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  • Location: Minnesota 
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    Annual Report 2019 3M Norge AS Transforming for the future


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    Table of contents Page Auditors’ report 3-5 Organization 6 Key financial figures 6 Board of directors’ report 7–9 Annual accounts Income statement 10 Balance sheet 11 – 12 Cash flow statement 13 Notes 14 - 23


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    To the General Meeting of 3M Norge AS Independent Auditor’s Report Report on the Audit of the Financial Statements Opinion We have audited the financial statements of 3M Norge AS, which comprise the balance sheet as at 31 December 2019, the income statement and cash flow statement for the year then ended, and notes to the financial statements, including a summary of significant accounting policies. In our opinion, the accompanying financial statements are prepared in accordance with law and regulations and give a true and fair view of the financial position of the Company as at 31 December 2019, and its financial performance and its cash flows for the year then ended in accordance with the Norwegian Accounting Act and accounting standards and practices generally accepted in Norway. Basis for Opinion We conducted our audit in accordance with laws, regulations, and auditing standards and practices generally accepted in Norway, including International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company as required by laws and regulations, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Other information Management is responsible for the other information. The other information comprises information in the annual report, except the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. PricewaterhouseCoopers AS, Jessheim Storsenter, plan 4, Furusethgata 5, 2050 Jessheim T: 02316, org. no.: 987 009 713 VAT, www.pwc.no State authorised public accountants, members of The Norwegian Institute of Public Accountants, and authorised accounting firm 3


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    Independent Auditor's Report - 3M Norge AS Responsibilities of the Board of Directors and the Managing Director for the Financial Statements The Board of Directors and the Managing Director (management) are responsible for the preparation in accordance with law and regulations, including fair presentation of the financial statements in accordance with the Norwegian Accounting Act and accounting standards and practices generally accepted in Norway, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern. The financial statements use the going concern basis of accounting insofar as it is not likely that the enterprise will cease operations. Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with laws, regulations, and auditing standards and practices generally accepted in Norway, including ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. For further description of Auditor’s Responsibilities for the Audit of the Financial Statements reference is made to https://revisorforeningen.no/revisjonsberetninger Report on Other Legal and Regulatory Requirements Opinion on the Board of Directors’ report Based on our audit of the financial statements as described above, it is our opinion that the information presented in the Board of Directors’ report concerning the financial statements and the going concern assumption is consistent with the financial statements and complies with the law and regulations. Opinion on Registration and Documentation Based on our audit of the financial statements as described above, and control procedures we have considered necessary in accordance with the International Standard on Assurance Engagements (ISAE) 3000, Assurance Engagements Other than Audits or Reviews of Historical Financial Information, it is our opinion that management has fulfilled its duty to produce a proper and clearly set out registration and documentation of the Company’s accounting information in accordance with the law and bookkeeping standards and practices generally accepted in Norway. 4


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    Independent Auditor's Report - 3M Norge AS Gardermoen, 29 June 2020 PricewaterhouseCoopers AS Vegard H. Løvlien State Authorised Public Accountant Note: This translation from Norwegian has been prepared for information purposes only. 5


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    Organization Board of Directors: Lars Petter Plaaterud, chair of the board Malik Mohammad Irfan, Managing Director and board member Monica Sturtzel, employee-elected board member Daniel Georg Jensen Gjøystdal, employee-elected board member Deputy board members: Terje Knudsen Merete Cecilie Boug Olufsen Cecilie Hjørnstad, employee-elected board member Kathrine Gammelsæter Bråten, employee-elected board member Site management: Malik Mohammad Irfan, Managing Director North Europe Region Ketil Nordengen, Country manager Lone Laurberg, HR manager Lars Petter Plaaterud, Finance manager Key financial figures 2019 2018 2017 In NOK million. Total Revenue 664,2 635,8 689,7 Operating result 27,9 2,5 21,4 *) Return on assets: Ordinary result before tax 31,6 3,9 23,0 (Operating result + net financial items) x 100 Average total assets Return on assets *) 9,3 % 0,9 % 4,9 % Equity ratio **) 30,6 % 26,1 % 55,5 % **) Equity ratio: Number of employees at 75 95 109 year-end (Total equity) x 100 Total assets Revenue and result 2017 - 2019 Revenue by business area 2019 Consumer 12% Health Care Industry 18% 70% 6


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