<SEC-DOCUMENT>0001387131-18-003990.txt : 20180814
<SEC-HEADER>0001387131-18-003990.hdr.sgml : 20180814
<ACCEPTANCE-DATETIME>20180814154135
ACCESSION NUMBER:		0001387131-18-003990
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20180808
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20180814
DATE AS OF CHANGE:		20180814

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CPI AEROSTRUCTURES INC
		CENTRAL INDEX KEY:			0000889348
		STANDARD INDUSTRIAL CLASSIFICATION:	AIRCRAFT PART & AUXILIARY EQUIPMENT, NEC [3728]
		IRS NUMBER:				112520310
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11398
		FILM NUMBER:		181016980

	BUSINESS ADDRESS:	
		STREET 1:		200A EXECUTIVE DR
		CITY:			EDGEWOOD
		STATE:			NY
		ZIP:			11717
		BUSINESS PHONE:		5165865200

	MAIL ADDRESS:	
		STREET 1:		91 HEARTLAND BLVD
		CITY:			EDGEWOOD
		STATE:			NY
		ZIP:			11717
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>cvu-8k_080818.htm
<DESCRIPTION>CURRENT REPORT
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>WASHINGTON, D.C. 20549</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>______________</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PURSUANT TO SECTION 13 OR 15(d) OF THE</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Date of Report (Date of earliest event reported):
<B>August 8, 2018</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>CPI AEROSTRUCTURES, INC.</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(Exact Name of Registrant as Specified in Charter)</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 40%; border-bottom: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>New York</B></TD>
    <TD STYLE="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; font: 11pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 26%; border-bottom: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>001-11398</B></TD>
    <TD STYLE="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; font: 11pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 28%; border-bottom: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>11-2520310</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">(State or Other Jurisdiction</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">of Incorporation)</P></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Commission</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">File Number)</P></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">(IRS Employer</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Identification No.)</P></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 69%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>91 Heartland Boulevard, Edgewood, New York</B></TD>
    <TD STYLE="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 28%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>11717</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(Address of Principal Executive Offices)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(Zip Code)</TD></TR>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Registrant&rsquo;s telephone number, including
area code: <B>(631) 586-5200</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>N/A</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(Former Name or Former Address, if Changed Since Last Report)</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of Holdco under any of the following provisions (see General Instruction A.2. below):</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e 4(c))</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.85pt">Indicate by check mark
whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&sect;230.405 of this
chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&sect;240.12b-2 of this chapter).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Emerging growth company&nbsp;&nbsp;&nbsp;&#9744;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.85pt">If an emerging growth
company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any
new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.&nbsp;&#9744;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.85pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.85pt">&nbsp;</P>

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<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.75in"><B>Item 2.02</B></TD><TD><B>Results of Operations and Financial Condition.</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">On August 8, 2018, CPI Aerostructures, Inc (the &ldquo;<U>Company</U>&rdquo;)
held a conference call to discuss the financial results for the quarter ended June 30, 2018. The transcript of the conference call
is included as Exhibit 99.1 hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The information furnished under this
Item 2.02, including the exhibit related thereto, shall not be deemed &ldquo;filed&rdquo; for purposes of Section 18 of the Securities
Exchange Act of 1934 (the &ldquo;<U>Exchange Act</U>&rdquo;) or otherwise subject to the liability of such section, nor shall such
information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act,
except as shall be expressly set forth by specific reference in such filing.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 9.01</B></TD><TD STYLE="text-align: justify"><B>Financial Statements and Exhibits.</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">(d) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibits:</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt">                                                                                                                                                                                                                                                                                                                                                                                                                        <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD><U>Exhibit No.</U></TD><TD STYLE="text-align: justify"><U>Description</U></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 5%"></TD><TD STYLE="width: 10%"><A HREF="ex99-1.htm">99.1</A></TD><TD STYLE="text-align: justify; width: 85%"><A HREF="ex99-1.htm">Transcript of August 8, 2018 conference call.</A></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>SIGNATURE</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Pursuant to the requirements of the
Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="vertical-align: top">Dated:&nbsp;&nbsp;August 14, 2018</TD>
    <TD COLSPAN="2"><B>CPI AEROSTRUCTURES, INC.</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">By:&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 46%">/s/&nbsp;Vincent Palazzolo </TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: #000000 1px solid">Vincent Palazzolo<BR>Chief Financial Officer</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0pt; margin-top: 0pt; margin-bottom: 6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0pt; margin-top: 0pt; margin-bottom: 6pt"></P>

<P STYLE="margin: 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex99-1.htm
<DESCRIPTION>TRANSCRIPT OF CONFERENCE CALL
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<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="cvu-8k_080818.htm">CPI AEROSTRUCTURES, INC. 8-K</A></FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
99.1</B></FONT></P>



<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 75%; border-collapse: collapse; margin-top: 20pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; padding: 0.15in 5.75pt; font: 11pt Calibri, Helvetica, Sans-Serif; border-left: rgb(79,129,189) 4pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 20pt">CPI Aerostructures</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; border-left: rgb(79,129,189) 4pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt">Second Quarter 2018 Earnings Conference Call</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding: 0.15in 5.75pt; border-left: rgb(79,129,189) 4pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt">August 8, 2018 at 8:30 a.m. Eastern</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding: 0.15in 5.75pt; border-left: rgb(79,129,189) 4pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.15in 5.75pt; border-left: rgb(79,129,189) 4pt solid">
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>CORPORATE PARTICIPANTS</B></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>Douglas McCrosson </B><I>&ndash; President and Chief
        Executive Officer</I></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>Vincent Palazzoio </B><I>&ndash; Chief Financial
        Officer</I></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>Sanjay Hurry </B><I>&ndash; Investor Relations Counsel</I></P>
        <P STYLE="font: 11pt/normal Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>&nbsp;</B></P></TD></TR>
</TABLE>


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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><B>PRESENTATION</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Operator</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Good morning and welcome to the CPI Aerostructures&rsquo;
Second Quarter 2018 Earnings Conference Call. All participants will be in listen-only mode. Should you need assistance, please
signal a conference specialist by pressing the star key followed by zero. After today&rsquo;s presentation, there will be an opportunity
to ask questions. To ask a question, you may press star then one on your touchtone phone. To withdraw your question, please press
star then two. Please note, this event is being recorded.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">I would now like to turn the conference
over to Sanjay Hurry, Investor Relations Counsel. Please go ahead.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Sanjay Hurry</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Thank you, Kate. Good morning, everyone,
and welcome to CPI Aerostructures&rsquo; 2018 Second Quarter Financial Results Conference Call. A copy of the company&rsquo;s earnings
press release that was issued earlier today and the accompanying PowerPoint presentation to this call are available for download
on the Investor Relations section of the CPI Aero website.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">On the call this morning are Douglas
McCrosson, President and Chief Executive Officer, and Vincent Palazzolo, Chief Financial Officer. At the conclusion of their prepared
remarks, management will hold a question and answer session.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">As a reminder, this conference call will
contain forward-looking statements which involve known and unknown risks, uncertainties and other factors that may cause actual
results to be materially different from projected results. Included in these risks are the government&rsquo;s ability to terminate
their contracts with the company at any time; the government&rsquo;s ability to reduce or modify its contracts if its requirements
or budgetary constraints change; the government&rsquo;s right to suspend or bar the company from doing business with them; as well
as competition in the bidding process for both government and subcontracting contracts. Subcontracting customers also have the
ability to terminate their contracts with the company if it fails to meet the requirements of those contracts or if their customer
reduces or modifies its contracts due to budgetary constraints. Given these uncertainties, listeners are cautioned not to place
undue reliance on any forward-looking statements contained in this conference call.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Additional information concerning these
and other risks can be found in the company&rsquo;s filings with the SEC.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">With that said, I&rsquo;d like to turn
the call over to Douglas McCrosson, President and Chief Executive Officer. Good morning, Doug.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Douglas McCrosson</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Good morning, Sanjay. And thank
you, everyone, joining us on our call. I will begin this morning with a brief review of our performance for the quarter.
Vince will then provide a more detailed review of our financial results, including our full year financial guidance published
this morning that adjusts for the WMI acquisition, which did not close in the second quarter. I&rsquo;ll then conclude the
call with some color on the second half of the year and offer some early perspective on 2019.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Before I begin, let me touch on the status
of our acquisition of WMI. As you are aware, we are now in litigation to compel WMI parent, Air Industries Group, to provide information
required to proceed with the closing of the acquisition. Last week we filed a preliminary injunction motion that seeks a court
order directing Air Industries to furnish CPI Aero with all previously requested financial, operating and other data and information
relating to WMI. The court has scheduled oral arguments for the preliminary injunction motion for August 13<SUP>th</SUP>. As we
are currently in litigation, these will be the extent of my comments on WMI today.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%">&nbsp;</TD><TD STYLE="width: 33%; text-align: right; padding-right: 0.25in">&nbsp;<!-- Field: Sequence; Type: Arabic; Value: 2; Name: PageNo -->2<!-- Field: /Sequence --></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">We are reporting another quarter of
strong operational performance highlighted by a fifth consecutive quarter of profitability in both sequential and
year-over-year growth in revenue. Those of you who have followed our progress over the years are well aware that we have
worked hard to put in place an efficient infrastructure to drive consistent profitability. We are therefore very proud of our
earnings per share performance, with EPS up for the second quarter and first half of the year 56% and 22%, respectively, over
the comparable periods last year.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">We have also been focused on improving
cash flow from operations. While we expected 2018 will have positive cash flow from operations, as was the case in 2017, we did
experience timing issues with billing on three programs that resulted in negative cash flow from operations through June 30<SUP>th</SUP>.
We fully expect to have these issues resolved in the second half of the year. Vince will provide additional details as part of
his review.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">We are especially pleased with our revenue
performance for the quarter and first half of the year given the uncertainty in defense budgets at the beginning of the year that
was only resolved with the passage of the 2018 Omnibus Appropriations Bill in March. Second quarter revenue increased 21% year-over-year
and was driven principally by defense programs, such as our Next Generation Jammer Pod for Raytheon, and our T-38 Pacer Classic
III program. We also secured a long-term agreement in our commercial segment with Honda Aircraft Company, the manufacturer of the
noise attenuating engine inlet for its recently debuted HondaJet Elite advanced light jet. We have manufactured products for the
original HondaJet aircraft since 2011, and this award testifies to our strategy to innovate and pursue state-of-the-art manufacturing
processes that continue to set us apart from our competition.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The passage of the appropriations bill
in March has removed budgetary uncertainties surrounding fiscal 2018. While it provides funding for almost all our customers&rsquo;
key programs, we saw orders begin to pick up at the beginning of Q2. Its net effect on backlog is not yet evident. You will see
this on slide 4, consolidated backlog at quarter end was $360.2 million. Of this amount, 79% or $284.6 million relates to multi-year
defense opportunities. This is a sequential decline as compared to the March quarter. However, with defense budgets for 2018 now
set, we expect backlog at yearend to be higher than at the end of the second quarter. I will provide additional color around this
expectation after Vince&rsquo;s review.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Turning to slide 5, $277 million of the
total backlog at June 30<SUP>th</SUP> is derived from defense contracts announced since November of 2014, illustrating continued
execution on our defense market strategy. You&rsquo;ll also note that with exception of the TacSAR Pod structure that
is in the early stage of development, we have substantial visibility over defense revenue through 2022 and in some cases beyond.
We also have multiple opportunities for replenishment through follow-on contracts. During the second quarter we received additional
purchase orders for T-38C Pacer III Classic modification kits. With these purchase orders, we have received orders totaling $18.1
million under a potential $49 million IDIQ contract that we won in 2015 from the Air Force.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">I will now turn the call over to Vince
Palazzoio, our CFO, to review our financial results for the second quarter in greater detail. Vince?</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Vincent Palazzolo</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Thank you, Doug. Before I review our
second quarter results, I want to remind you that effective January 1, 2018, we adopted a new revenue recognition standard known
as ASC Topic 606. Following the adoption of ASC 606, our revenue recognition on all of our current contracts has not changed materially
over the life of those contacts. As a further reminder, and as a consequence of our adoption of ASC 606, the asset previously called
Cost and Estimated Earnings in Excess of Billings on Uncompleted Contracts is now under ASC 606 called Contract Assets. And the
liability previously called Billings in Excess of Costs and Estimated Earnings on Uncompleted Contracts is now under ASC 606 called
Contract Liabilities.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">&nbsp;</TD><TD STYLE="width: 50%; padding-right: 0.25in; white-space: nowrap; padding-bottom: 0.25in">&nbsp;<P STYLE="margin: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CPI Aerostructures</FONT></P><P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">August 8, 2018 at 8:30 a.m. Eastern</FONT></P></TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%">&nbsp;</TD><TD STYLE="width: 33%; text-align: right; padding-right: 0.25in">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Starting on slide 7, revenue for the
second quarter of 2018 increased 21% to $20.3 million from $16.7 million for the second quarter of 2017. As Doug mentioned in his
opening remarks, we recognized higher revenue from our Next Generation Jammer Pod program and our T-38 Pacer Classic III prime
contract that offset lower revenue from our E-2D program. Over the past several quarters, we have seen lower revenue from the E-2D
as we transition from the current multi-year program to an expected new multi-year contract that Doug will mention later.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Gross profit increased 24.5% to $4.6
million from $3.7 million in the year ago period. Gross margin for the quarter was 22.6%, an improvement of 60 basis points compared
to the year ago period.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Selling, general and administrative expenses
increased by approximately $556,000 for the second quarter compared to the same period last year, primarily reflecting an increase
in professional fees, salaries, and compensation-related expenses. The increase in professional fess predominately the result of
work performed for financial and legal due diligence and transition planning for our proposed acquisition of WMI.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Pre-tax income for the second quarter
increased 32.4% to $1.6 million from $1.2 million in the year ago period. The increase was due predominately to higher military
revenue.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Net income for the second quarter of
2018 was $1.3 million or $0.14 per diluted share compared to $766,000 or $0.09 per diluted share in the year ago period.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Turning to slide 8, which displays balance
sheet highlights, contract assets were $115.2 million, an increase of $4 million compared to December 31, 2017. The increase is
the result of work performed but not yet billed on newer programs such as the Next Generation Jammer Pod and the new design of
the HondaJet engine inlet, for which we have not yet gone to bill on a steady rate. Further, we experienced some delays in shipping
on the G650 program.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">As you know, we have been working at
reducing the amount of cash tied up in working capital, in particular the amount of inventory we carry. While we have lowered inventory
through the first six months of 2018, we had a slight increase in inventory this quarter as we built up units related to these
three programs that did not ship until early July. We ended the quarter with working capital of $80.6 million compared to $78.1
million at December 31, 2017, an increase of $2.5 million. The increase is predominately the result of the increase in contract
assets.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">We used $1 million in cash to support
operations in the second quarter of 2018 as compared to positive cash flow of $1.8 million during the same period last year. As
was the case last year, we expect the cash flow to improve in the latter portion of the year. At June 30, 2018, total long-term
debt stood at $6.2 million compared to $7 million at December 31, 2017.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">We had $27.3 million outstanding on our
revolving line of credit at quarter end. The $2.5 million increase in the revolving line of credit was the result of timing differences
between cash received from customers on certain programs and payments we made to suppliers on these programs. We have resolved
some of these timing issues with our customers already and expect to have these issues fully resolved by yearend.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">&nbsp;</TD><TD STYLE="width: 50%; padding-right: 0.25in; white-space: nowrap; padding-bottom: 0.25in">&nbsp;<P STYLE="margin: 0pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CPI Aerostructures</FONT></P><P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">August 8, 2018 at 8:30 a.m. Eastern</FONT></P></TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%">&nbsp;</TD><TD STYLE="width: 33%; text-align: right; padding-right: 0.25in">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Shareholders&rsquo; equity improved to
$77.3 million at quarter end with a book value of $8.65 per share. Our debt to capital stood at 0.46.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Finally, we received a commitment letter
from Bank United to amend our Bank United facility to extend the term of the revolving loan through June 30, 2020.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Turning to slide 9, our prior 2018 financial
guidance included contributions from WMI and assumed that we would close its acquisition in the second quarter. This is not the
case as Doug noted. We are currently in litigation with WMI&rsquo;s parent company. We are therefore providing standalone financial
guidance for 2018 that excludes the acquisition of WMI. For fiscal 2018, we now expect revenue in the range of $82.0 million to
$85 million, with pre-tax income anticipated to be in the range of $8.0 million to $8.2 million. We are maintaining our expected
effective tax rate range of 19% to 21%.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">This concludes my prepared remarks. I
will now turn the call back to Doug for additional commentary on the quarter and closing remarks. Doug?</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Douglas McCrosson</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Thank you, Vince. Looking ahead to the
second half of 2018, with defense budgets funded customers are starting to order off our nearly $300 million defense backlog. As
reflected in our financial guidance, we expect a stronger second half to the year in terms of revenue, profitability and cash flow
from operations and expect to be cash flow positive for the year.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The certainty in defense budgets moreover
extends beyond the current year that together with our bid pipeline and with program opportunities on the horizon across both domestic
and foreign military sales gives us multi-year line of sight to sustain top and bottom line growth. The appropriations bill raises
discretionary spending caps imposed by sequestration for two years, reversing years of decline and uncertainty in defense program
funding.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">This comes at a time when we are increasingly
intertwined in our partner supply chains on longer-term programs. Last week the House of Representatives approved a compromised
defense policy bill that would authorize a wave of significant defense department increases for 2019. This compromise bill prioritizes
among other things rebuilding military readiness and modernization efforts. These favorable tailwinds are further supported by
the administration and Congress indicating their preference for further increased spending on defense together with increasing
spending internationally and increasing operating tempos for US and Allied air forces.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Last week the Senate approved its annual
Defense Authorization Bill that is above the administration&rsquo;s request. The bill, which is expected to become a law in a few
weeks, allocates $40.8 billion to overcome what it terms as a &ldquo;crisis in military aviation.&rdquo; The positive implications
to CPI Aero are across multiple platforms. I&rsquo;ll provide more insight into our opportunity across these platforms in a moment.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Our strategy to support key existing
and new defense platforms is aligned with the new Defense Authorization Bill and presents an opportunity for continued growth and
our confidence is founded in our competitive advantage. We offer large contractor capabilities with the flexibility and responsiveness
of a small company while staying competitive in cost and delivering superior quality products.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">As you can see on slide 11, 89% of our
bid pipeline is cited on defense platforms. Virtually all bids are at the prime or Tier 1 level. Our growing reputation as an efficient
supply chain partner for the aerospace and defense industry positions us well to taking increasing share of work on any platform
where the Department of Defense or Tier 1 is looking to improve supply chain efficiency. This quarter you will notice substantial
variance in kitting in Aerostructures relative to Q1. Kitting decreased as a percentage of our bid pipeline following the award
of the F-16 service life extension program contract to a competitor. However, CPI Aero is an approved source of supply for several
components on the F-16 as LPE. So we are eligible to supply parts to the chosen prime contractor. In fact, we recently received
an RFP for certain of these components.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%">&nbsp;</TD><TD STYLE="width: 33%; text-align: right; padding-right: 0.25in">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Aerostructures increase as a percentage
of the bid pipeline sequentially due largely to the A-10 rewing program. Previously the bid value reflected the first four aircraft
only. The bid pipeline now includes the value for the full program of 110 aircraft following submission of our proposal to the
prime contractors that will be vying for the rewing contract.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Turning to slide 12, over time we have
extended our capabilities, particularly within our manufacturing operations, supply chain and program management functions. In
turn, we now possess the ability to supply more complex aerostructure assemblies and aerosystems in support of our defense space
programs. Our capabilities have also allowed us the opportunity to pursue higher margin MRO and kitting opportunities. On slide
12 you will see some opportunities ahead in each of the segments that we operate in.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">On today&rsquo;s call, I wanted to provide
some color and timing around some of the programs that put us on a path to continued growth, many of which are new starts expected
to be funded in the 2019 defense budget.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">For our Aerostructure segment, we see
a restart of the A-10 Wing Replacement program. The 2019 National Defense Authorization Act that was sent to the president adds
$144 million beyond the $103 million already earmarked for the program in the 2018 defense budget. That is approximately a quarter
of a billion dollars that is expected to flow to industry starting as early as March of 2019. As we&rsquo;ve previously discussed,
we know of only two prime contractors bidding on the work and we are uniquely positioned to support either winner. While agreements
prevent me from disclosing the potential value of the A-10 effort to CPI it is expected to be among our largest potential new programs.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">We also have near-term potential on various
Blackhawk components and structural repairs as well as for flight control surfaces on a light attacked fixed wing aircraft for
an international customer.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In our Kitting and Supply Chain Management
segment, we see opportunities in sales of F-16 wing components for both domestic and international customers. We see a new supply
agreement with Northrup Grumman for outer wing panel kits for its E-2D Advanced Hawkeye for both US and Japan variance. The 2019
Defense Authorization Bill gives the green light for a new multi-year procurement of E-2D Advanced Hawkeyes and authorizes long-lead
funding. We are currently in discussion with Northrop Grumman on the terms of a five-year contract to continue to supply the same
kits we have been supplying for more than a decade. And, we have open bids for the supply of structural components for various
other military helicopters.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Within our Aerosystem segment, near-term
opportunities include systems for reconnaissance pods, electronic warfare pods, and structure for an advanced antenna. I was recently
in England attending the Farnborough International Airshow where I held dozens of meetings with senior leaders of our customers
and potential customers. The message was clear, product demand for both commercial and defense platforms is likely to make OEMs
more reliant on their supply chains and that companies that are system integrators and have the experience to manage complex programs
will be an asset to them. I, of course, believe CPI Aero is such a company.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><BR>
To that end, in addition to working to close on the several near-term opportunities in front of us, our business development activity
is focused on Next Generation aircraft and systems such as the TX Trainer, B21 Long Range Strategic Bomber, the F-16, as well as
new model business jets. Likewise, we see potential in leveraging our long experience in manufacturing increasingly more complex
aerosystems such as the Next Generation Jammer Electronic Warfare System we built for Raytheon to find success in the autonomous
systems market.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">On our investor call last quarter, I
spoke about the skill set we maintain in-house that lends itself to being a supplier of sub-assemblies or potentially even complete
autonomous systems. We have made progress since our last call in positioning our capabilities in front of manufacturers of such
systems who will expect who we expect will require outsourced capabilities to meet the projected future demand.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Turning to slide 13, our focus on multi-year
defense awards gives us excellent long-term revenue visibility. Our defense and commercial programs have the potential to generate
approximately $360 million over the remainder of their periods of performance.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">In summary, over the past several years,
we have put in place an efficient organization, we redirected our business development efforts towards the defense market and pursued
multi-year programs that offer a significant visibility into annual revenue. We have a stable business, have numerous near-term
opportunities that we expect to yield new program starts as well as follow-on awards. And, we have established a track record and
reputation as a valued supply chain partner that enables us to be in the mix on future aircraft and systems that will drive future
growth. And with current and projected near-term US and foreign defense spending as a tailwind, we are on a trajectory for higher
and sustainable growth.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">This concludes my prepared remarks. Thank
you for your participation on the call. Kate, could you please open the call to questions? Thank you.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0"><B>QUESTIONS AND ANSWERS</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Operator</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">We will now begin the question and answer
session. To ask a question, you may press star then one on your touchtone phone. If you are using a speakerphone, please pick up
your handset before pressing the keys. To withdraw your question, please press star then two.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The first question is from Mike Crawford
of B. Riley FBR. Please go ahead.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Mike Crawford</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Thanks. Doug, I know you said you couldn&rsquo;t
comment on the WMI acquisition any further, but I mean, why is this thing in court? Didn&rsquo;t Air Industries sign a signed contract
to sell these assets to you?</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Douglas McCrosson</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Yes, and they backed out of the deal.
So, we had to litigate.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Mike Crawford</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">And so, I mean is it just management
or is it the board of directors? Who&rsquo;s liable here?</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Douglas McCrosson</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">I&rsquo;m not going to comment on that,
Mike. And I&rsquo;m not sure if you&rsquo;re referring to their board of directors or mine.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Mike Crawford</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Yes, their board of directors. They&rsquo;re
the ones that are breaching the contract. So, anyway, with the E-2D in transition, if it takes a while to get this extended five-year
contract with Northrup Grumman, does that mean there&rsquo;s any risk to the guidance you&rsquo;ve provided today?</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Douglas McCrosson</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">No.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Mike Crawford</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Okay.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Douglas McCrosson</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">No, because the guidance today
assumes completion of the current multi-year and we have good insight as to when the expected multi-year two will start and
that&rsquo;s reflected as well. And, we believe there&rsquo;s no risk in that number.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Mike Crawford</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Given that this NDA on Trump&rsquo;s
desk is poised to be signed, we&rsquo;ll have a first on-time budget in 22 years, knock on wood, but does that mean that&mdash;would
that accelerate the ability to get a jump start on the A-10 rewinging?</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Douglas McCrosson</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">That&rsquo;s always possible, Mike. Our
expectation, though, is that the current calendar for that award is still March of 2019. Could that accelerate? Sure. There was
some good news recently. The government, the original government request it had the 110 or so aircraft in there but they were only
going to put 4 on contract. That number has been increased up to 12 with the expectation that the new money that&rsquo;s coming
for &lsquo;19. So, we&rsquo;re already seeing signs that they&rsquo;ve increased their commitment to industry on how many aircraft
they initially want. We view that as a very good sign.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Mike Crawford</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Okay, great. Thank you very much.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Douglas McCrosson</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Thank you, Mike.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Operator</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The next question is from Ken Herbert
of Canaccord. Please go ahead.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Ken Herbert</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Hi, good morning, Doug.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Douglas McCrosson</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Good morning, Ken.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%">&nbsp;</TD><TD STYLE="width: 33%; text-align: right; padding-right: 0.25in">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Ken Herbert</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">I just wanted to follow up on the comments
you made around some of the further opportunities you&rsquo;re pursuing, whether it be TX, B21s, some F-16, obviously it sounds
like there&rsquo;s incremental opportunities on the Next Gen Jammer. What&rsquo;s the time frame we should think about and maybe
you would be in a position to announce the initial or significant new program starts, I guess as we think about the budget firming,
we think about obviously your business development efforts, and the pipeline growing? What&rsquo;s maybe a couple of the next catalysts
we should think about as we head into &rsquo;19 of incremental programs that could be significant to the company?</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Douglas McCrosson</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Well, some are on the near-term, meaning
within the next say 30 to 60 days, in terms of some of the current products that we&rsquo;re doing that we expect follow-on that
will take us over the next several years. Some of those programs include the current Raytheon mid-band program that we&rsquo;re
doing with them now. Of course, E-2D is multi-year that we expect, too. There&rsquo;s some spares and aftermarket contracts that
we&rsquo;re looking at with Lockheed Martin Sikorsky&rsquo;s division for Blackhawk. Those are fairly near-term, certainly within
the next 60 to 90 days for all of those.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Then for the new pursuits, we stood up
a new business development leadership team. Some of the longer-term, like B21 and TX, certainly TX won&rsquo;t happen until a winner
is selected on the prime contract, but we&rsquo;re making our case and our value proposition too many of the partners that have
already been announced for Trainer and for the B21.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Ken Herbert</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Okay, that&rsquo;s helpful. And, as we
think about incremental work or starting up A-10 work again, obviously you&rsquo;ve done a lot of work on that in the past and
you had some issues with your customer on the contracts and in getting profitability on that contract as to where you&rsquo;d like
it to be. Is there anything we should be concerned about moving forward on this program or do you feel like you&rsquo;ve made sufficient
changes to a potential contract here and how you structure things moving forward on this program that assuming it does start next
year and you&rsquo;re on a relatively accelerated path that it will obviously be incrementally positive and derisk relative to
prior work on this program?</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Douglas McCrosson</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Yes, the engineering data is stable now.
Both the prime contractor, whoever that is, and their teammates have essentially kind of worked out all of the technical challenges
and inspection challenges and quality issues that had created a lot of uncertainty when the program was originally let out. We&rsquo;ve
accounted for all of that basically in that we have eight years of cost data both internal costs with labor as well as external
costs with the supply chain. And, our bid is based on those actual costs adjusted for the various quantities that they&rsquo;d
like to buy.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">So, we view the, I&rsquo;ll say the
performance risk is negligible because we&rsquo;ve been making a quality product for a long time now, and really we view
the financial risk in terms of being able to achieve our estimates as equally low.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Ken Herbert</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Great. Thank you very much.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Douglas McCrosson</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Thank you, Ken.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Operator</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Again, if you have a question, please
press star then one. The next question comes from Ben Cleave of NOBLE Capital Markets. Please go ahead.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Ben Cleave</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Hi, thanks, just a couple of quick ones
from me. First of all, a quick question regarding the guidance revision. I just want to be clear that 100% of the guidance revision
was tied to WMI. Was there any kind of revision either upward or downward coming from internal performance here, either the performance
today or the outlook for the remainder of the year?</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Douglas McCrosson</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">No, the only change was stripping out
WMI&rsquo;s projections from the full year.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Ben Cleave</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Perfect, thank you. Doug, in your comments
on the kind of near-term opportunities, I&rsquo;m wondering if you can elaborate a bit on the potential on the UAV market, both
from a capability standpoint and then when you anticipate developments in that space, when they transpire here. How should we really
look at the potential in that space for you over the next couple years?</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Douglas McCrosson</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">So, one of the things that we&rsquo;ve
tried to do over the last several years and really culminating with the Next Generation Jammer Pod where we showed the value that
a small business with our type of complex skills, in terms of complex structural assemblies can add to these prime contractors,
I think that with that contract we&rsquo;ve been able to show other manufacturers of similar systems as well as autonomous systems
that the types of work that they need can be done by a small affordable manufacturer. So, we&rsquo;ve put ourselves in with our
cost structure and our capability to be able to compete, I think, in meeting the objectives of what would be the I&rsquo;ll say
the longer-term UAV market. So, we see the lighter, smaller, more affordable type systems that will be fielded, we think will benefit
from our type of skills with our type of cost structure.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">So, I think we answer industry&rsquo;s
need for a capable manufacturer that can develop and integrate all of these components at a lower cost than our peers could do.
Because right now when we compete in highly complex systems, we&rsquo;re competing against large multi-billion dollar aerospace
companies that have a very high cost structure. And so, we&rsquo;re able to develop the same types of skills around a lower cost
structure.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">So, I think that while we don&rsquo;t
have necessarily anything identified right now certainly the key objective of our business development team is to find those opportunities
where affordability and high quality and complexity align to meet our customers&rsquo; need.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Ben Cleave</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">That&rsquo;s perfect. Thanks, Doug. Appreciate
the color and I&rsquo;ll get back in queue.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>CONCLUSION</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Operator</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">This concludes our question and answer
session. I would like to turn the conference back over to Doug McCrosson for closing remarks.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Douglas McCrosson</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Well, thank you again for participating
on today&rsquo;s call and Vince and I look forward to talking to you again when we issue our third quarter 2018 financial performance
press release. Thank you, have a good day.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Operator</B></P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The conference has now concluded. Thank
you for attending today&rsquo;s presentation. You may now disconnect.</P>



<P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif"></P>

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