IONIC RARE EARTHS LIMITED — Investor Presentation 2004

Jul 14, 2004

Presentation TO. Shareholders

July 2004

Corporate Vision

U To increase returns to shareholders by identifying and commercialising Industrial and minerals opportunities

L'Adopt an innovative fole in assessing new business opportunities that satisfy the organisations financial and risk targets

Corporate Objectives

BIZESTGEIN

• Development of digital movie business to maximise earnings and underpin share price
• A Dividend's treatn
• Azenet
• E Identify mineral & industrial projects within Australia and overseas
  • Ezenet shareholder involvement with new projects
  • Initial in-species distribution and later capital raisings
  • & Growth without dilution of Ezenet share capital

Corporate Structure

Ezenet Limited Progress Report

Milestones

J Minerals

• E Jinshar Mou
• Frogressing other minerals opportunities

U Ezestream

• Established management team
• Business Plan
• E Technology (black box new Harmony box)
• Wideo Jock
• Further product developments

Chief Executive/MD

V Richard Burt

• Joined mid April 2004
• EX GM Wagering TAB
• 4 Bristile (Hospitality business)
• FBOC Gases (Perth & Sydney)
• Ampol (Perth & Sydney)
• Qbjectives
• E Management of a public company
• Acquisition & development opportunities

Ezestream Pty Ltd Progress Report

Australian Hospitality Market

$\rightarrow$ 4/5 Star Hotels

• MovieLink VOD (Analogue & Digital)
• Macinet VOD (Analogue)
• SX Technology VOD (Digital)
• Diners
• Foxtel & Austar (Digital)
• L 3 Star Hotels
• . MovieLink VOD (Analogue & Digital)
• A EZGSTGEM FIG
• A MOVIELINK FILE
• E Foxtel & Austar (Digital)

2 Star Hotels

• 1 EZGSTGEM FIG
• AMOVIGLINK FTG
• Foxtel & Austar (Digital)

Operational Issues

• O Business strategy required change
• Content
• Dricing models
• J. Marketing
• « New technology development
• a Organisational
• Management change
• & Restructure

Chrited selling from Dec 2008 - April 2004

Operational Issues

U Technology

• We subscriber billing system
• Colisviba noone de la se
• PMS Integration
• Software patches

A nstallations

• 12-3 star hotel MATV issues
• Increase national installer base B
• 2 8-10 week timeframe from sale to install

Summary

• La Ezestream Movie business potential
• Target cash positive date
• F New VJ installations
• E Product development
  • Eln-room activated system
• A Target ~\$2m EBIT June 2006
• A Ezenet
• E Identify new business opportunities Minerals & Industrial

Questions