JPMorgan Conference Presentation

George W. Buckley
Chairman, President and CEO
3M Company

Accelerated Growth
Premium Returns
Enhanced Shareholder Value
June 4, 2008
1
© 3M 2008. All Rights Reserved. 2008 JPMorgan Basics and Industrials Conference

Forward-Looking Statements
This presentation contains forward-looking information about 3M’s financial results and estimates and business
prospects that involve substantial risks and uncertainties. You can identify these statements by the use of words
such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” “will,” “target,” “forecast” and other
words and terms of similar meaning in connection with any discussion of future operating or financial
performance or business plans or prospects. Among the factors that could cause actual results to differ
materially are the following: (1) worldwide economic conditions; (2) competitive conditions and customer
preferences; (3) foreign currency exchange rates and fluctuations in those rates; (4) the timing and acceptance
of new product offerings; (5) the availability and cost of purchased components, compounds, raw materials and
energy (including oil and natural gas and their derivatives) due to shortages, increased demand or supply
interruptions (including those caused by natural and other disasters and other events); (6) the impact of
acquisitions, strategic alliances, divestitures, and other unusual events resulting from portfolio management
actions and other evolving business strategies, and possible organizational restructuring; (7) generating fewer
productivity improvements than estimated; and (8) legal proceedings, including significant developments that
could occur in the legal and regulatory proceedings described in the company’s Annual Report on Form 10-K for
the year ended December 31, 2007 and its subsequent Quarterly Reports on Form 10-Q (the “Reports”).
Changes in such assumptions or factors could produce significantly different results. A further description of
these factors is located in the Reports under “Risk Factors” in Part I, Item 1A (Annual Report) and in Part II,
Item 1A (Quarterly Report). The information contained in this presentation is as of the date indicated. The
company assumes no obligation to update any forward-looking statements contained in this presentation as a
result of new information or future events or developments.
2

Today’s Agenda

Recent performance
1

Unparalleled and diverse portfolio
2

International operations
3

Innovation
4

Financial strength
5

3

Planning Framework

Growth Operational Excellence
Protect and Adjacency
Grow the Core Build Out Leverage
Comp/Benefit
Sourcing Overhead
Competitiveness
New Technology New Products M&A
Control Price
Service & Quality Solve Low Turns
Leakage
Revolution Inventory
Emerging Bus. Localized, Simplified Go to Market
Opportunities Supply Chains Strategies Lean Six Sigma / Factory Cost Reductions
(EBO’s)

Operational Excellence Within a Growth Culture Is Essential
4

A Long-Term Track Record Of Success
Operating Margins
Local Currency Growth
$6,000 25%
10%

8% 20%

Operating Income
$4,500
GR
6%
CA
15% 15%

OI %
4% $3,000
GR
6% C A 10%
2%
$1,500
5%
0%
2001 2005 2006 2007

-2% $0 0%
2001 2005 2006 2007

EPS ROIC %
$6 25%

$5
GR
A
18% C 20%
ts
+8 Poin
$4
15%
$3

10%
$2

$1 5%

$0 0%
2001 2005 2006 2007 2001 2005 2006 2007

* Amounts exclude special items and pharma in all periods. See appendix.
5

A Look Back: Q108 Highlights
Positives
Strong revenue growth and double-digit profit growth in 4 of 6 businesses
Profit margins of 20 percent or better in all businesses
Rapid growth in developing countries – China, Russia, India, Middle East, Eastern Europe – all growing 15
to 30 percent
Tax rate improvement
Closed Aearo acquisition April 1st
Balance sheet remains strong
50th consecutive annual dividend increase
Returned $863 million to shareholders via dividends and share repurchases
Challenges
Tough U.S. economy, particularly in retail, auto OEM and housing
Optical Systems
Commodity prices at record levels and consequent impact on energy and transportation costs

Sales Up 9%, EPS Up 8%, 23.2% OI Margins In A Tough US Environment;
Ex-Optical, Sales & Operating Income Rose 11% & 12%, Respectively
6
*Excludes special items in 2007. Refer to 3M’s April 24, 2008 press release for a complete list and explanation of these items.

3M: A Powerful, Diverse and Integrated Enterprise
Q1 2008 Sales = $6.5 billion, up 9%
Q1 2008 EPS = $1.38, up 8%

E&C
11%
EMEA I&TB
US
C&O
28% 32%
34%
13%
Int’l
66%
SS&PS
13%
HCB
APAC
LAC
17%
D&G
27%
11%
14%

Emerging markets up 13% Four of six business—strong sales growth &
double-digit operating income increases
Developed markets up 7%
Results impacted by weaknesses in D&G
Total company up 9%
and C&O
7 *Excludes special items in 2007. Refer to 3M’s April 24, 2008 press release for a complete list and explanation of these items.

Unparalleled and Diverse Portfolio

8

Industrial and Transportation
($ in billions)
CAGR: Sales 9%, OI 13%
$7.5
$7.3
Sales Op Income $1.9

Operating Income
$6.6
Sales

$6.5
$1.4

$6.0

$5.6
$5.5 $0.9
2004 2005 2006 2007

LC Org Sls 5.2%
Global market leader in tapes,
3.1% 4.4% 4.0%
OI Margin 18.4% 20.0% 20.4% 20.7%
abrasives, autobody repair and
specialty automotive OEM solutions
Amounts exclude special items in all periods. See appendix.
9

Health Care
($ in billions)


$4.3 $1.3
Sales Op Income
$4.0

Operating Income
$3.2
Sales

$3.4 $1.0

$3.0
$2.8

$2.5 $0.6
2004 2005 2006 2007

LC Org Sls 2.8% 5.1% 7.4% 13.9%

Technology leadership across health
OI Margin 27.8% 30.0% 28.3% 27.5%

care market; a growing space driven by
aging population and global expansion
Amounts exclude special items and pharma in all periods. See appendix.
10

Display and Graphics
($ in billions)

$4.0 $1.3
$3.9
Sales Op Income

$3.7

Operating Income
$3.6
Sales

$3.5 $1.0
$3.4

$3.0 $0.6
2004 2005 2006 2007

LC Org Sls 10.1% 3.1% 4.9% 2.6%
Leading market positions in LCD
OI Margin 32.8% 32.5.% 28.7% 28.5%

films, traffic safety systems and
commercial graphics
11

Consumer and Office
($ in billions)
$3.5 $1.0
$3.4
Sales Op Income

$3.2

Operating Income
Sales

$3.0 $0.7
$2.9

$2.7

$2.5 $0.4
2004 2005 2006 2007

LC Org Sls 10.9% 6.4% 6.8% 4.1%
Category defining brands:
OI Margin 20.4% 20.9% 20.0% 20.3%

Scotch®, Post-it®, Scotch-Brite®,
Filtrete™ and Command™
12

Safety, Security and Protection Services
($ in billions)

$3.2 $0.8
Sales Op Income $3.1

Operating Income
$2.7
Sales

$2.6 $0.6

$2.3

$2.2

$2.0 $0.3
2004 2005 2006 2007

Global leader in respiratory protection,
LC Org Sls 4.1% 6.2% 9.6% 3.4%

roofing granules, building safety solutions &
OI Margin 20.9% 22.1% 21.0% 20.9%

automated library systems; emerging security
systems & RFID platforms
13

Electro and Communications
($ in billions)

$2.9 $0.6
Sales Op Income
$2.8

$2.7

Operating Income
$2.5
Sales

$2.5 $0.4
$2.4

$2.0 $0.2
2004 2005 2006 2007
LC Org Sls 2.1% 3.5% 4.2% -0.5%
Leading positions in electrical tapes,
OI Margin 12.0% 16.5% 17.5% 19.3%
copper interconnects, OEM insulating
tapes & medium-voltage splicing
& terminating solutions
14

The 3M Portfolio
2007 Sales = $24.5 billion Res. & Com.
Const.
4% -5%
Transport
E&C
10% - 13%
I&TB
11% Industrial
SSPS 30% 25%- 30%
Gov't &
13%
Infrastructure
10% - 13%
C&O
Health Care
Electronics
14% HCB
16%
12% - 15%
D&G 16% Consumer
16% 14% - 16%

Segment Breakdown End Market Breakdown

A Global, Diversified & Powerful Set Of Businesses

15

International Operations
Our Largest Growth Platform

16

3M’s Subsidiary Network
Poland Switzerland
Norway
Hungary
Canada
Czech
Trinidad Austria
East Romania
Republic Sweden
& Tobago Finland Ukraine
Puerto Rico
Russia
Germany
Dominican
Republic Kazakhstan
Denmark
Korea
Jamaica Netherlands
Belgium
Japan
United
Mexico
Kingdom
China
Guatemala
Portugal
Hong Kong
El Salvador
Spain Taiwan
Costa Rica

Vietnam
Panama France Pakistan
Colombia
Philippines
UAE
Morocco
Indonesia
Venezuela Thailand
Israel
Ecuador Italy Malaysia Singapore
Egypt
Peru
Greece Sri New Zealand
Australia
Lanka
Brazil Kenya
India
Chile Turkey
Uruguay Key
Argentina Sales & Marketing
South Africa
Manufacturing/Converting
Technical Capabilities

17

3M’s Dependency on US Economy Lessens Over Time
70%

64-65%
65%
Percentage Non-US

60%

55%
51%
50%

45%

40%

E
98

99

00

01

02

03

04

05

06

07

08
19

19

20

20

20

20

20

20

20

20

20
Amounts exclude pharma in all periods.
18

Accelerating International Sales Growth
International Sales Growth
($ in Billions)
$16
$15.5

$13.6
14
$12.4
GR
$11.7
CA
12
%
12
$10.2
10
$8.5 $8.5
$8.2
$7.9
$7.5
8
3% CAGR

6

4
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
Our Single Largest Growth Platform…
Amounts exclude pharma in all periods.
19

…With a Growing Percentage of Emerging Market Sales
International Sales Growth
$8 ($ in Billions)

$7.0
7

Emerging Markets Adding $6.1
Almost $1B/Year Or 4% To
6

Growth $5.2
5
$4.5
GR
A
+C
4 $3.7 %
19
$2.9
$2.8
3 $2.7
$2.5
$2.4
5% CAGR
2

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
Emerging Markets = Central/Eastern Europe + Middle East Africa + Asia Pacific ex. Japan/ANZ + Latin America
20 Amounts exclude pharma in all periods

Innovation

21

3M’s Core Strength: Connecting Technology to Markets
A B P S
b i m m

A C E N P S
c e m t o u

A D F M P T
N
d d c i p t
w

P V
A D F F I M M O
r p
m i e s s e o p

R W
A D F I L M M P
p e
n o i m m f r d

P S W
A E F I M
e e o
s c l n d

3M Technology Capability

Technology-enabled
NPI
solutions

Voice of The Market

22

The Oldest Can Be Forever New - Abrasive Reinvention
FROM TO

Trizact™ Hook-it™
Super Abrasives

Cubitron™ Sandblaster™

Traditional mineral materials and market focus; Synthetic materials and specialized
metal finishing and wood-working applications; aerospace, healthcare,
composites
2012 OI Margin = 25%
2003 OI Margin = 12%
2012 ROIC = 45%
2003 ROIC = 16%
2007 Growth Rate = 7.8%
2003 Growth Rate ≈ 1%

Movement to higher growth, higher profit market zones
23

Lava™ Chairside Oral Scanner
“Digital Impressions”

Technology Obtained via Brontes Acquisition
24

3M Mobile Projection Products

Huge Interest by branded consumer electronics manufacturers
and ODM’s. Applications being considered in:-
Mobile Phone
Media Players
Digital Cameras
Smartphones
UMPC
Pocket Big Screen TVs
Camcorders
25
Laptops

New Consumer Products Inspired by Non-Woven Technology

Non-woven

• New performance attributes
• Natural materials
• Sustainable and renewable
26

Advanced Materials Provides Basis for 3M Aluminum
Composite Conductor Composite (ACCR)

Key Features:
Capable of carrying 2-3x the
Capable of carrying 2-3x the
current of conventional, steel
current of conventional, steel
core conductors
core conductors
Strong like steel
Compatible with existing
Compatible with existing
Light weight like aluminum structures
structures
Highly conductive
Less sag
Less sag
Low thermal expansion
Almost no corrosion due to:
Almost no corrosion due to:
Metal matrix
Metal matrix
Chemically compatible
Chemically compatible
(inorganic)
(inorganic)
materials
materials
Environmental stability
Environmental stability
Aluminum-oxide fibers
Aluminum-oxide fibers
27

Solar: Strong Capabilities & Technology Base

Optically Clear UV Micro-replicated Wavelength Selective
Barrier Films IR Reflective Films
Stable Fluoropolymer Films Lens Film Mirror Films

Metallized Anti-soil & Electrical Foil & Structural Tapes, 60 Years of Experience
Mirror Films Hard Coatings Connectors Sealants & Adhesives (Weathering Resource Center)
28

Financial Strength

29

Financial Policy
First priority: fund available organic growth
Capital expenditures: drive 20%+ ROIC via organic growth
Supplement organic with accretive, growth-enhancing acquisitions
Increase annual dividend
Maintain competitive yield and payout ratio
Offset inflation at a minimum, with the maximum dependent on other growth-
generating uses at that time
Opportunistic share buyback
Economic dynamics and alternative cash uses will drive repurchase levels
Ready to support the stock when warranted
For the right growth investments, lever up as required
Managing With “AA” Operating Discipline; Will Consider “A” For The Right
Strategic Cash-Generating Opportunity
30

Cash Back to Shareholders
$3,500
For The Period 2001-2007:
Stock Repurchases in Millions
$3,000

$12.7B in share repurchases
$2,500

$2,000

$8.1B in dividends paid
$1,500

Dividend CAGR of 6.5%
$1,000

$500

No-equity-dilution policy
$0
2001 2002 2003 2004 2005 2006 2007
$1,400
Dividends in Millions
$1,300

Returned 108% of Reported
$1,200

Net Income Via Dividends
$1,100

and Share Repurchases
$1,000

$900

$800
2001 2002 2003 2004 2005 2006 2007
31

Driving Toward Our Long-Term Objectives
Deliver sales growth at >2x IPI
Customer-inspired innovation
Move into faster-growing market spaces
Aggressively drive EBOs
Commitment to double-digit earnings growth
Maintain >20% ROIC
Continuous supply chain improvement
Quadruple win: better service, improve inventory, lower logistics cost, lower
tax rate
Driving to 30.5% tax rate by 2012

Unlimited Potential for Shareholder Value Creation

32

Question and Answer

33

Appendix

34

Industrial & Transportation
2007 Sales Breakdown
2005 2006 2007 CAGR
Other
Liquid Filtration 7%
Sales $6.0B $6.6B $7.3B 10% 7% Adhesives & Tapes
33%
OI $1.2B $1.4B $1.5B 12% Energy & Adv Mtls
11%
OI% 20.0% 20.4% 20.7%
Abrasives
13%

Transportation
With leading positions in: 29%

Abrasives
Industrial tapes
Autobody repair solutions
2007 Sales by Geography
Specialty solutions for automotive OEMs

LAC
12%

U.S.
35%
APAC
24%

Europe
29%

35 Amounts exclude special items in all periods. See appendix.

Health Care
2005 2006 2007 CAGR Health
Information
Sales $3.0B $3.2B $4.0B 16% Systems
10%
OI $0.9B $0.9B $1.1B 11% Drug Delivery
14%

OI% 30.0% 28.3% 27.5% Medical
50%

Oral Care
With leading positions in: 26%

Skin & wound care
Infection prevention
Stethoscopes
Restorative dentistry & orthodontics 2007 Sales by Geography
Coding and reimbursement software
Inhalation drug delivery
LAC
8%
APAC
11%

U.S.
45%

Europe
36%

36 Amounts exclude special items and pharma in all periods. See appendix.

Display & Graphics
2005 2006 2007 CAGR Projection
Systems
Sales $3.6B $3.7B $3.9B 5% Commercial 5%
Graphics
OI $1.2B $1.1B $1.1B -2% 20%

Optical
OI% 32.5% 28.7% 28.5% 51%

Traffic Safety
24%

With leading positions in:
LCD films
Commercial graphics
Reflective materials for highway signs, license
plates and construction work zones
LAC
5%

Europe
17%

APAC
U.S.
59%
19%


Consumer & Office
2005 2006 2007 CAGR
Sales $2.9B $3.2B $3.4B 8% Prot. Mtrls &
Consumer HC
OI $0.6B $0.6B $0.7B 6% 6%

OI% 20.9% 20.0% 20.3%
Home Care
Office &
23%
Stationery
44%

Home to many category-defining brands:
DIY
Scotch® 27%

Post-it®
Scotch-Brite®
Filtrete™
Command™

LAC
10%

APAC
13%

U.S.
Europe 59%
18%

38

Safety, Security & Protection Services
2005 2006 2007 CAGR Corrosion
Protection
8%
Sales $2.3B $2.7B $3.1B 15% Roofing Granules
9% Personal
OI $0.5B $0.6B $0.6B 12% Protection
Equipment
Security & RFID
OI% 22.1% 21.0% 20.9% 46%
17%

With leading positions in: Building Svcs
20%
Respiratory protection
Roofing granules for asphalt shingles
Automated library systems
Building safety solutions
LAC
12%

U.S.
35%
APAC
18%

Europe
35%


Electro & Communications
2005 2006 2007 CAGR
Sales $2.5B $2.7B $2.8B 5%
OI $0.4B $0.5B $0.5B 14% Telecom&Other
27%
OI% 16.5% 17.5% 19.3% Electronics
43%

With leading positions in: Electrical Mkts
Electrical tapes 30%

Splicing/terminating solutions for medium voltage
OEM insulating tapes
Copper interconnects
Fluorochemicals for electronics applications
LAC
10%

APAC
39%
Europe
23%

U.S.
28%


Non-GAAP Financial Measures
3M Company and Subsidiaries
SUPPLEMENTAL CONSOLIDATED INFORMATION
NON-GAAP FINANCIAL MEASURES
(Millions, except per-share amounts)
(Unaudited)

In addition to reporting financial results in accordance with U.S. generally accepted accounting principles The Company uses non-GAAP measures to focus on shareholder value creation. 3M uses Return on
(GAAP), the Company also discusses non-GAAP measures that exclude special items. Sales, operating Invested Capital (ROIC), defined as annualized after-tax operating income (including interest income)
divided by average operating capital. Operating capital is defined as net assets (total assets less total
income and diluted earnings per share measures that exclude special items and that exclude the impact of
liabilities) excluding debt and minority interest liabilities. 3M’s ROIC calculation was revised in 2008 to
Pharmaceuticals are not in accordance with, nor are they a substitute for, GAAP measures. Special items
include interest income and to simplify/improve the means for determining operating capital. Prior period
represent significant charges or credits that are important to an understanding of the Company’s ongoing
amounts have been updated to conform to the revised calculation. This measure excludes special items and
operations. The company uses these non-GAAP measures to evaluate and manage the Company’s
the historical impacts of the Pharmaceuticals business (see Notes 1 and 2). These measures are not
operations. The company believes that discussion of results excluding special items provides a useful
recognized under U.S. generally accepted accounting principles and may not be comparable to similarly
analysis of ongoing operating trends. The determination of special items may not be comparable to
titled measures used by other companies.
similarly titled measures used by other companies. Special items for the twelve months ended December
31, 2007 and 2006 and prior periods presented have been previously provided (See Note 1). In addition, the
Year Year Year Year First Three
Company believes that providing financial results excluding the impact of Pharmaceuticals provides useful
2001 2005 2006 2007 Months 2008
information (See Note 2). The reconciliations provided below reconcile the non-GAAP financial measures
Return on Invested Capital 14.2% 24.4% 27.8% 27.1% 22.0%
with the most directly comparable GAAP financial measures for the periods indicated. Return on Invested Capital - excluding
Pharmaceuticals and Special Items 16.3% 23.8% 23.6% 24.2% 22.0%
Year Year Year Year Year Year Year First Three
(Millions, except per-share amounts) 2001 2002 2003 2004 2005 2006 2007 Months 2008
Sales Dollars: As previously indicated, the Company provides non-GAAP measures, including the business segment
Reported GAAP $ 16,054 $ 16,332 $ 18,232 $ 20,011 $ 21,167 $ 22,923 $ 24,462 $ 6,463
operating income amounts shown within this presentation that exclude special items. Special items for the
Pharmaceutical $ (699) $ (767) $ (813) $ (793) $ (797) $ (774) $ - $ -
Adjusted Non-GAAP $ 15,355 $ 15,565 $ 17,419 $ 19,218 $ 20,370 $ 22,149 $ 24,462 $ 6,463
years 2007 and 2006 have been previously provided in an 8-K that was furnished to the U.S. Securities and
Exchange Commission on January 29, 2008. An 8-K filed May 19, 2008, provided results that reflect for all
Operating Income Dollars:
Reported GAAP $ 2,075 $ 2,816 $ 3,504 $ 4,326 $ 4,854 $ 5,696 $ 6,193 $ 1,501
periods presented the impacts of certain business segment product moves effective in the first quarter of
Special Items $ 504 $ 202 $ 93 $ - $ - $ (523) $ (681) $ -
2008. There were no special items that impacted business segment operating income results for the first
Pharmaceutical $ (157) $ (200) $ (217) $ (194) $ (226) $ (256) $ - $ -
Adjusted Non-GAAP $ 2,422 $ 2,818 $ 3,380 $ 4,132 $ 4,628 $ 4,917 $ 5,512 $ 1,501
three months of 2008, year 2005 and year 2004.
Diluted Earnings per Share:
Reported GAAP $ 1.60 $ 2.32 $ 2.88 $ 3.56 $ 3.98 $ 5.06 $ 5.60 $ 1.38
(1) Special items for the periods presented have been discussed in Form 8-K’s that were furnished to the
Special Items $ 0.39 $ 0.14 $ 0.07 $ - $ 0.14 $ (0.57) $ (0.62) $ -
Pharmaceutical $ (0.12) $ (0.17) $ (0.18) $ (0.16) $ (0.20) $ (0.23) $ - $ -
U.S. Securities and Exchange Commission on January 29, 2008 and January 30, 2007 and in 3M’s
Adjusted Non-GAAP $ 1.87 $ 2.29 $ 2.77 $ 3.40 $ 3.92 $ 4.26 $ 4.98 $ 1.38
2003 Form 10-K filed March 2, 2004. Also reference 3M’s Form 8-K dated May 19, 2008, which
provided results that reflect for all periods presented the impacts of certain business segment product
The Company uses local-currency sales growth, which excludes the impact of translation or currency
moves effective in the first quarter of 2008.
exchange rates, as an indication of its economic sales growth. The Company has provided the components
of local-currency sales growth below, including the impact of translation. The Company has provided
(2) In December 2006 and January 2007, 3M completed the sale of its global branded Pharmaceuticals
local-currency sales growth that excludes the historical impacts of divestitures, primarily the
business. In connection with these transactions, 3M’s Drug Delivery Systems Division became a
Pharmaceuticals business, to portray what it believes are more meaningful sales growth trends. 3M believes
source of supply to the acquiring companies. Because of the extent of 3M cash flows from these
this non-GAAP sales growth information excluding divestitures provides useful information (See Note 2).
agreements in relation to the disposed businesses, the operations of the branded Pharmaceuticals
These measures are not in accordance with, nor are they a substitute for, GAAP measures.
business were not classified as discontinued operations. The sale of the branded Pharmaceuticals
business impacted both sales and operating income growth in 2007, as significant Pharmaceuticals
Year Year Year Year Year Year Year First Three
2001 2002 2003 2004 2005 2006 2007 Months 2008
sales and income are in the reported base 2006 period and also in prior periods. Where indicated, to
Sales Change Percents:
provide more meaningful trend information, portions of this presentation exclude the impact of 2006
Total Reported Sales Change -3.9% 1.7% 11.6% 9.8% 5.8% 8.3% 6.7% 8.9%
Less: Translation Impact -3.3% 0.1% 5.2% 3.8% 0.7% 0.6% 3.2% 6.1%
and prior Pharmaceutical financial results, as this business was sold in December 2006 and January
Local-Currency Sales Change (including divestitures) -0.6% 1.6% 6.4% 6.0% 5.1% 7.7% 3.5% 2.8%
2007.
Local Currency Sales Change (excluding divestitures) -1.1% 1.4% 6.8% 6.5% 5.3% 8.1% 7.3% 3.0%

41

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