CBM Asia (CBMDF)

[gsfl]

Shareholder Update
Indus Capital Partners, LLC

VANCOUVER, BRITISH COLUMBIA, May 17, 2012 – CBM Asia Development Corp. (“CBM Asia” or the “Company”) (TSX.V TCF), (US: CBMDF) (FWB: IY2). CBM Asia is pleased to announce that Indus Capital Partners LLC (“Indus”), in its capacity as investment manager on behalf of various private investment funds recently acquired a 9.7% interest in CBM Asia’s outstanding shares pursuant to the Company’s previously announced non-brokered private placement and plans to increase the position further upon receipt of final acceptance from the TSX Venture Exchange (the “TSXV”).

Indus Capital Partners LLC was founded in 2000 by former partners of Soros Fund Management. Indus is employee owned and specializes in international equity investing with a focus on the Asia Pacific region including Japan. Headquartered in New York City, with research offices in Tokyo, Hong Kong, London, Singapore and San Francisco, Indus has 86 employees. Indus currently manages approximately USD4.3 billion in assets under management.

“We are very pleased to have Indus become our largest shareholder. Indus Capital Partners, LLC has deep knowledge of the Asia Pacific region - in particular the Indonesian gas markets – as well as global oil & gas companies and markets. We look forward to TSXV acceptance of the second tranche of Indus’ private placement,” comments Alan Charuk, President and CEO of CBM Asia.

Mr. Charuk further commented, “Indus’ investment during the recent capital raise, played a substantial part in the transformation of CBM Asia’s shareholding structure. CBM Asia now has eight institutional investors, two from Hong Kong, two from New York, one from London, one from Vancouver and two from Toronto representing approximately 30% of our shareholder base -- a level that will increase further on completion of Indus’ second tranche. We believe these institutions’ investment in CBM Asia underpins the value proposition that we have created within the Indonesian CBM market. Furthermore, we appreciate their support in management’s goal to achieve 10-15 Tcf of net recoverable resources.”