Ridgewood Canadian Investment Grade Bond Fund Closes $50.4 Million Initial
Public Offering

TORONTO , Dec. 18 /CNW/ - Ridgewood Capital Asset Management Inc. is pleased to announce the closing of the initial public offering of Ridgewood Canadian Investment Grade Bond Fund (the "Fund") for gross proceeds of more than $50 million . The units are listed for trading on the Toronto Stock Exchange under the symbol RIB.UN. The Fund has granted the agents an over-allotment option to acquire additional units exercisable at any time during the next thirty days.

The Fund will seek to achieve the following investment objectives: (i) to provide unitholders with monthly cash distributions, initially targeted to be 5.25% per annum on the original issue price of $12.00 per unit; and (ii) to maximize total returns for unitholders while preserving capital in the long term.

The syndicate of agents for the offering was led by TD Securities Inc., CIBC World Markets Inc. and RBC Capital Markets and includes BMO Nesbitt Burns Inc., National Bank Financial Inc., Scotia Capital Inc., GMP Securities L.P., HSBC Securities ( Canada ) Inc., Raymond James Ltd., Wellington West Capital Markets Inc., Blackmont Capital Inc., Canaccord Financial Ltd., Desjardins Securities Inc., Dundee Securities Corporation and Manulife Securities Incorporated.

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 further information: please call John H. Simpson, CFA, Managing Director, Ridgewood Capital Asset Management Inc. at [phone]