Morgan Stanley Global Industrials CEOs Unplugged Conference

Innovation and Growth at 3M

George W. BuckleyChairman, President and Chief Executive Officer2007 Morgan Stanley Global IndustrialsCEOs Unplugged ConferenceSeptember 10, 2007

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http://solutions.3m.com/wps/portal/3M/en_US/3M-Tech/Technology/

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(#)2007 Morgan Stanley CEOs Unplugged Conference

Forward-Looking StatementsThis presentation contains forward-looking information (within the meaning of the Private Securities

Litigation Reform Act of 1995) about the company’s financial results and estimates, business prospects, and products under development 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,” and other words and terms of similar meaning in connection with any discussion of future operating or financial performance. 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 less 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 Dec. 31, 2006 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 Part I, Item 1A (Annual Report) and Part II, Item 1A (Quarterly Report), “Risk Factors.” 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.


Outstanding Second Quarter

EPS*

$1.23$6.1 Billion

Sales

+8% +17.1%

+11.8%ex. pharma

*Excludes special items. Refer to 3M’s July 26, 2007 press release for a complete list and explanation of these items.

+23.0%ex. pharma


Working Our Plan

● Reinvigorate R&D11% increase over 2006* ex. pharma

● Accelerate International GrowthBuilding local/regional brandsPursue profitable adjacencies

● Invest in Our Supply ChainKorea - Respiratory facility (July 2007)Poland - Optical facility (June 2007)Canada – CHIM Tapes facility (June 2007)China - Industrial Tapes facility (July 2007) Others largely on-track

● Accelerate Growth in the CoreEight acquisitions YTD in 2007

OHES


Optical

IndustrialTapes

CHIM Tape

http://www.righthealth.com/imagelookup?html=http%3A%2F%2Fwww.nsdadentists.com%2Fgumtreat.htm&thumb=http%3A%2F%2Fre3.mm-a5.yimg.com%2Fimage%2F3112114316&file=peridex.jpg&thumbheight=125&width=155&height=161&size=9.5


Sales Recap Q2 2007 vs. Q2 2006

*Total Local Currency = Volume + Price + Acquisitions

WW U.S.

Volume - organic 6.9% 2.1% 9.9%

Volume - acquired 2.8% 2.8% 2.8%

Price (0.4%) 1.3% (1.4%)

Total Local Currency* 9.3% 6.2% 11.3%

Divestiture (3.8%) (4.0%) (3.7%)

Translation 2.5% -- 4.1%

Total Sales Growth 8.0% 2.2% 11.7%

Int’l


Balance Sheet & Cash Flow

($ in Millions) Q2 2006 Q1 2007 Q2 2007

Free Cash Flow $539

5.2

$2,557

$3,171

$261

$348

$527

$670(a)

5.0

$2,714

$3,444

$304

$350

$866(a)

$1,164

Net W/C Turns 5.0

Dividends Paid $346

Inventories $2,779

Receivables-Net $3,620

Cap-ex $348

Share Repurchases $1,035

(a) Excludes certain special items that impacted cash flow. Refer to 3M's July 26, 2007 press release for an explanation of these items.Note: Refer to 3M’s July 26, 2007 press release for a complete discussion of net working capital turns and free cash flow

(non-GAAP measures).

2007 Morgan Stanley CEOs Unplugged Conference

Great Opportunities Remain For 3M

► Built firm Six Sigma and Lean Processes in manufacturing

► Fundamental principles remain● Protect our premium margins● Defend our premium ROIC● Reemphasize innovation● Leverage central overhead● Adding growth, taxes and supply

chain as new value creators

► Build on 3M’s enduring franchises● Building value and margin for our

customers

(#)Innovation

Comparative Tax Rate (3M at 34% in 2007)

Ingersoll Rand 16% 2150 bpsTyco 21% 1450 bpsITW 31.5% 150 bpsDanaher 27.3% 920 bpsUTX 26.8% 994 bpsJ&J 23.8% 1449 bpsAvery 20.4% 1943 bps3M 34% 0 bps

Tax Rate Margin Advantage

Conclusion; We fight to maintain high margins, and we reduce our competitiveness and growth rates, but waste it all in paying higher taxes

© 3M 2006 All Rights Reserved

Relative Value Of Growth

MMM 5.2GE 11.4

IBM 3.5DHR 5.1

PG 7.2XOM 2.1GM 2.4

WMT 1.6#REF! #REF!#REF! #REF!#REF! #REF!

0.0

2.0

4.0

6.0

8.0

10.0

12.0

MMM GE IBM DHR PG XOM GM WMT

Company Ticker

Rel

ativ

e Va

lue

of G

rowth

► Ratio of value creation from 100 bps of growth to 100 bps of margin► Acquisitions add value by blending the value lost from margin dilution

and the value added from incremental growth and mass

Value Of Growth Vastly Exceeds Value Of Margin Expansion For 3M

Source:HBR April 2005


● Build where we’re strong● Get scale & relative share● Fill in the “white spaces”● Define markets broadly● Become important to

customers● Dual branding● Local acquisitions● Private labeling

● Imagine, dream and invent● Beat competitors to the

future● Plan for cannibalization● Licensing as a route● Avoid NIH syndrome

Start By Growing The Current Core

Invent a New Future

Build Broad LongTerm Competencies

● Develop broad based long-term capabilities● Acquire supporting core technology ● Build volume and scale

● Constant reinvention● Localization and

differentiation● Key customer partnerships

Grow the Current Core

Extend The Core


● Go “local” in brands and manufacturing

● BRICP emphasis● Gulf and LA● Eastern Europe● Growth everywhere

● Follow Mega Trends ● Seeded by small M&A● Targeted areas

● RFID/Wireless/GPS● Minerals extraction● Oil & Gas● Food safety

● Follows core strategy● Supports adjacencies● Mostly tuck-ins● Technology, capacity,

distribution and local brands

● Defend and extend the core

● Build scale and relative share

● Localization● Disruptive technologies● Build long term

competencies

And Then Extend It With Simple Concepts



Build New Business via EBOs


MarketExpansion

Complementary Acquisitions


International Growth


Customer Focus Critical on All Four FrontsCustomer Focus Critical on All Four Fronts


First You Must Create the Environment for Growth

Operational Excellence

Product Innovation

● Lean Methods● Six Sigma● Systemic Supply

Chain Improvements

● IT Systems● Better S&OP

Process

● Stimulating a creative environment

● Foster Imagination● Increased R&D spend

in the core● Technology Focus● See it through the

customers’ eyes● Mix in a little magic

● Market Expansion● White space fill in● Geographic expansion● Adjacencies and EBOs

Products Efficiency

Customers

Profitable Growth


Our Foundational Beliefs on Competitiveness

It’s not just about efficiency or just about invention

● We compete on six platforms● Low cost is the ultimate competitive

deadly weapon● Scale and relative share are vital for

efficiency and competitiveness ● Follow the customer value chain● Pristine service and brands can

overcome price in some markets

People

Cost

Marketing & Brands

Service

Technology

Distribution

6σ & LeanGlobal sourcingLow Factory costsTaxes

Secure the bestSecure the broadest

Build on a firm foundationDifferentiation

OTIF fill ratesQualitySpeed to market

Inspire and guideDevelop leadershipContinuing education

Build on our enduring franchisesSecondary for local


3M’s Convoluted Supply ChainPlant A

Six OwnersPlant B

Four Owners

Plant C

Eight Owners

Plant D

Four Owners

• Any plant may have up to eight “owners” in 40 combinations

• Lead owner varies plant to plant

• Under absorbed costs in one business impacts another

Raw Material In

Distribution Center


And Here’s What We Are Beginning To DoPlant A

Six OwnersPlant B

Four Owners

Plant C

Eight Owners

Plant D

Four Owners

Distribution Center


$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006Sustain Strategic Growth Optical

Historical Capital Spending

Since 2000, Optical spending equaled all other growth capital combined

Growth Capital increase almost all Optical Films53% Decline in

Capital Spending


Supply Chain – Focused FactoriesPlant A

Six Product Lines

Plant CEight Product Lines

Plant BFour Product Lines

RawMaterial In

DistributionCenter

Plant DFour Product Lines


Supply Chain – Focused FactoriesPlant A

Six Product Lines Plant CEight Product Lines

Plant BFour Product Lines

RawMaterial In

DistributionCenterFocused Factory

Plant DFour Product Lines


Stretched Supply Chains Drive Working Capital Use

United States65% Product Source35% Consumption

International35% Product Source65% Consumption


Reducing To Its Simplest Form, What Must We Do?

● Growth is a pipeline; repair the inputs and outputs and clear the pipe of pluggage ● At the “sending end” of the pipe: Invent more things

Prioritize R&D spending, focus and inspire our peopleGet scientists and engineers back in the business of inventing new products

● At the “receiving end” of the pipe; Sell and market betterPut more feet of the street, and more advertising and merchandisingBring increased competency and professionalism to marketingStop unnecessary complexity in SKUs and specificationsAcquire local brands to penetrate distribution faster

● The pipe itselfProvide a large enough diameter pipe: CapacityKeep the pipe as short and simple as possible

● Stop the pipe leakingPrice giveawaysMarket share loss


CANADA

USA

MEXICO

Capacity And Supply Chain Improvements In Progress

Filtrete Mfg.

CHIM TapeMedical: M6 Solvent

Coater-Brookings, SD

Automotive Acrylic Tape-Aberdeen, SD

CHIM: LFBMF Lines, Aberdeen, SD

Northridge DDSD Packaging Line

PolyesterGreenville, NC

D11 MOF LineDecatur, AL


RUSSIA

Tapes

Optical

POLANDManufacturing

KOREAINDIA

CHINA

Industrial Tapes

OHES

Suzhou LCD II

CHJ III Mfg

Medical Mfg. GuangZhou

Capacity And Supply Chain Improvements In Progress


3M Market Dynamics and Defense

The objective is to bulwark and defend the markets that we created, not just to grow

Shouldn’t we exit the Scotch Tape

market? It’s commoditized! Push into upper

middle level market

Competitors push into the lower market … we refuse to defend


Differentiated Brands & Technology to Grow Category

Selective privatelabeling or

manufacturing JVs to support partnership

customers

Principal brands and differentiated

features

Secondary Brands &

Technologies

Industrial Consumer

Diamond Grade™

High Intensity Grade

Engineering Grade

http://solutions.3m.com/wps/portal/3M/en_US/home_office/home/product_information/stationary_tapes/contour_dispenser/

http://images.google.com/imgres?imgurl=http://www.dick-blick.com/items/230/17/23017-OB1ww.jpg&imgrefurl=http://www.dickblick.com/itemgroups-t/transparenttape/&h=172&w=200&sz=10&tbnid=6uttMvw0JLlcVM:&tbnh=85&tbnw=99&hl=en&start=2&prev=/images%3Fq%3D3m%2Bhighland%2Btape%26svnum%3D10%26hl%3Den%26lr%3D%26sa%3DN

http://images.google.com/imgres?imgurl=http://bender-burkot.com/Product_Images/6549.gif&imgrefurl=http://bender-burkot.com/product_detail.asp%3Fid%3D719458%26type%3DSchool&h=144&w=123&sz=8&tbnid=NGRL0g_dccQCjM:&tbnh=89&tbnw=76&hl=en&start=19&prev=/images%3Fq%3Dhighland%2Bpost-it%26svnum%3D10%26hl%3Den%26lr%3D











competencies






MarketExpansion







AcquisitionsHigher organic growth results from more frequent acquisitions

Base

Growth

Acquisitions

Acquisitions are not only about bulk, but can be helpful in:

1. Strengthening the base by filling in white spaces

2. May facilitate growth through entry into a new market

3. May provide a key new technology or brand

4. Fast capacity acquisition


High Jump

HornellCUNO

Gen'l Ind'l Diamond

Omni

Mercury

Info-XSiemen's

Interconnect Interchemall Dom

0%

5%

10%

15%

20%

2004 2005 2006

Targ

et G

row

th R

ate

%Thoughtful Acquisitions Help Drive Core Growth

3M Historical Growth ~4%

Less than $100MM Greater than $100MM


Brontes Technologies


Track & Trace Has Broad-Based Opportunities

Existing and Potential 3M Solution Spaces

How Am I?

Where Am I? Sensor Networks SensorsTempVibrationHumidityLightContaminants

Who Am I?RFIDBarCodeDatabase

Tracking Software RFID NetworkWireless LocationRTLSGPS Road Tolling

Improve and Advantage Me!Location-Based ServicesSupply Chain OptimizationCompetitive “Superiority”in Order Fulfillment

Supply ChainDistribution


Electrical Power Transmission


New Consumer Products











competencies






MarketExpansion







3M’s Subsidiary Network: A Platform For Growth

KeySales & MarketingManufacturing/ConvertingTechnical Capabilities

Canada

Puerto Rico

Trinidad& Tobago

Brazil

Uruguay Argentina

Venezuela

Chile

Peru

Colombia

Ecuador

Panama

Jamaica

Costa RicaEl Salvador

Guatemala

Dominican Republic

Mexico

UAE

Switzerland

Austria

Greece

Italy

Pakistan

SaudiArabia

Lebanon

Kuwait

Egypt

KenyaSouth Africa

Morocco

Tunisia

China

Korea

Japan

Taiwan

Hong Kong

Vietnam

Philippines

Thailand

India

Malaysia

Indonesia

New ZealandAustralia

Singapore

Sri Lanka

France

Germany

United Kingdom

Ireland

Belgium

Netherlands

Denmark

Norway

Sweden Finland

Spain

Portugal

Poland

CzechRepublic

Hungary

Russia

Turkey

Romania

UkraineEast

Israel


International Sales Growth(Billions)

$7.8$8.2

$8.9$8.5

$8.9

$10.7

$12.1$12.9

$14.1

5.0

7.0

9.0

11.0

13.0

1998 1999 2000 2001 2002 2003 2004 2005 2006

$15.0

Summary- Bringing it all Together



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3M’s Strategy Reduces to Five Principal Elements

● Get our labs back in the business of developing and releasing new products faster

Better prioritization of what we do, and don’t do, and where we do it● Go local (or regional) in brands and sales coverage to drive growth● Get all elements of the supply chain closer to customers to facilitate

growth and reduce costs and W/C demands● Accelerate technological capability, distribution penetration,

customer satisfaction and manufacturing capacity through acquisitions

Becoming more important to customers● Leverage the growth

Stop price leakage and share lossesTrim non-essential corporate services


Coordinated Value Creation StrategyStrategy ► Review business units by key

metrics including growth and capital efficiency

Near TermTactics

► Put ongoing review metrics in place► Divestiture of Pharmaceuticals► Examine others for divestiture

► Work in high growth spaces with reasonable EPS targets. Value creation orientation. Less margin obsessive

Strategy Strategy ► Increase leverage on the balance sheet. Be willing, if necessary, to dip below AA rating to A

► Use cash flow for investment, acquisitions and increased share buybacks

Near TermTactics

Near TermTactics

► Safety & Protection► Display & Graphics (Optics & Films)► Track & Trace (RFID/Wireless/GPS)► Wider Consumer Offerings► Medical, Dental & Orthodontics

Near TermTactics

► Focus on adjacent segments with higher growth, cost and revenue synergies

Strategy ► Focus on mega trends, scale and relative share in core business

Selected Divestitures

Organic Growth

Capital StrategyAcquisitions


Cash Back to ShareholdersFor The Period 2001-06:

● $8.9 billion in share repurchases

● $6.7 billion in dividends paid

● Dividend CAGR of 9%

● No equity dilution policy

● Returned ~103% of reported net income via dividends and share repurchases

0

500

1000

1500

2000

2500

2001 2002 2003 2004 2005 2006

Stock Repurchases $'000s

600

800

1000

1200

1400

2001 2002 2003 2004 2005 2006

Dividends $'000s


3M’s Summary Longer Term Strategy

● Technology lattice protects the downsides and ensures upsides

● Investment through the economic cycles● Driving growth as a way of doing business

Organic Sales Growth

EPS Growth

Investment Returns

2X IPI ≈ 8% and up

12 -15%

20%+►Drill into the core. Move towards

scale where markets are large

► Innovation remains vital

►Move towards higher relative share in smaller markets

►Heavy up on globalization

►Accelerated M&A to improve core growth and fill gaps

►Careful tradeoffs of share and growth

►Building brands and technology

Operating Income ($ in millions)

$2,823

$2,473

$2,000

$2,500

$3,000

YTD '06 YTD '07

Sales ($ in millions)

$12,079

$10,894$10,000

$11,500

$13,000

YTD '06 YTD '07

Pharma

Earnings Per Share (US dollars)

$2.50

$2.12$1.75

$2.25

$2.75

YTD '06 YTD '07

Return on Invested Capital

22.7%22.6%

15.0%

20.0%

25.0%

YTD '06 YTD '07

Year-To-Date Highlights*

+7.1%+8.9%

+10 bps

$389

+10.9%ex. pharma

$0.10

+17.9%ex. pharma

+12.6%

$120

+14.2%ex. pharma

Margin (ex pharma) 22.7% 23.4%LC Growth 8.8% 8.4%


+80 bpsex. pharma

$913

$237

$1,006

$288

$0

$400

$800

$1,200+10.2%

Segment Highlights* – Display & GraphicsQ2 Drivers

• Local currency growth of 8.8%• Optical films business leads with strong double digit

sales and profit growth• Commercial graphics and traffic safety continue

track record of delivering consistent performance• LCD industry continues to remain healthy• Solid YTD operating income performance with

operating income up over 10% and margins over 30%

Other Highlights• LCD Poland facility online (June 2007)• DBEF manufacturing capacity additions for LCD TV

industry on track• LCD industry accelerates back-half of year as TV

becomes bigger piece of mix• New service business for vehicle registration & road

maintenance$529

$1,832

$583

$1,927

$0

$700

$1,400

$2,100

+10.2%

+21.5%

+5.2%

Operating Income MarginsQ2 ’06 Q2 ‘0726.0% 28.7%

Q2 ‘06 Q2 ‘07 Q2 ‘06 Q2 ‘07Sales Operating Income

YTD ‘06 YTD ‘07 YTD ‘06 YTD ‘07Sales Operating Income

Operating Income Margins

YTD ’06 YTD ‘0728.9% 30.3%


Second Quarter

Year-to-Date

$320

$1,662

$361

$1,804

$0

$600

$1,200

$1,800 +8.5%

Segment Highlights* – Industrial & Transportation

$700

$3,334

$772

$3,589

$0

$1,200

$2,400

$3,600

+10.4%

+12.5%

+7.6%





YTD ’06 YTD ‘0721.0% 21.5%

Q2 Drivers• Local currency growth of 5.6% including 1.0% from

acquisitions• Continued growth leadership by industrial adhesives

and tapes, automotive aftermarket, energy and advanced materials and abrasives businesses

• Good solid performance in auto OEM market• Broad based geographic performance with growth led

by Europe and Latin America Canada regions• Good operational discipline with double digit operating

income increase of 12.5% in Q206 and 10.4% YTD

Other Highlights• Organic new products and complimentary gap fill

acquisitions• Continued emerging market penetration, particularly

BRICP countries• Driving 3M technologies into oil and gas market to

meet needs of major energy customers • Weak US auto OEM & residential housing market


Second Quarter

Year-to-Date

$769

$135

$832

$164$0

$300

$600

$900 +8.2%

Segment Highlights – Consumer & Office

$285

$1,510

$341

$1,646

$0

$600

$1,200

$1,800

+19.6%

+21.3%

+9.0%





YTD ’06 YTD ‘0718.9% 20.7%

Q2 Drivers• Local currency growth of 6.1% including 1.3% from

Nylonge acquisition• Sales and profit growth led by office retail channel• Solid growth in DIY and consumer mass retail

channels• Double-digit international growth rates• Outstanding Q2 and YTD operating leverage with

profits up 21.3% and 19.6% respectively

Other Highlights• Invigorating existing categories with higher-value

innovative products• Introducing products that change consumer behavior

and solve everyday problems• Increased investment in Q3 and Q4 for sales and

marketing activities for back-to-school and holiday season

• Improving international penetration • Slow U.S. residential housing construction persists

Second Quarter

Year-to-Date

$139

$662

$169

$799

$0

$300

$600

$900 +20.7%

Segment Highlights* – Safety, Security & Protection

$297

$1,301

$350

$1,557

$0

$600

$1,200

$1,800

+18.1%

+21.9%

+19.7%





YTD ’06 YTD ‘0722.8% 22.5%

Q2 Drivers• Local currency growth of 16.7%• Acquisitions added 11.6%; primarily Security Printing

Systems Ltd. and E. Wood• Growth led by respiratory protection, corrosion protection

and building and commercial services• Industrial mineral up 5% sequentially; down 13% YOY • Europe delivers strong growth and profits• Operating income up 22%• Consistent 20%+ operating margins

Other Highlights• Korea respiratory facility opening effective July 11, 2007• Continued global demand for personal protective

equipment particularly disposable respiratory protection• Driving growth in passports, document readers and

access control in security market• International commercial construction drives increased

demand for fire protection and window films


Second Quarter

Year-to-Date

$114

$670

$132

$693

$0

$300

$600

$900+3.4%

Segment Highlights* – Electro & Communications

$234

$1,315

$262

$1,361

$0

$500

$1,000

$1,500

+12.0%

+15.7%

+3.5%





YTD ’06 YTD ‘0717.8% 19.3%

Q2 Drivers• Local currency growth of 1.2%; 2.2% from acquisitions• Double-digit sales and profit growth in electrical markets

for insulating, protecting and sensing• Double-digit sales and profit growth in communications

markets• Weakness in consumer electronic applications• Productivity focus continues to drive double-digit profits

growth• Q2 and YTD margins more than 19.0%

Other Highlights• Strong bench-to-bench relationships with big global

customers • Steady flow of new products into adjacent markets• Continued penetration in consumer electronics and

other electronic devices

Second Quarter

Year-to-Date


$546 $448

$1,950

$1,577

$120

$389

$0

$700

$1,400

$2,100

$210 $277

$988

$804

$60

$196

$0

$350

$700

$1,050

Pharma

+2.9%

(3.8%)

Segment Highlights* – Health CareQ2 Drivers

• Local currency growth of 19.5% including 4.4% from acquisitions

• Sales growth was broad-based across Drug Delivery, Dental, Medical and Health Info Systems

• Geographic growth led by Europe and US • Excellent operating income performance up 32.3%,

ex. pharma• Pharma divestiture reduced reported sales and

operating income by 24.2% and 29.4%, respectively

Other Highlights• Technology leadership in medical, dental, health

information management and drug delivery industries• Strategic focus in medical on infection prevention,

acute/chronic wound care management• Dental launched Pro TempTM malleable materials for

temporary crowns • Product and technology gap fill acquisitions help build

scale and market leadership in medical and dental• Emerging market penetration

23.1%ex. pharma

21.9%ex. pharma

(1.1%)

32.3%ex. pharma



(ex. Pharma)YTD ’06 YTD ‘07

28.4% 28.0%


(ex. Pharma)Q2 ’06 Q2 ‘0726.1% 28.1%

23.7%ex. pharma


(0.8%)

Second Quarter

Year-to-Date


Morgan Stanley Global Industrials CEOs Unplugged Conference

Economy & Finance

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