BAXTER INTERNATIONAL INC — Director's Dealing 2004

May 5, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BAXTER INTERNATIONAL INC (BAX)
CIK: 0000010456
Period of Report: 2004-05-04

Reporting Person: STALLKAMP THOMAS T (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-05-04	Common Stock, $1 par value	A	1860	—	Acquired	14690	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-05-04	Stock Option (right to buy)	$32.22	A	5760	Acquired	2014-05-02	Common Stock, $1 par value (5760)	Direct

Footnotes

F1: On May 4, 2004, the reporting person received a grant of 1860 restricted shares of common stock which vest on May 3, 2005.