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17 July 2003 - Austrian consortium EPIC, European Privatization and Investment Corporation and Raiffeisen Investment AG (EPIC/RIAG) has been selected by the Governmental Commission on the Privatization of the Enterprises of the power sector as the financial adviser on the privatization of the Northern and Northwestern Power Distribution Networks in Moldova.

EPIC/RIAG were chosen over the American consortium "International Legal
Counsels LPPC/Pierce Financial Corporation" because of their impressive
Privatization track record in the industrial and public services sector in Central and Eastern Europe. "We are looking forward to assisting the government of Moldova in further realizing its privatization strategy for the power sector," says Gudren Kuffner of EPIC.

EPIC is a European investment-banking firm founded in 1989, dedicated to providing advisory and investment services for restructuring and privatization of Central and European industrial assets.

RIAG is the Central and Eastern European investment and financial advisory arm of Austrian Raiffeisen Banking Group with its headquarters in Vienna.

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