EXHIBIT 12 3M Company and Subsidiaries CALCULATION OF THE RATIO OF EARNINGS TO FIXED CHARGES (Unaudited)

- -------------------------------------------------------------------------- Three Months Ended Mar. 31, Year Year Year Year Year (Dollars in millions) 2003 2002 2001 2000 1999 1998 - -------------------------------------------------------------------------- EARNINGS Income from continuing operations before income taxes, minority interest, extraordinary loss and cumulative effect of accounting change* $ 764 $3,005 $2,186 $2,974 $2,880 $1,952 Add: Interest expense 28 100 143 127 125 139 Interest component of the ESOP benefit expense 4 16 18 19 21 29 Portion of rent under operating leases representative of the interest component 10 40 39 39 37 41 Less: Equity in undistributed income of 20-50% owned companies 3 10 5 10 4 4 - --------------------------------------------------------------------------- TOTAL EARNINGS AVAILABLE FOR FIXED CHARGES $ 803 $3,151 $2,381 $3,149 $3,059 $2,157 - --------------------------------------------------------------------------- FIXED CHARGES Interest on debt 26 100 150 141 135 139 Interest component of the ESOP benefit expense 4 16 18 19 21 29 Portion of rent under operating leases representative of the interest component 10 40 39 39 37 41 - --------------------------------------------------------------------------- TOTAL FIXED CHARGES $ 40 $ 156 $ 207 $ 199 $ 193 $ 209 - --------------------------------------------------------------------------- RATIO OF EARNINGS TO FIXED CHARGES 20.1 20.2 11.5 15.8 15.8 10.3 - --------------------------------------------------------------------------- *Three months ended March 31, 2003 includes $93 million pre-tax loss related to adverse ruling associated with a lawsuit filed by LePage's Inc. Year 2002 and year 2001 includes net pre-tax losses of $202 million and $504 million related to special items, respectively, primarily related to the restructuring; 2000 includes net pre-tax losses of $23 million related to special items; 1999 includes net pre-tax gains of $100 million relating to special items that include gains on divestitures, litigation expense, an investment valuation adjustment, and a change in estimate that reduced 1998 restructuring charges; 1998 includes pre-tax restructuring charges of $493 million.