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FOR IMMEDIATE RELEASE

TSX Symbol: RIB.UN

Ridgewood Canadian Investment Grade Bond Fund Announces Estimated Distribution Rate for Third Quarter

TORONTO (June 30, 2011) – Ridgewood Canadian Investment Grade Bond Fund (the “Fund”)
is pleased to announce the estimated distributions of the Fund for the third quarter of 2011 as
follows:

Estimated Payable Date Estimated Distribution Amount per Unit
August 15, 2011 $0.0525
September 15, 2011 $0.0525
October 15, 2011 $0.0525


This distribution rate equates to an annualized distribution rate of 5.25% on an initial
subscription price of $12.00 per unit. Details of each distribution, including the record and
payment date, will be confirmed at the time of the declaration of the distribution.

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

This press release contains forward-looking information. The forward-looking information contained in this press release is based on historical information concerning the income generated by the portfolio of the Fund. Actual future results, including the amount of distributions paid by the Fund, may differ from the estimated monthly distribution amount. Specifically, the income from which distributions are paid may vary significantly due to: changes in portfolio composition; changes in income received from securities included in the Fund's portfolio from time to time; general economic and stock market conditions including changes in interest rates; and the level of borrowing by the Fund. The risks, uncertainties and other factors that could influence actual results are described under "Risk Factors" in the Fund's prospectus dated June 9, 2010 and other documents filed by the Fund with the Canadian securities regulatory authorities. The forward-lookinginformation contained in this press release constitutes the Fund's current estimate, as of the date of this press release, with respect to the matters covered hereby. Investors and others should not assume that any forward-looking statement contained in this press release represents the Fund's estimate as of any date other than the date of this press release.