EXHIBIT 12 MINNESOTA MINING AND MANUFACTURING COMPANY AND SUBSIDIARIES CALCULATION OF THE RATIO OF EARNINGS TO FIXED CHARGES (Dollars in millions) (Unaudited) Three Months Ended March 31, Year Year Year Year Year 2001 2000 1999 1998 1997 1996 ------ ------ ------ ------ ------ ------ EARNINGS Income from continuing operations before income taxes, minority interest, extraordinary loss and cumulative effect of accounting change* $ 711 $2,974 $2,880 $1,952 $3,440 $2,479 Add: Interest expense 43 127 109 139 94 79 Interest component of the ESOP benefit expense 4 19 21 29 32 34 Portion of rent under operating leases representative of the interest component 10 39 37 41 41 46 Less: Equity in undistributed income of 20-50% owned companies 1 10 4 4 3 -- ------ ------ ------ ------ ------ ------ TOTAL EARNINGS AVAILABLE FOR FIXED CHARGES $ 767 $3,149 $3,043 $2,157 $3,604 $2,638 ====== ====== ====== ====== ====== ====== FIXED CHARGES Interest on debt 45 141 109 139 94 79 Interest component of the ESOP benefit expense 4 19 21 29 32 34 Portion of rent under operating leases representative of the interest component 10 39 37 41 41 46 ------ ------ ------ ------ ------ ------ TOTAL FIXED CHARGES $ 59 $ 199 $ 167 $ 209 $ 167 $ 159 ====== ====== ====== ====== ====== ====== RATIO OF EARNINGS TO FIXED CHARGES 13.0 15.8 18.2 10.3 21.6 16.6 *Three months ended March 31, 2001, and Year 2000, both include a non-recurring net pre-tax loss of $23 million; 1999 includes non-recurring net pre-tax gains of $100 million; 1998 includes a pre-tax restructuring charge of $493 million; 1997 includes a pre-tax gain on the sale of National Advertising Company of $803 million. 25