IONIC RARE EARTHS LIMITED — Director's Dealing 2004

Feb 15, 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
JABN	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.

l Name of Director	Neil Thomas O'Loughlin
Date of last notice	$31st$ March 2003

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
Nature of indirect interest	N/A
(including registered holder)
Note: Provide details of the circumstances giving rise to the relevant
interest.
Date of change	28 th January 2004
No. of securities held prior to change	1,981,168
Class	Options expiring 30 June 2007
Number acquired	1,159,088
Number disposed
	Nil
Value/Consideration	\$173,863.20
Note: If consideration is non-eash, provide details and estimated valuation
No. of securities held after change	3,140,256
Nature of change	Off Market Trade
Example: on-market trade, off-market trade, exercise of options, issue of
securities under dividend reinvestment plan, participation in buy-back

⁺ See chapter 19 for defined terms.

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
Nature of interest
Name of registered holder (if issued securities)
Date of change
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
Interest acquired
Interest disposed
Value/Consideration Note: If consideration is non-eash, provide details and an estimated valuation.
Interest after change

⁺ See chapter 19 for defined terms.