Paul D. Phelan Increases Ownership of Second Cup Royalty Income Trust

    TORONTO, May 25 /CNW/ - Paul D. Phelan, announced today that 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 100,000 Units of Second Cup Royalty Income Trust, bringing his
current holdings to 1,665,300 Units, representing approximately 16.85% of the
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
Royalty Income Trust, dispose of some or all of the existing or additional
securities or he may continue to hold his current position.

For further information:

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

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