DONALDSON Co INC — Director's Dealing 2003

Oct 6, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: DONALDSON CO INC (DCI)
CIK: 0000029644
Period of Report: 2003-10-03

Reporting Person: EUGSTER JACK W (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-10-03	Common Stock	M	4000	$12.31	Acquired	24366	Direct
2003-10-03	Common Stock	S	4000	$55.46	Disposed	20366	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-10-03	Option (right to buy)	$12.31	M	4000	Disposed	2005-12-01	Common Stock (4000)	Direct