October 2008

China Water & Drinks, Inc.

This is a presentation of Heckmann Corporation (“Heckmann”) to investors on October 6, 2008 about Heckmann’s proposed business combination with China Water and Drinks, Inc.

(“China Water”). Heckmann may hold presentations for certain of its stockholders, as well as other persons who might be interested in purchasing Heckmann’s securities or in the

announcement concerning the proposed business combination with China Water. This slide show may also be distributed in print form to attendees of these presentations. The

transaction described herein is subject to a number of risks and uncertainties, including, but not limited to, the satisfaction of certain conditions to the closing of the proposed merger,

including the risk that stockholder approval might not be obtained in a timely manner or at all.

This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  These forward-looking statements include, but are not

limited to, statements related to the benefits of the transaction, the future financial performance of the surviving entity, the growth of the market for bottled water in China, expansion

plans and opportunities, plans to increase production capacity, pending and future acquisitions by the surviving entity, and consolidation of the market for bottled water in China

generally.  

These forward-looking statements are based on information available to Heckmann and China Water as of the date of this filing and current expectations, forecasts and assumptions and

involve a number of risks and uncertainties.  Accordingly, forward-looking statements should not be relied upon as representing Heckmann’s or China Water’s views as of any

subsequent date and neither undertakes any obligation to update forward-looking statements to reflect events or circumstances after the date they were made.   

Risks that could cause actual results to differ materially from those anticipated by the forward-looking statements contained herein include difficulties encountered in integrating the

merged businesses and management teams, difficulty in completing targeted acquisitions or integrating them effectively, identifying and completing additional acquisitions needed to

achieve growth targets, the adverse impact of competitive product announcements, revenues and operating performance, changes in overall economic conditions, competitors’ actions,

pricing and gross margin pressures, loss of key customers, order cancellations or reduced bookings, control of costs and expenses, significant litigation, risks associated with

international operations, the threat or occurrence of international armed conflict and terrorist activities both in the United States and internationally, risks and costs associated with

increased regulation of corporate governance and disclosure standards (including pursuant to Section 404 of the Sarbanes-Oxley Act of 2002), and risks involving environmental or

other governmental regulation.  

Information concerning risks, uncertainties, and additional factors that could cause results to differ materially from those projected in the forward-looking statements is contained in

Heckmann’s Form S-4 Registration Statement and Proxy Statement filed with the Securities and Exchange Commission, Heckmann’s Annual Report on Form 10-K for the period ended

December 31, 2007, as well as Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other of Heckmann’s SEC filings, and China Water’s Annual Report on Form 10-K for

the period ended December 31, 2007, as well as Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other of China Water’s SEC filings.

This communication is being made in respect of the proposed transaction involving Heckmann and China Water.  Heckmann and their respective directors and executive officers may be

deemed to be participants in the solicitation of proxies for the special meeting of Heckmann’s stockholders to be held to approve the proposed business combination.  In connection

with the proposed transaction, Heckmann has filed with the SEC a Registration Statement on Form S-4 containing a Proxy and Information Statement/Prospectus.  Stockholders of

Heckmann and other interested persons are advised to read Heckmann’s definitive Proxy Statement in connection with the forthcoming solicitation of proxies for the forthcoming special

meeting because these proxy statements contain important information. Such persons can also read the Heckmann Annual Report and CW Annual Report, and subsequent or amended

filings with the SEC, for a description of the security holdings of officers and directors of Heckmann Corporation and China Water, and their respective interests in the successful

consummation of the proposed business combination.  The definitive Proxy Statement will be mailed to stockholders as of the record date established for voting on the business

combination. Stockholders will also be able to obtain a copy of the definitive Proxy Statement, without charge, by directing a request to: Heckmann Corporation, 75080 Frank Sinatra

Drive, Palm Desert, California 92211.  The documents can also be obtained, without charge, at the Securities and Exchange Commission's internet site (http://www.sec.gov).

Well recognized branded, OEM and private label product offerings

supplier

of

bottled

water

to

Coca-Cola

®

in China since 1996

Six first-rate facilities across China serving 14 provinces and regions

Successful history of acquisitive growth and established platform for growth

Established distribution and sales force with access to over 3,600 distributors and

retailers

Experienced management team with extensive long-term relationships throughout China

Heckmann Corp. is uniquely positioned to capitalize upon the opportunity

Pro forma for the acquisition, CWDK will have significant amount

of liquidity to rapidly

grow its operations and footprint

Existing

CWDK

investors,

including

Goldman

Sachs

and

Pinnacle

Fund,

will

stay

invested and convert their shares in CWDK and exchange them for Heckmann shares

Transaction Update

Provides Significant Liquidity

Pro forma cash on the balance sheet will be ~$380 million

Preserves significant cash to lessen reliance on volatile capital markets as the Company

pursues its acquisition strategy

Strong Competitive Position

Significant cash position, and no debt, provides further flexibility to complete an

aggressive growth strategy and increase market share in the rapidly growing Chinese

water industry

Global financial crisis is good for the acquisition pipeline

Increases acquisition targets/pipeline/speed of transactions

–

Opportunity

to

structure

transactions

with

overleveraged

players

and financial

institutions

5

($ in millions)

Fully-Diluted Share Count (in millions):

Fully-Diluted

Heckmann

Shares

86.3

97.5

103.3

103.3

103.3

Shares Issued to China Water Shareholders

62.7

62.7

62.7

62.7

62.7

Total Fully Diluted Shares Post-Acquisition

149.1

160.3

166.1

166.1

166.1

Fully-Diluted Equity Value

$1,192

$1,603

$1,993

$2,325

$2,658

2009E Adjusted Net Income for Contingent Payments

(1)(2)

$90

$90

$90

$90

$90

Incremental Interest Income on Additional Cash in Trust

(3)

$4

$4

$4

$4

$4

Pro Forma Adjusted Net Income

$94

$94

$94

$94

$94

Implied Equity Value to 2009E Net Income

12.7x

17.1x

21.3x

24.8x

28.3x

Fully-Diluted 2009E EPS

$0.63

$0.58

$0.56

$0.56

$0.56

Ownership Structure:

IPO Shareholders

45.4%

47.3%

48.2%

48.2%

48.2%

Heckmann

Management

12.5%

13.6%

14.1%

14.1%

14.1%

China Water Selling Shareholders

42.1%

39.2%

37.8%

37.8%

37.8%

Note:  Fully-diluted

share

uses

treasury

stock

method

on

all

outstanding

Heckmann

warrants.

Assumes

111.4

million

CWDK

shares

outstanding.

(1)      Five

acquisitions

which

the

Company

expects

to

close

in

2008

are

either

under

contract

or

in

negotiations.

(2)      Reflects potential payments primarily to noteholders

and certain others who are waiving or terminating special rights.

(3)      For illustrative purposes, assumes 4.0% interest income

rate on incremental cash and 22.0% tax rate.

Proceeds from trust

$430.0

Refinance existing debt

–

New debt

–

Cash to CWDK

$45.0

CWDK seller equity

652.0

Equity to CWDK

652.0

Transaction expenses

40.0

Cash to balance sheet

345.0

Total Sources

$1,082.0

Total Uses

$1,082.0

Proceeds from trust

$430.0

Refinance existing debt

–

New debt

–

Cash to CWDK

$45.0

CWDK seller equity

502.0

Equity to CWDK

502.0

Transaction expenses

40.0

Cash to balance sheet

345.0

Total Sources

$932.0

Total Uses

$932.0

SOURCES & USES

Without $150 million Contingent Payments

SOURCES & USES

With $150 million Contingent Payments

~62.7 million Heckmann shares

issued to China Water

~22 million shares will be held by

Goldman Sachs, Pinnacle Fund &

Liberty Harbor

Certain shareholders will now

receive $45 million in cash instead

of the previous $165 million

All major China Water shareholders

who receive Heckmann shares will

have a Lock-up Agreement of up to

2 years

$150 million in contingent payments 

will be made in either cash or stock

at Heckmann’s discretion

Contingent on $90 million of 2009

Adjusted Net Income

Note:

Assumes contingent payments are paid in stock.

Industry Overview

China represents a compelling growth opportunity for a well-capitalized and

experienced operator.

drinking water

–

A recent survey of 11 provinces found that over half of all water samples contained

unacceptably

high

levels

of

bacteria

(1)

Significant opportunity for consolidation

–

Highly-fragmented market with over 250 producers

The need for a clean and reliable source of drinking water in China is a significant

issue, and bottled water has been increasingly relied upon for basic necessities.

Tap water quality is generally unsuitable

–

Tap water in half of China’s major cities is polluted with industrial chemicals and

fertilizers

(2)

–

Industrial wastewater treatment has not been completely established

(3)

190

million

Chinese

suffer

from

water

related

illnesses

each

year

(4)

Bottled

water

has

overtaken

carbonated

sweet

drinks

and

is

growing

faster

(5)

(1)

UNICEF.

(2)

Report issued on July 17, 2007 by China’s State Environmental Protection Administration.

(3)

Government report themed "China's Environment in 2006: Changes and Struggles.“

(4)

Guardian News & Media.

(5)

Euromonitor International, "Bottled Water in China", July 2007.

Even with recent strong growth rates, bottled water consumption in China has

significant room to grow.

Source:

Beverage Marketing Corporation and CIA World Factbook. 

Note:

GDP

per

capita

defined

as

GDP

at

purchasing

power

parity

divided

by

population.

Bottled

Water

Consumption

–

Liters

Per

Capita

(2007)

259.7

204.8

201.8

149.5

135.5

126.1

110.9

107.9

28.8

33.0

13.7

120.0

United

Arab

Emirates

Mexico

Italy

Belgium

France

Germany

Spain

United

States

Hungary

Global

Average

Global

Average

(2008 E)

China

2007E GDP

per Capita

(USD)

$55,200

$12,500

$31,000

$36,500

$33,800

$34,400

$33,700

$46,000

$19,500

$5,300

3,757 Miles = Distance from Hong Kong, China to Dubai, UAE

–

3,099,224,560 = Population between these two points

Source:  Beverage Marketing Corporation and Euromonitor.

POPULATION

303,598,000

1,321,851,888

BOTTLED

WATER

SALES(2008E)

37,000 (liters in millions)

15,000 (liters in millions)

BOTTLED

WATER

SALES(2008E)

~US$16 billion

~US$4.6 billion

Demand driven by

Growing

need

for

“safe”

drinking

water

Improving living standards

Middle class expected to be greater

than 350 million by 2011

(1)

Uneven distribution of water resources

2,138

4,788

0

1,000

2,000

3,000

4,000

5,000

6,000

2002E

2007E

Rapid Growth of Consumption of Bottled Water in China

(in millions of gallons)

Source:

Beverage Marketing Corporation.

(1)

The McKinsey Quarterly, The value of China’s emerging middle class, 2006.

Historical & Projected Growth of Chinese Middle Class

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

1985

1995

2005

2015

2025

Poor

(< 25,000 RMB)

Lower Middle Class

(25,001 - 40,000 RMB)

Upper Middle Class

(40,001 - 100,000 RMB)

Mass Affluent

(100,001 - 200,000 RMB)

Global Affluent

(>200,000 RMB)

Source:

National Bureau of Statistics in China; McKinsey Global Institute analysis.

Selected Competitors:

In September 2008, Coca-Cola announced plans to buy

Huiyuan Juice Group for $2.4 billion, the company's biggest

acquisition in China. Huiyuan, one of China's best-known

juice brands, generated total sales US$395 million in 2007.

The transaction represents a 42.1x multiple based on 2009E

consensus EPS

Hangzhou Wahaha sales from 1989 to 2007 had a CAGR of

47.3%.  The Hangzhou Wahaha Group was recently valued

at ~$6.7

billion by Wall Street research. The Wahaha JV,

majority owned by Danone, is the largest bottled water

company in China

Glaceau (Vitamin Water), purchased by Coca Cola in 2007

for $4.1 billion. 2006 Revenues were $356 million and 2007

revenues were estimated to be $700 million

In 2007 Nestle bought Swiss bottler Minerales Henniez for

$130 million. Minerales Henniez had net income of $4.7

million and a 5 year CAGR of -4.8%

Hangzhou Wahaha Group

$1,062

Guangdong Robust Corp

$400

Nongfu Spring Co

$357

Coca-Cola China Ltd

$240

China Water and Drinks

$220

Shenzhen C'est Bon Food

$131

Shenzhen Danone Health Beverage

$69

Nestle China

$47

Ting Hsin International Group (Master Kong)

$29

Zhejiang Qiandaohu

$7

Guangzhou Watson's Food

$7

Shanghai Jinjiang Kirin

$4

Others

$1,227

Total

$3,800

($ in millions)

(1)

Assumes the same percentage of off-trade value in 2007 as in 2006 based on

Euromonitor International, "Bottled Water in China", July 2007 and year-end

exchange rate of 7.65.

Bottled Water Competitors:

Here are “some”

comparable companies:

Source:

Company filings, IBES consensus estimates and Factset.

(1)

Fully-distributed multiple based on 2009E Adjusted Net Income requirement of $90 million for contingent payments plus assumed incremental interest income

associated with additional $120 million in cash due to transaction restructuring.  Assumes Heckmann Corp. stock price of $8.00 per share.

(US$ in million, except otherwise stated)

Domestic listed China Food & Beverage Companies

Kweichow Moutai

$20.48

$19,330

29.7x

22.8x

Yibin Wuliangye

2.75

10,458

35.7

26.7

Luzhoulaojiao

4.21

5,875

26.8

20.1

Yantai Changyu Pioneer Wine

9.22

4,622

35.8

26.6

Tsingtao Brewery

2.99

3,444

36.3

26.5

Beijing Yanjing Brewery

1.69

1,861

25.6

20.5

Inner Mongolia Yili

2.24

1,793

55.3

25.2

Shanghai Bright Dairy

0.85

886

36.8

37.2

Mean

35.3x

25.7x

Median

35.8

25.8

U.S. Listed Water, Filtration and Infrastructure

Companies in the U.S. 

Pall Corp

$40.61

$4,842

18.3x

16.4x

Millipore Corp

75.01

4,139

21.2

18.7

Pentair Inc

36.75

3,635

15.9

14.0

Itron

Inc

103.58

3,554

29.9

23.8

Esco

Technologies Inc

47.61

1,239

26.6

21.5

Polypore International Inc

27.43

1,216

28.9

23.8

Calgon

Carbon Corp

21.33

868

39.4

30.4

Insituform

Technologies

18.36

513

30.0

22.9

Mean

26.3x

21.4x

Median

27.8

22.2

Heckmann

Corp with China Water & Drinks

(1)

12.7x

Business Overview

Two main production lines

–

Bottle water (350 mL –

1,500 mL)

–

Carboy size water (18.9L)

Expansion opportunities include:

–

Super oxygenated water

–

Vitamin-enriched water

–

Mineral water

2%

Own Brands

OEM

Private label

2007 Revenue by brand

Branded Product

–

Primary “Darcunk”

(Absolutely Pure) bottled

water

–

Continue to expand geographic reach of branded

product via acquisition

OEM

–

Coca-Cola

®

in

China

(2008

Olympics

Supplier)

–

Uni-President

®

(Taiwan)

–

JianLiBao

®

(China)

–

Great Nature (China)

Private Label

–

Provide total solution, including bottle design,

production, packaging and delivery

–

Supply to Sands Macau Casino

Bottled Water

Carboy Size

2007 Revenue by product line

First-rate 5-stage filtration and purification

process

Plants are independently audited for

–

Quality control

–

Compliance in procedures

–

Standards

–

Hygiene

Shenyang

Changchun

Nanning

Zhanjiang

Feixian

Guangzhou

JV (China Bottles)

Fully integrated and automated production

process

All facilities meet government hygiene

standards

Meets Coca-Cola’s high standards

Facilities highlights

Guangzhou

178.5 million

3.4 million

Feixian

260.1 million

6.8 million

Changchun

178.5 million

3.4 million

Zhanjiang

178.5 million

3.4 million

Nanning

192.2 million

2.1 million

Shenyang

151.0 million

2.1 million

Total - Current

1,138.8 million

21.2 million

Beijing

(1)

247.1 million

8.2 million

Changsha, Hunan

178.5 million

–

Harbin, Heilongjiang

329.5 million

3.4 million

New Capacity in 2008

755.1 million

11.6 million

Total - Pro Forma

1,893.9 million

32.8 million

Note:

New facilities denoted in yellow on the map to the left.

(1)

Acquisition of a plant under construction.

Beijing

Changsha

Harbin

Existing facilities

Acquisitions expected to be completed by end of 2008

Mr. Richard Heckmann (Chairman & CEO: Heckmann Corp)

Former Chairman & CEO of US Filter

Former Chairman & CEO of K2 Inc.

Co-owner of the Phoenix Suns

Mr. Hongbin Xu (Founder & CEO: China Water & Drink)

Former government official managing water resources

More than 10 years of experience in the bottled water industry

Graduated from the Water Resource Institute of QingHai Province

Mr. Jack Guo (CFO: China Water & Drinks)

More than 7 years of Wall Street investment banking experience

Dedicated the last three and a half years working with clients in the industrial sector

Extensive knowledge of corporate finance

Fluent in both Chinese and English

Mr. Brian Anderson (CFO: Heckmann Corp)

Former Director of Business Development and Director of Financial Accounting at K2 Inc.

Former Corporate Controller at US Filter

Former Corporate Controller for Wheelabrator Engineered Systems division of Waste

Management which was acquired by US Filter

Financial Summary

The six months ended June 30, 2008 resulted in

a period of significant growth for CWDK.

Revenues increased $29.2 million, or 156%, to

$47.9 million, from $18.7 million for the same

period in 2007

CWDK produced approximately 460 million liters

of bottled water, compared to approximately 205

million liters in the first half of 2007, a 124%

increase

water,”

contributed over 5% of second quarter

2008 revenue

production lines in the 2H 2007

Other

3%

Carboy-sized

bottled water

16%

Bottle-sized

water

81%

Other

3%

OEM

18%

Own-brand /

private labels

79%

Revenue by Product Category

Revenue by Source Category

Source:

Company filings.

Note:

Results reflect 6 months ended 6/30/08 period.

“Other”

category consists of sales of excess pre-forms and PET raw materials.

20

Operating statistics

Source:

Company filings, management estimates.

(1)

Adds back one-time non-cash adjustment of $2.6 million.

(2)

Adjusted

for

non-cash

stock-based

comp

expense

of

$28

million

related

to

the

make

good

escrow

agreement

and

amortization

of

approx.

$6.3

million

relating

to

a

beneficial conversion feature recorded in connection with the issuance of convertible notes.

(3)

Pro forma for the Grand Canyon acquisition.

($ in 000s)

Revenue

$27,680

$35,700

$56,773

$59,271

Gross Margin

29.0%

32.6%

34.2%

37.6%

Operating Income

$6,969

$8,530

$17,523

$17,300

Operating Margin

25.2%

23.9%

30.9%

29.2%

Net Income

$6,969

$8,815

$19,468

$23,468

Net Profit Margin

25.2%

24.7%

34.3%

39.6%

Bottled water

297.3

337.4

647.1

552.2

% change

13.5%

91.8%

Carboy

9.1

11.6

14.0

10.3

% change

27.5%

20.7%

$18.7

$47.9

$5.6

$14.6

$34.7

$59.3

$7.5

$23.5

2007

2008

2007

2008

2007

2008E

2007

2008E

($ in millions)

Actual (Unaudited)

($ in millions)

Pro Forma with Acquisitions

Revenue

Net Income

Revenue

Net Income

(1)

(1)

(1)

Adds back one-time transaction, legal and financing expenses and other charges.

(1)

Source:

Company filings.

Cash

$1,836,000

$10,868,000

$381,639,000

Current Assets

18,386,000

53,418,000

439,033,000

Total Assets

26,062,000

99,294,000

978,962,000

Current Liabilities

19,343,000

21,060,000

23,840,000

Total Liabilities

19,506,000

21,327,000

44,559,000

Total Debt

192,000

380,000

146,000

Total Stockholders' Equity

6,556,000

77,450,000

931,190,000

38.1%

12.9%

9.1%

5.9%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

First Half 2008 –

Cash from Operations as % of Revenue

Source:

Company filings.

(1)

Adjusted for one-time and non-cash charges and pro forma for acquisitions.

(1)

Heckmann Overview

ORGANIZATION

YEARS

COMMENTS

1990 –

1999

Created the largest water treatment company in the United States

Founded US Filter by acquiring a sand filtration company (American Toxxic) with a group of investors

for $1.6 million

Grew organically and through over 200 acquisitions from $23 million in 1991 in revenue to $5.5 billion

(annualized) in 1999

US Filter compounded growth over 100% annually

for eight consecutive years

Sold Company to Vivendi in 1999 for $8.1 billion

2000 –

2007

Chairman & CEO of leading

manufacturer of branded sports product equipment

Heckmann

became CEO in 2002 after

arranging

$25

million

of

rescue

financing

which

allowed

K2

to

avoid potential bankruptcy. The market cap at the time was ~$115 million

Executed a strategy of acquiring premium brands that had fallen out-of-favor (such as Rawlings

Baseball and

Völkl

skis)

Grew organically and through 28 acquisitions from $582 million in revenue in 2002 to $1.4 billion in

2006

Sold Company to Jarden

Corp in 2007 for $1.2 billion

2004 –

Present

Co-owner

Under current ownership group, the

team

went from 6

th

in the Pacific Division in 2004 to

division

champions in 2005, 2006 and

2007

Team

was

at

the

bottom

of

the

league

(26

th

)

in

attendance when current ownership took control and

is now in

the top five of the league

$205

$88

$35

$15

$2

$5

($4)

$1

1991

1992

1993

1994

1995

1996

1997

1998

$106

$46

$20

$8

$5

$4

($4)

$0

1991

1992

1993

1994

1995

1996

1997

1998

$3,235

$1,377

$473

$272

$148

$101

$41

$23

1991

1992

1993

1994

1995

1996

1997

1998

$298

$132

$58

$27

$8

$8

($3)

$2

1991

1992

1993

1994

1995

1996

1997

1998

Revenues

($ in millions)

EBITDA

(1)

($ in millions)

Operating Income

($ in millions)

Net Income

($ in millions)

Note:

Financials per public filings and Wall Street estimates.

(1)

Defined as operating income plus depreciation & amortization excluding one-time charges.

Significant Value Creation

(Market Capitalization and Stock Price)

Heckmann bought US

Filter for $1.6 million

(~40% of company)

Sold to Vivendi for $8.1

billion enterprise value

($6.2 billion of equity)

$4 mm

$6.2 bn

Completed over 250 acquisitions

Acquisitions expanded offerings,

technologies, geographies and

customers to create a one-stop shop

Market Capitalization

Stock Price

You know:

–

The largest automobile company in the world

–

The largest steel company in the world

–

The largest toy company in the world

Who is the largest water company in the world?

No argument about need

–You

need

14,381

bottles

of

water

to

make

8

ounces

of

beef

(1)

–You

need

1,821

bottles

of

water

to

make

an

8

ounce

serving

of

rice

(1)

(1)

From Summit Global “Introduction to Water Investing”.

You can live without all of these things...

…5 days without water and you are a DEAD DUCK