IONIC RARE EARTHS LIMITED — Director's Dealing 2009

May 25, 2009

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	29 April 2009

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 relevantinterest.	N/A
Date of change	21 May2009
No. of securities held prior to change	W G Martinick13,910,940 fully paid ordinary sharesMartinick Investments Pty Ltd AFT TheMartinick Superannuation Fund1,732,874 fully paid shares
Class	Fully paid ordinary shares – acquired
Number acquired	W G Martinick553,517 fully paid ordinary shares
Number disposed	Nil
Value/ConsiderationNote: If consideration is non-cash, provide details and estimated valuation	$13,933.76

• 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 Martinick14,464,457 fully paid ordinary sharesMartinick Investments Pty Ltd AFT TheMartinick Superannuation Fund1,732,874 fully paid shares
Nature of changeExample: on-market trade, off-market trade, exercise of options, issue ofsecurities under dividend reinvestment plan, participation in buy-back	On Market:-21,017 shares at $0.027 and532,500 shares at $0.025

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 1July 2005$350,000.00 10% per annum Convertible Note dated 18November 2005$300,000.00 10% per annum Convertible Note dated 11July 2006
Nature of interest	Lender
Name of registered holder(if issued securities)	Martinick Investments Pty Ltd - $500,000.00 10% perannum Convertible Note dated 1 July 2005W G Martinick - $350,000.00 10% per annumConvertible Note dated 18 November 2005Martinick Investments Pty Ltd atf the MartinickSuperannuation Fund - $300,000.00 10% per annumConvertibleNote dated 11July2006
**Date of change **	N/A
No. and class of securities towhich interest related prior tochangeNote: Details are only required for a contract in relationto which the interest has changed	N/A
Interest acquired	Nil
Interest disposed	Nil
Value/ConsiderationNote: If consideration is non-cash, provide details and anestimated valuation	N/A

• See chapter 19 for defined terms.

Appendix 3Y Page 2

11/3/2002