Inge Thulin. Chairman of the Board, President & Chief Executive Officer. December 16, M. All Rights Reserved.

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1 Inge Thulin Chairman of the Board, President & Chief Executive Officer December 16, 2014

2 Agenda Today s Headlines 3M Playbook Year Plan Update 3M Key Levers Portfolio Management Investing in Innovation Business Transformation M Outlook Meeting, December 16, 2014

3 Today s headlines On track to deliver our financial objectives Creating sustainable shareholder value through 3 key levers Portfolio Management, Investing in Innovation and Business Transformation Delivering strong organic sales growth Productivity is improving margins in 2014 and 2015 Announced increase in 2015e per-share dividend by 20% on top of a 35% increase in 2014 Executing our capital structure strategy to move to lower cost of capital * Note: 2015e dividend reflects the annualized Q declared dividend increase of 20% to $1.025 per share vs. $0.855 per share in Q M Outlook Meeting, December 16, 2014

4 Executing our playbook to create value for customers and shareholders Portfolio Management Investing in Innovation Business Transformation M Outlook Meeting, December 16, 2014

5 M Outlook Meeting, December 16, 2014

6 M Outlook Meeting, December 16, 2014

7 We are tracking toward the objectives we established in 2012 ( ) ~100% 9-11% 4-6% ~20% EPS Growth Organic Revenue Growth ROIC Free Cash Flow Conversion Aggressive and realistic targets M Outlook Meeting, December 16, 2014

8 Solid performance continues across each of our Business Groups e Organic Local Currency Growth (%), 2014 Q3 YTD Operating Income Margin 4-6% Growth 23% OI Industrial Health Care Consumer Safety & Graphics Electronics & Energy 3 6% Growth 4 7% Growth 3 6% Growth 4 6% Growth 3 7% Growth 22% OI 31% OI 22% OI 23% OI 20% OI M Outlook Meeting, December 16, 2014

9 Our Fundamental Strengths are the foundation of 3M s performance Leveraging these assets creates value; strengthening them ensures our future M Outlook Meeting, December 16, 2014

10 GDP per capita We continue to leverage these strengths to expand relevance globally... Health Care Retail Safety Manufacturing Infrastructure Time Proven model for success M Outlook Meeting, December 16, 2014

11 ... And accelerate penetration in both developed and developing countries Projected Revenue Mix; Plan 5 Year Organic LC Growth Percent CAGR 60% 2 4% 65% 79% 21% 35% 40% 7 10% e Developed Developing Strong global performance M Outlook Meeting, December 16, 2014

12 Three Key Levers Portfolio Management Investing in Innovation Business Transformation M Outlook Meeting, December 16, 2014

13 Portfolio Management roadmap Continue portfolio management deployment across the corporation Reallocate resources to 3M s best opportunities Portfolio Management Augment organic growth through M&A playbook Portfolio actions continue to create value M Outlook Meeting, December 16, 2014

14 We have made significant progress since introducing more active portfolio management in Benefits realized Realigned to Business Groups Consumer & Office Electronics & Communications Safety, Security, & Protection Display & Graphics Industrial & Transportation Healthcare Industrial Health Care Consumer Safety & Graphics Electronics & Energy 6 Sectors 5 Business Groups Greater scale and customer relevance Reduced costs through efficiency and productivity improvements Reallocated resources to our best opportunities Combined businesses to increase customer relevance and drive scale Accelerated priority R&D investments Focused M&A activities 40 Businesses 27 Businesses M Outlook Meeting, December 16, 2014

15 Portfolio management maximizes growth and ROIC through targeted strategic actions Consolidating Businesses Allocating Resources Acquisition and Divestiture Creating customer relevance and scale Display Materials & Systems Electronic Materials Solutions Commercial Solutions Driving growth through allocating R&D, SG&A, and CAPEX to high growth opportunities Static Control Process is now embedded across businesses and geographies M Outlook Meeting, December 16, 2014

16 Relative Strategic Attractiveness We have a stronger portfolio of businesses today than when we started Heartland Strategic Review Push Forward Relative Shareholder Attractiveness M Outlook Meeting, December 16, 2014

17 Relative Strategic Attractiveness Investing in and growing our Heartland and Push Forward businesses Heartland Protect and Improve Invest for Growth Push Forward Relative Shareholder Attractiveness Portfolio management focusing on growth opportunities M Outlook Meeting, December 16, 2014

18 We are driving solid growth in our Heartland businesses... Sales $ billions, organic local currency growth % $12.5B 13B $10.5B ~$11B Large markets with solid growth prospects Strong global penetration Leading brand positions Foundational technologies Accretive margins e 2017e M Outlook Meeting, December 16, 2014

19 ... And accelerating growth in our Push Forward portfolio Sales $ billions, organic local currency growth % ~$14B 14.5B $11.1B ~$12B Higher-growth market spaces Globally relevant product portfolios Category-defining brands Strong technology foundations High return on investment e 2017e M Outlook Meeting, December 16, 2014

20 M&A complements our organic growth efforts Portfolio intent Bolster technology position and pursue adjacencies in the Heartland Build scale and facilitate market penetration for Push Forward Leverage strengths Build upon and leverage 3M fundamental strengths of technology, manufacturing, global footprint, and brand Maximize value End-market growth that is sustainable and accretive Leverage integration capability to generate value Emphasis on larger deals with more focused strategic intent M Outlook Meeting, December 16, 2014

21 Investing in Innovation roadmap Enhance commercialization effectiveness through customer insights Increase R&D investment and productivity Investing in Innovation Build new platforms for growth by extending the core and investing in disruptive technologies Increasing customer relevance through innovation M Outlook Meeting, December 16, 2014

22 Investing in Innovation 46 technology platforms: A shared innovation engine that all businesses leverage M Outlook Meeting, December 16, 2014

23 Increasing product commercialization effectiveness through better insights Customer-Inspired Innovation Spec-in Businesses Key Account Focus Insights 2 Innovation (i2i) Consumable/Distributor Businesses End User Focus Strong customer insights yielding game-changing products M Outlook Meeting, December 16, 2014

24 We are increasing the amount and focus of our R&D investment Extending Core Platforms R&D Intensity R&D / Total Sales ~6% 5.5% 5.6% Disrupting Markets Expanding Into New Markets e 2017e Productive investment in disruptive technologies and product platforms M Outlook Meeting, December 16, 2014

25 Strengthening and extending the core, while expanding into new markets Extending Core Platforms Expanding Into New Markets Ceramics Bonding Advanced Ceramics for Oil and Gas Filtration for Bio-Pharma Abrasives Powered and Supplied Air Respirator Filtration for Air Quality Broadening the impact of 3M technology Active Safety for Mining M Outlook Meeting, December 16, 2014

26 Changing our markets through disruptive innovation Disrupting Markets Air Barriers Surface modification (Crystal Silk ) Creating highly differentiated product platforms Analytics M Outlook Meeting, December 16, 2014

27 Business Transformation roadmap Realize benefits gained through ERP deployments Deliver productivity through enhanced supply chain and manufacturing capabilities Business Transformation Increase service levels to customers and reduce cost to serve Business Transformation creating value for customers and shareholders M Outlook Meeting, December 16, 2014

28 Ensuring success through a regional ERP roll-out plan Value of Business Transformation front and center in our deployment plan Full transparency across workstreams and their interdependencies Strong governance of critical path activities to ensure success 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 Becoming more effective and efficient in serving our customers globally M Outlook Meeting, December 16, 2014

29 3M Business Groups Industrial Health Care Consumer Safety & Graphics Electronics & Energy M Outlook Meeting, December 16, 2014

30 A synergistic Health Care portfolio with breadth and depth across the industry Markets Technologies 3M Solutions Medical Ad Adhesives Mr Microreplication Vascular Access Patient Warming Digital Oral Care Oral Care Health + Information Drug Delivery Fi Films Nw Nonwoven Materials Do Dental & Orthodontic Materials Wo Wound Management Mi Microbial Detection and Control Md Medical Data Management An Analytical Es Electronics & Software Skin Integrity Wound Care Sterilization Inhalation Drug Delivery Preventative Oral Care Labial and Lingual Orthodontic Treatment Food Safety Hygiene Monitoring Healthcare Analytics 360 Encompass TM M Outlook Meeting, December 16, 2014

31 Health Care Business Group Drug Delivery 9% Food Safety 4% ($Billions) $5.1 Sales $5.3 $5.6 Sales Mix By Business 2014e Health Information 12% Critical & Chronic Care 22% Infection Prevention 29% Oral Care 24% Operating Income $1.6 $1.7 $1.7 Sales Mix By Geography 2014e LAC 10% APAC 16% Organic LC growth e e 5% 5% 6% 32% 31% 31% Operating margin EMEA 30% U.S. 44% M Outlook Meeting, December 16, 2014

32 Bringing 3M technology and materials solutions to the Electronics and Energy markets Di Display Em Electronic Materials Fe Flexible Electronics Fi Films Lm Light Management Mo Molding Mr Microreplication Nt Nanotechnology Electronics $48B 3M market Energy $45B 3M market Am Advanced Materials Ce Ceramics Ec Energy Components Fi Films Lm Light Management Me Metal Matrix Composites Po Porous Materials & Membranes Display Materials & Systems Renewable Energy Telecom Electronics Materials & Solutions Electrical Markets M Outlook Meeting, December 16, 2014

33 Electronics and Energy Business Group Telecom 8% Renewable Energy 7% ($Billions) $5.5 Sales $5.4 $5.6 Sales Mix By Business 2014e Electrical Markets 23% Electronics Materials and Solutions 24% Display Materials and Systems 38% Operating Income $1.1 $1.0 $1.0 Sales Mix By Geography 2014e LAC 7% U.S. 17% e e EMEA 12% Organic LC growth (4%) 0% 5% 19% 18% 20% Operating margin APAC 64% M Outlook Meeting, December 16, 2014

34 Consumer Business Group brings 3M technology to retail markets globally Consumers Technologies Brands Channels Shoppers Ab Abrasives Mass / Clubs / Grocery Home Centers + Office Super Stores Key Account Drug Traditional Trade World Class Retail Talent Sustainable Business Practices Operational Excellence M Outlook Meeting, December 16, 2014

35 Consumer Business Group Consumer Health Care & Other 9% ($Billions) Sales Sales Mix By Business 2014e Home Care 23% Office & Stationery 34% $4.4 $4.4 $4.5 DIY 34% Operating Income $0.9 $0.9 $1.0 Sales Mix By Geography 2014e LAC 11% Organic LC growth e e 4% 3% 3% 21% 21% 22% Operating margin APAC 15% EMEA 18% U.S. 56% M Outlook Meeting, December 16, 2014

36 3M Playbook Portfolio Management Investing in Innovation Business Transformation M Outlook Meeting, December 16, 2014

37 We are tracking toward the objectives we established in 2012 ( ) ~100% 9-11% 4-6% ~20% EPS Growth Organic Revenue Growth ROIC Free Cash Flow Conversion Aggressive and realistic targets M Outlook Meeting, December 16, 2014