Woodward Announces Dividend Increase

FORT COLLINS, CO, Jul 23 (MARKET WIRE) --
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 September 2, 2008 to shareholders of record as of August 15,
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 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 year ended September 30,
2007, the Quarterly Report Form 10-Q for the quarters ended December 31,
2007 and March 31, 2008, and the Quarterly Report Form 10-Q for the
quarter ended June 30, 2008, to be filed shortly.

CONTACT:
Rose Briani-Burden
Business Communications
815-639-6282

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