IONIC RARE EARTHS LIMITED — AGM Information 2003

Jun 26, 2003

Dr Wolf Martinick Chairman

Extraordinary General Meeting Friday 30th May 2003 Ezenet Limited

Ladies, Gentlemen and Shareholders

resolutions that were considered at today's meeting Thank you for having overwhelmingly supported the various

greatly appreciated by your Board and the staff of Ezenet past twelve months; this is greatly appreciated the oportunity to thank Ezenet's staff for their dedication during the progress achieved during the last twelve months. I also wish to take I wish to take this opportunity to give you a brief overview of Ezenet's core business will continue to be developed efficiently Your approval and suppoort for the resolutions considered today is This will provide us with the necessary means of ensuring that

expect Ezenet's core business to become cash flow positive in the latter part of 2003 You will note from the information that I am about to present that we

• 1. Ezenet listed in 1999 focussed on in home internet developments.
• 1. Decision made in 2001 to refocus and develop a Misnpul digital entertainment system for the hospitality
• 1. Rollout of Ezenet digital movie players commenced in mid 2002
• 1. Currently 12 months into the plan and approaching cash breakeven point.

Mining Camp Rooms:

8,000 representing 50% of sector

Digital

• 1. Established as supplier of quality entertainment systems to the hospitality industry.
• 1. Developed a focussed technical and marketing team.
• 1. Profitable business which will continue to grow aggressively.

• 1. Strong focus on maximising returns from existing business
• 1. New technical developments which complement current business
• 1. Evaluate opportunities for synergistic acquisitions in entertainment industry.

significant shareholder value outside the entertainment field. Ezenet will also evaluate opportunities that will offer

• industry with anticipated revenues in excess of \$2M in calendar 2004. months into a significant entrant in the entertainment Ezenet's core business has grown over the last 12
• Funding measures being put in place will ensure:
• 1. Operational profitability by year end.
• 1. Development of synergistic technology that is within 12 months. anticipated to significantly increase revenue base
• 1. Ezenet will be in a position to capitalise on opportunities to add significant shareholder value through growth orientated acquisitions