3M Company at J.P. Morgan Aviation, Transportation and Industrials Conference 2015

© 2015 3M. All Rights Reserved.
March 3, 2015
Inge Thulin
Chairman of the Board, President & Chief Executive Officer

2 © 2015 3M. All Rights Reserved.J.P. Morgan Aviation, Transportation & Industrials Conference 2015
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 and capital markets conditions and other factors beyond 3M's control,
including natural and other disasters affecting the operations of 3M or its customers and suppliers; (2) 3M's credit ratings and its cost of
capital; (3) competitive conditions and customer preferences; (4) foreign currency exchange rates and fluctuations in those rates; (5) the
timing and market acceptance of new product offerings; (6) 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); (7) 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; (8) generating fewer productivity improvements than estimated; (9) unanticipated problems or delays with
the phased implementation of a global enterprise resource planning (ERP) system, or security breaches and other disruptions to 3M's
information technology infrastructure; and (10) 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, 2014. Changes in
such assumptions or factors could produce significantly different results. A further description of these factors is located in the Annual
Report under “Cautionary Note Concerning Factors That May Affect Future Results” and “Risk Factors” in Part I, Items 1 and 1A. 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.

Executing our playbook to create value for customers and shareholders
Investing in Innovation
Portfolio Management
Business Transformation

Free Cash Flow
Conversion
~100%
ROIC
~20%
Organic
Revenue Growth
4-6%
EPS Growth
9-11%
We are tracking toward the objectives we established in 2012
(2013 – 2017)
Aggressive and realistic targets

Solid performance continues across each of our Business Groups
2014 results
Industrial
$11.0B
4.9% Organic Growth
21.7% OI
Health Care
$5.6B
5.8% Organic Growth
30.9% OI
Consumer
$4.5B
3.9% Organic Growth
22.0% OI
Safety & Graphics
$5.7B
5.4% Organic Growth
22.6% OI
Electronics & Energy
$5.6B
5.2% Organic Growth
19.9% OI
$31.8B
4.9% Organic Growth
22.4% OI
Note: Business Group sales include dual credit

Leveraging and building our Fundamental Strengths
Leveraging these assets creates value; strengthening them ensures our future

Key levers will drive value creation going forward
Investing in Innovation Business TransformationPortfolio Management
These levers, combined with more aggressive capital deployment, will drive enhanced value creation

Portfolio Management roadmap
Portfolio actions continue to create value
 Continue portfolio management deployment
across the corporation
 Reallocate resources to 3M’s best opportunities
 Augment organic growth through M&A playbook
Portfolio Management

We have a stronger portfolio of businesses today than when we started
RelativeStrategicAttractiveness
Relative Shareholder Attractiveness
Strategic Review
Heartland
Push Forward

M&A complements our organic growth efforts
Emphasis on larger deals with more focused strategic intent
Portfolio
intent
Leverage
strengths
Maximize
value
 Bolster technology position and pursue adjacencies in the Heartland
 Build scale and facilitate market penetration for Push Forward
 Build upon and leverage 3M fundamental strengths of technology,
manufacturing, global footprint, and brand
 End-market growth that is sustainable and accretive
 Leverage integration capability to generate value

2015 acquisitions strengthen the 3M portfolio
 Charlotte, North Carolina; major
operations in Germany
Location:
 Separations Media membrane
filtration business
What:
 $1B; majority financed with
international cash
Acquisition Price:
 Enhances 3M’s core filtration
platform; utilizes 16 of 46 technology
platforms
 Generates new growth opportunities
across the company
Rationale:
 San Diego, CaliforniaLocation:
 Health care products that disinfect
and protect devices used for access
into a patient’s bloodstream
What:
 Broadens 3M’s vascular access
product offerings
 3M’s international presence provides
significant growth opportunities
Rationale:
 ~5X Sales; ~12X EBITDAMultiples (TTM):
 ~$30MSales (TTM):
Separations Media Business
of Polypore International Inc.
Footnote: The Separations Media transaction is subject to regulatory approvals, customary closing conditions and the
closing of this transaction immediately prior to the closing of Asahi Kasei's transaction with Polypore.
Footnote: The Ivera Medical transaction is expected to close in the first half of 2015, subject to customary closing
conditions and regulatory approvals.

Investing in Innovation roadmap
Increasing customer relevance through innovation
 Enhance commercialization effectiveness
through customer insights
 Increase R&D investment and productivity
 Build new platforms for growth by extending the
core and investing in disruptive technologies

46 technology platforms: A shared innovation engine that all businesses leverage

We are increasing the amount and focus of our R&D investment
R&D Intensity
R&D / Total Sales
5.6%
5.5%
2014 2017e
~6%
2012
Productive investment in disruptive technologies and product platforms
Extending Core Platforms
Expanding Into New
Markets
Disrupting Markets

Business Transformation roadmap
Business Transformation creating value for customers and shareholders
 Realize benefits gained through ERP deployments
 Deliver productivity through enhanced supply
chain and manufacturing capabilities
 Increase service levels to customers and reduce
cost to serve
Business Transformation

Ensuring success through a regional ERP roll-out plan
Key Components
 Europe deployment underway and accelerated to
capture greater value. . .sooner
 U.S. deployment to follow Europe
 Total project investment of $1.1 to $1.2 billion
 Improved customer service levels and reduced
time to market for new products
 Lower cost of goods sold, inventory and effective
tax rate
 Estimating annual operational savings in range of
$0.5B to $0.7B by 2020
 Structural working capital improvement of $0.5B
by 2020
Full transparency across workstreams
and their interdependencies
Strong governance of critical path
activities to ensure success
Value of Business Transformation front
and center in our deployment plan
Becoming more effective and efficient in serving our customers globally

$10.9
$0
$5
$10
$15
$20
$25
2013-14 Prior 2013-17e
Range
New 2013-17e
Range
Gross Share Repurchases
$20 to $22$17 to $22
$2.36 $2.54
$3.42
$4.10
0%
10%
20%
30%
40%
50%
60%
$0.00
$1.00
$2.00
$3.00
$4.00
$5.00
$6.00
2012 2013 2014 2015e
Dividends
Dividends Paid Per Share ($) Payout Ratio (%)
Increasing cash returns to shareholders
 2015e cash dividend of ~$2.6B, an all-time record
 2015 dividend marks 57th consecutive year of annual increases
 Paid dividends without interruption for 98 years
 Baseline assumption: future increases to grow in-line with
earnings over time
Building on long-term track record of returning significant cash to shareholders
+7% +8%
+35%
Note: 2015e reflects the annualized Q1 2015 dividend increase of 20% to $1.025 per share vs.
$0.855 per share in Q1 2014
$15B
to
$7.5B
 2013 share repurchases of $5.2B and $5.7B in 2014
 Share repurchase program will add approximately 3% to earnings
over 2013-17 plan
 Disciplined approach: minimum repurchase threshold; adjust up
or down depending on evolving cash sources and uses and
relative value
($B)
+20%

 Strong financial results
 GAAP EPS of $7.49, up 11.5% year-on-year
 Organic local-currency sales growth +4.9%
 Operating margins of 22.4%, up 0.8 percentage
points year-on-year
 Free cash flow conversion of 104%
 ROIC of 22%
 Investing in the business: capital expenditures $1.5 billion, R&D $1.8 billion, acquisitions
$1.0 billion
 Significant progress on our three key levers: portfolio management, investing in innovation,
business transformation
 Returned $7.9 billion to shareholders via dividends and gross share repurchases
A solid 2014 full-year performance
Refer to 3M’s January 27, 2015 press release for full details.

2015 Planning Estimates
 GAAP EPS of $8.00 to $8.30, no change versus prior
 Further foreign currency headwinds being offset by lower than expected input costs
 Includes retirement benefit expense increase of $0.20 per share year-on-year
 Sales growth
 Organic local-currency growth of +3% to +6%
 Foreign currency translation expected to be a headwind of -4% to -5%
 Tax rate of 28% to 29%
 Free cash flow conversion of 90% to 100%

Appendix
Refer to 3M's Form 8-K furnished on March 5, 2014 and 3M's Form 8-K filed on May 15, 2014 for a
discussion of the product move between business segments and other changes within business
segments that were effective in the first quarter of 2014. As discussed in 3M's second-quarter Form 10-Q
filed on July 31, 2014, 3M made changes within the Electronics and Energy business segment. 3M
combined three existing divisions into two new divisions, creating the Electronics Materials Solutions
Division and the Display Materials and Systems Division. In addition, in October 2014, 3M merged its
Personal Care Division into the Industrial Adhesives and Tapes Division. This presentation reflects the
impact of these changes for all periods presented.

Industrial
With Leading Market Positions In:
― Industrial abrasives
― Auto body repair solutions
― Car care DIY
― Structural adhesives and tapes
― Filtration and purification systems
― Specialty additives
― Tapes and fasteners for personal hygiene products
Adhesives &
Tapes
38%
Abrasives
14%
Advanced
Mat'ls
12%
Filtration
6%
Aerospace
3%
Transportation
27%
U.S.
38%
EMEA
25%
APAC
26%
LAC
11%
2014 Sales By Business
2014 Sales By Geography
($M) 2012 2013 2014 CAGR
Sales $10,008 $10,657 $10,990 5%
GAAP Operating Income $2,244 $2,307 $2,389 3%
GAAP Operating Margin 22.4% 21.6% 21.7%

Safety & Graphics
Personal
Safety
42%
Traffic Safety &
Security
27%
Commercial
Solutions
26%
Roofing
granules
5%
U.S.
36%
EMEA
27%
APAC
22%
LAC
15%
― Respiratory, hearing and eye protection solutions
― Reflective signage for highway and construction safety and license plates
― Premium large format graphic films for advertising and fleet signage
― Roofing granules for asphalt shingles
― Personal identification issuance and authentication products
― Building safety solutions
― Architectural design solutions for surfaces and lighting applications
($M) 2012 2013 2014 CAGR
Sales $5,406 $5,584 $5,732 3%

U.S.
17%
EMEA
12%
APAC
64%
LAC
7%
Display Matls
& Systems
38%
Electronics
Matls
Solutions
24%
Electrical
Markets
23%
Telecom
8%
Renewable
Energy
7%
Electronics & Energy
― Optically clear adhesives, Novec™ fluorochemicals, transport solutions and flexible
circuits for electronic components
― Light management films that enhance brightness and provide energy efficiency in
liquid crystal displays (LCD)
― Electrical vinyl rubber and mastic tapes
― Medium voltage cable accessories, OEM insulation tapes
― Telecommunications copper splicing
― Fiber splicing/connectivity
($M) 2012 2013 2014 CAGR
Sales $5,458 $5,393 $5,604 1%
GAAP Operating Income $1,026 $954 $1,115 4%

Health Care
Infection
Prevention
29%
Critical &
Chronic Care
22%
Oral Care
24%
Health Info
Sys
12%
Drug Delivery
9%
Food Safety
4%
U.S.
45%
EMEA
29%
APAC
16%
LAC
10%
― Skin and wound care (transparent IV dressings and tapes)
― Infection prevention (auscultation, specialty drapes and surgical clippers)
― Patient warming solutions
― Oral care solutions
― Coding and reimbursement software
― Drug delivery (inhalation systems)
― Food safety indicator solutions
($M) 2012 2013 2014 CAGR
Sales $5,138 $5,334 $5,572 4%

Consumer
U.S.
57%
EMEA
14%
APAC
18%
LAC
11%
DIY
36%
Stationery &
Office
32%
Home Care
23%
Consumer
Health Care
9%
― Consumer tapes
― Repositionable notes
― Home air filtration
― Cleaning products for the home
― Consumer bandages braces and supports
― Retail abrasives
($M) 2012 2013 2014 CAGR
Sales $4,386 $4,435 $4,523 2%
GAAP Operating Income $943 $945 $995 3%

3M Company at J.P. Morgan Aviation, Transportation and Industrials Conference 2015

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