BAXTER INTERNATIONAL INC — Director's Dealing 2007

Mar 16, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BAXTER INTERNATIONAL INC (BAX)
CIK: 0000010456
Period of Report: 2007-03-14

Reporting Person: GATLING JAMES M (Corporate Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-03-14	Common Stock, $1 par value	F	1160	$50.74	Disposed	138459	Direct
2007-03-14	Common Stock, $1 par value	F	1285	$50.74	Disposed	137174	Direct
2007-03-15	Common Stock, $1 par value	A	5300	—	Acquired	142474	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-03-15	Stock Option (Right to Buy)	$51.21	A	44000	Acquired	2017-03-15	Common Stock, $1 par value (44000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $1 par value	8211	Indirect

Footnotes

F1: On March 15, 2007, the reporting person received a grant of 5,300 restricted stock units which will vest in three equal installments beginning on the first anniversary of the grant date.

F2: Number of shares in 401(k) Plan is reported as of plan statement dated February 28, 2007.

F3: The option becomes exercisable in three equal annual installments beginning on the first anniversary of the date of grant.