Baxter Recommends Shareholders Reject "Mini-Tender" Offer by TRC Capital

Baxter International Inc.

has been notified of an unsolicited “mini-tender” offer by TRC Capital Corporation to purchase up to 2 million shares, or approximately 0.35 percent, of Baxter's outstanding common stock at a price of $46.10 per share in cash. The offer price was 4.67 percent below the $48.36 closing price of Baxter's common stock on December 15, 2011, the day prior to the offer. TRC's offer is subject to a number of conditions, including TRC's ability to obtain financing necessary to consummate the offer. Baxter does not endorse TRC's mini-tender offer and recommends that shareholders do not tender their shares. Baxter is not associated with this offer and urges shareholders to obtain current market quotations for their shares, review the conditions to the offer and exercise caution. According to TRC's offering documents, shareholders who have already tendered their shares may withdraw their shares at any time prior to 12:01 a.m. New York City time, on Tuesday, January 17, 2012, by following the procedures described in the offering documents.