IONIC RARE EARTHS LIMITED — Director's Dealing 2008

Dec 15, 2008

Appendix 3Y Change of Director’s Interest Notice

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	19 September 2007

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 (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.	N/A
Date of change	15 December 2008
No. of securities held prior to change	W G Martinick 12,353,266 fully paid ordinary shares Martinick Investments Pty Ltd AFT The Martinick Superannuation Fund 1,732,874 fully paid shares
Class	Fully paid ordinary shares – acquired
Number acquired	W G Martinick 500,000 fully paid ordinary shares
Number disposed	Nil
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	$12,652.88

• See chapter 19 for defined terms.

Appendix 3Y Page 1

11/3/2002

Appendix 3Y Change of Director’s Interest Notice

No. of securities held after change	W G Martinick 12,853,266 fully paid ordinary shares Martinick Investments Pty Ltd AFT The Martinick Superannuation Fund 1,732,874 fully paid shares
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back	On Market:- 121,017 shares at $0.02 and 378,983 shares at $0.027

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	$500,000.00 10% per annum Convertible Note dated 1 July 2005 $350,000.00 10% per annum Convertible Note dated 18 November 2005 $300,000.00 10% per annum Convertible Note dated 11 July 2006
Nature of interest	Lender
Name of registered holder (if issued securities)	Martinick Investments Pty Ltd - $500,000.00 10% per annum Convertible Note dated 1 July 2005 W G Martinick - $350,000.00 10% per annum Convertible Note dated 18 November 2005 Martinick Investments Pty Ltd atf the Martinick Superannuation Fund - $300,000.00 10% per annum ConvertibleNote dated 11July2006
**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	Nil
Interest disposed	Nil
Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation	N/A

• See chapter 19 for defined terms.

Appendix 3Y Page 2

11/3/2002