<PAGE> 28
<TABLE>
EXHIBIT 12
MINNESOTA MINING AND MANUFACTURING COMPANY AND SUBSIDIARIES
CALCULATION OF THE RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in millions)
(Unaudited)
<CAPTION>
Six Months
Ended
June 30, Year Year Year Year Year
2000 1999 1998 1997 1996 1995
------- ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C>
EARNINGS
Income from continuing
operations before
income taxes, minority
interest and
extraordinary loss* $1,552 $2,880 $1,952 $3,440 $2,479 $2,168
Add:
Interest expense 64 109 139 94 79 102
Interest component of the
ESOP benefit expense 10 21 29 32 34 37
Portion of rent under
operating leases
representative of the
interest component 19 37 41 41 46 51
Less: Equity in undistributed
income of 20-50% owned
companies 3 4 4 3 -- 1
------ ------- ------- ------- ------- -------
TOTAL EARNINGS AVAILABLE
FOR FIXED CHARGES $1,642 $3,043 $2,157 $3,604 $2,638 $2,357
====== ====== ====== ====== ====== ======
FIXED CHARGES
Interest on debt 69 109 139 94 79 102
Interest component of the
ESOP benefit expense 10 21 29 32 34 37
Portion of rent under
operating leases
representative of the
interest component 19 37 41 41 46 51
------ ------ ------ ------ ------ ------
TOTAL FIXED CHARGES $ 98 $ 167 $ 209 $ 167 $ 159 $ 190
====== ====== ====== ====== ====== ======
RATIO OF EARNINGS TO
FIXED CHARGES 16.76 18.22 10.32 21.58 16.59 12.41
<FN>
<F1>
*2000 and 1999 include non-recurring pre-tax net gains of $50 million and
$100 million, respectively; 1998 includes a pre-tax restructuring charge of
$493 million; 1997 includes a pre-tax gain on the sale of National
Advertising Company of $803 million.
</FN>
</TABLE>
