| FORM 51-102F3 |
| MATERIAL CHANGE REPORT |
| ITEM 1 —— | Name and Address of Company |
| Adira Energy Ltd. (the “Company”) | |
| 120 Adelaide Street West | |
| Suite 1204 | |
| Toronto, ON | |
| M5H 1T1 | |
| ITEM 2 —— | Date of Material Change |
| March 10, 2013 | |
| ITEM 3 —— | News Release |
| A news release was disseminated on March 10, 2013 through CNW Group Ltd. | |
| ITEM 4 —— | Summary of Material Change |
| Ms. Orit Leitman has resigned as a director of the Company. | |
| ITEM 5 —— | Full Description of Material Change |
The Board of Directors (the “Board”) of the Company received and accepted the resignation of Ms. Leitman from the Board. Ms. Leitman was appointed in accordance with the independent director requirement under Israeli Companies Law. As a result of the Company’s delayed TASE listing, the independent director appointment is no longer required. The resignation is effect immediately. | |
| ITEM 6 —— | Reliance on Section 7.1(2) of National Instrument 51-102 |
| N/A | |
| ITEM 7 —— | Omitted Information |
| N/A | |
| ITEM 8 —— | Executive Officer |
| For further information, please contact: | |
| Alan Friedman, Executive Vice-President Corporate Development | |
| (416) 250-1955 | |
| ITEM 9 —— | Date of Report |
| March 11, 2013 |