3M CEO Outlines Strategy for Growth; Company Will Focus on Innovation, International, Core Businesses and Complementary Acquisitions

Buckley, who joined 3M in December of last year, cited four mainelements of strategic focus:

-- Grow the current core business

-- Complementary acquisitions to support both the core and expansion into adjacent markets

-- Build new business via Emerging Business Opportunities (EBOs)

-- Significantly increase investments in international opportunities

Buckley said the primary component of growing 3M's core isincreased focus on existing customers. "We'll build first where 3M isstrong, defend and expand market presence, and build size and scale,"he said, "We will also grow through continuous invention andreinvention in our core businesses - the marketplace manifestations of3M imagination and 3M innovation."

3M will also become more active in identifying and completingacquisitions to complement core businesses, usually in the form ofsmaller 'bolt-ons' to product lines or geographies. "In addition,acquisitions will help us enter adjacent markets and build business innew spaces more quickly," Buckley said.

Buckley announced the formation of several Emerging BusinessOpportunities (EBOs) - growth-oriented units to address commercialopportunities presented by the mega trends of society. "3M hasenormous opportunity to flourish in high-growth spaces like track andtrace, filtration, energy and minerals extraction, and food safety,"Buckley said.

Buckley said international growth plans include doublinginvestments in the developing economies of Brazil, Russia, India,China and Poland in the years ahead. "International remains our singlelargest growth platform and we intend to invest to fully capitalize onopportunities around the world," he said.

Buckley also recognized the gains 3M has made in recent years toimprove its operating effectiveness, saying that Six Sigma and otherperformance initiatives are now "part of the fabric of the company."

"The productivity gains have enabled 3M to now tilt the balance infavor of growth," Buckley said. "I am absolutely convinced that 3M cangrow faster while preserving our historically superior margins."

On April 24, 3M reported record first-quarter sales and profitswith local-currency sales growth of over 10 percent and an earningsper share increase of over 20 percent. The company also raised its2006 revenue growth guidance, and now expects full-year, organiclocal-currency growth of between 5.5 and 8 percent, up from a previousfull-year organic local-currency growth expectation of 4 to 7 percent.

Forward-Looking Statements

This news release contains forward-looking information (within themeaning of the Private Securities Litigation Reform Act of 1995) aboutthe company's financial results and estimates, business prospects, andproducts under development that involve substantial risks anduncertainties. You can identify these statements by the use of wordssuch as "anticipate," "estimate," "expect," "project," "intend,""plan," "believe," and other words and terms of similar meaning inconnection with any discussion of future operating or financialperformance. Among the factors that could cause actual results todiffer materially are the following: (1) worldwide economicconditions; (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) theavailability and cost of purchased components, compounds, rawmaterials and energy (including oil and natural gas and theirderivatives) due to shortages, increased demand or supplyinterruptions (including those caused by natural and other disastersand other events); (6) the impact of acquisitions, strategicalliances, divestitures, and other unusual events resulting fromportfolio management actions and other evolving business strategies,and possible organizational restructuring; (7) generating lessproductivity improvements than estimated; and (8) legal proceedings,including the outcome of pending Congressional action concerningasbestos-related litigation and other significant developments thatcould occur in the legal and regulatory proceedings described in thecompany's Annual Report on Form 10K for the year-ended Dec. 31, 2005(the "Report"). Changes in such assumptions or factors could producesignificantly different results. A further description of thesefactors is located in the Report under Part I, Item 1A "Risk Factors."The information contained in this news release is as of the dateindicated. The company assumes no obligation to update anyforward-looking statements contained in this release as a result ofnew information or future events or developments.

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