- 1. George Buckley Chairman of the Board, President, and CEO 3M
Company ContinuingOn the Path to Higher Growth And Premium Returns
September 9, 2008 3M 2008. All Rights Reserved.2008 3M Investor
Conference
2. What We Will Discuss Today The core of 3M is very strong .and
getting strongerThe Optical Film business will be stable after 2008
transitionWell be giving you in-depth profiles of two more
businesses:Consumer & OfficeElectro &
CommunicationsInternational update with a focus on Latin
AmericaHands-on access to technologies and products2 3M 2008. All
Rights Reserved.2008 3M Investor Conference 3. Maintaining Our
Long-Term Business Objectives NothingHasChangedGradually drive
sales growth to 2x IPI Commitment to double-digit earnings growth
Maintain ROIC >20% Driving to 30.5% tax rate by 2012 Continuous
supply chain improvement 3 3M 2008. All Rights Reserved. 2008 3M
Investor Conference 4. How We Think About Value CreationWe believe
the fastest and most dependable new value creation comes fromtwo
primary approaches:Sales and Earnings Growth By investing in the
traditional core By gradually capturing and integrating adjacencies
By investing in global mega-trends By productivity improvements
leveraging assets, labor & overhead Broadening our influence
with customers By building market share and importance to our
customers; creating more Enduring Franchises Increasing our
Horizontal influence by filling in product white spaces
Experimenting with Vertical Integration where others control our
route to market 4 3M 2008. All Rights Reserved.2008 3M Investor
Conference 5. Driving Our Growth StrategyStrategicThrustGrow the
Current Complementary Build New International Core
BusinessAcquisitions Businesses Growth Defend and extend the core
Follows core strategy Seeded by small M&A Localization Build
scale Supports adjacencies Capitalizing on BRICP Build relative
share Mostly tuck-insmega trends No country left behind Disruptive
technologies Occasional transformation Minerals extraction Build
long-term competency Oil & Gas Food safetyStrategy Is
Consistent While Gradually Evolving 5 3M 2008. All Rights Reserved.
2008 3M Investor Conference 6. Driving Growth In 3Ms Core
Businesses Grow theCurrent CoreInvent a Extend The Core New Future
Constant reinvention Localization Imagine, dream and invent
Differentiation Build first where were strong Beat competitors to
the future Build key partnerships Build scale & relative share
Plan for cannibalization Fill product white spaces Licensing Be
important to customers Avoid NIH syndrome Build Broad Long Use dual
brandingTerm Competencies International localization Local
acquisitions Private labeling Develop broad based long-term
capabilities Acquire supporting technology with quality brands
Build volume and scale Leveraging Our Core To Drive New
Opportunities 6 3M 2008. All Rights Reserved.2008 3M Investor
Conference 7. Rejuvenated Core: Occupational Health &
Environmental Safety Expanding Our Footprint In This Important
High-Growth SpaceFromTo Market leader in respiratory safety But
limited safety portfolio Filled critical gaps via acquisitions in
3M positioned in the top tier only hearing, vision, fall protection
and detection Heavily reliant on X-factors 3M positioned in
multiple worker safety categories Slow underlying growth in key
markets Expanding channel presence Added capacity in APAC to fuel
growthFlat Sales Growth 2001-03 Double-Digit Sales Growth
2004-08Sales Have Doubled In 4 Years; 2006-08 Growth Rate >20%
At Outstanding Margins 7 3M 2008. All Rights Reserved.2008 3M
Investor Conference 8. Multiple Core Businesses Revitalized
Rejuvenated Core: Abrasives Systems DivisionReinventing an
Industrial Powerhouse From To 3D AbrasivesSuper Abrasives
Rejuvenated Core: Electrical Markets DivisionDust FreePower Tools
Once A Cash Cow, Now A Double-Digit Growth Engine
FromToWireOverhead Tapes Supplies Connectors
IdentificationDistributionCeramicMaterialsRejuvenated Core:
Personal Care Division Traditional mineral materials and Added
numerous synthetic materialsmarket focus Multiple specialized
applications e.g. aerospace, healthcare, Voltage Expands Market
Presence3M Technology Metal finishing and wood-working High High
Capacity compositesMarkets Conductors FromTo Basic tape and
supplies for electrical OEMsOI Margin Up Over 10 Points service
levels 70%In Five Years; Sales Growing >10%Sub-par10 Little
investment in innovation 3M 2008. All Rights Reserved.2008 3M
Invest or ConferenceInn ovati on Broader & innovative product
line Improved service levels to 95%-plusFlat Sales Growth 2001-03
Double-Digit Sales Growth 2004-08 Narrow offering in infant and
adult fastening Broadened applications in infant, adult,feminine
care and beauty care Adhesive tape only Upstream presence with
global Broken upstream pipeline Improved NewProduct Flow &
Customer Intimacy Drive Results innovators Service and quality
issues10 Improved quality2008 3M Invest or Conference Underutilized
assets 3M 2008. All Rights Reserved. Positioned in all product
tiers Improved ROIC 2005-07 Growth Rate = negativeDouble-Digit
Sales Growth In 2008 Turning Around In A Tough Environment8 3M
2008. All Rights Reserved. 2008 3M I nvestor Conference8 3M 2008.
All Rights Reserved.2008 3M Investor Conference 9. Driving Growth
In 3Ms Core BusinessesGrow the Current Core Invent a Extend The
CoreNew Future Constant reinvention Localization Imagine, dream and
invent Differentiation Build first where were strong Beat
competitors to the future Build key partnerships Build scale &
relative share Plan for cannibalization Fill product white spaces
Licensing Be important to customers Avoid NIH syndromeBuild Broad
Long Use dual branding Term Competencies International localization
Local acquisitions Private labeling Develop broad based long-term
capabilities Acquire supporting technology with quality brands
Build volume and scale 9 3M 2008. All Rights Reserved. 2008 3M
Investor Conference 10. Extending the Current Core: Through
TechnologyFiltrete Furnace Filters Filtrete Dust
ReductionPremiumFilters Electrostatic Bridged the price gapbetween
low-end fiberglassfilters and the premiumMid-Tier andelectrostatic
categoryEntry LevelElectrostaticIntroduced lower-cost filterto
expand shareNEW! 3.3 million filters sold YTD; Fiberglassgrowth of
40% June 08YTD 10 3M 2008. All Rights Reserved. 2008 3M Investor
Conference 11. Extending the Current Core: By AcquisitionHome Care
Products In Poland Interchemall acquisition (Primaand Plus brands
in Poland) February 2007 PremiumFormed foundation for
fasterpenetration of the mid-rangemarket in Poland (~4X largerthan
the premium market Mid-Tieralone)Positioned Scotch-Brite asthe
premium brand with Prima Low-Endand Plus as the mid- and low-tier
brandsIncreased share by 5 points 11 3M 2008. All Rights Reserved.
2008 3M Investor Conference 12. Driving Growth In 3Ms Core
BusinessesGrow the Current Core Invent a Extend The CoreNew Future
Constant reinvention Localization Imagine, dream and invent
Differentiation Build first where were strong Beat competitors to
the future Build key partnerships Build scale & relative share
Plan for cannibalization Fill product white spaces Licensing Be
important to customers Avoid NIH syndromeBuild Broad Long Use dual
branding Term Competencies International localization Local
acquisitions Private labeling Develop broad based long-term
capabilities Acquire supporting technology with quality brands
Build volume and scale 12 3M 2008. All Rights Reserved. 2008 3M
Investor Conference 13. Inventing A New Future: Transforming 3M
Oral Care2000 20012005 2007 2008ESPE AcquisitionOmni Acquisition
Brontes Technology Acquisition Lingualcare AcquisitionProduct
lineprimarily focusedon restoratives,adhesives andfilling materials
Expanding portfolio by Moving into fast growing moving into
preventive aesthetic oral care careClarityExpanded
intoprosthdontics withimpressions,Broadens portfolio through
thetemporization, andaddition of digitallab
pipeline$0.4B$1.2BPowerfully Expanding an Enduring Franchise 13 3M
2008. All Rights Reserved. 2008 3M Investor Conference 14.
Inventing A New Future: The Next Frontier In Oral Care Lingual
Orthodontics 14 3M 2008. All Rights Reserved. 2008 3M Investor
Conference 15. Inventing A New Future: Solar EnergyA Large Market
Growing Rapidly Solar Market Size$50B($B) +25% CAGR $20B2008
20092010 2011 2012Massive Opportunity For Those With Relevant
TechnologyLike 3M 15 3M 2008. All Rights Reserved.2008 3M Investor
Conference 16. Solar Markets Exist In Both Generation and Control
Sales fall into both solar power generation and solar heat control
categories and both have huge potential Solar generation and solar
energy control use similar 3M technologies, most are film or roll
to roll based Public and private utilities, plus ad hoc
applications in generation Commercial construction, automotive and
residential homes in control 3Ms annual solar segment sales are
$200M, growing at 20% Breakthrough products already in the pipeline
Will be announcing formation of new Renewable Energy unit which
will begin business in October 2008 16 3M 2008. All Rights
Reserved. 2008 3M Investor Conference 17. Solar Energy Components
Span Five DistinctSegmentsIngot Wafer Cell Module System $0.80 to
1.00$1.90 to $2.10 $2.60 to $3.00$3.50 to $4.50 $7.00 to $8.00per
Wattper Watt per Wattper Watt per Watt 3M Has Products And
Technology Right Across The Solar Spectrum17 3M 2008. All Rights
Reserved.2008 3M Investor Conference 18. 3M Technologies: Solving
Solar Industry Needs3M Technology Platforms FabricationFabrication
Adhesives& Tapes Reduce Costs Reduce
CostsInstallationInstallationFilms &Objective:Objective: Lenses
IncreaseMore Efficient LightIncrease More Efficient Light Lower
Lower WattageCaptureWattage CaptureCost/WattCost/Watt Mirrors
Environmental Environmental Durability DurabilityLowerLowerCoatings
Maintenance MaintenanceThermal Thermal Management Management
Encapsulants 18 3M 2008. All Rights Reserved.2008 3M Investor
Conference 19. Example: Current 3M Solar Products Mirror Films
Fresnel LensEncapsulant FilmsThermoformed Mirrors 19 3M 2008. All
Rights Reserved. 2008 3M Investor Conference 20. But Multiple New
Futures Are Being InventedIndustrial Air & Water Filtration End
MarketsProduct Solutions Fluid processing ($3B, 2-4% CAGR) Oil
& Gas, Chemicals, Electronics, Gen. IndustrialOil & Gas
Healthcare ($2B, 8-10% CAGR)Product SolutionsEnd MarketsMarket
Dynamics Pharma, BioPharma, Bilogicals, Food & Beverage Oil
Declining production fromexisting reservoirs Water ($5B, 4-6% CAGR)
Drilling contractors Residential, Food Service, OEM Demand
exceeding supply Fire suppression Unconventional reservoirs Safety
Value Proposition Mining & Mineral Extraction Oil sands &
heavy oil Distribution Design & manufacturing capability+12%
CAGR Hotter, deeper, off MRO supplies Comprehensive product line
for particle$970 shore, corrosive End Market separation,
clarification and purificationProduct Solutions$555 Market platform
breadth Huge $800B market Ability to achieve sub-micron level
PropositionValue specification 5% CAGR Food Safety+23% CAGR Depth
media leadership in Healthcare bubbles: down-hole applications 3M
glass Fragmented market with rapid2007 2012e Broad residential
& industrial experience and yields $965improve drilling
consolidation amongst top 50 players Sales ($M) relationships
Localization and global reachProduct Solutions 20End Markets Broad
technology Conference 2008 3M Investor base$345 3M 2008. All Rights
Reserved. Food processors, meat packers, grocers, food Industry
experiencesupply, restaurants2007 2012e Sales ($M) 20Market
DynamicsValue 3M Investor Conference2008 Proposition 3M 2008. All
Rights Reserved. +25% CAGR Higher levels of meat consumption in
dev. markets Leverage broad 3M portfolio of solutions Greater
sensitivity to bacteriological contamination Reputation for
reliability and for addressing$430 Health and safetyworker safety
24x7 Regulation competencies and educationcapabilityValue
Proposition $140 +15% CAGR Market-focused organization Leadership
position in US microbiological Industry and key account
experience$235testing 20072012e20 20+ years of industry experience
Sales ($M) $115 3M 2008. All Rights Reserved. 2008 3M Invest or
Conference Integration capability of key detection & monitoring
systems Recent acquisition of Biotrace extends20072012e solution
portfolioSales ($M) 2020 3M 2008. All Rights Reserved.2008 3M
Invest or Conference 3M 2008. All Rights Reserved. 2008 3M Investor
Conference 21. Integrating New Technologies We are also picking up
the pace in acquiring new technologies externally Vice President,
New Ventures: Stefan Gabriel Identify, acquire and develop
new-to-3M technologies and businesses with high innovation content
and growth potential Reports to CTO Experience: Last 7 years as
Director Of Vehicle Innovations, BMW Group Led major projects in
R&D, early-stage technology research and new businesses for
BMWs award-winning innovation management processes Connected with
worldwide experts, technology networks, innovation communities
Aimed At Rapid Integration Of New-To-3M Technologies 21 3M 2008.
All Rights Reserved.2008 3M Investor Conference 22. Driving Our
Growth Strategy Strategic Thrust Grow the Current Complementary
Build New InternationalCore BusinessAcquisitions Businesses Growth
Defend and extend the core Follows core strategy Seeded by small
M&A Localization Build scale Supports adjacencies Capitalizing
on BRICP Build relative share Mostly tuck-insmega trends No country
left behind Disruptive technologies Occasional transformation
Minerals extraction Build long-term competency Oil & Gas Food
safetyStrategy Dynamic And Constantly Evolving 22 3M 2008. All
Rights Reserved. 2008 3M Investor Conference 23. International
Sales Growth Continues To Accelerate ($ in Billions)$16$15.5$13.6
14$12.5GR $11.7CA 12 %13 $10.2 10 $8.5 $8.5$8.2 $7.9 $7.583% CAGR
64 199819992000 200120022003 20042005 2006 200723 3M 2008. All
Rights Reserved. 2008 3M Investor Conference Amounts exclude pharma
in all periods 24. Localization Driving Growth: China R&D
Center$3B 3M China 2013 Stretch GoalBusiness ITB SSPSHCB5
YearDGBNew $1BECBProductSalesOSDCOB Degree of Innovation
Accelerating R&D EffortsChina for China 24 3M 2008. All Rights
Reserved.2008 3M Investor Conference 25. Update On New Capacity
InvestmentsFocus of these investments was on businesses with
immediate capacityneeds . and was not speculative;Responded to
previous outsourcing of core products and unmet demande.g.
Filtrete, Medical, Respiratory ProtectionOf 19 major facilities
highlighted one year ago:13 fully completed and under budget in
aggregate and already absorbed in ournumbers5 are near completion
and expected to finish under budget1 on hold due to soft end-market
conditions (optical film)Cap expenditure expected to moderate:2007
$1.5B2008e $1.3 to $1.4B2009e approximately $1.2BHeavy Lifting On
Capacity Now Behind Us 25 3M 2008. All Rights Reserved.2008 3M
Investor Conference 26. Supply Chain Optimization
Example:Electronic Markets Materials Manufacturing Footprint
2008Cottage Grove Antwerp, Belgium CumberlandHutchinsonKnoxville
Kitakami, JapanCordovaShanghai & Yamagata, JapanHartford City
Dong Guan, ChinaSt. Paul Sagamihara, Japan AberdeenTaiwan
(new)Springfield Nevada San Luis Potosi, Mexico Naju, Korea
Woodlands, Singapore19 Manufacturing Sites Today 26 3M 2008. All
Rights Reserved.2008 3M Investor Conference 27. Supply Chain
Optimization Example:Electronic Markets Materials Manufacturing
Footprint 2013Antwerp,BelgiumKitakami, JapanCordova Shanghai
&Yamagata, Japan Dong Guan, China Sagamihara, Japan Taiwan
(new) SpringfieldNaju, Korea Woodlands, Singapore Shift To Asia
Will Result In 50% Fewer Manufacturing Sites27 3M 2008. All Rights
Reserved.2008 3M Investor Conference 28. Advancing 3Ms Culture Less
internally focused, more external looking Leadership changes
locally and internationally Technology acquisitions New marketing
approaches, e.g. YouTube Rewarding the right results; compensation
redesign Executive management, middle management, and worldwide
sales force Pension and retiree medical redesign significantly
reduce liability and risk Moving businesses closer to customers 2
divisional headquarters moved to Asia More to come Still driving
productivity and leverage Good Progress On A Long-Term Challenge 28
3M 2008. All Rights Reserved.2008 3M Investor Conference 29. Our
Growth Strategy Is WorkingQ208 200520062007($Billions)YTD
Accelerating growthSales $20.4 $22.1 $24.5 $13.2 % Growth+9%+11%
+9% O.I.Maintaining best-of-breed $4.6$4.9$5.5 $3.0 22.7%
22.2%22.5% 22.7% % to Sales EPS $3.92 $4.26 $4.98 $2.77
Double-digit gains% Growth 9%17% 11%20%+ returns 24% 24%
24%22%ROICMaking real improvements 32.2% 32.1% 31.8%31.3%Tax
RateExecuting Our Plan Excludes pharma and special items in all
periods, except tax rate excludes special items only; see appendix.
29 3M 2008. All Rights Reserved. 2008 3M Investor Conference 30.
Against A Challenging BackdropUnder investments in capital and
R&D Secular changes in Optical Systems, particularly the LCD TV
market A weakening US economy, particularly housing and automotive
Softening retail and office end markets High margins (and the
impact this has on leverage and our pricing capability) Record
breaking fuel and commodity inflation Helped by translation and
superb pension fund performance30 3M 2008. All Rights Reserved.
2008 3M Investor Conference 31. And Core Strength Is Even More
ImpressiveQ208 YTDQ208 200520062007($Billions)YTD Ex-OpticalSales
$20.4 $22.1 $24.5 $13.2+12% % Growth+9%+11% +9% O.I. $4.6$4.9$5.5
$3.0 22.5% 22.7% 22.2%22.5% 22.7% % to Sales EPS $3.92 $4.26 $4.98
$2.77 +20%% Growth 9%17% 11%24% 24% 24%22%ROIC 32.2% 32.1%
31.8%31.3%Tax RateUnderlying 3M Business Strong & Poised For
Greater Success Excludes pharma and special items in all periods,
except tax rate excludes special items only; see appendix. 31 3M
2008. All Rights Reserved. 2008 3M Investor Conference 32. In
Summary: Accelerating Sustainable Growth By Rebuilding and
expanding our fabulous core businessesBringing strength, diversity,
dependability and opportunityContinuing to build and widen 3Ms
Enduring FranchisesRebuilding the old 3M culture of
entrepreneurismInvesting more in R&D and driving faster new
productintroductionRetaining a platform of manufacturing
excellenceShortening supply chains to drive service improvements
andreduce working capital, primarily through
LocalizationRestructuring compensation plans across the corporation
todrive behavioral changes 32 3M 2008. All Rights Reserved.2008 3M
Investor Conference 33. Appendix 3M 2008. All Rights Reserved. 2008
3M Investor Conference 34. Non-GAAP Financial Measures3M Company
and Subsidiaries SUPPLEMENTAL CONSOLIDATED INFORMATION NON-GAAP
FINANCIAL MEASURES (Millions, except per-share
amounts)(Unaudited)The Company uses non-GAAP measures to focus on
shareholder value creation. 3M uses Return onIn addition to
reporting financial results in accordance with U.S. generally
accepted accounting principlesInvested Capital (ROIC), defined as
annualized after-tax operating income (including interest
income)(GAAP), the Company also discusses non-GAAP measures that
exclude special items. Sales, operating incomedivided by average
operating capital. Operating capital is defined as net assets
(total assets less totaland diluted earnings per share measures
that exclude special items and that exclude the impact
ofliabilities) excluding debt and minority interest liabilities.
3Ms ROIC calculation was revised in 2008 toPharmaceuticals are not
in accordance with, nor are they a substitute for, GAAP measures.
Special itemsinclude interest income and to simplify/improve the
means for determining operating capital. Prior periodrepresent
significant charges or credits that are important to an
understanding of the Companys ongoingamounts have been updated to
conform to the revised calculation. This measure excludes special
items andoperations. The company uses these non-GAAP measures to
evaluate and manage the Companys operations.the historical impacts
of the Pharmaceuticals business (see Notes 1 and 2). These measures
are notThe company believes that discussion of results excluding
special items provides a useful analysis of ongoingrecognized under
U.S. generally accepted accounting principles and may not be
comparable to similarlyoperating trends. The determination of
special items may not be comparable to similarly titled measures
used bytitled measures used by other companies.other companies.
Special items for all periods presented have been previously
provided (See Note 1). Inaddition, the Company believes that
providing financial results excluding the impact of Pharmaceuticals
YearYearYearYear First Sixprovides useful information (See Note 2).
The reconciliations provided below reconcile the non-GAAP
2001200520062007Months 2008financial measures with the most
directly comparable GAAP financial measures for the periods
indicated. Return on Invested Capital 14.2% 24.4% 27.8% 27.1%
21.6%Return on Invested Capital - excluding Pharmaceuticals and
Special Items 16.3% 23.8% 23.6% 24.2% 22.1% Year Year Year Year
Year Year Year First Six(Millions, except per-share amounts) 2001
2002 2003 2004 2005 2006 2007 Months 2008Sales Dollars:As
previously indicated, the Company provides non-GAAP measures,
including the business segmentReported GAAP$16,054 $ 16,332 $
18,232 $ 20,011 $ 21,167 $ 22,923 $ 24,462 $13,202Pharmaceutical
$(699) $(767) $(813) $(793) $(797) $(774) $ - $ -operating income
amounts shown within this presentation that exclude special items.
Special items for theAdjusted Non-GAAP$15,355 $ 15,565 $ 17,419 $
19,218 $ 20,370 $ 22,149 $ 24,462 $13,202six months ended June 30,
2008 have been previously provided in an 8-K that was furnished to
the U.S.Securities and Exchange Commission (SEC) on July 24, 2008.
Special items for the years 2007 and 2006Operating Income
Dollars:Reported GAAP$ 2,075$ 2,816$ 3,504$ 4,326$4,854 $5,696 $
6,193$2,950have been previously provided in an 8-K that was
furnished to the SEC on January 29, 2008. An 8-K filedSpecial
Items$ 504$ 202$93$ -$- $ (523)$(681) $ 42May 19, 2008, provided
results that reflect for all periods presented the impacts of
certain business segmentPharmaceutical $(157) $(200) $(217) $(194)
$ (226)$ (256)$ -$-Adjusted Non-GAAP$ 2,422$ 2,818$ 3,380$
4,132$4,628 $4,917 $ 5,512$2,992product moves effective in the
first quarter of 2008. There were no special items that impacted
businesssegment operating income results for the year 2005 and year
2004.Diluted Earnings per Share:Reported
GAAP$1.60$2.32$2.88$3.56$3.98$5.06$5.60$ 2.70Special
Items$0.39$0.14$0.07$ -$0.14$ (0.57) $ (0.62) $ 0.07(1) Special
items for the periods presented have been discussed in Form 8-Ks
that were furnished to thePharmaceutical $ (0.12) $ (0.17) $ (0.18)
$ (0.16) $ (0.20) $ (0.23) $ -$-SEC on July 24, 2008, January 29,
2008, January 30, 2007, and in 3Ms 2003 Form 10-K filed
MarchAdjusted Non-GAAP$1.87$2.29$2.77$3.40$3.92$4.26$4.98$ 2.772,
2004. Also reference 3Ms Form 8-K dated May 19, 2008, which
provided results that reflect for allperiods presented the impacts
of certain business segment product moves effective in the first
quarterThe Company uses local-currency sales growth, which excludes
the impact of translation or currency exchange of 2008.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 local-currency (2)
In December 2006 and January 2007, 3M completed the sale of its
global branded Pharmaceuticalssales growth that excludes the
historical impacts of divestitures, primarily the Pharmaceuticals
business, to business. In connection with these transactions, 3Ms
Drug Delivery Systems Division became aportray what it believes are
more meaningful sales growth trends. 3M believes this non-GAAP
sales growthsource of supply to the acquiring companies. Because of
the extent of 3M cash flows from theseinformation excluding
divestitures provides useful information (See Note 2). These
measures are not inagreements in relation to the disposed
businesses, the operations of the branded Pharmaceuticalsaccordance
with, nor are they a substitute for, GAAP measures.business were
not classified as discontinued operations. The sale of the branded
Pharmaceuticalsbusiness impacted both sales and operating income
growth in 2007, as significant PharmaceuticalsYear Year Year Year
YearYear Year First Six sales and income are in the reported base
2006 period and also in prior periods. Where indicated, to2001 2002
2003 2004 20052006 2007 Months 2008provide more meaningful trend
information, portions of this presentation exclude the impact of
2006Sales Change Percents:and prior Pharmaceutical financial
results, as this business was sold in December 2006 and
JanuaryTotal Reported Sales Change -3.9%1.7% 11.6%9.8% 5.8% 8.3%
6.7%9.3%Less: Translation Impact-3.3%0.1%5.2%3.8% 0.7% 0.6%
3.2%5.8%2007.Local-Currency Sales Change (including
divestitures)-0.6%1.6%6.4%6.0% 5.1% 7.7% 3.5%3.5% Local Currency
Sales Change (excluding divestitures)-1.1%1.4% 6.8% 6.5% 5.3% 8.1%
7.3%3.7%34 3M 2008. All Rights Reserved. 2008 3M Investor
Conference
