UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS
SECURITY MUST NOT TRADE THE SECURITY BEFORE SEPTEMBER 20, 2004.
Void after 5:00 p.m. (Toronto time) on the 19 9h day of May, 2007.
ADB SYSTEMS INTERNATIONAL LTD.
(organized under the laws of the Province of Ontario)
This is to certify that, for value received, (the “ Holder ”),
shall have the right to purchase from ADB Systems International Ltd. (the “ Corporation ”), at any time and from
time to time up to 5:00 p.m. (Toronto time) on May 19, 2007 (the “ Expiry Time ”), one fully paid and non-
assessable Common Share for each Warrant (individually, a “ Warrant ”) represented hereby at a price of
Cdn$0.50 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