A Leading Non-State-Owned Integrated Energy Company

Company Presentation March 2011

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The market and industry information contained in this document has not been independently verified. No representation or warranty, whether express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of such information or opinions contained herein. Neither the Company nor any of its affiliates, advisers or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with this document.

This presentation contains statements that reflect the Company’s beliefs and expectations about the future, such as the Company’s anticipated growth strategies, future business development, ability to attract and retain new clients, ability to develop new products, and ability to expand to other related industries or markets in other geographical locations. These forward-looking statements are based on a number of assumptions about the Company’s operations, and are subject to risks, uncertainties and other important factors, many of which are beyond the Company’s control, and, accordingly, actual results may differ materially from the results discussed in these forward-looking statements.

This presentation is highly confidential, is being given solely for your information and for your use only in connection with this offering. No part of this presentation may be reproduced, photocopied, redistributed or passed on, directly or indirectly, to any other person (whether within or outside your organization/firm) or published, in whole or in part, for any purpose.

The information contained in this presentation does not constitute an offer of any securities nor does it contain an invitation to subscribe for, purchase or sell any securities. No securities of the Company may be sold in the United States without registration with the United States Securities and Exchange Commission (the “SEC”) or an exemption from such registration. Any offering of the Company’s common stock to be made in the United States will be made solely by means of the statutory prospectus. The prospectus will contain detailed information about the Company and as well as the financial statements of the Company. Any decision to purchase the Company’s common stock in the offering for sale in the United States or anywhere else should be made solely on the basis of the information contained in the prospectus. The prospectus will be made publicly available in due course and can be obtained free of charge from the SEC’s website at www.sec.gov.

Safe Harbor Statement

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Capital Markets Summary

(a) Includes 6.1M preferred shares, 4.0M warrants @ $3.86 and 1.1M warrants @ $7.00

Ticker Symbol (Nasdaq) CBEH Share Price – (3/11/2011) $6.05 Average Volume (3-month) 441,726 Shares Outstanding (Basic) – 12/31/2010 33.7 M

Shares Outstanding (Fully Diluted) – 12/31/2010 42.2 M (a) Market Capitalization $203.9 M Management Ownership (Fully Diluted) 50.6%

Q4 ‘10 Revenue $118.0 M

Q4 ‘10 Net Income $15.3 M

Q4 ‘10 EPS (Basic) $0.45

Q4 ‘10 EPS (Diluted) $0.39

FY 2010 Revenue $ 438.7 M

FY 2010 Net Income $53.8 M

FY 2010 EPS (Basic) $1.60

FY 2010 EPS (Diluted) $1.28

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Management Team with Proven Track Record

  Extensive experience in the research and marketing of oil products   Founded CBEH in 1999   Prior to founding CBEH, Mr. Gao worked in the Oil and Chemical Department of Shaanxi

Province and Zhongtian Oil and Chemical Group, responsible for R&D and marketing   BS degree from Xi’an Technology University and EMBA from Xi’an Jiaotong University

  Former Global Controller of Amphenol Corporation Industrial Operations, a division of Amphenol Corporation (NYSE: APH)

  20 years of accounting/audit experience in the US and China   New York State Certified Public Accountant (CPA) and practiced at PwC   B.S. in Accounting from State University of New York Institute of Technology in 1990

  Served as CBEH’s CFO from Sept 05 – May 09   Served as CFO of Xi’an Dongfang Oil Group, a Chinese petroleum producer, from 2000-2005   EMBA from Xi’an Jiaotong University; B.S. in Accounting from Xi’an Northwest University

  Joined CBEH in May 2010   Served as a Senior IR consultant at Hawk Associates from 2007-2010   Worked at the Shenzhen branch of British Petroleum for 3 years   MBA from University of Florida

  Joined CBEH in 2005, in charge of research and development of bio-diesel   Specializes in oil extraction, trans-esterification and separation technologies for bio-diesel

production   Ph.D. in chemical engineering from Sichuan University

Xincheng Gao Chairman of the Board of Directors, CEO & President

Management Experience

Albert Pu Chief Financial Officer

Gaihong (Lisa) Li Executive V.P., Controller & Director

Nengde He Chief Technology Officer

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Susan Zhou V.P., Investor Relations

A Leading Non-State-Owned Integrated Energy Company in China

Company Snapshot

  Founded in 1999

  Operates in China as “Xi’an Baorun Industrial”

  Three business segments   Wholesale distribution   Production and sale of biodiesel   Operation of retail gas stations

  Products distributed to 16 provinces and municipalities   Seven sales offices in China

Revenue

(a) Revenue and net income guidance provided by the Company for 2011, as of 3/10/2011. (b) Excludes non-cash compensation charges of $9.8 million.

Gross Margin Net Income

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FY 2010 Revenue Mix

11.6%

14.2% 14.3% 14.4%

5.0%

9.0%

13.0%

2007 2008 2009 2010

62% 17%

21%

$8.6

$28.6 $37.9

$53.8

$72.2

$-

$10.0

$20.0

$30.0

$40.0

$50.0

$60.0

$70.0

$80.0

2007 2008 2009 2010 2011

(U.S. $ in millions)

$87.1

$216.5 $289.6

$438.7

$588.1

$0.0

$75.0

$150.0

$225.0

$300.0

$375.0

$450.0

$525.0

$600.0

2007 2008 2009 2010 2011

(U.S. $ in millions) (a)

(a)

(b)

A Leading Non-State-Owned Vertically Integrated Energy Company

Diversified Feedstock

Biodiesel Production

Wholesale Distribution

Retail Distribution Storage

  One of the only four non-state-owned distributors in Shaanxi Province licensed to sell both finished and heavy oil products

  279,000 tons distributed in 2009   336,000 tons distributed in 2010

Production and Sale of Biodiesel Wholesale Distributor of Finished Oil and Heavy Oil Products

Operation of Retail Gas Stations

  200,000-ton current capacity

  Two plants in Shaanxi Province

  One 50,000-ton plant in Chongqing, acquired in Oct. 2010, with expected payback in 2 years

  Plan to build a 300,000-ton plant (phase I: 200,000-ton) in Hainan, after closing acquisition of the facility

  The only biodiesel producer with a distribution license

  13 retail gas stations

  Located in Xi’an City and other areas in Shaanxi Province

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Rapidly Growing Chinese Economy Drives Petroleum Consumption

Leading Chinese Biodiesel Producer with Proprietary Technology & Distribution

Wholesale Distribution Business Provides Platform to Achieve Vertical Integration

Platform Expansion & Brand Awareness Through Growth in Retail Gas Stations

Diversified Customer Base with High Retention Rates

Consistent Profitability & Cashflow Growth Over the Last 5 Years

Experienced Management Team and Board of Directors

Key Investment Highlights

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Favorable Industry Dynamics

Strategically located in Shaanxi Province to take advantage of China’s increasing demand for finished oil products and its supply imbalance

Huge Imbalance of Finished Oil Supply and Demand Between China’s Different Regions

Net oil producing area

Net oil consuming area

Direction of Finished Oil Transport

China’s Increasing Demand for Finished Oil Products

Source: CEIC

Xi’an  

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9

China’s Huge Biodiesel Opportunity China’s Demand for Crude Oil Outpaces

Supply and the Imbalance Keeps Growing

 By 2020, 15% of energy consumed will come from renewable energy, such as biodiesel

 China to adopt B-5 biodiesel standard in 2011

 China to reduce carbon dioxide emissions per unit of GDP by 40% to 45% by 2020

Increasing Biodiesel Production in China

Source: China Biodiesel Industry Investment Value Report 2008, China Venture Source: U.S. Energy Information Administration

Net Import

9

10

Leading Biodiesel Producer

Strategically Located Biodiesel Production Facilities

Non-Edible Seed Oil 40,000 22,000

Waste Cooking Oil 43,000 41,000

Vegetable Oil Residue 17,000 37,000

Total 100,000 100,000

2009 Raw Material Sources

  Established leading position utilizing superior patented production technology  200,000-ton capacity  3 production facilities  2nd generation technology broadens range

of low-cost feedstock

  Exceeds all major quality standards  China B-100 standard, North America and

Europe

2010

Tongchuan    

Chongqing  

10

Strategically located biodiesel production facilities leverage distribution and retail network as well as diversified, low cost supply of local feedstock

Hainan  

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Current Biodiesel Raw Materials

Non-Edible Seed Oil

Waste Cooking Oil

Vegetable Oil Residue

  Long-standing arrangements with local non-edible seed oil producers

  240,000 acres in Shaanxi Province can produce 430,000 tons of biodiesel annually

  The only biodiesel producer in Northwestern China

 No other biodiesel producers in Shaanxi Province who utilize non-edible seed oil

  Long-standing contracts with waste cooking oil disposition centers

 Established Waste Cooking Oil Disposition Center near Tongchuan facility in May 2008

 Waste Cooking Oil in Xi’an City can support 135,000 tons of biodiesel annually

  The Environment Protection Bureau of Xi’an City establishes the guidance price

 Secured vegetable oil residue supply from manufacturers producing edible vegetable oil

First Generation Biodiesel Raw Material Sources

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12

  Our first generation biodiesel production processes enable the use of multiple raw material sources  4 patents granted  6 patents pending approval  Continue to explore technology to use broader range of

cheaper feedstock

Strong Biodiesel Research & Development Platform

R&D partnerships with top universities and research institutes in China

 Patent ownership and technology transfer for production and blending  Research and development of biodiesel production  Biodiesel production processes R&D  Chemical composition of catalyst R&D  Transfer of technical know-how  Use 3 raw materials interchangably at any ratio

-Non-Edible seed oil -Waste cooking oil -Vegetable oil residue

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Proprietary Biodiesel Production Process

  150,000 tons of capacity — includes 50,000 tons acquired in Oct., 2010   High temperature process — increases conversion rate (90%) and removes more impurities

  Multilevel molecular distillation — removes additional impurities and improves yield

First Generation Production Process

Second Generation Production Process (Under Construction)

  Significantly reduces feedstock cost — utilizes abundant supply of raw materials, including crop waste, agricultural waste and organic waste

  50,000 ton production facility — completed construction in Jan. 2011   2 patents pending approval   Provides better input cost controls — 600M tons of crop and forestry waste available per year

  Meets Europe IV fuel standards   Can be mixed with both petro-diesel and first-generation biodiesel at any ratio

  Able to recycle feedstock residue and water used in the production process

Methanol Recovery &

Water Removal Distillation Trans-

Esterification Filtration

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Early Mover Advantages in Finished Oil Distribution

CBEH’s distribution network and licenses create high barriers to entry

Convenient access from Shaanxi Province

Distribution areas covering over 800 million population

Xi’an  

Shanxi  

Henan  

Hunan  

Sichuan  

Yunnan  

Guizhou  

Beijing �Xinjiang�

Fujian�

Hebei�

Chongqing  

Shandong�

Hubei�

 Distribution License  One of four non-state-owned distributors

licensed in Shaanxi Province to distribute finished and heavy oil products nationwide

 Sales Network  Seven sales offices  36 full-time salespersons  Covering 16 provinces and municipalities

 Storage Capacity  Four oil storage depots  Total capacity of 59,000m3

 Access to Railway Lines  Access to 2.65 km special rail track  Oil distribution to Yunnan, Guizhou and

Sichuan Provinces, with 45% of total distribution volume

Centralized Location & Transportation Access Established Distribution Leadership

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Guangxi  

Ningxia  

Inner  Mongolia  

Pricing Regime for Finished Oil Products

  For the past nine years, China has kept retail prices of finished oil products fixed to protect consumers against rising costs

  2 pricing adjustments each year from 2006 to 2008

  Beginning on Jan. 1, 2009, the domestic selling prices of refined oil products have been determined on the basis of the corresponding international crude oil prices   8 pricings adjustments in 2009   4 pricings adjustments in 2010   Feb. 20, 2011, prices were increased by $53/ton for gasoline and diesel, or 4.5%

  The Government’s pricing policy protects the profitability of distributors   We continue to have the ability to pass on changes in commodity prices to customers   As a result, gross margins are relatively stable despite volatile global crude oil prices

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Chinese Government Pricing Policy

Established Relationships with Suppliers and Customers

  Long-standing relationship with Shaanxi Yanchang Group   CBEH’s largest supplier   4th largest oil company in China   2nd largest oil reserve   Over 10 million tons of refinery capacity   11% of China’s oil production

  We have successfully found new suppliers in different regions as we have expanded geographically

  High customer retention rate — each of our top 10 customers in 2007 continued to purchase from us in 2008, 2009 and 2010

  Increasing number of customers — 761 additional customers since 2007

Suppliers

Customers

Reduce Concentration Risk of Top 5 Suppliers

Strong Customer Base

16

452

936 1,180 1,213

2007 2008 2009 2010

77.6% 65.5%

52.6%

2008 2009 2010

  13 retail gas stations sell all grades of gasoline and diesel  Customer base — cars, buses and trucks

  10% increase in same station sales volume YoY

  Compete with other privately owned and state-owned gas stations

  Competitive advantages  Wholesale business provides stable and

sufficient supply to support retail gas stations  Vertical integration captures higher margins  Increased profitability — lower cost biodiesel

blended with petro-diesel sold at the same price

 Maintain competitive pricing to attract customers

  Growth strategies  Continued acquisition of selected gas stations  Potential introduction of convenience stores

Fast-Growing Retail Gas Station Business

Number of Retail Gas Stations

Revenue from Retail Gas Stations

17

6

10

13

0

2

4

6

8

10

12

14

2008 2009 2010

$23.0

$37.9

$90.7

$0.0 $10.0 $20.0 $30.0 $40.0 $50.0 $60.0 $70.0 $80.0 $90.0

$100.0

2008 2009 2010

(U.S. $ in millions)

Competitive Advantage Over Other Biodiesel Producers

Competitive Advantages Over Traditional Wholesale Distributors

Strong Competitive Positioning

Traditional Distributors

Biodiesel Producers

Biodiesel Production

Biodiesel Distribution

Finished Oil Distribution Operation of Retail Gas Stations

  The only biodiesel producer with a distribution license

  Superior patented production technology

  Low-cost diversified base of feedstock

  Retail distribution network

  Higher profitability with biodiesel business

  Better control of low-cost biodiesel feedstock gives pricing flexibility and profitability

  Convenient railway access

  Large storage capability

Centralized Location & Transportation Access

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Independent Board of Directors

Larry Goldman Independent Director, Audit Committee Chair

Wenbing (Christopher) Wang Independent Director, Compensation Committee Chair

Junrong Guo Independent Director, Nominating and Corporate Governance Committee Chair

  A CPA with over 25 years of auditing, consulting and technical experience with public companies

  Former treasurer and acting CFO of Lightbridge Corporation (NASDAQ: LTBR); and a former partner at Livingston Wachtell & Co., LLP, where Mr. Goldman stayed for 19 years

  Independent director and audit committee chairman of Winner Medical Group Inc. (NASDAQ: WWIN), Wonder Auto Tech, Inc. (NASDAQ:WATG), China GengSheng Minerals (AMEX: CHGS ), China Advanced Construction Materials (NasdaqGM: CADC)

  Currently serves as President and a director of Fushi Copperweld, Inc. (NASDAQ: FSIN)   Prior to Fushi, served as an executive vice president of Redwood Capital, Inc.; an assistant

VP of Portfolio Management at China Century Investment Corporation; and a management analyst at VCChina

  Independent director of Winner General Steel Holding (NYSE: GSI), Orient Paper (AMEX: ONP )

  A professional researcher in the forestry field   Engaged in R&D in forestry resources with Shaanxi Forest Researching & Planning Institute

since June 2003. Served as director of Shaanxi Forest Institute from 1999 to 2000, and director of Shaanxi Ginkgo Research Institute from 1997 to 1999

  Mr. Guo has been granted honors and awards, including Shaanxi New Century Talent, Specialist to Enjoy the State Subsidies’ in 2004, member of the Evaluation Committee of Shaanxi Scientific & Technological Progress Award from 2005 to 2008, Professional Researcher in 2006 and Shaanxi Agricultural Expert in 2008

Board of Directors Experience

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Growth Strategies

4. Apply for oil import/export license -Leverage global supply/demand imbalances -Access external supply in constrained Chinese market

3. Diversify finished and heavy oil supplier base -Enter new markets and broaden geographic reach -Mitigate supply distruptions and ensure timely delivery

2. Expand our wholesale and retail distribution network through organic growth and acquisitions

-Acquire/Lease wholesale and retail operations -Expand retail format to convenience stores

1. Increase our biodiesel production capacity -Acquire existing biodiesel facilities -Build biodiesel facilities utilizing our proprietary technology

CBEH Is Well Positioned to Capitalize on China’s

Growing Demand for Energy

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Financial Overview

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Biodiesel & Retail Gas Stations Accelerating Sales and Lifting Gross Margin

Gross Margin by Business Segment

Revenue Mix by Business Segment

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45%

40%

15%

Revenue Net Income

FY 2010 Targeted

62% 17%

21%

(% Margin)

10.9% 9.5% 10.5% 10.4%

24.3%

29.0% 28.4% 30.5%

10.7% 13.5% 13.1%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

2007 2008 2009 2010 (a) Revenue and net income guidance provided by the Company for 2011, as of 3/10/2011. (b) Excludes non-cash compensation charges of $9.8 million.

$8.6

$28.6 $37.9

$53.8

$72.2

$-

$10.0

$20.0

$30.0

$40.0

$50.0

$60.0

$70.0

$80.0

2007 2008 2009 2010 2011

(U.S. $ in millions)

$87.1

$216.5 $289.6

$438.7

$588.1

$0.0

$75.0

$150.0

$225.0

$300.0

$375.0

$450.0

$525.0

$600.0

2007 2008 2009 2010 2011

(U.S. $ in millions) (a)

(a)

(b)

Strong Balance Sheet and Cash Flow Statement

Note: U.S.$ in millions. (a) As of the full year ended December 31, 2010.

Key Balance Sheet

Items

Strong Cash Flow

FY 2010 FY 2009 FY 2008

(b)

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Cash  and  Cash  Equivalents     $23.1   $62.4   $90.3  Total  Current  Assets   78.3   131.4   166.6  Fixed  Assets  and  Non-­‐Current  Assets   16.4   32.2   79.5  Intangible  Asset   0.0   0.0   18.4  Total  Assets     $94.7   $163.6   $264.5  

Bank  Debt     2.2   4.4   6.5  Total  Current  LiabiliKes     10.8   10.2   29.6  Long  Term  Liability   0.0   0.0   4.5  Total  Shareholders'  Equity     83.9   153.4   230.4  Total  LiabiliNes  and  Shareholders'  Equity     $94.7   $163.6   $264.5  

OperaNng  Cash  Flow     $8.7   $4.4   $58.2  

(a)

Rapidly Growing Chinese Economy Drives Petroleum Consumption

Leading Chinese Biodiesel Producer with Proprietary Technology & Distribution

Wholesale Distribution Business Provides Platform to Achieve Vertical Integration

Platform Expansion & Brand Awareness Through Growth in Retail Gas Stations

Diversified Customer Base with High Retention Rates

Consistent Profitability & Cashflow Growth Over the Last 5 Years

Experienced Management Team and Board of Directors

Key Investment Highlights

24

A Leading Non-State-Owned Integrated Energy Company

Investor Q&A

Appendix

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Second Generation Biodiesel Production Process

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World Class B-100 Biodiesel Quality Standards

Specification

Chinese Standard GB/T

20828-2007 American Standard

ASTNPS121-99 European Standard

14214:2003(E) German Standard

DINE51606 Test Method CBEH Standard Qualified or not

Kinrmatic Viscosity 40℃：mm²/s 1.9－6.0 1.9-9.0mm2/sec 3.5-5.0mm2/sec 3.5-5.0mm2/sec GB/T 265 4.226 ✔

Flash Point：℃ min.130℃ min.130℃ min.120℃ min.110℃ GB/T 261 130℃ ✔

Sulfur：％（m/m) max.0.05% max.0.05% 10mg/kg max.0.01% SH/T 0689 0.002% ✔

Density（20℃）：kg/m³ 820-900 GB/T2540 887.6 ✔

Cold Filter Point，℃ Report SH/T 0248 3 ✔

50％Recovery Temperature，℃ GB/T6536－1997 338 ✔

90％Recovery Temperature，℃ Max.360 GB/T6536－1997 350 ✔

Water：％（m/m) Max.0.05% Max.0.05vol.% max.500mg/kg Max.300mg/kg SH/T 0246 Only Imprint ✔

Sulfated Ash：％（m/m) max.0.02% max.0.02% max.0.02% max.0.03% GB/T 2433 0.004% ✔ Carbon Residuefeom10% Distillation Residue：％（m/m) Max.0.3% max.0.03% GB/T 17144 0.016% ✔

Cetane min.49 min.47 min.51 min.49 GB/T 386 51 ✔

Machinery Impurity：％（m/m) — GB/T 510 — ✔

Copper strip Corrosion Max.Class 1 Max.no.3 Max.Class 1 Max.Class 1 GB/T 5096 la(light shing） ✔

Acid Number，mgKOH/g max.0.8mgKOH/g max.0.8mgKOH/g max.0.5mgKOH/g max.0.5mgKOH/g GB/T 264 0.43mgKOH/g ✔

Oxidation Stability：（110℃)/h Min.6.0 EN 14112 7.3 ✔

Free Gltcerine：％ max.0.020% max.0.02% max.0.02% max.0.02% ASTM D 6584 0.018% ✔

Total Glycerine：％ max.0.240% max.0.24% max.0.25% max.0.25% ASTM D 6584 0.210% ✔

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