UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF THE
SECURITIES EXCHANGE ACT OF 1934

For the month June 2017

(Commission File No. 001-35193)

Grifols, S.A.

(Translation of registrant’s name into English)

Avinguda de la Generalitat, 152-158

Parc de Negocis Can Sant Joan

Sant Cugat del Valles 08174

Barcelona, Spain

(Address of registrant’s principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F x Form 40-F o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101 (b) (1):

Yes o No x

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101 (b) (7):

Yes o No x

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes o No x

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- . .

Table of Contents

Grifols, S.A.

TABLE OF CONTENTS

Item		Sequential Page Number

1.	Relevant Event, dated June 7, 2017.	1

Investors’ & Analysts’ Meeting 2017 Emeryville (California, USA) June 7th and 8th, 2017 Wednesday, June 7th 2017 Emeryville 2 Investors’ & Analysts’ Meeting 2017 I Emeryville Time Topic Presenter 08:30Pick up from hotels 09:00Arrival at Grifols Diagnostic Solutions (GDS) headquarters 09:00 - 09:30Coffee + Welcome 09:30 - 9:45Introductory remarksV. Grífols Deu 09:45 - 10:15Grifols global leadershipR. Riera Bioscience Division 10:15 - 11:00Plasma procurement strategyE. Herrero 11:00 - 11:15Coffee break 11:15 - 12:15Commercial strategies to deliver sustainable growthL. Morgan 12:15 - 13:00Bioscience capacity expansion plan:D. Fleta keeping pace with growing demand 13:00 - 14:00Lunch

Wednesday, June 7th 2017 Emeryville 3 Investors’ & Analysts’ Meeting 2017 I Emeryville Thursday, June 8th 2017 Emeryville 4 Investors’ & Analysts’ Meeting 2017 I Emeryville Time Topic Presenter 08:00Pick up from hotels 08:30Arrival at Grifols Diagnostic Solutions (GDS) headquarters 08:30 - 09:00Coffee 09:00Bio Supplies Division introductionA. Arroyo 09:00 - 09:30Access BiologicalsM. Crowley 09:30 - 10:15Innovation: redefining the industryD. Bell 10:15 - 10:45Coffee break 10:45 - 11:45Financials: focus on profitable growthA. Arroyo 11:45 - 12:15Q&A 12:15 - 12:45Driving value creation through disciplined strategy executionV. Grífols Deu 12:45Lunch and transfers to airport Time Topic Presenter 14:00 - 14:30Hospital Division: expansion through integrated solutionsP. Allen Diagnostic Division 14:30 - 15:00Driving profitable growthC. Schroeder 15:00 - 15:30Maximizing value through effective integrationG. Rich 15:30 - 16:00Investing for growthO. Duñach 16:00 - 16:30Q&A 16:30 - 16:45Coffee break 16:45 - 17:00Tour presentationC. Roura / R. Biosca 17:00Facility tour 18:00Transfer to restaurant 18:45Update on AlkahestT. Wyss-Coray 19:00Dinner

Disclaimer This document has been prepared by Grifols, S.A. (Grifols or the “company”) exclusively for use during the Investors’ and Analysts’ Day Presentation dated June 7th--8th, 2017 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 proforma 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 forward-looking 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. 5 Investors’ & Analysts’ Meeting 2017 I Emeryville Introductory remarks Víctor Grífols Deu Co-Chief Executive Officer

Leadership and successful pioneering track record Competitively positioned across the value chain 11 Investors’ & Analysts’ Meeting 2017 I Emeryville Pioneers in blood transfusion and blood and plasma collection Dedicated to developing innovative healthcare products and services since 1940 12 Investors’ & Analysts’ Meeting 2017 I Emeryville • Invention of the Flebula The double-ended device known as the flebula was introduced in 1928 by José Antonio Grífols Roig. The device resolved many of the inconveniences related to blood transfusions, including poor asepsis, severe vein damage in patients and transport challenges • Development of Plasmapheresis Dr. José Antonio Grífols Lucas developed the process of plasmapheresis to obtain plasma for transfusion and fractionation. In 1951, he presented the results of his research at the 4th International Congress of Blood Transfusion. The paper was published in 1952 in the British Medical Journal Today, plasmapheresis continues to be a common procedure in plasma donation centers to obtain plasma for fractionation •Transfusion and transfusion safety •Hospital pharmacy •Quality and safety of our products •Hemophilia community •Alzheimer’s and liver diseases •Alpha-1 deficient patients community •Immunodeficient patients and neurological disorders •Support of rare diseases •Global footprint

Leadership and successful pioneering track record Competitively positioned across the value chain 15 Investors’ & Analysts’ Meeting 2017 I Emeryville Innovation in IV fluid therapy, pharmacy compounding and medication delivery 16 Investors’ & Analysts’ Meeting 2017 I Emeryville Manufacturing facilities for parenteral solutions •Transfusion and transfusion safety •Hospital pharmacy •Quality and safety of our products •Hemophilia community •Alzheimer’s and liver diseases •Alpha-1 deficient patients community •Immunodeficient patients and neurological disorders •Support of rare diseases •Global footprint

Leadership and successful pioneering track record Competitively positioned across the value chain 21 Investors’ & Analysts’ Meeting 2017 I Emeryville Leading the industry in product safety and innovation A history of quality and safety fosters long-term value 22 Investors’ & Analysts’ Meeting 2017 I Emeryville Single donor cryoprecipitate Two donor fibrinogen •Transfusion and transfusion safety •Hospital pharmacy •Quality and safety of our products •Hemophilia community •Alzheimer’s and liver diseases •Alpha-1 deficient patients community •Immunodeficient patients and neurological disorders •Support of rare diseases •Global footprint

Leading the industry in product safety and innovation A history of quality and safety fosters long-term value 23 Investors’ & Analysts’ Meeting 2017 I Emeryville Leading the industry in product safety and innovation A history of quality and safety fosters long-term value 24 Investors’ & Analysts’ Meeting 2017 I Emeryville PediGri® • Grifols has offered PediGri® to healthcare professionals for more than 20 years • This unique service provides a simple yet effective means of tracing each unit of final product back through the production chain, providing additional information about the quality and safety of plasma-derived products • PediGri ® reflects the company’s beliefs in transparency and longstanding commitment to healthcare professionals • First fractionator to apply pdFVIII viral inactivation • Early adoption HCV testing (1984) • Early adoption HIV testing (1985) • FDA establishment license (1995) • Academies in Barcelona, Glendale, Indianapolis

Leadership and successful pioneering track record Competitively positioned across the value chain 25 Investors’ & Analysts’ Meeting 2017 I Emeryville First manufacturer of pdFVIII to apply double viral inactivation Commitment to innovation for enhanced well-being 26 Investors’ & Analysts’ Meeting 2017 I Emeryville • Introduced in the early 1980s, Criostat® was Grifols’ first concentrated clotting pdFVIII • 1984 Criostat® HT, a heat-treated version • 1989 Criostat® SD-2, with double viral inactivation: heat treatment and solvent-detergent process • Removal of inhibitors to pdFVIII through immunotolerance regimes with pdFVIII clinical experience •Transfusion and transfusion safety •Hospital pharmacy •Quality and safety of our products •Hemophilia community •Alzheimer’s and liver diseases •Alpha-1 deficient patients community •Immunodeficient patients and neurological disorders •Support of rare diseases •Global footprint

Grifols participation in SIPPET Commitment to innovation for enhanced well-being 27 Investors’ & Analysts’ Meeting 2017 I Emeryville World Federation of Hemophilia donation Grifols continues to support the global hemophilia community 28 Investors’ & Analysts’ Meeting 2017 I Emeryville • Grifols will donate a minimum of 140 million international units (I.U.) of blood clotting factors to the World Federation of Hemophilia (WFH) over the next 5 years as a continuation of the company’s 3-year commitment, which began in 2014 • The renewed partnership with WFH reaffirms Grifols’ commitment to the global hemophilia community. It is the company’s most significant contribution to date to the WFH Humanitarian Aid Program • The SIPPET(1) Study (Survey of Inhibitors in Plasma-Product Exposed Toddlers) is an international multicenter clinical trial involving 42 sites and 14 countries in 5 continents, whose main objective is to evaluate the frequency of inhibitor development in previously untreated hemophilia patients, following exposure to plasma derived concentrates • The findings may shape the understanding of the condition and treatment strategies Note: 1. SIPPET Study results show that treatment with recombinant factor VIII (rFVIII) is associated with an 87% greater incidence of inhibitors than when using plasma-derived factor VIII with von Willebrand factor (pdFVIII/VWF) in previously untreated patients with severe hemophilia A

The Martín Villar Haemostasis Awards Grifols continues to support the global hemophilia community 29 Investors’ & Analysts’ Meeting 2017 I Emeryville Leadership and successful pioneering track record Competitively positioned across the value chain 30 Investors’ & Analysts’ Meeting 2017 I Emeryville •Transfusion and transfusion safety •Hospital pharmacy •Quality and safety of our products •Hemophilia community •Alzheimer’s and liver diseases •Alpha-1 deficient patients community •Immunodeficient patients and neurological disorders •Support of rare diseases •Global footprint • Grifols is committed to promoting scientific research as part of an ongoing process to enhance the health and well-being of people worldwide • The Martín Villar Haemostasis Awards aim to support scientific excellence and innovation, by engaging both physicians and scientists early in their careers who are interested in investigating hemostasis and blood coagulation disorders and promoting new insights and innovation in this area

More than 10 years of commitment with Alzheimer Leading advocates in the fight against Alzheimer's 31 Investors’ & Analysts’ Meeting 2017 I Emeryville Groundbreaking liver cirrhosis trials Exploring new indications for albumin 32 Investors’ & Analysts’ Meeting 2017 I Emeryville • APACHE Phase III study on acute-on-chronic liver failure (ACLF) based on albumin detoxification functions using Albutein® 5% • PRECIOSA Phase III study on administration of Albutein® 20% in patients with advanced cirrhosis and its impact on cardio circulatory, renal function and hepatic hemodynamics • Research strategy: • Early diagnosis • Treatment that slows its progression • Vaccination to prevent and protect • The medical study AMBAR (Alzheimer Management by Albumin Replacement) is based on the use of albumin and IVIG through hemapheresis (selective removal of certain components of blood) as a treatment for patients with mild-to-moderate Alzheimer’s disease • In 2012, Grifols acquired 51% of Araclon Biotech’s share capital • Development of a vaccine that would combat the disease in asymptomatic preclinical stages

The Albus Albumin Awards Program Driving the benefits of albumin 33 Investors’ & Analysts’ Meeting 2017 I Emeryville Leadership and successful pioneering track record Competitively positioned across the value chain 34 Investors’ & Analysts’ Meeting 2017 I Emeryville •Transfusion and transfusion safety •Hospital pharmacy •Quality and safety of our products •Hemophilia community •Alzheimer’s and liver diseases •Alpha-1 deficient patients community •Immunodeficient patients and neurological disorders •Support of rare diseases •Global footprint • The Albus program seeks to foster the creation of a scientific network and spread the knowledge of use of albumin as a therapeutic alternative • The program is further testament of Grifols’ commitment to innovation in this field

The isolation and purification of alpha-1 antitrypsin and its therapeutic administration began in the 1980s 35 Investors’ & Analysts’ Meeting 2017 I Emeryville Alpha-1 antitrypsin deficiency Grifols is leading the industry in treating alpha-1 deficiency 36 Investors’ & Analysts’ Meeting 2017 I Emeryville Grifols is global leader in alpha-1 antitrypsin. The most common symptoms of alpha-1 antitrypsin deficiency (AATD) relate to gradual loss of lung function. An estimate 1 in every 2,500 patients suffers from AATD, 95% of which are undiagnosed Grifols continuously invests in research and technology in order to: • Expand awareness of AAT deficiency • Increase product supply • Enhance safety • Offer innovative products and delivery techniques • 1987: license for replacement therapy to treat severe congenital deficiency and impaired lung function • 1988: launch in the U.S. and licensed in Canada and Germany • 1992: license in Spain • 2009: Talecris Biotherapeutics receives approval for Prolastin®-C, a more concentrated version • 2011: Grifols acquires Talecris Biotherapeutics

International Alpha-1 Patient Congress, April 11-13, 2013 Grifols is leading the industry in treating alpha-1 deficiency 37 Investors’ & Analysts’ Meeting 2017 I Emeryville The ALTA Alpha-1 Antitrypsin Laurell's Training Award Driving the benefits of alpha-1 deficiency 38 Investors’ & Analysts’ Meeting 2017 I Emeryville • The ALTA award strives to identify and engage researchers, both physicians and scientists, who are early in their careers and have a keen interest in researching alpha-1 antitrypsin deficiency • The award also aims to reinforce collaborations among scientists and clinicians working in the field of alpha-1 antitrypsin deficiency • On April 11, 2013 Grifols hosted the Alpha-1 Patient Congress to commemorate the 50th anniversary of the discovery of alpha-1 antitrypsin deficiency • More than 200 delegates, including clinicians, researchers, educators, advocates, patients and Grifols representatives, participated in a special event held at the Sant Cugat Auditorium • Delegates from over 20 countries attended the event. The congress was highly successful, achieving its overriding goal of increasing awareness about alpha-1 antitrypsin deficiency and gathering researchers and patients to work together toward a cure

Leadership and successful pioneering track record Competitively positioned across the value chain 39 Investors’ & Analysts’ Meeting 2017 I Emeryville The SPIN Scientific Progress Immunoglobulins in Neurology Proven commitment to address neurological diseases 40 Investors’ & Analysts’ Meeting 2017 I Emeryville • The SPIN Award Program was launched in 2008 to support research on the use of immunoglobulins in neurology • Grifols considers the program a tangible contribution to improve the standards of care and outcomes for patients with neurological conditions • Objectives: • Develop novel concepts in immunoglobulin research in the field of neurology • Encourage the discovery of beneficial immunoglobulin applications for neurologic disorders • Promote research of novel therapeutic options for patients with neurologic conditions •Transfusion and transfusion safety •Hospital pharmacy •Quality and safety of our products •Hemophilia community •Alzheimer’s and liver diseases •Alpha-1 deficient patients community •Immunodeficient patients and neurological disorders •Support of rare diseases •Global footprint

Leadership and successful pioneering track record Competitively positioned across the value chain 41 Investors’ & Analysts’ Meeting 2017 I Emeryville Hemophilia Support of rare diseases 42 Investors’ & Analysts’ Meeting 2017 I Emeryville Hemophilia A • The most common form of hemophilia, present in about 1 in 5,000-10,000 male births • Known as Factor VIII deficiency or classic hemophilia • Treatment: Alphanate® and Fanhdi® Hemophilia B • A rare form of the disease caused by a deficiency of Factor IX which affects only 1 in every 30,000 males worldwide • Treatment: AlphaNine® SD •Transfusion and transfusion safety •Hospital pharmacy •Quality and safety of our products •Hemophilia community •Alzheimer’ and liver diseases •Alpha-1 deficient patients community •Immunodeficient patients and neurological disorders •Support of rare diseases •Global footprint

Neurological diseases Support of rare diseases 43 Investors’ & Analysts’ Meeting 2017 I Emeryville Alpha-1 and specialty plasma products Support of rare diseases 44 Investors’ & Analysts’ Meeting 2017 I Emeryville • Alpha-1 deficiency: a genetic disorder that causes significant reduction in the blood protein alpha-1 antitrypsin causing certain enzymes to attack healthy tissues, primarily in the lungs. To replace reduced levels of this protein, physicians often prescribe an alpha-1 proteinase inhibitor • Hyperimmunoglobulins: concentrated, plasma-derived immunoglobulins which provide rapid passive immunity to patients with immune systems compromised or challenged by exposure to infectious agents • Grifols produces hyperimmunes for a variety of diseases: • Tetanus • Rabies • Hepatitis A&B • Congenital Rubella • RH hemolytic disease of the newborn (HDN) • Varicella Chronic Inflammatory Demyelinating Polyneuropathy (CIDP) • A rare disorder of the peripheral nerves. The number of new cases per year is about 1-2 per 100,000 people. Early detection is critical to prevent long-term axonal damage • Gamunex®-C is indicated for treatment of CIDP to improve neuromuscular disability and impairment, as well as for maintenance therapy to prevent relapse Post-Polio Syndrome (PPS) • Recognized as a rare disease. The U.S. FDA has granted orphan drug designation for the use of human immunoglobulin • Immunoglobulin has shown significant and clinically meaningful results in endpoints such as pain, walking mobility and quality of life

The GATRA Program Research Awards Grifols longstanding commitment to research 45 Investors’ & Analysts’ Meeting 2017 I Emeryville Leadership and successful pioneering track record Competitively positioned across the value chain 46 Investors’ & Analysts’ Meeting 2017 I Emeryville •Transfusion and transfusion safety •Hospital pharmacy •Quality and safety of our products •Hemophilia community •Alzheimer’s and liver diseases •Alpha-1 deficient patients community •Immunodeficient patients and neurological disorders •Support of rare diseases •Global footprint • Awarded annually, the GATRA Program (Grifols Scientific Awards about research on antithrombin) is designed to cultivate a scientific network and spread knowledge about antithrombin as a therapeutic product. Project proposals often relate to efficacy, mechanism of action, safety and tolerability, quality of life and pharmacoeconomics • Evidence of Grifols’ commitment to innovation, GATRA aims to: • Develop novel concepts on antithrombin research • Encourage new applications of antithrombin • Further investigate mechanisms of action and clinical effects in different indications • Establish new and long-lasting collaborations among scientists and clinicians • Reinforce and build the existing network between the researcher community and Grifols • Foster relationships with key opinion leaders across different fields

First steps toward international expansion Increasing our global footprint 47 Investors’ & Analysts’ Meeting 2017 I Emeryville Latin American subsidiaries and Miami Increasing our global footprint 48 Investors’ & Analysts’ Meeting 2017 I Emeryville • Chile, established in 1990 in Santiago Among the first subsidiaries to sell nearly the entire portfolio • Argentina, established in Buenos Aires in 1991 Sells all main product lines for domestic market, as well as for Paraguay and Uruguay • Mexico, established in 1993 Also distributes to Bolivia, Ecuador, Venezuela and Central America • Miami, inaugurated in 1990 The site of our first U.S. office • Brazil, established in Curitiba in 1998 Branch in Sao Paulo • In 1983, Grifols established trade connections with China via the Green Cross Corporation, initially exporting gammaglobulin, followed by albumin China was Grifols’ first truly important export customer. In 1984, exports of gammaglobulin totaled approximately 2 million vials • Portugal was the company’s first foreign subsidiary. Established in Lisbon in 1988, it was our first step in a process of internationalization, offering important insights and laying the groundwork for our future global expansion

European subsidiaries/Czech Republic Fractionation Program Increasing our global footprint 49 Investors’ & Analysts’ Meeting 2017 I Emeryville Presence in Asia Increasing our global footprint 50 Investors’ & Analysts’ Meeting 2017 I Emeryville • The first office in Asia was opened in 2000 in Singapore, which serves as a springboard for entering other Southeast Asian markets. After acquiring the Alpha assets in 2003, it joined the Malaysian and Thai subsidiaries • Grifols Asia-Pacific serves 15 countries in the region • United Kingdom, based in Cambridge and established in 1979 as a subsidiary of Alpha. Early in 1990, it became a distributor of Grifols IVIG and pdFVIII • Czech Republic, Customer Fractionation Program. Grifols commenced its activities through Coyco Farma. A year later, the company won the tender from the Czech Department of Health to fractionate plasma collected in the country. In 1992, a subsidiary was established in Prague, which was also responsible for Albania, Poland and Bulgaria • Italy, established in 1993 in Pisa by Alpha, acquired by Grifols in 1997 • Germany, Grifols Deutschland progressively took over in 1997 all activities previously performed by Alpha GmbH in the German plasma protein market. At that time one of the most important in the world

U.S. entry through the acquisitions of Alpha and Talecris assets Increasing our global footprint 51 Investors’ & Analysts’ Meeting 2017 I Emeryville Direct commercial presence in 30 countries Increasing our global footprint 52 Investors’ & Analysts’ Meeting 2017 I Emeryville Grifols continues to grow by broadening our product portfolio, expanding into new markets and acquiring companies around the world that offer innovative products and technologies • In 2003, Grifols acquired the assets of Alpha Therapeutic Corporation-Mitsubishi and established corporate offices in California. From this base, the company manages plasma therapy manufacturing and oversees the U.S. sales structure for the Bioscience and Diagnostic divisions • 2011, acquisition of Talecris Biotherapeutics Inc., which made Grifols the third largest global manufacturer of plasma-derived protein therapies

Plasma procurement strategy Capacity leadership to maximize growth Eduardo Herrero Deputy President of Bioscience Industrial Group Agenda A comprehensive strategy to continue increasing plasma collection 56 Investors’ & Analysts’ Meeting 2017 I Emeryville 1. An integrated model: a solid structure for a sustainable growth 2. Plasma procurement strategy: growth and plasma cost framework 3. Integrated supply chain model: • Logistics and transportation • Testing laboratories and capabilities • Talent management • Driving efficiencies through organizational and operational improvements 4. Key takeaways

A fully integrated plasma procurement model Committed to support sustainable growth 58 Investors’ & Analysts’ Meeting 2017 I Emeryville • Grifols aims to consistently offer the safest and highest-quality plasma while delivering the best donor experience • The 7,000+ Grifols Plasma Operation (GPO) professionals contribute toward sustainable growth by: • Opening new centers, as well as expanding or remodeling existing ones • Innovating and improving processes and systems to provide an enhanced donor service • Building an efficient supply chain by managing testing labs and logistics centers • Grifols strives to ensure long-term sustainability by: • Moving toward decentralization, greater flexibility and adaptability in a dynamic environment • Generating business platforms that adapt more easily to change Grifols: A fully integrated plasma procurement model

Plasma procurement strategy U.S. plasma collection growth(1) 35 660 collected have increased by 45% In 2016, the U.S. plasma market has collected c.31.5 million liters • 560 • The number of donor centers reached 601 by 510 • Increasing collections and recruiting qualified 61 Investors’ & Analysts’ Meeting 2017 I Emeryville Plasma procurement strategy Grifols plasma donor centers: presence and opportunities ahead 62 Investors’ & Analysts’ Meeting 2017 I Emeryville • Grifols is the world-leading company with 180 plasma donation centers in the U.S. • Grifols’ existing footprint outside the Western region aligns with the geographical distribution of the plasma collection market • Grifols is expanding its presence in MO, NM, and SC • Grifols has a much larger presence in UT, CA, South Texas, TN and IL than competitors(1) Grifols’ strong presence Note: 1. Source: PPTA - The Plasma Protein Therapeutics Association data • Plasma collection is a large, growing industry • Since 2012, the number of centers and volume (Million liters) (# of centers) 30 610 25 20 the end of 2016 15 10 460 staff are main challenges 5 410 0 360 2012 2013 2014 2015 2016 Note: 1. Source: PPTA - The Plasma Protein Therapeutics Association data 601 530 478 427 4 1

Plasma procurement strategy Expanding our plasma capacity organically and inorganically in addition to blood centers and laboratory 190 171 • Over 100 projects through 2022 to spearhead 150 relocations 90 70 50 63 Investors’ & Analysts’ Meeting 2017 I Emeryville Plasma procurement strategy Expanding our plasma capacity while working toward self-sufficiency(1) 64 Investors’ & Analysts’ Meeting 2017 I Emeryville Regular source plasma Leadership on hyperimmune plasma(2) 2016 2018FC 2020FC 2022FC 2016 2018FC 2020FC2022FC Grifols collections 3rd party Grifols collections 3rd party Note: 1. As % of total liters of fractionated plasma 2. Anti-Hepatitis B, Anti-D, Anti-Tetanus and Anti-Rabies programs 34% 32% 12% 11% 88% 89% 66% 68% 21% 16% 7% 96% 93% 84% 79% • 2-year acceleration plan to reach target of 225+ Grifols U.S. plasma centers plasma donor centers by 2019 • Acquisition of 6 plasma centers in February 2017 250 230 • IBBI operates 25 plasma donor centers in 2017, 210 170 new locations, expansions, major remodeling and 130 110 • Objective of establishing operations in new regions to create clusters and attain collection efficiency 2014 2015 2016 2017FC 2018FC 2019FC • All projects adhere to Grifols standards and Grifols centers Acquired from 3rd parties comply with U.S. FDA and EMA requirements, among others 230 190194 32 194 198 160 184 150 171 160 150

Plasma cost management Continuous improvement of the entire value chain to promote cost containment commitment commitment compensation • Process improvements and automations to further promote cost savings Suvpaprilaiebsle&s variables Support & 65 Investors’ & Analysts’ Meeting 2017 I Emeryville Logistics: integrated plasma supply chain New plasma warehouse multi-site system drives cost reductions 66 Investors’ & Analysts’ Meeting 2017 I Emeryville • 70% throughput increase with only a 25% increase in labor • One shared database among multiple locations (LA, Clayton and Ireland) • Grifols U.S. centers and warehouses currently operate with centralized release • Semi-automated plasma clearing lines • Automated freezer, conveyors and pallet automatic retrieval systems • Efficiencies and greater control of inventory management • RFID(1) for crate count and maintenance • Back-up systems to support emergency situations Note: 1. RFID: Radio-frequency identification • Planned volume growth drives fixed cost Plasma cost structure leverage • Maintain donor commitment compensation consistent with market Donor Labor • Management of U.S. labor market consistent compensation Labor with the industry Donor Testing Testing Logistics Supplies & Other Other FixSedupport & Fixed Logistics

Logistics: integrated plasma supply chain Alignment across the supply chain drives cost reductions since 2011 2016 67 Investors’ & Analysts’ Meeting 2017 I Emeryville Logistics: integrated plasma supply chain Inventory and logistics management drives cost reductions(1) efficiencies and cost savings 68 Investors’ & Analysts’ Meeting 2017 I Emeryville Inventory management Logistics INVENTORY OPERATING TARGET (MONTHS-ON-HAND) U.S. FREIGHT COST (COST/LITER) 2011 2012 2013 2014 2015 2016 Q1 2017 2011 2012 2013 2014 2015 2016 Q1 2017 2011 2012 2013 2014 2015 2016 Q1 2017 Plasma supply chain has been optimized to enable working capital reduction, operational Note: 1. 2011 baseline 116.1 100.0 88.8 84.7 66.3 63.2 49.0 -50% CENTER INVENTORY (WEEKS-ON-HAND) 100.0 72.6 71.0 58.9 57.3 47.4 44.7 100.0 99.9 101.9 83.2 83.2 82.1 80.7 -20% -55% Infrastructure Highly automated plasma logistics centers (7m liters global storage capacity) Clayton 3.7m liter capacity Los Angeles 1.5m liter capacity Barcelona 1.0m liter capacity Dublin 0.8m liter capacity Processes 50+% U.S.20% inventory freight cost/lreduction reduction since 2011since 2011 40% transit time50% center reduction sinceinventory reduction 20% ocean freight cost reduction since Q1 2017

Plasma cost management Continuous improvement of the entire value chain to promote cost containment • Management of U.S. labor market consistent compensation • Process improvements and automations to variables 69 Investors’ & Analysts’ Meeting 2017 I Emeryville Plasma testing laboratories: capabilities and efficiency Focus on reducing costs while maintaining high operational integrity Memphis, TN (call option in 2019) 70 Investors’ & Analysts’ Meeting 2017 I Emeryville Plasma screening and Blood HCT/P - Organ Donor Screening • Serology: anti-HCV, anti-HIV1/2, HBsAg, anti-HBc, anti-CMV, anti-EBV, anti-Toxo, anti-T Cruzi • NAT (Grifols Diagnostic platform and back-up): HCV, HIV, HBV, pB19, HAV, WNV, ZIKA (IND(1)) • Immunohematology and Ancillary testing: ABO Grouping, Rh Typing, ALT, SPE, Total Protein, RPR (Syphilis), Hyperinmune testing (Anti-Tetanus, Anti-HB, Anti-Rabies) San Marcos, TXAustin, TX Note: 1. IND: Investigational New Drug Application – FDA • Planned volume growth drives fixed cost Plasma cost structure leverage • Maintain donor commitment compensation consistent with market Labor with the industry Donor commitment Testing Supplies & Other further promote cost savings Logistics Support & Fixed

Plasma testing laboratories: capabilities and efficiency Focus on reducing costs while maintaining high operational integrity 71 Investors’ & Analysts’ Meeting 2017 I Emeryville Plasma testing laboratories: capabilities and efficiency Expansion and automation provides excellent donor and product management 72 Investors’ & Analysts’ Meeting 2017 I Emeryville 120 100 80 60 40 20 0 2012 2014 2016 Note: 1. EIA: Enzyme immunoassay. NAT: Nucleic Acid Testing 2. 2012 baseline Decrease 83% in EIA/NAT combined testing turnaround time -83% EIA/NAT(1) combined testing turnaround time(1),(2) The laboratory processes are designed for controlled high volume testing: • Combined testing capacity: • Up to 17.5 million annual donations • More than 147 million reported test results • Planned expansion of the Austin, TX facility in the design phase: • Increase total laboratory size from 25,000 to 50,000 square feet • Increase testing capacity up to 20.5 million donations

Plasma cost management Continuous improvement of the entire value chain to promote cost containment compensation variables Support & Fixed 73 Investors’ & Analysts’ Meeting 2017 I Emeryville Grifols Academy of plasmapheresis: talent retention Commitment to continuous employee development 74 Investors’ & Analysts’ Meeting 2017 I Emeryville • 2016 classroom training: • 274 classes offered • 1,634 participants • 26,262 training hours • 2016 online self-study: • 15,952 courses completed • Academy campuses: • 12,000 square-foot expansion of the Glendale Academy completed in 2Q 2017 • The Indianapolis and Glendale locations have 30,000 total square feet and capacity for 350 students • Auditorium with seating for 110 • State-of-the-art audio and video systems • 6 satellite locations • Planned volume growth drives fixed cost Plasma cost structure leverage • Maintain donor commitment compensation consistent with market Labor • Management of U.S. labor market consistent with the industry Donor commitment Testing • Process improvements and automations to Supplies & Other further promote cost savings Logistics

Grifols Academy of plasmapheresis: partnerships Commitment to continuous employee development education certificates in articulation accreditation 2014 2016 and 2017 certifications education hours in preparation course & accredited 2016 enrolled in program to college credits 75 Investors’ & Analysts’ Meeting 2017 I Emeryville Regulatory inspections 2016 Grifols high standards ensure operational efficiency and sustainable growth 76 Investors’ & Analysts’ Meeting 2017 I Emeryville 100 80 60 40 20 0 2012 2013 2014 2015 2016 Note: 1. More than 90% of FDA inspections resulted in 0 observations 2. Suspension, revocation, or loss of any license or certification; Warning Letter; imposed suspension of any regulated activity, etc. 3. State environmental agencies, OSHA, ex-US/EU Agencies 4. Number of FDA inspections with “0 issues (Form-483) A proven track record: no administrative actions or other regulatory issues promote cost savings across the value chain Close to 100% of FDA inspections with “0” observations(4) Agency Inspection days(2) Admin actions(2) FDA(1) 331 0 EU 262 0 COLA/CLIA 80 0 PPTA 58 0 Other(3) 16 0 Academy awarded38 degrees awarded444 continuing90 academy classes115 employee issued in 2016agreement E-learning programs100 employees1,110 continuingUoP students convertAcademy offers 2016proctors examination

Operational improvements Driving significant productivity gains through organizational efficiency Support 24% • Procedures • Materials • Facilities • Equipment Opportunities 78 Investors’ & Analysts’ Meeting 2017 I Emeryville Process Standardization and Resource Management Improve operational performance by standardizing processes, managing production costs and implementing quality assurance best practices 20% Integrated Resource Management Active • Staff 56%production activities “The right number of people with the right skills, at the right place and at the right time” • Minimize donor wait times (30% reduction) • Increased competitive advantage • Optimize equipment turnover (16% increase) • Lower employee and donor turnover • Maximize staff utilization • Increase skill level • Increased donor & employee satisfaction • Greater competencies Driving efficiencies through organizational and operational improvements

Operational improvements Driving significant productivity gains through organizational efficiency 79 Investors’ & Analysts’ Meeting 2017 I Emeryville Operational improvements Driving significant productivity gains through organizational efficiency 80 Investors’ & Analysts’ Meeting 2017 I Emeryville Process Modeling Tool: • Emulates functionality of an operating site • Assists operations in schedule and workflow creation • Allows full simulation and proof of concept in process improvement Donor Center laboratory: • Complete model of a working center • Test bed for process improvement research and development • Full testing of new technologies before deployment Biometrics donor health history: • Self-administered questionnaires at center kiosks • Biometric donor verification • Encourages donor self-screening • Electronic donor history data retrieval • Tracks and traces responses and deferrals • Promotes safety for donors and product • Technology improves donor satisfaction and reduces labor costs • Automatic exchange of information with main systems

Operational improvements Driving significant productivity gains through organizational efficiency 81 Investors’ & Analysts’ Meeting 2017 I Emeryville Operational improvements Driving significant productivity gains through organizational efficiency 82 Investors’ & Analysts’ Meeting 2017 I Emeryville Plasma sampling machine and verification system (PBS/GSV) • 100% automation of sample to unit verification • Automated label printing per sample eliminating batch label set and potential for mislabeling • Specifically designed for the plasma operations by Grifols Engineering and Grifols IT • Removal of human error leads to superior product integrity Commitment to excellence • Automated temperature monitoring and management on freezing location • Investigation of unexpected test results with potential retesting of individual unit • Sample archive system for all collected plasma: health studies and IND • PediGri® • RFID on supply chain

Operational improvements Driving significant productivity gains through organizational efficiency post collection 90 80 of KPIs 70 reductions in 2017-2018 83 Investors’ & Analysts’ Meeting 2017 I Emeryville Operational improvements Looking ahead: plasma productivity journey CTroamnpsofonremnt 5 Upgraded productivity metrics Pilot PILOT SELECTED GUIDED PROCESSES CRITICAL PROCESSES Plan 84 Investors’ & Analysts’ Meeting 2017 I Emeryville Up to 2016 2017 Present Next steps Core systems identification Strategic roadmap Piloting End-to-end operations visibility Digital transformation Improved Business Process Initiate plasma critical process Strategic Technology Office Management (BPM) tool transformation through BPM selection 3DeployEND-TO-END SYSTEM TRANSFORM KEY 2 INITIATIVES INITIATIVES SELECTION Foundation CORE SYSTEMS IDENTIFICATION Plasma rejected and downgraded(1) Evolution of rejected plasma(2) • Decrease of c.-32.5% in unsuitable plasma 100 • Focus on process improvement, training and education of staff and donors • Continuous improvements by monitoring • Quality program in place to attain further 60 2012 2013 2014 2015 2016 Note: 1. Plasma available for further fractionation but with some markets restrictions 2. 2012 baseline -30%

Strategic roadmap Solid, comprehensive strategy to increase productivity: 3 core pillars donors • Comply: Plasma quality database. System traceability. Quality metrics and audit trail • Monitor: End-to-end operations visibility 85 Investors’ & Analysts’ Meeting 2017 I Emeryville Key takeaways Continuous improvement of the entire value chain to promote cost containment Donor • Recruit: CRM implementation. Collaborate with marketing on BI development campaigns • Retain: Payment system. Bonus application and reminder notification system for • Interact: Donor application development. Rewards and “Donation Rapid Pass” systems Center • Operate: Flow and donor 360 dashboards. Mobility. Queue management and resources planning • Collect: Continue to reduce donor door-to-door flow time. System-driven operations Corporate • Govern: Right information, at the right place and at the right time. BPM systems integration. Big data • Support: Enable full corporate-center interaction via Grifols collaboration tools

Key takeaways Continuous improvement of the entire value chain to promote cost containment 87 Investors’ & Analysts’ Meeting 2017 I Emeryville Investors’ & Analysts’ Meeting 2017 Emeryville (California, USA) June 7th and 8th, 2017 • Grifols strategy is built on a solid foundation of quality and safety • Grifols is committed to maintaining its leadership through a sustainable growth in plasma collection by promoting a fully integrated and balanced plasma procurement organization • Grifols is investing in new centers to accelerate our 2-year goal of reaching 225+ by 2019; innovation and operational efficiency improvements • Grifols is driving continuous improvement of the entire value chain to promote cost containment • Operational efficiency improvements include continuously upgrade our plasma centers; excellent turnaround results and flexibility in testing laboratories; achieve efficient inventory management, deliver high-impact education and training opportunities for employees; and positive medical outcomes with outstanding quality • Grifols multifaceted approach will be a competitive advantage now and in the future

Bioscience commercial strategies Maintaining strong sustainable Lafmin Morgan President of Bioscience Commercial growth Bioscience commercial strategy Strategies to deliver sustainable growth 90 Investors’ & Analysts’ Meeting 2017 I Emeryville Sustaining market leadership • Grifols Bioscience has sustained growth(1) of approximately 6% or more over the last 8 quarters • Grifols has successfully built leading market positions for the four key proteins • Grifols continues to consolidate a leading market position in the U.S., the largest market for plasma proteins Expanding total market • Grifols is spearheading efforts to expand markets through promotional activities aimed at supporting appropriate diagnosis and treatment • Grifols leads the industry in plasma research investments aimed at attaining approval for new indications and formulations of existing proteins Geographic expansion • Grifols Bioscience will continue its global expansion • In 2016, noteworthy inroads were made in Australia, France and India Note: 1. At constant currency (CC), which excludes the impact of exchange rate movements

Bioscience commercial strategy Bioscience revenue growth(1),(2) has consistently accelerated over the last 8 quarters 91 Investors’ & Analysts’ Meeting 2017 I Emeryville Bioscience product strategy Focused product strategies to deliver continued growth albumin markets 92 Investors’ & Analysts’ Meeting 2017 I Emeryville Immunoglobulin (IG) • Grifols is investing to grow markets by focusing efforts on diagnosis and treatment • Grifols is making investments in new indications like myasthenia gravis • Grifols is investing to expand subcutaneous immunoglobulin (SCIG) offering to include a 20% product Albumin • Grifols is the only company investing to expand albumin indications • Grifols has strengthened its market position in the most attractive • Grifols will submit new albumin container for U.S. approval in 2018 Alpha-1 Antitrypsin • Grifols continues to invest to support appropriate diagnosis and treatment • Grifols has an ongoing program to develop new indications and formulations • Grifols continues to expand geographic markets with Australian approval 9% 8% 7% 6% 6.06.2 5% 4% 3% 2% Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 LTM vs PY Note: 1. All data at constant currency (CC), which excludes the impact of exchange rate movements 2. Starting in 2017, a non-significant amount of Bioscience Division sales were moved to Bio Supplies Division 8.2% 6.5%6.3% 4.8% 3.8%4.0% 3.4%

Bioscience product strategy Focused product strategies to deliver continued growth 93 Investors’ & Analysts’ Meeting 2017 I Emeryville Grifols plasma derived products market summary Growth fundamentals remain strong 94 Investors’ & Analysts’ Meeting 2017 I Emeryville •Grifols sustains a leading position(1) within our core business of plasma-derived therapies •Per capita utilization and diagnosis are growing for IG, albumin and alpha-1 •Market growth and geographic expansion strategies continue to deliver results •Grifols continues investing in the Bioscience Division to sustain growth Note: 1. Grifols internal provisional data, 2016 Grifols global market share Grifols global position Grifols U.S. market share Grifols U.S. market position IVIG 23% #1 32% #1 Alpha-1 68% #1 64% #1 Albumin 17% #2 26% #2 PdFVIII 20% #1 54% #1 PdFactor VIII • Grifols has demonstrated the benefits of pdFVIII in the hemophilia market • Grifols is focused on market segments that will benefit from pdFVIII • Grifols has a strong presence in key tender and emerging markets Speciality plasma products • Grifols leverages synergies in promoting a portfolio of hypermunes, along with tetanus and diphtheria (Td) vaccine • Thrombate® III continues to lead the antithrombin III market • Grifols is making progress with the Biologics License Application (BLA) and EMA submissions for its fibrin sealant product

Plasma proteins market summary Plasma proteins market has demonstrated consistent growth 95 Investors’ & Analysts’ Meeting 2017 I Emeryville Grifols Immunoglobulin •Sustained growth continues, while opportunities to expand use remain strong •Grifols maintains a leadership position as: • #1 in 3 of the major proteins • One of the leading companies in the overall plasma-derived market •IG market continues to show strong growth across the major markets •Robust growth of albumin continues in China and other markets •Alpha-1 market growth continues in North America, Europe and other markets •New evidence of unique benefits of pdFVIII, which has both clinical and economic implications

Top 10 countries in per capita(1)(2) utilization, 2012 vs. 2015 Strong momentum in IG per capita utilization • Growth seen consistently across markets Germany: +8%(3) England: +8%(5) Note: 1. g/1,000 inhabitants-year 97 Investors’ & Analysts’ Meeting 2017 I Emeryville IG market shares(1) Grifols maintains leading IG market share 23% 21% 98 Investors’ & Analysts’ Meeting 2017 I Emeryville 2%4% 3% 2% 2% 2% 2%15%25%9%17% 4%20% 9% 20%20% CSL GRIFOLS BAXALTA OCTAPHARMA KEDRION BIOTEST CBPO LFB OTHERS Note: 1. Source: Internal data, MRB and secondary official data, 2015. In value IVIG market IV and SCIG immunoglobulin • Top markets in per capita utilization continue 250 to grow at brisk rates 200 • Aging demographics fuel IG growth 150 • Growth continues in 2016: 100 U.S.: +9%(3) 50 Spain: +11%(4) 0 2012 2015 2. Source: Grifols global plasma industry database per capita difference explanation adapted from MRB report 3. Source: PPTA - The Plasma Protein Therapeutics Association data 4. Source: PPTA - The Plasma Protein Therapeutics Association data and internal data 5. Source: NHS - National Health Service

2016 U.S. IG market performance(1) Accelerated growth in the mid to high single digits 4% 99 Investors’ & Analysts’ Meeting 2017 I Emeryville U.S. IG market performance(1) Grifols IG share in the U.S. remains strong - Data for LTM 100 Investors’ & Analysts’ Meeting 2017 I Emeryville 40% 35% 30% 25% 20% 15% 10% 5% 0% Grifols Share LTM Note: 1. Source: PPTA (The Plasma Protein Therapeutics Association) volume data and Grifols Internal volume in kg sold 30.2% 30.4% 30.3% 30.5% 30.4% 30.2% 30.6% 30.5% 29.6% 30.6% 30.6% 29.4% 30.1% 30.2% 10% 9.5%9.2% 9% 8.4% 8% 7% 6% 5% 3% 2% 1% 0% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Market growth vs 2015 Lineal (Market growth vs 2015) Note: 1. Source: PPTA - The Plasma Protein Therapeutics Association data 8.9% 8.5% 7.6% 6.8% 6.2% 4.9%5.3% 4.2% 3.6%

Grifols IG continues to strengthen its leadership position Gamunex®-C is the leading IG treatment in CIDP 101 Investors’ & Analysts’ Meeting 2017 I Emeryville Grifols IG continues to strengthen its leadership position Gamunex®-C grew more than other leading IVIG in PIDD(1) 102 Investors’ & Analysts’ Meeting 2017 I Emeryville 600,000 +5% 500,000 400,000 300,000 200,000 100,000 0 2015 2016 Total PIDD Ig Procedures Gamunex®-C PIDD Procedures Note: 1. Source: Lexis-Nexis, Medical claims data only; Gamunex® -C data includes GammaKed® due to shared J-code +10% • CIDP focus: accurate recognition, confirmation and treatment • Gamunex®-C is the #1 prescribed IG therapy for CIDP • First-ever CIDP fellows ambassador program • Grifols IG representatives complete the AANEM CIDP Knowledge Assessment (94% of IG representatives passed)

Grifols IG continues to strengthen its leadership position Grifols IG growth sustained despite 10 years of SCIG(1) 103 Investors’ & Analysts’ Meeting 2017 I Emeryville Grifols hyperinmunes market(1) Grifols is the market leader in the U.S. hyperimmunes market 5% 7% specifically designed for pediatric use 104 Investors’ & Analysts’ Meeting 2017 I Emeryville • Market leader in the rabies market • GammaSTAN® is only treatment for post-8% exposure Hep A & measles • HyperHepB® is the only immunoglobulin 18%51% • Grifols is the only company that offers products 11% for passive and active tetanus immunity GRIFOLS CSL KEDRION APTEVO BIOTEST SANOFI PASTEUR Note: 1. Source: Internal data, 2016 U.S. market for hyperimmunes A leading and differentiated portfolio • 92% of all grams in the global IG market were IV 87% of growth in the global IG market derived from IV • 90% of grams in the U.S. were IVIG and 10% were SCIG Most growth in the U.S. market was driven by IVIG • Grifols is consolidating a long-term leadership position Grifols is preparing for the future launch of a 20% SCIG product Note: 1. Source: Internal data, MRB and secondary official data, 2015

Key takeaways Grifols Immunoglobulin portfolio is the cornerstone of the division 105 Investors’ & Analysts’ Meeting 2017 I Emeryville Grifols Albumin •Grifols is the IVIG leader and continues to build on its leadership position •Grifols is investing to grow markets by focusing efforts on diagnosis and treatment •Grifols is making investments in new indications such as myasthenia gravis •Grifols continues to grow in Primary Immune Deficiency (PIDD) market •Grifols is investing to expand its SCIG offering to include a 20% treatment •Grifols is the market leader in the hyperimmunes market

Top 10 countries in per capita(1)(2) utilization, 2012 vs. 2015 Momentum continues in per capita utilization of albumin 500 200 107 Investors’ & Analysts’ Meeting 2017 I Emeryville Albumin market shares(1) Grifols is a global leader, with solid positions in China and the U.S. 60% 4% 108 Investors’ & Analysts’ Meeting 2017 I Emeryville 27%23%8% 23% 17% 3%9%13%4%5% 4% CSL GRIFOLS SHIRE OCTAPHARMA ASIA & PACIFIC LATAM MIDDLE EAST SHANDONG MIJIEER (CBP) SHANGHAI RAAS NORTH AMERICA EUROPE HUA LAN BIOLOGICALS OTHERS Note: 1. Source: Grifols internal provisional data, 2016. In value 2. Grifols 2016 net revenues Grifols regional split(2) Albumin market shares • Albumin growth continues in most markets 700 • The world’s largest market (China) is not among 600 top 10 by per capita consumption • New clinical data will fuel future growth 400 • Growth continues in 2016: 300 China: +18%(3) Germany: +11%(4) 100 0 2015 2012 Note: 1. g/1,000 inhabitants-year 2. Source: Grifols global plasma industry database per capita difference explanation adapted from MRB report 3. Source: Imported official data 4. Source: PPTA - The Plasma Protein Therapeutics Association data

ANSWER clinical trial results presented at EASL(1) New clinical data supports future growth of albumin 109 Investors’ & Analysts’ Meeting 2017 I Emeryville China albumin market Grifols is growing faster than the market in China • Grifols sales in the country grew well above the 110 Investors’ & Analysts’ Meeting 2017 I Emeryville • China continued to achieve double-digit growth(1) +18% market(2) 250 200 150 100 50 0 2014 2015 2016 Note: 1. Source: Imported official data 2. Grifols 2016 net revenues +13%222 189 168 China imported albumin market (Tm)(1) The rate of survival was significantly higher in patients receiving human albumin plus to standard therapy, compared with those receiving standard therapy only. Treatment with human albumin reduced the risk of death by 38%. Statistically significant benefits of administering human albumin rather than standard therapy alone were demonstrated for the management of ascites, complications of cirrhosis, quality of life and hospital admissions. "The reduction in mortality observed in the albumin-treated arm of this randomised controlled study is a novel and important piece of information. Based on this data, weekly administration of albumin should be considered in patients with cirrhosis and ascites to prevent life-threatening complications," said Prof Annalisa Berzigotti, University Clinic for Visceral Surgery and Medicine, University of Berne, Switzerland, and EASL Governing Board Member. Note: 1. European Association for the Study of the Liver. Public Release: 22-Apr-2017. Highlight & bold text added for emphasis

China albumin market In 2016 Grifols gained the #2 albumin market share(1) Others 4% RAAS CSL Hualan 7% 14% Total albumin released in 2016 392.9 million grams CNBG: Rongsheng and Shanghai, Lanzhou & Wuhan Institutes 111 Investors’ & Analysts’ Meeting 2017 I Emeryville China albumin market Grifols performance surpassed China’s growth rate in 2016 112 Investors’ & Analysts’ Meeting 2017 I Emeryville • In 2016, Grifols’ sales grew by 32% in China, making Grifols a significant contributor to China’s growth • In 2016, Grifols gained the no. 2 position in the China albumin market, with 14% market share • Grifols is actively pursuing further expansion strategies in the Chinese market to support the continued growth of albumin Kangbao ShuanglinGuangming Shuyang 2% 2% 2% 8% 6% 23% 7% CNBG 7% CBPO Grifols Octapharma 8% Shire 10% Note: 1. Source: Institutes of Food and Drug Control CBPO: Guizhou Taibang, Shandong Taibang & Xi’an Huitian RAAS: Shanghai Raas, Zhengzhou Raas & Tonrol

Key takeaways Albumin continues to be a driver of Bioscience growth 113 Investors’ & Analysts’ Meeting 2017 I Emeryville Grifols Alpha-1 Antitrypsin •Grifols is well positioned in the market •Growth driven by the U.S. and China, where Grifols is expected to grow above the market •Developing countries are expected to grow at double-digit rates in the coming years •Grifols continues to invest in albumin: •New indications: Alzheimer, cirrhosis, acute-on chronic liver failure and ALS(1) •Field promotion in key markets •New packaging: albumin in bags •Expanded manufacturing capacity •New data will reinforce albumin benefits beyond fluid management (ANSWER) Note: 1. ALS: Amyotrophic lateral sclerosis

Alpha-1 antitrypsin market shares(1) Grifols is the leader in the worldwide alpha-1 business 68% 115 Investors’ & Analysts’ Meeting 2017 I Emeryville Alpha-1 potential market Significant opportunity to increase diagnosis 350,000 116 Investors’ & Analysts’ Meeting 2017 I Emeryville # patients As many as 350,000 diagnosed COPD patients in accessible global markets may have severe alpha-1 antitrypsin deficiency as the underlying cause of COPD; however, less than 5% of these cases has been identified ~350k 300,000 250,000 200,000 150,000 100,000 50,000 0 Diagnosed COPD w/ severe Diagnosed severe AATD Treated with augmentation Treated with Grifols product AATD patients therapy Note: 1. Sources and assumptions: Grifols patients based in 1Q 2017 patient counts (last update 10 May 2017). It is assumed that Grifols holds 66% of total patients. It is assumed that two-thirds of diagnosed patients receive treatment based on market knowledge and affiliate input ~16k ~10k ~7k (5%) (66%) (66%) 8% 7%1%22%0% 16% 78% GRIFOLS CSL SHIRE KAMADA LFB LATAM NORTH AMERICA EUROPE Note: 1. Source: Grifols internal provisional data, 2016. In value 2. Grifols 2016 net revenues Grifols regional split(2) Alpha-1 market shares

Grifols is the clear leader in alpha-1 On-going commitment to patient diagnosis and differentiation of Prolastin®-C 117 Investors’ & Analysts’ Meeting 2017 I Emeryville Grifols is the clear leader in alpha-1 Strengthening alpha-1 leadership 118 Investors’ & Analysts’ Meeting 2017 I Emeryville What about the competition? Thanks to a unique business model and excellent execution, Grifols continues to strengthen its alpha-1 business, including markets with new competitors like Germany, Spain and Italy • Continued commitment of Grifols alpha-1 national testing program, with more than 500,000 patients tested • Patient management put at HCP’s fingertips through diagnosis and treatment portals, providing HCP access to secure patient-level information and electronic prescribing MyAlphaKit.com and MyProlastinDirect.com • Comprehensive patient support every step of the way with the assist program: first promotional co-pay program

Key takeaways Alpha-1 extends contribution to balance the liter 119 Investors’ & Analysts’ Meeting 2017 I Emeryville Grifols pdFVIII •Grifols continues to build on its leadership position in the alpha-1 market, with 68%(1) global share which is increasing revenue efficiency per liter •Significant opportunities worldwide in alpha-1 patient identification and treatment, with new and underdeveloped markets a core part of our growth strategy •Our model of driving patient identification through dedicated pulmonary teams and disease management for alpha-1 patients has proven successful in North America, Germany, Canada and Spain. We plan to implement this strategy in new markets Note: 1. Source: Grifols internal provisional data, 2016. In value

PdFVIII market shares(1) Grifols holds leading pdFVIII market position 12% 16% 14% 12% 121 Investors’ & Analysts’ Meeting 2017 I Emeryville SIPPET study results Greater opportunities for pdFVIII therapies 122 Investors’ & Analysts’ Meeting 2017 I Emeryville SIPPET awareness campaign: 87% higher rate of inhibitor • Published in May 2016, SIPPET results are considered development for rFVIII than scientifically compelling: pdFVIII/VWF • Major hemophilia organizations have opened the door to treat PUPs with pdFVIII/VWF • More than 35 articles have cited SIPPET results and its implications • SIPPET study has spotlighted pdFVIII as a valid treatment option • SIPPET study has created a halo effect for Grifols’ pdFVIII beyond PUPs 3%3% 8%23%7% 20% 13%16% 53% CSL GRIFOLS SHIRE AFRICA ASIA & PACIFIC LATAM OCTAPHARMA KEDRION BIOTEST NORTH AMERICA EUROPE LFB OTHERS Note: 1. Source: Grifols internal provisional data, 2016. In value 2. Grifols 2016 net revenues HA market, VWD not included Grifols regional split(2) PdFVIII market shares

SIPPET study results Clinical and regulatory views in Europe continue to evolve 125 Investors’ & Analysts’ Meeting 2017 I Emeryville Key takeaways Grifols pdFVIII represents significant opportunities ahead 126 Investors’ & Analysts’ Meeting 2017 I Emeryville •Grifols maintains a leading position in the pdFVIII market with 20%(1) global share and volume increase above the market •In the U.S., Grifols pdFVIII is growing faster than the market thanks to the diffusion of positive results regarding the use of natural FVIII/VWF complex to treat patients who developed inhibitors •SIPPET results have been considered scientifically compelling and put pdFVIII back in the conversation as a treatment option •SIPPET study has created a halo effect for Grifols pdFVIII beyond previously untreated patients (PUPs), with 2017 promotional campaign building on 2016 momentum •Emerging countries are a relevant growth source as their budget allocations for healthcare resources increase Note: 1. Source: Grifols internal provisional data, 2016

Key Bioscience takeaways Commercial leadership will continue to deliver sustainable growth 128 Investors’ & Analysts’ Meeting 2017 I Emeryville Sustaining market leadership • Grifols Bioscience has sustained growth(1) of approximately 6% or more over the last 8 quarters • Grifols has successfully built leading market positions for the four key proteins • Grifols continues to consolidate a leading market position in the U.S., the largest market for plasma proteins Expanding total market • Grifols is spearheading efforts to expand markets through promotional activities aimed at supporting appropriate diagnosis and treatment • Grifols leads the industry in plasma research investments aimed at attaining approval for new indications and formulations of existing proteins Geographic expansion • Grifols Bioscience will continue its global expansion • In 2016, noteworthy inroads were made in Australia, France and India Note: 1. At constant currency (CC), which excludes the impact f exchange rate movements Key Bioscience takeaways Commercial leadership will continue to deliver sustainable growth

Plasma procurement Expanding collection capacity to meet growing demand 250 15 10 5 125 2014 2015 2016 2017FC 2018FC 2019FC 2015 2016 2017FC 2018FC 2019FC 131 Investors’ & Analysts’ Meeting 2017 I Emeryville Plasma procurement Expanding collection capacity to meet growing demand 180 expansion plan 5 132 Investors’ & Analysts’ Meeting 2017 I Emeryville Capital allocation 2016-2020 Plasma procurement investment 2016-2017 5 years plasma procurement 300 145 540 Plasma procurement Bioscience manufacturing Diagnostic Hospital Commercial & Corporate Grifols U.S. plasma donor centersGrifols U.S. plasma donor center projects CAGR:25 225 20 200 175 160 150 100 0 Grifols centers Acquired from 3rd parties New Centers Relocations/Expansions/Remodelations +8.9%230 190194 32 194 198 171 184 150 171 160 150 8 7 8 14 13 8 10 6 4 4

New Fractionation Building (NFB) project at Clayton (NC) Engineered for maximum efficiency and flexibility 135 Investors’ & Analysts’ Meeting 2017 I Emeryville New Fractionation Building (NFB) project at Clayton (NC) Engineered for maximum efficiency and flexibility 136 Investors’ & Analysts’ Meeting 2017 I Emeryville 2nd level: • 36 vessels in 2 parallel lines • 2 Plasma pooling Automatic Bottle Opener ABO6 1st level: • Separation equipment in 2 parallel lines • Plasma, pastes and RM shipping and receiving 120,000 square feet in 2 manufacturing levels • Fractionation capacity: 5.9m liter plasma/year • CAPEX: USD90m • Two parallel plasma pooling and fractionation lines will enable greater production flexibility Interiors constr.Validation 201720182019202020212022 Shell construction Start-upApproval

New IG purification and filling facility at Clayton First-in-class facility for the next generation of IGs 141 Investors’ & Analysts’ Meeting 2017 I Emeryville New IG purification and filling facility at Clayton First-in-class facility for the next generation of IGs 142 Investors’ & Analysts’ Meeting 2017 I Emeryville 3rd level: 2nd level: 1st level: • IG buffer preparation area • IG purification areas • Aseptic filling & FD operations • Pastes, RM and finished products shipping and receiving • 150,000 square feet on 3 levels • Provides aseptic operations flexibility to the Clayton site • World’s first sterile filling facility for IGs in flexible containers • Purification and Filling Plant for 6m eqLplasma/year IG • Subcutaneous • Intravenous • Intramuscular • CAPEX: USD120m Interiors constr.Validation 2017 2018 2019 2020 2021 2022 Shell construction Start-upApproval

New albumin purification and filling facility in Dublin State-of-the-art facility for global supply of the albumin in a flexible container 143 Investors’ & Analysts’ Meeting 2017 I Emeryville New albumin purification and filling facility in Dublin State-of-the-art facility for global supply of the albumin in a flexible container • Pastes, RM and finished areas 144 Investors’ & Analysts’ Meeting 2017 I Emeryville 3rd level: 2nd level: 1st level: • QC laboratory • Albumin purification • Aseptic filling operations • Office space • Pasteurizers products shipping and receiving • Quarantine 215,000 square feet on 3 levels • Purification and Filling Plant for 6m eqLplasma/year of albumin • CAPEX: USD85m • 4 sterile filling lines for albumin in bags. Implementation of online continuous process, from bag forming to pasteurization, to enhance production efficiency Interiors constr.Validation 2017 2018 2019 2020 2021 Shell construction Start-upApproval

Alpha-1 purification and filling facility in Barcelona New plant ready to provide continued support of alpha-1 contribution 145 Investors’ & Analysts’ Meeting 2017 I Emeryville Alpha-1 purification and filling facility in Barcelona New plant ready to provide continued support of alpha-1 contribution 146 Investors’ & Analysts’ Meeting 2017 I Emeryville Purification area • Purification and Filling Plant for 4.3m eqLplasma/year of Prolastin®-C • New Formulation for Prolastin®-C Liquid presentation • GSF® proprietary technology used for aseptic filling operations • CAPEX: USD65m • 80,000 square feet on 3 levels Inter. constr.Validation CL exec 2014 2015 2016 2017 2018 Shell cons.Start-upApprov

Alpha-1 purification and filling facility in Barcelona New plant ready to provide continued support of alpha-1 contribution 147 Investors’ & Analysts’ Meeting 2017 I Emeryville Immunoglobulin 2nd purification train in Los Angeles Leveraging capabilities for maximum efficiency 148 Investors’ & Analysts’ Meeting 2017 I Emeryville • Expand the purification plant from 2.6 to 5.1m eqL plasma/year for Gamunex® • CAPEX: USD10m • 2nd Gamunex® purification train • Provides expansion and flexibility both for Los Angeles and Clayton Gamunex® existing purification plants Procurement LL itemsValidationCL exec 2015 2016 2017 2018 InstallationApprov Aseptic processing area

Immunoglobulin 2nd purification train in Los Angeles Leveraging capabilities for maximum efficiency 149 Investors’ & Analysts’ Meeting 2017 I Emeryville New flexible container aseptic filling line in Los Angeles Broadening the portfolio with unique technology 150 Investors’ & Analysts’ Meeting 2017 I Emeryville • Sterile filling of albumin 5%, 20% and 25% • Flexible container volume range: 50, 100, 250 and 500 mL • Groundbreaking design for the sterile filling of bags for biological products leveraging 30+ years experience with the Grifols Sterile Filling GSF® Technology InstValidationCL exec 2016 2017 2018 Start-upApproval Purification area

New flexible container aseptic filling line in Los Angeles Broadening the portfolio with unique technology 151 Investors’ & Analysts’ Meeting 2017 I Emeryville Capital expenditures benchmarking(1) across the industry Competitively advantaged in capital investment 1,600 152 Investors’ & Analysts’ Meeting 2017 I Emeryville Project cost benchmark (USD/square feet) -44% 1,400 1,200 1,000 800 600 400 200 0 Biologicals Fill&Finish R&D /Labs Grifols Note: 1. Source data: Facility of the Year Awards (2007-2016). ISPE Pharmaceutical Engineering 1,430 ,380 830 800 Sector Global average regular project costs (USD/square feet) Biologicals Mfg. 1,430 Fill & Finish 1,380 R&D / Labs 830 Grifols 800

Key takeaways Capital expenditure discipline focused on creating value 154 Investors’ & Analysts’ Meeting 2017 I Emeryville •Bioscience capacity expansion plan on track and outperforming plans •The capacity expansion plan and the investments execution strategy follow Grifols holistic approach for plasma fractionation •Proven advantage in project management; industry-leading capital efficiency •The new facilities expands current capacity while offering additional operations flexibility •Unique innovation forms the cornerstone of the design of the new facilities, devised to develop new products and optimize processes to enhance efficiency and product safety •Grifols capital investments costs for facilities are significantly below the average pharmaceutical industry Key takeaways Capital expenditure discipline focused on creating value

Grifols maintains a strong position and reputation in Spain Strong legacy business - Spain 159 Investors’ & Analysts’ Meeting 2017 I Emeryville Grifols poised for penetration in U.S. market U.S. market drivers align with Grifols strengths 160 Investors’ & Analysts’ Meeting 2017 I Emeryville • Novel Pharmatech portfolio - alignment of trends • Regulatory specific • Personalized medicine individualized automation; process and compliance • Accountability care organization outcomes • Opportunity for end to end compounding portfolio: control, efficiency, data Compliant sterile Secure IV workflow Gri-Fill® Kiro® Oncology Sterile disposables cleanrooms high density management sterile inventory mgmt system compounder • Broad portfolio: • IV therapy base • Medical devices • Pharmatech • Clinical nutrition • Advanced hospital pharmacies • Good “backyard” customer base; learning, trialing • Manufacturing and engineering advantages

Base business poised to match mid-single digit market growth Iberia and LATAM are 90% of sales revenue; product mix 163 Investors’ & Analysts’ Meeting 2017 I Emeryville Pharmatech portfolio with software addition underpins growth Strategy poised to meet growing market needs and future demands increasing substantially(1) demand changes in technology and • Current solutions are inadequate; current providers are beholden to legacy technology 40 0 164 Investors’ & Analysts’ Meeting 2017 I Emeryville • Pharmacy market trends worldwide will U.S. drug expenditures in non-federal hospital information (USDbn) +22% 35 • OUS markets strapped for access to capital 30 • Distinguishing Grifols devices through smart 25 integration (non-capital intensive) 20 • Expand from cleanroom centric to pharmacy 15 operations and adjacencies 10 5 • Design systems for OUS market 37.0 33.6 30.4 2014 2015 2016 Note: 1. Source: American Journal of Health-System Pharmacy • Execute on EBIT-improving growth strategies • Revitalize Nutrition portfolio sales • Gain new Medical devices distribution • Optimize IV therapy and Pharmatech markets • Implement plant utilization tactics • Increase volume • Leverage plant footprints for optimal utilization

Industry drivers impacting hospital & compounding pharmacies Global pharmacy market trends will continue to demand changes in tech. & info demographics 165 Investors’ & Analysts’ Meeting 2017 I Emeryville Clear path to strengthening portfolio for growth A robust strategy dynamically positions the division 166 Investors’ & Analysts’ Meeting 2017 I Emeryville Enhance current portfolio • Kiro device and implementation improvements • Pharmatech integration to software platform • Launch new nutrition products and expand markets • Enhance profit models with services Expanding into systems • Design platform to meet current and future market needs • Expand sales capabilities with dedicated force • Establish service and support infrastructure Optimize LVP(1) business • Organize manufacturing for optimal production • Rationalize portfolio for strategic and production benefit • Secure Bioscience advantages through business continuity access Note: 1. LVP: Large volume parenterals Cost management Regulatory / Safety – Data Ecosystem pressures / Economic Intensifying advantages • Consolidation • Personalized medicine • Inter-connectivity • Technology leverage • Regulation authorities • Outcomes data justifying • Evolving decision-maker expanding costs (drugs!) and consumer • Controls • Accountability care

Just gained U.S. IV solution market access An attractive and immediate growth opportunity 167 Investors’ & Analysts’ Meeting 2017 I Emeryville Plan strengthens division and sets up escalating growth Building a financial track record IV Medical segmentation segmentation Manu. Manu. Nutrition Therapy 168 Investors’ & Analysts’ Meeting 2017 I Emeryville “Today”“Tomorrow” 2016 Year-endFuture divisiondivision MedicalContractTherapyContract IV Nutrition Pharma-Pharma-techtech Near Term Milestones:Mid-to Long-Term Milestones: Portfolio improvements with software commercializationBreakeven EBIT with targeted positive EBIT growth over that increases U.S. market opportunity to USD950m5 years (from USD600m) • FDA approved Grifols manufactured saline for export to U.S. • Establishing self-sufficiency for Grifols Plasma Operations • Engaging distribution channel for U.S. market (excluding GPO) • Optimizing plant capacity • Evaluating additional export opportunities

Key takeaways Strategy poised to meet growing market needs and future demands 170 Investors’ & Analysts’ Meeting 2017 I Emeryville •Leverage saline approval to successfully enter into the U.S. market •Iberia and LATAM leverage portfolio strengths for mid-single digit growth •Expand our systems capabilities to underpin smart device benefits •Build / acquire software infrastructure for support and service •Reconfigure all device software for thorough integration •Optimize LVP manufacturing and logistics for Bioscience continuity benefits •The Hospital Division is well positioned to regain growth and profitability Key takeaways Strategy poised to meet growing market needs and future demands

Diagnostic Driving profitable growth Carsten Schroeder President of Diagnostic Commercial The global leader in transfusion medicine Building a Specialty Diagnostics portfolio SPAIN DIAGNOSTIC HEADQUARTERS (Commercial) & REGIONAL OFFICE DX MANUFACTURING Victoria Emeryville, CA Bilbao 172 Investors’ & Analysts’ Meeting 2017 I Emeryville The Diagnostic Division is a global organization SWITZERLAND DX MANUFACTURING Düdingen CHINA REGIONAL OFFICE Hong Kong UNITED STATES HEADQUARTERS DIAGNOSTIC Emeryville, CA (Manufacturing and R&D) DX MANUFACTURING Barcelona AUSTRALIA and R&D DX MANUFACTURING At a glance: San Diego, CA Barcelona Murcia 1,450+ full-time employees supporting Diagnostic success Integrated from assay/instrumentation development through commercialization FDA, GMP and CE licenses

With a clear mandate… 173 Investors’ & Analysts’ Meeting 2017 I Emeryville Our product portfolio spans the healthcare continuum We serve blood banks, hospital-based transfusion services and plasma SYSTEMS, PROMONITOR DISEASES, AUTOIMMUNITY SOLUTIONS IMMUNOASSAYS SYSTEMS 174 Investors’ & Analysts’ Meeting 2017 I Emeryville fractionators SCREENING TRANSFUSION MEDICINE (TM) SPECIALTY DIAGNOSTICS (SDx) TM & SDx Collection Detection Typing Early detection Likely outcome Effective treatment Offers safe, efficient & Provides high, Determines blood type Ensures detection at Predicts likely outcome Monitors patients ensuring high quality collection sensitive & automated compatibility between the onset enabling better care effective therapies & and processing of tests to detect donor & patient; pathways outcomes donor blood infectious diseases characterizes blood BLOOD COLLECTION DONOR SCREENING & BLOOD TYPING INFECTIOUS HEMOSTASIS,BLOOD COLLECTION AUTOIMMUNITY Systems Build a global diagnostics company focused on select, high-value markets, providing innovative solutions to ensure the safety of the blood and plasma supply, detect human diseases and monitor therapies

Diagnostic had EUR 664m in net revenues in 2016 Donor screening, immunoassays and immunohematology are our core businesses 664 BCS A BTS IA APAC NA EMEA 175 Investors’ & Analysts’ Meeting 2017 I Emeryville Diagnostic had EUR 171m in sales in 1Q 2017 Delivered a growth of 3.3% vs. 1Q 2016 171 BCS BTS IA APAC NA EMEA 176 Investors’ & Analysts’ Meeting 2017 I Emeryville 1Q 2017 1Q 2017 sales by 1Q 2017 sales Diagnostic revenue product line by region SDx LATAM IA +3.3% (cc) vs 1Q 2016 DS Our sales are well balanced geographically 2016 2016 sales by 2016 sales Diagnostic revenue product line by region SDx LATAM I -3.9% (cc) vs 2015 DS Transfusion medicine is 95% of our business Note: DS = Donor Screening; BTS = Blood Typing Solutions; BCS = Blood Collection Systems SDx = Specialty Diagnostics; IA = Immunoassays (not assigned to regions) NA = North America; EMEA = Europe, Middle East and Africa; APAC = Asia-Pacific; LATAM = Latin America

Global manufacturing footprint to serve worldwide customers We continue to expand our production capacity to enable growth Expansion: Project Horizon test cards (DG GEL®) and reagent RBC 177 Investors’ & Analysts’ Meeting 2017 I Emeryville Donor screening Committed to the blood safety and plasma supply EMERYVILLE California - USA Manufacture of antigens for diagnostic tests EMERYVILLE California - USA Production of Procleix® NAT tests Acquired from Hologic New factory for production of blood collection systems SAN DIEGO California - USA CURITIBA Brazil PARETS DEL VALLES Barcelona - Spain Instruments and IVD reagents for immunohematology, autoimmunity and hemostasis Production of tests for the rapid identification of blood type (MDmulticard®), gel-technology Production of gel-technology test cards (DG GEL®) and red blood cells Design and manufacture of molecular biology tests and immunoassays Production of intravenous serums in flexible packaging and blood collection systems DÜDINGEN Switzerland MELBOURNE Australia DERIO Vizcaya - Spain MURCIA Spain SAN DIEGO California - USA CURITIBA Braziil

Acquisition of NAT blood donor screening unit Strengthening our leading position in transfusion medicine over the NAT business FACILITY (i.e. Babesia and Arboplex) and quickly 179 Investors’ & Analysts’ Meeting 2017 I Emeryville The global leader in NAT blood donor screening Despite market challenges there is potential for growth 180 Investors’ & Analysts’ Meeting 2017 I Emeryville Global market splitGlobal share of adoptedUnited StatesRest of the world ( 94 million donations(1)) ( 71 million donations)( 13 million donations)( 58 million donations) 76%55%82%47% Adopted Unadopted Grifols Roche Others Future Growth DriversMarket Challenges • Geographic expansion into non-adopted countries• Declining number of blood donations in developed • Plasma fractionators (in addition to Grifols) will becountries due to blood management programs addressed with new Procleix Ultrio Elite & Panther in large pool sizes • Emerging pathogens: Zika and BabesiaNote: Source: Q1 2017 Internal Data. It does not include plasma collection STRATEGIC RATIONALE • Providing Grifols Diagnostic with control • Solidify our position in the diagnostic market as a leader in Transfusion Safety • 94,000 square feet CBER and ISO certified in San Diego •175 positions now fully integrated into. Grifols Diagnostic • Expertise in assay development and manufacturing, quality assurance and regulatory affairs • Full control of the NAT development and manufacturing processes • Provide flexibility to prioritize projects meet customer needs MANUFACTURING PEOPLE ASSAY DEVELOPMENT POST-ACQUISITION & INTEGRATION • Instrument co-development • Assay development • Assay manufacturing • Distribution • Sales & Marketing • Service PRE-ACQUISITION Revenue share agreement (until 2025) • Assay development • Distribution • Assay manufacturing • Sales & Marketing • Instrument development • Service

NAT Plasma donor screening represents a growth opportunity Panther® in large pool sizes submitted to FDA for approval Share of tested liters of plasma 75% of the source plasma market market is expected to continue to grow, driven by an increase in global demand for plasma 181 Investors’ & Analysts’ Meeting 2017 I Emeryville Grifols delivered in response to the 2016 Zika outbreak Recently started screening for Babesia under IND in the U.S. Panther® system installed at 15 locations donor centers • Further increase safety of blood Singapore, New Zealand, Note: 1. Source: www.cdc.gov 182 Investors’ & Analysts’ Meeting 2017 I Emeryville ZIKA OUTBREAK ZIKA IND FDA 4 WEEK FDA ZIKA CE LAUNCH FDA WHO declared SUBMISSION APPROVED MANDATE APPROVED global public ZIKA IND for high risk areas BABESIA IND health emergency JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY 2016 2017 ARC RUO NATM 1.1 IND GO-LIVE 12 WEEKS FDA MANDATE Study kits IUO release ARC & CTS for all U.S. IDT World map of areas with risk of Zika(1)Outcome of Zika INDBabesia IND in the US • Use of Procleix® Zika assay• Use of Procleix® Babesia assay • In U.S., 67 Panther® systemson the fully automated Procleix® • +100 operators trained• Use in selected blood banks and • Evaluation and routine testing in Malaysia and Francesupply NAT Plasma Testing Market = USD150mMarket Outlook • “Big 6” commercial fractionators represent 18%Grifols • Plasma fractionation (and plasma testing) CSL Shire therapeutics Octapharma • Due to whole blood volume contraction in the Kedrion U.S. and E.U., blood banks are looking to enter Biotest the recovered plasma testing market Others • APAC is the fastest growing region in the plasma industry and represents an area of growth Note: Source: International directory of plasma fractionators 2015 Market Research Bureau report

Automation will further support our NAT portfolio Strengthening our NAT portfolio 183 Investors’ & Analysts’ Meeting 2017 I Emeryville Immunoassays Worldwide market leader in hep/retro 1 Next Gen Middleware Streamline customer operations with dashboards, flexibility and streamlined data. Modular, flexible middleware to enhance laboratory operational efficiency 2 Panther® AR Panthers share data on tests and reagents for efficiency; Dashboard display Control Commands Physical Connection 3 Panther® AR Track-compatible4 Panther® AR Workcell Modifications to Panther to enableI/O Module and Track system that connectivity to a track tube transportroutes sample tubes for testing system

Leader in antigen supply for immunoassays Worldwide market leader in hep/retro immunoassays antigens 185 Investors’ & Analysts’ Meeting 2017 I Emeryville Immunohematology Fastest growing player in blood typing solutions Grifols supplies HCV / HIV antigens to top immunoassay manufacturers covering more than 80% of the immunoassay market Main Grifols customers: Immunoassay market value = USD1.0bn(1) Future Growth Drivers • New HIV Combo for OCD’s VITROS platform • Expand customer base for antigens • Expand portfolio of antigens Note: Source: In Vitro Diagnostic Market Segment Review 2013-2014 and 2019 Forecast Ad hoc report from Boston Biomedical Consultants, Inc., 2015 and internal estimations 1. It includes whole blood and source plasma Profit share agreement (until 2039) • HCV & HIV patents• Assay development & • Antigen research,manufacturing manufacturing &• Instrument development & supplymanufacturing • Assay research• Product supportcommercialization

Grifols is the fastest growing player in Immunohematology We continue to drive double-digit growth 187 Investors’ & Analysts’ Meeting 2017 I Emeryville U.S. IH - Over 100 customer sites under contract Our investments in sales, marketing and service are paying off 188 Investors’ & Analysts’ Meeting 2017 I Emeryville Grifols IH revenues geographic split: 2% EMEA LATAM APAC North America Key facts about U.S. IH growth: • 58 new customers in 2016 • 33 new Erytras placed Doubled the number of customers in 2016 2016 NEW SITES PRIOR SITES Immunohematology market value = USD1.0bn 10% GRIFOLS OCD IMMUCOR BIORAD OTHER 2016 IH Sales > EUR 100m Penetration in the U.S. market will continue to drive mid-term growth Note: Source: Worldwide Blood Typing Product Market Analysis, Intelab Corporation, May 2015; Grifols sales data Market Share Market Growth 15% 10% 5% 0% -5% 0% 10% 20% 30% 40% Source: Q4 2016 Internal Data Other -Rad Bio Danaher OCD Immucor

A complete portfolio of instruments, gel cards, RBC and reagents Continuously improving our competitive portfolio of products 189 Investors’ & Analysts’ Meeting 2017 I Emeryville Erytra® Eflexis® being launched in CE-marked countries Fully automated, flexible, mid-sized analyzer 190 Investors’ & Analysts’ Meeting 2017 I Emeryville Automation / LEAN level (%) The Erytra® Eflexis® performs pre-transfusion compatibility testing using DG Gel® technology with a smart and compact design offering intuitive operations Upcoming portfolio updates: • New version of Erytra® software with improved features • New middleware solutions worldwide • New reagent blood cells and antisera to support U.S. expansion 100 80 ® Eflexis® Erytra 60 40 Wadiana® 20 Manual 0 0 10,000 20,000 30,000 40,000 50,000 S M L XL Lab size (samples / year) ANTISERA Manual Semi-Automated Automated RED BLOOD CELLS & GEL CARDS INSTRUMENTS

Completing our portfolio of BLOODChip® ID products FDA approval of ID CORE XT expected by 4Q 2017 Rh CE, Kell, Kidd, Duffy, MNS, Diego, determine 12 HPA systems deletion, Pseudogene and r’s. 191 Investors’ & Analysts’ Meeting 2017 I Emeryville Blood Collection Systems Leveraging new manufacturing capabilities An effective and innovative solution for the genetic identification of red blood cell and platelet antigens EASYFASTFLEXIBLE • Ready to use • Results in 4 hours • Standard Luminex reagents • Hands on time equipment • No washing or only 30 min • Multiple product CE FDA Comments ID CORE XT 4Q 2017 Analyzes 29 polymorphisms to determine 37 antigens of RBC groups. Dombrock, Colton, Cartwright and Lutheran ID HPA XT --Analyzes 13 polymorphisms to ID RHD XT --Analyzes Weak D type 1-3, RHD ID CORE CONTROL ---- Positive control for ID CORE XT BIDS XT --BLOODChip ID software filtration batch ID CORE XT BIDS XT Proven accuracy and reliability

Leverage new manufacturing facilities in Spain and Brazil Strengthen our position in LATAM and expansion plans in EMEA 1% • Re-launch in EMEA with a soft filter product 193 Investors’ & Analysts’ Meeting 2017 I Emeryville Hemostasis Global exclusive distribution agreement BCS global market value(1) = USD2.9bnKey initiatives • Take full advantage of manufacturing facility in Brazil Grifols market share in LATAM = 8%• Explore possibility of entering the U.S. market Grifols Fresenius Terumo BCT Haemonetics All Others We produce high quality blood collection bags for collecting and processing whole blood and storing blood components Note: 1. Source: Blood Processing Supplies & Equipment (GIA 2015) and internal estimates. Includes Blood Bags, Apheresis, Component prep instruments, pathogen inactivation and hemovigilence BOOD COLLECTION BAGS EQUIPPED WITH AN IN-LINE FILTER

Hemostasis Grifols and Beckman Coulter enter into an exclusive distribution agreement 7% annually the global distribution of Grifols’ hemostasis portfolio of hemostasis analyzers, of reagents for routine and special and it may be extended for up to five additional 195 Investors’ & Analysts’ Meeting 2017 I Emeryville Specialty Diagnostics Building our portfolio in Specialty Diagnostics • Early June, Grifols has reached an exclusive • Hemostasis is a USD2.4bn worldwide agreement with Beckman Coulter for market growing at approximately instruments, reagents and consumables • We have an attractive scalable • The agreement has an initial term of 15 years Q system, and a broad catalogue years techniques • The agreement leverages Grifols’ strength in manufacturing reliable instruments and reagents with that of Beckman Coulter’s commercial strength Smart Next Expert

Building our portfolio in Specialty Diagnostic Making progress in all product lines other biological drugs and biosimilars, key information about drug solution biological therapy for the treatment Immunohematology now offers molecular Point of Care (Poc) • Launched new lab services for biological awaiting registration in the U.S. 197 Investors’ & Analysts’ Meeting 2017 I Emeryville Building our portfolio in Specialty Diagnostic Making progress in all product lines other biological drugs and biosimilars, Immunohematology now offers molecular and serology tests • Several courses and The American Gastroenterological Association • Launched new lab services for biological transfusion science therapeutic drug monitoring for hands-on workshops in 2016. Commercial launch in the patients in its latest guideline draft • Full pipeline of additional tests 198 Investors’ & Analysts’ Meeting 2017 I Emeryville PROMONITOR • We continue to expand our portfolio, to single dilution tests and a point of care solution • Dedicated sales force in Europe The IH center offers • The Center of Excellence for• A broad variety of molecular and serological tests drug monitoringworkshops, including (AGA) recommends the use of educational courses inflammatory bowel disease • Helios system obtained FDA approval(TSECs), webinars and management in non-responding U.S. ongoing awaiting registration in the U.S.Tests also available • Familial Hypercholesterolemia (FH) • Araclon AB assay for AMBAR study • ApoE assay for Alzheimer prognosis CLIA US AESKU TDMonitor Tests DL ADA Infliximab Adalimumab Vedolizumab PROMONITOR • We continue to expand our portfolio, toPROMONITOR® ELISA test offers single dilution tests and a point of carebioavailability and immunogenicity • Dedicated sales force in Europein patients prescribed with of chronic inflammatory diseases • The Center of Excellence forand other indications. and serological tests drug monitoringPromonitor® Quick Anti-IFX D • Helios system obtained FDA approval in 2016. Commercial launch in the U.S. ongoing • Full pipeline of additional tests CLIA US AESKU 2 Dil. 1 Dil. CE-marked references D L A D A D L A A Infliximab Adalimumab Etanercept Rittuximab Golimumab

Building our portfolio in Specialty Diagnostic Making progress in all product lines 199 Investors’ & Analysts’ Meeting 2017 I Emeryville Key takeaways The global leader in transfusion medicine building a portfolio in Specialty Diagnostic PROMONITOR • We continue to expand our portfolio, to other biological drugs and biosimilars, single dilution tests and a point of care solution • Dedicated sales force in Europe • The Center of Excellence for Immunohematology now offers molecular and serological tests • Launched new lab services for biological drug monitoring • Helios system obtained FDA approval in 2016. Commercial launch in the U.S. ongoing • Full pipeline of additional tests awaiting registration in the U.S. CLIA US AESKU

Key takeaways The global leader in transfusion medicine building a portfolio in Specialty Diagnostic 201 Investors’ & Analysts’ Meeting 2017 I Emeryville Diagnostic Maximizing value through effective integration Greg Rich Head of the Integration Office President and CEO of Grifols Shared Services NA • Grifols Diagnostic is the global leader in transfusion medicine: • Acquisition of NAT R&D and manufacturing assets gives us full control over our Donor Screening business • Antigens - expanding the capabilities of our new antigen manufacturing facility in Emeryville • Immunohematology - the fastest growing player with a complete portfolio of products • We continue to build a diversified portfolio of businesses in Specialty Diagnostics • Hemostasis - growing our product line of instruments and reagents through a worldwide distribution agreement just signed with Beckman Coulter • We will continue exploring business development opportunities and long-term partnerships

Executive Summary Integration, a core capability of Grifols 203 Investors’ & Analysts’ Meeting 2017 I Emeryville Integration, a core capability of Grifols Proven track record 204 Investors’ & Analysts’ Meeting 2017 I Emeryville Track record of identifying, executing and integrating acquisitions 27 plasma 100% Assets collection 100% 100% Assets Assets centers 2002 2003 2006 - 2008 2008 / 2011 2011 2014 2017 • Grifols has the intellectual know-how to integrate businesses from the simplest to the most complicated eliminating the need for consultants • The internal know-how culminated in the establishment of the Integration Management Office, as part of the Corporate Strategy Office • Grifols has successfully integrated businesses for over 15 years • Grifols has established an Integration Management Office (IMO) to oversee, in collaboration with senior management, all integration activities • Transitional Services Agreement established to provide an orderly and efficient transition of the NAT blood screening business • The integration of the NAT blood screening business is on track • Grifols will continue to collaborate with Hologic

Integration governance structure Comprised of teams from Grifols and Hologic 205 Investors’ & Analysts’ Meeting 2017 I Emeryville Hologic Partnership Evolution Capturing maximum value chain benefit , leveraging capabilities 206 Investors’ & Analysts’ Meeting 2017 I Emeryville PRE-ACQUISITION Instrument & Assay Development, Assay ManufacturingDistribution, Sales, Marketing Customers RevenuesRevenues Transitional services POST-ACQUISITION INTEGRATION Assay Development, Co-instrumentAssay Manufacturing, developmentDistribution, Sales, Marketing Customers Revenues • Managed by the Grifols Integration Management Office • Using a structured and repeatable integration model, the IMO drives execution of the integration plan focusing on milestones and value-drivers • Includes a cross-functional workstream members • Transitional Services Agreement ensures continued, un-interrupted operations until full segregation has been obtained

Key integration activities Milestones are on track 209 Investors’ & Analysts’ Meeting 2017 I Emeryville Manufacturing operations - Vision Improving and streamlining product workflow 210 Investors’ & Analysts’ Meeting 2017 I Emeryville Moving dispersed manufacturing activities to a more efficient, scalable flow Facilities/ Engineering • R&D, Quality and raw material buildings leased • Third party facilities vendor contracts transitioned • Construction completed: • Ambient warehouse completed • Raw materials, cold chain warehouses • R&D and Quality facilities • Packaging areas • Pilot plant • Template positive manufacturing Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018

Key takeaways Capturing the value of integration 216 Investors’ & Analysts’ Meeting 2017 I Emeryville •Integration is a value add capability and is a competitive advantage for Grifols •Grifols has a proven track record of integrating businesses •Integration of the NAT testing blood screening business is on track •Support functions will be fully integrated within 12 months •The Transitional Services Agreement is in place to ensure no interruption to either companies •Collaboration will continue: •Co-development of instruments •Joint purchasing power •Future opportunities Key takeaways Capturing the value of integration

Diagnostic Investing for growth Oriol Duñach President of Diagnostic Industrial Group Leveraging the Chiron legacy and investing for the future From the tradition to realizing our potential products discoveries consolidated (CMF) supply agreements • Update equipment and • Extend current supply 218 Investors’ & Analysts’ Meeting 2017 I Emeryville Past Present Future The Chiron legacy Investing for growth Realizing our potential • HCV, HIV, HBV • Optimize efficiencies with • New Grifols immunoassay • License and antigen manufacturing facility • New customers • Expand Dx menu utilities for future growth • New capabilities and services agreements • Enhance R&D capabilities

Emeryville site A tradition of innovation Initiate immunoassay and platform development Diagnostics and Novartis reaction (PCR) DNA Research continue tradition awarded Nobel Prize in 220 Investors’ & Analysts’ Meeting 2017 I Emeryville Cloned and sequenced the HIV genome (1984) GDS becomes part of Grifols: Cloned and identified the Hepatitis C virus (1987) Global leader in NAT systems and recombinant Pioneered Nucleic Acid Testing for blood screening (1988) protein manufacturing Ongoing investments in advanced solutions to advance blood safety and laboratory efficiency Founded 1972 Novartis Vaccines and Developed polymerase chain Institute of BioMedical amplification technique (1983) - of innovation Chemistry 2014 2006 1991 1981 Past The Past A tradition of innovation

Strategic relationships Grifols antigens in essential blood and plasma assays Develops and markets a 221 Investors’ & Analysts’ Meeting 2017 I Emeryville The Present Investing in manufacturing and R&D Joint Business Partner HCV licensee and HCV and HIV rights and HCV licensee and since 1989 antigen customer since antigen customer since antigen customer since 1989 2001 2005 complete line of antibody-Donor screening and Point-of-care diagnostics based screening clinical diagnostic assays immunoassays immunoassays Grifols manufactures and performs research on the HCV, HIV, HBV antigens Past

Project Horizon: Consolidated Manufacturing Facility (CMF) October 2014: Grifols project redesign objectives 223 Investors’ & Analysts’ Meeting 2017 I Emeryville Project Horizon: Consolidated Manufacturing Facility (CMF) Investing for future growth 224 Investors’ & Analysts’ Meeting 2017 I Emeryville • GMP manufacturing of 21 commercial products used for testing blood • GMP warehouse and raw materials sampling space • Mechanical and process utilities (existing + upgrades of selected systems) • Office and collaboration space • Consolidation of existing manufacturing operations into a single building • Space for future manufacturing growthmanufacturing Consolidated antigen Building V Building N Bay Center B Present • State-of-the-art manufacturing facility, based on Grifols know-how • Increase manufacturing process flow efficiency • Incorporate mammalian cell fermentation capability • Consolidate all GMP materials handling and warehouse operations with manufacturing operations • Increase overall plant efficiency in order to continue reducing costs Present

Project Horizon: Timeline and regulatory The project is on track Aug 2015 July 2017 Dec 2017 Dec 2018 operations start start submission transfer 231 Investors’ & Analysts’ Meeting 2017 I Emeryville Strengthening long-standing relationships Extending agreements. Launching new products Press Release April 24, 2017 232 Investors’ & Analysts’ Meeting 2017 I Emeryville • New agreement signed in 2015 • Term through 2026 • Extend production of current antigens • Add five new antigens New agreement signed in 2016 - 5 year extension “OraSure is committed to delivering high quality infectious disease diagnostic products for our customers. As one of our trusted suppliers, Grifols’ focus on service, quality and collaboration play a key role in our ongoing relationship.” Douglas A. Michels, President and CEO of OraSure Technologies • Receive CE mark for HIV Combo Test (June 2016) • Submit HIV Combo Test for FDA review (February 2017) Present Jan 2016 Jan 2017 Jan 2018 Dec 2016 Warehouse ConstructiontransferGMPFirst FDATech Sept 2016complete Building occupancy C&Q start Construction Commissioning / Qualification Validation Present

Three main protein expression platforms for growth Addressing proteins complexity speedy replication speedy replication glycoproteins (complex secretion 233 Investors’ & Analysts’ Meeting 2017 I Emeryville R&D capabilities that span the development continuum Expanding our existing approach verification experiments proprietary manufacturing 234 Investors’ & Analysts’ Meeting 2017 I Emeryville MolecularProtein DesignExpression • Design of rproteins • Engineering function properties • Fc fusions • Rec mAbs • Computational design (Rosetta) • Advice on design and platform choice • Mammalian CHO HEK transient and stable • Yeast strains • E. coli • Custom purification and analysis • Tagged and untagged proteins • Mass spectrometry • Light scattering • Affinity analysis • Reverse engineering of proteins • De novo Hybridoma generation • Recombinant mAb design and expression • HT screening • Novel platforms • Proof of concept • Technical development • Process development • Validation and • Design of • Transfer to Present (CHO, NS0, HEK293, etc) • Cell is designed for • Cell is designed for • Excellent for expression of • Good for simple • Some complex systems) proteins protein production • Monoclonal Antibodies, hemostasis and blood group antigens Surge in Mammalian produced proteins due to need for complex glycoproteins and mAbs Mammalian Cells (eukaryote) Yeast (eukaryote) Bacteria (prokaryote) Present

Strategies for value creation Realizing our potential 236 Investors’ & Analysts’ Meeting 2017 I Emeryville Near-term Approach diagnostic companies with infectious disease menu without HCV, HIV or HBV: • Critical to approach early in the development process before antigen decisions are made. Expect 2-3 year timeline before product launch and regular supply Mid-term Explore collaboration opportunities with other organizations that sell diagnostic reagents: • Fill gaps in 3rd party portfolios and leverage their sales organization to sell Grifols current antigens Long-term Explore partnering on development and supply of new molecules: • Opportunity to engage at early stage and be strategic partner for therapeutic and diagnostic pipelines • Start a revenue generating development program in R&D with plan for future GMP manufacturing Future The Future Realizing our potential

New R&D antigens for internal Diagnostics Projects Robust pipeline to support and accelerate growth 237 Investors’ & Analysts’ Meeting 2017 I Emeryville Hemostasis reagents Robust pipeline to support and accelerate growth 238 Investors’ & Analysts’ Meeting 2017 I Emeryville BLEEDING DISORDERSTHROMBOTIC DISORDERSANTICOAGULATION DG-FII DG-FV DG-FVIIDG-Chrom AT L DG-APCDG-Chrom Hep DG-FVIII DG-FIX DG-FXDG-Chrom PCDG-DRVVTDG-Chrom Anti Xa (Anti Xa DOAC) DG-FXI DG-FXIIDG-Clot PSDG-DRVVT Confirm DG-Latex VWF: Gp1b (GOF) (Activity)ROUTINE DG-PT CALIBRATORS & CONTROLSDG-PT RecombiLIQ DG-REFDG-APTT Synth G-Fib L Human DG-C1 (6x1)DG-TT L Human DG-C2 (20x1)DG-Latex D Dimer Reagents highlighted in yellow will profit from recombinant proteins or antibodies developed and manufactured at Emeryville site Future Hemostasis • Novel vWF receptor derivatives (for clotting assay) • Recombinant tissue factor (for improved clotting assay performance and cost efficiencies) Immuno-hematology • Fc fusion blocking protein (to resolve interference of daratumumab in antiglobulin testing) • Novel rare blood group antigens (stable reagents for extended blood typing menu) Infectious disease • New or improved HIV, HBV, HCV, and HTLV antigens (for ultrasensitive donor screening assays) • New antigens for WNV, Zika, Babesia, Ebola to extend menu for donor screening and clinical diagnostics Future

Immunohematology reagents Robust pipeline to support and accelerate growth 239 Investors’ & Analysts’ Meeting 2017 I Emeryville New R&D monoclonal antibodies Robust pipeline to support and accelerate growth screening assays; mabs against other pathogens for clinical diagnostics 240 Investors’ & Analysts’ Meeting 2017 I Emeryville Hemostasis • Proprietary mAb for improved thrombosis assay (cost reduction) • mAbs against clotting factors as improved controls (selectively depleted plasma) for clotting assays Autoimmune (biological drug monitoring) • Biosimilars for TNF-alpha (for improved cost efficiency for ProMonitor assays) Infectious disease • Mabs against HIV, HBV, HCV, HTLV as capture/detection reagents for donor (Ebola, Zika) Future RBC AB detection Automation range Recombinant blood antigens, manufactured in Emeryville, will be used to manufacture reagents able to complement/substitute current red cells RBC antigen typing Future

Immunochemistry program for donor screening Innovative technology in recombinant proteins Ags Ags Ags and co-development of 3rd Party Platform Vendor immunoanalyzer platform with V&V, and Manufacturing Transfer* of Instrument, reader (Laser Scanner) Software 241 Investors’ & Analysts’ Meeting 2017 I Emeryville Key takeaways Focus on innovation and growth Leveraging Grifols Proprietary New and Legacy Recombinant Proteins HBV Ags HCV HIV-1 HTLV Design, Development, CMF V&V, and Manufacturing of IMMUNOASSAY Reagents & Assays Grifols fully Technology expertise automatedDesign, Development, HIV and HCV Assays; likely to be reused in proprietaryConsumables, and Grifols platform assays for blood Proprietary ultra-sensitiveand plasma Single Molecule Counting screening (SMCTM) technology Future

Key takeaways Focus on innovation for growth 243 Investors’ & Analysts’ Meeting 2017 I Emeryville Investors’ & Analysts’ Meeting 2017 Emeryville (California, USA) June 7th and 8th, 2017 •Manufacturing and R&D capabilities provide a strategic growth competency and platform •Grifols is investing in manufacturing to support future growth, increase efficiency and lower costs •Grifols is investing in R&D to enlarge pipeline and capabilities •Multiple recombinant proteins in research progressing rapidly towards development phase •Trusted development partner for molecular design, expression, purification, characterization, and process development, also for other focus areas

GDS Manufacturing Snapshot 247 Investors’ & Analysts’ Meeting 2017 I Emeryville GDS R&D A global operation with multiple geographic centers of excellence 248 Investors’ & Analysts’ Meeting 2017 I Emeryville 200+ full-time employees Areas of expertise: - Molecular biology assay development - Recombinant protein design, expression,Grifols Diagnostic and purificationSolutions - Immunoassay development(Emeryville, CA - Reagent developmentSan Diego, CA)Diagnostic Grifols (Barcelona, Spain) - Platform/Technology evaluationsProgenika (Bilbao, Spain) - Instrumentation and softwareAraclon (Zaragoza, Spain) - Systems integrationMedion Grifols (Düdingen, Switzerland) - Project and portfolio management - Global clinical trials (+CLIA Lab) and data management In Emeryville, novel Grifols recombinant proteins are designed with state-of-the-art protein engineering capabilities in research, shepherded through robust development processes and become components of proprietary Grifols assays HCV With FDA Product E. Coli HIV HCV shipped in Yeast HBV HBV 2016 Reagents High-quality manufacturing: • FDA licensed manufacturer, compliant with cGMP standards (CFR 210, 211 & 820) • ISO 9001:2008 and 13485:2003 • First HCV antigen manufactured in the late 1980s (5-1-1) • Grifols continues to develop new antigens and improve processes: HIV combo launched in 2016 uses a new HIV antigen 10-250 l. scale 140 grams 6 licensed 22 products

CMF: Consolidated Manufacturing Facility Investing for future growth 253 Investors’ & Analysts’ Meeting 2017 I Emeryville CMF: Consolidated Manufacturing Facility Tour logistics • Zack McGahey Head Facilities • Kim Berger Rino Lee • Norbert Piel 254 Investors’ & Analysts’ Meeting 2017 I Emeryville Presenters at CMFGroup A Preston Thomas • Rodger Sheppa • Christian MayerGroup B Head Quality Group C Presenters at R&DGrace Ching R&D • Jody BerryGroup D Josep Salvador Maturana Grifols Engineering Please leave your belongings in the tent You may collect your items at the end of the tour 4-story facility4th Floor Utilities / Maintenance space

Thursday, June 8th 2017 Emeryville 257 Investors’ & Analysts’ Meeting 2017 I Emeryville Bio Supplies Division Strengthening our diversified recurring revenue base Alfredo Arroyo Chief Financial Officer Time Topic Presenter 08:00Pick up from hotels 08:30Arrival at Grifols Diagnostic Solutions (GDS) headquarters 08:30 - 09:00Coffee 09:00Bio Supplies Division introductionA. Arroyo 09:00 - 09:30Access BiologicalsM. Crowley 09:30 - 10:15Innovation: redefining the industryD. Bell 10:15 - 10:45Coffee break 10:45 - 11:45Financials: focus on profitable growthA. Arroyo 11:45 - 12:15Q&A 12:15 - 12:45Driving value creation through disciplined strategy executionV. Grífols Deu 12:45Lunch and transfers to airport

Bio Supplies Division Strengthening our diversified recurring revenue base • Access Biologicals, serving the Diagnostic and Life Sciences industries, 259 Investors’ & Analysts’ Meeting 2017 I Emeryville Access Biologicals LLC Powering growth through optimization and innovation Mike Crowley Managing Director Bio Supplies • The new Bio Supplies Division includes revenues from manufacturing agreements, biological products for non-therapeutic use and other biological products • Current revenues were previously included in Raw Materials and Bioscience • To enhance its business, Grifols acquired 49% of Access Biologicals, with a 5-year call option manufactures biological products for biopharmaceutical, in-vitro Diagnostic cell culture companies and Diagnostic research and development • Supply agreement to sell to Access Biologicals plasma products for non-therapeutic use • In the future, this new division will make a very positive revenue and margin contribution

The Access Biologicals advantage non-supply chain: Full control of the use production of our products serve: Biopharma, 261 Investors’ & Analysts’ Meeting 2017 I Emeryville The Access Biologicals’ model into diagnostic controls/calibrators used by large licensing for numerous disease state markers. • Our testing lab includes an extensive selection of 262 Investors’ & Analysts’ Meeting 2017 I Emeryville What we do: • Access Biologicals manufactures non-injectable plasma instrument manufactures as reagents. • We provide the liquid component used for testing patient samples to validate accuracy and performance of the instrument prior to reporting the test results. Closed loop supply chain: • Access Biologicals owns a collection center and the instruments for customization of plasma characteristics per customer specifications. What we do: Manufacture biological products for Closed loop therapeutic collection, Who we testing, and human biological in-vitro Dx cell culture, and diagnostic R&D

Robust strategy to increase market share opportunities as we internally source all raw materials and own the 263 Investors’ & Analysts’ Meeting 2017 I Emeryville Margin enhancement through better utilization of existing facilities and resources AB’s Vista, CA capabilities are ideally suited to manufacture raw materials into value-added diagnostic reagents 60% 50% 40% 264 Investors’ & Analysts’ Meeting 2017 I Emeryville 70% AB’s Vista, CA caApBa’sbiVlitisetsa,aCreAideally suciatepdabtoilitmieasnaurfeacidtueraelly raswuitmedatteorimalsaninutfoacvtaulruee-adradwedmdaiategrniaolstincto value-reaadgdeendtsdiagnostic reagents 30% 20% 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 Utilization rate of existing facilities Sales Channels • Capitalize on Access Biologicals’ sales channels of over 275 unique corporate customers to increase sales volume of the non-therapeutic products Vendor Approvals • Leverage Access Biologicals’ customer vendor approvals for the introduction of new products. • As vendor consolidation continues, we are able to strengthen our market position. Cell Culture Manufacturing • Use Access Biologicals’ manufacturing capabilities to produce serum media components for the fast growing immunotherapy market. • The immunotherapy market has substantial high-margin growth manufacturing facilities.

Grifols has a long history of transformative innovation …which has defined the very essence of our industry 267 Investors’ & Analysts’ Meeting 2017 I Emeryville Grifols is a recognized leader of innovation Ranked among the world’s 100 most innovative companies for fourth consecutive year 268 Investors’ & Analysts’ Meeting 2017 I Emeryville Establishing the core Paving the way for the birth of Redefining technology through technology of plasmapheresis the plasma fractionation engineering and manufacturing industry as we know it today pre-eminence Grifols remains a recognized leader in innovation by advancing the field of plasma therapeutics while also exploring new platforms for growth

Innovation across divisions 2016-2017 regulatory submissions snapshot 269 Investors’ & Analysts’ Meeting 2017 I Emeryville Innovation is embedded in Grifols pioneering spirit The objective is R&D drives long-term growth and profitability keeping it competitive and services to global company’s mission 270 Investors’ & Analysts’ Meeting 2017 I Emeryville Creativity • Foster an environment of creativity, actively looking for disruptive technologies and value-enhancing opportunities Broad Engagement • Ensure all employees are engaged across commercial divisions and Engineering • Drive an interdisciplinary approach to discovering and capitalizing on emerging technology and business: incorporating R&D, Commercial (Sales/Marketing), Regulatory, Manufacturing, Medical & Scientific Affairs Latitude • Drive innovation that includes internal and external R&D projects, collaborations, investments, licensing, ISRs and IP Differentiation • Ensure industry leadership in all of our product and service offerings INNOVATION OBJECTIVES: Meet market requirements and support the business by Broaden and deepen our product offerings to drive long-term growth and profitability Bring innovative therapies markets to further the distinct Sponsored (ISR) 864 regulatory submissions for product approvals Biologic Diagnostic Hospital products Products products 35 Partner studies 389 Patents granted FDA approvals EMA approvals (or other European) Other regulatory authorities Total approvals 35 5 51 26 26 177 392 263 423 26 Under the Grifols Investigator Research Program covering 7 varied disease states Covering 46 inventions

Our innovation strategy Exploit existing capabilities while exploring new opportunities advances to fundamentally change our business • Develop new testing solutions for product and opportunities) • Pursue incremental improvements in existing enhance our portfolio deliver ever-greater value 272 Investors’ & Analysts’ Meeting 2017 I Emeryville A broad and differentiated portfolioExploratory breakthroughs • Maximize the liter (new proteins, new indications) • Leverage and apply technological/process • Expand the market (adjacencies/complementary patient safety products/operations to drive efficiencies and • Advance disruptive technologies that profoundly Strategic collaborations • Partnerships with over 35 leading universities and institutions, including Stanford University, Harvard University, the Mayo Clinic, Hospital Clinic Barcelona, University of Pittsburgh and Fundación Ace • GIANT: Leveraging our external investments for commercial success Our simple goal: redefine the industry

Strategic collaborations: leveraging internal & external expertise Side-by-side exploration of basic science and disruptive technology nerships and investments act as an extension to our internal R&D department allowing researchers help drive our innovation strategy from 8.7% nerships and investments 400 9% 7% 6% Düdingen, Switzerland Diagnostic 300 250 200 LA and San Bioscience and 273 Investors’ & Analysts’ Meeting 2017 I Emeryville Broad and differentiated portfolio - Selected projects Three innovation horizons for Bioscience • Inhaled (maintenance) factors 274 Investors’ & Analysts’ Meeting 2017 I Emeryville Near-term < 3 years Mid-term 3-5 years Long-term 5-10 years New technology • SCIG (Subcutaneous) • Albumin in bags • Liquid A-1PI • Reduced volume pdFVIII • IGIM Hyperimmunes • Flexible dosing • IVIG in bags • Transdermal New instrumentation • Neurologic disease modulation • Alzheimer’s (AMBAR) • MMN • Myasthenia Gravis (crisis) • Diseases associated with aging (cognitive and motor function) • Albumin • Liver failure • Cirrhosis • Myasthenia Gravis • Biosurgery New products • Fibrin sealant • Thrombin • Inhaled antibiotics for BE • Plasma youth factors for disease modulation • Aging inhibitors and youth Our part our teams Approximately 100 additional within our part Grifols R&D to collaborate with world-renowned researchers on the exploration of basic science and disruptive technologies 1,000 Grifols employees are involved in R&D. Over sites 350 8% 5.3% 5% 4% Barcelona, Bilbao and 150 3% Zaragoza, Spain 100 2% Bioscience and Diagnostic 50 1% Research Triangle Park, NC 0 0% Bioscience 2011 2012 2013 2014 2015 2016 In house R&D External R&D R&D % on NR Emeryville, Diego, CA Diagnostic 7.0%7.3% 5.9% 77 5.4% 56 1 12 114 218 218 30 169 122 127 126 Group R&D investment evolution (EURm)

Broad and differentiated portfolio - Selected projects Three innovation horizons for Diagnostic screening - single molecule • Next generation sequencing Hemostasis kits NextGen sequencing 275 Investors’ & Analysts’ Meeting 2017 I Emeryville Expanding indications through partnerships Investigator Sponsored Research (ISR) studies 276 Investors’ & Analysts’ Meeting 2017 I Emeryville Immunoglobulin • Refine diagnosis in CIDP • Biomarkers of azonal changes in solid organ transplantation • Cutaneous lupus erythematosus • Small fiber neuropathy • Demyelination in diabetes mellitus Alpha-1 Antitrypsin • Assessing risk of COPD in PI MZ genotype • Dose adjustment on microbiome profiles • ST-Segment elevation acute myocardial infarction • Bronchiolitis obliterans Albumin • Management of patients requiring dialysis for acute kidney failure • Prevention of renal failure from complications of cirrhosis • Improvement of coronary integrity in heart transplant Near-term < 3 years Mid-term 3-5 years Long-term 5-10 years New technology • Enhanced blood collection systems • Reagent red blood cells manufacturing using recombinant red cells antigens • Promonitor Quick (lateral flow) for anti-IFX • Next generation donor screening - single molecule counting • Next generation donor counting New instrumentation • High throughput Hemostasis instrument • NAT automation • Immunohematology gel card reader • Middleware software • IH Multicard automation • Next generation immunoassay instrument New products • New NAT virus test development (Zika, Babesia) • A1AT genotyping test (for alpha-1 deficiency) • IH Blood genotyping (D) kit • New kits for biologicals treatments monitoring • New assays for emerging pathogens • Multiple target testing (multiplexed) • Reagents: D-Dimer • Pathogen detection by

Expanding indications through partnerships Investigator Sponsored Research (ISR) studies • Superiority as an hemostatic drug vs. rFVIII 277 Investors’ & Analysts’ Meeting 2017 I Emeryville Exploratory breakthroughs Redefining the future through disruptive technology 278 Investors’ & Analysts’ Meeting 2017 I Emeryville Identifying Aging and youth Polyclonal Therapeutics for Unlocking the disease factors in plasma recombinant the prevention of human proteome biomarkers for proteins antibodies disease for therapeutic predictive value diagnosis and treatment Antithrombin • Prevent bleeding complications in pediatric patients requiring heart-lung machine support (ECMO) • Acute respiratory distress syndrome (ARDS) pdFactor VIII • Mechanisms of immunotolerance

Tackling neurodegenerative diseases Comprehensive approach to the fight against Alzheimer's 279 Investors’ & Analysts’ Meeting 2017 I Emeryville Transformative therapies relating to the aging process Expanding our plasma-derived proteins 280 Investors’ & Analysts’ Meeting 2017 I Emeryville • Identify plasma-based proteins that function as “youth” or “aging” factors/triggers • Develop function-restoring and enhancing therapies derived from plasma and its recombinant analogs • Proteomic analysis of plasma and plasma fractions occurring at a remarkable rate, accelerating the pathway to therapeutic success • Clinical trials initiated in humans • Grifols AMBAR study (launched 2012), combines the use of plasma products (albumin, IVIG) and plasmapheresis to treat Alzheimer's disease. In November 2015, the study released intermediate results that support the feasibility of the treatment. The last patient visit is scheduled for 2017 • Diagnostics: Early detection of Alzheimer’s Disease - ability to differentiate from other dementias • Treatment: Alzheimer’s - Preventative therapeutic against scientifically accepted targets • Testing: Capabilities in our CLIA Laboratory in San Marcos, TX

Key takeaways Redefining our industry 283 Investors’ & Analysts’ Meeting 2017 I Emeryville Investors’ & Analysts’ Meeting 2017 Emeryville (California, USA) June 7th and 8th, 2017 InnovationCollaborationSuccess We are redefining the Plasma Our collaborative model of Our success will ensure our Therapeutics and Specialty innovation leverages internal continued status as an Diagnostics fields with a expertise, partnerships and industry leader, differentiated product portfolio strategic investments - commercializing cutting-edge and disruptive technologies providing access to top technologies that enhance that will change the course of researchers, creative ideas patient health and product the these industries and disruptive technologies quality

Grifols investment case Positioned for success 2011 2012 2013 2014 2015 2016 1Q 2017A portfolio in transfusion medicine RoW 2% Supplies 16% EU Bioscience 69% 287 Investors’ & Analysts’ Meeting 2017 I Emeryville Grifols investment case Strengthening the value chain across the 3 main divisions in Spain and Latin America 288 Investors’ & Analysts’ Meeting 2017 I Emeryville Bioscience • Global producer with market leadership to be further enhanced by ongoing capacity expansion programs • Plasma derived therapies expected to continue growing supported by favorable demand and supply dynamics • Focused R&D to support and contribute future growth Diagnostic • Steady growth. Highly profitable business • Market leadership in transfusion medicine • Continuous investment in new diagnostic technologies Hospital • Maintain leadership in Spain • Leader in the introduction of hospital logistics automation systems • Strengthening presence in the U.S. market • Global presence with a diversified revenue base Grifols revenue evolution (EURm) CAGR: • Leading player in plasma-derivatives industry +11.7% • Vertically integrated business model • Improved market dynamic for plasma-derivatives products with strong fundamentals and barriers to entry (1) LTM • Leading market position and a full product Hospital Bio • Attractive margins with significant cash flow Diagnostic 1% 16% generation 15% • Significant value creation through acquisitions US & Canada • Refinance process completed: value creation 81% 1. 2011 figures are proforma for Talecris acquisition 2. Net revenue breakdown based on 1Q2017 figures By geography(2) By division(2) 3,935 4,050 4,153 3,355 2,621 2,742 2,303

Grifols investment case Strengthening the value chain: New Bio Supplies Division 289 Investors’ & Analysts’ Meeting 2017 I Emeryville 290 Investors’ & Analysts’ Meeting 2017 I Emeryville Grifols by the numbers Long-term growth trajectory Bio Supplies • The new Bio Supplies Division includes revenues from manufacturing agreements, biological products for non-therapeutic use and other biological products • Current revenues were previously included in Raw Materials and Bioscience • To enhance its business, Grifols acquired 49% of Access Biologicals, with a 5-year call option • Access Biologicals, serving the Diagnostic and Life Sciences industries, manufactures biological products for biopharmaceutical, in-vitro Diagnostic cell culture companies and Diagnostic research and development • Supply agreement to sell to Access Biologicals plasma products for non-therapeutic use • In the future, this new division will make a very positive revenue and margin contribution

Grifols by the numbers: long-term growth trajectory Building a financial track record (EURm except %) 291 Investors’ & Analysts’ Meeting 2017 I Emeryville Grifols by the numbers: long-term growth trajectory Building a financial track record (EURm except %) CAGR: +6.0% 292 Investors’ & Analysts’ Meeting 2017 I Emeryville DIAGNOSTIC 1Q2017: +41.4% 2011201220132014201520161Q 2017 691 664 620 117 134 130 BIOSCIENCE 1Q2017: CAGR: +15.1% +9.7% 2011 (1)201220132014201520161Q 2017 (2) Note: 1. 2011 figures are proforma for Talecris acquisition. 2. 1Q2017 growth includes the reclassification of the biological products for non-therapeutic use 1Q 2017 sales that since January of 2017 are reported in the Bio Supplies Division 3,228 3,032 2,449 2,514 2,325 2,031

Grifols by the numbers: long-term growth trajectory Building a financial track record (EURm except %) +0.6% +0.7% 293 Investors’ & Analysts’ Meeting 2017 I Emeryville Grifols by the numbers: long-term growth trajectory High margins with significant cash flow generation (EURm except %) 10% 294 Investors’ & Analysts’ Meeting 2017 I Emeryville EBITDA(1),(2) CAGR: 1,500 +9.6% 30.4% 30% 1,200 900 20% 600 300 0 0% 2011 2012 2013 2014 2015 2016 1Q 2017 Note: 1. 2011 figures are proforma for Talecris acquisition 2. 2011 and 1Q 2017 EBITDA are Adjusted EBITDA 29.5% 28.2% 31.5% 31.2% 27.4% 30.1% 1,162 1,141 1,047 865 789 700 HOSPITAL CAGR: 1Q2017: 2011201220132014201520161Q 2017 99 95 96 97 95 96

Grifols by the numbers: long-term growth trajectory Financial strengths: 2016 through 1Q 2017 297 Investors’ & Analysts’ Meeting 2017 I Emeryville Grifols by the numbers: long-term growth trajectory Financial strengths: 2016 through 1Q 2017 298 Investors’ & Analysts’ Meeting 2017 I Emeryville Margin • Bioscience impacted by the plasma costs related with a significant opening of new donation centers • Diagnostic margins improved in H2 2016. Margin boosted as a result of the NAT acquisition in 1Q 2017 • Significant royalty revenues drop as planned in 2016 Cash flow • Net operating cash flow of EUR 553m in 2016 and EUR 640m for 1Q 2017 LTM • 1Q 2017 strong cash position despite of the NAT acquisition cash payment and transaction and refinancing costs • Leverage ratio increased to 4.45x at 1Q 2017 from 3.55x at December 31, 2016 due to the NAT acquisition Bioscience Revenues Steady growth in 2016 (+6.6% cc in 2016). Improved market dynamics in H1 2017 (+11.9% cc in 1Q 2017) • Alpha-1 continued its double-digit hike • Albumin banked on China sales increase • IVIG robust growth in the U.S. • pdFVIII: lower volumes offset by a shift to higher-priced areas (positive geographic mix) Diagnostic Revenues Turning into positive growth in H2 2016 and 1Q 2017 (+3.3% cc in 1Q 2017) • NAT reversed H1 low sales in H2 2016. NAT integrated business delivered further growth in 1Q 2017 driven by the U.S., China and Japan • Immunoassay impacted by Abbott contract (H1 2016) and lower manufacturing costs • Immunohematology strengthening its position in U.S. Hospital Revenues Flat performance in 2016 and 1Q 2017 • Main contributions from Intravenous Solutions and Pharmatech • Internationalization with presence in the U.S., Portugal, Chile and several countries of Asia-Pacific

Grifols by the numbers: long-term growth trajectory Capital allocation: Capex for growth • Continued emphasis on execution and 2013 2014 2015 2016 1Q 2017A 299 Investors’ & Analysts’ Meeting 2017 I Emeryville Grifols by the numbers: long-term growth trajectory Capital allocation: 2016-2020 Capex plan 300 Investors’ & Analysts’ Meeting 2017 I Emeryville (EU(ERUmR)m) • Emeryville Horizon project • Barcelona plant new facilities • New fractionation plant • IVIG, alpha-1 and albumin purification and filling facility • New plasma collection centers • Relocation /improvements/ expansions • Managed 1Q 2017 LTM Capex to Capex evolution1 EUR 273m (EURm) 5.5% 7.5% 6.8% 6.7% 6.6% capital allocation efficacy and return • New wave of investment for additional capacity in Bioscience Division • Maintenance vs expansion capex: half-and-half LTM as % of sales Note: 1. Includes investments in PP&E; excludes extraordinary cash flow items 1. Includes investments in PP&E and intangible assets, excludes extraordinary cash flow items. 252 266 268 273 152

Grifols by the numbers: long-term growth trajectory Enhancing the portfolio and securing future growth through acquisitions 301 Investors’ & Analysts’ Meeting 2017 I Emeryville Grifols by the numbers: long-term growth trajectory Solid Balance Sheet: Sound financial position bn 302 Investors’ & Analysts’ Meeting 2017 I Emeryville (EURbn) 10.1bn +15.6%11.7bn 2.2% Cash on hand: €895m 2016 2016 Q1 2017 Q1 2017 3.7bn Equity Cash on hand: €737m 3.8bn Equity 9 0.9 United StatesUnited StatesUnited StatesUnited States May 2016May 2016January 2017February 2017 Stake of 49%Stake of 20%Stake of 49%6 plasma centers in the U.S. USD100m USD50mUSD51mUSD47m One of the main privateHighly sensitive technology Manufacture of biologicalGrifols already runs the and independent plasmaapplicable to both transfusionproducts, such as specific6 plasma centers suppliers in the U.S.and specialty diagnosticsintravenous and plasmafrom March 1, 2017 Currently one of Grifols’reagents, which are used by external plasma suppliersEnable high-value assaysbiotechnological and using rare biomarkersbiopharmaceutical companies The acquisition enables to for in-vitro diagnosis, cell strengthen plasma sources culture and research and development in the field of 3-year call optiondiagnosis 5-year call option

Capturing the value of integration The acquisition transforms Diagnostic into an integrated, high-margin business 305 Investors’ & Analysts’ Meeting 2017 I Emeryville Capturing the value of integration Significant increase in profitability c.40% Division 117 capabilities makes a significant margin 306 Investors’ & Analysts’ Meeting 2017 I Emeryville • This transaction is part of the growth Diagnostic Adjusted EBITDA 1Q 2017 LTM Proforma Combined strategy envisaged for the Diagnostic (EURm) • The acquisition enables Grifols to continue 261 strengthening its leading position in transfusion medicine c.17% • The integration of manufacturing and R&D 117 contribution 1Q 2017 LTM ex-HOL Hologic NAT 1Q 2017 LTM • The entire cash flow is transferred to Grifols Proforma Combined 144 Vertically integrated NAT business • Creates a vertically integrated NAT business across R&D, manufacturing, sales & marketing and corporate functions • Captures operational efficiency across the whole value chain Consolidated diagnostics platform • Further consolidates diagnostics capabilities, combining NAT Blood Screening, Immunoassay Blood Donor Screening and Immunohematology businesses Enhanced market leadership • Enhances Grifols Diagnostic leadership position in the global diagnostics market, with an estimated c.60% share global blood donations Significant margin expansion • The transaction improves Diagnostic EBITDA margin from c.17% to c.40% and Grifols Group EBITDA margin by +350bps

307 Investors’ & Analysts’ Meeting 2017 I Emeryville Building value through debt refinancing Leveraging our strength: targets achieved 308 Investors’ & Analysts’ Meeting 2017 I Emeryville USD7.3bn Debt refinanced TLA (USD3.0bn) RCF (USD0A.3vbenr)age Interest Cost l oTwLeBr t(hUaSnD3.%0bn) HY Bond EUR 1.0bn Margin: L+175bps Margin: L+225bps Coupon: 3.2% Tenor: 6 years Tenor: 8 years Tenor: 8 years Quasi-Bullet amortization Bullet amortization Bullet amortization Interest rate reduction1,2: c.-120bps Financial expenses1 annual reduction: c.EUR -80m Average Interest Cost lower than 3% Note: 1. Like-for-like 2. Weighted average annual interest rate reduction Building value through debt refinancing

Enhanced growth and margin Managing the business to achieve industry-leading returns • Drive revenue growth through delivery of innovation of new plasma products and new • Enhance product portfolio to strengthen competitive edge and investment in new technologies with 311 Investors’ & Analysts’ Meeting 2017 I Emeryville 312 Investors’ & Analysts’ Meeting 2017 I Emeryville Return to shareholders Bioscience • Effectively drive organic growth through diagnosis and treatments • Accelerate market development in relevant global markets • Capacity leadership in plasma collection and manufacturing to maximize growth opportunities formulations • Volume and scale driving costs improvements Diagnostic • Effectively drive growth and profitability across the value chain • Expand commercial reach through products and customers, geographies and distribution networks • Increase manufacturing capabilities broad applicability • Leverage leadership position in the transfusion medicine space. Specialty diagnostics growth Hospital • Increase scale and profitability • Global expansion increasing presence in the U.S. market • Optimize current manufacturing capabilities • Timely innovation projects to support future division growth and value creation • Leverage existing business capabilities and product portfolios

Key takeaways Creating long-term value 315 Investors’ & Analysts’ Meeting 2017 I Emeryville Strategy Update Driving value creation through strategy execution Víctor Grífols Deu Co-CEO disciplined • Maintain long-term industry growth and returns • Global plasma industry has historically enjoyed significant and steady growth and is expected to experience further 6-7% annual sustainable growth • Strengthen market leadership in a high margin transfusion medicine industry • NAT acquisition: capture value-chain benefits, leverage capabilities • Refinancing process: long-term value creation • Target profitable growth together with cash flow generation • Financial policy and capital allocation well established, efficient, disciplined and focused • Continued dividend distribution to create value through profitable growth

Grifols Mission 317 Investors’ & Analysts’ Meeting 2017 I Emeryville Grifols in 2017: company profile and global footprint Subsidiaries Distribution Future markets New assets in San Diego, CA Subsidiaries in 30+ countries Distribution in 100+ countries Nearly 16,000 318 Investors’ & Analysts’ Meeting 2017 I Emeryville Manufacturing in 10 sites worldwide employees worldwide Grifols is a leading, diversified, global Bioscience company with a growing position in the Diagnostic and Hospital fields Our mission is to provide state-of-the-art therapies, products and services to our patients and customers around the world while delivering value to shareholders

Three growth horizons 319 Investors’ & Analysts’ Meeting 2017 I Emeryville Highlights of our focused and disciplined growth strategy to date Optimal flexibility for Global market share 35+ academic Antigen manufacturing Expansion into Mid Grifols Engineering 320 Investors’ & Analysts’ Meeting 2017 I Emeryville Core BusinessGlobalCapacityInnovationMulti-Business OptimizationExpansionLeadershipAccelerationBuild Alpha and Talecris Commercial 180 plasma collection GIANT and Office of Novartis Dx and acquisitions subsidiaries in over 30 centers Innovation Hologic NAT countries acquisitions Biomat and other donor 13.9m liters Alkahest, Araclon, … center acquisitions Distribution in over 100 fractionation capacity etc., partnerships Access Biologicals countries acquisition leader for IVIG, alpha-1, GWWO in Dublin paste exchange collaborations Kiro® Oncology Robot albumin, pdFVIII partnership and launch Yield improvements East and Asia growth expansion in Emeryville (ABO1)…etc. Linhaliq bolt-on markets Note: 1. ABO: Automated plasma Bottle Opener Drive Leadership, Scale & Balance the Portfolio Profitability Build On Core Business Bioscience Focus Diagnostic Focus Bioscience Diagnostic Hospital Future To Date

Results: top-line growth 4,000 3,400 3,000 2,400 2,000 600 321 Investors’ & Analysts’ Meeting 2017 I Emeryville Results: diversified revenue base 2010 2016 Hospital Others Others 2% Diagnostic 4% Hospital 3% 3% 4% Diagnostic 16% Bioscience 79% Bioscience 89% 322 Investors’ & Analysts’ Meeting 2017 I Emeryville 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 1992 1991 1990 1989 1988 1987 1986 1985 1984 1983 1982 1981 1980 1979 1978 1977 1976 1975 (EUR million) Hologic NAT Acquisition Novartis Diagnostic Acquisition 4,200 3,800 Acquisition of Australian Group - Diagnostic 3,600 3,200 2,800 2,600 2,200 1,800 1,600 Barcelona Plant licensed 1,400 Internationalization starts by FDA 1,200 Spain joins EU 1,000 800 400 200 0 Talecris Acquisition Acquisition PlasmaCare, Inc & Baxter centers Acquisition of ATC Assets & Flebogamma FDA licensed Biomat acquisition Grifols acquires Alpha shares European expansion Alpha acquires 50% of Grifols

We are well positioned for the future Operating in growth markets opportunities that enhance shareholder value Compounding Plasma Market IVD Market Market Growth • New leadership but unchanged 325 Investors’ & Analysts’ Meeting 2017 I Emeryville Focus going forward Unlocking value for profitable growth across all businesses high margin, specialty leader with synergistic plasma therapeutics 326 Investors’ & Analysts’ Meeting 2017 I Emeryville BIOSCIENCE DIVISION DIAGNOSTICS DIVISION HOSPITAL DIVISION Continued leadership in the Expanding an integrated, Building a profitable niche industry business strength Executing on these opportunities • Capabilities, platforms and infrastructure to drive growth • Vertically integrated businesses to manage margins and value chain 6-7% 5% 6% • FCF(1) to take advantage of GrowthGrowthPharmacy philosophy, vision and strategy • Track record of strategy execution with financial discipline Note: 1. FCF: Free Cash flow

Continued leadership in the plasma therapeutics industry Grifols is the global market leader for 3 major proteins(1) 68% Sustained Bioscience revenue growth 327 Investors’ & Analysts’ Meeting 2017 I Emeryville Continued leadership in the plasma therapeutics industry Bioscience has a clear roadmap Drive geographic expansion in relevant global markets 328 Investors’ & Analysts’ Meeting 2017 I Emeryville Drive organic growth through diagnosis and treatments bolstered by excellent supply/demand dynamics Plasma protein therapeutics willwhile balancing whole liter economics for margin protection continue to be at the core of ourIncrease plasma collection and processing capabilities Bioscience Divisionwhile controlling cost-per-unit evolution strategyLead the market in new products and indications (Alzheimer's), while investing in exploratory breakthroughs (Alkahest) • Expand and leverage current uses of plasma (Bio-supplies) • Execute on partnerships that expand our portfolio Revenue (EURbn) 3.5 23% 3.0 2.5 2.0 1.5 1.0 0.5 20% 0.0 2010 2011 2012 2013 2014 2015 2016 17% 18% global market share in 2016(1) Note: 1. Source: Grifols internal provisional data, 2016 Global market share for Albumin #2 position Global market share for pdFVIII #1 position Global market share for Alpha-1 #1 position Global market share for IVIG #1 position

Continued leadership in the plasma therapeutics industry The foundations of successful growth Fractionation capacity growth (# of Centers) (EURm) +50% 230 350 8% 6% 171 4% 2% 0% 100 329 Investors’ & Analysts’ Meeting 2017 I Emeryville Expanding an integrated, high-margin specialty business Diagnostic is a fast evolving business foundation BD activities 330 Investors’ & Analysts’ Meeting 2017 I Emeryville Organic growth Grifols DiagnosticAcquisitionAcquisition Building aComplementary High margin and specialty Future To Date Novartis DxHologic IncreasingEnhancing scaleprofitability Donor center growthInnovation investment (m liters) 19.040010% 300 5.4% 5.3% 5.9% 150 160 250 200 150 50 -2% 0-4% 2014 2015 2016 2017FC 2018FC 2019FC 2011 2016 2022FC 2011 2012 2013 2014 2015 2016 R&D as % NRExternal R&D In-house R&D Plasma procurement and fractionation capacity expansions are aligned,A consistent investment in on track and able to support dynamic growthinnovation 190 194 13.9 8.0 8.7% 7.0% 7.3% 7 56 1 12 114 218 218 30 169 122 127 126

Expanding an integrated, high-margin specialty business Diagnostic has a clear niche leadership roadmap (Project Horizon) business - focused technology) to develop high specialty products and enter 331 Investors’ & Analysts’ Meeting 2017 I Emeryville Expanding an integrated, high-margin specialty business Diagnostic value creation path 332 Investors’ & Analysts’ Meeting 2017 I Emeryville COMPETITIVE ADVANTAGE COMPETITIVE ADVANTAGE HighHigh Blo Immunoassay od & Plasma or Hemostasis Don Blood Typing or Screening Infe Dis ctious ease Low PROFITABILITY Highgh Current View Future View Blood & Plasma Don Screening Immunoassay Blood Typing Hemostasis Infe Dis ctious ease Low PROFITABILTY Hi Grow and harness the full profitability of our NAT blood screening business We will leverage our leadership inProfit from the broadest Blood Typing Solutions portfolio in transfusionthe market medicine to build aLeverage recombinant protein expertise and capacity, specialty Dxfurther growing specialty diagnostics manufacturing on niche marketsOptimize investments in new platforms (Singulex new segments Complement organic growth with synergistic partnerships and business development

Building a niche hospital leader with synergistic strengths Hospital focus on core business development and profitable growth 333 Investors’ & Analysts’ Meeting 2017 I Emeryville Building a niche hospital leader with synergistic strengths Hospital has a clear niche leadership roadmap Leverage highly automated facilities for LVPs for low unit 334 Investors’ & Analysts’ Meeting 2017 I Emeryville Rebalance portfolio and refocus on profitability Integrated, “smart” hospital pharmacyAccelerate U.S. expansion with IV solutions and KIRO solutions will drivethrough organic and BD strategies our Hospital Division strategycost and adaptability to profit from market conditions Leverage sterile compounding expertise and products to develop new software applications and next generation enhancements Explore opportunities to build portfolio through BD activities and leverage capabilities for Bioscience Portfolio and Market Development Develop our position in the U.S. hospital pharmacy market Core Business Strengthen and grow core business in Iberia/LATAM Hospital pharmacy market drivers align with Grifols strengths

335 Investors’ & Analysts’ Meeting 2017 I Emeryville Key takeaways Driving value creation through disciplined strategy execution 336 Investors’ & Analysts’ Meeting 2017 I Emeryville Core BusinessGlobalCapacityInnovationMulti-Business OptimizationExpansionLeadershipAccelerationBuild PlasmaProfitable growthA foundation forInnovation from allDiagnostic a therapeutics as the and expansionleadership and businesses as aprofitable growth core business - now organically andprofitable, multi-focus and priorityengine and Hospital and tomorrowthrough BDbusiness growthan emerging business with opportunities Drive sales growth and manage EBITDA margins Key takeaways Driving value creation through disciplined strategy execution

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereto duly authorized.

	Grifols, S.A.


	By:	/s/ David I. Bell
		Name: David I. Bell
		Title: Authorized Signatory

Date: June 7, 2017