Adding text in images

My question is simple

How can I add text in a figure like the following?

M0KgZ Adding text in images

In particular I want two labels: one at the top “Label text 1″ ()just above the image and one at the right side (just outside), written vertically “Label text 2″. Of course, I must be able to control the font family, size, etc of the labels.

Any suggestions?

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