Key questions from the first quarter earnings call conducted by 3M Co. on April 24, 2008.

John Inch (Merrill Lynch): The US organic growth was down 2.8%, what do you think the growth would have been if you had not been over the past few quarters putting in place your growth spending initiatives?

George W. Buckley: It is difficult to give you a precise answer to that question. The new product vitality index that we mentioned is moving upwards about two points each year.

John Inch (Merrill Lynch): The EPS contribution looks good. How are you thinking about currency potentially moving the other way?

Patrick D. Campbell: We never bank on either a foreign exchange or pension returns from a long-term planning perspective. We view those being more short-term in nature. We plan the business more around steady state operational basis. What we try to do is when we have the benefits of foreign exchange and it is a difficult number to give you hands on, I can give you a technically foreign exchange number, but there is other more macroeconomic impacts that affect business results volume and so forth that make it harder to come up with a good net number. We are seeing on the commodity side some significant increases that we are trying to address through price increases. What we are trying to do is while the currency is favorable for us, is to continue to invest in our businesses, so as currency does move, which eventually it well at some point in time that what we have done is we have got a better growth base in the rest of our businesses.

Shannon O'Callaghan (Lehman Brothers): Are you still thinking the 5% to 8% of organic growth for the year is achievable?

Patrick D. Campbell: In the current economic situation getting to 5% to 8% is a nice aspiration but probably unlikely. We are not throwing that away from where we want to be but it is unrealistic in today's economic world and on top of that with the situation that we are in with Optical, just does not make that a realistic assessment. In a word, you can be guaranteed that we are fighting for every piece of volume that we possibly can in today's economy but importantly, I want to make sure that you do not connect, we are saying we are going to give you a 10% plus earnings growth.

Shannon O'Callaghan (Lehman Brothers): What is the updated view on the Display and Graphics margin target?

Patrick D. Campbell: It is hard to look at first quarter being 21.5. Our objective of 24.5 - 25.5 is a realistic one. The best way to think about that business is to assume that the first quarter would be indicative of where the year will run.

Shannon O'Callaghan (Lehman Brothers): Health Care is coming in better. Where are the other big offsets given?

Patrick D. Campbell: Industrial is good. Our margin expectation for the year is 22.5 to 23.5. They are consistent, we can continue to perform at the company level where we say we are and then continue to bring D&G down business is somewhat like we ran here in the first quarter.

Scott Davis (Morgan Stanley): The rate of change in Display and Graphics was negative, but it was a surprise that Health Care and Electro and Communications came in strong. Are there any timing issues that may have mix or some timing issues that may have benefited margins in the quarter?

Patrick D. Campbell: There is nothing in either segment that is unusual that you should take away that there was a common artificial impact on either one of those businesses. E&C just continues to perform well. They have got a few businesses that are just absolutely doing gangbusters now. They are at higher margins than what their average is, so that continues to hold them up and Health Care across the board is performing well, both geographically across all business segments.

George W. Buckley: We are going to take the old traditional core of 3M and invest it and make sure it remained strong; it became a base from which to build the rest of the growth platform. We have seen wonderful performance, improved performance from Abrasives, from the electrical markets division which is in the E&C segment. We are seeing it in industrial tapes. We are seeing an improvement and resurgence in medical and the automotive aftermarket. One of the businesses we were struggling with terribly, which was the personal care division which is the division that makes diaper tapes, is another business which is turning around. There is no reason at this moment in time for us to believe unless end market conditions worsen dramatically that we can not see continue to either improvements or at least steady performance from those businesses.

Scott Davis (Morgan Stanley): On Aearo are there cost synergies, any strategic benefits above and beyond what you talked about on the last conference call?

Patrick D. Campbell: Businesses continue to perform even above our short term expectations.Everything thus far has been good. The integration planning has been outstanding with them. I can not say enough about the relationship that we have had with the organization thus far. I would rate it better than we thought when we first looked at it.

George W. Buckley: When we do the modeling of the businesses we tend to be the serious critics of synergies both in the cost area, but in particular in the sales area. In over many years of experience of these sorts of things, it is a place where company seems to consistently make mistakes. What seems to be transpiring though in Aearo because they are relatively simpler products and they are so familiar and close to the OYGS core that we have had many years. There is a high level comfort and being able to get those Aearo products into the international markets and drive sales in this.

Jeffrey Sprague (Citigroup): Could you give your all in organic read on Europe in the quarter ex-currency, ex-deals?

Patrick D. Campbell: The organic in Europe for the quarter is 1.7%, which is slower growth rate for them versus last year's first quarter and from the trend standpoint. Easter does affect them in more than Mediterranean part of the Europe. We do expect second quarter will be better. I did not want to get into excuse game but I still feel good about Europe. We have a eyes wide open in Europe to make sure that we do not see a slowing trend there but we still feel good about the programs that we have in Europe, the Central East Europe, Africa and Mid East continue to grow at double-digit rates.

Jeffrey Sprague (Citigroup): Optical has gone commodity. Can you give color on the attachment rates and where you are staying with the mix and how the composition is shaking out?