FOR IMMEDIATE RELEASE

CONTACTS: Mike Schablaske, Woodward

Tax, Treasurer, and Investor Relations

815-639-6697 mike.schablaske@woodward.com

Maury Dobbie, NCEDC President/CEO

(970) 667-0905 mdobbie@ncedc.com

Woodward announces plans to build Wind Turbine Inverters in Northern Colorado to support growing U.S. demand

Workforce development being supported through collaboration with CSU, Front Range community college and NCEDC

Fort Collins, Colo., March 24, 2008 – Woodward Governor Company announced today the company will add up to 100 new jobs in the region through the expansion of its wind turbine inverter business to include a new production line in northern Colorado to support the growing demand for clean energy in the U.S. Inverters are used to convert a wind turbine’s variable output into grid compatible electrical power.

“This will complement our existing inverter operation in Kempen, Germany and will provide enhanced support to our European customer base as they expand their presence and sales of wind turbines in the U.S.,” stated Tom Gendron, Chairman and CEO of Woodward. The additional production line, expected to be in pilot production this fall, will manufacture inverters in the 2MW class. Additionally, field service for the U.S. market will also be supported out of Colorado.

“This is excellent news for our region as we collectively work to expand our existing companies in the clean energy cluster,” said Maury Dobbie, President/CEO of Northern Colorado Economic Development Corporation (NCEDC).

Supporting the decision to locate the U.S. wind turbine operations in Northern Colorado has been the close collaboration with the educational community to support the workforce needs of the clean energy industry. Woodward and Colorado State University collaborated last year to launch a systems engineering program at CSU to support the growing need for qualified systems engineers. Woodward committed $1 million to create the Woodward Systems Engineering endowed professorship - a position currently held by Dr. Ron Sega, who was also recently named the Vice President for Energy, the Environment and Applied Research at the CSU Research Foundation.

“Woodward has been a leader in the area of renewable energy for a long time, and we are proud of our close working relationship that continues to boost the regional economy,” said CSU President Larry Edward Penley. “We are deeply appreciative of Woodward’s commitments to clean energy and Colorado State.”

“NCEDC and its partners have been collaborating for nine months to create the ‘Northern Colorado Workforce Initiative,’ a program that essentially connects three groups - educators, primary employers and the workforce,” Dobbie said. “We all agree, in order to be competitive in a global economy, existing companies and those we are trying to attract, must be able to hire an educated and skilled workforce. The announcement of Woodward’s expansion will be the kickoff to this unique initiative.”

About Woodward

Woodward is an independent designer, manufacturer, and service provider of energy control and optimization solutions for engine, 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, Colorado 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. Forward looking statements include, but are not limited to, the company’s expectation to add up to 100 new jobs in the region, the expected additional line to be in production this fall, and the anticipated field service for the U.S. market to be supported out of Colorado. 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 Quarterly Report Form 10-Q for the quarter ended December 31, 2007, to be filed shortly.

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