ROBERT L. SCHAIN, CFA
President
Mr. Schain is a graduate of the State University of New York at Buffalo and received his MBA from The Ohio State University in 1980. Following graduation, he was employed by the NJ Board of Public Utilities as a Research Economist. Rob joined RRA upon the firm's formation in May 1982.

LILLIAN A. FEDERICO
Senior Vice President
Ms. Federico is a 1987 graduate of Drew University, and was awarded an MBA in financial management from Pace University in 1992. Lillian joined RRA in 1987, participates in RRA's coverage of state utility regulation, and is a contributor to the company’s equity research effort.

THOMAS J. SERZAN
Vice President, Equity Research
Mr. Serzan received a BS in Accounting from Seton Hall University in 1983. Following graduation, he was a Staff Accountant with the NJ Board of Public Utilities, and subsequently was employed as a utility securities analyst at such firms as Argus Research, Gruntal & Co., Nesbitt Burns, and Merrill Lynch. Tom was employed by RRA as a Regulatory Analyst from 1994 through 1996, and returned to the company in July 2000.

DENNIS A. SPERDUTO, CFA
Vice President
Mr. Sperduto, a 1979 graduate of Rutgers University, was awarded an MA in Economics from Rutgers University in 1983. Following graduation Mr. Sperduto was employed by the NJ Board of Public Utilities and then as a securities analyst for Argus Research until joining RRA in 1989. Dennis participates in the firm's coverage of state utility regulation and contributes to RRA’s equity research effort.

LISA D. FONTANELLA, CFA
Vice President
Ms. Fontanella received a BA from Hofstra University in 1991, and subsequently was awarded an MA in economics from New York University. In 1993, Lisa was an intern at the NJ Board of Public Utilities, and in March 1995 joined RRA where she participates in coverage of state utility regulation and is a contributor to RRA’s equity research effort.

RUSSELL E. ERNST, CFA
Financial Analyst
Mr. Ernst received a BS in Business Administration from the State University of New York at Albany in 1999, and an MBA from Rutgers University in 2004. In 1999, he was employed by Deutsche Bank, and subsequently, he was employed as a credit analyst with Standard & Poor’s. Russell joined RRA in September 2004, participates in the firm’s coverage of state utility regulation, and is a contributor to RRA’s equity research effort.

MAHALAKSHMI “GEETHA” RAMACHANDRAN
Equity Research Analyst
Ms. Ramachandran received a Masters of Commerce from the Podar College of Commerce and Economics in Mumbai, India in 2004, and an MS in Finance from the Rochester Institute of Technology in 2005. She also holds a Chartered Accountancy Degree from India’s Institute of Chartered Accountants. Her experience includes auditing at PricewaterhouseCoopers, and energy research at SNL Financial. Geetha joined RRA in the summer of 2007, and participates in the firm’s equity research effort.

JAMES M. DAVIS
Financial Analyst
Mr. Davis received a BA in Economics from Columbia University, prior to which he served in the United States Marine Corps. Jim joined RRA in the fall of 2007, and participates in the company’s coverage of state utility regulation.