Commentary & Deal Flow

Guidance:
2yr: MS+40 (+/-2 WPIR)
5yr: MS+70 (+/-2 WPIR)
8yr: MS+90 (+/-2 WPIR)

IPTs:
2yr: MS+70a
5yr: MS+100a
8yr: MS+120/125bp

• Issuer: 3M Company
• Issuer LEI: LUZQVYP4VS22CLWDAR65
• Issuer Ratings: A3 (Stable) / BBB+ (Stable) / A- (Stable) (Moody's/S&P/Fitch)
• Expected Issue Ratings: A3 / BBB+ / A- (Moody's/S&P/Fitch)
• Ranking: Senior Unsecured
• Format: SEC Registered / New York Stock Exchange / New York Law
• Size: €500m WNG (each tranche)
• Joint Book-Running Managers: Deutsche Bank (B&D), BofA Securities, Citigroup and J.P. Morgan
• Maturity Date:
  • 2yr: 10-Sep-28
  • 5yr: 10-Sep-31
  • 8yr: 10-Sep-34
• Optional Redemption:
  • 2yr: MWC
  • 5yr: MWC / 1-Month Par Call
  • 8yr: MWC / 2-Month Par Call
• CUSIP / ISIN / Common Code:
  • 2yr: 88579Y BS9 / XS3460877650 / 346087765
  • 5yr: 88579Y BT7 / XS3460877734 / 346087773
  • 8yr: 88579Y BU4 / XS3460878203 / 346087820
• Clearing: Euroclear and Clearstream
• Denominations: €100k x €1k
• Selling Restrictions: As per 3M Company's Preliminary Prospectus Supplement
• UoP: General corporate purposes, which may include the repayment, redemption or refinancing of indebtedness
• Marketing: Link: www.netroadshow.com/nrs/home/#!/?show=f8b9325e / Entry Code: 3MEUR2026
• Sales into Canada: Yes, via exemption
• Stabilization: Relevant stabilization regulations including FCA/ICMA apply
• Target Market: MiFID II and UK MiFIR professionals / ECPs-only / No PRIIPs or UK PRIIPs KID
• Coupon: Fixed, Annual, Act/Act (ICMA) (all tranches)
• Schedule: Books open, today's business
• Books Subject: 12.20 UKT / 13.20 CET
• Settle: 10-Sep-26 (T+5)