IONIC RARE EARTHS LIMITED — Director's Dealing 2004

Jul 6, 2004

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 ASX become ASX's property and may be made public.

Introduced 30/9/2001.

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 purposes of section 205G of the Corporations Act.

Name of Director	Dr Wolf Gerhard Martinick
Date of last notice	31 March, 2004

Part 1 - Change of director's relevant interests in securities

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 holder) Note: Provide details of the circumstances giving rise to the relevant interest.	N/A
Date of change	30 June, 2004
No. of securities held prior to change	W G Martinick 6,436,161 ordinary shares 7,004,783 15¢ 30/06/07 options Martinick Investments Pty Ltd AFT The Martinick superannuation Fund 3,083,161 ordinary shares $140,146$ 15 $\varphi$ 30/06/07 options
Class	Fully paid Ordinary shares 30/06/2007 Options
Number acquired	W G Martinick 1,305,384 fully paid ordinary shares $1,016,104$ 15¢ 30/06/07 options
Number disposed	Nil

⁺ See chapter 19 for defined terms.

Value/Consideration Note: If consideration is non-eash, provide details and estimated valuation	\$248,022.96
No. of securities held after change	W G Martinick 7,741,545 fully paid ordinary shares 8,020,887 15¢ 30/06/07 options Martinick Investments Pty Ltd AFT The Martinick superannuation Fund 3,083,212 fully paid ordinary shares 140,146 $15¢$ 30/06/07 options
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back-	Rights Issue Off Market Trade Shortfall Underwriting

Part 2 - Change of director's interests 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 securities)	N/A
Date of change	N/A
No. and class of securities 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 is non-eash, provide details and an estimated valuation.	N/A
Interest after change	N/A

⁺ See chapter 19 for defined terms.