Document:

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                             SUBSCRIPTION AGREEMENT

TO:      ADB SYSTEMS INTERNATIONAL INC.,
         An Ontario Corporation (the "COMPANY)

Dear Sirs:

         Greenwich Growth Fund Ltd. (the "SUBSCRIBER") understands that the
Company is proposing to issue one or more series D 8% secured convertible notes
in the principal amount of $376,000 ("SERIES D NOTES"). The form of Series D
Note is set forth in EXHIBIT A attached hereto. The Subscriber also understands
that the Company is proposing to issue a series A 8% secured convertible note in
the principal amount of $408,000 ("SERIES A NOTE") and a series B 8% secured
convertible note in the principal amount of $216,000 ("SERIES B NOTE"). In
addition, the Subscriber understands that the Company is issuing a series C 8%
secured convertible note in the principal amount of $120,000 ("SERIES C NOTE")
as payment of a termination fee to Stonestreet Limited Partnership in accordance
with a termination and waiver agreement dated August 30, 2002 between the
Company and Stonestreet Limited Partnership.

         The Subscriber wishes to subscribe for a Series D Note No. 1 (the
"NOTE") in the principal amount of $100,000 (the "LOAN AMOUNT") having a
maturity date of December 31, 2004 (the "MATURITY DATE") in accordance with and
subject to the terms of this subscription agreement.

         The Note can be converted at the Subscriber's option into one unit (a
"UNIT") at a conversion price of $0.12 per Unit, at any time following
Shareholder Approval (as defined below), both prior to receipt of payment in
full both before and after default. Each Unit consists of one common share in
the capital of the Company (a "COMPANY SHARE") and one half of one common share
purchase warrant (the "WARRANT"), each whole Warrant entitling the holder to
purchase one common share of the Company at $0.14 per share exercisable until
December 31, 2004. The form of the Warrant (the "WARRANT CERTIFICATE") is
annexed hereto as EXHIBIT B.

         The interest accrued on the Note may be payable by the Company, at its
option, by issuing to the Subscriber common shares (the "INTEREST SHARES") at a
deemed issue price equal to the weighted average trading price of the Company's
common shares on the Toronto Stock Exchange (the "TSX") for the 10 trading days
immediately preceding the date for payment of interest.

         The Company Shares, the Interest Shares and the common shares issuable
upon the exercise of the Warrants (the "WARRANT SHARES") are collectively
referred to in this Agreement as the "SHARES". The Shares and the Warrants are
collectively referred to in this Agreement as the "UNDERLYING SECURITIES". The
Note and the Underlying Securities are collectively referred to in this
Agreement as the "SECURITIES".

         The following terms and conditions shall apply to this subscription.

1.       Subscription for Note

         (a)  The closing of the issue of the Note (the "CLOSING") shall take
              place at 8:00 a.m. (Toronto time) (the "TIME OF CLOSING") at the
              offices of Gowling Lafleur Henderson LLP,
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                                       2

              Toronto, Ontario, on August 30, 2002, or at such other time and
              place as may be agreed upon by the parties, provided that on such
              date the conditions set forth in section 2 below shall have been
              satisfied or waived (such closing day or such other time being
              hereinafter referred to as the "CLOSING DATE").

         (b)  The Note shall be issued on the Closing Date as fully registered
              and shall be fully transferable subject to compliance with
              applicable Securities Laws (as hereinafter defined).

         (c)  At the Time of Closing on the Closing Date, the Company shall
              deliver to or to the order of the Subscriber the definitive Note,
              the documentation contemplated herein and such further
              documentation as counsel for the Subscriber may reasonably require
              against payment of the Loan Amount by certified cheque or wire
              transfer payable to or to the order of the Company.

2.       Conditions of Closing

         (a)  The Company's obligation to issue the Note to the Subscriber is
              subject to the conditions that:

              (i)    such issuance be conditionally accepted by the Toronto
                     Stock Exchange (the "TSX"); and

              (ii)   the issuance of the Note and Underlying Securities are
                     exempt from the registration requirements and the
                     prospectus filing requirements under applicable securities
                     statutes, regulations, rules, policy statements and
                     interpretation notes and by the applicable rules and
                     policies of the TSX (collectively, "SECURITIES LAWS").

         (b)  The Subscriber's obligation to subscribe for the Note is subject
              to the following conditions:

              (i)    the issue of the Note having been approved by the board of
                     directors of the Company;

              (ii)   the issue of the Note having been conditionally approved by
                     the TSX;

              (iii)  the Company shall have completed, contemporaneously with
                     the Closing hereunder, the loan transaction (the "BRICK
                     LOAN") whereby The Brick Warehouse Corporation ("THE
                     BRICK") will have advanced to the Company on the Closing
                     Date a first advance of not less than $1.0 million and an
                     expense advance of not less than $0.5 million for payment
                     of expenses related to the transaction with The Brick; and

              (iv)   delivery of definitive agreements and all other documents
                     and instruments required by the Subscriber including a
                     legal opinion as to, among other things, resale
                     restrictions applicable to the Note and Underlying
                     Securities, in form satisfactory to the Subscriber and its
                     counsel.

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                                       3

         (c)  If any of the conditions sets forth in (a) and (b) above is not
              satisfied or waived prior to Closing, this subscription agreement
              shall terminate and the parties shall have no further obligations
              hereunder.

3.       Representations, Warranties and Covenants of Subscriber and Resale
         Restrictions

         (a)  The Subscriber hereby represents and warrants to the Company
              (which representations and warranties shall survive the Closing)
              that:

              (i)    the Subscriber is acquiring the Note as principal for its
                     own account, and not for the benefit of any other person;

              (ii)   the Subscriber is a mutual fund registered in the British
                     Virgin Islands, with its registered office at Beaufort
                     House, PO Box 438, Road Town, Tortola, British Virgin
                     Islands; the administrator to the Subscriber is
                     Consolidated Fund Management Limited, a company registered
                     in Bermuda;

              (iii)  the Note is being acquired for investment purposes only and
                     not with a view to resale or distribution;

              (iv)   the Subscriber acknowledges that it has not subscribed for
                     the Note as a result of any advertisement in printed media
                     of general and regular paid circulation, radio or
                     television, including electronic display;

              (v)    this agreement has been duly authorized, executed and
                     delivered by the Subscriber and constitutes the valid and
                     binding agreement of the Subscriber, enforceable in
                     accordance with its terms, except that:

                     (A)  enforcement thereof may be limited by bankruptcy,
                          insolvency and other laws affecting the enforcement of
                          creditors' rights generally;

                     (B)  specific performance, injunction and other equitable
                          remedies may only be granted in the discretion of a
                          court of competent jurisdiction;

                     (C)  rights to contribution and indemnity thereunder may be
                          limited under public policy or otherwise under
                          applicable law;

              (vi)   the Subscriber is knowledgeable, sophisticated and
                     experienced in business and financial matters and is
                     capable of evaluating the merits and risks of the
                     investment in the Note, fully understands the investment in
                     the Note and the restrictions on transfer described in this
                     subscription agreement and is able to bear the economic
                     risk of the investment in the Note;

              (vii)  the Subscriber is not a citizen, resident or national of
                     Canada, or a corporation, partnership, syndicate or
                     unincorporated organization, trust or other entity created
                     in, organized under or existing under the laws of Canada or
                     any province or territory thereof (collectively, a
                     "Canadian Person");

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                                       4

              (viii) the Subscriber is not a United States person (as defined in
                     Rule 902(o) of Regulation S promulgated under the United
                     States Securities Act of 1933);

              (ix)   the Subscriber is subscribing for the Note as principal for
                     its own account and not for the benefit of any Canadian
                     Person, a United States person or any other person nor for
                     resale in Canada or the United States and the Subscriber
                     confirms that the Note has not been offered to the
                     Subscriber in Canada or the United States and that this
                     agreement was not executed by the Subscriber in Canada or
                     the United States;

              (x)    the administrator to the Subscriber has an office or place
                     of business in the jurisdiction set forth in the TSX
                     Private Placement Questionnaire and Undertaking attached
                     hereto as SCHEDULE 1 and this subscription has been
                     arranged through that office or place of business; and

              (xi)   the subscription of the Note and Underlying Securities by
                     the Subscriber does not and will not contravene any
                     Securities Laws of the jurisdiction in which the Subscriber
                     is resident and does not create any obligation to prepare
                     and file a prospectus or similar document, or any other
                     report with respect to the subscription of the Note and
                     Underlying Securities or any registration or other
                     obligation on the part of the Company.

(b)      Subscriber's Acknowledgements

              (i)    The Subscriber acknowledges that the Securities have not
                     been and will not be registered under the United States
                     Securities Act of 1933, as amended (the "1933 ACT"), and
                     may not be offered, sold, resold or delivered within the
                     United States of America, its territories or possessions,
                     other than pursuant to an effective registration statement
                     or an applicable exemption under the 1933 Act.

              (ii)   The Subscriber acknowledges that

                     (A)  the Note, and

                     (B)  certificates representing

                          (1)  the Company Shares and the Warrants issued upon
                               the conversion of the Note prior to December 31,
                               2002,

                          (2)  the Warrant Shares purchased upon exercise of the
                               Warrants prior to December 31, 2002, and

                          (3)  the Interest Shares issued prior to December 31,
                               2002,

                     will contain the following legend required pursuant to
                     Securities Laws of Ontario and the Subscriber agrees to
                     comply with the terms of such legend:

                     "UNLESS PERMITTED UNDER THE APPLICABLE CANADIAN PROVINCIAL
                     SECURITIES LEGISLATION AND THE POLICIES OF THE
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                                       5

                     TORONTO STOCK EXCHANGE, THE HOLDER OF THE SECURITIES
                     REPRESENTED BY THIS CERTIFICATE SHALL NOT TRADE SUCH
                     SECURITIES OR THE UNDERLYING SECURITIES OVER THE FACILITIES
                     OF THE TORONTO STOCK EXCHANGE OR TO ANY PERSON RESIDENT IN
                     CANADA, BEFORE DECEMBER 31, 2002."

              (iii)  The Subscriber acknowledges that the Company will be
                     required to provide applicable securities regulatory
                     authorities with certain information required by the
                     Securities Laws and agrees to provide the Company with any
                     such required information.

              (iv)   The Subscriber acknowledges that Part 13 of the Income Tax
                     Act (Canada) may apply to payments made by the Company to
                     the Subscriber under the Note.

              (v)    The Subscriber acknowledges that the Subscriber's ability
                     to transfer the Securities subscribed for herein is limited
                     by, among other things, applicable Securities Laws and the
                     TSX Private Placement Questionnaire and Undertaking
                     attached hereto as Schedule 1;

              (vi)   The Subscriber acknowledges and accepts the plan of
                     arrangement contemplated in the Brick Loan transaction
                     which is to be submitted for approval at the special
                     meeting of the shareholders of the Corporation to be held
                     on or about October 22, 2002, provided that the details of
                     such plan of arrangement do not materially vary from those
                     disclosed to the Subscriber prior to Closing.

         (c)  The Subscriber covenants and agrees with the Company that:

              (i)    the Note subscribed for herein by the Subscriber pursuant
                     to this subscription agreement and the Underlying
                     Securities that may be issued on conversion thereof will
                     not be traded over the facilities of the TSX or to any
                     person resident in Canada for the applicable four month
                     hold period;

              (ii)   it will execute and deliver all documentation and provide
                     all information required by the Securities Laws, if
                     required, to permit the subscription of the Note on the
                     terms set forth herein, including a TSX Private Placement
                     Questionnaire and Undertaking in the form attached hereto
                     as Schedule 1; and

              (iii)  it will comply with the Securities Laws concerning any
                     resale of the Securities, and in particular, the Subscriber
                     understands and acknowledges that the Securities will be
                     subject to a four month resale restriction under applicable
                     Securities Laws.

4.       Representations and Warranties of the Company

         The Company hereby represents and warrants to the Subscriber (which
representations and warranties shall survive closing) that:

              (i)    the Company is now and has been a reporting issuer under
                     the Securities Act of Ontario for the four months
                     immediately preceding the date hereof and is not in

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                                       6

                     default thereunder and it is a "qualifying issuer" as
                     defined in MI 45-102 as of the Closing Date;

              (ii)   the Company has been duly organized under the laws of the
                     Province of Ontario and has all required corporate power
                     and authority to enter into and carry out the provisions of
                     this subscription agreement and the transactions
                     contemplated hereby;

              (iii)  this subscription agreement, the Note, and other agreements
                     delivered together with this subscription agreement or in
                     connection herewith have been duly authorized, executed and
                     delivered by the Company and are valid and binding
                     agreements enforceable in accordance with their respective
                     terms, except that:

                     (A)  enforcement thereof may be limited by bankruptcy,
                          insolvency and other laws affecting the enforcement of
                          creditors' rights generally;

                     (B)  specific performance, injunction and other equitable
                          remedies may only be granted in the discretion of a
                          court of competent jurisdiction; and

                     (C)  rights to contribution and indemnity thereunder may be
                          limited under public policy or otherwise under
                          applicable law;

              (iv)   all necessary corporate action has been taken or will have
                     been taken prior to the Closing Date by the Company to
                     validly create, issue and sell the Note subscribed for by
                     the Subscriber pursuant to this subscription agreement;

              (v)    the Company Shares will be validly authorized, issued and
                     outstanding as fully paid and non-assessable shares in the
                     capital of the Company upon the due conversion of the Note;

              (vi)   the Warrant Shares will be validly authorized, issued and
                     outstanding as fully paid and non-assessable shares in the
                     capital of the Company upon the due exercise of the
                     Warrants;

              (vii)  the Interest Shares will be validly authorized, issued and
                     outstanding as fully paid and non-assessable shares in the
                     capital of the Company upon the issuance by the Company;

              (viii) no approval, authorization, consent or other order of, and
                     no filing, registration or recording with, any governmental
                     authority is required by the Company in connection with the
                     execution and delivery or with the performance by the
                     Company of this subscription agreement except:

                     (A)  the conditional and final approval of the TSX of which
                          the conditional approval has been obtained; and

                     (B)  the approval of shareholders of the Company
                          ("SHAREHOLDER APPROVAL") with respect to the issuance
                          of the Underlying Securities, which is

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                                       7

                          expected to be obtained at a special meeting of
                          shareholders of the Company to be held on or about
                          October 22, 2002;

              (ix)   as at August 28, 2002, there were 41,583,628 common shares
                     in the capital of the Company issued and outstanding; and

              (x)    the Company's common shares are listed for trading on the
                     TSX. Except as publicly disclosed, the Company has not
                     received any oral or written notice that its common stock
                     will be delisted from the TSX or that the Company's common
                     shares do not meet all requirements for the continuation of
                     such listing.

5.       Reliance upon Representations, Warranties

         The parties agree that, by the Company delivering the Note to the
Subscriber and by the Subscriber accepting the Note, each party will be
representing and warranting that the party's representations and warranties
contained in this subscription agreement are true as at the Closing Date, with
the same force and effect as if they had been made by the such party at the
Closing Date, and that they will survive the purchase by the Subscriber of the
Note and continue in full force and effect for a period of two (2) years
following the Closing Date notwithstanding any subsequent disposition by the
Subscriber of the Note or the Underlying Securities.

6.       Covenants of the Company.

         The Company hereby covenants and agrees with the Subscriber as follows:

         (a)  to obtain Shareholder Approval no later than October 31, 2002;

         (b)  to cause the Note to be duly and validly created and issued;

         (c)  to cause the Shares issuable upon the conversion of the Note, upon
              the exercise of the Warrants and upon of the payment of interest
              on the Note to be duly and validly authorized, created and issued
              as fully-paid and non-assessable common shares in the capital of
              the Company;

         (d)  to use its commercial best efforts to ensure that the Shares are
              listed and posted for trading on the TSX upon their issue;

         (e)  to promptly comply with all applicable filing and other
              requirements under all applicable Securities Laws, including
              without limitation, the filing of Form 45-102F2 under MI 45-102
              and Form 45-501F1 under Rule 45-501 within 10 days of the Closing
              Date together with applicable fees;

         (f)  to use its commercial best efforts to maintain its status as a
              reporting issuer in the province of Ontario, to maintain its
              status as a "qualifying issuer" as defined in MI 45-102, and to
              continue to be in compliance with its obligations under the
              Securities Laws of Ontario; and

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                                       8

         (g)  if applicable, make withholdings required under Part 13 of the
              Income Tax Act (Canada) with respect to any payments to be made to
              the Subscriber under the Note and remit such withholdings to
              applicable governmental authority.

7.       Costs

         All expenses incurred by the Company (including the fees and
disbursements of counsel for the Company) relating to the issuance of the Note,
issue of the Underlying Securities, listing of the Shares, printing,
photocopying, professional fees, the costs for holding the shareholders' meeting
and preparation of meeting materials with respect to Shareholder Approval, and
all other costs and expenses incurred by the Company relating to the
transactions contemplated herein shall be borne by the Company.

8.       Security for the Note

         The Company agrees to grant to the Subscriber a general security
interest over all assets of the Company to secure the Company's performance of
its obligations under the Note, all in accordance with the general security
agreement attached hereto as EXHIBIT C hereto (the "GENERAL SECURITY
AGREEMENT").

9.       Jurisdiction

         This subscription agreement is governed by the laws of the Province of
Ontario and the federal laws of Canada applicable therein. By the Subscriber
executing this subscription agreement below, the Subscriber irrevocably attorns
to the jurisdiction of the courts of Ontario.

10.      Facsimile Subscriptions

         The Company shall be entitled to rely on delivery by facsimile of an
executed copy of this subscription agreement and acceptance by the Company of
that delivery shall be legally effective to create a valid and binding agreement
between the Subscriber and the Company in accordance with the terms of this
subscription agreement.

11.      Confidentiality.

         Each of the Subscriber and the Company shall maintain in confidence the
matters referred to in this subscription agreement and shall not make any public
disclosure, except to the extent required by law, of the terms of this agreement
without the consent of the other, such consent not to be unreasonably withheld.
The wording of any public disclosure which is made must be approved by each of
the parties.

12.      Assignment

         This subscription agreement is not transferable or assignable.

13.      Time of the Essence

         Time shall be of the essence hereof.

14.      Currency

         All references herein to monetary amounts are references to lawful
money of Canada.

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                                       9

15.      Headings

         The headings contained herein are for convenience of reference only and
shall not affect the meaning or interpretation hereof.

16.      Entire Agreement

         This subscription agreement (including the annexed schedules hereto)
constitutes the only agreement between the parties with respect to the subject
matter hereof and shall supersede any and all prior negotiations and
understandings and there are no representations, covenants or other agreements
relating to the subject matter hereof except as stated or referred to herein or
therein. This subscription agreement may only be amended or modified in any
respect by written instrument executed by each of the parties hereto.

                            SIGNATURE PAGE TO FOLLOW

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                                       10

         If the foregoing is in accordance with your understanding, please sign
and return this subscription agreement as soon as possible to evidence your
agreement to issue the Note.

DATED at ___________________________ this _____________ day of __________, 2002.

         Please acknowledge your acceptance of the foregoing subscription
agreement by signing and returning a copy to the undersigned whereupon it shall
become a binding agreement between us.

                                            GREENWICH GROWTH FUND LTD.

                                            By:_________________________________
                                            Name:
                                            Title:

ACCEPTED: Dated as of August ____, 2002

ADB SYSTEMS INTERNATIONAL INC.

By:_________________________________
       Name:
       Title:

<PAGE>

                                   SCHEDULE 1

                           THE TORONTO STOCK EXCHANGE

                 PRIVATE PLACEMENT QUESTIONNAIRE AND UNDERTAKING

To be completed by each proposed private placement purchaser of listed
securities or securities which are convertible into listed securities.

                                  QUESTIONNAIRE

1.       DESCRIPTION OF TRANSACTION

(a)      Name of Issuer of the Securities -  ADB Systems International Inc.

(b)      Number and Class of Securities to be Purchased -

         Series D 8% convertible secured note No. 1 in the principal amount of
         $100,000 (the "Note"), convertible at the holder's option at any time
         after approval of shareholders of the issuer until the maturity date of
         December 31, 2004 for units at $0.12 per unit. Each unit consists of
         one common share of the issuer and one half of one common share
         purchase warrant. Each whole warrant entitles the holder thereof to
         purchase one common share of the issuer at $0.14 per share at any time
         prior to 5:00 p.m. on December 31, 2004.

(c)      Purchase Price - Advance of the principal amount for the Note.

2.       DETAILS OF PURCHASER

(a)      Name of Purchaser - Greenwich Growth Fund Ltd.

(b)      Address - P.O. Box Hm 2257, 3rd Floor, Par La Ville Place,
         14 Par-La-Ville Road, Hamilton HM JX, Bermuda

(c)      Names and addresses of persons having a greater than 10% beneficial
         interest in the purchaser-

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<PAGE>

3.       RELATIONSHIP TO ISSUER

(a)      Is the purchaser (or any person named in response to 2(c) above) an
         insider of the issuer for the purposes of the Securities Act (Ontario)
         (before giving effect to this private placement)? If so, state the
         capacity in which the purchaser (or person named in response to 2(c))
         qualifies as an insider -

         No.

(b)      If the answer to (a) is "no", are the purchaser and the issuer
         controlled by the same person or company? If so, give details -

         No.

4.       DEALINGS OF PURCHASER IN SECURITIES OF THE ISSUER

         Give details of all trading by the purchaser, as principal, in the
         securities of the issuer (other than debt securities which are not
         convertible into equity securities), directly or indirectly, within the
         sixty (60) days preceding the date hereof -

         -----------------------------------------------------------------------

         -----------------------------------------------------------------------

<PAGE>

                                   UNDERTAKING

TO:      TORONTO STOCK EXCHANGE

THE UNDERSIGNED has subscribed for and agreed to purchase, as principal, the
securities described in Item 1 of the Private Placement Questionnaire and
Undertaking.

THE UNDERSIGNED undertakes not to sell or otherwise dispose of any of the said
securities so purchased or any securities derived therefrom for a period of four
(4) months from the date of closing of the transaction herein or for such period
as is prescribed by applicable securities legislation, whichever is longer,
without the prior consent of the Toronto Stock Exchange and any other regulatory
body having jurisdiction.

DATED at ________________________ this __________ day of ________________, 2002.

                            GREENWICH GROWTH FUND LTD.
                            ----------------------------------------------------
                            Name of Purchaser (please print)

                            ----------------------------------------------------
                            Authorized Signature

                            ----------------------------------------------------
                            Official Capacity (please print)

                            ----------------------------------------------------
                            Please print here name of individual
                            whose signature appears above, if
                            different from name of purchaser
                            printed above

<PAGE>

                                    EXHIBIT A

                             FORM OF SERIES D NOTES

<PAGE>

                                    EXHIBIT B

                                 FORM OF WARRANT

<PAGE>

                                    EXHIBIT C

                       FORM OF GENERAL SECURITY AGREEMENT<PAGE>

UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THE SECURITIES
SHALL NOT TRADE THE SECURITIES BEFORE DECEMBER o, 2002.

     Void after 5:00 p.m. (Toronto time) on the 31st day of December, 2004.

Number of Warrants: o                             Warrant Certificate No. W-D- o

                         ADB SYSTEMS INTERNATIONAL INC.
              (organized under the laws of the Province of Ontario)

This is to certify that, for value received, o (the "HOLDER"), shall have the
right to purchase from ADB Systems International Inc. (the "CORPORATION"), at
any time and from time to time up to 5:00 p.m. (Toronto time) on December 31,
2004 (the "EXPIRY TIME"), one fully paid and non-assessable Common Share for
each Warrant (individually, a "WARRANT") represented hereby at a price of
Cdn$0.14 per share (the "EXERCISE PRICE"), upon and subject to the following
terms and conditions:

1. For the purpose of this Warrant, the term "COMMON SHARES" means common shares
in the capital of the Corporation as constituted on the date hereof; provided
that in the event of a change, subdivision, re-division, reduction, combination
or consolidation thereof or any other adjustment under clause 7 hereof, or such
successive changes, subdivisions, re-divisions, reductions, combinations,
consolidations or other adjustments, then subject to the adjustments, if any,
having been made in accordance with the provisions of this Warrant Certificate,
"COMMON SHARES" shall thereafter mean the shares, other securities or other
property resulting from such change, subdivision, re-division, reduction,
combination or consolidation or other adjustment.

2. All rights under any of the Warrants in respect of which the right of
subscription and purchase therein provided for shall not theretofore have been
exercised shall wholly cease and determine and such Warrants shall be wholly
void and of no valid or binding effect after the Expiry Time.

3. The right to purchase Common Shares pursuant to the Warrants may only be
exercised by the Holder before the Expiry Time by:

              (i)  duly completing and executing a subscription substantially in
                   the form attached hereto, in the manner therein indicated;
                   and

              (ii) surrendering this Warrant Certificate and the duly completed
                   and executed subscription form to the Corporation at the
                   principal office of the Corporation at 201-6725 Airport Road,
                   Mississauga, Ontario L4V 1V2, together with payment of the
                   purchase price for the Common Shares subscribed for in the
                   form of cash or a certified cheque payable to the Corporation
                   in an amount equal to the then applicable Exercise Price
                   multiplied by the number of Common Shares subscribed for.

4.       Issue of Common Shares upon Exercise.

         (a)  Upon such delivery and payment as set forth in section 4, the
              Corporation shall cause to be issued to the Holder the number of
              Common Shares to be issued and the Holder shall become a
              shareholder of the Corporation in respect of such Common Shares
              with effect from the date of such delivery and payment and shall
              be entitled to delivery of a certificate or certificates
              evidencing such shares. The Corporation shall cause such
              certificate or certificates to be
<PAGE>
                                       2

              delivered via bonded overnight courier to the Holder at the
              address or addresses specified in such subscription form within
              five (5) business days of such delivery and payment as herein
              provided.

         (b)  The Corporation shall not be required to issue fractional Common
              Shares upon the exercise of the Warrants and no payment shall be
              made by the Corporation in lieu of issuing any fractional interest
              in a common share.

5. The holding of a Warrant shall not constitute the Holder a shareholder of the
Corporation nor entitle him to any right or interest in respect thereof except
as herein expressly provided.

6. The Corporation covenants and agrees that until the Expiry Time, while any of
the Warrants shall be outstanding, it shall reserve and there shall remain
unissued out of its authorized capital a sufficient number of Common Shares to
satisfy the right of purchase herein provided, as such right of purchase may be
adjusted pursuant to clauses 7 and 8 hereof. All Common Shares which shall be
issued upon the exercise of the right to purchase herein provided for, upon
payment therefor of the amount at which such Common Shares may at the time be
purchased pursuant to the provisions hereof, shall be issued as fully paid and
non-assessable shares and the holders thereof shall not be liable to the
Corporation or its creditors in respect thereof.

7.       Adjustment

         (a)  If and whenever at any time after the date hereof and prior to the
              Expiry Time the Corporation shall (i) subdivide, re-divide or
              change its then outstanding Common Shares into a greater number of
              Common Shares, (ii) reduce, combine or consolidate its then
              outstanding Common Shares into a lesser number of Common Shares,
              or (iii) issue Common Shares (or securities exchangeable for or
              convertible into Common Shares) to the holders of all or
              substantially all of its then outstanding Common Shares by way of
              a stock dividend or other distribution (any of such events herein
              called a "COMMON SHARE REORGANIZATION"), then the Exercise Price
              shall be adjusted effective immediately after the effective date
              of any such event in (i) or (ii) above or the record date at which
              the holders of Common Shares are determined for the purpose of any
              such dividend or distribution in (iii) above, as the case may be,
              by multiplying the Exercise Price in effect on such effective date
              or record date, as the case may be, by a fraction, the numerator
              of which shall be the number of Common Shares outstanding on such
              effective date or record date, as the case may be, before giving
              effect to such Common Share Reorganization and the denominator of
              which shall be the number of Common Shares outstanding immediately
              after giving effect to such Common Share Reorganization including,
              in the case where securities exchangeable for or convertible into
              Common Shares are distributed, the number of Common Shares that
              would be outstanding if such securities were exchanged for or
              converted into Common Shares.

         (b)  If and whenever at any time after the date hereof and prior to the
              Expiry Time, the Corporation shall distribute any class of shares
              or rights, options or warrants or other securities (other than
              those referred to in 7(a) above), evidences of indebtedness or
              property (excluding cash dividends paid in the ordinary course) to
              holders of all or substantially all of its then outstanding Common
              Shares, the Holder shall receive, in addition to the number of the
              Common Shares in respect of which the right to purchase is then
              being exercised, the aggregate number of Common Shares or other
              securities or property that the Holder would have been entitled to
              receive as a result of such event, if, on the record date thereof,
              the Holder had been the registered holder of the number of Common
              Shares to which the Holder was theretofore entitled upon the
              exercise of the rights of the Holder hereunder.

<PAGE>
                                       3

         (c)  If and whenever at any time after the date hereof and prior to the
              Expiry Time there is a capital reorganization of the Corporation
              or a reclassification or other change in the Common Shares (other
              than a Common Share Reorganization) or a consolidation or merger
              or amalgamation of the Corporation with or into any other
              corporation or other entity (other than a consolidation, merger or
              amalgamation which does not result in any reclassification of the
              outstanding Common Shares or a change of the Common Shares into
              other securities), or a transfer of all or substantially all of
              the Corporation's undertaking and assets to another corporation or
              other entity in which the holders of Common Shares are entitled to
              receive shares, other securities or other property (any of such
              events being called a "CAPITAL REORGANIZATION"), the Holder, where
              he has not exercised the right of subscription and purchase under
              this Warrant Certificate prior to the effective date of such
              Capital Reorganization, shall be entitled to receive and shall
              accept, upon the exercise of such right, on such date or any time
              thereafter, for the same aggregate consideration in lieu of the
              number of Common Shares to which he was theretofore entitled to
              subscribe for and purchase, the aggregate number of shares or
              other securities or property which the Holder would have been
              entitled to receive as a result of such Capital Reorganization if,
              on the effective date thereof, he had been the registered holder
              of the number of Common Shares to which he was theretofore
              entitled to subscribe for and purchase.

         (d)  If and whenever at any time after the date hereof and prior to the
              Expiry Time, the Corporation shall fix a record date for the
              issuance of rights, options or warrants to all or substantially
              all of the holders of the outstanding Common Shares entitling
              them, for a period expiring not more than forty-five (45) days
              after the record date, to subscribe for or purchase Common Shares
              or securities convertible, exercisable or exchangeable into Common
              Shares (each, a "CONVERTIBLE SECURITY") at a price per share (or
              having a conversation, exercise or exchange price per share) less
              than 95% of the Current Market Price (as defined below) on the
              earlier of the record date and the date on which the Corporation
              announces its intention to make such issuance (any such issuance
              being herein called a "RIGHTS OFFERING"), the Exercise Price shall
              be adjusted on the record date so that it shall equal the number
              which is the product of the Exercise Price in effect immediately
              prior to the record date and the fraction:

              (i)  the numerator of which shall be the total number of Common
                   Shares outstanding immediately prior to the record date plus
                   a number of Common Shares equal to the number arrived at by
                   multiplying the total number of additional Common Shares
                   offered for subscription or purchase or into or for which the
                   total number of rights, options or warrants so offered are
                   convertible or exchangeable by the quotient obtained by
                   dividing the purchase or subscription price for each Common
                   Share or conversion price for each Convertible Security
                   offered for subscription or purchase by such Current Market
                   Price for the Common Shares, and

              (ii) the denominator of which shall be the total number of Common
                   Shares outstanding immediately prior to such record date plus
                   the total number of additional Common Shares offered for
                   subscription or purchase or into or for which the total
                   number of rights, options or warrants so offered are
                   convertible or exchangeable.

              To the extent that any rights, options or warrants are not so
              issued or any of the rights, options or warrants so issued are not
              exercised prior to the expiration thereof, the Exercise Price will
              be readjusted to the Exercise Price in effect immediately prior to
              the record date, and the

<PAGE>
                                       4

              Exercise Price will be further adjusted based upon the number of
              additional Common Shares actually delivered upon the exercise of
              the rights, options or warrants, as the case may be.

              For the purposes of this clause 7(d), "CURRENT MARKET PRICE", at
              any date, means the weighted average price per Common Share at
              which the Common Shares have traded: (a) on the Toronto Stock
              Exchange; or (b) if the Common Shares are not quoted on the
              Toronto Stock Exchange, on any stock exchange or over-the-counter
              market upon which the Common Shares are then listed or quoted for
              trading, during the twenty (20) consecutive trading days (on each
              of which at least five hundred (500) Common Shares are traded in
              board lots) ending the third (3rd) trading day before such date,
              and the weighted average price shall be determined by dividing the
              aggregate sale price of all Common Shares sold in board lots on
              the exchange or market, as the case may be, during the twenty (20)
              consecutive trading days by the number of Common Shares sold,
              provided that if the Common Shares are not listed or quoted for
              trading on any stock exchange or market, the price shall be
              determined by the board of directors of the Corporation in its
              sole discretion, acting reasonably.

         (e)  If and whenever at any time after the date hereof and prior to the
              Expiry Time, any of the events set out in clause 7(a) or (d) shall
              occur and the occurrence of such event results in an adjustment of
              the Exercise Price pursuant to the provisions of clause 7(a) or
              (d), then the number of Common Shares purchasable pursuant to this
              Warrant shall be adjusted contemporaneously with the adjustment of
              the Exercise Price by multiplying the number of Common Shares then
              otherwise purchasable on the exercise thereof by a fraction, the
              numerator of which shall be the Exercise Price in effect
              immediately prior to the adjustment and the denominator of which
              shall be the Exercise Price resulting from such adjustment.

         (f)  If the Corporation takes any action affecting its Common Shares to
              which the foregoing provisions of this clause 7, in the opinion of
              the board of directors of the Corporation, acting in good faith,
              are not strictly applicable, or if strictly applicable would not
              fairly adjust the rights of the Holder against dilution in
              accordance with the intent and purposes hereof, or would otherwise
              materially affect the rights of the Holder of the Warrants
              hereunder, then the Corporation shall execute and deliver to the
              Holder an amendment hereto providing for an adjustment in the
              application of such provisions so as to adjust such rights as
              aforesaid in such manner as the board of directors of the
              Corporation may determine to be equitable in the circumstances,
              acting in good faith. The failure of the taking of action by the
              board of directors of the Corporation to so provide for any
              adjustment on or prior to the effective date of any action or
              occurrence giving rise to such state of facts will be conclusive
              evidence that the board of directors has determined that it is
              equitable to make no adjustment in the circumstances.

8.       The following rules and procedures shall be applicable to the
adjustments made pursuant to clause 7:

         (a)  no adjustment in the Exercise Price shall be required unless a
              change of at least 1% of the prevailing Exercise Price would
              result, provided, however, that any adjustment which, except for
              the provisions of this clause 8(a), would otherwise have been
              required to be made, shall be carried forward and taken into
              account in any subsequent adjustment;

         (b)  the adjustments provided for in clause 7 are cumulative and shall
              apply to successive subdivisions, consolidations, dividends,
              distributions and other events resulting in any adjustment under
              the provisions of such clause;

<PAGE>
                                       5

         (c)  in the absence of a resolution of the board of directors of the
              Corporation fixing a record date for any dividend or distribution
              referred to in clause 7(a)(iii) above, the Corporation shall be
              deemed to have fixed as the record date therefor the date on which
              such dividend or distribution is effected;

         (d)  if the Corporation sets a record date to take any action and
              thereafter and before the taking of such action abandons its plan
              to take such action, then no adjustment to the Exercise Price will
              be required by reason of the setting of such record date;

         (e)  forthwith after any adjustment to the Exercise Price or the number
              of Common Shares purchasable pursuant to the Warrants, the
              Corporation shall provide to the Holder a certificate of an
              officer of the Corporation certifying as to the amount of such
              adjustment and, in reasonable detail, describing the event
              requiring and the manner of computing or determining such
              adjustment; and

         (f)  any question that at any time or from time to time arises with
              respect to the amount of any adjustment to the Exercise Price or
              other adjustment pursuant to clause 7 shall be conclusively
              determined by a firm of independent chartered accountants (who may
              be the Corporation's auditors) and shall be binding upon the
              Corporation and the Holder.

9.       On the happening of each and every such event set out in clause 7, the
applicable provisions of this Warrant, including the Exercise Price, shall, ipso
facto, be deemed to be amended accordingly and the Corporation shall take all
necessary action so as to comply with such provisions as so amended.

10.      The Corporation shall not be required to deliver certificates for
Common Shares while the share transfer books of the Corporation are properly
closed, having regard to the provisions of clauses 7 and 8 hereof, prior to any
meeting of shareholders or for the payment of dividends or for any other purpose
and in the event of the surrender of any Warrant in accordance with the
provisions hereof and the making of any subscription and payment for the Common
Shares called for thereby during any such period delivery of certificates for
Common Shares may be postponed for not more than five (5) days after the date of
the re-opening of said share transfer books. Provided, however, that any such
postponement of delivery of certificates shall be without prejudice to the right
of the Holder so surrendering the same and making payment during such period to
receive after the share transfer books shall have been re-opened such
certificates for the Common Shares called for, as the same may be adjusted
pursuant to clause 8 hereof as a result of the completion of the event in
respect of which the transfer books were closed.

11.      Subject as hereinafter provided, all or any of the rights conferred
upon the Holder by the terms hereof may be enforced by the Holder by appropriate
legal proceedings. No recourse under or upon any obligation, covenant or
agreement contained herein shall be had against any shareholder, director or
officer of the Corporation either directly or through the Corporation, it being
expressly agreed and declared that the obligations under the Warrants are solely
corporate obligations and that no personal liability whatever shall attach to or
be incurred by the shareholders, directors or officers of the Corporation or any
of them in respect thereof, any and all rights and claims against every such
shareholder, officer or director being hereby expressly waived as a condition of
and as a consideration for the issue of the Warrants.

12.      The Holder may subscribe for and purchase any lesser number of Common
Shares than the number of shares expressed in this Warrant Certificate. In the
case of any subscription for a lesser number of Common Shares than expressed in
this Warrant Certificate, the Holder hereof shall be entitled to receive at no
cost to the Holder a new Warrant Certificate in respect of the balance of
Warrant not then exercised. Such new Warrant Certificate shall be delivered by
bonded overnight courier to the Holder by the Corporation,

<PAGE>
                                       6

contemporaneously with the delivery of the certificate or certificates
representing the Common Shares issued pursuant to clause 4.

13.      If this Warrant Certificate is stolen, lost, mutilated or destroyed,
the Corporation shall, on such terms as it may in its discretion acting
reasonably impose, issue and sign and direct the Corporation's transfer agent to
countersign a new Warrant Certificate of like denomination, tenor and date as
the Warrant Certificate so stolen, lost, mutilated or destroyed for delivery to
the Holder.

14.      The Corporation shall keep at its principal office (or its transfer
agent in the City of Toronto): (a) a register of holders in which shall be
entered the names and addresses of the holders of the Warrants and of the number
of Warrants held by them; and (b) a register of transfers in which shall be
entered the date and other particulars of each transfer of Warrants. The
registers hereinbefore referred to shall be open at all reasonable times for
inspection by any Holder.

15.      The transferee of a Warrant Certificate shall, after the transfer form
attached to the Warrant Certificate or any other form of transfer acceptable to
the Corporation, acting reasonably, is duly completed and the Warrant
Certificate is lodged with the Corporation and upon compliance with all other
conditions in that regard required by this Warrant, by the Toronto Stock
Exchange or by law, be entitled to have his name entered on the register of
holders as the owner of the Warrants represented thereby free from all equities
or rights of set-off or counterclaim between the Corporation and the transferor
or any previous holder of such Warrant, save in respect of equities of which the
Corporation or the transferee is required to take notice by statute or by order
of a court of competent jurisdiction.

16.      Warrant Certificates may, upon compliance with the reasonable
requirements of the Corporation, be exchanged for Warrant Certificates in any
other denomination representing in the aggregate the same number of Warrants.
The Corporation shall issue and sign and direct the Corporation's transfer agent
to countersign, all Warrant Certificates necessary to carry out the exchanges
contemplated herein, provided:

         (i)    Warrant Certificates may be exchanged only at the principal
                office of the Corporation in the City of Mississauga;

         (ii)   any Warrant Certificates tendered for exchange shall be
                surrendered to the Corporation and cancelled; and

         (iii)  except as otherwise herein provided, the Corporation shall not
                charge Holders requesting an exchange any sum for any new
                Warrant Certificate issued.

17.      The Corporation may deem and treat the registered holder of any Warrant
Certificate as the absolute owner of the Warrants represented thereby for all
purposes, and the Corporation shall not be affected by any notice or knowledge
to the contrary except where the Corporation is required to take notice by
statute or by order of a court of competent jurisdiction. A Holder shall be
entitled to the rights evidenced by such Warrant free from all equities or
rights of set-off or counterclaim between the Corporation and the original or
any intermediate holder thereof and all persons may act accordingly and the
receipt by any such Holder of the Common Shares purchasable pursuant to such
Warrant shall be a good discharge to the Corporation for the same and the
Corporation shall not be bound to inquire into the title of any such Holder
except where the Corporation is required to take notice by statute or by order
of a court of competent jurisdiction.

18.      The Holder acknowledges that appropriate legend, as follows, will be
placed upon certificates representing any securities issued on the exchange,
assignment or exercise of the Warrants represented by this certificate until the
hold period expires for the Warrants so represented hereby.

<PAGE>
                                       7

LEGEND

         "UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THE
         SECURITIES SHALL NOT TRADE THE SECURITIES BEFORE DECEMBER o, 2002."

19.      This Warrant shall be governed by the laws of the Province of Ontario
and the federal laws of Canada applicable herein.

20.      The Warrants represented by this certificate and the Common Shares
issuable upon exercise hereof have not been registered under the United States
Securities Act of 1933, as amended (the "1933 ACT"). The Warrants represented by
this certificate may not be exercised by a U.S. person or person within the
United States (or on behalf of any such person) unless registered under the 1933
Act or unless an exemption from such registration is available. Terms used in
this clause 20 have the meanings assigned to them in Regulation S under the 1933
Act.

21.      All references herein to monetary amounts are references to lawful
money of Canada.

         IN WITNESS WHEREOF, the Corporation has caused this Warrant Certificate
to be signed by its duly authorized officer.

         DATED this ____ day of _____________, 200__.

                                      ADB SYSTEMS INTERNATIONAL INC.

                                      By: ______________________________________
                                                Authorized Signing Officer

<PAGE>

                                SUBSCRIPTION FORM

                  TO BE COMPLETED IF WARRANTS ARE TO BE EXERCISED:

TO:               ADB SYSTEMS INTERNATIONAL INC.
                  6725 Airport Road, Suite 201
                  Mississauga, Ontario L4V 1V2

THE UNDERSIGNED hereby subscribes for ____________ common shares of ADB Systems
International Inc. according to the terms and conditions set forth in the
annexed warrant certificate (or such number of other securities or property to
which such warrant entitles the undersigned to acquire under the terms and
conditions set forth in the annexed warrant certificate).

Address for Delivery of Shares:

                                ________________________________________________

                                ________________________________________________

                                ________________________________________________

                                Attention: _____________________________________

Exercise Price Tendered
(Cdn$0.14 per share or as adjusted)            Cdn$__________________

DATED at _____________________, this __________ day of __________________, ____.

Witness:                                    )
                                            )   ________________________________
                                            )   Holder's Name
                                            )
____________________________________________)   ________________________________
                                            )   Authorized Signature
                                            )
                                            )   ________________________________
                                            )   Title (if applicable)

<PAGE>

                                 ASSIGNMENT FORM

                  TO BE COMPLETED IF WARRANTS ARE TO BE ASSIGNED:

TO:               ADB SYSTEMS INTERNATIONAL INC.
                  6725 Airport Road, Suite 201
                  Mississauga, Ontario L4V 1V2

FOR VALUE RECEIVED, ______________________ Warrants represented by this Warrant

Certificate are hereby transferred to __________________________________________

residing at ___________________________________________________________________.

You are hereby instructed to take the necessary steps to effect this transfer.

DATED at ______________, this ________ day of _______________________, ________.

Witness:                                    )
                                            )  _________________________________
                                            )  Holder's Name
                                            )
____________________________________________)  _________________________________
                                            )  Authorized Signature
                                            )
                                            )  _________________________________
                                            )  Title (if applicable)

Signature guaranteed:

The signature must be guaranteed by a Canadian chartered bank or a member of a
recognized stock exchange or other entity acceptable to the Corporation.

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