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FOR IMMEDIATE RELEASE

TSX Symbol: RIB.UN

Ridgewood Canadian Investment Grade Bond Fund Announces Distribution Rate for Second Quarter

TORONTO (March 31, 2010) – Ridgewood Canadian Investment Grade Bond Fund (the
“Fund”) is pleased to announce that distributions for the second quarter of 2010 will be payable
to unitholders of the Fund as follows

Record Date Payable Date Estimated Distribution Amount per Unit
April 30, 2010 May15. 2010 $0.0525
May31, 2010 June 15, 2010 $0.0525
June 30, 2010 July 15, 2010 $0.0525

This distribution rate equates to an annualized distribution rate of 5.25% on an initial
subscription price of $12.00 per unit.

For further information, please contact John Simpson, CFA, Managing Director, Ridgewood
CapitalAsset 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 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 November 27, 2009 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.