**EXHIBIT      4.23**

| **ADB              SYSTEMS INTERNATIONAL LTD. **                              |  **Series                (J) Debenture                Subscription**                                                                                |
|-----------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------|
| *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;*                       |   |
| *c. *                                                                              | □ *Duly completed              and              executed Accredited Investor Certificate (attached as schedule “D”);              and* |   |
| *d.*                                                                               | □*Duly completed and executed Offshore Subscriber Certificate (attached              as              schedule “E”, if applicable).*    |   |

**SUBSCRIPTION      AGREEMENT**

**(for      Ontario, Alberta and Non-Canadian/Non-U.S. Subscribers)**

| **TO:** | ADB                Systems International Ltd. (the “**Corporation**”)                                                                                                                                                                                                                                                               |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **RE:** | Sale                of secured subordinate convertible debentures convertible into units                consisting of one common share in the capital of the Corporation                and one                common share purchase warrant exercisable into one common share in                the                capital of the Corporation. |

**Details      of Subscription**

**Subscriber**
**Debentures**

**Ontario      and Alberta Subscribers**

**Non      Canadian and Non U.S. Subscribers**

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*Please      print all information (other than signatures), as applicable, in the spaces      provided below.*

| ***Principal                Amount of Debentures Subscribed for (to be issued at                par):___________________________________________________________________________________***       |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ***Subscriber                Details***__________________________________________________*Name                  of Subscriber**By:                  ______________________________________________________**    Authorized                  Signature*__________________________________________________*Official                  Capacity or Title (if Subscriber is not an individual)*__________________________________________________*Name                  of individual whose signature appears above if different from name of                  Subscriber printed                  above__________________________________________________________*______________________________________________________________________________________________________*Address                    of Subscriber, including province and postal                    code*                                                                                                                                                                                                                                                                                                                                                                          |   | ***Registration                  Instructions******(if different from name of Subscriber and address set out in the box                  to the left):***______________________________________________*Name*______________________________________________*In                  Trust For, if applicable**Account                  Reference, if applicable*_____________________________________________________________________________________________________________________________________________*Address,                  including postal code*               |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| *Telephone                  Number: __________________________________________**Fax                  Number: _______________________________________________* *E-mail                  Address: _____________________________________________*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   | ***Delivery                  Instructions******(if different from name of Purchaser and address set out in the                  box to the                  left):***_______________________________________________*Name*_______________________________________________*Account                  Reference, if                  applicable__________________________________________________________________________________________________________________________________________________________________**Address,                  including province and postal code* |
| *Disclosed                  Principal (please complete if purchasing as agent or trustee for a                  disclosed principal* Name                  of Principal: _____________________________________________     Principal’s                  Address: ___________________________________________                        (Street                  Address)                    ______________________________________                        (City                  and Province)                        ___________________________________________                        (Postal                  Code)  |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |

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**Nous      reconnaissons par les présentes avoir consenti et demandé à ce que la présente      convention de souscription (et les annexes s’y rapportant) et tous les autres      documents faisant foi ou se rapportant de quelque manière à notre souscription      soient rédigés en anglais seulement.**

**IN      WITNESS WHEREOF**

|  _____________________________________               |   |  ______________________________________                              |
|-----------------------------------------------------------|--------|---------------------------------------------------------------------------|
| Signature                of Subscriber (if an individual) |   | Name                of Subscriber (if an individual)                      |
|                                                      |   |                                                                      |
| **_____________________________________**                 |   | Per:                                                                      | ______________________________________ |
| Name                of Subscriber (if an individual)      |   | (signature                of authorized representative)                   |
|                                                      |   |                                                                      |
|                                                      |   | ______________________________________                                    |
|                                                      |   | Name                and Title of Authorized                Representative |

**ACCEPTANCE**

|  **ADB                SYSTEMS INTERNATIONAL LTD.**  |
|---------------------------------------------------------------|
| Per:                                                          |   |
|                                                          |   |

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**SCHEDULE      “A”**

*This      is Schedule “A” to the subscription agreement relating to the purchase of Series      (J) Debentures of ADB Systems International Ltd.*

**TERMS      OF THE OFFERING**

**Offering**
**Debentures**
**Offering**

**Initial      Period**
**Maturity**
**Date**
**Subsequent      Period**

**Conversion**
**Units**
**Conversion      Price**

**Common      Share**
**Warrant**

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**Definitions**

**Applicable      Securities Laws**

**Business      Day**

**Closing      Date**

**Closing      Time**

**Corporation’s      Information Record**

**Hold      Period**
*Securities      Act *

**including**

**material**

**material      change**

**material      fact**

**Material      Subsidiaries**

**misrepresentation**

**Debenture      Certificates**

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**Purchasers**

**Regulation      S**

**TSX**

**Underlying      Securities**

**United      States**

**U.S.      Person**

**U.S.      Securities Act**
*Securities      Act of 1933*

**“Warrant”**

**Warrants      Shares**

**Currency**

**Representations      and Warranties of the Corporation**

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** **

*Securities      Act*

**Reliance      upon Representations, Warranties and Covenants of the      Corporation**

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**Closing      of Purchase**

**Payment      and Delivery**

**Conditions      of Closing. **

** **

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**Acceptance      or Rejection**

**Information      and Documents**

**Resale      Restrictions**

**No      Revocation**

**Indemnity**

**Modification**

**Miscellaneous**

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**Notices.**

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**SCHEDULE      “B”**

*This      is Schedule “B” to the subscription agreement relating to the purchase of Series      (J) Debentures 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 Series (J) Secured Subordinate Convertible Debentures**

**by      way of Private Placement**

**January      2006**

| **Issuer:**                               | ADB                  Systems International Ltd. (“ADB” or the “Corporation”)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **Offered                  Securities:**  | Secured                  subordinate convertible debentures (the “Debentures”) to be issued at par                  in integral multiples of $1,000. At any time up to and including                  the                  Maturity Date (as defined below), all or any portion of the principal                  amount of the Debentures will be convertible (“Conversion”) into one unit                  (a “Unit”) at the option of the holder at a conversion price of $0.15 per                  Unit, subject to adjustments for any stock splits, consolidations,                  or                  other capital reorganizations, extraordinary dividends or distributions                  among other anti-dilution provisions providing adjustment for events                  that                  will affect all security holders equally (the “Conversion Price”). Each                  Unit is to consist of one common share (“Common Share”) and one common                  share purchase warrant (“Warrant”). Each Warrant is exercisable into one                  Common Share at an exercise price of $0.20, any time prior to the                  earlier                  of (i) the third year anniversary of the Closing Date and (ii)                  the date                  which is sixty (60) days following the issuance of a notice by                  the                  Corporation to holders confirming that the closing price of the                  common                  shares of the Corporation on the Toronto Stock Exchange was greater                  than                  or equal to $0.35 for any 10 consecutive trading days, following                  the 4                  months and one day hold period from the date of issuance of the                  Warrant.   |
| **Size                  of Offering:**    | Offering                  of up to $900,000 principal amount of Debentures.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| **Interest:**                             | Interest                  payable on the Debentures shall be simple interest calculated at                  11% per                  annum and payable as follows:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|                                                |                  (a)                  interest owing in respect of the period commencing on the Closing                  Date and                  ending on the date that is twelve months following the Closing                  Date shall                  be calculated and payable in arrears upon the earlier of (i) Conversion;                  and (ii) the date which is 12 months following the Closing Date,                  and such                  interest shall be satisfied by the issuance of the number of Common                  Shares                  calculated on the basis of:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|                                                | A÷B,                  where:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|                                                | A                  = the amount of accrued interest payable, in dollars; and                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|                                                | B                  = the volume weighted average trading price of the Common Shares                  over the                  20 day trading period ending at the close of business on the day                  prior to                  the date on which the interest payment is due, reduced by the maximum                  percentage discount permitted by the Toronto Stock Exchange,                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |

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|                                                      | provided                  that the maximum aggregate number of common shares issuable pursuant                  to                  the above-noted calculation is 6,529,959 and in the event the Corporation                  is obligated to, and cannot, issue any further Common Shares over                  and                  above 6,529,959, it shall satisfy the balance of the interest payment                  owing in cash by paying the amount calculated as (i) the total                  amount of                  accrued interest payable, less (ii) the value of the Common Shares                  issued                  in satisfaction of interest payments; and |
|------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|                                                      |                  (b)                  interest owing in respect of the period commencing on the date                  that is                  twelve months and one day following the Closing Date and ending                  on the                  date that is five years following the Closing Date shall be calculated                  and                  payable in cash upon the earlier of  (i) Conversion; or (ii) the                  Maturity Date.                                                                                                                                                                                                                |
|                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| **Security:**                                        | The                  Debentures will provide general security over the Corporation’s assets.                  Such security will be subordinate to the liabilities of the Corporation                  to                  current secured creditors, but will rank in priority over all unsecured                  liabilities of the Corporation.                                                                                                                                                                                                                                                                                                                                      |
|                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| **Agreements:**                                 | Subscription                  Agreement, Secured Subordinate Convertible Debenture Certificate,                  Warrant                  Certificate, and Security Agreement.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| **Maturity                  Date:**             | Five                  years from the Closing Date (as defined below).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| **Resale                  Restrictions:**       | The                  Corporation will be a “reporting issuer” on the Closing Date, such that it                  is expected that the Debentures, Common Shares, Warrants and common                  shares                  issuable upon the exercise of the Warrants, will be subject to                  a                  restricted period expiring four months and one day following the                  Closing                  Date.                                                                                                                                                                                                                             |
| **Form                  of Offering:**          | Best                  efforts private placement to accredited investors in Ontario under                  OSC                  Rule 45-501 or in such other jurisdictions in Canada, and outside                  North                  America under                  equivalent rules.                                                                                                                                                                                                                                                                                                                                                                                            |
| **Agent:**                                      | As                  this will be a non-brokered Private Placement PowerOne Capital                  Markets                  Limited agrees to waive their right of first refusal to act as                  Agent in                  this offering.                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| **Closing                  Date:**              | On                  or about January 31, 2006 or such other date or dates as the Corporation                  may determine (the “Closing Date”).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| **Agent’s                  Commission:**  | Not                  applicable                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |

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**SCHEDULE      “C”**

**SUBSCRIBER’S      REPRESENTATIONS AND WARRANTIES**

*This      is Schedule “C” to the subscription agreement relating to the purchase of Series      (J) Debentures 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.*

**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 or any beneficial purchaser on whose behalf the Subscriber                is acting hereunder is a resident of, or otherwise subject to, the                jurisdiction referred to under “Name and Address of Subscriber” on the                first page of this subscription agreement, which address is the residence                or place of business of the Subscriber or such beneficial purchaser                and                has not been created or used solely for the purpose of acquiring                Debentures, and neither the Subscriber or such beneficial                purchaser: |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | is                (or is purchasing Debentures for the account or benefit of) a U.S.                Person; |
|--------|-----|-------------------------------------------------------------------------------------------------------------|

|   | (ii) | was                offered the Debentures in the United States;                and |
|--------|------|------------------------------------------------------------------------------------|

|   | (iii) | executed                or delivered this agreement in the United                States. |
|--------|-------|------------------------------------------------------------------------------------------|

|   | (c) | **Investment                Intent**.                The Subscriber on its own behalf and on behalf of any beneficial                purchaser                on whose behalf the Subscriber is acting hereunder is acquiring Debentures                to be held for investment only and not with a view to resale or                distribution. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | **Prospectus                Exemptions.**                The Subscriber or any beneficial purchaser on whose behalf the Subscriber                is acting hereunder acknowledges and agrees that the sale and delivery                of                the Debentures 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                Debentures and as a result, certain rights and remedies provided                by                Applicable Securities Laws (including statutory rights of rescission                or                damages) will not be available to the Subscriber or any beneficial                purchaser on whose behalf the Subscriber is acting                hereunder. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | (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 (including a prospectus or offering memorandum)                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 on its own behalf and on behalf of any beneficial                purchaser                on whose behalf the Subscriber is acting hereunder acknowledges that                it                has not purchased the Debentures 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 other telecommunications                (including electronic display), or any seminar or meeting whose attendees                have been invited by any general solicitation or general                advertising. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | **No                Undisclosed Information.**                The Debentures 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 Debentures 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 and any beneficial purchaser on whose behalf the Subscriber                is acting hereunder have such knowledge and experience in financial                and                business affairs as to be capable of evaluating the merits and risks                of                the investment hereunder in Debentures (and the Underlying Securities                and                Warrant Shares in respect thereof) and are able to bear the economic                risk                of loss of such investment. The Subscriber and any beneficial purchaser                on                whose behalf the Subscriber is acting hereunder acknowledge and agree                that                the Subscriber and such beneficial purchaser are responsible for                obtaining                such legal advice as the Subscriber or such beneficial purchaser                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 on its own behalf and on behalf of any beneficial                purchaser                on whose behalf the Subscriber is acting hereunder has read and                understands the contents of this agreement (including the Schedules                hereto) and agrees to be legally bound                hereby. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (j) | **No                Conversion or Transfer of Debentures, Underlying Securities or Warrant                Shares in U.S.**                The Subscriber on its own behalf and on behalf of any beneficial                purchaser                on whose behalf the Subscriber is acting hereunder acknowledges that                the                Debentures, Underlying Securities 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 and such beneficial purchaser                understand that certificates representing the Debentures, Underlying                Securities and Warrant Shares issued to it will so                indicate. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (k) | **Ontario                and Alberta Subscribers**.                If the Subscriber or any beneficial purchaser on whose behalf the                Subscriber is acting hereunder is a resident of Ontario or Alberta,                the                Subscriber or its disclosed principal is an “accredited investor” within                the meaning of National Instrument 45-106 - Prospectus and Registration                Exemptions and falls within one or more of the sub-paragraphs of                the                definition of “Accredited Investor” set out in Schedule “D” hereto and the                Subscriber or such beneficial purchaser has concurrently executed                and                delivered to the Corporation a certificate in the form attached as                Schedule “D” (the Subscriber having checked the applicable                subparagraph(s)). |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (l) | **Non-Canadian                / Non-US Subscriber**.                If the Subscriber, or any beneficial purchaser for whom it is acting,                is a                resident of a non-Canadian/non-US jurisdiction, the Subscriber and                its                disclosed principal, if applicable, is recognized by the securities                regulatory authority of such jurisdiction as an exempt subscriber,                the                subscription for the Debentures by the Subscriber, or such beneficial                purchaser, does not contravene any of the applicable securities                legislation in the jurisdiction in |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   |   | which the Subscriber or such beneficial purchaser              resides              and does not give rise to any obligation of the Corporation to prepare              and              file a prospectus or similar document or to register the Debentures              or to              be registered with or to file any report or notice with any governmental              or regulatory authority, and the Subscriber or its disclosed principal              has              concurrently executed and delivered to the Corporation a certificate              in              the form attached as Schedule “E”. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (m) | The                execution and delivery of this subscription agreement, the performance                and                compliance with the terms hereof, the subscription for the Debentures                and                the completion of the transactions described herein by the Subscriber                will                not result in any material breach of, or be in conflict with or constitute                a material default under, or create a state of facts which, after                notice                or lapse of time, or both, would constitute a material default under                any                term or provision of the constating documents, by-laws or resolutions                of                the Subscriber, the Applicable Securities Laws or any other laws                applicable to the Subscriber, any agreement to which the Subscriber                is a                party, or any judgment, decree, order, statute, rule or regulation                applicable to the Subscriber. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (n) | The                Subscriber is subscribing for the Debentures as principal for its                own                account and not for the benefit of any other person (within the meaning                of                Applicable Securities Laws) and not with a view to the resale or                distribution of all or any of the Debentures, Underlying Securities                or                Warrant Shares or if it is not subscribing as principal, it acknowledges                that the Corporation may be required by law to disclose to certain                regulatory authorities the identity of each beneficial purchaser                of the                Debentures for whom it is acting. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (o) | In                the case of a subscription for the Debentures by the Subscriber acting                as                trustee or agent (including, for greater certainty, a portfolio manager                or                comparable adviser) for a principal, the Subscriber is duly authorized                to                execute and deliver this subscription agreement and all other necessary                documentation in connection with such subscription on behalf of each                such                beneficial purchaser, each of whom is subscribing as principal for                its own                account, not for the benefit of any other person and not with a view                to                the resale or distribution of the Debentures, Underlying Securities                or                Warrant Shares, and this subscription agreement has been duly authorized,                executed and delivered by or on behalf of and constitutes a legal,                valid                and binding agreement of, such principal, and the Subscriber acknowledges                that the Corporation may be required by law to disclose the identity                of                each beneficial purchaser for whom the Subscriber is                acting. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (p) | In                the case of a subscription for the Debentures by the Subscriber acting                as                principal, this subscription agreement has been duly authorized,                executed                and delivered by, and constitutes a legal, valid and binding agreement                of,                the Subscriber. This subscription agreement is enforceable in accordance                with its terms against the Subscriber and any beneficial purchasers                on                whose behalf the Subscriber is                acting. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (q) | There                is no person acting or purporting to act in connection with the                transactions contemplated herein who is entitled to any brokerage                or                finder’s fee. If any person establishes a claim that any such fee or other                compensation is payable in connection with this subscription for                the                Debentures, the Subscriber covenants to indemnify and hold harmless                the                Corporation with respect thereto and with respect to all costs reasonably                incurred in the defence thereof. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (r) | The                Subscriber is not, with respect to the Corporation or any of its                affiliates, a control person (as defined in Applicable Securities                Laws). |
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|   | (s) | If                required by Applicable Securities Laws or the Corporation, the Subscriber                will execute, deliver and file or assist the Corporation in filing                such                reports, undertakings and other documents with respect to the issue                of the                Debentures, Underlying Securities or Warrant Shares as may be required                by                any securities commission, stock exchange or other regulatory                authority. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (t) | The                Subscriber acknowledges that no representation has been made respecting                the applicable hold periods imposed by the Applicable Securities                Laws or                other resale restrictions applicable to the Debentures, Underlying                Securities or Warrant Shares which restrict the ability of the Subscriber |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   |   | (or others for whom it is contracting hereunder)              to              resell such securities, that the Subscriber (or others for whom it              is              contracting hereunder) is solely responsible to find out what these              restrictions are and the Subscriber is solely responsible (and the              Corporation is not in any way responsible) for compliance with applicable              resale restrictions and the Subscriber is aware that it (or beneficial              purchasers for whom it is contracting hereunder) may not be able to              resell              such securities except in accordance with limited exemptions under              the              Applicable Securities Laws and other applicable              laws. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (u) | No                person has made any written or oral                representations: |
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|   | (i) | that                any person will resell or repurchase the Debentures, Underlying Securities                or the Warrant Shares; |
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|   | (ii)  | that                  any person will refund the purchase price of the Debentures;                  or |
|--------|------------|--------------------------------------------------------------------------------------------------------|

|   | (iii) | as                to the future price or value of the Debentures, Underlying Securities                or                the Warrant Shares. |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------|

|   | (v) | The                Subscriber, on its own behalf and, if applicable, on behalf of others                for                whom it is acting hereunder, acknowledges and agrees as                follows: |
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|   | (i) | No                securities commission, agency, governmental authority, regulatory                body,                stock exchange or other regulatory body has reviewed or passed on                the                merits of the Debentures, Underlying Securities or the Warrant                Shares. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | The                Subscriber’s ability to transfer the Debentures, Underlying Securities and                Warrant Shares is limited by, among other things, Applicable Securities                Laws. |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | The                certificates representing the Debentures will bear, as of the Closing                Date, legends substantially in the following form and with the necessary                information inserted: |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   | UNLESS                    PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY                    MUST                    NOT TRADE THE SECURITY BEFORE <INSERT DATE THAT IS FOUR (4) MONTHS AND                    ONE (1) DAY AFTER CLOSING                    DATE>.” |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | In                  the event that holders of Debentures convert such Debentures and/or                  exercise the Warrants prior to the expiry of the hold periods applicable                  to the Underlying Securities, the Underlying Securities and/or                  Warrant                  Shares, as applicable, will bear legends substantially in the following                  form and with the necessary information                  inserted: |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   | “UNLESS                PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY                MUST                NOT TRADE THE SECURITY BEFORE <INSERT DATE THAT IS FOUR (4) MONTHS AND                ONE (1) DAY AFTER CLOSING DATE>. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (v) | In                addition, the Common Shares (and Warrant Shares, if applicable) will                also                bear a legend substantially in the following                form: |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   | **“THE                  SECURITIES REPRESENTED BY THIS CERTIFICATE ARE LISTED ON THE TORONTO                  STOCK                  EXCHANGE (THE “TSX”); HOWEVER THE SAID SECURITIES CANNOT BE TRADED THROUGH                  THE FACILITIES OF THE TSX SINCE THEY ARE NOT FREELY TRANSFERABLE,                  AND                  CONSEQUENTLY ANY CERTIFICATE REPRESENTING SUCH SECURITIES IS NOT“GOOD                  DELIVERY” IN SETTLEMENT OF TRANSACTIONS ON THE                  TSX.”** |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (vi) | There                is no government or other insurance covering the Debentures, Underlying                Securities or the Warrant Shares. |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------|

|   | (vii) | There                are risks associated with the purchase of the Debentures, Underlying                Securities and/or the Warrant                Shares. |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 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 Debentures under Applicable Securities Laws.                The                Subscriber agrees that by accepting delivery of the Debentures 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 and that they will survive the                purchase                by the Subscriber of Debentures and will continue in full force and                effect                notwithstanding any subsequent disposition by the Subscriber of such                Debentures. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | **Personal                Information**.                The Subscriber and (if applicable) each disclosed principal understands                that the Corporation may be required to provide any one or more of                the                Canadian securities regulators, stock exchanges, or** **other                regulatory agencies or the Corporation’s transfer agent with the name,                residential address, telephone number and e-mail address of the Subscriber                and (if applicable) any disclosed principals as well as information                regarding the number, aggregate purchase price and type of Common                Shares                and Warrants purchased under this subscription agreement and the                identities of any beneficial purchasers of the Common Shares and                Warrants                (collectively, the "**Information**"),                and may make any other filings of the Information as the Corporation                or                the Corporation’s counsel deems appropriate. In addition, the Information                may be used by the Corporation** **for                the purposes of: |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | completing                the purchase of the Units pursuant to this subscription                agreement; |
|--------|-----|-------------------------------------------------------------------------------------------------------------|

|   | (b) | complying                with all corporate governance and continuous disclosure requirements                under                applicable securities laws; and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | contacting                the Subscriber in its capacity as an                investor. |
|--------|-----|-----------------------------------------------------------------------------------------|

----

**SCHEDULE      “D”**

*This      is Schedule “D” to the subscription agreement relating to the purchase of Series      (J) Debentures 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 section 1 and 2 of Schedule “A” to this Subscription Agreement.*

**ACCREDITED      INVESTOR CERTIFICATE**

*Prospectus      and Registration Exemptions*

**ACCREDITED      INVESTOR STATUS**

***[initial      each applicable item]:***

| _____  | (a)  | a                Canadian financial institution, or a Schedule III bank;                                                                                                                                                                                                                                                                                                                                               |
|-------------|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| _____  | (b)  | the                Business Development Bank of Canada incorporated under the *Business                Development Bank of Canada Act*(Canada);                                                                                                                                                                                                                                                                             |
| _____  | (c)  | a                subsidiary of any person referred to in paragraphs (a) to (b), if the                person owns all of the voting securities of the subsidiary, except                the                voting securities required by law to be owned by directors of that                subsidiary;                                                                                                               |
| _____  | (d)  | a                person registered under the securities legislation of a jurisdiction                of                Canada as an adviser or dealer, other than a person registered solely                as a                limited market dealer under one or both of the *Securities                Act*                (Ontario) or the *Securities                Act*                (Newfoundland and Labrador);  |
| _____  | (e)  | an                individual registered or formerly registered under the securities                legislation of a jurisdiction of Canada, as a representative of a                person                referred to in paragraph (d);                                                                                                                                                                                |
| _____  | (f)  | the                Government of Canada or a jurisdiction of Canada, or any crown                corporation, agency or wholly owned entity of the Government of Canada                or                a jurisdiction of Canada;                                                                                                                                                                                          |
| _____  | (g)  | a                municipality, public board or commission in Canada and a metropolitan                community, school board, the Comité de gestion de la taxe scolaire de                l'île de Montréal or an intermunicipal management board in                Québec;                                                                                                                            |
| _____  | (h)  | any                national, federal, state, provincial, territorial or municipal government                of or in any foreign jurisdiction, or any agency of that                government;                                                                                                                                                                                                                             |

----

| _____  | (i)  | a                pension fund that is regulated by either the Office of the Superintendent                of Financial Institutions (Canada) or a pension commission or similar                regulatory authority of a jurisdiction of Canada;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|-------------|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| _____  | (j)  | an                individual who, either alone or with a spouse, beneficially owns,                directly                or indirectly, financial assets having an aggregate realizable value                that                before taxes, but net of any related liabilities, exceeds                $1,000,000;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| _____  | (k)  | an                individual whose net income before taxes exceeded $200,000 in each                of the                two most recent calendar years or whose net income before taxes combined                with that of a spouse exceeded $300,000 in each of the two most recent                calendar years and who, in either case, reasonably expects to exceed                that                net income level in the current calendar year;                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| _____  | (l)  | an                individual who, either alone or with a spouse, has net assets of                at least                $5,000,000;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| _____  | (m)  | a                person, other than an individual or investment fund, that has net                assets                of at least $5,000,000 as shown on its most recently prepared financial                statements;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| _____  | (n)  | an                investment fund that distributes or has distributed its securities                only                to(i)    a                person that is or was an accredited investor at the time of the                distribution, (ii)    a                person that acquires or acquired securities in the circumstances                referred                to under sections 2.10 [*Minimum                Amount Investment]*                and 2.19 [*Additional                Investment in Investment Funds]*                of National Instrument 45-106, or (iii)    a                person described in paragraph (i) or (ii) that acquires or acquired                securities under section 2.18 [*Investment                Fund Reinvestment]*of                National Instrument 45-106;  |
| _____  | (o)  | an                investment fund that distributes or has distributed securities under                a                prospectus in a jurisdiction of Canada for which the regulator or,                in                Québec, the securities regulatory authority, has issued a receipt;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| _____  | (p)  | a                trust company or trust corporation registered or authorized to carry                on                business under the *Trust                and Loan Companies Act*                (Canada) or under comparable legislation in a jurisdiction of Canada                or a                foreign jurisdiction, acting on behalf of a fully managed account                managed                by the trust company or trust corporation, as the case may                be;                                                                                                                                                                                                                                                                                                                                                                                                     |
| _____  | (q)  | a                person acting on behalf of a fully managed account managed by that                person,                if that person(i)    is                registered or authorized to carry on business as an adviser or the                equivalent under the securities legislation of a jurisdiction of                Canada or                a foreign jurisdiction, and(ii)    in                Ontario, is purchasing a security that is not a security of an investment                fund;                                                                                                                                                                                                                                                                                                                                                  |
| _____  | (r)  | a                registered charity under the *Income                Tax Act*                (Canada) that, in regard to the trade, has obtained advice from an                eligibility adviser or an adviser registered under the securities                legislation of the jurisdiction of the registered charity to give                advice                on the securities being traded;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| _____  | (s)  | an                entity organized in a foreign jurisdiction that is analogous to any                of the                entities referred to in paragraphs (a) through (d) or paragraph (i)                in form and function;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |

----

| _____  | (t)  | a                person in respect of which all of the owners of interests, direct,                indirect or beneficial, except the voting securities required by                law to be                owned by directors, are persons that are accredited                investors;                                                                                                                 |
|-------------|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| _____  | (u)  | an                investment fund that is advised by a person registered as an adviser                or a                person that is exempt from registration as an adviser; or                                                                                                                                                                                                                       |
| _____  | (v)  | a                person that is recognized or designated by the securities regulatory                authority or, except in Ontario and Québec, the regulator asi.    an                accredited investor, orii.    an                exempt purchaser in Alberta or British Columbia after National Instrument                45-106 comes into force.   |

**Affiliate**

|   | (d) | one                of them is the subsidiary of the other, or |
|--------|-----|---------------------------------------------------------------|

|   | (e) | each                of them is controlled by the same person. |
|--------|-----|---------------------------------------------------------------|

**Canadian      financial institution**

|   | (f) | an                association governed by the *Cooperative                Credit Associations Act*(Canada)                or a central cooperative credit society for which an order has been                made                under section 473(1) of that Act; or |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | a                bank named in Schedule I or II of the *Bank                Act*(Canada),                loan corporation, trust company, trust corporation, insurance company,                treasury branch, credit union, caisse populaire, financial services                cooperative, or league that, in each case, is authorized by an enactment                of Canada or a jurisdiction of Canada to carry on business in Canada                or a                jurisdiction in Canada. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**control      person**

|   | (h) | a                sufficient number of any of the securities of an issuer so as to                affect                materially the control of the issuer, or |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | more                than 20% of the outstanding voting securities of an issuer except                where                there is evidence showing that the holding of those securities does                not                affect materially the control of the issuer. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**director**

|   | (j) | a                member of the board of directors of a company or an individual who                performs similar functions for a company, and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (k) | with                respect to a person that is not a company, an individual who performs                functions similar to those of a director of a company. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

**eligibility      adviser**

|   | (l) | a                person that is registered as an investment dealer or in an equivalent                category of registration under the securities legislation of the                jurisdiction of a purchaser and authorized to give advice with respect                to                the type of security being distributed; and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (m) | in                Saskatchewan or Manitoba, also means a lawyer who is a practising                member                in good standing with a law society of a jurisdiction of Canada or                a                public accountant who is a member in good standing of an institute                or                association of chartered accountants, certified general accountants                or                certified management accountants in a jurisdiction of Canada provided                that                the lawyer or public accountant must not: |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | have                a professional, business or personal relationship with the issuer,                or any                of its directors, executive officers, founders of control persons;                and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | have                acted for or been retained personally or otherwise as an employee,                executive officer, director, associate or partner of a person that                has                acted for or been retained by the issuer or any of its directors,                executive officers, founders or control persons within the previous                12                months. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**executive      officer**

|   | (n) | a                chair, vice-chair or president, |
|--------|-----|--------------------------------------------------|

|   | (o) | a                vice-president in charge of a principal business unit, division,                or                function including sales, finance or production, |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (p) | an                officer of the issuer or any of its subsidiaries and who performs                a                policy-making function in respect of the issuer,                or |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (q) | performing                a policy-making function in respect of the issuer. |
|--------|-----|------------------------------------------------------------------------------|

**financial      assets**

|   | (r) | cash; |
|--------|-----|-------|

|   | (s) | securities;                or |
|--------|-----|-------------------------------|

|   | (t) | a                contract of insurance, a deposit or an evidence of a deposit that                is not a                security for the purposes of securities                legislation; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**founder**

|   | (u) | acting                alone, in conjunction, or in concert with one or more persons, directly                or                indirectly, takes the initiative in founding, organizing or substantially                reorganizing the business of the issuer, and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (v) | at                the time of the trade is actively involved in the business of the                Issuer. |
|--------|-----|------------------------------------------------------------------------------------------------------------|

**fully      managed account**

**investment      fund**

**mutual      fund**

**non-redeemable      investment fund**

|   | (w) | whose                primary purpose is to invest money provided by its security                holders; |
|--------|-----|----------------------------------------------------------------------------------------------------------|

----

|   | (x) | that                does not invest: |
|--------|-----|--------------------------------------|

|   | (i) | for                the purpose of exercising or seeking to exercise control of an issuer,                other than an issuer that is a mutual fund or a non-redeemable investment                fund, or |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | for                the purpose of being actively involved in the management of any issuer                in                which it invests, other than an issuer that is a mutual fund or a                non-redeemable investment fund, and |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (y) | that                is not a mutual fund. |
|--------|-----|-------------------------------------------|

**person**

|   | (z) | an                individual; |
|--------|-----|-------------------------------|

|   | (aa) | a                corporation; |
|--------|------|-------------------------------|

|   | (bb) | a                partnership, trust, fund and an association, syndicate, organization                or                other organized group of person, whether incorporated or not; and |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (cc) | an                individual or other person in that person's capacity as a trustee,                executor, administrator, or personal or other legal representative. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**related      liabilities**

|   | (dd) | liabilities                incurred or assumed for the purpose of financing the acquisition                or                ownership of financial assets, or |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ee) | liabilities                that are secured by financial                assets. |
|--------|------|---------------------------------------------------------------------------------|

**spouse**

|   | (ff) | is                married to another individual and is not living separate and apart                within                the meaning of the *Divorce                Act*                (Canada), from the other                individual; |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (gg) | is                living with another individual in a marriage-like relationship, including                a marriage-like relationship between individuals of the same gender;                or |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (hh) | in                Alberta, is an individual referred to in paragraph (a) or (b), or                is in an                adult interdependent partner within the meaning of the *Adult                Interdependent Relationships Act*                (Alberta). |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**subsidiary**

|   | (ii) | the                first person, directly or indirectly, beneficially owns or exercises                control or direction over securities of the second person carrying                votes                which, if exercised, would entitle the first person to elect a majority                of                the directors of the second person, unless that first person holds                the                voting securities only the secure an                obligation; |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (jj) | the                second person is a partnership, other than a limited partnership,                and the                first person holds more than 50% of the interests of the partnership;                or |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (kk) | the                second person is a limited partnership and the general partner of                the                limited partnership is the first                person. |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**EXECUTED**

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

----

**SCHEDULE      “E”**

*This      is Schedule “E” to the subscription agreement relating to the purchase of Series      (J) Debentures 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 section 1 and 2 of Schedule “A” to this Subscription      Agreement*

**OFFSHORE      SUBSCRIBER CERTIFICATE**

**NON-CANADIAN      SUBSCRIBERS**

**(OTHER      THAN U.S SUBSCRIBERS)**

*other      than Canada or the United States*

|   | (a) | we,                and (if applicable) any other subscriber for whom we are contracting                hereunder, are: |
|--------|-----|------------------------------------------------------------------------------------------------------------------------|

|   | (i) | a                subscriber that is recognized by the securities regulatory authority                in                the jurisdiction in which we are resident, or otherwise subject to                the                securities laws of such jurisdiction, as an exempt subscriber and                are                purchasing the Units as principal for our, or (if applicable) each                such                other subscriber’s, own account, and not for the benefit of any other                person, for investment only and not with a view to resale or distribution;                or |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | a                subscriber which is purchasing Units pursuant to an exemption from                any                prospectus or securities registration requirements (particulars of                which                are enclosed herewith) available to us and the Corporation, and any                such                other subscriber, under applicable securities laws of our jurisdiction                of                residence or to which we and any such other subscriber are otherwise                subject to, and we and any such other subscriber shall deliver to                the                Corporation such further particulars of the exemption and our                qualification thereunder as the Corporation may reasonably                request; |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the                purchase of Units by us, and (if applicable) each such other subscriber,                does not contravene any of the applicable securities laws in such                jurisdiction and does not trigger: (i) any obligation to prepare                and file                a prospectus, an offering memorandum or similar document, or any                other                ongoing reporting requirements with respect to such purchase or otherwise;                or (ii) any registration or other obligation on the part of the                Corporation; and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | we,                and (if applicable) any other subscriber for whom we are contracting                hereunder will not sell or otherwise dispose of any Units, Common                Shares                or Warrants, except in accordance with applicable Canadian securities                laws                and in accordance with the rules and regulations of the TSX, and                if we, or                (if applicable) such beneficial subscriber, sell or otherwise dispose                of                any Units, Common Shares or Warrants to a person other than a resident                of                Canada or the United States , we, and (if applicable) such beneficial                subscriber, will obtain from such subscriber representations, warranties                and covenants in the same form as provided in this Schedule “E” and shall                comply with such other requirements as the Corporation may reasonably                require. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | *_____________________________________________* |
|--------|-------------------------------------------------|
|   | *(Signature                of Subscriber)*      |
|   |                                            | *_____________________________________________* |
|   | *(Print                Name)*                   |

----