Epoxies are commonly used as a matrix in a wide range of aerospace applications, electronics, and various diverse industrial applications. Their excellent electrical and chemical properties, high strength, low shrinkage, and low absorption of moisture make them the most used matrix system. Besides incredible mechanical and thermal properties, the highly crosslinked [1] microstructure makes, however, an unmodified epoxy system brittle, resulting also in poor resistance to crack initiation and propagation. As a consequence, epoxies must usually be toughened by the addition of a second component. Various approaches were followed by researchers to toughen brittle epoxy-based systems e.g. the use of chemical modifications that involve chain extenders or plasticizers. The second most common method is introduction of a second phase i.e. liquid rubber. The different types of rubber modifiers that have been in practice so far are a carboxyl-terminated copolymer of butadiene and acrylonitrile (CTBN) [2] or an amine-terminated copolymer of butadiene and acrylonitrile (ATBN) [3]. Rezaifard et al. [4] have used poly(methyl methacrylate) (PMMA) grafted natural rubber instead of CTBN for toughening of epoxy, resulting in an improved adhesive joint failure strength 384