they haven't mentioned what scenes will be cut to bring the movie to 120 minutes though...

RELOADED reloads on IMAX June 6
Sequel debuts one week from tomorrow

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Dateline: Thursday, May 29, 2003

By: PATRICK SAURIOL
By: News Editor
Source: CBS Marketwatch

When the IMAX Corporation announced it had struck a deal with Warner Bros. to show THE MATRIX RELOADED customized for its IMAX-sized screens, fans wanted to know when they could expect to see giant versions of Neo and Trinity fighting in bullet-time. At the time IMAX only said that their version of RELOADED would come out shortly; now we know when that is. The IMAX version of THE MATRIX RELOADED will open one week from tomorrow on June 6.

The company plans to widen the release of RELOADED to the rest of their chain of theaters in the coming months. THE MATRIX REVOLUTIONS will open on IMAX screens in tandem with the picture's standard theatrical debut on November 5.