September 25, 2008

Woodward Announces Declaration of Dividend

Woodward Governor Company (NASDAQ: WGOV) announced today that its Board of Directors has approved a quarterly cash dividend of $0.06 per share, payable on December 1, 2008 to shareholders of record as of the close of business on November 17, 2008.

About Woodward

Woodward is an independent designer, manufacturer, and service provider of energy control and optimization solutions for engines, aircraft and industrial turbines, and electrical power system equipment. The company's innovative fluid energy, combustion control, electrical energy, and motion control systems help customers offer cleaner, more reliable and cost-effective equipment. Woodward is headquartered in Fort Collins, Colo., USA and serves global markets in aerospace, power and process industries, and transportation. Visit our website at

The statements in this release concerning the company's future sales, earnings, business performance, prospects, and the economy in general reflect current expectations and are forward-looking statements that involve risks and uncertainties. Actual results could differ materially from projections or any other forward-looking statement and we have no obligation to update our forward-looking statements. Factors that could affect performance and could cause actual results to differ materially from projections and forward-looking statements are described in Woodward's Annual Report and Form 10-K for the year ended September 30, 2007, and the Quarterly Report Forms 10-Q for the quarters ended December 31, 2007, March 31, 2008, and June 30, 2008.

 CONTACT: Rose Briani-Burden Business Communications 815-639-6282  Woodward Governor Company 1000 East Drake Road Fort Collins, Colorado 80525, USA Tel: 970-482-5811 Fax: 970-498-3058  

SOURCE: Woodward Governor Company