BAXTER INTERNATIONAL INC — Director's Dealing 2009

Jan 28, 2009

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BAXTER INTERNATIONAL INC (BAX)
CIK: 0000010456
Period of Report: 2009-01-26

Reporting Person: GREISCH JOHN J (Corporate Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2009-01-26	Common Stock, $1 par value	M	60000	$34.51	Acquired	144419	Direct
2009-01-26	Common Stock, $1 par value	S	54000	$57.81	Disposed	90419	Direct
2009-01-26	Common Stock, $1 par value	M	65000	$34.85	Acquired	155419	Direct
2009-01-26	Common Stock, $1 par value	S	65000	$57.81	Disposed	90419	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2009-01-26	Stock Option (Right to Buy)	$34.51	M	60000	Disposed	2014-06-30	Common Stock, $1 par value (60000)	Direct
2009-01-26	Stock Option (Right to Buy)	$34.85	M	65000	Disposed	2015-03-13	Common Stock, $1 par value (65000)	Direct

Footnotes

F1: Price reflects weighted average sales price. Range of prices for transaction is $57.42 through $58.17. Full information regarding the number of shares sold at each separate price will be provided by the issuer upon request.