IONIC RARE EARTHS LIMITED — Investor Presentation 2003

Jun 24, 2003

Ladies, Gentlemen and Shareholders,

Thank you for having overwhelmingly supported the various resolutions that were considered at today's meeting.

Your approval and support for the resolutions considered today is greatly appreciated by your Board and the staff of Ezenet. This will provide us with the necessary means of ensuring that Ezenet's core business will continue to be developed efficiently. I wish to take this opportunity to give you a brief overview of progress achieved during the last twelve months. I also wish to take the opportunity to thank Ezenet's staff for their dedication during the past twelve months; this is greatly appreciated.

You will note from the information that I am about to present that we expect Ezenet's core business to become cash flow positive in the Etter part of 2008.

• 1. Ezenet isted in 1999 focussed on in home internet developments.
• 1. Decision made in 2001 to refocus and develop a digital entertainment system for the hospitality Industry:
• 8. Rollout of Ezenet digital movie players commenced in mid 2002.
• 1. Currently 12 months into the plan and approaching cash breakeyen point.

Market Opportunity, Business Goal Mining Camp Rooms:

TotelWotel Rooms; 3.000 representing 50% of sector

• 1. Established as supplier of quality entertainment systems to the hospitality industry.
• 1. Dévelopéd a focusséd téchnical and marketing 166101
• 1. Profitable business which will continue to grow addressively.

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• 1. Strong focus on maximising returns from existing QUISTRIGSS
• 1. New technical developments which complement QUICILOUSINESS
• 1. Evaluate opportunites for synergistic acquisitions in entertainment industry.

Ezenet will also evaluate opportunities that will offer. significant shareholder value outside the Entertainment field?

• Ezenet's core business has grown over the last 12 months into a significant entrant in the entertainment industry with anticipated revenues in excess of \$2M in calcindar 2004.
• Eunding measures being put in place will ensure!
• 1. Operational profitability by year end.
• 1. Development of synergistic technology that is anticipated to significantly increase revenue base Wilhin 12 months.
• 8. Ezenet will be in a position to capitalise on Opportunites to add significant shareholder value through growth orientated acquisitions.