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 News Release - January 25, 2006

Baxter Mourns Passing of William B. Graham, Pioneer and Long-Time Leader in Healthcare

Former Chairman and CEO and Honorary Member of Baxter International's Board of Directors Changed Course of Modern Healthcare

DEERFIELD, Ill., Jan. 25 (HSMN NewsFeed) -- Baxter International Inc. (NYSE: BAX ) today announced that William B. Graham, long-time CEO and chairman and an honorary member of the company's board of directors, died of heart failure on January 24, in Kenilworth. He was 94.

"Bill Graham has made an impact on healthcare throughout the world that will last far beyond his lifetime," said Robert L. Parkinson, Jr., Baxter's chairman and chief executive officer. "His visionary leadership and never- ending pursuit of innovation for the good of the patient changed the course of modern healthcare and helped save, extend and improve the lives of hundreds of thousands of people all over the world."

During Mr. Graham's nearly 30-year tenure as CEO, Baxter established one of the most outstanding growth records in American industry, and developed some of the most important medical products of the century. Under Mr. Graham's leadership, Baxter pioneered the development of many groundbreaking and vital therapies including: the first flexible intravenous container system, the first artificial kidney, the first plastic blood-collection system, the first clotting factor for people with hemophilia and the introduction of continuous ambulatory peritoneal dialysis.

Mr. Graham joined Baxter in 1945 as vice president. In 1953, he became chief executive officer, retaining that post until 1980. He was chairman from 1971 until 1985 and, thereafter, senior chairman until 1996.

Mr. Graham graduated from the University of Chicago in 1932, where he finished first in his class in chemistry and was elected to Phi Beta Kappa and Sigma Xi. After two years of honor fellowship work in chemistry, he entered law school and received a juris doctor degree cum laude from the same institution. He practiced patent law until joining Baxter. In 1981, Mr. Graham was a lecturer at the University of Chicago. And in 1997, the University renamed its nationally recognized Center for Continuing Studies, the Graham School of General Studies.

Mr. Graham was prominent in drug-industry activities, having served as president of the American Pharmaceutical Manufacturers Association and as a chairman of the Pharmaceutical Manufacturers Association (PMA).

Philanthropic Leadership

In addition to his visible leadership role in healthcare, Mr. Graham served in important leadership roles in business, civic and philanthropic affairs. He was a founder of Millennium Park in Chicago. He was a member of the board of directors of the Lyric Opera of Chicago for more than 40 years, serving as president from 1984 to 1992, co-chairman from 1992 to 2002, and was named chairman emeritus in 2003. He was a director of the Chicago Horticultural Society, Evanston Northwestern Healthcare, Big Shoulders Fund, and a trustee of the Orchestral Association and of the University of Chicago. Over the years, he also served as a director of the First Chicago Corporation, The First National Bank of Chicago, Deere & Company, Bell & Howell, Borg Warner, Culligan and Northwest Industries.

Mr. Graham also was president of The Chicago Club at the time when women first became members, chairman of the Grace Commission for Agriculture and vice chairman, National Park Foundation.

Awards and Designations

Throughout his lifetime, Mr. Graham was the recipient of numerous prestigious awards and designations. He received an honorary Doctor of Laws degree from Carthage College, Kenosha, Wisconsin, in 1974. In 1978, the Weizmann Institute established the Chair of Pharmacology in his honor.

In 1981, Mr. Graham was honored with the PMA's Award for Special Distinction and Leadership, as well as recognition by the Health Industry Manufacturers Association for his pioneering work in bringing new lifesaving products to the health care industry. He received the National Kidney Foundation's first Foundation Award, which recognizes lifelong support and personal concern for the progress of medicine; the First Annual Med-Tech Achievement Award; and was named Chicagoan of the Year by the Chicago Boys Club.

In 1982, Mr. Graham received the Distinguished Fellows Award from the International Center for Artificial Organs & Transplantations. The following year, he received an honorary Doctor of Laws degree from Lake Forest College, Doctor of Humane Letters degrees from the National College of Education and Saint Xavier College, and was named Business Statesman of the Year by the Harvard Business School Club of Chicago. In 1986, Mr. Graham received the Chicago Civic Award from DePaul University and he was inducted into the Junior Achievement Business Hall of Fame. In 1988, Mr. Graham received the International Visitors Golden Medallion Award and an honorary Doctor of Laws degree from the University of Illinois. In 1992, he received the University of Chicago Gold Medal, the Lincoln Academy of Illinois Laureate Award, and the Lyric Opera Carol Fox Award. He received the Good Scout Award in 1993. Mr. Graham received the Chicago Historical Society Award in 1996 and an Honorary Doctor of Humane Letters Degree from Barat College in 1997. In 1999, he received the Illinois Arts Legend Award from the Illinois Arts Alliance.

To honor his memory, The Baxter International Foundation has named "The William B. Graham Prize for Health Services Research." The $50,000 annual award will be administered by The Association of University Programs in Health Administration (AUPHA) and given in recognition of a researcher who has made major contributions to the health of the public through innovative research in health services through a lifetime of work. A selection committee comprised of renowned health services academicians and clinicians from around the world selects the recipient.

Graham was preceded in death by his wife, Edna, in 1981 and is survived by their four children William J. Graham, Mrs. John (Elizabeth) Montgomery III, Mrs. Margaret G. Caswell and Robert B. Graham, his wife Catherine, 11 grandchildren and 11 great-grandchildren.

Baxter International Inc., through its subsidiaries, assists healthcare professionals and their patients with the treatment of complex medical conditions, including cancer, hemophilia, immune disorders, kidney disease and trauma. The company applies its expertise in medical devices, pharmaceuticals and biotechnology to make a meaningful difference in patients' lives.

Source: Baxter

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