IONIC RARE EARTHS LIMITED — Interim / Quarterly Report 2009

Feb 25, 2009

EZENET LIMITED ABN 84 083 646 477

HALF YEAR FINANCIAL REPORT 31 DECEMBER 2008

EZENET LIMITED HALF YEAR FINANCIAL REPORT 31 DECEMBER 2008

Contents to Financial Report	Page
Corporate Directory	3
Directors’ Report	4
Condensed Income Statement	7
Condensed Balance Sheet	8
Condensed Statement of Changes in Equity	9
Condensed Cash Flow Statement	10
Notes to the Half Year Financial Statements	11
Directors’ Declaration	17
Auditor’s Independence Declaration	18
Independent Review Report	19

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EZENET LIMITED HALF YEAR FINANCIAL REPORT 31 DECEMBER 2008

Corporate Directory

ABN 84 083 646 477

Directors

W G Martinick G R O’Dea D H Ward

Executive Chairman Non-Executive Director Non-Executive Director

Company Secretary S M O Watson

General Manager

Brett A. Wiley

Registered Office and Principal Place of Business

2 Bulimba Road Nedlands WA 6009 Telephone: 08 9389 9345 Fax: 08 9389 9749 Web Site: www.ezestream.com.au

Share Registry

Security Transfer Registrars Pty Ltd 770 Canning Highway Applecross WA 6153

Auditors

Hewitt, Turner & Gelevitis Suite 4, 1[st] Floor 63 Shepperton Road Victoria Park WA 6100

Bank

Westpac Banking Corporation 109 St George’s Terrace Perth WA 6000

National Australia Bank 96 High Street Fremantle WA 6160

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EZENET LIMITED HALF YEAR FINANCIAL REPORT 31 DECEMBER 2008

Directors’ Report

The Directors present their report together with the consolidated financial report for the six months ended 31 December 2008 and the independent review report thereon.

DIRECTORS

The names of the company’s directors in office during the half-year and until the date of this report are as below. Directors were in office for the entire period.

W G Martinick (Executive Chairman) G R O’Dea D H Ward

REVIEW OF OPERATIONS

Ezenet Limited continued the progress across its core media distribution business Ezestream Pty Ltd in the six months to December 2008.

Ezestreams expansion into hospitality, mining camp and health care accommodation markets was in excess of 5.7 % more than the preceding period and this equates to 1370 rooms, from 1 July 2008 to 31 December 2008.

Key items contributing to growth included rolling out the company’s digital video-on-demand and high-speed internet system into hotels and apartments; free-to-guest movie systems into hotels, mining camps and hospitals.

Note : Changes to measurement of rooms installed – rooms on line has been implemented to better represent the overall performance of the company.

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Rooms Online
30000
25000
20000
15000
10000
5000
0
J un-04 S ep-04 Dec-04 Mar-05 J un-05 S ep-05 Dec-05 Mar-06 J un-06 S ep-06 Dec-06 Mar-07 J un-07 S ep-07 Dec-07 Mar-08 J un-08 S ep-08 Dec-08
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Table 1: Rooms Online (June 2004 – Dec 2008)

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EZENET LIMITED HALF YEAR FINANCIAL REPORT 31 DECEMBER 2008

Directors’ Report (Continued)

Financial Results

Ezestream achieved revenue growth of 14% from ordinary activities compared with the previous corresponding period and generated a positive EBITDA (earnings before interest, taxation, depreciation and amortisation) result of $732,952 for the six months.

E-Resources had an accounting impairment loss for the year of $2,662,495 which was recognised in the Income statement.

An increase in receipts of 472,508 (27%) resulted in net cash flows from operating activities improving by $289,608 for the six month period.

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1200
1000
800
600
Net Op
400 C ash
R eceipts
200
0
-200
-400
Dec-04 F eb-05 Apr-05 J un-05 Aug-05 Oct-05 Dec-05 F eb-06 Apr-06 J un-06 Aug-06 Oct-06 Dec-06 F eb-07 Apr-07 J un-07 Aug-07 Oct-07 Dec-07 F eb-08 Apr-08 J un-08 Aug-08 Oct-08 Dec-08
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Table 2: Quarterly Cash Flows (Dec 2004 – Dec 2008)

Outlook

The outlook for the second half of this financial year is quietly positive for the company, with a work in progress schedule of over 12 properties around Australia awaiting our installation of Digital Video on Demand systems up until June 09. The company also is about to install 8 new Free to Guest customers in the third quarter.

Overall we remain cautious in relation to our property installations and investments.

On 26[th] of February 2009, Ezenet Limited announced that it has accepted a conditional proposal for the sale if its’ operational subsidiary Ezestream Pty Ltd. Please refer to the subsequent event note for the terms of the sale.

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EZENET LIMITED HALF YEAR FINANCIAL REPORT 31 DECEMBER 2008

Directors’ Report (Continued)

AUDITOR’S INDEPENDENCE DECLARATION

Section 307C of the Corporations Act 2001 requires the Company’s auditors, Hewitt, Turner & Gelevitis to provide the Directors with a written independence declaration in relation to their review of the financial report for the half year ended 31 December 2008. The written auditor’s independence declaration is attached at page 18 and forms part of this Director’s report.

Signed in accordance with a resolution of directors.

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W G Martinick Executive Chairman Perth 26 February 2009

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EZENET LIMITED HALF YEAR FINANCIAL REPORT 31 DECEMBER 2008

Condensed Income Statement

FOR THE HALF-YEAR ENDED 31 DECEMBER 2008

Note Continuing operations Revenue 4(a) Cost of Sales Gross Profit Finance Cost 4(b) Other Expenses 4(c) Impairment loss 4(d) Profit /(Loss) from continuing operations before Income tax Income tax credit/(expense) Profit /(Loss) from continuing operations after income tax Earnings per share from continuing operation attributable to the ordinary equity holder of the parent: Basic earning per share (cents per share) Diluted earning per share (cents per share)	CONSOLIDATED 31 December 2008 31 December 2007 $ $ 2,259,531 1,989,274 (662,063) (491,915)
	1,597,468 1,497,359 (119,596) (114,856) (1,581,292) (1,257,032) (2,662,495) -
	(2,765,915) 125,471 100,720 -
	(2,665,195) 125,471
	(3.17) 0.16 (3.17) 0.14

The above income statement should be read in conjunction with the accompanying notes.

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EZENET LIMITED HALF YEAR FINANCIAL REPORT 31 DECEMBER 2008

Condensed Balance Sheet AS AT 31 DECEMBER 2008

Condensed Balance Sheet AS AT 31 DECEMBER 2008
Note	CONSOLIDATED 31 December 2008 30 June 2008 $ $
ASSETS Current Assets Cash and cash equivalents 5 Trade receivables Inventory Other receivables Total Current Assets Non-current Assets Available for sale financial assets 6 Property plant and equipment Intangible assets Total Non-current Assets TOTAL ASSETS LIABILITIES Current Liabilities Trade and other payables Provisions Interest-bearing liabilities Total Current Liabilities Non-current Liabilities Deferred tax liabilities Provisions Interest-bearing liabilities Total Non-current Liabilities TOTAL LIABILITIES NET ASSETS EQUITY Equity attributable to equity holders of the parent Contributed equity Accumulated losses Reserves TOTAL EQUITY	482,828 497,926 518,695 656,802 152,828 221,040 81,157 37,405
	1,235,508 1,413,173
	1,059,033 5,843,763 2,918,154 2,946,147 110,442 102,899
	4,087,629 8,892,809
	5,323,137 10,305,982
	559,347 557,095 68,708 60,738 1,804,840 1,871,480
	2,432,895 2,489,313
	- 755,429 19,205 11,613 224,045 209,913
	243,250 976,955
	2,676,145 3,466,268
	2,646,992 6,839,714
	9,169,348 9,169,348 (7,716,959) (5,051,762) 1,194,603 2,722,128
	2,646,992 6,839,714

The above balance sheet should be read in conjunction with the accompanying notes.

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EZENET LIMITED HALF YEAR FINANCIAL REPORT 31 DECEMBER 2008

Condensed Statement of Changes in Equity FOR THE HALF YEAR ENDED 31 DECEMBER 2008

CONSOLIDATED

	Ordinary shares Converti ble notes reserve Available for sale Assets Reserve Share option reserve Accumu- lated losses Total $ $ $ $ $ $
	9,169,348 136,403 4,034,691 1,058,200 (5,183,272) 9,215,370
	- - (1,520,362) - - (1,520,362) - - 456,108 - - 456,108
	- - (1,064,254) - - (1,064,254) - - - - 125,471 125,471
	- - - 125,471 125,471

	CONSOLIDATED Ordinary shares Converti ble notes reserve Available for sale Assets Reserve Share option reserve Accumu- lated losses Total $ $ $ $ $ $
	9,169,348 136,403 1,527,525 1,058,200 (5,051,764) 6,839,712
	- - (2,182,234) - - (2,182,234) - - 654,709 - - 654,709
	- - (1,527,525) - - (1,527,525) - - - - (2,665,195) (2,665,195)
	- - - - (2,665,195) (2,665,195)

The above statement of changes in equity should be read in conjunction with the accompanying notes.

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EZENET LIMITED HALF YEAR FINANCIAL REPORT 31 DECEMBER 2008

Condensed Cash Flow Statement

FOR THE HALF-YEAR ENDED 31 DECEMBER 2008

Note	CONSOLIDATED 31 December 2008 31 December 2007 $ $
Cash flows from operating activities Receipts from customers Payments to suppliers and employees Interest received Interest paid/borrowing costs Net cash flows from operating activities Cash flows from investing activities Purchase of property, plant and equipment Purchase of available for sale Investment Net cash flows used in investing activities Cash flows from financing activities Repayment of convertible notes Proceeds from borrowings Repayment of borrowings Net cash flows from financing activities Net increase in cash and cash equivalents Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period 5	2,251,672 1,779,164 (1,446,479) (1,298,892) 7,615 18,966 (169,668) (145,706)
	643,140 353,532
	(510,406) (1,096,265) (60,000) (5,000)
	(570,406) (1,101,265)
	(100,000) (50,000) 100,548 390,709 (88,380) (16,006)
	(87,832) 324,703
	(15,098) (423,030) 497,926 953,794
	482,828 530,764

The above cash flow statement should be read in conjunction with the accompanying notes.

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EZENET LIMITED HALF YEAR FINANCIAL REPORT 31 DECEMBER 2008

Notes to the Financial Statements

FOR THE HALF-YEAR ENDED 31 DECEMBER 2008

1 CORPORATE INFORMATION

The financial report of Ezenet Limited (the consolidated Group) for the half-year ended 31 December 2008 as authorized for issue in accordance with a resolution of the directors on 26 February 2009. Ezenet Limited is a company incorporated in Australia and limited by shares, which are publicly traded on the Australian Stock Exchange.

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The half-year financial report does not include all notes of the type normally included within the annual financial report and therefore cannot be expected to provide as full an understanding of the financial performance, financial position and financing and investing activities of the consolidated entity as the full financial report.

The half-year financial report should be read in conjunction with the annual Financial Report of Ezenet Limited as at 30 June 2008.

It is also recommended that the half-year financial report be considered together with any public announcements made by Ezenet Limited and its controlled entities during the half-year ended 31 December 2008 in accordance with the continuous disclosure obligations arising under the Corporations Act 2001 .

(a) Basis of Preparation

The half-year consolidated financial report is a general-purpose condensed financial report, which has been prepared in accordance with the requirements of the Corporations Act 2001 , and AASB 134 Interim Financial Reporting . The half-year financial report has been prepared on a historical basis, except for available-for-sale investments that have been measured at fair value.

For the purpose of preparing the half-year financial report, the half-year has been treated as a discrete reporting period.

The financial report is presented in Australian Dollars.

Apart from the changes in accounting policy noted below, the accounting policies and methods of computation are the same as those adopted in the most recent annual financial report.

(b) Changes in accounting policies

Since 1 July 2008 the Group has adopted the following Standards and Interpretations, mandatory for annual periods beginning on or after 1 July 2008. Adoption of these Standards and Interpretations did not have any effect on the financial position or performance of the Group.

• AASB 2008-10 Amendment to Australian Accounting Standards – Reclassification of Financial Assets (amendments to AASB 139 Financial Instruments: Recognition and Measurement and AASB 7 Financial Instruments Disclosures)

• Interpretation 12 and AASB 2007-2 Service Concession Arrangements and consequential amendments to other Australian Accounting Standards

• Interpretation 129 Service Concession Arrangements: Disclosures

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EZENET LIMITED HALF YEAR FINANCIAL REPORT 31 DECEMBER 2008

Notes to the Financial Statements (Continued)

FOR THE HALF-YEAR ENDED 31 DECEMBER 2008

(b) Changes in accounting policies (continued)

• Interpretation 4 (revised) Determining whether an arrangement contains a lease

• Interpretation 13 Customer Loyalty Programmes.

• • Interpretation 14 The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction.

The Group has not elected to early adopted any new standards or amendments.

(c) Basis of consolidation

The half-year consolidated financial statements comprise the financial statements of Ezenet Limited and its subsidiaries as at 31 December 2008 (“the Group”).

3 SEGMENT INFORMATION

The Group’s primary segment reporting format is business segments as the Group’s risks and rates of return are affected predominantly by differences in the products and services produced.

Operational Segment

The Operational segment includes revenue derived by the consolidated entity primarily from the information technology sector. With the majority of the revenue coming from the supply of digital movie supply to the hospitality, mining camps and health care clients.

Investment Segment

The Investment segment relates to the Group’s four holdings in Weatherly plc, Carbine Resources Limited, Island Gas and Ghazal Uranium Ltd.

The following table presents revenue and profit information and certain asset information regarding the business segments for the period ended 31 December 2008:

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EZENET LIMITED HALF YEAR FINANCIAL REPORT 31 DECEMBER 2008

Notes to the Financial Statements (Continued)

FOR THE HALF-YEAR ENDED 31 DECEMBER 2008

3 SEGMENT INFORMATION (continued)

Period ended 31 December 2008 Revenue Sales to clients Other Revenue Total segment revenue Total consolidated revenue Result Segment results (Loss) before income tax and finance costs Finance costs (Loss) before income tax Income tax credit Net (loss) for period Period ended 31 December 2007 Revenue Sales to clients Other Revenue Total segment revenue Total consolidated revenue Result Segment results Profit before income tax and finance costs Finance costs Profit before income tax Income tax expense Net profit for period	Continuing operations Investments Operational Total $ $ $ - 2,251,916 2,251,916 - 7,615 7,615 - 2,259,531 2,259,531 2,259,531 (2,662,495) 16,176 (2,646,319) (2,646,319) (119,596) (2,765,915) 100,720 (2,665,195) Continuing operations Investments Operational Total $ $ $ - 1,970,308 1,970,308 - 18,966 18,966 - 1,989,274 1,989,274 1,989,274 - 240,327 240,327 240,327 (114,856) 125,471 - 125,471	Continuing operations Investments Operational Total $ $ $ - 2,251,916 2,251,916 - 7,615 7,615 - 2,259,531 2,259,531 2,259,531 (2,662,495) 16,176 (2,646,319) (2,646,319) (119,596) (2,765,915) 100,720 (2,665,195) Continuing operations Investments Operational Total $ $ $ - 1,970,308 1,970,308 - 18,966 18,966 - 1,989,274 1,989,274 1,989,274 - 240,327 240,327 240,327 (114,856) 125,471 - 125,471
		1,989,274
		1,989,274
		240,327
		240,327 (114,856)
		125,471 -
		125,471

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EZENET LIMITED HALF YEAR FINANCIAL REPORT 31 DECEMBER 2008

Notes to the Financial Statements (Continued)

FOR THE HALF-YEAR ENDED 31 DECEMBER 2008

4 REVENUE, INCOME AND EXPENSES (a) Revenue Sale of goods Rendering of services Interest received Total revenue (b) Finance costs Bank loans and overdrafts Interest on Convertible Notes (c) Other expenses Depreciation Amortisation of film library Amortisation of Guest Video Commission expenses Wages and salaries Administration expenses (d) Impairment loss Weatherly International plc Carbine Resources Ltd Island Gas (formerly KP Renewables plc)	Consolidated 31 December 2008 31 December 2007 $ $ 72,916 84,739 2,179,000 1,885,569 7,615 18,966
	2,259,531 1,989,274
	20,164 353 99,432 114,503
	119,596 114,856
	473,911 337,033 28,345 26,142 - 6,246 144,939 128,853 402,395 368,250 531,702 390,508
	1,581,292 1,257,032
	2,571,259 - 65,000 - 26,236 -
	2,662,495 -

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EZENET LIMITED HALF YEAR FINANCIAL REPORT 31 DECEMBER 2008

Notes to the Financial Statements (Continued)

FOR THE HALF-YEAR ENDED 31 DECEMBER 2008

31	December	30 June
	2008	2008
	$	$

5 CASH AND CASH EQUIVALENTS

For the purpose of the half-year condensed cash flow statement, cash and cash equivalents are comprised of the following:

Cash at bank and in hand Short-term deposits	429,441 445,971 53,387 51,955
	482,828 497,926

6 AVAILABLE FOR SALE FINANCIAL ASSETS

Available-for-sale investments consist of investments in ordinary shares, and therefore have no fixed maturity date or coupon rate. Carbine Resources Ltd is listed on the Australian stock exchange. Weatherly International plc and Island Gas (formerly KP Renewables plc) are listed on the London Alternative Investment Market. Ghazal Uranium is an unlisted investment. All the shares were valued as at 31 December 2008.

Shares at Fair Value:

Weatherly International plc Carbine Resources Ltd Island Gas (formerly KP Renewables plc) Ghazal Uranium	861,883 5,498,391 45,000 150,000 47,150 90,372 105,000 105,000
	1,059,033 5,843,763

During the half year, the balance movement was as follows :

Opening balance 1 July 2008 Purchases - Carbine Resources Ltd Impairment loss recognised in income statement (note 4(d)) Diminution recognised to Available for Sale Assets Reserve Closing balance 31 December 2008	5,843,763 60,000 (2,662,495) (2,182,235)
	1,059,033

7 INTEREST BEARING LIABILITIES

All convertible notes expired on 30 September 2008. A portion of the convertible notes was repaid ($100,000) during the half year while the remaining portion ($1,610,000) was extended to 30 April 2009, with a revised interest rate fixed of 14% effective from 1 January 2009 for the extension period. The repayment date of the convertible note is extended to 31 May 2009.

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EZENET LIMITED HALF YEAR FINANCIAL REPORT 31 DECEMBER 2008

Notes to the Financial Statements (Continued)

FOR THE HALF-YEAR ENDED 31 DECEMBER 2008

8 EVENTS AFTER THE BALANCE SHEET DATE

On the 26[th] of February 2009, Ezenet Limited announced that it has accepted a conditional proposal for the sale if its’ operational subsidiary Ezestream Pty Ltd on the following terms:

• (a) The purchaser is Movielink Pty Ltd;

• (b) The purchase price if A$3,100,000;

• (c) The purchase excludes a variety of assets and liabilities:

• a. Accumulated losses

• b. Debtors and creditors

• c. Deposits and lisences

• (d) A formal sales contract will be entered into;

• (e) Completion of the sale follows approval by the shareholders of Ezenet.

Other than the above, there have been no significant events after balance sheet date.

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EZENET LIMITED HALF YEAR FINANCIAL REPORT 31 DECEMBER 2008

Directors' Declaration

In accordance with a resolution of the directors of Ezenet Limited, I state that:

In the opinion of the directors:

• a) the financial statements and notes of the consolidated entity are in accordance with the Corporations Act 2001 , including:

• (i) giving a true and fair view of the financial position as at 31 December 2008 and the performance for the half-year ended on that date of the consolidated entity; and

• (ii) complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001; and

• b) there are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and payable.

On behalf of the Board

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W G Martinick Executive Chairman Perth, 26 February 2009

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EZENET LIMITED HALF YEAR FINANCIAL REPORT 31 DECEMBER 2008

EZENET LIMITED A.B.N. 84 083 646 477

AUDITOR’S INDEPENDENCE DECLARATION UNDER SECTION 307C OF THE CORPORATIONS ACT 2001

To the Directors of Ezenet Limited

As lead auditor for the review of Ezenet Limited for the half year ended 31 December 2008, I declare that, to the best of my knowledge and belief, there have been no contraventions of:

• (i) the auditor independence requirements of the Corporations Act 2001 in relation to the review; and

• (ii) any applicable code of professional conduct in relation to the review.

This declaration is in respect of Ezenet Limited and the entities it controlled during the period.

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HEWITT TURNER & GELEVITIS

Audit Assurance Division

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_______ TIMOTHY TURNER PARTNER

Dated this 26 day of February 2009.

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EZENET LIMITED HALF YEAR FINANCIAL REPORT 31 DECEMBER 2008

EZENET LIMITED A.B.N. 84 083 646 477

INDEPENDENT AUDITOR’S REVIEW REPORT TO THE MEMBERS OF EZENET LIMITED

Report on the Half-Year Financial Report

We have reviewed the accompanying half-year financial report of Ezenet Limited, which comprises the balance sheet as at 31 December 2008, and the income statement, statement of changes in equity and cash flow statement for the half-year ended on that date, other selected explanatory notes and the directors' declaration for the Ezenet Limited Group (consolidated entity). The consolidated entity comprises both Ezenet Limited (the company) and the entities it controlled during that half-year.

Directors' Responsibility for the Financial Report

The directors of the company are responsible for the preparation and fair presentation of the half-year financial report in accordance with Australian Accounting Standards (including the Australian Accounting Interpretations) and the Corporations Act 2001. This responsibility includes establishing and maintaining internal control relevant to the preparation and fair presentation of the financial report that is free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.

Auditor's Responsibility

Our responsibility is to express a conclusion on the half-year financial report based on our review. We conducted our review in accordance with Auditing Standard on Review Engagements ASRE 2410 Review of an Interim Report Performed by the Independent Auditor of the Entity, in order to state whether, on the basis of the procedures described, we have become aware of any matter that makes us believe that the financial report is not in accordance with the Corporations Act 2001 including: giving a true and fair view of the consolidated entity’s financial position as at 31 December 2008 and its performance for the half-year ended on that date; and complying with Australian Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001. As the auditor of Ezenet Limited, ASRE 2410 requires that we comply with the ethical requirements relevant to the audit of the annual financial report.

A review of a half-year financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. It also includes reading the other information included with the financial report to determine whether it contains any material inconsistencies with the financial report. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly we do not express an audit opinion.

Whilst we considered the effectiveness of management’s internal controls over financial reporting when determining the nature and extent of or procedures, our review was not designed to provide assurance on internal controls.

Our review did not involve an analysis of the prudence of business decisions made by directors or management.

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EZENET LIMITED HALF YEAR FINANCIAL REPORT 31 DECEMBER 2008

INDEPENDENT AUDITOR’S REVIEW REPORT TO THE MEMBERS OF EZENET LIMITED (continued)

Independence

In conducting our review, we have complied with the independence requirements of the Corporations Act 2001.

Qualification

We were not appointed the auditor for the periods ended 30 June 2008 and 31 December 2007. Accordingly we are not in a position and do not express any conclusion on the comparative figures.

Qualified Conclusion

Except for the effects on the comparatives of such adjustments, if any, as might have been determined to be necessary had the limitation on the scope of our work as discussed in the qualification paragraph not existed, based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the half-year financial report of Ezenet Limited is not in accordance with the Corporations Act 2001 including:

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• (a) giving a true and fair view of the consolidated entity’s financial position as at 31 December 2008 and of its performance for the half-year ended on that date; and

• (b) complying with Australian Accounting Standard AASB 134 Interim Financial Reporting and Corporations Regulations 2001.

Signed at Perth this 26 day of February 2009.

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_____ HEWITT TURNER & GELEVITIS AUDIT ASSURANCE DIVISION

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________ TIMOTHY TURNER REGISTERED COMPANY AUDITOR

Appendix 4D Half Yearly Report Half Year Ended 31 December 2008

Appendix 4D Half Yearly Report Half Year Ended 31 December 2008

Name of entity

EZENET LTD

ABN or equivalent company reference 84 083 646 477	Half year ended (‘current period’)
84 083 646 477	31 December 2008

Results for announcement to the market

Extracts from this report for announcement to the market Revenues from ordinary activities Profit (loss) from ordinary activities after tax attributable to members Net profit (loss) for the period attributable to members Dividends (distributions) Final dividend Interim dividend _ Ezenet Limited has not paid any dividends._** Previous corresponding period (30 June 2008) Record date for determining entitlements to the dividend	. Up down down Amount per Nil Nil	% $A 14 to 2,259,531
		to (103,420)
		to (2,665,195)
		security Franked amount per security Nil Nil
	Nil	Nil
	NA

Brief explanation of any of the figures reported above and short details of any bonus or cash issue or other item(s) of importance not previously released to the market:

• Not applicable

Commentary on Results

For commentary on the results of Ezenet Limited refer to the Half-Year Report in conjunction with the details and explanations provided herewith.

Appendix 4D Half Yearly Report Half Year Ended 31 December 2008

Ratios and Other measures

NTA backing

Net tangible asset backing per ordinary security

Current period	Previous corresponding Period
3.02 cents	14.9 cents