CANADA – Second Cup Royalty Income Fund announces the completion of its acquisition of The Second Cup Ltd.

MILAN – Second Cup Royalty Income Fund has announced that its wholly-owned subsidiary completed the acquisition all of the outstanding shares of The Second Cup Ltd. (“Second Cup”). This transaction recombines the business of the Fund with the business of Second Cup as previously set out in the Fund’s announcement on May 1, 2009. Second Cup and its management team will continue to operate the Second Cup business as a wholly-owned subsidiary of the Fund.

The Fund also announced the appointment of Stacey Mowbray as Chief Executive Officer of Second Cup.

The Second Cup Royalty Income Fund owns the trademarks and other intellectual property and rights used in connection with the operation of Second Cup cafés in Canada.