Paul D. Phelan Increases Ownership of Second Cup Income Fund

TORONTO, Dec. 14 /CNW/ - Paul D. Phelan, announced today that 1792368 Ontario Ltd. (formerly 765024 Ontario Ltd.) and 453294 Ontario Inc., both companies controlled by him with principal offices at 12 Lawton Blvd., Toronto, Ontario, M4V 1Z4 have acquired ownership of 218,500 Units of Second Cup Income Fund representing approximately 2.22% of the outstanding Units. Prior to the Acquisition, Phelan held 1,775,100 Units representing approximately 18.04% of the issued and outstanding Units. As a result of the Acquisition, Phelan holds an aggregate of 1,993,600 Units, representing approximately 20.26% of the issued and outstanding Units. These Units were acquired through the facilities of the Toronto Stock Exchange. Mr. Phelan acquired these units as an investment in the food services industry in Canada. Mr. Phelan, or companies controlled by him, may from time to time, acquire additional securities of Second Cup Income Fund, dispose of some or all of the existing or additional securities or he may continue to hold his current position.

SOURCE PAUL D. PHELAN

For further information: For further information: please contact Mr. Stephen Kelley, Assistant Secretary at (416) 966-3485

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PAUL D. PHELAN

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