IONIC RARE EARTHS LIMITED — Major Shareholding Notification 2008

Dec 3, 2008

Class of Securities	Previous notice		Present notice
	Person’s votes	Voting power	Person’s votes	Voting power
Ordinary	[7,500,000)	[10.6%j	7.500.000	8.9%
	NB See comment above
	re previous notice.

	Person Whose		Consideration	Class and
Date of	relevant	Nature of	given in	Number of	Person’s votes
acquisition	interest	change	relation to	Securities	affected
	changed		change	affected
19/11/08	KIM reBHP	sharePurchase	$124,890.00	4,163,000	4,163,000
19/11/08	KIM re WHF	Share Sale	$124,827.56	4.163,000	4.163.000
BHF	The Brcm	Master Fund
WUF	The Wildhomn	Master Fund

Holder of	Registered	Personentitled to be	Nature of	Class and
relevant	holder of		relevant	Number of	Persons votes
interest	securities	registered asholder	interest	Securities
MatterhornInvestmentManagement	HSBC CustodyNominees(Australia)	TheBreithornMaster Fund	Fund managedby HIM	Ordinary	4,163,000
LLP (“HIM”)	Limited
Matterhorn	HSBC Custody
InvestmentManagement	Nominees(Australia)	The WildhornMaster Fund	Fund managedby HIM	Ordinary	3,337,000
LLP(“HIM”)	Limited

Name and
CAN/ARSN (if	Nature of association
applicable)
The Breithorn	Non-beneficial fund managed by Matterhorn Investment Management on a
Master Fund	discretionary basis.
The Wildhorn	Non-beneficial fund managed by Matterhorn Investment Management on a
Master Fund	discretionary basis.

Name	Address
Matterhorn
Investment	29 Queen Anne’s Gate.	London SW1H	9BU
Management LLP
The Breithorn	do Matterhorn Investment Management LLP.			29 Queen Anne’s Gate,
Master Fund	London Slflil 9BU
The Wildhorn	do Matterhorn Investment Management LLP.			29 Queen Anne’s Gate,
Master Fund	London SW1H 9BU

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