IONIC RARE EARTHS LIMITED — Board/Management Information 2004

Mar 7, 2004

Ezenet Limited ACN 083 646 477 ABN 84 083 646 477 Unit 3 73 Trov Terrace JOLIMONT WA 6014

Telephone: +618 9388 2000 Facsimile: +618 9388 2999 Email: linton@ezenet.com.au

STOCK EXCHANGE RELEASE

For immediate release

Dated 2 March 2004

EZENET LIMITED ("Ezenet") - CHIEF EXECUTIVE OFFICER

Ezenet is pleased to announce that it has engaged Mr. Richard Burt as Chief Executive Officer. Mr. Burt comes to the Company with long and valuable experience in Corporate Management having progressed in a variety of senior executive roles in TAB Western Australia over the last seven (7) years, most recently being responsible for the entire wagering division of TAB with a turnover in excess of 1.05 billion dollars. Mr. Burt brings strategic and operational skills which will drive Ezenet forward in the establishment of its digital movie operations and the opportunities to expand beyond those fields.

Mr. Burt will join Ezenet as soon as arrangements can be made and it is estimated that he will commence on or about 1 May 2004.

SIMON WATSON Company Secretary