PRICING SUPPLEMENT NO. 1 Dated May 8, 2001 To Prospectus Dated January 12, 2001 and Prospectus Supplement Dated May 3, 2001 Filed under Rule 424(b)(3) File No. 333-48922 CUSIP No.: 60406CAQ0 MINNESOTA MINING AND MANUFACTURING COMPANY $1,400,000,000 MEDIUM-TERM NOTES, SERIES C Principal Amount: $150,000,000 Interest Rate: 4.90% Specified Currency: U.S. Dollars Issue Price: 100% Agent's Discount or Commission: 0.35% Net Proceeds to Company: $149,475,000 Original Issue Date: May 10, 2001 Maturity Date: May 10, 2004 Form: Book-Entry Interest Payment Dates: Each May 10 and November 10, from November 10, 2001 to May 10, 2004, inclusive Regular Record Dates: 15th calendar day, whether or not a Business Day, next preceding corresponding Interest Payment Date Redemption: The Notes are not redeemable prior to Maturity Agent: Goldman, Sachs & Co. As of the date of this Pricing Supplement, the aggregate principal amount (or its equivalent in other currencies) of Debt Securities (as defined in the Prospectus) which have been sold (including the Notes to which this Pricing Supplement relates) is $206,000,000.