EXHIBIT 12
3M COMPANY
AND SUBSIDIARIES

CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Millions)

Three months Ended March 31,			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*	$	1,108	$	3,657	$	3,005	$	2,186	$	2,974	$	2,880
Add:
Interest expense		24		112		100		143		127		125
Interest component of the ESOP
benefit expense		3		14		16		18		19		21
Portion of rent under operating
leases representative of
the interest component		13		46		40		39		39		37
Less:
Equity in undistributed income
of 20-50% owned companies		1		7		10		5		10		4
TOTAL EARNINGS AVAILABLE
FOR FIXED CHARGES	$	1,147	$	3,822	$	3,151	$	2,381	$	3,149	$	3,059
FIXED CHARGES
Interest on debt		21		93		100		150		141		135
Interest component of the ESOP
benefit expense		3		14		16		18		19		21
Portion of rent under operating
leases representative of
the interest component		13		46		40		39		39		37
TOTAL FIXED CHARGES	$	37	$	153	$	156	$	207	$	199	$	193
RATIO OF EARNINGS
TO FIXED CHARGES		31.0		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.

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