Commentary & Deal Flow

Reoffer:
2yr: MS+38bp / 99.916 / 3.554%
5yr: MS+68bp / 99.942 / 3.913%
8yr: MS+88bp / 99.379 / 4.193%

Benchmark:
2yr: DBR 0 ¼ 15-Aug-28 / B+58.1bp
5yr: DBR 0 15-Aug-31 / B+82.7bp
8yr: DBR 2.6 15-Aug-34 / B+94.2bp

Allocations available in the system

Launched:
2yr: €500m @ MS+38bp
5yr: €500m @ MS+68bp
8yr: €500m @ MS+88bp
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 (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
• Reoffer:
  • 2yr: MS+38bp / 99.916 / 3.554%
  • 5yr: MS+68bp / 99.942 / 3.913%
  • 8yr: MS+88bp / 99.379 / 4.193%
• Benchmark:
  • 2yr: DBR 0 ¼ 15-Aug-28 / B+58.1bp
  • 5yr: DBR 0 15-Aug-31 / B+82.7bp
  • 8yr: DBR 2.6 15-Aug-34 / B+94.2bp
• Coupon: Fixed, Annual, Act/Act (ICMA) (all tranches)
• Interest:
  • 2yr: 3.500%
  • 5yr: 3.900%
  • 8yr: 4.100%
• 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
• Hedge Deadline: 2.55pm UKT / 3.55pm CET
• Hedge Ratios:
  • 2yr: 106% vs DBR 0 ¼ 15-Aug-28
  • 5yr: 108% vs DBR 0 15-Aug-31
  • 8yr: 99% vs DBR 2.6 15-Aug-34
• Settle: 10-Sep-26 (T+5)