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## ELEVEN-YEAR COMPARISON OF RESULTS 

Donaldson Company, Inc. and Subsidiaries 

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Amounts are adjusted for all stock splits and reflect adoption of SFAS 128. 

Operating income is gross margin less selling, general and administrative, and research and development expense. 

Return on investment is net earnings divided by average long-term debt plus average shareholders’ equity. 

Long-term capitalization ratio is long-term debt divided by long-term debt plus shareholders’ equity. 

$^{(1)}$Excludes the cumulative effect of an accounting change of $2,206, or $.08 per share, in 1994. 

