An exhaust system for use with an engine is disclosed. The exhaust system may have an exhaust passageway, a reduction catalyst located within the exhaust passageway, and a particulate filter located within the exhaust passageway upstream of the reduction catalyst. The exhaust system may also have an oxidation catalyst located within the exhaust passageway upstream of the reduction catalyst to provide a desired ratio of NO:NO2 to the reduction catalyst, and an exhaust gas recirculation loop. The exhaust gas recirculation loop may be situated to receive exhaust from the exhaust passageway at a location upstream of the oxidation catalyst and downstream of the particulate filter.