IONIC RARE EARTHS LIMITED — Director's Dealing 2011

Mar 21, 2011

Appendix 3Y Change of Director’s Interest Notice

Appendix 3Y

Change of Director’s Interest Notice

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	26 November 2009

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

Direct or indirect interest	Direct
Nature of indirect interest (including registered holder)	Dr Martinick is a director of Martinick Investments Pty Ltd and a beneficiary of the Martinick Superannuation Fund
Date of change	21 March 2011
No. of securities held prior to change	a) Direct - W G Martinick 27,185,047 fully paid ordinary shares b) Indirect - Martinick Investments Pty Ltd ATF The Martinick Superannuation Fund 2,166,094 fully paid shares
Class	Fully Paid Ordinary Shares – acquired
Number acquired	b ) 3,157,019
Number disposed	-
Value/Consideration	Transfer of 4,500,000 shares and 4,500,000 options held in Ghazal Minerals Limited to Ezenet Limitd
No. of securities held after change	a) W G Martinick 27,185,047 fully paid ordinary shares b) Martinick Investments Pty Ltd ATF The Martinick Superannuation Fund 5,323,113 fully paid shares
Nature of changes	Transfer of share and option holding in Ghazal Minerals Limited in accordance with shareholder approval received at a meeting of shareholders held on 21 February2011

Part 2 – Change of director’s interests in contracts

Appendix 3Y Change of Director’s Interest Notice

NIL

Part 3 – Closed period

Part 3 – Closed period
Were the interests in the securities or contracts detailed above traded during a closed period where prior written clearance was required?	No
If so, was prior written clearance provided to allow the trade to proceed during this period?	N/A
If prior written clearance was provided, on what date was this provided?	N/A

• See chapter 19 for defined terms.

Appendix 3Y Page 2

11/3/2002