IMAX : Q3 2020 Supplemental Slides

Third Quarter 2020 Financial Results

October 29, 2020

® IMAX Corp.

Forward-Looking Statements

This presentation contains forward looking statements that are based on IMAX® 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, but are not limited to, references to business and technology strategies and measures to implement strategies,

competitive strengths, goals, expansion and growth of business, operations and technology, future capital expenditures (including the amount and nature thereof),

plans and references to the future success of IMAX Corporation together with its consolidated subsidiaries (the "Company") and expectations regarding the Company's future operating, financial and technological results.

These forward-looking statements are based on certain assumptions and analyses made by the Company in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors it believes are appropriate in the circumstances. However, whether actual

results and developments will conform with the expectations and predictions of the Company is subject to a number of risks and uncertainties, including, but not

limited to, risks associated with investments and operations in foreign jurisdictions and any future international expansion, including those related to economic, political and regulatory policies of local governments and laws and policies of the United States and Canada; risks related to the Company's growth and operations in China; the performance of IMAX DMR® films; the signing of IMAX Theater System agreements; conditions, changes and developments in the commercial exhibition industry; risks related to currency fluctuations; the potential impact of increased competition in the markets within which the Company operates; competitive actions by other companies; the failure to respond to change and advancements in digital technology; risks relating to recent consolidation among commercial exhibitors and movie studios; risks related to new business initiatives; conditions in the in-home and out-of-home entertainment industries; the opportunities (or lack thereof) that may be presented to and pursued by the Company; risks related to cyber-security and data privacy; risks related to the Company's inability to protect its intellectual property; general economic, market or business conditions; the failure to convert IMAX Theater System backlog into revenue; changes in laws or regulations; the failure to fully realize the projected cost savings and benefits from any of the Company's restructuring initiatives; the impact of COVID-19 on the Company's business, financial condition and results of operations and on the businesses of the Company's customers and exhibitor partners; and other factors, many of which are beyond the control of the Company. Consequently, all of the forward-looking statements made in this presentation are qualified by these cautionary statements, and actual results or anticipated developments by the Company may not be realized, and even if substantially realized, may not have the

expected consequences to, or effects on, the Company. These factors, other risks and uncertainties and financial details are discussed in IMAX's most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. The Company undertakes no obligation to update publicly or otherwise revise any forward looking statements, whether as a result of new information, future events or otherwise.

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Investment Highlights

GLOBAL BRAND

1 Strong balance sheet: $305 million in cash

Financial

Foundation

Strategically

THEPositionedMARK OF A

"MUSTtoSExcelE" FILM

2 Expected to achieve cash flow break-even in Q4 2020 and Q1 2021

3	Flexible, asset-light business model with limited capital requirements and low fixed costs
	IMAX remains in a strong financial position to weather the COID-19 crisis due
	to it's
4	Trusted brand and diversified global network positioned to outperform industry in recovery
	IMAX remains in a strong financial position to weather the COID-19 crisis due
	to it's
5	Excellent content pipeline scheduled for 2021
	IMAX remains in a strong financial position to weather the COID-19 crisis due

to it's

6 Uniquely positioned to thrive as pandemic accelerates evolution of the theatrical business

Source: Company Data

IMAX is focused on operating in open markets, including our largest market, China

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The IMAX Ecosystem

Deeply Embedded in

the Fabric of the Global

Entertainment Industry

Consumers

The IMAX Experience®

Eventicize Content

Exhibitors

Marketing

Eventicize Content

Drive Pricing

Drive Volume

Creatives/

Filmmakers

Cameras

Pre / Post Production

Aspect Ratio

Eventicize Content

Studios

DMR

Marketing

Eventicize Content

Post-Production

Streamers

Eventicize Content

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IMAX is a Global Brand

North

America

410

Central America

24

100+

26 - 100

11 - 25

6 - 10

1 - 5 None

	1,542 Commercial
Europe	Theatres in 82 Countries
210	and Territories

Africa

14	Asia Pacific

833

South America	Middle East
27	24

Source: Company Data

Diversified global network of 1,542 screens positioned to benefit from open markets

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Reopening in China - demonstrated demand post COVID-19

•

•

99% of the IMAX network open in China

Average weekly IMAX box office recovered to 2H 2019 levels despite capacity constraints

• The Eight Hundred, a local language title shot entirely with IMAX cameras, now ranked within the top 10 highest grossing titles of all time in China
• National Day IMAX box office performance increased 23% versus 2019
• China industry cumulative box office recovered to ~70% of 2H 2019 average without major Hollywood film releases

China theatrical industry returning to normal with IMAX gaining market share

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IMAX China Performance - returning to normalcy despite capacity constraints(1)

	Gross Box Office as a % of	% of Theaters Open(3)
	Normalized 2H 2019 Level(2)
100%	95%	100%	99%
93%
80%	68%	95%
	67%		92%
60%
		90%
40%
		85%
20%
0%		80%
	Daily average	Weekly average	IMAX	Industry
	IMAX China	Industry

(1): Capacity constraint of 30% upon initial reopening; 50% effective Aug 14, 2020; and 75% effective
Sept 25, 2020	(3): As of Oct 25, 2020
(2): Data from July 20, 2020 to Oct 25, 2020
Source: Top Consulting, including service fee
(Source: Top Consulting, including service fee

IMAX China's weekly and daily average box office since reopening has recovered to second-half 2019 level

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China National Holiday performance - increased 23%

2014-2020 IMAX China National Day Holiday Box Office & Market Share

140													128	3.5%
													3.2%
120												104		3.0%
100								2.2%					2.4%	2.5%
2.1%
80						1.9%			2.1%			2.0%
60							1.7%	58						1.5%
40						35			40			1.0%
					27
23
20														0.5%
0															0.0%
	2014		2015	2016	2017	2018	2019	2020
				IMAX China box office (in RMB mn)			IMAX China market share

Note: 2020 is an 8-day holiday vs. 7-day in previous years

Source: Top Consulting, incl. service fee (2017-2020)

IMAX China Box Office Market

Share Since Reopening(1)

5.0%

4.0%				3.7%	4.0%	3.9%
		3.5%
3.0%
2.0%
1.0%			1%	1%	1%	1%
0.0%
2017	2018	2019	2020 since
							reopening
			IMAX China box office market share		IMAX China screen count share

(1): Data from July 20, 2020 to Oct 25, 2020 Source: Top Consulting, including service fee

IMAX China's box office recovers to 2H 2019 levels

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Strong China Local Language Pipeline

'The Eight Hundred'	'The Leap'	'Legend of Deification'	'My People My Homeland'	'The Sacrifice'
(Aug 2020)	(Sept 2020)	(Oct 2020)	(Oct 2020)	(Oct 2020)
$18 million IMAX GBO		$13 million IMAX GBO	$10 million IMAX GBO	$3 million IMAX GBO

'Detective Chinatown 3'	'The Rescue'	'Creation of the Gods'	'New Gods: Nezha Reborn'	'Assassin in Red'
(CNY 2021)	(CNY 2021)	(TBD)	(TBD)	(CNY 2021)

Note 1: As of Oct 25, 2020

Note 2: Box office in $USD

Demonstrated success and strong pipeline of Chinese local language films

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Expected Blockbuster 2021 Around the Corner

NO TIME TO

DIE

SHANG-CHI

and the

Legend of the

Ten Rings

BLACK	FAST &	VENOM	TOP GUN:
WIDOW	FURIOUS	Let There Be	MAVERICK
Carnage

SUICIDE	DUNE	THE	MISSION:
SQUAD		ETERNALS	IMPOSSIBLE
			7

Release schedule contingent on studio scheduling

Strong pipeline of tentpole releases throughout 2021

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Partner Demand for The IMAX Experience

• 10 IMAX systems signed in Q3 2020 despite theater closures
• • 8 new sales and sales-type lease arrangements
  • 2 upgrades of IMAX theater1 systems
• 23 Installations completed in Q3 2020
• • 18 new IMAX theaters; 5 Upgrades
  • Total installations were 59% of amount completed in pre-pandemic, Q3 2019
• IMAX is seeing continued demand for theater systems
• • Existing operators expanding IMAX capacity
  • Demand for systems in existing and new markets

Source: Company Data

Our partners continue to choose to grow with IMAX

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IMAX in Recovery

Recession Resistant

• Inexpensive, out of home entertainment
• • Viewed as an affordable luxury
• Historical U.S Box Office in recessions:
• • 2009: +10%
  • 2008: -0.3%
  • 2002: +13%
  • 2001: +8%

Low Cost Opening

• IMAX openings remain low risk
• • Limited fixed costs that need scaling
• IMAX can be profitable at limited capacity with only select markets open

Content Pipeline

• Slate changes validate theatrical window
• Pent-updemand for out of home entertainment
• • Moviegoing likely to resume before concerts & sporting events
• PVOD demonstrated limited success during pandemic-related theater closures

Source: Box Office Mojo

IMAX is well positioned to ramp-up quickly as theaters continue to re-open

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Secure relationships with partners

• IMAX remains confident in its position as a critical vendor
• The company generates revenue for our exhibition partners' most productive multiplexes, in addition to overflow traffic to adjacent screens
• Our theaters are covered by master lease agreements: provides protection in the context of an exhibitor bankruptcy; partners could not selectively close individual IMAX screens
• As we experienced in the early 2000s, IMAX has operated with partners through significant restructurings without a material financial impact

IMAX should be insulated from partner financial distress

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IMAX Domestic - productive screens located in top multiplexes

$ in millions

2019 PSAs By Multiplex Cohort

$1.2

$1.0 218

$0.8

$0.6		93
		78
$0.4
			18
$0.2
-
Top 500	501-1000	1001-2000	Under 2000
			IMAX (# screens)	Multiplex Average

PSA: per screen average gross box office (GBO)

~5,500 North American multiplexes sorted into cohorts by GBO Source: Rentrak

2019 Domestic GBO By Multiplex

Cohort

5%

12%

18%

65%

~85% of our North American box office is generated in the top ~20% of North American multiplexes

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IMAX Market Position - relationship to industry trends

Exposed to Secular Tailwinds

Growth in global

box office

	IMAX
Blockbusters	Premium
taking market	formats gaining
share	global popularity

More Insulated from Industry Risks

Blockbuster movies drive IMAX box office

• PVOD mostly limited to small and mid-tier movies
• Theatrical window generates value for blockbusters
• Virtually all blockbusters rescheduled during pandemic

IMAX plays movies for 1-2 weeks

• Theatrical window compression unlikely to impact
  IMAX
• Core constituency is super fan-boys and fan-girls

IMAX screens located in top performing theater locations

• Industry consolidation unlikely to impact IMAX
• 85% of IMAX's North American box office is generated in the top 20% of North American theaters

IMAX is positioned at the nexus of positive industry trends and less vulnerable to industry headwinds

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Balance Sheet & Liquidity

$ in millions

	As of September 30, 2020
Cash & Cash Equivalents	$305.2
Cash & Cash Equivalents in PRC	$62.6

	1	2
Revolver Facility (Due June 2023)	$300.0
Facility Utilized	$300.0
IMAX China Credit Facility	$30.0
Facility Utilized	$0.3
Total Available Liquidity	$334.9

1 Does not include uncommitted accordion feature which would allow Company to expand borrowing capacity to a total of $350 million, subject to certain conditions.

2 Excludes the impact of deferred financing fees.

Source: Company Data

Strong balance sheet provides flexibility; key point of differentiation of our model

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Free Cash Flow - continued improvement through pandemic

• $6.9 million average monthly free cash flow

decline over first six months of the pandemic

16%

• The furlough of approximately 30% of non-

China & Japan workforce to generate

56%

approximately $1 million of additional monthly costs savings

• Estimated average monthly cash flow to be approximately breakeven both for Q4 2020 and Q1 2021

$ in millions

Q2 2020A

Q3 2020A

Q4 2020E

Q1 2021E

Average Monthly FCF

($10.0)

67% (3.9)

~0.0)

~0.0)

Source: Company Data

Data As of September 30, 2020

IMAX cash flow improving, driven by the partial opening of our network and without the benefit of major Hollywood releases

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Financial Performance

Q3 Result Drivers:

Revenue impacts

• The majority of the IMAX Technology Network was closed through a portion of the quarter, reopening in late August with revenue driven primarily by local-language releases in China & Japan
• Installations activity improved sequentially but declined year- over-year

Cost impacts

• Expenses benefited from cost actions taken and lower business activity driven by COVID-19 pandemic
• The Company recorded a $23.7 million or $0.40 per share valuation allowance reducing the value of deferred tax assets
• Results also reflect a $5.7 million impairment loss related to documentary and alternative content film assets

$ in millions, except per share	YoY	Q3 2020	Q3 2019
Revenue		$37.3	$86.4
Global Box Office		$70.2	$246.1
Global Commercial Theatre		1,542	1,473
Network
Gross Margin / (Loss) ($)		$3.8	$47.1
Gross Profit Margin (%)		10.3%	54.5%
GAAP Net (Loss) Income		($47.2)	$9.0
EPS(1)		($0.80)	$0.15
Adj. Net (Loss) Income(1)		($44.6)	$12.8
Adj. EPS(1)		($0.75)	$0.21
Adj. EBITDA ($)(1)		($0.3)	$32.4
Adj. EBITDA Margin (%)(1)		(0.8%)	41.4%

(1) Attributable to common shareholders. See appendix for reconciliation and definition of non-GAAP financial results.

Source: Company Data

Financial results driven by Coronavirus theater closures

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Other Items

$ in millions, except per share

Items

COVID-19 government subsidies

Film asset impairments (1)

CECL - provision(2)

Deferred tax asset - valuation allowance Deferred tax asset - valuation allowance

1. Impairments related to the write-down of various production projects

Financial Statement Impact

Earnings (Loss) from Ops Earnings (Loss) from Ops Earnings (Loss) from Ops Net Income (Loss)

EPS

Amount

$2.1

(5.7)

(3.9)

(23.7)

(3)

($0.40)

1. Q3 impact reflects provision for credit losses primarily on the Company's theater receivables as a result of the current pandemic-related challenges facing the exhibition industry. On Jan. 1, 2020, the Company adopted ASU No. 2016-13 which amends previously issued guidance regarding the impairment of financial instruments by creating an impairment model that is based on expected losses rather than incurred losses.
2. Figures are attributable to common shareholders

Other items impacting Q3 2020 results

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SG&A Items

$ in millions

Items Impacting SG&A Comparability

• Cost Reductions: SG&A declined due to cost actions taken throughout the pandemic and lower expenses associated with COVID-19 related reduced business

activity

56%

• COVID-19Relief: $1.7 million in wage subsidies and payroll tax credits from government subsidies
• Labor and overhead: lower allocations out of SG&A to COGS and certain other assets driven by reduced business activity

SG&A ex-SBC

67%

Source: Company Data

Core SG&A cost reductions partially offset by lower labor and overhead allocation to COGS

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Capex Breakdown - Growth vs. Maintenance

$10.2M	$11.3M
	16%
$5	$5
				67%
	56%
$4	$5		$2.7M
	$1.9M
			$1.4M
			19%
		$0
	28%	$2		$1
$2	$2	15%
$1
			$0
		$0	$0
Q3 2019	Q4 2019	Q1 2020	Q2 2020		Q3 2020

Growth Capex = Investment in joint revenue sharing equipment

JV Upgrade Capex = investment in upgrade of existing joint revenue sharing equipment Maintenance Capex = Purchase of property, plant and equipment

Source: Company Data

Flexible financial model with low maintenance capex requirements; capex driven by network growth

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Network Update - IMAX systems pipeline

Pipeline

		Q3 2020
	Total Signings	Total Installations
Sales and STL	8	9
Hybrid STL	0	1
JV's	0	8
		276
Upgrades	2	5
JV Upgrades	1	2
Other Upgrades	1	3
Total	10	23

607	545		Other Upgrades
			JV Upgrades
28			JV
			Hybrid JRSA
97	16		Sales / Sales Type Lease
	81

156

125

140		139

186	184

Q3 2019

Q3 2020

Source: Company Data

Installation activity accelerated from Q2; signings demonstrate continued demand from partners

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Use of Non-GAAP Financial Measures

In this earnings presentation, the Company presents adjusted net (loss) income attributable to common shareholders and adjusted net (loss) income attributable to

common shareholders per diluted share, EBITDA, Adjusted EBITDA per Credit Facility, Adjusted EBITDA margin and free cash flow as supplemental measures of the Company's performance, which are not recognized under U.S. GAAP. Adjusted net (loss) income attributable to common shareholders and adjusted net (loss) income attributable to common shareholders per diluted share exclude, where applicable: (i) share-based compensation; (ii) exit costs, restructuring charges and associated impairments, (iii) gain (loss) in the fair value of investments, (iv) COVID-19 government relief benefits, as well as the related tax impact of these adjustments, and (v) the income tax effects related to the removal of the indefinitely reinvested assertion on the historical earnings of certain subsidiaries.

The Company believes that these non-GAAP financial measures are important supplemental measures that allow management and users of the Company's financial statements to view operating trends and analyze controllable operating performance on a comparable basis between periods without the after-tax impact of share- based compensation and certain unusual items included in net (loss) income attributable to common shareholders. Although share-based compensation is an important aspect of the Company's employee and executive compensation packages, it is a non-cash expense and is excluded from certain internal business performance measures.

A reconciliation of net (loss) income attributable to common shareholders and the comparable per share amounts, the most directly comparable GAAP measure, to

adjusted net (loss) income attributable to common shareholders, adjusted net (loss) income attributable to common shareholders per diluted share, EBITDA, Adjusted EBITDA per Credit Facility and Adjusted EBITDA margin is presented in the table below. The Company believes that net (loss) income attributable to common shareholders is the most directly comparable GAAP measure because it reflects the earnings relevant to the Company's shareholders, rather than including the non-controlling interest. As such, beginning in the first quarter of 2020, the Company has updated the reconciliations for such non-GAAP financial measures included herein.

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Use of Non-GAAP Financial Measures

In addition to the non-GAAP financial measures discussed on the previous slide, management also uses "EBITDA," as such term is defined in the Company's credit

agreement, and which is referred to herein as "Adjusted EBITDA per Credit Facility." As allowed by the Company's credit agreement, Adjusted EBITDA per Credit Facility includes adjustments in addition to the exclusion of interest, taxes, depreciation and amortization. Accordingly, this non-GAAP financial measure is presented to allow a more comprehensive analysis of the Company's operating performance and to provide additional information with respect to the Company's compliance against its credit agreement requirements in the current period, if applicable. In addition, the Company believes that Adjusted EBITDA per Credit Facility presents relevant and useful information widely used by analysts, investors and other interested parties in the Company's industry to evaluate, assess and benchmark the

Company's results.

EBITDA is defined as net (loss) income excluding: (i) interest expense, net of interest income; (ii) income tax (benefit) expense; and (iii) depreciation and

amortization, including film asset amortization. Adjusted EBITDA per Credit Facility is defined as EBITDA excluding: (i) share-based and other non-cash compensation; (ii) gain (loss) in fair value of investments; (iii) write-downs, net of recoveries, including asset impairments and credit loss expense; and (iv) (gain) loss from equity accounted investments.

Free cash flow is defined as cash provided by operating activities minus cash used in investing activities (from the condensed consolidated statements of cash flows).

Cash provided by operating activities consist of net (loss) income, plus depreciation and amortization, plus the change in deferred income taxes, plus other non-cash items, plus changes in working capital, less investment in film assets, plus other changes in operating assets and liabilities. Cash used in investing activities includes capital expenditures, acquisitions and other cash used in investing activities. Management views free cash flow, a non-GAAP measure, as a measure of the Company's after-tax cash flow available to reduce debt, add to cash balances, and fund other financing activities. Free cash flow does not represent residual cash flow available for discretionary expenditures. A reconciliation of cash provided by operating activities to free cash flow is presented below

These non-GAAP measures may not be comparable to similarly titled amounts reported by other companies. Additionally, the non-GAAP financial measures used by the Company should not be considered as a substitute for, or superior to, the comparable GAAP amounts.

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Primary Reporting Groups

The Company has the following reportable segments: (i) IMAX DMR; (ii) Joint Revenue Sharing Arrangements; (iii) IMAX Systems, (iv) IMAX Maintenance; (v) Other Theater Business; (vi) New Business Initiatives; (vii) Film Distribution; and (viii) Film Post-production.

The Company organizes its reportable segments into the following four categories, identified by the nature of the product sold or service provided:

IMAX Technology Network, which earns revenue based on contingent box office receipts and includes the IMAX DMR segment and contingent rent from the Joint Revenue Sharing Arrangement ("JRSA") segment;

IMAX Technology Sales and Maintenance, which includes results from the IMAX Systems, IMAX Maintenance and Other Theater Business segments, as well as fixed revenues from the JRSA segment;

New Business Initiatives, which is a segment that includes activities related to the exploration of new lines of business and new initiatives outside of the

Company's core business; and

Film Distribution and Post-production, which includes activities related to the licensing of film content, and the distribution of films primarily for the Company's institutional theater partners (through the Film Distribution segment) and the provision of film post-production and quality control services (through the Film Post-production segment).

The Company is presenting information at a disaggregated level to provide more relevant information to readers.

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Q3 2020 Non-GAAP Financial Reconciliation - Share-based Compensation

$ in Thousands, Except EPS Data

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Q3 2020 Non-GAAP Financial Reconciliation - Adj. EBITDA

$ in Thousands

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Q3 2020 Non-GAAP Financial Reconciliation - Free Cash Flow

$ in Thousands

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