EXHIBIT 12

3M COMPANY
AND SUBSIDIARIES
CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Millions)

  2003   2002   2001   2000   1999
   
EARNINGS                                  
Income from continuing operations before income taxes, minority interest, and cumulative effect of accounting change*       $ 3,657     $ 3,005     $ 2,186     $ 2,974     $ 2,880  
Add:                                  
Interest expense         112       100       143       127       125  
Interest component of the ESOP benefit expense         14       16       18       19       21  
Portion of rent under operating leases representative of the interest component         46       40       39       39       37  
Less:                                  
Equity in undistributed income of 20-50% owned companies         7       10       5       10       4  
TOTAL EARNINGS AVAILABLE FOR FIXED CHARGES       $ 3,822     $ 3,151     $ 2,381     $ 3,149     $ 3,059  
FIXED CHARGES                                  
Interest on debt         93       100       150       141       135  
Interest component of the ESOP benefit expense         14       16       18       19       21  
Portion of rent under operating leases representative of the interest component         46       40       39       39       37  
TOTAL FIXED CHARGES       $ 153     $ 156     $ 207     $ 199     $ 193  
RATIO OF EARNINGS TO FIXED CHARGES         25.0       20.2       11.5       15.8       15.8  
* 2003 includes a $93 million pre-tax loss related to an adverse ruling associated with a lawsuit filed by LePage’s Inc. 2002 and 2001 special items include net pre-tax losses of $202 million and $504 million, respectively, primarily related to the restructuring. 2000 includes non-recurring net pre-tax losses of $23 million. 1999 includes non-recurring net pre-tax gains of $100 million relating to gains on divestitures, litigation expense, an investment valuation adjustment, and a change in estimate that reduced 1998 restructuring charges.