EXHIBIT 12
3M COMPANY
AND SUBSIDIARIES

CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Millions)

Six months
Ended
June 30,		 Year Year Year Year Year
EARNINGS      2004    2003    2002    2001    2000    1999  
  
Income from continuing operations  
  before income taxes,  
  minority interest,  
  and cumulative effect  
  of accounting change*   $ 2,288   $ 3,657   $ 3,005   $ 2,186   $ 2,974   $ 2,880  
  
Add:  
  
Interest expense    45    112    100    143    127    125  
  
Interest component of the ESOP  
  benefit expense    6    14    16    18    19    21  
  
Portion of rent under operating  
  leases representative of  
  the interest component    26    46    40    39    39    37  
  
Less:  
  
Equity in undistributed income  
  of 20-50% owned companies    2    7    10    5    10    4  
  
TOTAL EARNINGS AVAILABLE  
FOR FIXED CHARGES   $ 2,363   $ 3,822   $ 3,151   $ 2,381   $ 3,149   $ 3,059  
  
FIXED CHARGES  
  
Interest on debt    39    93    100    150    141    135  
  
Interest component of the ESOP  
  benefit expense    6    14    16    18    19    21  
  
Portion of rent under operating  
  leases representative of  
  the interest component    26    46    40    39    39    37  
  
TOTAL FIXED CHARGES   $ 71   $ 153   $ 156   $ 207   $ 199   $ 193  
  
RATIO OF EARNINGS  
TO FIXED CHARGES    33.3    25    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.



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