    effect                    on the business, results of operations, prospects or condition                    (financial                    or otherwise) of the Corporation and its subsidiaries, on a consolidated                    basis; |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| e.   | the                    Corporation has all required corporate power and authority to                    enter into                    and carry out the provisions of this subscription agreement and                    the                    transactions contemplated hereby and all necessary corporate                    action has                    been taken or will have been taken prior to the Closing Time                    by the                    Corporation to duly authorize the execution and delivery of this                    subscription agreement and such other agreements and instruments                    and the                    consummation of the transactions contemplated thereby and so                    as to validly                    create, issue and deliver the Common Shares and Warrants subscribed                    thereby and to validly create and allot for issuance the Common                    Shares and                    Warrant Shares; |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| f.   | the                    Corporation is not in default or in breach in any material respect                    of, and                    the execution and delivery of this subscription agreement by                    the                    Corporation, the performance and compliance with the terms of                    this                    subscription agreement, the issue and sale of the Common Shares                    and                    Warrant Shares will not result in any breach of, or be in conflict                    with or                    constitute a default under, or create a state of facts which,                    after notice                    or lapse of time, or both, would constitute a default either                    directly or                    indirectly under any term or provision of the constating documents,                    by-laws or resolutions of the Corporation or any material mortgage,                    note,                    indenture, contract, agreement, instrument, lease or other document                    to                    which any of them is a party or by which any of them is                    bound; |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| g.   | the                    Common Shares and the Common Shares issuable upon exercise of                    the                    Warrants, if and when issued in accordance with the terms of                    the Warrant                    certificates, as applicable, will be validly issued and outstanding                    as                    fully paid and non-assessable; |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| h.   | no                    approval, authorization, consent or other order of, and no filing,                    registration or recording with, any governmental authority is                    required by                    the Corporation in connection with the execution and delivery                    or with the                    performance by the Corporation of this subscription agreement                    except in                    compliance with and the rules of the                    TSX; |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| i.   | this                    subscription agreement and all other agreements required in connection                    with the issue and sale of the Units have been or will be, at                    or prior to                    the Closing Time, duly authorized, executed and delivered by                    the                    Corporation and will be valid and binding obligations of the                    Corporation                    enforceable in accordance with their respective terms (except                    as the                    enforceability thereof may be limited by (i) bankruptcy, insolvency                    or                    similar laws affecting creditors' rights generally, (ii) general                    equitable                    principles or (iii) limitations under applicable law in respect                    of rights                    of indemnity, contribution and waiver of contribution);                    and |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| j.   | the                    Corporation intends that the net proceeds of the Offering will                    be used                    substantially in the manner specified in Schedule "B"                    hereto. |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 5.   | **Reliance                    upon Representations, Warranties and Covenants of the                    Corporation.**                    The Corporation further agrees that, by delivering the Common                    Shares and                    Warrants to the Subscriber, the Corporation will be representing                    and                    warranting that the representations, warranties and covenants                    contained in                    this subscription agreement are true as at the Closing Time with                    the same                    force and effect as if they had been made by the Corporation                    at the                    Closing Time. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.   | **Closing                    of Purchase.**                    The Subscriber acknowledges and agrees that delivery of and payment                    for                    the Units will be completed at the offices of the Corporation                    or its legal                    counsel at 10:00 a.m. (Toronto time) on the Closing Date which                    will be on                    or about February 23, 2005, or such earlier or later date or                    time as may                    be determined by the Corporation. |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.   | **Payment                    and Delivery.**                    The Subscriber agrees to deliver to the Corporation at Valhalla                    Executive                    Centre, 302 The East Mall, Suite 300, Etobicoke, ON, M9B 6C7                    (Attention:                    Michael Robb), (fax number: (416) 640-0412), prior to the Closing                    Time: |
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| a.   | his                    or her duly completed and executed subscription agreement (including                    Schedule "D"); |
|----------------|-------------------------------------------------------------------------------------------------------------------------------|

| b.   | a                    certified cheque or bank draft payable to "ADB Systems International                    Ltd.", or wire transfer in Canadian funds to the Corporation                    for the                    principal amount of the Units subscribed for under this subscription                    agreement or payment of the same amount in such other manner                    as is                    acceptable to the Corporation; and |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| c.   | such                    other documents as may be required pursuant to the terms of this                    subscription agreement. |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------|

| 8.   | **Conditions                    of Closing.**                    If, by the Closing Time, the terms and conditions contained in                    this                    subscription agreement have been complied with to the satisfaction                    of the                    Corporation or waived by the Corporation, the Subscriber shall                    deliver to                    the Corporation a certified cheque or bank draft representing                    subscription                    funds payable against delivery by the Corporation of the Common                    Share and                    Warrant certificates and such other documentation as may be required.                    This                    subscription is subject to acceptance by the Corporation (as                    described                    below). Certificates endorsed by the Corporation representing                    the Common                    Shares and Warrants will be available for delivery to the Subscriber                    in                    Toronto, Ontario at the Closing Time against payment of the purchase                    price                    for the Units. The Corporation will deliver such certificates                    to the                    address set out for delivery on page 2 of this subscription agreement                    promptly after the closing of its                    Offering. |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9.   | **Acceptance                    or Rejection.**                    The Corporation will have the right to accept or reject (in whole                    or in                    part) this subscription at any time at or prior to the Closing                    Time, and                    the right is reserved to the Corporation to allot to any subscriber                    less                    than the number of Units subscribed for. The Subscriber acknowledges                    and                    agrees that the acceptance of this subscription agreement will                    be                    conditional upon the sale of the Units to the Subscriber being                    exempt from                    any prospectus and registration requirements of Applicable Securities                    Laws. The Corporation will be deemed to have accepted this subscription                    agreement upon the delivery at closing of the Common Share and                    Warrant                    certificates referred to in Section 8 above in accordance with                    the                    provisions hereof. |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.   | **Resale                    Restrictions.**                    The Subscriber understands and acknowledges that the Common Shares                    and                    Warrant Shares will be subject to certain resale restrictions                    under                    applicable securities legislation and the Subscriber agrees that                    the                    Subscriber will not resell the Common Shares, Warrants or Warrant                    Shares                    except in accordance with the provisions of applicable securities                    legislation, regulatory policy and stock exchange rules. Subscribers                    are                    advised to consult their own legal advisors in this regard. The                    Subscriber                    also acknowledges that it has been advised to consult its own                    legal                    advisors with respect to applicable resale restrictions and that                    it is                    solely responsible for complying with such restrictions (and                    the                    Corporation is not in any manner responsible for ensuring compliance                    by                    the Subscriber with such                    restrictions). |
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| 11.   | **Legend.**                    The Subscriber acknowledges that the following legend is to be                    placed on                    the Common Shares and the Warrant certificates (and the certificates                    evidencing the Warrants Shares, if issued during the four month                    period                    referred to in such legend) being                    acquired: |
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| o   | "UNLESS                    PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY                    MUST                    NOT TRADE THE SECURITY BEFORE ______________"(four months and                    one day from                    the Closing Date.) |
|---------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.**  ** | **No                    Revocation.**                    The Subscriber agrees that this offer is made for valuable consideration                    and may not be withdrawn, cancelled, terminated or revoked by                    the                    Subscriber. |
|---------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| 13.**  ** | **Indemnity.**                    The Subscriber agrees to indemnify and hold harmless the Corporation                    and                    its respective directors, officers, employees, agents, advisers                    and                    shareholders from and against any and all loss, liability, claim,                    damage                    and expense whatsoever (including, any and all fees, costs and                    expenses                    whatsoever reasonably incurred in investigating, preparing or                    defending                    against any claim, lawsuit, administrative proceeding or investigation                    whether commenced or threatened) arising out of or based upon                    any                    representation, warranty or covenant of the Subscriber contained                    herein or                    in any document furnished by the Subscriber to the Corporation                    in                    connection herewith being untrue in any material respect or any                    breach or                    failure by the Subscriber to comply with any covenant or agreement                    made by                    the Subscriber herein or in any document furnished by the Subscriber                    to                    the Corporation in connection                    herewith. |
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| 14.**  ** | **Modification.**                    Neither this subscription agreement nor any provision hereof                    shall be                    modified, changed, discharged or terminated except by an instrument                    in                    writing signed by the party against whom any waiver, change,                    discharge or                    termination is sought. |
|---------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.**  ** | **Miscellaneous.** |
|---------------------|--------------------|

| a.   | The                    agreement resulting from the acceptance of this subscription                    agreement by                    the Corporation contains the whole agreement between the parties                    hereto in                    respect of the subject matter hereof and there are no warranties,                    representations, terms, conditions or collateral agreements,                    express,                    implied or statutory, other than as expressly set forth herein                    and in any                    amendments hereto. |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| b.   | All                    representations, warranties, agreements and covenants made or                    deemed to be                    made by the Subscriber in this subscription agreement will survive                    the                    execution and delivery, and acceptance, of this subscription                    agreement and                    the closing of the Offering. |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| c.   | Time                    shall be of the essence of this subscription agreement. This                    subscription                    agreement and the rights and obligations of the parties hereunder                    will be                    governed by and construed according to the laws of the Province                    of Ontario                    and the laws of Canada applicable                    therein. |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| d.   | This                    subscription agreement may be executed in any number of counterparts,                    each                    of which when delivered, either in original or facsimile form,                    shall be                    deemed to be an original and all of which together shall constitute                    one                    and the same document. |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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**SCHEDULE          "B"**

*This          is Schedule "B" to the subscription agreement relating to the purchase          of Units          of ADB Systems International Ltd. (the*
***"Corporation"***
*). Capitalized terms used but          not defined in this schedule are intended to have the meanings ascribed          thereto,          as applicable, on the first page of this subscription agreement and sections          1          and 2 of Schedule "A" to this subscription agreement*

**ADB          SYSTEMS INTERNATIONAL LTD.**

**Summary          of Proposed Terms Offering of Units**

**by          way of Private Placement**

| **Issuer:**                              | ADB                Systems International Ltd.                                                                                                                                                                                                                                                                                                                                                                                                          |
|------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                     |
| **Offering:**                            | 2,500,000                Units to be issued by way of private placement exemptions from prospectus                and registration requirements in the Province of Ontario, subject                to the                receipt of any applicable regulatory and stock exchange                approvals.                                                                                                                                             |
|                                     |
| **Issue                Price:**          | $0.23                per Unit.                                                                                                                                                                                                                                                                                                                                                                                                                         |
|                                     |
| **Units:**                               | Each                Unit will consist of one common share (a "Common Share") and one                half of                one Common Share purchase warrant (a "Common Share Warrant"). Each                whole                Common Share Warrant will entitle the holder to acquire one common                share                at an exercise price of $0.40 at any time prior to the fourth anniversary                of the Closing Date. |
|                                     |
| **Use                of Proceeds:**      | For                working capital and general corporate purposes.                                                                                                                                                                                                                                                                                                                                                                                     |
|                                     |
| **Minimum                Subscription:** | $575,000                or such other amount determined at the sole discretion of the Corporation.                                                                                                                                                                                                                                                                                                                                                     |
|                                     |
| **Hold                Period:**          | The                Corporation will be a "reporting issuer" on the Closing Date, such                that it                is expected that the securities comprising the Units will have a                restricted period of four months from the Closing Date.                                                                                                                                                                                    |
|                                     |
| **Commission:**                          | None.                                                                                                                                                                                                                                                                                                                                                                                                                                                  |

----

**SCHEDULE        "C"**

*This        is Schedule "C" to the subscription agreement relating to the purchase of        Units        of ADB Systems International Ltd. (the *
***"Corporation"***
*).        Capitalized terms used but not defined in this schedule are intended to have        the        meanings ascribed thereto, as applicable, on the first page of this subscription        agreement and Schedule "A" to this subscription agreement.*

**By        executing this subscription agreement, the Subscriber represents and warrants        to        the Corporation which representations and warranties are true as of the date        of        this subscription agreement and will be true as of the Closing Date,        that:**

| 1.   | **Representations                  and Warranties** |
|----------------|-----------------------------------------------------|

| a.   | **Authorization                  and Effectiveness.**                  If the Subscriber is a corporation, the Subscriber is a valid and                  subsisting corporation, has the necessary corporate capacity and                  authority                  to execute and deliver this subscription agreement and to observe                  and                  perform its covenants and obligations hereunder and has taken all                  necessary corporate action in respect thereof. If the Subscriber                  is a                  partnership, syndicate or other form of unincorporated organization,                  the                  Subscriber has the necessary legal capacity and authority to execute                  and                  deliver this subscription agreement and to observe and perform                  its                  covenants and obligations hereunder and has obtained all necessary                  approvals in respect thereof. If the Subscriber is a natural person,                  he or                  she has obtained the age of majority and is legally competent to                  execute                  this subscription agreement and to take all actions required pursuant                  thereto. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| b.   | **Residence.**                  The Subscriber is a resident of, or otherwise subject to, the jurisdiction                  referred to under ÒName and Address of SubscriberÓ on the first page of                  this subscription agreement, which address is the residence or                  place of                  business of the Subscriber not created or used solely for the purpose                  of                  acquiring Units, and: |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| i.   | is                  not (and is not purchasing Units for the account or benefit of)                  a U.S.                  Person; |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------|

| ii.   | was                  not offered the Units in the United States;                  and |
|-----------------|---------------------------------------------------------------------------------------|

| iii.   | did                  not execute or deliver this agreement in the United                  States. |
|------------------|---------------------------------------------------------------------------------------------------|

| c.   | Investment                  Intent. The Subscriber is acquiring Common Shares and Warrants                  to be held                  for investment only and not with a view to resale or                  distribution. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| d.   | **Prospectus                  Exemptions.**                  The Subscriber acknowledges and agrees                  that: |
|----------------|----------------------------------------------------------------------------------------------------------------------------|

| i.   | no                  securities commission or similar regulatory authority has reviewed                  or                  passed on the merits of the Common Shares or the                  Warrants; |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ii.   | there                  is no government or other insurance covering the Common Shares                  or                  Warrants; |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------|

| iii.   | there                  are risks associated with the purchase of the Common Shares and                  Warrants                  and in owning the Common Shares and                  Warrants; |
|------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| iv.   | the                  sale and delivery of the Common Shares and Warrants to the Subscriber                  is                  conditional upon such sale being exempt from the requirements under                  Applicable Securities Laws requiring the filing of a prospectus                  in                  connection with the distribution of the Common Shares and Warrants.                  The                  Subscriber acknowledges that it is aware that it is purchasing                  the Units                  pursuant to an exemption from the prospectus requirement under                  applicable                  securities legislation and, as a consequence, (i) it is restricted                  from                  using most of the civil remedies available under securities legislation;                  (ii) it may not receive information that would otherwise be required                  to be                  provided to it under securities legislation; and (iii) the Corporation                  is                  relieved from certain obligations that would otherwise apply under                  securities legislation. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| e.   | **Offering                  Documents.**                  The Subscriber has not received, nor does the Subscriber need to                  receive,                  any document purporting to describe the business and affairs of                  the                  Corporation that has been prepared for delivery to and review by                  prospective investors so as to assist those investors to make an                  investment decision in respect of securities being sold in a distribution                  of securities of the Corporation. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| f.   | **No                  Solicitation or Advertising.**                  The Subscriber acknowledges that it has not purchased the Units                  as a                  result of any general solicitation or general advertising, including                  advertisements, articles, notices or other communications published                  in any                  newspaper, magazine or similar media or broadcast over radio or                  television, or any seminar or meeting whose attendees have been                  invited by                  any general solicitation or general                  advertising. |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| g.   | **No                  Undisclosed Information.**                  The Units are not being purchased by the Subscriber as a result                  of any                  material information concerning the Corporation that has not been                  publicly                  disclosed and the Subscriber's decision to tender this offer and                  acquire                  Units has not been made as a result of any verbal or written                  representation as to fact or otherwise made by or on behalf of                  the                  Corporation, or any other person and is based entirely upon the                  currently                  available public information concerning the                  Corporation. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| h.   | **Investment                  Suitability.**                  The Subscriber has such knowledge and experience in financial and                  business                  affairs as to be capable of evaluating the merits and risks of                  the                  investment hereunder in the Common Shares and Warrants and is able                  to bear                  the economic risk of loss of such investment. The Subscriber acknowledges                  and agrees that the Subscriber is responsible for obtaining such                  legal                  advice as the Subscriber considers appropriate in connection with                  the                  execution, delivery and performance by the Subscriber of this agreement                  and the transactions contemplated                  hereunder. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| i.   | **Subscription                  Agreement.**                  The Subscriber has read and understands the contents of this agreement                  and                  agrees to be legally bound hereby. |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| j.   | **No                  Repurchase.**                  The Subscriber acknowledges that no person has made to the Subscriber                  any                  written or oral representations: |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| i.   | that                  any person will resell or repurchase the Common Shares, Warrants                  or                  Warrant Shares; |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------|

| ii.   | that                  any person will refund the purchase price of the Common Shares,                  Warrants                  or Warrant Shares; or |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------|

| iii.   | as                  to the future price or value of the Common Shares, Warrants or                  Warrant                  Shares; |
|------------------|--------------------------------------------------------------------------------------------------------------------------------------|

| k.**  ** | **Subject                  to Acceptance.**                  The Subscriber acknowledges that this subscription agreement is                  subject to                  acceptance and allotment by the                  Corporation. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| l.   | **No                  Transfer of Common Shares or Warrant Shares in U.S.**                  The Subscriber acknowledges that the Common Shares and Warrant                  Shares may                  not be offered, sold or otherwise transferred to persons in the                  United                  States or to U.S. Persons and may not be exercised in the United                  States or                  by or on behalf of a U.S. Person and the Subscriber understands                  that                  certificates representing the Common Shares and Warrant Shares                  issued to                  it will so indicate. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| m.   | **Ontario                  Subscriber.**                  The Subscriber is a resident of Ontario and the Subscriber or its                  disclosed principal is an "accredited investor" within the meaning                  of                  Ontario Securities Commission Rule 45-501 - Exempt Distributions                  and falls                  within one or more of the sub-paragraphs of the definition of "Accredited                  Investor" set out in Appendix I to Schedule "D" hereto or is purchasing                  pursuant to paragraph (b) of Schedule "D", and the Subscriber has                  concurrently executed and delivered to the Corporation a certificate                  in                  the form attached as Appendix I to Schedule "D" (the Subscriber                  having                  checked the applicable                  subparagraph(s)). |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| n.   | **No                  Reliance.**                  The Subscriber acknowledges that it has relied solely on publicly                  available information relating to the Corporation and not upon                  any verbal                  or written representation as to fact or otherwise made by or on                  behalf of                  the Corporation. |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| o.   | **Independent                  Advice.**                  The Subscriber acknowledges that it has been encouraged to and                  should                  obtain independent legal, income tax and investment advice with                  respect to                  its subscription for these Common Shares and Warrants and accordingly,                  has                  been independently advised as to the meanings of all terms contained                  herein relevant to the Subscriber for purposes of giving representations,                  warranties and covenants under this Subscription                  Agreement. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.   | **Reliance                  Upon Representations, Warranties and Covenants.**                  The Subscriber acknowledges that the representations and warranties                  contained herein are made by the Subscriber with the intention                  that they                  may be relied upon by the Corporation in determining the Subscriber's                  eligibility to purchase the Units under Applicable Securities Laws.                  The                  Subscriber agrees that by accepting delivery of the Common Shares                  and                  Warrants on the Closing Date, the Subscriber will be representing                  and                  warranting that the foregoing representations and warranties are                  true and                  correct as at the Closing Time with the same force and effect as                  if they                  had been made by the Subscriber at the Closing                  Time. |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.   | **Personal                  Information.**                  The Subscriber acknowledges and consents to the fact that the Corporation                  is collecting the Subscriber's personal information for the purpose                  of                  fulfilling this subscription agreement. The subscriber further                  acknowledges and consents to the fact that the Corporation may                  be required                  by Applicable Securities Laws to provide the applicable regulatory                  authorities with any personal information provided by the Subscriber                  in                  accordance with and for the purposes required under Applicable                  Securities                  Laws. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| **SCHEDULE                "D"**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| **ONTARIO                RESIDENT EXEMPTION CERTIFICATE** The                Subscriber (on its own behalf and, if applicable, on behalf of each                person                on whose behalf the Subscriber is acting hereunder) represents, warrants                and covenants to the Corporation and acknowledges that the Corporation,                and its counsel, are relying thereon that: **[Initial                or place a checkmark in the box to the left of each applicable item;                choose only one of item (a) or (b) below and choose only one sub                item in                (a) or (b)]:** |

| o      | (a)     | the                Subscriber is resident in Ontario and falls within one or more of                the                categories described in the sub-paragraphs of the definition of                "accredited investor" as such term is defined in Ontario Securities                Commission Rule 45-501 ("Rule 45-501") and has completed the Ontario                Accredited Investor Certificate attached hereto as Appendix I,                and: |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|   | o  | (i)                                                                                                                                                                                                                                                                                                                                                                                                                                                             | if                purchasing the securities as principal, the Subscriber is an "accredited                investor" (as such term is defined in Rule 45-501), is purchasing                the                securities as principal for its own account and not for the benefit                of any                other person, it is purchasing for investment only and not with a                view to                resale or distribution and no other person, corporation, firm or                other                organization has a beneficial interest in the said securities being                purchased; or |
|   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |
|   | o       | (ii)                                                                                                                                                                                                                                                                                                                                                                                                                                                            | if                purchasing the securities as agent for a principal disclosed on the                cover                page of this subscription agreement, the Subscriber is an agent or                trustee                of such disclosed principal and such disclosed principal for whom                the                Subscriber is acting is an "accredited investor", is purchasing the                securities as principal for its own account and not for the benefit                of any                other person, and is purchasing for investment only and not with                a view to                resale or distribution and no other person, corporation, firm or                other                organization has a beneficial interest in the said securities being                purchased; **OR** |
|   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |
| o      | (b)     | the                Subscriber is resident in Ontario and is purchasing the securities                for a                principal or principals which is or are undisclosed or identified                by                account number only and the Subscriber is:                                                                                                                                                                                         |
|   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|   | o       | (i)                                                                                                                                                                                                                                                                                                                                                                                                                                                             | a                portfolio adviser (as such term is defined in Rule 45-501) and is                purchasing the securities for one or more managed accounts (as defined                in                Rule 45-501); or |
|   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |
|   | o       | (ii)                                                                                                                                                                                                                                                                                                                                                                                                                                                            | a                trust corporation registered under the Loan and Trust Corporations                Act                (Ontario) or under the Trust and Loan Companies Act (Canada) or under                comparable legislation in any jurisdiction and is purchasing the                securities for an account that is fully managed by such trust                company. |

----

| EXECUTED                by the Subscriber at _________________ this _____________ day of                _____________, 2005. |
|------------------------------------------------------------------------------------------------------------------------------|

| **If                a corporation, partnership or other entity:** |   | **If                an individual:**         |
|-------------------------------------------------------------------|--------|----------------------------------------------|
|                                                              |   |                                         |
|                                                              |   |                                         |
| *(Print                Name of Subscriber)*                       |   | *(Print                Name of Subscriber)*  |
|                                                              |   |                                         |
|                                                              |   |                                         |
| *(Signature                of Authorized Signatory)*              |   | *(Signature)*                                |
|                                                              |   |                                         |
|                                                              |   |                                         |
| *(Name                and Position of Authorized Signatory)*      |   | *(Jurisdiction                of Residence)* |
|                                                              |   |                                         |
|                                                              |   |                                         |
| *(Jurisdiction                of Residence)*                      |   | *(Print                Name of Witness)*     |
|                                                              |   |                                         |
|                                                              |   |                                         |
|                                                              |   | *(Signature                of Witness)*      |

----

| **APPENDIX                I** **ONTARIO                ACCREDITED INVESTOR CERTIFICATE**                                                                                                                                                                                                                                                                           |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                    |
| The                Subscriber hereby represents, warrants and certifies to Corporation                that                the Subscriber (or its disclosed principal) is an "accredited investor"                as                defined in Rule 45-501 by virtue of being: **[check                appropriate boxes]** **Accredited                Investors** |

| o       | (a) | a                  bank listed in Schedule I or II of the Bank Act (Canada), or an                  authorized                  foreign bank listed in Schedule III of the Bank Act (Canada);                                                                                                                                                                                                                                                                                           |
|---------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| o       | (b) | the                  Business Development Bank incorporated under the Business Development                  Bank                  Act (Canada);                                                                                                                                                                                                                                                                                                                                         |
| o  | (c) | a                  loan corporation or trust corporation registered under the Loan                  and Trust                  Corporations Act (Ontario) or under the Trust and Loan Corporations                  Act                  (Canada), or under comparable legislation in any other                  jurisdiction;                                                                                                                                                          |
| o       | (d) | a                  co-operative credit society, credit union central, federation of                  caisses                  populaires, credit union or league, or regional caisse populaire,                  or an                  association under the Cooperative Credit Associations Act (Canada),                  in                  each case, located in Canada;                                                                                                          |
| o       | (e) | a                  company licensed to do business as an insurance company in any                  jurisdiction of Canada;                                                                                                                                                                                                                                                                                                                                                              |
| o       | (f) | a                  subsidiary of any company referred to in paragraph (a), (b), (c),                  (d) or                  (e), where the company owns all of the voting shares of the                  subsidiary;                                                                                                                                                                                                                                                                  |
| o       | (g) | a                  person or company registered under the Securities Act (Ontario)                  or                  securities legislation in another jurisdiction of Canada as an                  adviser or                  dealer, other than a limited market dealer;                                                                                                                                                                                                         |
| o       | (h) | the                  government of Canada or of any jurisdiction, or any crown corporation,                  instrumentality or agency of a Canadian federal, provincial or                  territorial                  government;                                                                                                                                                                                                                                                   |
| o       | (i) | any                  Canadian municipality or any Canadian provincial or territorial                  capital                  city;                                                                                                                                                                                                                                                                                                                                                    |
| o       | (j) | any                  national, federal, state, provincial, territorial or municipal                  government                  of or in any foreign jurisdiction, or any instrumentality or agency                  thereof;                                                                                                                                                                                                                                                          |
| o       | (k) | a                  pension fund that is regulated by either the Office of the Superintendent                  of Financial Institutions (Canada) or a provincial pension commission                  or                  similar regulatory authority;                                                                                                                                                                                                                                  |
| o       | (l) | a                  registered charity under the Income Tax Act (Canada);                                                                                                                                                                                                                                                                                                                                                                                                                |
| o       | (m) | an                  individual who beneficially owns, or who together with a spouse                  beneficially own, financial assets having an aggregate realizable                  value                  that, before taxes but net of any related liabilities, exceeds                  $1,000,000;                                                                                                                                                                              |
| o       | (n) | an                  individual whose net income before taxes exceeded $200,000 in each                  of the                  two most recent years or whose net income before taxes combined                  with that                  of a spouse exceeded $300,000 in each of those years and who, in                  either                  case, has a reasonable expectation of exceeding the same net income                  level                  in the current year;  |

----

| o | (o) | an                  individual who has been granted registration under the Securities                  Act                  (Ontario) or securities legislation in another jurisdiction of                  Canada as a                  representative of a person or company referred to in paragraph                  (g),                  whether or not the individual's registration is still in                  effect;                   |
|---|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| o | (p) | a                  promoter of the Corporation or an affiliated entity of a promoter                  of the                  Corporation;                                                                                                                                                                                                                                                                                                         |
| o | (q) | a                  spouse, parent, brother, sister, grandparent or child of an officer,                  director or promoter of the Corporation;                                                                                                                                                                                                                                                                                                  |
| o | (r) | a                  person or company that, in relation to the Corporation, is an affiliated                  entity or a person or company referred to in clause (c) of the                  definition                  of distribution in subsection 1(1) of the Securities Act                  (Ontario);                                                                                                                                      |
| o | (s) | a                  company, limited partnership, limited liability partnership, trust                  or                  estate, other than a mutual fund or non-redeemable investment fund,                  that                  had net assets of at least $5,000,000 as reflected in its most                  recently                  prepared financial statements;                                                                     |
| o | (t) | a                  person or company that is recognized by the Ontario Securities                  Commission                  as an accredited investor, pursuant to a discretionary order of                  the                  Ontario Securities Commission;                                                                                                                                                                                |
| o | (u) | a                  mutual fund or non-redeemable investment fund that, in Ontario,                  distributes its securities only to persons or companies that are                  accredited investors;                                                                                                                                                                                                                                        |
| o | (v) | a                  mutual fund or non-redeemable investment fund that, in Ontario,                  distributes its securities under a prospectus for which a receipt                  has been                  granted by the Director as defined in the Securities Act (Ontario)                  or, if                  it has ceased distribution of its securities, has previously distributed                  securities in this manner;  |
| o | (w) | a                  fully managed account if it is acquiring a security that is not                  a security                  of a mutual fund or non-redeemable investment fund;                                                                                                                                                                                                                                                                |
| o | (x) | an                  account that is fully managed by a trust corporation registered                  under the                  Loan and Trust Corporations Act (Ontario) or under the Loan and                  Trust                  Companies Act (Canada) or under comparable legislation in any other                  jurisdiction;                                                                                                         |
| o | (y) | an                  entity organized outside of Canada that is analogous to any of                  the                  entities referred to in paragraphs (a) through (g) and paragraph                  (k) in                  form and function; or                                                                                                                                                                                           |
| o | (z) | a                  person or company in respect of which all of the owners of interests,                  direct or indirect, legal or beneficial, are persons or companies                  that are                  accredited investors.                                                                                                                                                                                                       |

----

| ·   | **"company"**                    means any corporation, incorporated association, incorporated                    syndicate or                    other incorporated organization. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | **"control                    person"**                    means any person, company or combination of persons or companies                    holding a                    sufficient number of any securities of the Corporation to affect                    materially the control of the Corporation, but any holding of                    any persons,                    company or combination of persons or companies holding more than                    20 per                    cent of the outstanding voting securities of the Corporation,                    in the                    absence of evidence to the contrary, shall be deemed to affect                    materially                    the control of the Corporation. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | **"director"**                    where used in relation to a person, includes a person acting                    in a capacity                    similar to that of a director of a                    company. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | **"entity"**                    means a company, syndicate, partnership, trust or unincorporated                    organization. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------|

| ·   | **"financial                    assets"**                    means cash, securities, or any contract of insurance or deposit                    or                    evidence thereof that is not a security for the purposes of the                    Securities                    Act (Ontario). |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | **"fully                    managed account"**                    means an investment portfolio account of a client established                    in writing                    with a portfolio adviser who makes investment decisions for the                    account                    and has full discretion to trade in securities of the account                    without                    requiring the clientÕs express consent to a                    transaction. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | **"individual"**                    means a natural person, but does not include a partnership, unincorporated                    association, unincorporated organization, trust or a natural                    person in his                    or her capacity as trustee, executor, administrator or other                    legal                    personal representative. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | **"mutual                    fund"**                    includes an issuer whose primary purpose is to invest money provided                    by                    its security holders and whose securities entitle the holder                    to receive on                    demand, or within a specified period after demand, an amount                    computed by                    reference to the value of a proportionate interest in the whole                    or in a                    part of the net assets, including a separate fund or trust account,                    of the                    issuer of the securities. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | **"non-redeemable                    investment fund"**                    means an issuer |
|--------------------|--------------------------------------------------------------------------------------------|

| 1.   | whose                    primary purpose is to invest money provided by its                    securityholders; |
|----------------|-----------------------------------------------------------------------------------------------------------------|

| 2.   | that                    does not invest for the purpose of exercising effective control,                    seeking                    to exercise effective control, or being actively involved in                    the                    management of the issuers in which it invests, other than other                    mutual                    funds or non-redeemable investment funds;                    and |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.   | is                    not a mutual fund. |
|----------------|------------------------------------------|

| ·   | **"officer"**                    means the chair, any vice-chair of the board of directors, the                    president,                    any vice-president, the secretary, the assistant secretary, the                    treasurer,                    the assistant treasurer, and the general manager of a company,                    and any                    other person designated an officer or a company by by-law or                    similar                    authority, or any individual acting in a similar capacity on                    behalf of the                    Corporation. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | **"portfolio                    adviser"**                    means (a) a portfolio manager; or (b) a broker or investment                    dealer                    exempted from registration as an adviser under subsection 148(1)                    of the                    Regulation to the Securities Act (Ontario) if that broker or                    investment                    dealer is not exempt from the by-laws or regulations of the Toronto                    Stock                    Exchange or the Investment Dealers' Association of Canada referred                    to in                    that subsection. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | **"promoter"**                    means (a) a person or company who, acting alone or in conjunction                    with one                    or more other persons, companies or a combination thereof, directly                    or                    indirectly, has taken the initiative in founding, organizing                    or                    substantially reorganizing the business of the Corporation, or                    (b) a                    person or company who, in connection with the founding, organizing                    or                    substantial reorganizing of the business of the Corporation,                    directly or                    indirectly, received in consideration of services or property,                    or both                    services and property, 10 per cent or more of any class of securities                    of                    the Corporation or 10 percent or more of the proceeds from the                    sale of any                    class of securities of a particular issue, but a person or company                    who                    receives such securities or proceeds either solely as underwriting                    commissions or solely in consideration of property shall not                    be deemed a                    promoter within the meaning of this definition if such person                    or company                    does not otherwise take part in founding, organizing, or substantially                    reorganizing the business. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | **"related                    liabilities"**                    means liabilities incurred or assumed for the purpose of financing                    the                    acquisition or ownership of financial assets and liabilities                    that are                    secured by financial assets. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | **"spouse"**,                    in relation to an individual, means another individual to whom                    that                    individual is married, or another individual of the opposite                    sex or the                    same sex with whom that individual is living in a conjugal relationship                    outside marriage. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| a.   | a                    person or company is considered to be an affiliated entity of                    another                    person or company if one is a subsidiary entity of the other,                    or if both                    are subsidiary entities of the same person or company, or if                    each of them                    is controlled by the same person or                    company. |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| b.   | a                    person or company is considered to be controlled by a person                    or company                    if |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------|

| i.   | in                    the case of a person or company, |
|----------------|--------------------------------------------------------|

| A.   | voting                    securities of the first mentioned person or company carrying                    more than 50                    percent of the votes for the election of directors are held,                    otherwise                    than by way of security only, by or for the benefit of the other                    person or                    company, and |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| B.   | the                    votes carried by the securities are entitled, if exercised, to                    elect a                    majority of the directors of the first-mentioned person or                    company; |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ii.   | in                    the case of a partnership that does not have directors, other                    than a                    limited partnership, the second-mentioned person or company holds                    more                    than 50 percent of the interests in the partnership;                    or |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| iii.   | in                    the case of a limited partnership, the general partner is the                    second-mentioned person or company;                    and |
|------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| c.   | a                    person or company is considered to be a subsidiary entity of                    another                    person or company if |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------|

| i.   | it                    is controlled by, |
|----------------|-----------------------------------------|

| A.   | that                    other, or |
|----------------|-----------------------------------|

| B.   | that                    other and one or more persons or companies each of which is controlled                    by                    that other, or |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------|

| C.   | two                    or more persons or companies, each of which is controlled by                    that other;                    or |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------|

| d.   | it                    is a subsidiary entity of a person or company that is the other's                    subsidiary entity. |
|----------------|-------------------------------------------------------------------------------------------------------------------------------|