Exhibit 99
 
               Report of Ernst & Young LLP, Independent Auditors

Partners
United Defense, L.P.

We have audited the accompanying balance sheets of United Defense, L.P. as of 
December 31, 1996 and 1995, and the related statements of income, partners' 
capital, and cash flows for each of the three years in the period ended December
31, 1996.  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, 1996 and 1995, and the results of its operations and its cash flows
for each of the three years in the period ended December 31, 1996 in conformity 
with generally accepted accounting principles.

                                        /s/ Ernst & Young LLP

Washington, DC
January 15, 1997