<PAGE>
                         SECOND SUPPLEMENTAL INDENTURE


         Second Supplemental Indenture (this "Second Supplemental Indenture"),
dated as of July 14, 2004 among IMAX Corporation, a corporation incorporated
under the federal laws of Canada (the "Company"), the Guarantors named in the
Indenture referred to below (the "Existing Guarantors"), the First Supplemental
Guarantors named in the Supplemental Indenture referred to below, Big Engine
Films Inc. (the "Guaranteeing Subsidiary") and U.S. Bank National Association,
as trustee under the Indenture referred to below (the "Trustee").

                               W I T N E S S E T H

         WHEREAS, the Company and the Existing Guarantors have heretofore
executed and delivered to the Trustee an indenture (the "Indenture"), dated as
of December 4, 2003, as amended by the First Supplemental Indenture dated as of
April 1, 2004 among the Company, the Existing Guarantors, 3D Sea II Ltd. and
Taurus-Littrow Productions Inc. (the "First Supplemental Guarantors") and the
Trustee (the "First Supplemental Indenture"), providing for the issuance of
9-5/8% Senior Notes due 2010 (the "Securities");

         WHEREAS, the Indenture provides that under certain circumstances the
Guaranteeing Subsidiary shall execute and deliver to the Trustee a supplemental
indenture pursuant to which any newly-acquired or created Guarantor shall
unconditionally guarantee all of the Company's obligations under the Securities
and the Indenture on the terms and conditions set forth herein (the "Subsidiary
Guarantee"); and

         WHEREAS, pursuant to Section 901 of the Indenture, the Trustee is
authorized to execute and deliver this Second Supplemental Indenture.

         NOW THEREFORE, in consideration of the foregoing and for other good and
valuable consideration, the receipt of which is hereby acknowledged, the
Guaranteeing Subsidiary and the Trustee mutually covenant and agree for the
equal and ratable benefit of the Holders of the Securities as follows:

         1. Capitalized Terms. Capitalized terms used herein without definition
shall have the meanings assigned to them in the Indenture.

         2. Agreement to Guarantee. The Guaranteeing Subsidiary irrevocably and
unconditionally guarantees the Guarantee Obligations, which include (i) the due
and punctual payment of the principal of, premium, if any, and interest and
Special Interest, if any, on the Securities, whether at maturity, by
acceleration, redemption, upon a Change of Control Offer, upon an Asset Sale
Offer or otherwise, the due and punctual payment of interest on the overdue
principal and premium, if any, and (to the extent permitted by law) interest on
any interest on the Securities, and payment of expenses, and the due and
punctual performance of all other obligations of the Company, to the Holders or
the Trustee all in accordance with the terms set forth in Article XIII of the
Indenture, and (ii) in case of any extension of time of payment or renewal of
any Securities or any such other obligations, that the same will be promptly
paid in full when due or performed in accordance with the terms of the extension
or renewal, whether at stated maturity, by acceleration, redemption, upon a
Change of Control Offer, upon an Asset Sale Offer or otherwise.


<PAGE>

         The obligations of the Guaranteeing Subsidiary to the Holders and to
the Trustee pursuant to this Subsidiary Guarantee and the Indenture are
expressly set forth in Article XIII of the Indenture and reference is hereby
made to such Indenture for the precise terms of this Subsidiary Guarantee.

         No past, present or future director, officer, partner, manager,
employee, incorporator or stockholder (direct or indirect) of the Guaranteeing
Subsidiary (or any such successor entity), as such, shall have any liability for
any obligations of the Guaranteeing Subsidiary under this Subsidiary Guarantee
or the Indenture or for any claim based on, in respect of, or by reason of, such
obligations or their creation, except in their capacity as an obligor or
Guarantor of the Securities in accordance with the Indenture.

         This is a continuing Guarantee and shall remain in full force and
effect and shall be binding upon the Guaranteeing Subsidiary and its successors
and assigns until full and final payment of all of the Company's obligations
under the Securities and Indenture or until released in accordance with the
Indenture and shall inure to the benefit of the successors and assigns of the
Trustee and the Holders, and, in the event of any transfer or assignment of
rights by any Holder or the Trustee, the rights and privileges herein conferred
upon that party shall automatically extend to and be vested in such transferee
or assignee, all subject to the terms and conditions hereof. This is a Guarantee
of payment and not of collectibility.

         The obligations of the Guaranteeing Subsidiary under its Subsidiary
Guarantee shall be limited to the extent necessary to insure that it does not
constitute a fraudulent conveyance under applicable law.

         THE TERMS OF ARTICLE XIII OF THE INDENTURE ARE INCORPORATED HEREIN BY
REFERENCE.

         3. NEW YORK LAW TO GOVERN. THE LAWS OF THE STATE OF NEW YORK SHALL
GOVERN AND BE USED TO CONSTRUE THIS SECOND SUPPLEMENTAL INDENTURE.

         4. Counterparts. The parties may sign any number of copies of this
Second Supplemental Indenture. Each signed copy shall be an original, but all of
them together represent the same agreement.

         5. Effect of Headings. The Section headings herein are for convenience
only and shall not affect the construction hereof.


                                       2
<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Second
Supplemental Indenture to be duly executed and attested, all as of the date
first above written.

                                IMAX Corporation

                                By  /s/ G. Mary Ruby
                                  ----------------------------------------------
                                Name:   G. Mary Ruby
                                Title:  Sr. Vice President, Legal Affairs


                                By  /s/ Edward MacNeil
                                  ----------------------------------------------
                                Name:   Edward MacNeil
                                Title:  Vice President Finance, Special Projects


                                EXISTING GUARANTORS:

                                David Keighley Productions 70MM Inc.


                                By  /s/ G. Mary Ruby
                                  ----------------------------------------------
                                Name:   G. Mary Ruby
                                Title:  Secretary


                                By  /s/ Edward MacNeil
                                  ----------------------------------------------
                                Name:   Edward MacNeil
                                Title:  Vice President

                                IMAX II U.S.A. Inc.


                                By  /s/ G. Mary Ruby
                                  ----------------------------------------------
                                Name:   G. Mary Ruby
                                Title:  Secretary


                                By  /s/ Edward MacNeil
                                  ----------------------------------------------
                                Name:   Edward MacNeil
                                Title:  Vice President



                                       3
<PAGE>

                                IMAX Chicago Theatre LLC
                                By its Managing Member
                                IMAX Theatre Holding (California I) Co.

                                By  /s/ G. Mary Ruby
                                  ----------------------------------------------
                                Name:   G. Mary Ruby
                                Title:  Secretary


                                By  /s/ Edward MacNeil
                                  ----------------------------------------------
                                Name:   Edward MacNeil
                                Title:  Vice President

                                IMAX Forum Ride, Inc.


                                By  /s/ G. Mary Ruby
                                  ----------------------------------------------
                                Name:   G. Mary Ruby
                                Title:  Secretary


                                By  /s/ Edward MacNeil
                                  ----------------------------------------------
                                Name:   Edward MacNeil
                                Title:  Vice President

                                IMAX Minnesota Holding Co.


                                By  /s/ G. Mary Ruby
                                  ----------------------------------------------
                                Name:   G. Mary Ruby
                                Title:  Secretary


                                By  /s/ Edward MacNeil
                                  ----------------------------------------------
                                Name:   Edward MacNeil
                                Title:  Vice President

                                IMAX Rhode Island Limited Partnership
                                By its General Partner
                                IMAX Providence General Partner Co.

                                By  /s/ G. Mary Ruby
                                  ----------------------------------------------
                                Name:   G. Mary Ruby
                                Title:  Secretary


                                By  /s/ Edward MacNeil
                                  ----------------------------------------------
                                Name:   Edward MacNeil
                                Title:  Vice President


                                       4
<PAGE>

                                IMAX Sandde Animation Inc.


                                By  /s/ G. Mary Ruby
                                  ----------------------------------------------
                                Name:   G. Mary Ruby
                                Title:  Secretary


                                By  /s/ Edward MacNeil
                                  ----------------------------------------------
                                Name:   Edward MacNeil
                                Title:  Vice President

                                IMAX Scribe Inc.


                                By  /s/ G. Mary Ruby
                                  ----------------------------------------------
                                Name:   G. Mary Ruby
                                Title:  Secretary


                                By  /s/ Edward MacNeil
                                  ----------------------------------------------
                                Name:   Edward MacNeil
                                Title:  Vice President

                                IMAX Space Ltd.


                                By  /s/ G. Mary Ruby
                                  ----------------------------------------------
                                Name:   G. Mary Ruby
                                Title:  Secretary


                                By  /s/ Edward MacNeil
                                  ----------------------------------------------
                                Name:   Edward MacNeil
                                Title:  Vice President

                                IMAX Theatre Holding Co.


                                By  /s/ G. Mary Ruby
                                  ----------------------------------------------
                                Name:   G. Mary Ruby
                                Title:  Secretary


                                By  /s/ Edward MacNeil
                                  ----------------------------------------------
                                Name:   Edward MacNeil
                                Title:  Vice President


                                       5
<PAGE>

                                IMAX Theatre Holdings (OEI) Inc.


                                By  /s/ G. Mary Ruby
                                  ----------------------------------------------
                                Name:   G. Mary Ruby
                                Title:  Secretary


                                By  /s/ Edward MacNeil
                                  ----------------------------------------------
                                Name:   Edward MacNeil
                                Title:  Vice President

                                IMAX Theatre Management Company

                                By  /s/ G. Mary Ruby
                                  ----------------------------------------------
                                Name:   G. Mary Ruby
                                Title:  Secretary


                                By  /s/ Edward MacNeil
                                  ----------------------------------------------
                                Name:   Edward MacNeil
                                Title:  Vice President

                                IMAX Theatre Services Ltd.


                                By  /s/ G. Mary Ruby
                                  ----------------------------------------------
                                Name:   G. Mary Ruby
                                Title:  Secretary


                                By  /s/ Edward MacNeil
                                  ----------------------------------------------
                                Name:   Edward MacNeil
                                Title:  Vice President

                                IMAX U.S.A. Inc.


                                By  /s/ G. Mary Ruby
                                  ----------------------------------------------
                                Name:   G. Mary Ruby
                                Title:  Secretary


                                By  /s/ Edward MacNeil
                                  ----------------------------------------------
                                Name:   Edward MacNeil
                                Title:  Vice President


                                       6
<PAGE>

                                Miami Theatre LLC
                                By its Managing Member
                                IMAX Theatre Holding (California I) Co.

                                By  /s/ G. Mary Ruby
                                  ----------------------------------------------
                                Name:   G. Mary Ruby
                                Title:  Secretary


                                By  /s/ Edward MacNeil
                                  ----------------------------------------------
                                Name:   Edward MacNeil
                                Title:  Vice President



                                Mountainview Theatre Management Ltd.


                                By  /s/ G. Mary Ruby
                                  ----------------------------------------------
                                Name:   G. Mary Ruby
                                Title:  Secretary


                                By  /s/ Edward MacNeil
                                  ----------------------------------------------
                                Name:   Edward MacNeil
                                Title:  Vice President

                                Nyack Theatre LLC
                                By its Managing Member
                                IMAX Theatre Holding (Nyack I) Co.

                                By  /s/ G. Mary Ruby
                                  ----------------------------------------------
                                Name:   G. Mary Ruby
                                Title:  Secretary


                                By  /s/ Edward MacNeil
                                  ----------------------------------------------
                                Name:   Edward MacNeil
                                Title:  Vice President


                                Parker Pictures Ltd.

                                By  /s/ G. Mary Ruby
                                  ----------------------------------------------
                                Name:   G. Mary Ruby
                                Title:  Secretary


                                By  /s/ Edward MacNeil
                                  ----------------------------------------------
                                Name:   Edward MacNeil
                                Title:  Vice President


                                       7
<PAGE>

                                Ridefilm Corporation

                                By  /s/ G. Mary Ruby
                                  ----------------------------------------------
                                Name:   G. Mary Ruby
                                Title:  Secretary


                                By  /s/ Edward MacNeil
                                  ----------------------------------------------
                                Name:   Edward MacNeil
                                Title:  Vice President

                                Sacramento Theatre LLC
                                By its Managing Member
                                IMAX Theatre Holding (California I) Co.

                                By  /s/ G. Mary Ruby
                                  ----------------------------------------------
                                Name:   G. Mary Ruby
                                Title:  Secretary


                                By  /s/ Edward MacNeil
                                  ----------------------------------------------
                                Name:   Edward MacNeil
                                Title:  Vice President

                                Sonics Associates, Inc.


                                By  /s/ G. Mary Ruby
                                  ----------------------------------------------
                                Name:   G. Mary Ruby
                                Title:  Secretary


                                By  /s/ Edward MacNeil
                                  ----------------------------------------------
                                Name:   Edward MacNeil
                                Title:  Vice President

                                Starboard Theatres Ltd.


                                By  /s/ G. Mary Ruby
                                  ----------------------------------------------
                                Name:   G. Mary Ruby
                                Title:  Secretary


                                By  /s/ Edward MacNeil
                                  ----------------------------------------------
                                Name:   Edward MacNeil
                                Title:  Vice President



                                       8
<PAGE>

                                Tantus Films Ltd.


                                By  /s/ G. Mary Ruby
                                  ----------------------------------------------
                                Name:   G. Mary Ruby
                                Title:  Secretary


                                By  /s/ Edward MacNeil
                                  ----------------------------------------------
                                Name:   Edward MacNeil
                                Title:  Vice President

                                Wire Frame Films Ltd.


                                By  /s/ G. Mary Ruby
                                  ----------------------------------------------
                                Name:   G. Mary Ruby
                                Title:  Secretary


                                By  /s/ Edward MacNeil
                                  ----------------------------------------------
                                Name:   Edward MacNeil
                                Title:  Vice President

                                1329507 Ontario Inc.


                                By  /s/ G. Mary Ruby
                                  ----------------------------------------------
                                Name:   G. Mary Ruby
                                Title:  Secretary


                                By  /s/ Edward MacNeil
                                  ----------------------------------------------
                                Name:   Edward MacNeil
                                Title:  Vice President

                                924689 Ontario Inc.


                                By  /s/ G. Mary Ruby
                                  ----------------------------------------------
                                Name:   G. Mary Ruby
                                Title:  Secretary


                                By  /s/ Edward MacNeil
                                  ----------------------------------------------
                                Name:   Edward MacNeil
                                Title:  Vice President



                                       9
<PAGE>

                                IMAX (Titanica) Ltd.


                                By  /s/ G. Mary Ruby
                                  ----------------------------------------------
                                Name:   G. Mary Ruby
                                Title:  Secretary


                                By  /s/ Edward MacNeil
                                  ----------------------------------------------
                                Name:   Edward MacNeil
                                Title:  Vice President

                                IMAX (Titanic) Inc.


                                By  /s/ G. Mary Ruby
                                  ----------------------------------------------
                                Name:   G. Mary Ruby
                                Title:  Secretary


                                By  /s/ Edward MacNeil
                                  ----------------------------------------------
                                Name:   Edward MacNeil
                                Title:  Vice President

                                IMAX Music Ltd.


                                By  /s/ G. Mary Ruby
                                  ----------------------------------------------
                                Name:   G. Mary Ruby
                                Title:  Secretary


                                By  /s/ Edward MacNeil
                                  ----------------------------------------------
                                Name:   Edward MacNeil
                                Title:  Vice President

                                IMAX Theatre Holding (Brossard) Inc.


                                By  /s/ G. Mary Ruby
                                  ----------------------------------------------
                                Name:   G. Mary Ruby
                                Title:  Secretary


                                By  /s/ Edward MacNeil
                                  ----------------------------------------------
                                Name:   Edward MacNeil
                                Title:  Vice President



                                       10
<PAGE>


                                IMAX Film Holding Co.


                                By  /s/ G. Mary Ruby
                                  ----------------------------------------------
                                Name:   G. Mary Ruby
                                Title:  Secretary


                                By  /s/ Edward MacNeil
                                  ----------------------------------------------
                                Name:   Edward MacNeil
                                Title:  Vice President

                                IMAX Indianapolis LLC


                                By  /s/ G. Mary Ruby
                                  ----------------------------------------------
                                Name:   G. Mary Ruby
                                Title:  Secretary


                                By  /s/ Edward MacNeil
                                  ----------------------------------------------
                                Name:   Edward MacNeil
                                Title:  Vice President

                                IMAX Pictures Corporation

                                By  /s/ G. Mary Ruby
                                  ----------------------------------------------
                                Name:   G. Mary Ruby
                                Title:  Secretary


                                By  /s/ Edward MacNeil
                                  ----------------------------------------------
                                Name:   Edward MacNeil
                                Title:  Vice President

                                Immersive Entertainment Inc.


                                By  /s/ G. Mary Ruby
                                  ----------------------------------------------
                                Name:   G. Mary Ruby
                                Title:  Secretary


                                By  /s/ Edward MacNeil
                                  ----------------------------------------------
                                Name:   Edward MacNeil
                                Title:  Vice President



                                       11
<PAGE>

                                IMAX Providence General Partner Co.


                                By  /s/ G. Mary Ruby
                                  ----------------------------------------------
                                Name:   G. Mary Ruby
                                Title:  Secretary


                                By  /s/ Edward MacNeil
                                  ----------------------------------------------
                                Name:   Edward MacNeil
                                Title:  Vice President

                                IMAX Providence Limited Partner Co.


                                By  /s/ G. Mary Ruby
                                  ----------------------------------------------
                                Name:   G. Mary Ruby
                                Title:  Secretary


                                By  /s/ Edward MacNeil
                                  ----------------------------------------------
                                Name:   Edward MacNeil
                                Title:  Vice President

                                IMAX Theatre Holding (California I) Co.


                                By  /s/ G. Mary Ruby
                                  ----------------------------------------------
                                Name:   G. Mary Ruby
                                Title:  Secretary


                                By  /s/ Edward MacNeil
                                  ----------------------------------------------
                                Name:   Edward MacNeil
                                Title:  Vice President

                                IMAX Theatre Holding (California II) Co.


                                By  /s/ G. Mary Ruby
                                  ----------------------------------------------
                                Name:   G. Mary Ruby
                                Title:  Secretary


                                By  /s/ Edward MacNeil
                                  ----------------------------------------------
                                Name:   Edward MacNeil
                                Title:  Vice President



                                       12
<PAGE>

                                IMAX Theatre Holding (Nyack I) Co.


                                By  /s/ G. Mary Ruby
                                  ----------------------------------------------
                                Name:   G. Mary Ruby
                                Title:  Secretary


                                By  /s/ Edward MacNeil
                                  ----------------------------------------------
                                Name:   Edward MacNeil
                                Title:  Vice President

                                IMAX Theatre Holding (Nyack II) Co.


                                By  /s/ G. Mary Ruby
                                  ----------------------------------------------
                                Name:   G. Mary Ruby
                                Title:  Secretary


                                By  /s/ Edward MacNeil
                                  ----------------------------------------------
                                Name:   Edward MacNeil
                                Title:  Vice President

                                IMAX Theatre Management (Scottsdale), Inc.


                                By  /s/ G. Mary Ruby
                                  ----------------------------------------------
                                Name:   G. Mary Ruby
                                Title:  Secretary


                                By  /s/ Edward MacNeil
                                  ----------------------------------------------
                                Name:   Edward MacNeil
                                Title:  Vice President

                                Panda Productions Inc.


                                By  /s/ G. Mary Ruby
                                  ----------------------------------------------
                                Name:   G. Mary Ruby
                                Title:  Secretary


                                By  /s/ Edward MacNeil
                                  ----------------------------------------------
                                Name:   Edward MacNeil
                                Title:  Vice President



                                       13
<PAGE>

                                Strategic Sponsorship Corporation

                                By  /s/ G. Mary Ruby
                                  ----------------------------------------------
                                Name:   G. Mary Ruby
                                Title:  Secretary


                                By  /s/ Edward MacNeil
                                  ----------------------------------------------
                                Name:   Edward MacNeil
                                Title:  Vice President

                                Tantus II Films Ltd.


                                By  /s/ G. Mary Ruby
                                  ----------------------------------------------
                                Name:   G. Mary Ruby
                                Title:  Secretary


                                By  /s/ Edward MacNeil
                                  ----------------------------------------------
                                Name:   Edward MacNeil
                                Title:  Vice President

                                RPM Pictures Ltd.


                                By  /s/ G. Mary Ruby
                                  ----------------------------------------------
                                Name:   G. Mary Ruby
                                Title:  Secretary


                                By  /s/ Edward MacNeil
                                  ----------------------------------------------
                                Name:   Edward MacNeil
                                Title:  Vice President

                                FIRST SUPPLEMENTAL GUARANTORS:

                                Taurus-Littrow Productions Inc.



                                By  /s/ G. Mary Ruby
                                  ----------------------------------------------
                                Name:   G. Mary Ruby
                                Title:  Secretary


                                By  /s/ Edward MacNeil
                                  ----------------------------------------------
                                Name:   Edward MacNeil
                                Title:  Vice President



                                       14
<PAGE>

                                3D Sea II Ltd.

                                By  /s/ G. Mary Ruby
                                  ----------------------------------------------
                                Name:   G. Mary Ruby
                                Title:  Secretary


                                By  /s/ Edward MacNeil
                                  ----------------------------------------------
                                Name:   Edward MacNeil
                                Title:  Vice President

                                GUARANTEEING SUBSIDIARY:

                                Big Engine Films Inc.



                                By  /s/ G. Mary Ruby
                                  ----------------------------------------------
                                Name:   G. Mary Ruby
                                Title:  Secretary


                                By  /s/ Edward MacNeil
                                  ----------------------------------------------
                                Name:   Edward MacNeil
                                Title:  Vice President


                                TRUSTEE:

                                U.S. Bank National Association,
                                         As Trustee


                                By: /s/ Frank P. Leslie III
                                  ----------------------------------------------
                                Name:   Frank P. Leslie III
                                Title:  Vice President



                                       15