(a) 3M plans to reinvest approximately $1.7 billion of foreign earnings in the United States pursuant to the provisions of the American Jobs Creation Act of 2004. This act provides the company the opportunity to tax-efficiently repatriate foreign earnings for US qualifying investments specified by its plan. As a consequence, in the second quarter of 2005, 3M recorded a non-recurring charge of $75 million dollars, net of available foreign tax credits.

Forward-Looking Statements

This news release contains forward-looking information (within the meaning of the Private Securities Litigation Reform Act of 1995) about the company’s financial results and estimates, business prospects, and products under development that involve substantial risks and uncertainties. You can identify these statements by the use of words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” and other words and terms of similar meaning in connection with any discussion of future operating or financial performance. Among the factors that could cause actual results to differ materially are the following: (1) worldwide economic conditions; (2) competitive conditions and customer preferences; (3) foreign currency exchange rates and fluctuations in those rates; (4) the timing and acceptance of new product offerings; (5) the availability and cost of purchased components, compounds, raw materials and energy (including oil-derived compounds) due to shortages, increased demand or supply interruptions (including those caused by natural and other disasters and other events); (6) 3M’s ability to successfully integrate and obtain the anticipated synergies from acquisitions and strategic alliances; (7) generating less operating income from its corporate initiatives than estimated; and (8) legal proceedings, including the outcome of and information derived from pending Congressional action concerning asbestos-related litigation and other significant developments that could occur in the legal proceedings described in the company’s Annual Report on Form 10-K for the year ended Dec. 31, 2004 and the Quarterly Reports on Form 10-Q for the quarters ended March 31, 2005 and June 30, 2005 (the “Reports”). Changes in such assumptions or factors could produce significantly different results. A further description of these factors is located in the Reports. The information contained in this news release is as of the date indicated. The company assumes no obligation to update any forward-looking statements contained in this release as a result of new information or future events or developments.

About 3M - A Global, Diversified Technology Company

Every day, 3M people find new ways to make amazing things happen. Wherever they are, whatever they do, the company’s customers know they can rely on 3M to help make their lives better. 3M’s brands include Scotch, Post-it, Scotchgard, Thinsulate, Scotch-Brite, Filtrete, Command and Vikuiti. Serving customers in more than 200 countries around the world, the company’s 69,000 people use their expertise, technologies and global strength to lead in major markets including consumer and office; display and graphics; electronics and telecommunications; safety, security and protection services; health care; industrial and transportation.

Scotch, Post-it, Scotchgard, Thinsulate, Scotch-Brite, Filtrete, Command and Vikuiti are trademarks of 3M.

3M Company and Subsidiaries

CONSOLIDATED STATEMENT OF INCOME

(Millions, except per-share amounts)

(Unaudited)

	Three-months ended						Nine-months ended
	Sept. 30						Sept. 30
	2005			2004			2005			2004
Net sales	$	5,382		$	4,969		$	15,842		$	14,920
Operating expenses
Cost of sales	2,632			2,457			7,763			7,345
Selling, general and administrative expenses	1,165			1,047			3,400			3,235
Research, development and related expenses	295			282			882			854
Total	4,092			3,786			12,045			11,434
Operating income	1,290			1,183			3,797			3,486
Interest expense and income
Interest expense	20			17			59			52
Interest income	(13		)	(12		)	(45		)	(32		)
Total	7			5			14			20
Income before income taxes and minority interest	1,283			1,178			3,783			3,466
Provision for income taxes	417			389			1,305			1,144
Minority interest	13			14			40			52
Net income	$	853		$	775		$	2,438		$	2,270
Weighted average common shares outstanding — basic	762.2			780.6			767.3			782.0
Earnings per share — basic	$	1.12		$	0.99		$	3.18		$	2.90
Weighted average common shares outstanding — diluted	772.3			796.2			779.8			798.5
Earnings per share — diluted	$	1.10		$	0.97		$	3.13		$	2.84
Cash dividends paid per common share	$	0.42		$	0.36		$	1.26		$	1.08

3M Company and Subsidiaries

SUPPLEMENTAL CONSOLIDATED STATEMENT OF INCOME INFORMATION

(Millions, except per-share amounts)

(Unaudited)

	Nine-months ended
	Sept. 30, 2005
	Excluding
	special			Special			Reported
	items (b)			items (b)			total
Net sales	$	15,842		$	—		$	15,842
Operating expenses
Cost of sales	7,763			—			7,763
Selling, general and administrative expenses	3,400			—			3,400
Research, development and related expenses	882			—			882
Total	12,045			—			12,045
Operating income	3,797			—			3,797

Interest expense and (income), net	14			—			14
Income before income taxes and minority interest	3,783			—			3,783

Provision for income taxes	1,230			75			1,305
Effective tax rate	32.5		%	—			34.5		%
Minority interest	40			—			40
Net income (loss)	$	2,513		$	(75	)	$	2,438
Weighted average diluted shares	779.8			779.8			779.8
Net income (loss) per diluted share	$	3.22		$	(0.09	)	$	3.13

(b) In addition to disclosing results that are determined in accordance with U.S. generally accepted accounting principles (GAAP), the company also discloses non-GAAP results that exclude special items. Special items represent significant charges or credits that are important to an understanding of the company’s ongoing operations. The company provides reconciliations of its non-GAAP financial reporting to the most comparable GAAP reporting. The company believes that discussion of results excluding special items provides a useful analysis of ongoing operating trends. Earnings per share and other amounts before special items are not measures recognized under GAAP. The determination of special items may not be comparable to similarly titled measures used by other companies. In the second quarter of 2005, 3M recorded a charge of $75 million, net of available foreign tax credits, related to its plans to reinvest approximately $1.7 billion of foreign earnings in the United States pursuant to the provisions of the American Jobs Creation Act of 2004. No special items were recorded in 2004.

3M Company and Subsidiaries

CONDENSED CONSOLIDATED BALANCE SHEET

(Dollars in millions)

(Unaudited)

	Sep. 30,		Sep. 30,				Dec. 31,
ASSETS	2005		2004				2004
Cash and cash equivalents	$	1,848	$		2,200		$			2,757
Accounts receivable — net	3,061		2,853				2,792
Inventories	2,098		1,953				1,897
Other current assets	1,160		1,291				1,274
Total current assets	8,167		8,297				8,720
Investments	275		217				227
Property, plant and equipment — net	5,604		5,468				5,711
Prepaid pension and postretirement benefits (c)	2,775		693				2,591
Goodwill, intangible assets and other assets (d)	4,545		3,389				3,459
Total assets	$	21,366	$		18,064		$	20,708
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Short-term borrowings and
current portion of long-term debt	$	2,582	$			1,377	$	2,094
Accounts payable	1,249		1,116				1,168
Accrued payroll	520		516				487
Accrued income taxes	1,008		877				867
Other current liabilities	1,520		1,387				1,455
Total current liabilities	6,879		5,273				6,071
Long-term debt	688		1,284				727
Other liabilities (c)	3,552		2,811				3,532
Total liabilities	11,119		9,368				10,330
Total stockholders’ equity — net (c)	10,247		8,696				10,378
Shares outstanding
Sept. 30, 2005: 759,932,466 shares
Sept. 30, 2004: 788,533,778 shares
Dec. 31, 2004: 773,518,281 shares
Total liabilities and stockholders’ equity	$	21,366	$	18,064			$		20,708

(c) Accounting rules require that if the Accumulated Benefit Obligation (ABO) exceeds the fair value of pension plan assets the employer must recognize a liability that is at least equal to the unfunded ABO. Thus, in December 2002, 3M recorded a substantial minimum pension liability adjustment. However, at year-end 2004, 3M’s U.S. qualified pension plan ABO was less than assets, resulting in an adjustment to previously recorded amounts. When comparing Dec. 31, 2004 to Sept. 30, 2004, this adjustment increased “Prepaid pension and postretirement benefits” by approximately $1.9 billion, increased the long-term deferred tax liability (part of “Other liabilities”) by approximately $700 million, and increased other comprehensive income within “Total stockholders’ equity-net” by approximately $1.2 billion.

(d) The acquisition of CUNO in the third quarter of 2005 increased the “Goodwill, intangible assets and other assets balance” by approximately $1.25 billion.

3M Company and Subsidiaries

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

(Dollars in millions)

(Unaudited)

	Nine-months ended
	Sept. 30
	2005			2004
SUMMARY OF CASH FLOW:

NET CASH PROVIDED BY OPERATING ACTIVITIES	$	3,087		$	2,959
Cash flows from investing activities:
Purchases of property, plant and equipment	(660		)	(613		)
Acquisitions, net of cash acquired	(1,264		)	(73		)
Other investing activities	(40		)	39
NET CASH USED IN INVESTING ACTIVITIES	(1,964		)	(647		)
Cash flows from financing activities:
Change in debt	408			(271		)
Purchases of treasury stock	(1,809		)	(1,235		)
Reissuances of treasury stock	467			423
Dividends paid to stockholders	(968		)	(845		)
Other financing activities	(17		)	(31		)
NET CASH USED IN FINANCING ACTIVITIES	(1,919		)	(1,959		)
Effect of exchange rate changes on cash	(113		)	11
Net increase (decrease) in cash and cash equivalents	(909		)	364
Cash and cash equivalents at beginning of period	2,757			1,836
Cash and cash equivalents at end of period	$	1,848		$	2,200

3M Company and Subsidiaries

SUPPLEMENTAL CASH FLOW AND

OTHER SUPPLEMENTAL FINANCIAL INFORMATION

(Dollars in millions)

(Unaudited)

	Nine-months ended
	Sept. 30
	2005			2004
NON-GAAP MEASURES
Free Cash Flow:
Net cash provided by operating activities	$	3,087		$	2,959
Purchases of property, plant and equipment	(660		)	(613		)
Free Cash Flow (e)	$	2,427		$	2,346
Net Working Capital Turns (f)	5.5			5.4

(e) Free cash flow is not defined under U.S. generally accepted accounting principles (GAAP). Therefore, it should not be considered a substitute for income or cash flow data prepared in accordance with U.S. GAAP and may not be comparable to similarly titled measures used by other companies. The company defines free cash flow as net cash provided by operating activities less purchases of property, plant and equipment. It should not be inferred that the entire free cash flow amount is available for discretionary expenditures. The company believes free cash flow is a useful measure of performance and uses this measure as an indication of the strength of the company and its ability to generate cash.

(f) The company uses various working capital measures that place emphasis and focus on certain working capital assets and liabilities. 3M’s net working capital index is defined as quarterly net sales multiplied by four, divided by ending net accounts receivable plus inventory less accounts payable. This measure is not recognized under U.S. generally accepted accounting principles and may not be comparable to similarly titled measures used by other companies.

3M Company and Subsidiaries

SALES CHANGE ANALYSIS

(Unaudited)

	Three-Months Ended Sept. 30, 2005
Sales Change Analysis	United		Inter-
By Geographic Area	States		national		Worldwide
Volume — organic	2.1	%	6.5	%	4.7	%
Volume — acquisitions	1.8		1.2		1.4
Volume — total	3.9		7.7		6.1
Price	2.9		(0.6	)	0.9
Total local-currency sales	6.8		7.1		7.0
Translation	—		2.3		1.3
Total sales change	6.8	%	9.4	%	8.3	%

	Local-				Total
Sales Change Analysis	currency		Trans-		Sales
By Business Segment	Sales		lation		Change
Health Care	2.8	%	1.0	%	3.8	%
Industrial (g)	12.0		1.8		13.8
Display and Graphics	7.9		1.2		9.1
Consumer and Office	6.9		1.4		8.3
Safety, Security and Protection
Services	7.8		1.3		9.1
Electro and Communications	6.0		1.3		7.3
Transportation	5.6		1.4		7.0

(g) Industrial includes an 8.3% benefit due to the CUNO acquisition.

3M Company and Subsidiaries

SALES CHANGE ANALYSIS

(Unaudited)

	Nine-Months Ended Sept. 30, 2005
Sales Change Analysis	United		Inter-
By Geographic Area	States		national		Worldwide
Volume — organic	1.9	%	3.7	%	3.0	%
Volume — acquisitions	0.8		0.5		0.6
Volume — total	2.7		4.2		3.6
Price	2.2		(0.3	)	0.7
Total local-currency sales	4.9		3.9		4.3
Translation	—		3.1		1.9
Total sales change	4.9	%	7.0	%	6.2	%

	Local-		Total
Sales Change Analysis	currency		Trans-		Sales
By Business Segment	Sales		lation		Change
Health Care	3.9	%	2.0	%	5.9	%
Industrial (h)	6.3		2.5		8.8
Display and Graphics	1.9		1.0		2.9
Consumer and Office	4.4		2.0		6.4
Safety, Security and Protection Services	5.9		2.2		8.1
Electro and Communications	2.0		2.0		4.0
Transportation	5.6		2.3		7.9

(h) Industrial includes a 2.8% benefit due to the CUNO acquisition.

3M Company and Subsidiaries

BUSINESS SEGMENTS

(Dollars in millions)

(Unaudited)

BUSINESS
SEGMENT	Three-months ended						Nine-months ended
INFORMATION	Sept. 30						Sept. 30
(Millions)	2005			2004			2005			2004
NET SALES
Health Care	$	1,074		$	1,035		$	3,299		$	3,115
Industrial	971			852			2,802			2,575
Display and Graphics	920			843			2,646			2,572
Consumer and Office	798			737			2,232			2,098
Safety, Security and Protection Services	573			525			1,729			1,599
Electro and Communications	597			557			1,748			1,680
Transportation	438			409			1,352			1,253
Corporate and Unallocated	11			11			34			28
Total Company	$	5,382		$	4,969		$	15,842		$	14,920

OPERATING INCOME
Health Care	$	292		$	277		$	911		$	813
Industrial	174			157			547			469
Display and Graphics	315			287			878			893
Consumer and Office	171			150			433			395
Safety, Security and Protection Services	139			123			423			384
Electro and Communications	127			92			348			258
Transportation	114			104			361			328
Corporate and Unallocated	(42		)	(7		)	(104		)	(54		)
Total Company	$	1,290		$	1,183		$	3,797		$	3,486

Investor Contacts:	Mark Colin	Media Contact:	Jacqueline Berry
	3M		3M
	(651) 733-8206		(651) 733-3611

	Bruce Jermeland
	3M
	(651) 733-1807

From:

3M Public Relations and Corporate Communications

3M Center, Building 225-1S-15

St. Paul, MN 55144-1000