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AFFF MDL Personal Injury Settlement William Brown Chairman and CEO Anurag Maheshwari Executive Vice President and Chief Financial Officer Kevin Rhodes Executive Vice President, Chief Legal Affairs Officer and Secretary Chinmay Trivedi Senior Vice President, Investor Relations and Financial Planning & Analysis
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2 November 4, 2026. All rights reserved. Certain statements in this document, as well as other filings we make with the United States Securities and Exchange Commissi on (“SEC”) and other written and oral information we release are considered "forward - looking statements" under the federal securities laws, including the Private Securities Litigation Reform Act of 1995, as ame nded ("PSLRA"). Forward-looking statements may appear throughout this document and are typically identified by the words "aim," "anticipate," "believe," "can," "continue," "could," "estimate," "evaluate," "ex pect," "forecast," "future," "goal," "guidance," "impact," "initial," "intend," "likely," "may," "outlook," "plan," "possible," "potential," "predict," "probable," "project," "seek," "should," "strategy," "target," "will," "would," and other words that are similar to, or have the opposite meanings of, those words. All forward-looking statements are intended to enjoy the protection of the PSLRA’s safe harbor for forward -looking statements, as well as the protections provided by other securities laws. Forward -looking statements speak only as of the date they are made and the Company assumes no obligation to update or revise any forward -looking statements. Readers are cautioned not to place undue reliance on any of these forward-looking statements. Although the Company believes it has a reasonable basis for the forward-looking statements it makes, those statements are based on certain assumptions and expectations of future events and trends that are subject to risks and uncertainties. Changes in those assumptions, expectations, or other factors could produce materially dif ferent results. Important risk factors could cause actual future results and other future events to differ materially from those currently estimated by management, including, but not limited to, whether the anticipated participation by plaintiffs in the settlement will be achieved, whether the number of plaintiffs that participate in the settlement will meet current expectations or will fall below the level that would permit t he Company to terminate the settlement (and whether the Company will elect to terminate the settlement if this occurs), whether there will be a significant number of future claims by plaintiffs that decline to participate in the settlement, whether the settlement is appealed or challenged, the filing of additional, or the outcome of any other pending or future, litigation relating to the claims that are the subject of the settlement, or changes in related laws or regulations. The most important risks, uncertainties, and other factors that could cause the Company's actual results to differ from the Company's forward -looking statements include: (1) worldwide economic, political, regulatory, international trade, geopolitical, tariffs, and retaliatory countermeasures, capital markets, and other external conditions, (2) foreign currency exchange rates and fluc tuations in those rates, (3) liabilities and contingencies related to PFAS, including liabilities related to claims, lawsuits, and government regulatory proceedings concerning various PFAS -related products and chemistries, as well as risks related to the Company's exit of PFAS manufacturing and work to discontinue use of PFAS across its product portfolio, (4) risks related to the PWS Settlement to resolve claims by pu blic water suppliers in the United States regarding PFAS, as well as risks related to ongoing PFAS-related settlements and claims, (5) legal proceedings, including significant developments that could occur in the l egal and regulatory proceedings described in the Company's reports on Form 10 -K, 10-Q, and 8-K, as well as compliance risks related to legal or regulatory requirements, government contract requirements, polici es and practices, or other matters that require or encourage the Company or its customers, suppliers, vendors, or channel partners to conduct business in a certain way, (6) competitive conditions and custo mer preferences, (7) the timing and market acceptance of new product and service offerings, (8) the availability and cost of purchased components, compounds, raw materials and energy due to shortages, incre ased demand and wages, tariffs, supply chain interruptions, or natural or other disasters, (9) unanticipated problems or delays when implementing new business systems and solutions, including with the phas ed implementation of a global enterprise resource planning system, or security breaches and other disruptions to the Company's information or operational technology infrastructure, (10) use of artificial intelligence technologies, (11) the impact of acquisitions, strategic alliances, divestitures, and other strategic events resulting from portfolio management actions and other evolving business strategies, (12) operation al execution, including the extent to which the Company can realize the benefits of planned productivity improvements, as well as the impact of organizational restructuring activities, (13) financial market ri sks that may affect the Company's funding obligations under defined benefit pension and postretirement plans, (14) the Company’s credit ratings and its cost of funding, (15) tax-related external conditions, including changes in tax rates, laws, or regulations, (16) matters relating to the Company's Aearo Entities, Combat Arms Earplugs Settlement, and related products, and (17) matters relating to the spin-off of Solventum, the Company's former Health Care business, into an independent public company. Those risks, uncertainties, and other factors are further described in Part I, Item 1A, "Risk Factors" of the Company's Form 10 -K for the year ended December 31, 2025. For additional information concerning factors that may cause actual results to differ materially from the Company's forward -looking statements, see the Company's reports on Form 10-K, 10-Q, and 8-K filed with the SEC from time to time. Forward-looking statements Note on overall non-GAAP financial measures This presentation refers to certain non-GAAP financial measures. Refer to 3M’s October 20, 2026, press release for descriptions of non-GAAP financial measures such as adjusted net sales (and adjusted sales change); adjusted net cash provided by (used in) operating activities; adjusted free cash flow; and various measures that adj ust for the impacts of special items. These non-GAAP measures are not in accordance with, nor are they a substitute for, GAAP measures. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in that press release.
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3 November 4, 2026. All rights reserved. Agreement to resolve PFAS personal injury claims Proactively addresses material risk…consistent with our value creation framework Broad resolution of personal injury claims • Settlement follows process Aqueous Film-Forming Foam multidistrict litigation (AFFF MDL) court established last year to require filing and vetting of claims • Agreement supported by plaintiffs’ executive committee and AFFF MDL court Predictable and manageable financial commitment • $7.35 billion spread over 9 years, with significant payments starting in 2028 • Estimated pre-tax present value of ~$5.8B • Structured to align with other known obligations, reflecting our disciplined approach to capital allocation • Following the resolution, we expect the AFFF MDL to shift its next focus away from 3M Managing 3M’s legacy PFAS matters • Public water supplier settlement in 2023 • New Jersey state attorney general settlement in 2025 • Personal injury settlement in 2026
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4 November 4, 2026. All rights reserved. AFFF MDL personal injury settlement agreement Next steps • Establish settlement administration, notify claimants, confirm participation • No admission of liability – 3M is prepared to defend itself in litigation if participation thresholds are not met • Further details in our SEC filings Broad scope Structured to drive participation Addresses current and future risks • 99% of personal injury plaintiffs inside and outside the MDL are eligible to participate • All six health endpoints that have been the focus of the MDL • Payments tied to plaintiff participation thresholds to drive broad participation • $6.27 billion available in annual payments between 2028 – 2033 once participation thresholds are met • Total payments include $125 million in 2029 and 2030 once even higher participation levels are reached • Anticipated Court order and agreement terms designed to mitigate current and future personal injury risks • Order expected to establish evidentiary and timing requirements for current and future MDL plaintiffs • Total payments include $50 million in 2031 and 2032 • Reserve Fund of $680 million, not fully paid until 2034
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5 November 4, 2026. All rights reserved. Financial update ($B) • Pre-tax charge of $5.8B representing present value of future payments…structure aligned with other known obligations – Significant payments begin in 2028, with no payments in 2027 – Spread over 9 years • Strong FCF generation...~$4.8B in 2026, growing in line with earnings...supported by monetizable assets – Cash balance of ~$5.2B – ing SOLV stake – Insurance recoveries – Strong balance sheet 0.5 4.4 3.2 2.1 3.1 3.0 2.3 1.8 1.7 1.7 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034+ 1.5 1.2 PWS/ NJ/ CAE AFFF PI 0.5 4.4 3.2 2.1 3.1 1.9 1.1 0.6 0.6 0.5 0.4 0.9 − − − 0.1 − 1.1 1.2 1.2 1.2 1.2 1.1 0.3 % paid cum. 3% 26% 42% 53% 69% 79% 85% 88% 91% 93% 95% 100% Settlement profile (pre-tax amounts) PWS/ NJ/ CAE AFFF PI Note – free cash flow information is presented on an adjusted basis. Committed to balanced capital deployment…consistent with 2025 investor day framework
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November 4, 2026. All rights reserved. Q&A Bill Brown Chairman and CEO Anurag Maheshwari Chief Financial Officer Chinmay Trivedi Senior Vice President, Investor Relations and Financial Planning & Analysis Kevin Rhodes Chief Legal Affairs Officer and Secretary
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7 November 4, 2026. All rights reserved. Anticipated payment schedule • $5.8 billion pre-tax charge represents the present value of future payments, which will be excluded from our non-GAAP results • Payment schedule set forth in Master Settlement Agreement Pre-tax payment amounts ($ million) 2026 2027 2028 2029 2030 2031 2032 2033 2034 Total Admin expenses 50 50 Main settlement payment (first participation threshold) 1,045 1,045 1,045 1,045 1,045 1,045 6,270 Second and third participation thresholds 125 125 250 Payments contingent on future docket 50 50 100 Reserve fund 34 68 68 68 102 340 680 Total 50 - 1,045 1,204 1,238 1,163 1,163 1,147 340 7,350