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 March 2, 2009 to shareholders of
record as of the close of business on February 16, 2009.

About Woodward

Woodward is an independent designer, manufacturer, and service provider of energy control and optimization solutions for commercial and military aircraft, turbines, reciprocating engines, 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 more cost-effective equipment. Leading original equipment manufacturers use our products and services in aerospace, power and process industries, and transportation. 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, 2008 and Form 10-Q for the quarter ended December 31, 2008.

CONTACT: Rose Briani-Burden Business Communications 815-639-6282 Woodward Governor Company 1000 East Drake Road Fort Collins, Colorado 80525, USA Tel: [phone] Fax: [phone]