IONIC RARE EARTHS LIMITED — Director's Dealing 2003

Jun 24, 2003

Ezenet Limited ACN 083 646 477 ABN 84 083 646 477 Ground Floor Zurich House 66 Kings Park Road West Perth WA 6005

FACSIMILE TRANSMISSION

Telephone: +618 9486 8598 Facsimile: +618 9486 8597 Email: linton@ezenet.com.au

DATE:

23 JUNE 2003

ATTENTION: COMPANY ANNOUNCEMENTS PLATFORM

COMPANY: ASXLTD

FAX NO: 1900 999 279

PAGES: 5 (INCLUSIVE)

Please advise if this copy is incomplete or illegible by phoning 08 9226 3166

DIRECTOR'S INTERESTS & SUBSTANTIAL HOLDER'S INTERESTS

Attached is an Appendix 3Y and a Notice of Change of Interest of Substantial Holder for Dr Wolf Gerhard Martinick.

Regards,

Wolf G Martinick Chairman

Rule 3.19A.2

Appendix 3Y

Change of Director's Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to $A S X$ become $A S X$ 's property and may be mode public.

Name of entity:	EZENET LIMITED
ABN:	84 083 646 477

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purpose of section 205G of the Corporation Act.

Name of Director:	Wolf Gerhard Martinick
Date of Last Notice:	18 June 2003

Part 1 - Change of director's relevant Interest in securites

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust. Note: In the case of a company, interests which come within paragraph (i) of the definition of "notifiable interest of a director" should be disclosed in this part.

Direct or indirect interest	Direct & Indirect
Nature of indirect Interest (including registered holders) Note: Provide details of the circumstances giving rise to the relevant interest.	Direct
Date of Change	23 June 2003
No. of securities held prior to change	WG Martinick 4,196,712 Ordinary Shares Martinick Investments Pty Ltd ATF The Martinick Superannuation Fund 2,802,920 Ordinary Shares
Class	Ordinary Fully Paid Shares
Number acquired	25,368
Number disposed	NIL.

Value/Consideration Note: If consideration in non-cash, provide details and estimated valuation	\$2,309.56
No. of securities held after change	WG Martinick 4,222,080 Ordinary Shares Martinick Investments Pty Ltd ATF The Martinick Superannuation Fund 2,802,920 Ordinary Shares
Nature of change Example: on-market trade, off-market trade, excreise of options, issue of securites under dividend reinvestment plan, participation in buy-back	On-Market Purchase

Part 2 - Change of director's interest in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of "notifiable interest of a director" should be disclosed in this part.

Detail of contract	N/A
Nature of interest	N/A
Name of registered holder (if issued securites)	N/A
Date of change	N/A
No. and class of securites to which interest related prior to change Note: Details are only required for a contract in relation to which the interest has changed	N/A
Interest acquired	N/A
Interest disposed	N/A
Value/Consideration Note: If consideration in non-cash, provide details and an estimated valuation	N/A
Interest after change	N/A

$\frac{1}{2}$ , and $\frac{1}{2}$

Form 604

Corporations Act 2001 Section 671B

Notice of change of interests of substantial holder

EZENET LIMITED To Company Name/ Scheme 083 646 477 ACN/ARSN Details of substantial holder (1) 1. DR WOLF GERHARD MARTINICK Name

ACN/ARSN (if applicable)

There was a change in the interests of the substantial holder on 23 June 2003 18 June 2003 The previous notice was given to the company on 18 June 2003 The previous notice was dated

2. Previous and present voting power

The total number of votes attached to all the voting shares in the company or interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in when last required, and when now required, to give a substantial holding notice to the company or scheme, are as follows:

	Present notice		Previous notice Class of securites (4)
Voting power (5)	Person's votes	Voting power (5)	Person's votes
17.50%	7.024.000	17.44%	6,998,632	ORDINARY SHARES

3. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:

Date of change	Person whose relevant interest changed	Nature of change (6)	Consideration given in relation to change $(7)$	Class and number of securities affected	Person's votes affected
23/06/03	WOLF GERHARD MARTINICK	PURCHASE OF SHARES	\$2,309.56	25.368 ORDINARY SHARES	WOLF GERHARD MARTINICK

Present relevant interests 4.

Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:

Holder of relevant Interest	Registered holder of securities	Person entitled to be registered as holder (8)	Nature of relevant interest (6)	Class and number of securities	Person's votes
WOLF GERHARD MARTINICK	WOLF GERHARD MARTINICK	WOLF GERHARD MARTINICK	HOLDER	4.222.080 ORDINARY SHARES	WOLF GERHARD MARTINICK
WOLF GERHARD MARTINICK	MARTINICK INVESTMENTS P/L ATF THE MARTINICK SUPERANNUATION FUND	MARTINICK INVESTMENTS P/L ATF THE MARTINICK SUPERANNUATION FUND	HOLDER / ASSOCIATE	2.802.920 ORDINIARY SHARES	WOLF GERHARD MARTINICK

Changes in association 5.

The persons who have become associates (2) of, ceased to be associates of, or have changed the nature of their association (9) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

Name and ACN/ARSN (if applicable)	Name of association

6. Addresses

The addresses of persons named in this form are as follows:

Name	Address
DR WOLF GERHARD MARTINICK	4 COOK STREET, WEST PERTH 6060

Signature

print name	WOLF G MARTINICK	capacity	EZENET CHAIRMAN
sign here		date	23 / 30e / 2003

DIRECTIONS

• $(1)$ If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the manager and trustee of an equity trust), the name could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 6 of the form.
• $(2)$ See the definition of "associate" in section 9 of the Corporation Act 2001.
• See the definition of "relevant interest" in section 608 and 6718(7) of the Corporation Act 2001. (3)
• $(4)$ The voting shares of a company constituted one class unless divided into separate classes.
• $(5)$ The person's votes divided by the total votes in the body corporate or scheme multiplied by 100.
• $(6)$ Include details of:
• any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection $\left( a\right)$ 671B(4) applies, a copy of any document setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contact, scheme or arrangement, must accompany this form, together with a written statement certifying this contact, scheme or arrangement; and
• (b) any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the securities to which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).
• Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest $(7)$ was acquired has, or may, become entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.
• $(B)$ If the substantial holder is unable to determine the identity of the person (eg. if the relevant interest arises because of an option) write unknown"
• $(9)$ Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice.