Woodward Signs Supply Agreement With GE Energy

Market Wire, November, 2006

Woodward Governor Company (NASDAQ: WGOV) announced today that it signed a four-year supply agreement with GE Energy to provide gas turbine components and systems for the power generation industry.

The agreement encompasses combustion system components for GE Frame series heavy-duty turbines, electronic control systems and software used on GE aeroderivative series turbines, mechanical controls, and accessories for heavy frame and aeroderivative turbines such as gas valves, liquid valves, actuators, and auxiliary valves. The agreement also includes a long-term technology partnership with GE to develop future products for commercial industrial turbine applications.

"This agreement secures Woodward's position on existing GE Energy programs while providing a foundation to develop further advanced products to improve turbine performance and reliability. We look forward to continuing our strong relationship with GE across their flagship turbine platforms," said Chad Preiss, Woodward vice president and general manager of Industrial Controls.

About Woodward

Woodward is the world's largest independent designer, manufacturer, and service provider of energy control solutions for aircraft engines, industrial engines and turbines, and power generation and mobile industrial equipment. The company's innovative control, fuel delivery, and combustion systems help customers worldwide operate cleaner, more reliable, and cost effective equipment. Woodward is headquartered in Rockford, Illinois, and serves global power generation, transportation, process industries, and aerospace markets from locations worldwide. 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, 2005 and Form 10-Q for the quarter ended June 30, 2006. Woodward's Form 10-K for the year ended September 30, 2006 will be issued by mid-December 2006.

CONTACT: Rose Briani-Burden Business Communications 815-639-6282 Woodward Governor Company 5001 North Second Street P.O. Box 7001 Rockford, IL 61125-7001 Tel: 815-877-7441 Fax: 815-639-6050