FIVE-YEAR COMPARISON OF RESULTS (In millions, except per share amounts) Twelve Months Ended July 31, 2018* 2017 2016 2015 2014

GAAP Operating Results Net Sales $2,734 $2,372 $2,220 $2,371 $2,473 Gross Margin 34.2% 34.7% 34.0% 34.1% 35.5% Operating Margin 13.9% 13.9% 12.3% 12.2% 14.4% Net Earnings $180 $233 $191 $208 $260 Diluted Earnings per Share $1.36 $1.74 $1.42 $1.49 $1.76

Additional Shareholder Information Net Capital Expenditures $96 $64 $71 $94 $97 Free Cash Flow $167 $247 $215 $119 $221 After-Tax Return on Investment** 18.6% 16.8% 14.3% 15.0% 19.0% Dividends Paid per Share $0.730 $0.700 $0.685 $0.665 $0.575 Shares Outstanding 128.7 130.5 132.8 134.5 140.3 Share Price High $52.20 $48.91 $37.08 $43.31 $43.74 Low $42.59 $35.52 $25.21 $31.62 $34.60

* The Federal Tax Cuts and Jobs Act (“TCJA”) enacted in December 2017 impacted certain metrics in Donaldson’s fiscal 2018 performance, including a negative impact to net earnings of $84.1 million. Details related to the impact from theTCJA are included in the annual report on Form 10-K for the fiscal year ended July 31, 2018.

** Return on Investment (ROI) is a ratio based on GAAP information and is calculated by: Net Earnings ÷ Average (Short-Term Borrowings and Long-Term Debt + Total Shareholders’ Equity + Allowance for Doubtful Accounts - Net Deferred Tax Assets). Fiscal 2018 ROI excludes the impact on net earnings from the TCIA.

CORPORATE OFFICERS RICHARD B. LEWIS BOARD OF DIRECTORS WILLARD D. OBERTON VP, Global Operations Lead Independent Director AMY C. BECKER TOD E. CARPENTER Donaldson Company, Inc. VP, General Counsel and Secretary ROGER J. MILLER Chairman, President and CEO Chairman of the Board VP, Global Engine Aftermarket Donaldson Company, Inc. Company JACQUIE L. BOYER VP, Global Engine OEM Sales SCOTT J. ROBINSON ANDREW CECERE JAMES J. OWENS SVP, Chief Financial Officer Chairman, President and CEO President and CEO GUILLERMO N. BRISEÑO U.S. Bancorp H.B. Fuller Company VP, Latin America THOMAS R. SCALF SVP, Engine Products PILAR CRUZ AJITA G. RAJENDRA FRANKLIN G. CARDENAS President, Feed and Nutrition Executive Chairman VP, Asia Pacific TODD C. SMITH , Inc. A.O. Smith Corporation VP, Global Industrial Air Filtration TOD E. CARPENTER MICHAEL J. HOFFMAN TRUDY A. RAUTIO Chairman, President and CEO JEFFREY E. SPETHMANN Retired Chairman and CEO Retired President and CEO SVP, Industrial Products The Company KATHRYN L. FREYTAG VP, Chief Information Officer WIM J. V. VERMEERSCH DOUGLAS A. MILROY JOHN P. WIEHOFF VP, Europe, Middle East and Africa Former Chairman and CEO Chairman and CEO TIMOTHY H. GRAFE G & K Services, Inc. C. H. Robinson Worldwide, Inc. VP, New Business Development MICHAEL J. WYNBLATT VP, Chief Technology Officer SHEILA G. KRAMER VP, Human Resources Independent Registered Public Accounting Firm PricewaterhouseCoopers LLP, , MN

Safe Harbor Statement

Statements in this document regarding future events and expectations, such as forecasts, plans, trends and projections relating to the Company’s business and financial performance, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements speak only as of the date such statements are made and are subject to risks and uncertainties that could cause the Company’s results to differ materially from these statements. These risks and uncertainties are described in the Company’s Annual Report on Form 10-K, and Donaldson undertakes no obligation to update them unless otherwise required by law.