#13M Science. Applied to Life." TM 2021 Third Quarter Earnings (Unaudited) October 26, 2021#2Events 2021 Earnings Calls Q4 January 25 3M 2#3Forward looking statement 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," "aim," "project," "intend," "plan," "believe," "will," "should," "could," "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, political, regulatory, capital markets and other external conditions and other factors beyond the Company's control, including natural and other disasters or climate change affecting the operations of the Company or its customers and suppliers; (2) risks related to public health crises such as the global pandemic associated with the coronavirus (COVID-19); (3) foreign currency exchange rates and fluctuations in those rates; (4) liabilities related to certain fluorochemicals, including lawsuits concerning various PFAS-related products and chemistries, and claims and governmental regulatory proceedings and inquiries related to PFAS in a variety of jurisdictions; (5) 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, 2020, and any subsequent quarterly reports on Form 10-Q (the "Reports"); (6) competitive conditions and customer preferences; (7) the timing and market acceptance of new product offerings; (8) the availability and cost of purchased components, compounds, raw materials, labor, and energy (including oil and natural gas and their derivatives) due to shortages, increased demand and wages, logistics, manufacturing site disruption or supply chain interruptions (including those caused by natural and other disasters and other events); (9) unanticipated problems or delays with the phased implementation of a global enterprise resource planning (ERP) system, or security breaches and other disruptions to the Company's information technology infrastructure; (10) 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; (11) operational execution, including scenarios where the Company generates fewer productivity improvements than estimated; (12) financial market risks that may affect the Company's funding obligations under defined benefit pension and postretirement plans; (13) the Company's credit ratings and its cost of capital; and (14) tax-related external conditions, including changes in tax rates, laws or regulations. Changes in such assumptions or factors could produce significantly different results. A further description of these factors is located in the Reports under "Cautionary Note Concerning Factors That May Affect Future Results" and "Risk Factors" in Part I, Items 1 and 1A (Annual Report) and in Part I, Item 2 and Part II, Item 1A (Quarterly Reports), as updated by applicable Current Reports on Form 8-K. 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. Note on non-GAAP financial measures This presentation refers to certain non-GAAP financial measures. Refer to 3M's October 26, 2021, press release for descriptions of non-GAAP financial measures such free cash flow, adjusted free cash flow, free cash flow conversion, adjusted free cash flow conversion, net debt, adjusted EBITDA, and various measures that adjust for the impacts of special items. These non-GAAP measures are not in accordance with, nor are they a substitute for, GAAP measures. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in that press release. 3M 2021 Q3 Earnings - October 26, 2021. All rights reserved. 3#43M delivers strong performance in a dynamic environment Organic local-currency growth +6.3% / +11.5% ● ● KEY TAKEAWAYS Strong and growing segments delivered organic growth across all business groups and geographic areas Delivered in the face of a challenging environment; focused on serving customers while navigating global supply chains, raw materials and logistics environment • Global end-market and customer demand remains strong Semiconductor constraints impacting end-markets, particularly automotive and electronics; healthcare and oral care elective procedures expected to remain stable with recent trends Gaining traction on selling price increases to help mitigate inflationary headwinds Prioritizing investments in growth, productivity and sustainability Updating full-year 2021 guidance range to reflect ongoing supply chain, raw materials and logistics challenges ● ● Q3/YTD ● Operating margin 20.0% / 21.5% 2021 Q3 Earnings - October 26, 2021. All rights reserved. Earnings per share $2.45 / $7.81 3M 4#5Our areas of investment align with key global trends Targeting growth above macro in attractive markets 3M 2021 Q3 Earnings - October 26, 2021. All rights reserved. Automotive Technologies to improve energy efficiency and help make transportation safer, smarter and more connected ● Home improvement ● • Innovations that help consumers personalize their homes and keep families healthier and more productive, including our fast-growing Command™ damage-free hanging solutions and Filtrete TM filter brands Personal safety Science-based solutions for respiratory, face, hearing and fall protection Biopharma filtration • Innovations that help pharmaceutical companies advance the development and manufacturing of therapeutics and vaccines ● Electronics and software Solutions that enable better performance and connectivity while improving productivity, speed and agility for customers ● 3M 5#6Q3 2021 operating margin and EPS Earnings Per Share $2.45 Q3 2020 Organic volume/productivity and other Price/raw material FX Other expense/income Tax rate* Shares outstanding Q3 2021 Operating Income Margin 2021 Q3 Earnings - October 26, 2021. All rights reserved. 22.9% -1.4% -1.3% -0.2% ΝΑ ΝΑ ΝΑ 20.0% -$0.02 - $0.12 -$0.01 +$0.08 + $0.09 -$0.02 $2.45 Q3 2021 organic volume +4.9; productivity penalties from global supply chain challenges; restructuring savings offsetting restructuring charge; increased investments in growth and sustainability; increased litigation-related costs Selling price increases more than offset by higher raw materials and logistics costs Net of hedge impact; full-year 2021 FX benefit of approximately $0.15 per share, remains unchanged Primarily non-operating pension benefit and lower net interest expense Q3 2021 tax rate 18.4% versus 21.5% in prior year; full-year 2021 tax rate expected in range of 18.5% to 19.5% vs. 20% to 21% previously Average diluted shares up 1% * The effect of income taxes on items that had specific tax rates are reflected within their respective impacts in the table above. 3M 6#7Q3 2021 cash flow and balance sheet $1.5B -29% year-on-year 107% -44 ppts year-on-year $1.4B +63% year-on-year Adjusted free cash flow Adjusted free cash flow conversion Cash returned to shareholders 2021 Q3 Earnings - October 26, 2021. All rights reserved. 3M Proactive balance sheet management Net debt of $12.4B, down $2.6B, or 17% year-on-year ● Adjusted free cash flow Q3: $1.5B, down 29%; YTD: $4.5B, down 3% year-on-year Adjusted free cash flow conversion Q3: 107%, down 44 ppts; YTD: 98%, down 26 ppts Year-on-year decline primarily due to strong customer demand and supply chain challenges which increased working capital ● ● Capital expenditures Q3: $343M; YTD $1.0B FY 2021: $1.5B to $1.6B versus $1.8B to $2.0B, previously ● ● Cash returned to shareholders Dividends: Q3 $856M; YTD $2.6B Gross share repurchases: Q3 $527M; YTD $1.3B ● ● 7#8Q3 Business Group performance Safety & Industrial Transportation & Electronics Health Care Consumer Segment Organic Operating Growth Margin +6.1% 19.2% +5.1% +3.3% 19.0% 2021 Q3 Earnings - October 26, 2021. All rights reserved. 23.5% +7.6% 21.7% Commentary Organic growth led by general industrial with strength in adhesives and tapes, and abrasives; roofing granules down due to strong year-on-year comp; personal safety declined due to prior- year strong COVID-related respiratory demand ● ● ● ● ● Disposable respirator sales declined 7% organically year-on-year, and 15% sequentially Operating margins -6.5 ppts year-on-year; increases in raw materials, logistics and litigation- related costs, partially offset by sales growth Organic growth led by advanced materials, commercial solutions, transportation safety; auto OEM continues to outpace global car and light truck builds; organic sales declined in electronics due to continued impact of semiconductor constraints on customers Operating margins -3.2 ppts year-on-year; increases in raw materials and logistics costs, partially offset by sales growth Organic growth led by food safety, oral care, and health information systems; declined in medical solutions due to lower year-on-year disposable respirator sales Operating margins +0.7 ppts year-on-year; improvement due to sales growth, partially offset by rising raw materials and logistics costs Continued strength in home improvement and home cleaning; improving office and stationery demand driven by return-to-school Operating margins -2.6 ppts year-on-year; increases in raw materials, logistics, outsourced hardgoods manufacturing costs, partially offset by sales growth 3M 8#92021 planning estimates ● Macro and business trends Global end-market demand remains strong Semiconductor constraints impacting end-markets, particularly automotive and electronics ● ● ● ● Organic local-currency growth 8% to 9% vs. 6% to 9%, prior ● Earnings per share $9.70 to $9.90 vs. $9.70 to $10.10, prior Healthcare and oral care elective procedures expected to remain stable with recent trends Significant global supply chain, raw materials and logistics challenges expected to persist into foreseeable future Full-year raw material and logistics headwinds of $0.80 to $0.90 per share, responding with selling price increases, dual sourcing and yield improvement Maintaining strong execution and operating rigor 2021 Q3 Earnings - October 26, 2021. All rights reserved. 3M Q4 vs. Q3 2021 sequential items of note One fewer business day versus Q3 2021 • Focused on serving customers while navigating supply chain, raw materials and logistics challenges ● ● Selling price expected to continue to gain traction. Lower pandemic-related disposable respiratory demand of $25M to $75M sequentially ($125M to $175M year-on-year) Expecting increase in legal-related costs • Previously announced (Dec 2020) restructuring program on track, expected Q4 pre-tax charge of $25M to $50M, similar to Q3 2021 Higher investments in growth, productivity and sustainability ● Free cash flow conversion 90% to 100%, unchanged ● ● 9#10Q&A Mike Roman Chairman of the Board & Chief Executive Officer Bruce Jermeland Senior Vice President, Investor Relations 3M Monish Patolawala Executive Vice President, Chief Financial & Transformation Officer 10#11Appendix 2021 Q3 Earnings - October 26, 2021. All rights reserved. 3M 11#12Q3 2021 P&L ($M) Sales Gross profit % to sales SG&A % to sales R&D & related % to sales Gain on sale of businesses % to sales Operating income % to sales Net income GAAP earnings per share 2021 Q3 Earnings - October 26, 2021. All rights reserved. Q3 2020 $8,350 $4,047 48.5% $1,677 20.1% $461 5.5% $1,909 22.9% $1,430 $2.45 Q3 2021 $8,942 $4,089 45.7% $1,819 20.3% $482 5.4% $1,788 20.0% $1,434 $2.45 Change +7.1% +1.0% -2.8 pts +8.4% +0.2 pts +4.4% -0.1 pts -6.3% -2.9 pts +0.3% -0.3% 3M 12#13Q3 2021 sales recap Americas +5.4% +2.0% +7.4% -% Organic volume Price Organic local-currency Acquisitions/divestitures FX Total growth U.S. Organic local-currency +6% 2021 Q3 Earnings - October 26, 2021. All rights reserved. +0.5% +7.9% EMEA +3.1% +1.1% +4.2% -% +1.0% +5.2% Canada Mexico +7% +12% APAC +5.1% +0.5% +5.6% -% +1.2% +6.8% Brazil +22% 3M Worldwide +4.9% +1.4% +6.3% -% +0.8% +7.1% China/HK Japan +6% +3% 13#14Business segment information ($M) Business groups Safety & Industrial Transportation & Electronics Health Care Consumer Net Sales Total Q3 2020 $3,017 Q3 2021 $3,235 $2,316 $2,450 5.1% $2,160 $2,249 Elimination of Dual Credit Total Operating Business Segment Corporate & Unallocated $(2) $1,412 $1,525 7.6% $(553) $(520) $3 $8,350 $8,942 Organic local- currency FX M&A 6.1% 3.3% 2021 Q3 Earnings - October 26, 2021. All rights reserved. Q3 2021 Sales Growth 6.3% 1.1% 0.7% 0.8% -% -% -% 0.5% -% 0.8% -% Total Sales Change 7.2% "Corporate and Unallocated" and "Total" provided on an adjusted basis Organic local-currency = organic volume + price 5.8% 4.1% 8.1% 7.1% Organic local-currency by Geographic Area Asia Americas Pacific 4.9% 13.3% 1.4% 9.5% 7.4% 3M 15.6% -0.8% -0.2% 10.9% 3.8% 5.6% Q3 EMEA 2020 $774 11.3% 3.1% -0.6% Business Segment Operating Income/Adjusted Operating 4.2% $514 $493 $343 $(142) Income* Q3 2021 $620 $1,909 $465 $529 $(131) $1,982 $1,815 $(73) $(27) Percent change -19.9% $332 -3.3% -9.4% 7.2% $1,788 -6.3% Business Segment Operating Margin/Adjusted Operating Margin* Q3 2020 25.7% 22.2% 22.8% 24.3% 22.9% Q3 2021 19.2% 19.0% 23.5% 21.7% 20.0% 14#15Additional sales detail ($M) Business groups Abrasives Automotive Aftermarket Closure and Masking Systems Electrical Materials Industrial Adhesives & Tapes Personal Safety Roofing Granules Other Safety & Industrial Total Safety & Industrial Business Group Advanced Materials Automotive & Aerospace Commercial Solutions Electronics Transportation Safety Other Transportation & Electronics Total Transportation & Electronics Business Group 2021 Q3 Earnings - October 26, 2021. All rights reserved. Q3 2020 Net Sales 289 308 242 285 643 1,136 113 1 3,017 247 410 391 1,025 245 (2) 2,316 Q3 2021 362 314 264 322 760 1,105 109 (1) 3,235 305 439 457 1,000 250 (1) 2,450 ($M) Business groups Drug Delivery Food Safety Health Information Systems Medical Solutions Oral Care Separation & Purification Sciences Other Health Care Total Health Care Business Group Consumer Health & Safety Home Care Home Improvement Stationery & Office Other Consumer Total Consumer Business Group Corporate & Unallocated Elimination of Dual Credit Total 3M Net Sales Q3 2020 83 280 1,251 320 221 5 2,160 139 268 644 318 43 1,412 (553) 8,350 Q3 2021 96 309 1,241 359 244 2,249 152 278 699 355 41 1,525 3 (520) 8,942 15#163M Science. TM Applied to Life.™M