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FOR IMMEDIATE RELEASE

TSX Symbol: RIB.UN

Ridgewood Canadian Investment Grade Bond Fund Declares Monthly Distribution for May of $0.0525 per Unit

TORONTO (May 14, 2010) – Ridgewood Canadian Investment Grade Bond Fund is pleased to
announce that a cash distribution of $0.0525 per unit has been declared in accordance with our
quarterly announcement on March 31, 2010. The monthly distribution equates to an annualized
distribution rate of 5.25% on an initial subscription price of $12.00 per unit. The distribution is
payable on June 15, 2010 to Unitholders of record at the close of business on May 31, 2010.

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