Woodward Governor Funding Supports Systems Engineering Endowed Professorship

Woodward Governor Company (Nasdaq:WGOV) today announced at a luncheon that its Charitable Trust pledged $1 million to support a systems engineering endowed professorship at Colorado State University (CSU) College of Engineering.

Combined with University funding, the Woodward endowment will help CSU develop a strong systems engineering program. "A systems engineering program will benefit the University, the community, and businesses such as Woodward," said Thomas A. Gendron, Woodward president and chief executive officer.

"The most complex engineering problems require critical thinking at a systems level; however, there are relatively few systems engineering programs in the U.S. With this endowment, Woodward has the unique opportunity to collaborate with CSU to develop a strategic systems engineering program that will serve the region and the nation," Gendron added.

Colorado Gov. Bill Ritter said that the CSU systems engineering program will have positive economic implications for the state of Colorado: "I believe that a first-rate education system is one of the cornerstones of building a vibrant economy. The contributions that will be made through this program will serve society by solving problems of global importance."

The endowment enabled the University to employ a strong leader to build the new systems engineering program. Ronald M. Sega, former NASA astronaut and undersecretary for the U.S. Air Force, recently accepted the Woodward Professorship in Systems Engineering and will also serve as vice president for Applied Research for the CSU Research Foundation.

"This gift is an example of a university/industry partnership that benefits students, employers and the state," said Larry Edward Penley, president of Colorado State University. "We are grateful for Woodward’s strong support of systems engineering and the university’s educational mission, which will help us develop a program that meets regional needs."

About Woodward

Woodward is the largest independent designer, manufacturer, and service provider of energy control and optimization solutions for aircraft engines, industrial engines and turbines, and power equipment packages. 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, Colorado USA and serves global markets in aerospace, power generation, transportation, and process industries. Visit our website at www.woodward.com.

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 quarters ended December 31, 2006 and March 31, and June 30, 2007.