Toronto, February 22, 2011 Ridgewood Capital Asset Management Inc. (the "Manager"), the manager of Ridgewood Canadian Investment Grade Bond Fund (TSX: RIB.UN) (the "Fund"), announces that a special meeting (the "Meeting") of holders (the "Unitholders") of the Fund"s units (the "Units") will be held on March 31, 2011, commencing at 10:00 a.m. at the offices of Fasken Martineau DuMoulin LLP, 333 Bay Street, Suite 2400, Toronto, Ontario. The Manager has determined that it is desirable to increase the portion of the Fund"s portfolio that may be invested in investment grade "Maples", that is investment grade bonds issued by non-Canadian issuers denominated in Canadian dollars, to 25% of the Fund"s net asset value. In order to effect the foregoing, the Manager is holding the Meeting to seek Unitholder approval of amendments to the Fund"s investment restrictions (the "Proposed Amendment"). The Manager believes that the Proposed Amendment will allow the Fund to diversify its portfolio to a greater extent.

Details regarding the Proposed Amendment will be contained in an information circular which is expected to be mailed to Unitholders in March, 2011. The record date for the special meeting is March 2, 2011. Unitholders are encouraged to complete and return their proxy forms in order that their Units can be voted at the Meeting. The board of directors of the Manager has determined that the Proposed Amendment is in the best interests of the Fund and, accordingly, recommends that Unitholders vote in favour of the special resolution authorizing the Proposed Amendment.

For further information regarding the Fund, please visit the Ridgewood Capital Asset Management website at or contact John H. Simpson, CFA at 416 479 2751.

Certain statements in this press release may be viewed as forward-looking statements. Any statements that express or involve discussions with respect to expectations, beliefs, plans, intentions, projections, objectives, assumptions or future events are not statements of historical fact and may be forward-looking statements. Statements which may constitute forward-looking statements relate to: the proposed timing of the Meeting, the mailing of the information circular and the record date for the Meeting; the nature of the Proposed Amendment; and expected benefits of the Proposed Amendment. Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements including as a result of changes in the general economic and political environment, changes in applicable legislation, and the performance of the Fund. Such forward-looking statements are only predictions; actual events or results may differ materially and the Fund does not undertake any obligation to update such statements.