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RIDGEWOOD ANNOUNCES 2010 YEAR END DISTRIBUTION

Not for distribution to United States newswire services or for dissemination in the United States

Toronto, Ontario - January 5, 2011: Ridgewood Capital Asset Management Inc. ("Ridgewood"), the manager and trustee of Ridgewood Canadian Investment Grade Bond Fund (the "Fund") (RIB.UN " TSX) declared on December 31, 2010, a special year-end distribution of $0.225 per Unit in an aggregate amount of $1,000,000 in respect of its 2010 tax year (the "Special Distribution" ).

The Special Distribution was paid on December 31, 2010 to Unitholders of record at the close of business on that date by issuing additional units of the Fund, followed immediately by a consolidation of the numbers of units of the Fund such that each unitholder of record held after the consolidation the same number of units held before the Special Distribution.

The Special Distribution will be on account of a portion of the Fund's net realized capital gains for 2010 which were not previously distributed and will be reported as capital gains to unitholders of record at the close of business on December 31, 2010. The amount of the Special Distribution should be added to adjusted cost base of such unitholder's units of the Fund on such date

About Ridgewood Capital Asset Management Inc.:

Ridgewood is an independent investment manager that manages or subadvises approximately $1 billion in assets for a diversified client base of high net worth individuals, foundations/endowments, First Nation mandates, institutional accounts and wrap programs, of which $400 million is invested in fixed income assets.

For more information please call John H. Simpson, CFA, Managing Director, Ridgewood Capital Asset Management Inc. at (416) 479-2751.

A copy of the Fund"s final prospectus is available on Ridgewood"s website www.ridgewoodcapital.ca