The effect of addition of elastomeric modifiers on the adhesive properties like lap shear strength and T-peel strength of an addition curable, maleimide functional novolac phenolic resin (PMF), self-cured and cocured with a novolac epoxy resin, was studied using aluminium adherends. The modifiers used were (I) two grades of carboxyl terminated butadiene acrylonitrile copolymer (CTBN) of different molecular weights, (2) a low molecular weight, epoxidized hydroxyl-terminated polybutadiene, and (3) a high molecular weight acrylate terpolymer containing pendant epoxy functionality. The adhesive properties, when examined as a function of the varying concentrations of the additives, ranging from 10 to 30 parts per hundred parts (phr) of the resin, were found to depend on the nature of the matrix being modified as well as on the nature and concentration of the elastomer. The adhesive properties at ambient temperature of the self-cured, highly brittle PMF resin were dramatically improved by the inclusion of all the elastomers, the increase being substantial in the case of high molecular weight CTBN. For the more rigid, less ductile, epoxy-cured PMF system, the adhesive properties were marginally improved by the high molecular weight CTBN, whereas the other elastomers were practically ineffective. For both self-cured and epoxy-cured PMF systems, the inclusion of these elastomers generally decreased the high-temperature adhesive properties, implying impairment of thermal characteristics, evidenced also from their dynamic mechanical spectra. The presence of phase-separated elastomer particles in the modified systems has been evidenced from scanning electron micrographs.