X0201 42003-12-16 0000010456 BAXTER INTERNATIONAL INC BAX 0001161662 RIEDEL NORBERT G ONE BAXTER PARKWAY DEERFIELD IL 60015 0100Senior Vice PresidentDeferred Compensation Plan-Baxter Stock Fund 2003-12-164I06960.70DCommon Stock $1 par value6960.70Done for oneReporting person elected to allocate compensation deferred under Baxter's Deferred Compensation Plan ("Plan"), including compensation previously deferred into the Baxter Common Stock Fund notional investment alternative, to a benchmark investment alternative other than the Baxter Common Stock Fund, effective as of January 1, 2004. The value of the reporting person's Plan account is based on the performance of the benchmark investment fund(s) selected by the reporting person.Equal to the reporting person's Baxter Common Stock Fund account balance as of December 16, 2003, divided by $ 30.50 which was the closing stock price of Baxter common stock on December 16, 2003, as reported by the New York Stock Exchange.Reporting person's account balance under the Plan is payable in cash after termination of employment or on a future date designated in advance by the reporting person, subject to the terms of the Plan. The reporting person may change investment elections quarterly.William M. Link, Attorney-in-Fact for Norbert G. Riedel2003-12-17