IMAX Corporation and Warner Bros. Pictures Announce Next IMAX(R) 3D Space Film

IMAX(R) Camera Returns to Space to Chronicle Life of the Hubble Space Telescope Hubble’s Stunning Images of Distant Galaxies Presented in IMAX(R) 3D

IMAX Corporation and Warner Bros Pictures today announced that, in cooperation with the National Aeronautics and Space Administration (NASA), the IMAX(R) 3D camera will return to space for production of the next IMAX 3D space film. Set for release in early 2010, the film will chronicle the life story of the Hubble Space telescope – deemed the most important scientific instrument since Galileo invented the original telescope. IMAX’s long-standing partnership with NASA has enabled millions of people to travel into space through a series of award-winning IMAX films that have cumulatively grossed more than $500 million worldwide. The IMAX 3D camera made its first voyage into space in 2001 for the production of SPACE STATION 3D, narrated by Tom Cruise, which has grossed nearly $100 million worldwide. The Hubble IMAX 3D film will mark Warner Bros. Pictures’ first venture into space.

“The astronauts have often said The IMAX Experience(R) is the next best thing to being in space, and with IMAX 3D, the audience really IS there,” said Producer/Director Toni Myers. “A decade ago we made a film that briefly touched on the subject of Hubble, but back then its first images were just coming in. Today, we have Hubble’s entire phenomenal legacy of data to explore. With IMAX 3D, we can transport people to galaxies that are literally 13 billion light years away. Real star travel is here at last.”

“We are thrilled that people from around the world will experience this vital servicing mission from a front row seat,” said Shana Dale, NASA deputy administrator, Headquarters, Washington. “Audiences will be mesmerized as they are transported to the distant galaxies on the universe.”

“Our original IMAX 3D releases have already put audiences in the driver’s seat of a NASCAR racecar and taken them swimming with some of the most exotic undersea creatures on earth, and now we look forward to transporting them to the far reaches of the universe,” said Dan Fellman, President, Domestic Distribution, Warner Bros. Pictures. “Warner Bros. and IMAX have collaborated on 20 films over the last four years, and we are excited to share our next endeavor – the IMAX 3D space film – with our audience.”

“The IMAX space film series includes some of the all-time highest grossing IMAX films, clearly underscoring the public’s fascination with the wonders of space flight and the filmmaking talents of Toni Myers, Graeme Ferguson and the IMAX space production team,” said IMAX’s Co-Chairmen and Co-CEOs, Richard L. Gelfond and Bradley J. Wechsler. “We couldn’t be happier to embark on this journey and look forward to transporting people further than they have ever gone before through the magic of IMAX 3D.”

“IMAX space films have always been a huge hit with audiences worldwide because they epitomize the essence of The IMAX Experience, which is to transport people to places they normally couldn’t visit,” added Greg Foster, Chairman and President of IMAX Filmed Entertainment. “We are delighted to have the opportunity to return to space with our long time partners at NASA, Warner Bros. Pictures, the IMAX 3D camera and the IMAX space production team that makes it all come together.”

The Hubble IMAX 3D film will be made by the same filmmaking team behind SPACE STATION 3D. The film will chronicle the amazing saga of the greatest success in space since the Moon Landing. Featuring stunning on-orbit coverage of the telescope’s final repair and jaw-dropping IMAX 3D flights through distant galaxies, Hubble’s astonishing legacy will be captured for generations to come.

About IMAX Corporation

IMAX Corporation is one of the world’s leading entertainment technology companies, specializing in digital and film-based motion picture technologies. The worldwide IMAX(R) theatre network is among the most important and successful theatrical distribution platforms for major event Hollywood films around the globe, with IMAX theatres delivering the world’s best cinematic presentations using proprietary IMAX, IMAX 3D, and IMAX DMR(R) technology. IMAX DMR is the Company’s groundbreaking digital remastering technology that allows it to digitally transform virtually any conventional motion picture into the unparalleled image and sound quality of The IMAX Experience. IMAX’s renowned projectors display crystal-clear images on the world’s biggest screens, and the IMAX brand is recognized throughout the world for extraordinary and immersive entertainment experiences for consumers. As of June 30, 2007, there were 290 IMAX theatres operating in 40 countries.

IMAX(R), IMAX(R) 3D, IMAX DMR(R), IMAX(R) MPX(R), and The IMAX

Experience(R) are trademarks of IMAX Corporation. More information on the Company can be found at http://www.imax.com.

This press release contains forward looking statements that are based on management’s assumptions and existing information and involve certain risks and uncertainties which could cause actual results to differ materially from future results expressed or implied by such forward looking statements. Important factors that could affect these statements include ongoing discussions with the SEC and OSC relating to their ongoing inquiries and the Company’s financial reporting and accounting, the timing of theatre system deliveries, the mix of theatre systems shipped, the timing of the recognition of revenues and expenses on film production and distribution agreements, the performance of films, the viability of new businesses and products, risks arising from potential material weaknesses in internal control over financial reporting and fluctuations in foreign currency and in the large format and general commercial exhibition market. These factors and other risks and uncertainties are discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2006, as well as the Company’s Quarterly Report on Form 10-Q.