X0202 4 2008-03-27 0 0001167880 PANDA ETHANOL, INC. PDAE 0001289643 GLG Partners LP 1 CURZON STREET LONDON X0 W1J 5HB UNITED KINGDOM 0 0 1 0 0001417841 GLG Partners LTD C/O GLG PARTNERS LP 1 CURZON STREET LONDON X0 W1J 5HB UNITED KINGDOM 0 0 1 0 0001365790 GLG Partners, Inc. 1 CURZON STREET LONDON X0 W1J 5HB UNITED KINGDOM 0 0 1 0 Common Stock $0.001 par value per share ("Common Stock") 2008-03-27 4 S 0 560 2.29 D 5018887 I See footnote The securities shown as disposed of in column (4) were indirectly owned by GLG Partners LP on behalf of certain managed accounts or funds. The securities shown in column (5) are indirectly owned by GLG Partners LP on behalf of certain managed accounts or funds, including by GLG European Long Short Fund, GLG Global Utilities Fund and GLG North American Opportunity Fund. GLG Partners LP, an English limited partnership, acts as the investment manager of certain funds and managed accounts and may be deemed, as of the date hereof, to be the beneficial owner of the Issuer's securities held by such funds and managed accounts. GLG Partners Limited, an English limited company, is the general partner of GLG Partners LP. GLG Partners, Inc. indirectly wholly owns GLG Partners Limited. GLG Partners LP, GLG Partners Limited and GLG Partners, Inc. do not hold directly any of the Issuer's securities or derivative securities with respect thereto, and disclaim any beneficial ownership of any of the Issuer's securities reported or excluded herein for purposes of Rule 16a-1(a) under the Securities Exchange Act of 1934, as amended, except for their pecuniary interest therein. GLG PARTNERS LP, By: GLG Partners Limited, as its General Partner, By: /s/ Timothy Kuschill, Legal Counsel 2008-03-31 GLG PARTNERS LP, By: GLG Partners Limited, as its General Partner, By: /s/ Emmanuel Roman, Managing Director 2008-03-31