## Business Description 

Woodward designs, manufactures, and services energy control systems and components for aircraft and industrial engines, turbines, and other power equipment. Leading OEMs (original equipment manufacturers) throughout the world use our products and services in the power generation, process industries, transportation, and aerospace markets. 

## Contents 

Financial Highlights 1 To Our Shareholders 2 Board of Directors 5 Market Drivers Shape Our Strategy 6 Financial Review 17 Officers and Investor Information 47 

