EXHIBIT 99


               REPORT OF ERNST & YOUNG LLP, INDEPENDENT AUDITORS




Partners 
United Defense, L.P.


We have audited the balance sheets of United Defense, L.P. as of December 31,
1995 and 1994 and the related statements of income, partners' capital and cash
flows for the years then ended (not presented separately herein). These
financial statements are the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial statements based on
our audits.

We conducted our audits in accordance with generally accepted auditing 
standards. Those standards require that we plan and perform the audit to obtain 
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting 
the amounts and disclosures in the financial statements. An audit also includes 
assessing the accounting principles used and significant estimates made by 
management, as well as evaluating the overall financial statement presentation. 
We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of United Defense, L.P. at
December 31, 1995 and 1994 and the results of its operations and its cash flows
for the years then ended in conformity with generally accepted accounting
principles.


                                            ERNST & YOUNG LLP


Washington, DC
January 16, 1996