CAUTIONARY STATEMENT Information in this presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties, including, but not limited to, statements regarding our expectations related to the performance of our segments, our expectations regarding our pending acquisition of L’Orange, including the expected closing date and its effects on our business and financial results, our expectations regarding the effects of the changes in the U.S. tax legislation on our business, our future sales, earnings, liquidity,...

WORLD-CLASS COMPANY PROPRIETARY INFORMATION - © 2018 WOODWARD, INC.

GROWING MARKETS - AEROSPACE Industry drivers strong Commercial Increasing traffic (>7%) New aircraft ramping Long backlogs – book/bill ~1x Increased utilization – load factor ~83% Global tensions remain Growing budgets New programs – JSF, tanker PROPRIETARY INFORMATION - © 2018 WOODWARD,

Fundamentals sound Emissions & efficiency Regional power expansion Shift to gas & renewables Industrial markets attractive Transportation/oil & gas recovering Power Engines & renewables positive Gas turbines weak For Woodward Engines improving Gas shift favorable -increased content Positive long-term power dynamics Depressed gas turbine Wind market share recapture

COMPETITIVE ADVANTAGES Leveraged, world-class technology Partnering with market leaders High barriers to entry Complex solutions  Customer value Sole source positions Industry Leading Controls Technology PAGE 6 PROPRIETARY INFORMATION - © 2018 WOODWARD, INC.

Productivity Lean Principles Culture of Quality OPERATIONAL EXCELLENCE DRIVING SHAREHOLDER VALUEPerfect Safety Perfect Quality Perfect Delivery PROPRIETARY INFORMATION - © 2018 WOODWARD, INC. Significant Opportunities to Improve Margins and Working Capital Utilization PROPRIETARY INFORMATION - © 2018 WOODWARD, INC. WOODWARD

TOTAL SHAREHOLDER RETURN Growing markets Margins expanding Cash flow accelerating Sound capital deployment TSR* 5 Year CAGR = 19% 2012 *TSR = Share price % appreciation + Dividend yield PAGE 8 PROPRIETARY INFORMATION - © 2018 WOODWARD, INC.

FY2017 FINANCIAL HIGHLIGHTS Sales - $2.1 billion Up from $2.02 billion Earnings - $3.16 per diluted share Up 11% from $2.85 Free cash flow of $215 million Up from $105 million* Capital expenditures of $92 million Down from $176 million * Excluding $155 million of after-tax proceeds in FY2016 from the formation of the joint venture PAGE 10 PROPRIETARY INFORMATION - © 2018 WOODWARD, INC.

WHAT WE SAID ... WHAT WE DID Sales WWD +4% Aero +9% Industrial -4% EPS $3.16 Free cash flow1 $215 million Capex $92 million 1See Appendix for definition of Non-U.S. GAAP Measures PROPRIETARY INFORMATION - © 2018 WOODWARD, INC.

2017 SALES - $2.1 BILLION db* 'jt db db- db db* db H ^ H db db db db db db db ^ H H >ij^k >ij^k >«j^k >»j^k >«j^k >ij^k ^ ^ ^ £Jy| 0/ + + £ 1 O4/0 Aerospace $1.3 Billion dbdbdbdbdbdbi ill dbdbdbdbdbdbi III dbdbdbdbdbdb i £ t i dbdbdbdbdbdbi ill PROPRIETARY INFORMATION - © 2018 WOODWARD, INC.

SALES AND EARNINGS Earnings per Share Total Sales Aerospace Sales Industrial Sales PROPRIETARY INFORMATION - © 2018 WOODWARD, INC.

Aerospace on track Heavy OEM ramp Aftermarket growth Defense strength Industrial challenges Negative volume leverage Offset by cost reductions Segment Margins Aerospace Industrial PROPRIETARY INFORMATION - © 2018 WOODWARD, INC.

CAPITAL EXPENDITURES $ in millions Capital Expenditures ■ Equip & Maint ■ Facilities PROPRIETARY INFORMATION - © 2018 WOODWARD, INC.

DRIVING FREE CASH FLOW $475 million for 2016 – 2017 FCF target 2016 – 2020 Impact of Industrial Recession New target - $1.3 - $1.5B Cash impact of special charges Higher working capital due to timing of sales Free Cash Flow $ in millions *Includes $155 million of after-tax proceeds in FY2016 from the formation of the joint venture PROPRIETARY INFORMATION - © 2018 WOODWARD, IN

STRONG BALANCE SHEET Debt-to-EBITDA Leverage PROPRIETARY INFORMATION - © 2018 WOODWARD, INC.

CAPITAL DEPLOYMENT 50% of net earnings* to shareholders Share repurchases Dividends Share Repurchases & Dividends $ in millions Grow the core Strengthen the core Expand into adjacencies Inorganic growth opportunities Industrial – good markets & long-term fundamentals Aerospace – significant potential changes in industry portfolios PROPRIETARY INFORMATION - © 2018 WOODWARD, INC.

RETURN ON INVESTED CAPITAL Investment cycle Return cycle Free cash flow reducing debt 2017 *ROIC = net earnings before interest expense/invested capital at September 30 of each year PAGE 19 PROPRIETARY INFORMATION - © 2018 WOODWARD, INC.

Sales 7-8% CAGR New aerospace platforms Industrial return to growth Earnings 2x sales growth rate Operational excellence -True North Free cash flow Investment ^ Return cycle Disciplined deployment Sales EPS PROPRIETARY INFORMATION - © 2018 WOODWARD, INC.

ADJUSTED FINANCIAL RESULTS Reporting on both U.S. GAAP and Adjusted basis Beginning Q2 2018 See Q2 Earnings Reconciliation on following slide Adjusted amounts exclude: Transition impacts of change in U.S. tax legislation Special charges Restructuring charges Duarte move related costs M&A transaction and integration costs PROPRIETARY INFORMATION - © 2018 WOODWARD, INC.

Adjusted Net Earnings Per Share (mils) YTD FY 18 Adjusted Net Adjusted Net Earnings Per Earnings Share (mils) (mils) Non-U.S. GAAP Adjustments Restructuring charges, net of tax 12.7 0.20 Total non-U.S. GAAP adjustments 13.9 0.22 Impact of recent changes to U.S. tax law - - Total non-U.S. GAAP adjustments 13.9 0.22 Adjusted net earnings (Non-U.S. GAAP) $ 52.4 $ 0.82 PROPRIETARY INFORMATION - © 2018 WOODWARD, INC.

Revenue ~$2.2 billion Effective tax rate ~24% Earnings per share between $3.00 and $3.20 per share Adjusted EPS share between $3.60 and $3.80 per share NOTE: refer to Outlook Reconciliation on the following slide Adjusted Earnings per Share $4.00 $3.00 $2.00 $1.00 $2009 2010 2011 2012 2013 2014 2015 2016 2017 2018E PROPRIETARY INFORMATION - © 2018 WOODWARD, INC.