o Risk Free Rate 3% o Market Return 8% o ERP = Market return - Rf = 5% o Perpetuity Growth Rates Dividend Growth Rate 3% . FCFF Growth Rate 3% . FCFE Growth Rate 3% . Tax rate 20%. 3M COMPANY NYSE RECENT 149.47 14.8 (0.83 4.0 % VALUE RATIO LINE High TIMELINESS 4 SAFETY 3551404162 1705 1823 2442 2088 2198 1825 200 1814 40 1236 1340 1348 1735 179 180 1140 134 1397 Target Price Range 2025 2026 2027 TECHNICAL 4 L BETA Hat 18-Month Target Price Range Low High Midpoint $148-62221525 2025-27 PROJECTIONS Pre 381039 % TOT RETURN 202 Institutional Decisions ADNY 3012300814382479 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 31213406 78.30 ALELNE PUBLIC 25-27 pers 14.80 Cash Flow pers 11.30 Eings pers 64 Depr 16.25 13.70 444 4.00 350 Common She Outery 6.00 32143745 43.32 46.5450104 30.46 55.22 14.8 S 16.71 1.836425 67.50 471 729 6.65 612 743 74 834 9:00 10:00 1029 1030 12:04 13.00 120 12.11 12.70 14.35 5.06 1.60 480 4.52 5.75 53 4.22 4.72 7.45 758 8.56 8.17 1.30 9.15 8.73 112 12.40 1.84 13102 2:00 2:04 210 220 2.36 254 342 410 470 SH 5.3 5.M 510 40 ww 150 201 127 133 13 2.14 341 235 240 2.30 2.31 234 2.40 210 24 216 C 201 285 286 Capoding per sh 1354454 1424 17 34 2230 22 19 2558 239 224 1921 17.26 15.44 160 17.50 222744230 21.70 Book 75456205400 54 2100 711344448750643.3065513600355679584343558 5599 37925357185 230 40 152 15.0 545 "178" 1931 26 354 223 HI 554 983 16.0 10 30 30 34 32 M 101 104 108 112 1.14 106 24% 22% 2.25 275 325 235 23 225 24% 20% 205 235 2.05 125 376 CAPITAL STRUCTURE12121 29904387131821 30074 301003857 3275 32134 32184 2535536530 20%20%265 25 25 25 25 1200 1871014080 1430 14740 15440 148.0 15800 1911 1910 44440 450 4640 40 50900 4200 4000 5321 5321 SORD MOTO 148 145 31 Anato Pato 34 100 1.00 ww Avg Anniv 7900 27% Operating Total Debt $17963 d. Due in$s $780 LT DW 50 LT 1950 2125 Depreciation) 82% of Cap 292% 21% an as a 450 PS In an NOV 21 Leases Uncapitalized Annual 1475 1515 155 165 165 175 184.25 15.85 1675 175 1785 Pension Assets 1221 5250 Cep 52510874300 300 2000 14000 Preferred Stack Nove 52360 57000 58070 4500 465 30 700400 4700 41060 4731.0 6790 10729 1216 134 11706 19 11560 335 345 011 175251750213100 25 26 3% 3% 21250 450 Working Capi 15000 Long Tam Demi 1770 Se y Sal C She Epily Common Stock 5718454 1782912 15500 10003 137 117 35 1725 BAHA 3925 36.5% 33 MUUS MARKET CAP 1455 bilion (Large Ca on en Sn 33.JV 4% 36 38 26 38 38 57% 525 CURRENT POSITION 2019 2020 120121 M SMILL 140% 38 0151405 ps 585 APS 25 37% 40% 133% do Con Eq 42%ADv 975 CA 4765 Recervaties 2451 471 4705 4000 BUSINESS 3M Company adversted manufacturer and sech 414 425 445 nobgy company with operations in more than 20 courtes Inventory (FFO) Other 15051000 993 THOT TAM 7545 Current Ass Acts Pays De Du Other Current L Dual Cet was a 62% do 2101 RD 520 on or 50% of sales Empion about 95.000 Offices & down le tun 10% of common stok outtanding Vargued One 87% Back Rook 72% Se S 545 22 a CEO Michael F Ronan Chaman Inge Thun inc: DE Adows 3 Ce St Paul MN 55144 Tal: 451-723-1110 www..com ng the leading manufacturers in many of the mates seves The conglomerate oumenty operates four bueinem egnets Say and in 4) Tunaponain and Electronics 27 Halth Care 5 Consumer (1 Emination of 2561 2904 17 ANNUAL RATES 10 Past Past Erd20 17 NOT 455 30% 50% Fo 4.9% 59% 385 63% 30% 335 110% HO 30% 03% 365 120% 3M closed 2021 in somewhat difficult fashion. Total sales rose just 0.3% year over year, to $8.612 billion, for the Decem- ber quarter as the top line was pressured by tough year-earlier comparisons, supply chain constraints, and ongoing inflation ary sales declined at the Safety and Industrial and Transportation and Electronics seg ary conditions continuing to be a problem. The Federal Reserve's decision to raise in terest rates and Russia's attack on Uk raine only make matters worse. All told. we now see 3M posting EPS of $10.40. down a dime from our earlier assumption. at top hurdles margins are likely to be further pinched by initiatives Dividers Book Vale Ful Cal QUARTERLY SALES S endar Mar 31 Jun 30 Sep 30 Dec 31 7863 8171 7991 8111 3213 ments and were up 0.7% at should pick upght year. Al 2020757176360 336 though the top line is expected to increase we at another 2022 1960 $100 9200 $250 26500 2023 8000 $400 9500 9600 37800 Ful Ca EARNINGS PER SHARE endar Mar 31 Jun 30 Sep 30 Dec 31 2019 2.23 220 2.72 Health Care. The Consumer business, a advance. From bottom-line earned $2.31 a a share, well ahead of my modeling for noticeable margin improve banking one's ability to pectation, but own $0.07 from the ment, ba circumvent any headwinds, previous-year mark. A lower tax rate and whether via via cost or further port hare e count helped i 1, but margins continued folio optimization In all ear 2023 EPS to come under r pressure from some of the forecast stands at aforementioned factors. The stock $10 2020 216 1.78 243 238 47 $11.00 2021 2.77 258 245 231 2022 2.40 245 2.75 2.60 12.40 2023 2.55 2.00 2.30 We Cal QUARTERLY DIVIDENDS PAD endar Mar 31 Jun 30 Sep 30 Dec 31 275 e have tempered our 2022 bottom- our Janualue since line expectation. Management recently provided guidance and this wasn't good. It said that total revenues will grow 15 to 44% this year and that share earnings will range between $10.15 and $10.65, the mid- 10 point of which represents a 25 28% suspect that the operatinge claim here, with the company's strong and remains an unfavorables Timeliness. But, it offers wide 3 to 5-year total return prospects, especially on a a risk-adjusted basis. We think now is a good time for long-term minded investors to stake a 2018 1360 1360 1360 1360 2019 144 144 1.44 1.44 2000 147 147 147 147 2001 148 148 148 2022 14 5.10 environ ment will remain difficult, with inflation cash flow underpinning our optimism. Andre J. Costanza April 8, 2022 (A) Diluted eangs Excludes nouring not sum due to tounding or changes in shares June, September, and December cases igans) 10 (12) Excudes discounding Next sumiga re Dvidend Company's Financial Strength 07,60 17, 81241 renvestment pan avala (C) Stock's Price Stabi Price Growt Earnings Pedetability ($1.07) 2922 $1.29 200 Eanings may Didends focaly paid mid Thes NOT RESPONSA To subscribe call 1-800-VALUELINE Mus RE 235 42000 28035 2250 7400 Net Income in 2024 are expected to be: $6,691 million $4,372 million $7.904 million $3,134 million The Change in Net Working Capital in year 2023 is closes to: $340 million $(6,439) million $3,259 million $(791) million Total capital expenditures for 2025 is closes to: O $1,807 million O $3,425 million $734 million $402 million o Risk Free Rate 3% o Market Return 8% o ERP = Market return - Rf = 5% o Perpetuity Growth Rates Dividend Growth Rate 3% . FCFF Growth Rate 3% . FCFE Growth Rate 3% . Tax rate 20%. 3M COMPANY NYSE RECENT 149.47 14.8 (0.83 4.0 % VALUE RATIO LINE High TIMELINESS 4 SAFETY 3551404162 1705 1823 2442 2088 2198 1825 200 1814 40 1236 1340 1348 1735 179 180 1140 134 1397 Target Price Range 2025 2026 2027 TECHNICAL 4 L BETA Hat 18-Month Target Price Range Low High Midpoint $148-62221525 2025-27 PROJECTIONS Pre 381039 % TOT RETURN 202 Institutional Decisions ADNY 3012300814382479 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 31213406 78.30 ALELNE PUBLIC 25-27 pers 14.80 Cash Flow pers 11.30 Eings pers 64 Depr 16.25 13.70 444 4.00 350 Common She Outery 6.00 32143745 43.32 46.5450104 30.46 55.22 14.8 S 16.71 1.836425 67.50 471 729 6.65 612 743 74 834 9:00 10:00 1029 1030 12:04 13.00 120 12.11 12.70 14.35 5.06 1.60 480 4.52 5.75 53 4.22 4.72 7.45 758 8.56 8.17 1.30 9.15 8.73 112 12.40 1.84 13102 2:00 2:04 210 220 2.36 254 342 410 470 SH 5.3 5.M 510 40 ww 150 201 127 133 13 2.14 341 235 240 2.30 2.31 234 2.40 210 24 216 C 201 285 286 Capoding per sh 1354454 1424 17 34 2230 22 19 2558 239 224 1921 17.26 15.44 160 17.50 222744230 21.70 Book 75456205400 54 2100 711344448750643.3065513600355679584343558 5599 37925357185 230 40 152 15.0 545 "178" 1931 26 354 223 HI 554 983 16.0 10 30 30 34 32 M 101 104 108 112 1.14 106 24% 22% 2.25 275 325 235 23 225 24% 20% 205 235 2.05 125 376 CAPITAL STRUCTURE12121 29904387131821 30074 301003857 3275 32134 32184 2535536530 20%20%265 25 25 25 25 1200 1871014080 1430 14740 15440 148.0 15800 1911 1910 44440 450 4640 40 50900 4200 4000 5321 5321 SORD MOTO 148 145 31 Anato Pato 34 100 1.00 ww Avg Anniv 7900 27% Operating Total Debt $17963 d. Due in$s $780 LT DW 50 LT 1950 2125 Depreciation) 82% of Cap 292% 21% an as a 450 PS In an NOV 21 Leases Uncapitalized Annual 1475 1515 155 165 165 175 184.25 15.85 1675 175 1785 Pension Assets 1221 5250 Cep 52510874300 300 2000 14000 Preferred Stack Nove 52360 57000 58070 4500 465 30 700400 4700 41060 4731.0 6790 10729 1216 134 11706 19 11560 335 345 011 175251750213100 25 26 3% 3% 21250 450 Working Capi 15000 Long Tam Demi 1770 Se y Sal C She Epily Common Stock 5718454 1782912 15500 10003 137 117 35 1725 BAHA 3925 36.5% 33 MUUS MARKET CAP 1455 bilion (Large Ca on en Sn 33.JV 4% 36 38 26 38 38 57% 525 CURRENT POSITION 2019 2020 120121 M SMILL 140% 38 0151405 ps 585 APS 25 37% 40% 133% do Con Eq 42%ADv 975 CA 4765 Recervaties 2451 471 4705 4000 BUSINESS 3M Company adversted manufacturer and sech 414 425 445 nobgy company with operations in more than 20 courtes Inventory (FFO) Other 15051000 993 THOT TAM 7545 Current Ass Acts Pays De Du Other Current L Dual Cet was a 62% do 2101 RD 520 on or 50% of sales Empion about 95.000 Offices & down le tun 10% of common stok outtanding Vargued One 87% Back Rook 72% Se S 545 22 a CEO Michael F Ronan Chaman Inge Thun inc: DE Adows 3 Ce St Paul MN 55144 Tal: 451-723-1110 www..com ng the leading manufacturers in many of the mates seves The conglomerate oumenty operates four bueinem egnets Say and in 4) Tunaponain and Electronics 27 Halth Care 5 Consumer (1 Emination of 2561 2904 17 ANNUAL RATES 10 Past Past Erd20 17 NOT 455 30% 50% Fo 4.9% 59% 385 63% 30% 335 110% HO 30% 03% 365 120% 3M closed 2021 in somewhat difficult fashion. Total sales rose just 0.3% year over year, to $8.612 billion, for the Decem- ber quarter as the top line was pressured by tough year-earlier comparisons, supply chain constraints, and ongoing inflation ary sales declined at the Safety and Industrial and Transportation and Electronics seg ary conditions continuing to be a problem. The Federal Reserve's decision to raise in terest rates and Russia's attack on Uk raine only make matters worse. All told. we now see 3M posting EPS of $10.40. down a dime from our earlier assumption. at top hurdles margins are likely to be further pinched by initiatives Dividers Book Vale Ful Cal QUARTERLY SALES S endar Mar 31 Jun 30 Sep 30 Dec 31 7863 8171 7991 8111 3213 ments and were up 0.7% at should pick upght year. Al 2020757176360 336 though the top line is expected to increase we at another 2022 1960 $100 9200 $250 26500 2023 8000 $400 9500 9600 37800 Ful Ca EARNINGS PER SHARE endar Mar 31 Jun 30 Sep 30 Dec 31 2019 2.23 220 2.72 Health Care. The Consumer business, a advance. From bottom-line earned $2.31 a a share, well ahead of my modeling for noticeable margin improve banking one's ability to pectation, but own $0.07 from the ment, ba circumvent any headwinds, previous-year mark. A lower tax rate and whether via via cost or further port hare e count helped i 1, but margins continued folio optimization In all ear 2023 EPS to come under r pressure from some of the forecast stands at aforementioned factors. The stock $10 2020 216 1.78 243 238 47 $11.00 2021 2.77 258 245 231 2022 2.40 245 2.75 2.60 12.40 2023 2.55 2.00 2.30 We Cal QUARTERLY DIVIDENDS PAD endar Mar 31 Jun 30 Sep 30 Dec 31 275 e have tempered our 2022 bottom- our Janualue since line expectation. Management recently provided guidance and this wasn't good. It said that total revenues will grow 15 to 44% this year and that share earnings will range between $10.15 and $10.65, the mid- 10 point of which represents a 25 28% suspect that the operatinge claim here, with the company's strong and remains an unfavorables Timeliness. But, it offers wide 3 to 5-year total return prospects, especially on a a risk-adjusted basis. We think now is a good time for long-term minded investors to stake a 2018 1360 1360 1360 1360 2019 144 144 1.44 1.44 2000 147 147 147 147 2001 148 148 148 2022 14 5.10 environ ment will remain difficult, with inflation cash flow underpinning our optimism. Andre J. Costanza April 8, 2022 (A) Diluted eangs Excludes nouring not sum due to tounding or changes in shares June, September, and December cases igans) 10 (12) Excudes discounding Next sumiga re Dvidend Company's Financial Strength 07,60 17, 81241 renvestment pan avala (C) Stock's Price Stabi Price Growt Earnings Pedetability ($1.07) 2922 $1.29 200 Eanings may Didends focaly paid mid Thes NOT RESPONSA To subscribe call 1-800-VALUELINE Mus RE 235 42000 28035 2250 7400 Net Income in 2024 are expected to be: $6,691 million $4,372 million $7.904 million $3,134 million The Change in Net Working Capital in year 2023 is closes to: $340 million $(6,439) million $3,259 million $(791) million Total capital expenditures for 2025 is closes to: O $1,807 million O $3,425 million $734 million $402 million