Exhibit 99
Woodward Governor Company
Additional Exhibit - Description of
Annual Report Graphs


An explanation of the graphs which appear in the "Financial
Highlights" on page 1 of the registrant's annual report for
the fiscal year ended September 30, 1998.

NET BILLINGS:
    This bar graph shows consolidated net billings to
    customers in millions of dollars for the fiscal years
    ended 1994 through 1998.  Consolidated plot points are
    $333, $380, $417, $442 and $490 with the first plot
    point being 1994.

NET EARNINGS (LOSS):
    The bar graph for consolidated net earnings (loss) is
    in millions of dollars for fiscal years 1994 through
    1998.  The plot points beginning with 1994 are
    -$3, $12, $22, $18 and $22.  A second plot point
    beginning in 1997 of $24 and $25 in 1998 reflects
    earnings before equity in loss of an unconsolidated
    affiliate.

NET EARNINGS (LOSS) AND CASH DIVIDENDS PER SHARE:
    The bar graph for consolidated net earnings (loss) and
    cash dividends per diluted share is for fiscal years
    ended 1994 through 1998.  Beginning with 1994, plot
    points for net earnings per diluted share are -$.28,
    $1.03, $1.92 $1.57 and 1.90.  Cash dividends per
    diluted share plot points, beginning with 1994, are
    $.93 for all years.