Board of Directors Committee Composition

= Chairman of the Board

= Chair

= Member

= Independent Director

	Audit	Nominating	Compensation
Robert W. Carter
Chairman of the Board Robert W. Carter became Panda Ethanol's chairman upon the incorporation of the company in October of 2006. Mr. Carter has more than 45 years of business experience with 30 years in the energy sector both in the United States and abroad. Mr. Carter founded Panda Energy in 1982 as chairman and CEO. Panda Energy became Panda Energy International Inc. in January 1995. Under Mr. Carter's leadership, Panda has raised more than $5 billion dollars to develop and build more than 9,000 megawatts of power projects in the United States, the People's Republic of China and the State of Nepal. In 2005, Newsweek Magazine named Panda Development, a subsidiary of Panda Energy, as one of the ten most eco-friendly companies in America. In 2001, Panda Energy International was awarded "Deal of the Year" by International Financing Review for the company's 2.2 billion dollar financing of the two largest gas-fired merchant power plants in the United States. Panda Energy International Inc. is one of the few remaining independent energy companies to prosper out of an original field of more than 100 companies. Prior to entering the power sector, Mr. Carter founded Carter Oil and Gas Inc. in 1980 where he developed domestic and Columbian oil and gas prospects. Carter Oil and Gas co-ventured drilling prospects with Monsanto and Texaco, Sabine Royalty and King Ranch Oil and Gas. Before founding Carter Oil and Gas, Mr. Carter was vice president of oil and lease sales for Reserve Energy where he developed oil and chemical projects in the United States and Saudi Arabia. Mr. Carter spent his earlier career in the manufacturing sector where he represented Olin Matheson Chemical and Inland Mead Corporation. Mr. Carter and his wife, Janice, have sponsored numerous civic and charitable organizations around the world. Mr. Carter's personal and business philosophy is based upon the principles of integrity and service to others. He has learned through experience how to achieve success through wise and productive use of ideas and capital. Mr. Carter attended the University of Georgia.
Todd W. Carter
Todd Carter has been employed by Panda affiliated companies for 17 years. He currently serves as president and CEO of Panda Ethanol Inc. In 2005, as president of Panda Development, Mr. Carter formed a team with a focus on creating value through renewable power. From this effort Panda Ethanol was formed. Since then, Panda Ethanol has announced its intention to build out six ethanol projects with a combined annual capacity of 600 million gallons. He also led efforts in raising $270 million to construct a first-of-its-kind, 100 million gallon bio-fueled ethanol facility located in Hereford, Texas. Mr. Carter was named President of Panda Energy International Inc. in 2000. Under his leadership, Panda was awarded "Deal of the Year" by International Financing Review for the closing of a 2.2 billion dollar senior debt financing related to Panda's joint venture with TECO Power Services to build, own and operate two 2, 250 MW merchant power projects located in Union County, AR and Gila River, AZ. Mr. Carter also led the company in refinancing 410 MW's of Panda-owned power facilities and the sale of the 180 MW Rosemary facility to VEPCO. Prior to being named president of Panda Energy, Mr. Carter was senior vice president of corporate finance. During this time, Mr. Carter oversaw the sale of the 1,000 MW Paris, Texas merchant facility to FP&L and negotiated a 50/50 joint venture with PSE&G. In 1994, Mr. Carter served as president of Pan-Oak Corporation, a wholly owned subsidiary of Panda Energy where he oversaw oil and gas exploration, acquisition and prospect development. Mr. Carter is a graduate of The University of Texas at Austin where he holds a Bachelor of Arts in Economics.
G. Michael Boswell
Mr. Boswell is a principal of TBP Investments Management, LLC, a firm that provides investment advisory services focused on energy-related commodity futures and equities, natural gas fueled vehicles and development of water resources for municipal and industry use. Prior to this, Mr. Boswell was a principal and owner of Fish Traders of Texas, LP, a large aquaculture/fish raising marketing enterprise from 1993 to 1998. Mr. Boswell began his career as a lawyer with a Dallas law firm and then was employed by two New York Stock Exchange, or NYSE, member firms, serving as senior vice president and general counsel of du Pont Glore Forgan from 1972 to 1974 and executive vice president, director and chief operating officer of Great Western United Corporation from 1974 to 1977. From 1977 to 1979, Mr. Boswell was the chairman of a London-based commodity merchant firm. From 1976 through 1993, he was chairman and chief executive officer of Sunshine Mining Company (a NYSE-traded company). Mr. Boswell was formerly a member of the New York Coffee and Sugar Exchange. Mr. Boswell received his Juris Doctor and a Bachelor of Business Administration from Southern Methodist University and has an associate degree from Marion Military Institute.
Donnell Brown
Donnell Brown and his family own and manage the R.A. Brown Ranch in Throckmorton, Texas, a family business since 1895. They raise registered Angus, Red Angus and SimAngus cattle. The R.A. Brown Ranch was one of seven winners to receive the National Cattleman's Beef Association "Cattle Business of the Century" Award. He was elected and served as the president of the Texas Future Farmers of America in addition to the National Future Farmers of America where he visited over 500 schools, 40 states and four foreign countries. Mr. Brown has served on the Long Range Strategic Planning Committees for the National Cattleman's Beef Association and three different cattle breed associations. He currently serves on the Board of Directors of the Texas Red Angus Association and serves on committees for the Texas and Southwestern Cattle Raisers Association in addition to the Texas Farm Bureau which named him "Outstanding Young Farmer/Rancher of Texas" in 2003. He is a graduate of Texas Tech University with a degree in Agriculture Business.
Philip D. English
Philip D. English has been president, CEO and director of Broventure Company Inc. since 1987. Broventure is a diversified investment company involved in venture capital, ranching, real estate, timber, and oil and gas exploration. Mr. English has also been president, CEO and director of Broseco Land and Cattle Company Inc. since 1999. He has previously served on various boards of venture backed companies in addition to having been a director of a family of mutual funds operated by United Asset Management Corporation from 1986 to 2002. Born in Shreveport, Louisiana in 1948, he attended Southern Methodist University, graduating with a Bachelor of Science degree in psychology and with a Master of Business Administration degree in finance. Upon graduation, Mr. English joined the corporate staff of Texas American Bancshares Inc. as a financial analyst. Later, he became manager of Treasury Operations and president of the company's Credit Life Insurance subsidiary. Mr. English served as chairman of the board of the Baltimore Symphony Orchestra from 2003 to 2006 and has continued to serve on the board of the Walters Art Museum since 1992. He has also served on the Sheridan Foundation for the last ten years and as director of the BSO Endowment Trust since 2006. He has been a member of the Endowment Committee of the Baltimore Community Foundation; president of the board of the Bryn Mawr School; a councilman for the city of Benbrook, Texas; a member of the board of trustees of the Concord Academy in Concord, Massachusetts and a member of the Endowment Committee of the Keswick Foundation. He has also assisted in fund raising functions for various charitable organizations.

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