Grifols S.A.

Investor Presentation • Oct 21, 2020

2020 Investor and Analyst Meeting

October 21, 2020

Disclaimer

This document has been prepared by GRIFOLS, S.A. (GRIFOLS or the "Company") exclusively for use during the 2020 Investor and Analyst Meeting on October 21, 2020. Therefore it cannot be disclosed or made public by any person or entity with an aim other than the one expressed above, without the prior written consent of the Company. The Company does not assume any liability for the content of this document if used for different purposes thereof. The information and any opinions or statements made in this document have neither been verified by independent third parties nor audited; therefore no express or implied warranty is made as to the impartiality, accuracy, completeness or correctness of the information or the opinions or statements expressed herein. Neither the Company, its subsidiaries nor any entity within the GRIFOLS group or any subsidiaries, the company's advisors or representatives assume liability of any kind, whether for negligence or any other reason, for any damage or loss arising from any use of this document or its contents. Neither this document nor any part of it constitutes a contract, nor may it be used for incorporation into or construction of any contract or agreement.

IMPORTANT INFORMATION

This document does not constitute an offer or invitation to purchase or subscribe shares, in accordance with the provisions of the Spanish Securities Market Law (Royal Legislative Decree 4/2015, of 23 October, as amended and restated from time to time), Royal Decree 1310/2005, of November 4, and its implementing regulations. In addition, this document does not constitute an offer of purchase, sale or exchange, nor a request for an offer of purchase, sale or exchange of securities, nor a request for any vote or approval in any other jurisdiction.

FORWARD-LOOKING STATEMENTS

This document contains forward-looking information and statements about GRIFOLS based on current assumptions and forecast made by GRIFOLS management, including pro forma figures, estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to capital expenditures, synergies, products and services, and statements regarding future performance. Forward-looking statements are statements that are not historical facts and are generally identified by the words "expected", "potential", "estimates" and similar expressions.

Although GRIFOLS believes that the expectations reflected in such forward-looking statements are reasonable, various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the Company and the estimates given here. These factors include those discussed in our public reports filed with the Comisión Nacional del Mercado de Valores and the Securities and Exchange Commission, which are accessible to the public. The Company assumes no liability whatsoever to update these forwardlooking statements or conform them to future events or developments. Forward-looking statements are not guarantees of future performance. They have not been reviewed by the auditors of GRIFOLS.

2020 Investor and Analyst Meeting

Agenda

Grifols' Continued Sustainable and Ethical Growth

Raimon Grífols Co-CEO

Dublin Site

Bioscience Division Center and Albumin Purification Plant

Grifols' Continued and Sustainable Growth

Applying the Same Ethics for More Than 110 Years of History

Grifols has been guided by a long-term vision and commitment to sustainable and ethical growth since its establishment more than 110 years ago

Grifols' Continued and Sustainable Growth

Applying the Same Ethics for More Than 110 Years of History

Our People Contribute to Grifols' Success

Company's Employees Are Our Most Valuable Asset

Employees Society Environment Economy

* Adjusted gender pay gaps are calculated using econometric models which allow isolate the effect on wages of the differences between men and women, both in their socio-economic characteristics (age, seniority, educational level or academic or professional attainment), and in their job post (working hours, sectors in which they work or type of occupation, among others). In this way, the adjusted gender pay gaps represent a more reliable indicator to measure whether men and women receive the "same pay for the same job".

Our Contribution to the Development of Society

Invested Close to €40m in 2019, a Rise of 20% vs. 2018

Employees Society Environment Economy

• Promote and provide access to treatments • Educational programs and activities Patient Organizations 15.4m • Awards to advance scientific, research and educational projects Research Awards & Education 3.4m • Compensation for donors' commitment • Supporting local communities Supporting Donors & Local Communities 17.2m • Ebola Project and others Special Projects & Others 2.9m €40m in 2019… Public Healthcare Systems + • Industrial fractionation services for hospitals 65m

Our Commitment to the Planet

Six Commitments for 2030

Employees Society Environment Economy

Our Socio-Economic Contributions

Aggregated Employment Impact

Employees Society Environment Economy

Investor and Analyst Meeting October 21 2020 - ¹¹ x6.4 Grifols generates 5.4 jobs for every 1 job 148,000 Total jobs 150,000 120,000 90,000 60,000 30,000 Job Creation 2019 # jobs +52,000 new jobs 2015 growth +55% Direct Impact Indirect and Induced Impact Total Impact ²⁰¹⁹ 2015-2019

Our Socio-Economic Contributions

Aggregated Economic Impacts

Employees Society Environment Economy

Our Business Model Pursues Social Value

Employees Society Environment Economy

Responding to the Needs of Society

(1) Corresponds to the high-end of the sensitivity analysis performed

Giving Back to Society

€8.5bn

Total Economic Impact*

Total Jobs*

148k

€6.2bn

Social Value

Social Value Ratio 2.1x

* Total impact includes direct, indirect and induced impacts

Bioscience Industrial Enhancing Plasma Supply and Manufacturing Operations

Eduardo Herrero President, Bioscience Industrial Group

Grifols Bioscience

Building on a History of Trust and Progress

• Grifols • Bioscience •	Long-term vision guides our organization in benefit of patients and stakeholders Ongoing business optimization grounded on technology and continuous improvement Consolidating a history of trust and progress for our employees and donors
Plasma supply Centers, Testing labs, Plasma logistics	Manufacturing operations	Grifols Bioscience initiatives against COVID-19
• Reference in the plasma industry • Growth in sustainable plasma collection, ensuring the highest standards of quality and safety • Continuous expansion and improvement in supply chain efficiencies across all plasma testing labs and logistics	• Expansion and development of state-of-the-art manufacturing facilities • Ongoing operational improvements based on a model of sustainable growth • Robust inventory management to become the most reliable provider of human plasma derivatives	• More than 25 initiatives in the fight against COVID-19 • SARS-COV-2 hyper immunoglobulin manufactured in record time thanks to company know-know on HyperIG • Set-up of convalescent plasma collection system for transfusion and for plasma pathogen inactivated by methylene-blue technique

Plasma Supply

A Quick Retrospective View Shows…

Our Global Supply Is on the Right Path

Grifols' Plasma Supply Increase

Geographical Fleet Expansion

320 centers in the U.S. and EU network by December 2020 Addition of 136 donor centers over the last 4 years through acquisitions and new openings

Process Improvements

Donations per donor center increase annually thanks to optimized processes: new technologies, effective training and standardization lead to better donor and product flow times, fewer rejects and enhanced performance

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Donor Commitment

Effective donor recruitment tools and customer service, with loyal donors through culture of service

Grifols Plasma Collections (U.S. & EU)

Grifols increased its plasma collections by +13% annually

Market (w/o Grifols) increased 10% annually during the same period

Stronger KPIs in the U.S. Over the Last 3 Years A Quick Retrospective View Shows…

Global Plasma Supply Strategy

Recovering From COVID-19 Impact

1. Plasma Supply Diversification

Investor and Analyst Meeting

October 21 2020 - ²¹ -

Expanded Sourcing and Diversification Proves Valuable Against COVID Impact

1. Plasma Supply Diversification (I): U.S.

263 Plasma Donation Centers in 34 States

*Includes whole blood donation centers

Diversified donor centers present throughout the U.S.: 34 states

• Texas and Florida have the largest number of donor centers
• Important presence in California and Utah
• Search in progress for locations in areas without donor centers

50-plasma center business units model grants:

• 6 geographical entities under same governance and guidelines with standardized processes but regionally-oriented approach
• Customized local donor service to reach diverse donor segments
• Entities focus on plasma collection; transversal operations are provided at holding level

49 Plasma Donation Centers Across 11 Regions 1. Plasma Supply Diversification (II): Germany and Austria

Haema manufactures whole blood products for clinical use and plasma for fractionation

Centers and process upgrades, together with new centers, rendered +30% increase in average monthly collection over the last 2 years

Action plan in place on logistics and staff efficiencies to convert the dual-donor center model into a specialized platform cluster for plasma and whole blood collections

+90% of centers converted to plasma bottle collection

Plasmavita opening 3 centers in Austria

1. Plasma Supply Diversification (III): China

Sharing Expertise and Lessons Learned (COVID-19 Impact Management)

SRAAS: 41 centers in 11 provinces

• Donor-marketing recruitment is locally managed by the center
• Promotion through regular donors ("Donor develop donor")
• KOL as the main advertisement channel
• Dedicated center staff to plasma donation promotion
• Donor-center staff actively part of the community
• No plasma centers ≤ 10 plasma centers 11 to 20 plasma centers +20 plasma centers

Source: Report released by listed manufacturers. Updated on Jan. 6, 2020 (1) Includes 21 branch centers; (2) Includes 6 branch centers; (3) Includes 1 branch center

2. Acceleration of New Center Openings

Expansion and Diversification in the U.S. and EU

Recent acquisitions enable us to continue to hold a privileged position in U.S. and EU markets

Expansion and diversification plan is ambitious and one of our main priorities in plasma supply

COVID-19 will not interfere with our donor-center expansion plan

Third-party supply agreements in EU and the U.S. to secure additional reliable plasma source

Plasma self-sufficiency has been achieved (92% for source plasma and 94% for specialty plasma)

Investor and Analyst Meeting October 21 2020 - ²⁵ -

U.S. Strategy Against COVID-19 3. Adaptative Donor Commitment Compensation

Donor Commitment Compensation Strategy

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Acres

B

Donor commitment compensation remained flat A until COVID-19 spread in the U.S.

Compensation increases to recognize donor loyalty against COVID-19 fears

- Higher compensation established in critical times C to better compete in the plasma donation market

Compensation flexibility allows a dynamic D response to pandemic and return to normal levels

Donor Commitment Compensation

4. Leveraging Upward Performance Metrics

Positive Trends in the U.S. Over the Last 5 Months

• Exhaustive safety measures have contributed to collections recovery
• Global awareness and donor marketing campaigns have attracted new donor profiles
• Donor frequency has remained stable over the last 5 months, the result of marketing campaigns and retention bonuses, as new donors and recaptured donors have continued to donate

5. Global Plasma Awareness and Donor Marketing Campaigns (I)

Several Initiatives to Support Plasma Awareness

5. Global Plasma Awareness and Donor Marketing Campaigns (II)

Give Your Light: Awareness and Recruitment

• Raise broad awareness on the need for plasma donations
• Recruit new donors and recapture donors who have lapsed in plasma donations
• Expand the messaging of safety in the plasma donation process
• Raise awareness of benefits of plasma in new donor segments and demographics

Omni-Channel Marketing Plan:

• TV
• Dynamic Video Optimization
• Social media
• Events
• Radio/Targeted Digital Audio
• Hyper-local Display/Mobile

6. Continuous Business Optimization: Technology, Labs & Warehouses

Increase Volume Through Performance and Standardization

Quality and Process Standardization

• Expand center average number of machines
• Maximize volume capacity through more efficient utilization of labor, devices, operating hours and DCC
• Donor hub appointments and Donor Application in the U.S.
• 17% reduction in rejects since 2016 and 9% since 2017
• Staff cross trained multi-functionally

Modernize Collection Technology

• Next-generation BECS upgrade launched in 2019, planned for all U.S. centers by the end of 2021 fiscal year
• Donation process time and error reduction: paperless
• Assess and implement next-generation devices to increase donation yield without increasing donation times or costs

Evaluating new efficient approaches for plasma collection

• Small centers in new areas
• Mobile runs to reach donors in high-traffic areas
• Satellite centers to expand within the same city

Monetization of non-therapeutic plasma by Bio Supplies

Ongoing Expansion Projects 6. Continuous Business Optimization: Technology and Supply Chain

• All U.S. test labs in GDS
• Significant reduction in test turn-around times (~ 48 hrs.)
• Sample logistics (less volume)

Investor and Analyst Meeting October 21 2020 - ³¹ -

Manufacturing Operations

Bioscience Manufacturing Operations

Grifols' Global Footprint Today

Strong Inventory Position and Efficient Supply Chain

Guarantees Product Delivery During COVID-19

Continuous Manufacturing Improvements

Relevant KPIs Over the Last 3 Years

Benefits From Pioneering Technologies

New Ongoing Projects Under Digital Transformation Scope

Manufacturing Plant Information

Big Data Analysis

Automatic data sourcing Messaging and alert system

Tangible Benefits

• Improved productivity
• Compliance
• Optimization

Non-Tangible Benefits

• Improved data access
• Improved RCA Process
• Enhanced innovation

Artificial Intelligence applied on the downstream enables:

• Data mining throughout the process
• Discovery of critical process parameters (CPP)
• Assess data and generate correlations
• Obtain recommendations and feedback to optimize the process
• Increase yields in all steps of the downstream

Canada: On the Path Towards Self-Sufficiency

New Opportunities for Grifols' Bioscience Division

Consulting Agreement

• Help increase plasma awareness through education and marketing campaigns
• Manufacture plasma products to promote self-sufficiency in Canada
• Share Grifols' know-how to build plasma centers
• Cooperate to develop a sustainable plasma model

+1.5 m liter fractionation capacity

• • Immunoglobulin purification
• • Albumin purification

Other proteins capabilities

Manufacturing Services

• New manufacturing plant in strategic location
• All-in-one state-of-the-art plant custom-designed for this purpose
• Consolidate current and new strategic alliances with local plasma collectors

Grifols' Fight Against COVID-19

Bioscience Initiatives Multi-Geographical Response to Global Pandemic

Investor and Analyst Meeting October 21 2020 - ³⁹ -

Multi-Disciplinary Response to Global Pandemic

Bioscience and Diagnostic Main Initiatives

CLINICAL TRIALS

HYPERIMMUNE GLOBULIN & IMMUNOGLOBULIN

U.S. clinical trial with the FDA, BARDA and NIH to evaluate the safety and efficacy of hyperimmune globulin using plasma from recovered COVID-19 donors collected at Grifols donor centers in hospitalized patients.

Assess the efficacy of high-dose intravenous immunoglobulin (immunomodulation effect) to stabilize or improve the health of COVID-19 patients

CONVALESCENT PLASMA

Collection of convalescent plasma in the U.S., Spain and Germany

Clinical trials in Spain in collaboration with blood banks to study the efficacy of inactivated plasma from recovered COVID-19 donors for direct transfusion in non-hospitalized and hospitalized patients with diverse levels of severity

OTHER PLASMA PRODUCTS

Clinical trials in EU and the U.S. to evaluate the efficacy and safety in hospitalized and ICU patients of several plasma-derived medicines such as antithrombin III and alpha-1 antitrypsin

PLASMA FOR TRANSFUSION METHYLENE BLUE

Pathogen inactivation through blue-methylene-process have been transferred to Clayton, NC facilities for use in SARS-CoV-2 convalescent plasma

TESTING

DEVELOPMENT OF SARS COV2:

SARS-CoV-2 TMA Manufacturing ELISA Test for detection of antibody for SARS-CoV-2 (EMV)

Grifols' Response to Global Pandemic in Record Time

Hyper Immunoglobulin Facility and Methylene-Blue Plant

Pioneer MPF (Multi-Purpose-Facility) designed to manufacture hyper immunoglobulin for Ebola pandemic has allowed Grifols to manufacture SARS-COV-2 hyper immunoglobulin in less than 3 months

Methylene-blue technique has been used for pathogen inactivation of recovered plasma in Spain

A new facility for applying methylene-blue technique to convalescent plasma for direct transfusion was built in less than 3 months

Grifols' SARS-CoV-2 Hyper Immunoglobulin

Grifols IG Used in +9.3m Infusions With Well-Known Safety and Efficacy Profile

Based on Gamunex formulation approved since 2003

BLOOD

CLINICAL USE

HYPERIMMUNE IMMUNOGLOBULIN

ANTI-SARS-COV-2

Key Takeaways

Enhancing Plasma Supply and Manufacturing Operations

Grifols accelerates investments in new donor centers to reach ~435 by 2025 in the U.S. and Europe

Commitment to sustainable growth in plasma collection by promoting a fully integrated supply chain organization

KPI improvements over the last 3 years supported an efficient plasma supply growth

Grifols expects significant growth in plasma supply in 2021 based on historical performance and diversification in the U.S., EU and experience in China

Grifols reached self-sufficiency levels, leading to better performance and cost benefits

Plasma Procurement Manufacturing Operations

Industrial capacities are constantly expanded to align with plasma supply growth

Global fractionation capacity expansion to reach 21m liters by 2022 and 28m liters by 2026

Efficient inventory management of plasma, intermediate pastes and finished goods ensured continued operations during COVID-19 outbreak

Digitalization and optimal KPI performance provide overall business optimization in manufacturing operations

Grifols has a key role in the fight against COVID-19, fulfilling its commitment to society

Industrial Capacity Global Scale to Support Business Growth and Expansion

Daniel Fleta Chief Industrial Officer

Grifols' Footprint

Global Scale

Capital Investment Plan 2018-2022

Keep Meeting Future Growing Demand

(*) Includes land and common infrastructures

Main Investments Programs

Investing to Support Growth Across Divisions

Bioscience

Plasma Procurement Strategy

Focused on Expanding and Diversifying Plasma Sourcing

Investor and Analyst Meeting October 21 2020 - ⁵⁰ -

Fractionation Capacity

Increasing Fractionation Capacity

Fractionation Capacity

Project 626 - New Fractionation Building (Twin of NFB) – Clayton, NC

Immunoglobulin Purification Capacity

Continued Expansion to Meet Growing Demand

Investor and Analyst Meeting October 21 2020 - ⁵³ -

Purification and Filling Facility (PFF) – Clayton, NC Immunoglobulin Purification Capacity

Investor and Analyst Meeting October 21 2020 - ⁵⁴ -

Albumin Purification Capacity

Continued Expansion to Meet Growing Demand

Investor and Analyst Meeting October 21 2020 - ⁵⁵ -

Albumin Purification Capacity

Continued Expansion to Meet Growing Demand

Alpha-1 Purification Capacity

Reinforcing Grifols' Leadership

Investor and Analyst Meeting

October 21 2020 - ⁵⁷ -

New Grifols' Canada Manufacturing Site

North America Operations Diversification

Developing a new state-of-the-art plant

• Plasma fractionation + purification of IVIG and Albumin + capability for other proteins
• In Montreal Technoparc
• Additional land available to expand manufacturing capacity

New Grifols' Canada Manufacturing Site

North America Manufacturing Sites Diversification - 3rd site

• Surface: 63,146 m²
• 4 story building with a footprint of 8,114 m² (15% of the plot)
• Capacity 1.5m liters
• Flexible design for future expansion

Diagnostic

First-Time Manufacturing Immunohematology in the U.S.

Capacity Expansion and Geographical Diversification

Red Blood Cells

Filling line + packaging

Gel Cards

2 lines expandable to 5 lines

Investor and Analyst Meeting October 21 2020 - ⁶¹ -

Hospital

Murcia Plant Expansion: Plastic + Anticoagulant

Capacity Expansion and Vertical Integration

Murcia plastic expansion

2 story building 1,540m²

Anticoagulant for plasma centers

Oct. 2019 FDA approved

US Saline Fleboflex® Luer

Fleboflex® Luer bags Aug. 2020 FDA approval

Manufacturing Innovation

Shaping Our Future

2019 European Industrial Excellence Award

Industrial Performance

Grifols' contribution to the growth of the sector is based on its entrepreneurial, global mentality and its management team

"…The main reason is the impressive success of their no-limits attitude […]. The company has secured a rock solid, leading position in a high-value market segment […]. The company is preparing the digestion of further growth by adopting top notch practices in supply chain management, or smart manufacturing while at the same time managing talent development".

Eduard Calvo IESE professor and Director of the award in Spain

Key Takeaways

Global Scale to Support Business Growth and Expansion

1 Industrial Operations Resilience

The outstanding commitment of our teams, together with our global footprint and vertical integration has allowed us to maintain operations in all our factories, ensuring the steady and timely supply of our products while continuing to protect the safety of all our employees

2 Investment Management

Grifols Engineering capabilities give us a competitive advantage in terms of flexibility and speed with far less investment

3 Growth Plans Secured

Grifols plasma-protein-balanced expansion plan is a top priority to ensure company leadership

4 Setting-up Future Opportunities

Grifols' COVID-19 pandemic response unleashed internal potential as well as partnering business opportunities in the therapeutic and diagnostic fields

Commercial Strategies Demonstrating Resilience

Lafmin Morgan Chief Commercial Officer

Topics for Discussion

Leadership and Successful Track Record

Grifols Has Demonstrated Growth Resiliency Over Time

Revenue Has Grown at 7.2% CAGR Since 2016

(*) From July 2019 to June 2020

The Pandemic Has Impacted Several Areas of Healthcare

2020 Has Been an Unprecedented Year

(3) AHA Report, June 2020

Strengthening Our Commercial Portfolio Keep Introducing Innovations to Address Customer Needs

• New flexible container to complement vials and broaden Grifols offering to customers
• US launch in 2021

ULTRIO PLEX E

Investor and Analyst Meeting October 21 2020 - ⁷² -

Proud to Celebrate the Launch of Fibrin Sealant Globally Enhancing Our Pipeline

U.S. VISTASEAL® Fibrin Sealant Launched November 2019

VERASEAL® Launched in Germany on October 9, 2020

Bioscience

Bioscience Has Continued Sales Growth

Acceleration of Revenue Growth Since 2016

(*) From July 2019 to June 2020

Note: Year-over-year variance as reported in constant currency (CC) for the period 2016-2019 and reported variation for LTM

Bioscience Growth Fundamentals Remain Strong

Leading Position With Core Business of Plasma-Derived Therapies in 2019

	Global Market Share	Grifols Global Position	U.S. Market Share	Grifols U.S. Position
IG	24%	#1	33%	#1
Alpha-1	68%	#1	69%	#1
Albumin	16%	#2	33%	#2
pdFVIII (*)	15%	#4	50%	#1

• Per capita utilization and diagnosis are growing for IG, albumin, and alpha-1
• COVID-19 has caused short-term impacts to the business as expected
• Market growth and expansion strategies continue to deliver results
• Grifols continues to invest in the Bioscience Division to sustain growth

Solid Year Over Year Growth and Investing for the Future

Immunology	Gamunex® • continues to fuel double-digit revenue growth in 2020 • COVID-19 impacting plasma collections with an impact on industry IG supply for 2021 Early customer acceptance of Xembify® • gives us great confidence in the future potential of 92% of those that have prescribed Xembify®, prescribe again) this medicine (e.g.  COVID-19 has impacted our ability to generate awareness, trial and usage of Xembify®
Autoimmune/ Neuromotor	Tavlesse® EU launch achieved in July with first sales in Germany and UK   First Bioscience non-plasmatic product launched in Europe expands Grifols rare disease platform
Pulmonology
Hematology
Hepatology / Critical care

Solid Year Over Year Growth and Investing for the Future

Solid Year Over Year Growth and Investing for the Future

Immunology
Autoimmune/ Neuromotor
Pulmonology
Hematology	• Continue building on our efforts to meet patients' needs around the world including future acquisitions and business development
Hepatology / Critical care
2020 October 21	Investor and Analyst Meeting - 79 -

Solid Year Over Year Growth and Investing for the Future

Immunology
Autoimmune/ Neuromotor
Pulmonology
Hematology
Hepatology / Critical care	• Albumin market shows a solid growth mainly driven by China • Consolidating presence in China with new launch and SRAAS partnership • Strategically focused in liver cirrhosis, a disease that is increasing. Here, we have a unique commitment with its own clinical program and supports independent investigations US Albutein® • Flexbag launch in 2021

Investor and Analyst Meeting October 21 2020 - ⁸⁰ -

Commercial Capabilities Are an Essential Asset for Grifols

For more than 110 years, people throughout the world have relied on Grifols to provide healthcare solutions when and where needed

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Grifols has an established end-to-end commercial infrastructure with robust experience and a proven track record in rare and serious disease

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Grifols competes by focusing on unmet medical needs through awareness, education, appropriate diagnosis, and timely treatment with demonstrable outcomes

We pride ourselves on quality, safety, compliance, teamwork, flexibility, and delivering results

Grifols is dedicated to working effectively and building productive relationships with healthcare providers, payers, channel partners, and patient advocacy groups

Seeking to strategically align our established resources in Immunology, Neurology, Pulmonology, Hematology, Critical Care Medicine, and Infectious Diseases with companies that share a similar vision, mission and values and have assets which would benefit from what we have to offer 6

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Deep Knowledge, Capabilities and Networks Across Our Therapeutic Areas

Immunology and Neurology

Immunoglobulins Fuel Growth in 2020 and Beyond

Xembify® Expanded Our U.S. IG Portfolio to Meet Large, Unmet Medical Need in PIDD

• Gamunex®-C continues to fuel double-digit growth in 2020
• Xembify®, U.S. launch is designed to help ensure PIDD patients who rely on Xembify® receive it when and where Xembify® is needed
• Xembify® payer access achieved to date provides HCP's and PIDD patients access
• The pandemic has impacted our launches in terms of:

awareness, trial and usage

patients access to care temporarily limited

salesforce access and engagement with customers altered

• Data indicate positive HCP and patient experience with Xembify®
• 92% of those that have prescribed Xembify®, prescribe again*
• Xembify® filed in EU; on track for 2021 approval

Immunoglobulins – Innovation Fuels Expansion

Investing in Key Growth Drivers

Secondary immunodeficiencies

• Highest IG volume growth area (~10% CAGR expected 2018- 2025*) includes hematological malignancies, transplantation

Improving the patient treatment experience

• New clinical data for all Ig portfolio products (PFS, wearable injectors/ambulatory pumps), exploring novel infusion approaches coupled with digital health platforms

Hyperimmunes portfolio development

• On-going clinical development of anti-SARS-CoV-2 hIVIG (INSIGHT Protocol: 13 in partnership with NAID); on-going clinical evaluation of potential for anti-SARS-CoV-2 hIMIG

Currently evaluating the potential for plasma derived and nonplasma derived candidates in infectious diseases

HyperRAB® continues to exert leadership in the rabies prophylaxis market; US launch of new 3-mL (900 IU) vial with additional FDA submissions to improve label with room temperature storage and 1 year extension of shelf-life

Total U.S. Volume of IG* (grams, M)

Total U.S. Patients on lG** ('000)

Sources: *US PPTA Distribution Data, Source: **Grifols Internal Data August 2020 SID: Secondary Immune Deficiency (not an FDA approved indication in the U.S.)

Investor and Analyst Meeting October 21 2020 - ⁸⁵ -

Maintaining Alpha-1 Global Market Leadership

Grifols Alpha-1 Volume Growth Has Consistently Outpaced the Market

Investor and Analyst Meeting October 21 2020 - ⁸⁷ -

Expanding to New Geographies

Untapped Markets Represent Opportunities for Continued Growth

Investing for the Future

Using Innovative Technology We Will Continue to Explore New Opportunities

Empowering Patients with Information Investing in Patient Needs

Awareness

Multi-channel marketing initiatives with pulmonologists and primary care physicians raises awareness of the need for genetic screening of all COPD patients

Patients Tested

Continue seeing strong interest among COPD sufferers wanting to understand their genetic health risk status related to alpha-1

Screened Population

Consumer testing using the remains an important strategy, and Grifols continues to explore innovative ways to expand the screening program

Convenience

Developing new formulations to improve the product administration and patients' quality of life

New Indications

Exploring the potential for Prolastin® to help hospitalized COVID-19 patients

Therapy Effectiveness

Continuing to support a variety of programs evaluating the benefits of augmentation therapy

While COVID-19 has impacted the business, existing programs are in place to facilitate a return to normal growth

Hepatology and Critical Care

Global Albumin Market Shows a Solid Growth (CAGR15-19 7%)

We Are a Major Contributor to This Growth; Strong Position in Liver Cirrhosis

• Grifols continues to hold #2 global position outplacing the market

• US Albutein® Flexbag launch in 2021

• Physicians clearly see a clinical benefit for their patients

• Albumin perceived as a medicine (vs. fluid)
• Chronic liver disease is a growing cause of morbidity and mortality worldwide
• Strong clinical program in liver cirrhosis with innovative approaches:

HEAL Hepatic encephalopathy and albumin study

China Continues Growing at Double Digit (CAGR15-19 13.1%)

Grifols Consolidating Presence With New Launch and SRAAS Partnership

Grifols Hospital sales remain solid (YTD Aug +18.0%) growing above the market (YTD +8.9%) as per CPA* Data

• Grifols consolidated #2 position in hospital channel with 21.2% MS (+1.7p.p. vs. PY)
• Chinese hospitals albumin procurement positive recovery from COVID-19 impact
• Hospital channel represents ~70% of the albumin market

* Chinese Pharmaceutical Association (CPA) data provides monthly hospital procurement information

Grifols Future Growth Opportunities

• Continue a successful geographical and channel expansion strategy
  • New key strategic provinces show +19% CAGR17-19 accounting for 81.9% of Grifols overall sales growth
  • Developing Retail Pharmacy channel shows +56% CAGR17-19 & YTD August +40.3% sales growth
• Plasbumin launch to support our market growth and expand Grifols presence in China as our 3rd albumin brand

SRAAS Partnership

• Consolidating our long-term positioning in China capitalizing on synergies in key accounts and channel combination
• Leverage both companies portfolios and capabilities to maximize the commercial platform
• SRAAS partnership to foster Grifols penetration in China supporting expansion strategy

Opportunity to Build on Our Efforts to Meet Patients Needs Worldwide Legacy of Commitment With the Hematology Community

New clinical studies sponsored by Grifols on the key role of pdFVIII/VWF in the evolving treatment paradigms for Patients with Hemophilia A and inhibitors (US and EU ISR programs)

Local initiatives at developing countries contributing to increase the standards of care in PWH still represent an untapped market potential: improve diagnosis and treatment through outreach programs and low dose prophylaxis approach

Looking to continue our growth through future acquisitions and business development to meet evolving patient needs

*PWH: patients with Hemophilia

TAVLESSE® (fostamatinib) Launch Achieved in Germany and UK

Seeking to Treat More Chronic and Rare Diseases

First European non-plasmatic product launch in Bioscience history

Approved for the treatment of chronic immune thrombocytopenia (ITP) in adult patients who are refractory to other treatments

Novel MOA - First and only approved SYK-inhibitor that blocks platelet destruction

In Ph. III for warm autoimmune hemolytic anemia (wAIHA)

Meets Bx objectives to treat more chronic and rare diseases; increase revenue growth from new products

TAVLESSE® is welcomed by physicians as new treatment option for chronic ITP patients

Grifols has adapted launch to COVID-19 environment with stronger focus on digital activities, virtual customer meetings, congresses, and symposia

Included as robust option in ITP International Working Group Guidelines and German Guidelines

Pricing & Reimbursement: dossiers have been submitted for EU5 & are in preparation for next wave of EU countries

Newly published data on second line use can be used to promote to broader patient base

Despite the current environment, uptake has been promising during first 3 months of launch

>90% of target customers contacted by sales team >50 patients on Tavlesse®

Phased rollout to additional countries in Europe planned over the next 18 months

Key Takeaways

Fueling Growth While Meeting Patient Needs

• Strong franchise growing at a double-digit rate with Gamunex®, Flebogama® and the launch of Xembify®
• Investing in new data and innovative approaches to improve the patient treatment experience
• Hyperimmune portfolio anchored by HyperRab® and poised to grow with anti-Sars-Cov2 hIVIG medicine in 2021

Pulmonology

Immunology & Neurology Hepatology & Critical Care

• Global Albumin market shows a solid growth (+7%) driven by China, being Grifols a major contributor (10%).
• Strategically focused in liver cirrhosis, a growing disease, where Grifols has a strong clinical program with innovative treatment approaches

Coagulation & Hematology

• Programs in place to continue market growth
• Geographic expansion facilitates further growth
• Despite COVID-19, experienced sales and marketing teams investing in and developing new ways to diagnose patients
• Building on efforts to meet patients' needs including future acquisitions & business development
• Tavlesse® EU launch achieved in July with first sales in Germany and UK – first Bioscience non-plasmatic product launched in Europe expands Grifols rare disease platform

Diagnostics

The Diagnostic Division Reported €725m Over LTM

Sustainable Growth Over the Last 5 Years

(*) From July 2019 to June 2020

Note: Year-over-year variance as reported in constant currency (CC) for the period 2016-2019 and reported variation for LTM

Global Leader in Blood Donor Screening

COVID-19 Has Impacted Blood Collection Numbers Globally

BLOOD DONATIONS TESTED

Source: Internal Data * Does not include plasma collections donations tested every minute with a Procleix® assay* 70+

PLASMA DONATIONS

Biomat relies on Grifols' antigens and molecular assays for plasma testing

We are converting all Grifols testing locations to Procleix® instruments and assays

Customer-centric Innovation For Our Top Accounts

Grifols Has Development Projects and Commercial Plans in Place

Above Market Growth Driven by New Products

Growth Rate Accelerating and Surpassing 50 Million Gel Cards Sold

Erytra Eflexis® Continues to Drive Our Growth

We Almost Triple Number of Erytra Eflexis® Placement Since Our LTM

US IH – Over 300 Customer Sites Under Contract

Three Major IDN Wins Demonstrates Success Across All Customer Segments

COVID-19 Testing – An Example Of Innovation at Grifols Supporting Healthcare System in Spain Partnering With Hologic

Hospital

Hospital Strong Growth Through 2019

Revenue Has Grown at 6.0% CAGR Since 2016

(*) From July 2019 to June 2020

Note: Year-over-year variance as reported in constant currency (CC) for the period 2016-2019 and reported variation for LTM

North America Revenue (Pharmatech + IV Fluids)

Clear Path to Strengthening Portfolio for Growth

Investor and Analyst Meeting October 21 2020 - ¹⁰⁷ -

Hospital Global Division Progress Interrupted by COVID-19

As Hospitals Continue to Open up Access, a Return to Growth Is Expected

units (2022)

Bio Supplies

Bio Supplies Diversifies the Revenue Base

Revenue Has Grown at 49.9% CAGR Since 2016

(*) From July 2019 to June 2020

Note: Year-over-year variance as reported in constant currency (CC) for the period 2016-2019 and reported variation for LTM

Bio Supplies Biopharma Product Portfolio

Biological Products for Non-Therapeutic Use

Raw material used in manufacturing of drug or Cell therapy products & Transfusion blood components

Bioscience Products	Cell Culture Products	Fractionation Products	Transfusion Blood Components
Therapeutic proteins used as an excipient for cell culture media or drug products: • Immunoglobulins • Albumin • Plasmanate	GMP products developed as a supplement for cell culture: • Plastem • Human Male AB serum heat inactivated	Intermediate fractionation products for further protein purification: • Fraction V • Cryopaste…	Blood components for transfusion: • Red Blood cells • Platelets • Plasma for transfusion • Only for German market

Key Takeaways

Commercial Portfolio Keeps Strengthening With New Growth Drivers

• Grifols has demonstrated growth resiliency over time
• The pandemic has impacted several areas of healthcare, however we expect these impacts to be mostly temporary
• Grifols continues to introduce innovations to address customer needs
• Bioscience growth fundamentals remain strong
• Diagnostic is continuing to deliver single digit growth overall with strong growth in IH
• Hospital continues to execute on growth plan with emphasis in Pharmatech segment
• Commercial capabilities are an essential asset for Grifols

China: A Strategic Global Market An Overview on The Grifols and SRAAS Alliance

Amarant Martínez VP China Affairs Office

China's Healthcare Market: Solid Fundamentals

China's Ability to Manage COVID-19 Is Prompting an Upward Trend

Investor and Analyst Meeting October 21 2020 - ¹¹⁵ -

Grifols and Shanghai RAAS Strategic Alliance

Post-Deal Structure and Valuation

(1) Based on DCF and multiples from trading companies and comparable transactions

(2) Based on market stock price per agreement

(3) Based on market stock price average for 3Q 2020

Largest Footprint in China Combined #1 in the Blood Products Space

Investor and Analyst Meeting October 21 2020 - ¹¹⁷ -

(1) Includes China, Hong Kong SAR, Taiwan and Macao SAR (2) From July 2019 to June 2020 (3) Shanghai RAAS H1 Semi-Annual Report

Grifols and Shanghai RAAS Strategic Alliance

Continuous Improvement of Shanghai RAAS Financials

• Significant market potential for Bioscience core proteins
• High profitable business. EBITDA 53%
• Continuous improvement in margins despite COVID-19
• High potential for value creation thanks to synergies
• Strong cash flow generation; no debt

(1) From July 2019 to June 2020

A Growing \$5bn Blood Products Market

Leading the Way: #2 and #3 Global Market for Blood Products and IVD

• Main market for Albumin and Fibrinogen, while remaining untapped for IVIG and Coagulation
• SRAAS outperforming local competition

(1) Batch Release Jan-Sep 2020; Growths shown YTD Q3 2020 vs YTD Q3 2019 (2) Chinese Pharmaceutical Association (CPA) procurement data Jan-Aug 2020

(3) Grifols Plasma Industry Database

Grifols and Shanghai RAAS Set a Solid Foundation

A Collaborative Partnership Working at Full Speed and Focused on Execution

• GOVERNANCE: Creation of a China Executive Committee reporting to co-CEO's to ensure global alignment and execution

QUALITY: Quality Agreement commitment being implemented: Year 1 milestones completed

MANUFACTURING: Operational efficiency and best practices; harmonization of processes and

COMMERCIAL STRATEGY: Commercial platform assessment & network integration to avoid any potential disruptions and maximize the opportunity

PLASMA: Expansion on plasma center network; best practices in donor recruitment

KPIs; Virus removal and yields

MARCH

27

DIAGNOSTIC: Phased implementation of Grifols NAT solutions (TMA technology) at SRAAS facilities (collection, manufacturing pool and finished product)

BUSINESS DEVELOPMENT: Exploring across the whole spectrum (i.e. Bio Supplies; Biosurgery; Immunoassay; Robotics system for hospital pharmacy; 3rd parties)

INDUSTRIAL: Grifols expertise to develop best-in-class facilities and position SRAAS as the industrial engineering leader in China's healthcare industry

AMBAR: Real-world evidence in Alzheimer's and partnership through establishment of Center of Excellence

R&D: Unite R&D capabilities & scientific know-how. Lines of work around Ig products (10% & SCIG 20%), Coagulation and Hyper Ig portfolio expansion

Key Takeaways

An Overview of the Grifols and SRAAS Alliance

• 1 China is a key strategic market which has grown in importance in the wake of COVID-19
• 2 Unparalleled mid and long-term growth opportunity
• 3 Collaborative partnership is moving fast despite the pandemic
• 4 Grifols is uniquely positioned to leverage its localization and strong presence in China
• Grifols is committed to serving China's healthcare system and its people: support for SRAAS to respond to any potential emerging pathogens in the future 5

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Investor and Analyst Meeting

October 21 2020

Innovation Strategy Innovative Response to the Development of New Therapeutics

David Bell Chief Innovation Officer

Since 1909, Dedicated to Developing Innovative Healthcare

A Recognized Leader of Innovation

Research and innovation has been in our DNA for more than 110 years

We are a company founded on Plasma Therapeutics

We are a company grounded in Plasma Science

Open Innovation Ecosystem That Promotes Knowledge and Talent Integrated Innovation Strategy With a Holistic Approach

An open innovation ecosystem that encompasses both in-house projects and investee-led initiatives that complement the company's operations

Collaborative Approach Without Boundaries

Continuous Efforts to Enhance Therapeutic and Diagnostic Solutions

Our Scientific Mission

The Plasma Proteome: Source of Therapeutics

Comprehensive Discovery and Development Platform Delivering Transformational Therapeutics

Plasma Proteomics Is Our Foundation

The Plasma Proteome Is the Highway of the Body

Investor and Analyst Meeting October 21 2020 - ¹²⁸ -

Plasma Proteomics Is Our Foundation

Continuous Efforts to Enhance Therapeutic and Diagnostic Solutions

Pipeline Focused on Core Therapeutic Areas

Combined Approach of Collective Efforts

Hematology/ Hepatology	Bleeding Disorders	Stroke	Wound Healing		Cirrhosis	Acute Chronic Liver Failure
	PID	Infectious Diseases	Emerging Pathogens
Immunology	SID	Oncology
Autoimmune/	CIDP	MNN	Other AI diseases
Neuromotor	MG ITP		Parkinson's
Pulmonology	Alpha-1 Deficiency	Inflammatory response	Bronchiectasis		COPD
Neurology/ Cognitive Disorders	Alzheimer's		Parkinson's MCI/Parkinson's Dementia		Dementia	Other cognitive disorders
Other Other	Bullous Pemphigoid	Oncology	nAMD		Diabetic retinopathy	COVID-19

Disease (CTAD) Congress Barcelona (Spain) Alzheimer's and Parkinson's Diseases Lisbon (Portugal)

The AMBAR Project

Primary efficacy endpoints – the ADAS – Cog1 and ADCS-ADL2 scales

Investor and Analyst Meeting October 21 2020 - ¹³¹ -

Milestones of 15 Years of Rigorous Scientific Research

Secondary endpoints such as memory, language and processing speed

December 2018	March 2019	July 2019	December 2019	July 2020	Beyond
11th Clinical Trials on Alzheimer's Disease (CTAD) Congress Barcelona (Spain)	14th International Conference on Alzheimer's and Parkinson's Diseases Lisbon (Portugal)	Alzheimer's Association International Conference (AAIC) 2019 Los Angeles (U.S.)	12th Clinical Trials on Alzheimer's Disease (CTAD) Congress 2019 San Diego (U.S.)	Results published at Alzheimer's & Dementia: The Journal of the Alzheimer's Association	ASFA guidelines +
		Other relevant secondary		+

Neuroimaging and biomarkers

Journal of the Alzheimer's Association + Submission to the

American Society for Apheresis (ASFA)

Would strongly support larger use of this treatment and its reimbursement

Potential inclusion in ASFA guidelines + Opening of referenced sites in Spain, other EU countries, U.S. and China to obtain real world evidence

AMBAR findings demonstrate efficacy to stabilize Alzheimer in treated patients

endpoints to evaluate functional and cognitive capacity (CDR-Sb and ADCS-CGIC)

Grifols COVID-19 Efforts

Bioscience and Diagnostic Collaboration

Karoly Nikolich Alkahest's CEO

THERAPIES BORN FROM THE SCIENCE OF AGING®

Value and Scope of the Transaction

New Promising Horizons

Therapeutic Candidates

Chronokines: Proteins With Biological Impact that Change With Age

Mining ~ 9,000 Plasma Proteins

Therapeutic Candidates

Protein Trajectories During Healthy Aging and Disease

Healthy Aging A Range of Protein Changes During Aging Age-related Disease

Lehallier, B. … Wyss-Coray, T. Nature Med. 2019

60+ diseases 23,566 mechanistic connections

"Molecular microscope" of normal aging

Therapeutic Candidates

Chronokines: Proteins With Biological Impact that Change With Age

Protein increasing with age DETRIMENTAL CHRONOKINES: Small molecule blockers as therapeutics

Compounds and Targets in the clinic or in preclinical development

Protein decreasing with age SUPPORTIVE CHRONOKINES: Plasma fractions & proteins as direct therapeutics

Recombinant proteins and plasma fractions in clinic or in preclinical development

Rich Research Pipeline

Mining the Science of Chronokines

	Biology / Indication Area	Biological Validation	Preclinical Development
Selected Plasma Fractions
Peripheral Neuropathy
Regenerative Indications
Age-Related Disorders
CNS Disorders
Recombinant Proteins
AKST1200 – Neurology
Small Molecules & Antibodies
AKST1220 – Neurology
AKST1250 – Neurology
AKST1260 – Neurology
AKST1340 – Ophthalmology

Bioactive Identification

Transcriptomics in Individual Cells – High Definition Biology

Understand Biology in Single Cells Map Pathways Triggered to Plasma Proteins

Single Cell Resolution of the Biology of Plasma Fraction Precision Biology: Deep Mechanistic Molecularization

Identification of single cells in the hippocampus

Age-Related Gene Changes Reversed by Plasma Fraction Treatment in Brain Endothelial Artery Cells

GRF6021
Healthy Aging

Strategy for Therapeutic Identification

A Powerful Platform to Mine the Plasma Proteome for Therapeutics

The Alkahest Clinical Pipeline

Translating the Science of Chronokines

Investor and Analyst Meeting October 21 2020 - ¹⁴² -

Key Takeaways

Innovative Response to the Development of New Therapeutics

Comprehensive discovery and development platform delivering transformational therapeutics based on the plasma proteome

Focused on core therapeutic areas; ready to partner where appropriate; meeting the risks and opportunities of developing science

A collaborative approach without boundaries balancing internal and external resources

Pioneering the molecularization of plasma with innovative methods to identify new therapeutics

The only thing more inspiring than our past is our future

Financials Solid Business Performance. Delivering on Commitments

Alfredo Arroyo Chief Financial Officer

Delivering on Commitments

Highlights for 2019 and 1H 2020

• Strategic alliance with Shanghai RAAS in China • In 4Q 2019, debt-refinancing completed for €5,800m, improving terms and conditions significantly • In 2Q 2020, reinforcement of liquidity position up to €1,900m, upsizing the multicurrency revolving credit facility from \$500m to \$1,000m • Agreement to acquire a plasma fractionation facility in Canada and 11 plasma centers in the U.S. for \$460m • Payout at 40% of the group's consolidated net profit for 2019 • R&D investments: €329m in 2019 • Integrated innovation strategy: Grifols continues to support internal and external projects • AMBAR results published in Alzheimer's & Dementia: The Journal of the Alzheimer's Association • Tackling new therapeutic areas with Alkahest pending on 100% acquisition • CAPEX: €332m in 2019, in line with the plan • Plasma-center network: up to 310 plasma centers in the U.S. and Germany • Plasma centers, production facilities and sales network remained operational throughout COVID-19 • Bioscience continues to lead business growth • Solid underlying demand for key proteins lead by Immunoglobulins including hyperimmunes and albumin • Operating growth in all key geographic areas • New products launch: Xembify®, Vistaseal® and Tavlesse® • Diagnostic Division benefits from sale of COVID-19 tests • Pre-COVID-19 full recovery of plasma volumes estimated in 2021. +30% in 2021 vs. 2020

Long-Term Fundamentals Remain Intact

Resilient and Positioned to Support Long-Term Growth

• Global presence with a diversified revenue base
• Leading player in plasma-derivatives industry with strong fundamentals
• Vertically integrated business model
• Demonstrated ability to successfully grow businesses both organically and through acquisitions
• Committed to increase exposure in the growing Chinese market

Revenues Evolution by Division

Diversified Healthcare Company with Worldwide Presence

Investor and Analyst Meeting October 21 2020 - ¹⁴⁹ -

EBITDA and Net Profit Evolution

Focus on Profitability – COVID-19 Temporarily Impacts Our Results

(1) From July 2019 to June 2020 (2) Excluding COVID-19 impact

COVID-19 Impacts

Plasma Supply Continues Its Upward Trend

Solid Financial Position

Strengthening Grifols' Balance Sheet – Liquidity Increase in 2020 up to c.\$2bn

Building Value Through Debt Refinancing

Senior Debt Refinancing – Amortization Schedule

Goals Achieved	P&L Impact	COVID-19 Measures
• Tenor: from 4.6 to 7.3 years • Structure optimization: Currency and fixed/floating interest rate mixes • Covenants: Gained flexibility • Rating Agencies: Rating and outlook confirmed	• Average cost of the debt is 2.8%, with a reduction of 80 bps • Estimated positive impact of €85m for 2020	• In 2020, upsizing multicurrency revolving credit facility from \$500m to \$1,000m • Cash Position June 2020: €1.9bn

Leverage Ratio and Net Debt

Strategic Investments Lead to Higher Leverage Ratio. Deleveraging Remains a Priority

Investor and Analyst Meeting October 21 2020 - ¹⁵⁴ - 4,500

4,700

4,900

5,100

5,300

5,500

5,700

5,900

Leverage Ratio defined as Net Financial Debt to EBITDA excluding any IFRS 16 impact

Capital Allocation

Capital Allocation

Capital Discipline Focused on Supporting Growth and Creating Value

Capex and Innovation

Supporting Growth and Creating Value

(1) From July 2019 to June 2020

Key Acquisitions in 2019-2020

Supporting Growth and Creating Value

• Grifols acquires a 26.2% stake (voting and economic rights) in exchange of 45% of the economic rights and 40% of the voting rights of Grifols Diagnostic Solutions (GDS)
• To boost growth on our plasma-derived products and diagnostic solutions in China
• The Chinese market for blood products has grown by more than 15% in recent years
• Grifols acquired a plasma fractionation facility and 2 purification centers in Montreal, and, in a separate transaction including 11 collection centers in the U.S. all totalling to \$460m
• Grifols becomes the only large-scale commercial manufacturer of plasma products in Canada
• Grifols to acquire the remaining equity of Alkahest (55%) for \$146m
• Its protein-targeted assets and non-plasma derived therapeutics projects can enable Grifols to diversify whilst retaining its focus on the science of plasma

Shareholders Distribution

Supporting Growth and Creating Value

• Strong earnings profile

1 Investments 2 Acquisitions 3 Dividends

• Accumulated annual dividend up by 4.1% over the last 5 years
• More than €1.2bn returned to shareholders over the last 5 years
• Pay-out ratio: 40% of consolidated profits

Committed to Delivering Long-term Value

Value Growth Plans on Track

Driving long-term sustainable growth across all divisions despite extraordinary times

Keeping up with investments in CAPEX and Innovation to support future growth

Working to increase plasma collections, organically and inorganically

Integrated innovation strategy as a pillar

Strengthening international expansion through the strategic alliance with Shanghai RAAS and acquisitions in Canada and in the U.S.

Business fundamentals remain very solid

We are more committed than ever to our values and to our stakeholders. Taking all the necessary steps to further strengthen our solid business performance.

Long-Term Success Leveraging on Innovation

Víctor Grífols Deu Co-CEO

Long-Term Success in Plasma Industry

Long-Term Success Is Based on Excelling in Four Strategic Pillars

Long-Term Success in Plasma Industry

Long-Term Success Is Based on Excelling in Four Strategic Pillars

Holistic approach to grow beyond plasma in our core Bioscience therapeutic areas; leverage our expertise to grow in Clinical Diagnostic

Innovation Pillar

30% of current growth already coming from new products (i.e. Xembify®, Fibrin Sealant®, Tavlesse®, etc.)

Alkahest as an innovation engine to create a New Generation of Products Derived from Understanding the Plasma Science

Short-term

Medium Long-term

Short-Term – Bioscience (LTM, at CC)

Actions in Strategic Pillars With Impact in Performance

Short-Term – Group (LTM, at CC)¹

COVID-19 Outbreak Has Pushed Grifols to Greater Excellence

Key Takeaways

• 169 -

Investor and Analyst Meeting

October 21 2020