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 February 2019

(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-         .               .

Grifols, S.A.

TABLE OF CONTENTS

Item		Sequential Page Number
1.	Press release, dated February 28, 2019	1
2.	Consolidated Annual Accounts for the year ended December 31, 2018	19

2018 Annual Results Grifols reports EUR 4,487 million in revenues, with 9.2% operating growth and EUR 597 million in net profit Bioscience Division leads growth with an operating increase of 8.0% and EUR 3,517 million in revenues, driven by solid sales of the main plasma proteins throughout the year, particularly immunoglobulin Diagnostic Division sales remain stable at EUR 702 million; Hospital Division achieves 16.0% operational growth and EUR 120 million in revenues, fueled by strong U.S. sales. Bio Supplies reports EUR 167 million in sales revenues Grifols’ underlying EBITDA1 totals EUR 1,218 million, a 27.7% margin Net income amounted to EUR 597 million, driven primarily by robust sales and enhanced financial performance  Grifols is the global leader in plasma donation centers, managing 256 centers in the U.S. and Europe Grifols generates high and sustainable operating cash flows that provide the necessary solvency to meet its planned investments amid a context of growth: more than EUR 540 million allocated to capital investments (CAPEX) and R+D+i Grifols workforce grew by 16% to 21,230 employees worldwide Barcelona (Spain), February 28, 2019.-Grifols (MCE:GRF, MCE:GRF.P, NASDAQ:GRFS) recorded EUR 4,486.7 million in revenues in FY 2018, with 9.2% cc2 year-on-year growth (3.9% taking into account exchange rate variations). The company reported growth in all divisions and geographic regions where it operates. The Bioscience Division led Grifols’ growth. The division’s revenues grew to EUR 3,516.7 million, with operational growth of 8.0% cc (2.5% considering exchange rate variations). Continued higher demand for its main plasma-derived products was the driving force behind this upswing. Of note were higher sales and price points of immunoglobulin in some markets. The sales upswing of these plasma proteins, together with certain specialty immunoglobulins, offset the drop in factor VIII sales. The renewal processes of certain licenses in China suffered delays in the last quarter of 2018, impacting sales. 1 Underlying EBITDA excludes the impact derived from Haema and Biotest plasma third-party sales. 2 Operating or constant currency (cc) excludes exchange rate variations of the year. Page 1 of 18 Free translation from the original in Spanish. In the event of discrepancy, the Spanish language version will prevail.

Diagnostic Division revenues remained stable, growing by 0.7% cc (-4.1% considering exchange rate variations) to EUR 702,3 million. Grifols is a global leader in transfusion medicine, the division’s main growth driver. The Hospital Division reported EUR 119.5 million in sales in 2018, growing by 16.0% cc and 13.1% taking exchange rate variations into account. The division continued to note strong sales in all of its business lines. It leads the Spanish market in IV solutions. The division continues to offer a broad portfolio of hospital pharmacy solutions in Spain and Latin America, while expanding its business in the U.S. The Bio Supplies Division includes three main areas: sales of biological products for non-therapeutic uses, Kedrion manufacturing agreements, and third-party plasma sales from Haema and Biotest, which totaled EUR 80.3 million. Bio Supplies earned EUR 167.0 million in revenues in 2018, a substantial increase from the EUR 66.8 million reported in 2017. Underlying EBITDA1 increased to EUR 1,218.4 million, representing a 27.7% margin. Gross margin continues impacted by higher plasma costs as a result of Grifols’ efforts, both organic and inorganic, to increase access to its main raw material and fulfill the continued demand for its plasma-derived therapies. Grifols operates 256 centers in the U.S. and Europe, the largest plasma collection network in the world. This network includes the acquisition of six Kedplasma centers; 24 Biotest US centers in the U.S.; 35 Haema centers in Germany; and a newly inaugurated center, also in Germany, as part of its joint venture with Plasmavita Healthcare. The last quarter of the year saw a significantly higher demand for immunoglobulin, especially in the United States, where Grifols works on the launch of 20% subcutaneous immunoglobulin that will expand Grifols’ IG franchise. This upturn has affected the utilization of liters of plasma. Gross margin was also impacted by temporary albumin sales restriction in China; geographic mix of factor VIII sales, tender volatility; and the product mix of the Diagnostic Division, which reported stronger demand for antigens used to produce immunoassays and transfusion-medicine diagnostic instruments. In terms of operating expenses, Grifols decided to increase its R+D+i investment in certain projects, specifically those related to albumin, in light of the positive results of the AMBAR trial and trials on liver diseases (PRECIOSA and APACHE studies). Corporate operations, including Haema and Biotest acquisitions, as well as the negotiations with Shanghai RAAS, caused related operating expenses to rise. Grifols’ annual financial results totaled EUR 257.2 million. This figure includes an influx of EUR 32.0 million following the expected divestment in Tigenix, carried out in the second quarter of 2018. The effective tax rate was 18.1%, as a result of the U.S. tax reform, approved in December 2017. Page 2 of 18 Free translation from the original in Spanish. In the event of discrepancy, the Spanish language version will prevail.

Excluding non-recurrent expenses3 recognized at the end of 2017, Grifols’ net profit increased by 1.5% to EUR 596.6 million, compared to EUR 587.9 million in 2017. It represents 13.3% of revenues. Grifols’ net financial debt was EUR 5,343.1 million, including EUR 1,033.8 million in cash (EUR 886,5 million in 2017). The company has nearly EUR 400 million in undrawn lines of credit, which increase its liquidity position to nearly EUR 1,400 million. The group’s net financial debt over EBITDA ratio was 4.32x as of December 2018. This figure drops to 4.19x excluding the impact of exchange rate variations. Leverage management remains among the company’s top priorities. To this end, Grifols maintains high, sustainable levels of operational activities and strong net operating cash flow generation. The EUR 737.4 million cash flow from operating activities allows the firm to effectively undertake its planned investments in the current context of growth. Grifols allocated EUR 252.2 million in 2018 (EUR 271.1 in 2017) toward CAPEX and EUR 291.4 million (EUR 266.3 million in 2017) of net investments toward R+D+i. The company remains firmly committed to future growth and its long-term strategic vision. Grifols’ solid performance and positive cash flow trend helped reinforce the balance sheet. As of December 2018 consolidated assets totaled EUR 12,477.0 million (EUR 10,920.3 million in 2017). This upturn was fueled primarily by the Bioscience Division, which grew both organically and via corporate transactions, as well as by capital investments. At the close of 2018, Grifols agreed to sell Haema AG and Biotest US Corporation to Scranton Enterprises, B.V. for USD 538 million in order to monetize earlier these investments and reinforce its financial structure. Grifols maintains operational control of the plasma centers and holds an exclusive and irrevocable call option for both companies. Optimizing working capital remained a priority to strengthen the company’s financial position. Inventory levels increased to EUR 1,949.4 million, with a turnover of 292 days compared to 275 days in December 2017 following the roll-out of initiatives to anticipate and meet the solid demand of plasma-derived products. The days sales outstanding improved to 22 days (24 days in 2017), reflecting the optimization measures. The average payment period is 65 days, a slight increase from the 53-day period reported in 2017. The company’s equity as of December 31, 2018 was EUR 4,696.6 million. The share capital includes 426,129,798 common shares (Class A), with a nominal value of EUR 0.25 per share, and 261,425,110 non-voting shares (Class B), with a nominal value of EUR 0.05 per share. 3 It relates to the Hologic acquisition; the Aradigm assets reassessment; and the U.S. tax reform. Page 3 of 18 Free translation from the original in Spanish. In the event of discrepancy, the Spanish language version will prevail.

Two dividend payments totaling EUR 278.8 million were distributed in 2018. In the second quarter of 2018, a second dividend, charged against 2017 earnings, was paid out as a final dividend, and an interim dividend was paid in December 2018. Grifols remains committed to compensating its shareholders with dividend payouts. Key financial metrics 2018: (1) Figures exclude the non-recurring item s related to the Hologic acquisition; the Aradigm assets reassessm ent; and the U.S. tax reform (2) Excludes the im pact of plasm a sold to third parties Excludes non-recurring item s and associated with recent acquisitions; am ortiz ation of deferred expenses (3) associated to the refinancing and am ortiz ation of intangib le assets related to acquisitions (4) Constant currency (cc) excludes the im pact of exchange rate m ovem ents Page 4 of 18 TOTAL ASSETS December 2018 December 2017 % Var 14.3% 12,477.0 10,920.3 TOTAL EQUITY 4,696.6 3,634.0 29.2% CASH & CASH EQUIVALENTS 1,033.8 886.5 16.6% LEVERAGE RATIO 4.32/(4.19cc)(4) 3.96/(4.34 cc)(4) CAPEX 252.2 271.1 (7.0%) R&D NET INVESTMENT 291.4 266.3 9.4% EARNINGS PER SHARE (EPS) REPORTED 0.87 0.97 (10.0%) In m illions of euros except % and EPS NET REVENUES 2018 2017(1) % Var 3.9% 4,486.7 4,318.1 GROSS MARGIN UNDERLYING(2) GROSS MARGIN 46.4% 49.9% 45.7% 49.9% EBITDA UNDERLYING(2) % Net revenues 1,218.4 27.7% 1,218.8 28.2% 0.0% EBITDA REPORTED % Net revenues 1,222.7 27.3% 1,218.8 28.2% 0.3% GROUP PROFIT % Net revenues 596.6 587.9 1.5% 13.3% 13.6% ADJUSTED(3) GROUP PROFIT % Net revenues 680.5 660.2 3.1% 15.2% 15.3% Free translation from the original in Spanish. In the event of discrepancy, the Spanish language version will prevail.

PERFORMANCE OF GRIFOLS DIVISIONS: LEADERSHIP OF KEY DIVISIONS Bioscience drives growth: EUR 3,517 million in revenues and 8.0% cc growth The division grew by 8.0% cc in 2018 (2.5% taking the exchange rate fluctuations into account), to EUR 3,516.7 million. Robust sales of the main plasma proteins – immunoglobulin, albumin and alpha-1 antitrypsin – were the main drivers of revenue growth throughout the year. Of note were higher sales and price points of immunoglobulin in some markets. The sales upswing of these plasma proteins, together with certain specialty immunoglobulins, offset the drop in factor VIII sales. The renewal processes of certain licenses in China suffered delays in the last quarter of 2018, impacting sales. The demand for immunoglobulin remains strong in Grifols’ core markets, especially in the U.S. and main EU countries, led by Spain, Germany and the United Kingdom. Sales also grew in Turkey, Brazil and Australia, where, in addition to primary immunodeficiencies (PID), immunoglobulins are used to treat secondary immunodeficiencies (SID) and neurological diseases like chronic inflammatory demyelinating polyneuropathy (CIPD), a market segment that Grifols leads. Immunoglobulin sales achieved double-digit growth in 2018. Amid this context of market growth, Grifols plans to launch a 20% subcutaneous immunoglobulin in the second half of 2019. Albumin sales grew considerably in the U.S. and several European countries including Italy, the United Kingdom and Turkey. China remains a strategic market for Grifols, with significant underlying demand. Grifols continues as the market leader in alpha-1 antitrypsin sales. Market penetration of this plasma protein grew in the U.S. and main EU markets thanks to commercial efforts and growth in the number of diagnosed patients. Also of note is Grifols’ FDA-approved genetic test for alpha-1 deficiency and Prolastin®-C Liquid, recently introduced in the U.S. This liquid formulation enhances Grifols’ respiratory franchise, in addition of offering patients another treatment option. Sales of factor VIII sales fell notably in 2018 as a result of their declining use to treat patients with inhibitors. The company positions factor VIII as the optimal treatment for Hemophilia A patients, focusing its efforts in the U.S. and emerging markets. Grifols continues to promote its specialty proteins to enhance its differential product portfolio. Two new formulations helped boost sales in the specialty hyperimmunoglobulins segment: an anti-rabies immunoglobulin (HyperRAB®), with a twice the potency (300 IU/mL) of currently available rabies immune globulin options; and GamaSTAN®, an intramuscular immunoglobulin for patients exposed to hepatitis A or measles. Both products earned FDA approval in the first half of 2018. Page 5 of 18 Free translation from the original in Spanish. In the event of discrepancy, the Spanish language version will prevail.

Diagnostic Division remains stable: 0.7% growth cc leads to EUR 702 million in revenues The Diagnostic Division reported EUR 702.3 million in revenues, a 0.7% cc year-on-year increase and -4.1% taking exchange rate variations. Grifols is the global leader in transfusional diagnostics, the division’s main engine for growth in 2018. This business area includes NAT donor-screening diagnostics (Procleix® NAT Solutions), blood-typing solutions and the production of antigens for immunoassays. Higher NAT solutions sales were primarily fueled by an increase in plasma donations and the growing use of the Zika-virus screening test (Procleix® Zika Virus). The company’s product portfolio also incorporated newly FDA-approved reagents to detect HIV, hepatitis B and C virus (Procleix® Ultrio Elite), and the West Nile virus (Procleix® WNV), among others. In addition to the U.S., Latin America, Poland and Indonesia also reported strong sales for this leading-edge technology. The company continues its efforts to build its presence in the Middle East. The blood-typing line notably contributed to the division’s overall performance, particularly in the U.S., core markets in Latin America, Europe, and Saudi Arabia. European sales of Erytra Eflexis® gained traction, with more than 200 units sold since its June 2017 launch. Grifols already introduced the product in the U.S. in 2019 after obtaining FDA approval. Also of note in 2018 was the release of a new line of conventional antiserums, which broadened the product portfolio following its FDA approval. The company continued to consolidate its line of antigens to produce immunoassays in 2018. Revenues in specialty diagnostics remained stable and are expected to rise as Grifols widens its clinical diagnostics offerings. In 2018, the FDA approved two diagnostic products designed to detect autoimmune diseases. Both were developed by AESKU and distributed by Grifols on the Helios platform. The company is committed to developing new diagnostic tests for personalized medicine through Progenika Biopharma. Its molecular diagnostic ID CORE XT for genotyping blood groups earned FDA approval. Hospital grows 16% cc to EUR 120 million in revenues, fueled by strong U.S. sales The Hospital Division earned EUR 119.5 million in revenues in 2018, growing 16.0% cc and 13.1% taking into account exchange rate variations. Sales of all business lines grew in 2018, especially the Pharmatech line in the U.S. market. A key strategic area for future growth, this business line offers integral services to hospital pharmacies for IV compounding, including MedKeeper and Kiro Oncology products. The division also reported higher IV solutions sales, especially the physiological saline solution manufactured in the Murcia (Spain) plant. After obtaining FDA approval, Grifols was able to introduce the product in the U.S. market, including its own network of plasma donation Page 6 of 18 Free translation from the original in Spanish. In the event of discrepancy, the Spanish language version will prevail.

centers. These milestones enabled the division to enhance its presence in the United States and promote the group’s global expansion strategy. Sales of the Nutrition and Medical Devices lines also increased, accompanied by a surge in third-party manufacturing services. Bio Supplies Division: Kedrion manufacturing agreement and third-party plasma sales drive growth This division oversees three main areas: sales of biological products for non-therapeutic uses, Kedrion production agreements, and third-party plasma sales channeled through Haema and Biotest, which represent EUR 80.3 million. Bio Supplies earned EUR 167.0 million in revenues in 2018, a substantial increase from the EUR 66.8 million reported in 2017. Revenues by division: % Var cc* 8.0% 0.7% 16.0% 154.9% 29.6% 24.8% * Constant currency (cc) excludes the im pact of exchange rate m ovem ents Revenues by region: % Var cc* 8.7% 16.7% 4.0% * Constant currency (cc) excludes the im pact of exchange rate m ovem ents Page 7 of 18 In thousands of euros US + CANADA EU ROW 12M 2018 2,974,429 800,274 712,021 % of Net Revenues 66.3% 17.8% 15.9% 12M 2017 2,896,505 686,983 734,585 % of Net Revenues 67.1% 15.9% 17.0% % Var 2.7% 16.5% (3.1%) TOTAL 4,486,724 100.0% 4,318,073 100.0% 3.9% 9.2% In thousands of euros BIOSCIENCE DIAGNOSTIC HOSPITAL BIO SUPPLIES OTHERS INTERSEGMENTS 12M 2018 3,516,704 702,265 119,454 167,004 22,451 (41,154) % of Net Revenues 78.4% 15.6% 2.7% 3.7% 0.5% (0.9%) 12M 2017 3,429,785 732,369 105,649 66,791 18,263 (34,784) % of Net Revenues 79.4% 17.0% 2.4% 1.6% 0.4% (0.8%) % Var 2.5% (4.1%) 13.1% 150.0% 22.9% 18.3% TOTAL4,486,724100.0% 4,318,073100.0% 3.9% 9.2% Free translation from the original in Spanish. In the event of discrepancy, the Spanish language version will prevail.

FOURTH QUARTER 2018 Bioscience Division drives operating revenue growth of 13% Grifols reported EUR 1,222.8 million in revenues and a 13% increase in operating growth (14.5% taking exchange rate variations into consideration). The Bioscience Division served as the primary engine for growth, with EUR 920.4 million in revenues and a 9.2% cc increase in sales (10.8% with exchange rate fluctuations). Robust demand for immunoglobulins continues in the U.S. and some EU markets, and alpha-1 antitrypsin sales remain strong in core markets. Meanwhile, the group noted a delay in albumin sales in China due to the renewal process of certain product licenses. The Diagnostic Division earned EUR 184.5 million in revenues (-2.8% cc and -2.0%). The Hospital Division built on its upward trend thanks to a solid global expansion strategy, reporting 10.4% cc growth (9.4%) and EUR 33.7 million in revenues. For its part, the Bio Supplies generated EUR 90 million in revenues, due mainly to third-party plasma sales linked to the Haema and Biotest acquisitions. Revenues by division: % Var cc* 9.2% (2.8%) 10.4% 361.1% (35.5%) 25.1% * Constant currency (cc) excludes the im pact of exchange rate m ovem ents Revenues by region: % Var cc* 14.8% 26.2% (4.7%) * Constant currency (cc) excludes the im pact of exchange rate m ovem ents Page 8 of 18 In thousands of euros US + CANADA EU ROW 4Q 2018 800,772 229,004 193,030 % of Net Revenues 65.5% 18.7% 15.8% 4Q 2017 679,692 181,374 206,825 % of Net Revenues 63.6% 17.0% 19.4% % Var 17.8% 26.3% (6.7%) TOTAL 1,222,806 100.0% 1,067,891 100.0% 14.5% 13.0% In thousands of euros BIOSCIENCE DIAGNOSTIC HOSPITAL BIO SUPPLIES OTHERS INTERSEGMENTS 4Q 2018 920,393 184,527 33,713 90,003 4,734 (10,564) % of Net Revenues 75.3% 15.1% 2.8% 7.3% 0.4% (0.9%) 4Q 2017 830,895 188,237 30,824 19,089 7,165 (8,319) % of Net Revenues 77.8% 17.6% 2.9% 1.8% 0.7% (0.8%) % Var 10.8% (2.0%) 9.4% 371.5% (33.9%) 27.0% TOTAL1,222,806100.0%1,067,891100.0% 14.5% 13.0% Free translation from the original in Spanish. In the event of discrepancy, the Spanish language version will prevail.

INVESTMENT ACTIVITIES: R+D+i, CAPEX AND ACQUISITIONS R+D+i: Strategic focus and resources allocated Grifols advocates an integrated R+D+i strategy that comprises both in-house initiatives and external projects in investee companies whose research complements its core business. This dual approach and long-term vision earned Grifols the distinction as one of the top 1,000 global firms that dedicate the most resources to R+D in “2018 Global Innovation 1000” by Strategy&, the consulting arm of PwC. Grifols intensified its net R+D+i investments in 2018 by 9.4% to EUR 291.4 million, taking into account net investments for both internal and external research initiatives. This investment represents 6.5% of 2018 revenues. Main research lines and projects in 2018 include: Preliminary results on AMBAR’s effectiveness: Grifols presented top-line results of the phase IIb/III of its AMBAR (Alzheimer Management By Albumin Replacement) clinical trial at the annual Clinical Trials on Alzheimer’s Disease (CTAD) Congress, held in October 2018. AMBAR is an international, multicenter and double-blind clinical trial designed to evaluate the efficacy and safety of plasma exchange – a procedure that combines periodic extractions of plasma through plasmapheresis and its replacement with albumin – in order to slow down the progression of Alzheimer’s disease (AD) in patients in mild to moderate stages. The trial results demonstrated a statistically significant 61% slowdown in the progression of the disease among patients with moderate AD and fulfillment of its primary endpoints: improvements in cognitive function (measured on the ADAS Cog scale) and ability to carry out daily activities (measured on the ADCS-ADL scale). These results mark an important milestone in Alzheimer’s research and motivate the company to continue its research to confirm the benefits of plasma exchange with Grifols albumin to slow down the progression of AD. Ebola Project: In 2014, Grifols launched a non-profit initiative to produce anti-Ebola immunoglobulin to treat afflicted populations in West African countries. The project’s research line forms part of a long-term clinical trial aimed at evaluating whether plasma from healthy Ebola survivors can boost the immune response in afflicted patients and help them overcome the disease. Grifols began processing the first batch of plasma from Ebola survivors at the end of 2018 and anticipates delivering the first anti-Ebola immunoglobulins to the Republic of Liberia in the first quarter of 2019. Within the Bioscience Division, Grifols successfully completed the clinical research phase of a new 20% subcutaneous immunoglobulin to treat patients with primary immunodeficiencies. The product has been submitted to the FDA for commercial authorization. Page 9 of 18 Free translation from the original in Spanish. In the event of discrepancy, the Spanish language version will prevail.

The company also developed a new predictive model for population pharmacokinetics (PopPK) toadminister subcutaneousimmunoglobulin in patients with primary immunodeficiencies, which would inform the proper dosing of this plasma-derived product and guide its treatment usage. Grifols continues its research on Gamunex® as maintenance therapy for myasthenia gravis (MG), a chronic autoimmune neuromuscular disease. The company plans to apply for EMA marketing authorization in 2019. Research also progresses on the phase III PRECIOSA study to assess the benefits of albumin to treat liver cirrhosis, as well as the phase III APACHE trial to treat acute-on-chronic liver failure (ACLF). Additionally, the product’s new flexible packaging format is currently in the registration stage. In the Diagnostic Division, Grifols’ blood test to detect the babesiosis parasite (Procleix® Babesia) obtained FDA approval subsequent to year-end. Clinical trials also continue in China on the Procleix® Ultrio Elite line, and to expanding its portfolio of recombinant proteins. The Hospital Division presented two new products for FDA approval: a physiological saline solution in a needle-free Fleboflex® container, which, in addition to enhancing the product portfolio, can be utilized in Kiro-Grifols robotics systems; and an anti-coagulant in a bag format that will benefit Grifols’ plasma centers and expand the third-party product portfolio. CAPEX and manufacturing operations Grifols invested EUR 252.2 million in 2018 as part of its on-going efforts to expand and enhance its manufacturing facilities. This figure is stipulated in the 2016-2020 Capital Investment Plan, endowed with EUR 1,200 million to ensure the company’s long-term sustainable growth. As outlined in its strategic plan, Grifols continued its investments in 2018 to increase its plasma supply. As of December 2018, Grifols operated the largest plasma donation network in the world, with 256 centers. Thanks to its capital investments, the company increased its average number of daily donations to 39,000 and total volume of plasma obtained for fractionation to nearly 12 million liters. This volume is a 30% increase compared to 2017. In the Bioscience Division, investments remain focused on boosting the company’s capacity to fractionate and purify plasma proteins. Construction on a new plasma fractionation plant at Grifols’ North Carolina (USA) complex continues as planned. The facility will have a fractionation capacity of 6 million liters per year, twice the current volume of the site. Construction is also underway on a new purification, dosing and sterile filling plant of immunoglobulin in flexible containers. The facility will have an annual capacity of 6 million equivalent liters of plasma per year. The industrial complex in Los Angeles (California, USA) obtained FDA approval for a second immunoglobulin (Gamunex®) purification, dosing and sterile filling line. This addition will enable the facility to double its annual production capacity to 5.1 million equivalent liters of plasma per year. Also worth noting is the sterile filling plant of albumin in flexible containers, whose validation process ended in 2018. The plant has an annual production capacity of 1.5 million equivalent liters of plasma per year. Page 10 of 18 Free translation from the original in Spanish. In the event of discrepancy, the Spanish language version will prevail.

The construction of a new albumin purification, dosing and sterile filling plant in Dublin (Ireland) continues according to schedule. The plant will have a yearly production capacity of 6 million equivalent liters of plasma per year and incorporate state-of-the-art filling technology to boost productivity. The Barcelona industrial complex completed the validation process of the alpha-1 antitrypsin purification, dosing and sterile filling plant. The site is equipped with Grifols’ next-generation filling technology and has an annual production capacity of 4.3 million equivalent liters of plasma per year. This complex is also in process of adding manufacturing installations to produce fibrin sealant and topical thrombin. The facility will have a production capacity of 1.7 million units per year. In the Diagnostic Division, the new installations in the Emeryville (California, USA) plant to manufacture recombinant proteins and a recombinant antigen for hepatitis C received FDA approval. The company plans to submit additional FDA applications in 2019 to relocate the production of 21 antigens to its new facilities. The San Diego (California, USA) installations are currently in the validation stage following a remodeling process to consolidate production of the NAT donor-screening line. The Brazil plant, dedicated to the manufacture of collection, separation, storage and transfusion bags for blood components, is nearing the end of the validation stage. At present, the installation has a production capacity of 2 million units per year, scalable to 4 million units. Hospital Division capital investments were dedicated to expanding the capacity and productivity of its intravenous lines at its Barcelona and Murcia complexes to meet the projected growth of this segment. Acquisitions and corporate transactions Haema and Biotest Grifols strengthened its leadership position in global plasma supply following the 100% acquisitions of Haema AG, headquartered in Germany, and Biotest US Corporation. The Haema acquisition enabled Grifols to operate its first plasma centers outside the U.S. The transaction included 35 centers and three under construction; a 24,000-square-meter building in Leipzig which houses Haema’s corporate headquarters; and a central laboratory in Berlin. For its part, the Biotest US Corporation acquisition included 24 U.S.-based plasma centers and two under construction, as well as diverse assets. Subsequent to these acquisitions, Grifols sold both companies under the same terms and conditions to strengthen its financial structure. The company holds an exclusive and irrevocable call option to be executed at any time for both Haema and Biotest, and maintains operating control of their plasma centers. Page 11 of 18 Free translation from the original in Spanish. In the event of discrepancy, the Spanish language version will prevail.

 Kedrion plasma centers Grifols acquired six plasma centers from Kedplasma in 2018. MedKeeper In line with the Hospital Division’s strategic growth plan, Grifols acquired a 51% stake in MedKeeper, a U.S. technology firm that develops and markets mobile and web-based software applications to optimize the efficiency and safety of hospital pharmacies. The agreement includes a call option to acquire the remaining 49% interest within a three-year timeframe. CORPORATE RESPONSIBILITY Human Resources: a larger talent pool and wider array of training opportunities In 2018, Grifols’ workforce included 21,230 employees, a 16% increase compared to the previous year. The number of women increased across all professional categories, especially in occupational positions (+37%) to 1,379 women; management (+25%) to 590 women, and top management (+24%) to 172 women. Grifols talent pool increased in all divisions and regions. In Europe, Grifols has 5,467 employees (+29.7%), including 3,858 in Spain. The company employs 15,330 people in the U.S. (+12.1%) and 433 (+5.6%) in the rest of the world (ROW). The following figures illustrate the evolution of Grifols’ workforce in 2018 and the results of its proactive talent management strategies:   59% women and 41% men 98.3% permanent contracts overall and 98.7% rate among female employees More than 51.7% of employees are between 30 and 50 years old 93.8% of employees work full time; 92.4% in the case of women 32% of top management are women Continuous training and professional development opportunities form the pillars of Grifols’ human resources efforts. The company promotes talent management and employee retention through equal pay policies, internal promotions, professional development initiatives, and specific technical-scientific training programs, as well as offerings to boost business and managerial competencies. Grifols strives to continuously train its talent pool with the necessary skills and competencies to successfully perform their jobs and prepare them for roles of greater responsibility in the future. The company established the “Grifols Academy” in 2009 to enhance the skillset and leadership potential of its talent pool and cultivate dynamic forums for learning and knowledge-sharing. Page 12 of 18 Free translation from the original in Spanish. In the event of discrepancy, the Spanish language version will prevail.

Grifols Academy offers ongoing educational opportunities in Spain and the United States focusedalongthreemainlines:professionaldevelopment,plasmapheresisand immunohematology. The Grifols Academy partnered with College for America in 2015 to offer Grifols employees the chance to earn university degrees. Also, Grifols partners with several local universities in Los Angeles to develop and support the ongoing education and development of its employees, while at the same time creating employment opportunities in the area. In 2018, Grifols employees collectively received 2.5 million training hours. This represents an average of 137.7 hours per employee. Women received 65.9% of total training hours. In terms of areas of focus in 2018, the company concentrated its efforts on promoting Grifols’ corporate culture, developing leadership competencies, and offering programs to reinforce its high standards of quality, safety and technical excellence. Environmental management Environmental management underpins the group’s corporate responsibility. It is supported by the tenets of the Environmental Policy, approved by the company. Grifols allocated significant investments in 2018 to improve its environmental performance and make further inroads toward meeting its 2017-2019 Environmental Program Policy objectives. In 2018, the collective consumption and emissions from Grifols production plants in Spain, the United States and Ireland were as follows: Energy consumption: - - Electrical consumption: 384 million kWh Gas consumption: 418 million kWh  Water consumption: 3,321,569 m3 Total associated emissions: 295,924 T CO2E In 2018, investments focused on reducing water consumption and emissions from refrigerant gases. Corporate investment in environmental assets reached EUR 2.7 million (EUR 8.5 million in 2017). Costs rose to EUR 15.5 million, compared to the EUR 13.6 million in 2017. The difference compared to previous years derives from a change in accounting criteria for this type of investments. In previous years, only the portion of the project carried out during the year was listed for accounting purposes, whereas as of 2018, the entire investment is recorded the year the project is finalized. The main environmental costs derived from waste management and wastewater treatment initiatives. On the whole, including costs and investments, 63% of resources were allocated toward waste management; 32% related to managing the water cycle; and the remaining 5% were dedicate to reducing atmospheric emissions, energy and others. Page 13 of 18 Free translation from the original in Spanish. In the event of discrepancy, the Spanish language version will prevail.

Every year, Grifols takes part in the Carbon Disclosure Project (CDP), which evaluates the soundness of corporate strategies and performance with regard to climate change. In 2018, Grifols earned a “B management” rating, the same as the previous year. ABOUT THE FINANCIAL INFORMATION: The financial information enclosed in this document is part of the company’s financial information. ABOUT THE NON-FINANCIAL INFORMATION: Grifols has carried out a materiality analysis to identify the most relevant economic, environmental and social impacts of the group’s value chain and its impact on stakeholders’ decisions. This information is updated annually and included in the Grifols’ Corporate Responsibility Report and the 2018 Consolidated Directors’ Report on non-financial information. All documents are available on Grifols corporate website at www.grifols.com Investor contact: Investor Relations Department inversores@grifols.com - investors@grifols.com Phone number: +34 93 571 02 21 Media contact: Raquel Lumbreras Borja Gómez raquel_lumbreras@duomocomunicacion.com borja_gomez@duomocomunicacion.com Duomo Comunicación - Grifols Press Office Phone number: +34 91 311 92 89 - +34 91 311 92 90 About Grifols Grifols is a global healthcare company with more than 75 years of legacy dedicated to improving the health and well-being of people around the world. Grifols produces essential plasma-derived medicines for patients and provides hospitals and healthcare professionals with the tools, information and services they need to help them deliver expert medical care. Grifols’ three main divisions - Bioscience, Diagnostic and Hospital - develop, produce and market innovative products and services that are available in more than 100 countries. With a network of 256 plasma donation centers, Grifols is a leading producer of plasma-derived medicines used to treat rare, chronic and, at times, life-threatening conditions. As a recognized leader in transfusion medicine, Grifols offers a comprehensive portfolio of diagnostic products designed to support safety from donation through transfusion. The Hospital Division provides intravenous (IV) therapies, clinical nutrition products and hospital pharmacy systems, including systems that automate drug compounding and control drug inventory. Grifols is headquartered in Barcelona, Spain and has over 21,000 employees in 30 countries. With nearly EUR 4,500 in revenues in 2018, Grifols demonstrates its strong commitment to advancing healthcare by allocating a significant portion of its annual income to research, development and innovation. The company’s class A shares are listed on the Spanish Stock Exchange, where they are part of the Ibex-35 (MCE:GRF). Grifols non-voting class B shares are listed on the Mercado Continuo (MCE:GRF.P) and on the US NASDAQ via ADRs (NASDAQ:GRFS). For more information, visit www.grifols.com Page 14 of 18 Free translation from the original in Spanish. In the event of discrepancy, the Spanish language version will prevail.

PROFIT AND LOSS ACCOUNT (1) Relates to the "2017 Recurrent P&L". The details of the non-recurrent item s are disclosed b elow. GROUP PROFIT RECONCILIATION Page 15 of 18 In m illions of euros GROUP PROFIT % NR 2018 596.6 13.3% 2017 587.9 13.6% % Var 1.5% Amortization of deferred financial expenses Amortization of intangible assets acquired in business combinations Tax impacts of amortization adjustments 59.3 44.8 (20.2) 58.5 41.0 (27.2) 1.4% 9.3% (25.7%) ADJUSTED GROUP NET PROFIT % NR 680.5 15.2% 660.2 15.3% 3.1% In thousands of euros NET REVENUES COST OF SALES 2018 4,486,724 (2,437,164) 2017(1) 4,318,073 (2,164,762) % Var 3.9% 12.6% GROSS MARGIN 2,049,560 2,153,311 (4.8%) % Net revenues R&D SG&A OPERATING EXPENSES 45.7% (240,661) (814,775) (1,055,436) 49.9% (223,742) (839,480) (1,063,222) 7.6% (2.9%) (0.7%) OPERATING RESULT (EBIT) 994,124 1,090,089 (8.8%) % Net revenues FINANCIAL RESULT SHARE OF RESULTS OF EQUITY ACCOUNTED INVESTEES 22.2% (257,244) (11,038) 25.2% (269,251) (14,051) (4.5%) (21.4%) PROFIT BEFORE TAX 725,842 806,787 (10.0%) % Net revenues INCOME TAX EXPENSE % of pre-tax income 16.2% (131,436) 18.1% 18.7% (220,236) 27.3% (40.3%) CONSOLIDATED PROFIT 594,406 586,551 1.3% RESULT ATTRIBUTABLE TO NON-CONTROLLING INTERESTS (2,236) (1,386) 61.3% GROUP PROFIT 596,642 587,937 1.5% % Net revenues NON-RECURRING ITEMS Non-recurring items related to the Hologic acquisition Non-recurring items related to the Aradigm assets reassessment Non-recurring items related to the U.S. tax reform and tax related to other non-recurring items 13.3% - - - 13.6% (22,168) (88,897) 185,828 REPORTED GROUP PROFIT 596,642 662,700 (10.0%) Free translation from the original in Spanish. In the event of discrepancy, the Spanish language version will prevail.

RIFOLS CASH FLOW In thousands of euros [------------------. ------------------;:; REPORTED GROUP PROFIT ..............;. DEPRECIATION AND AMORTIZATION NET PROVISIONS OTHE.R ADJUSTMENTS AND OTHER CHANGES IN WORKING CAPITAL CHANGES IN INVENTORIES CHANGES IN TRADE RECEIVABLES CHANGES IN TRADE PAYABLES CHANGE IN OPERATING WORKING CAPITAL NET CASH FLOW FROM OPERATING ACTIVITIES ............................................................................................................................................................... ....................................................................... BUSINESS COMBINATIONS AND INVESTMENTS IN GROUP COMPANIES CAPEX R&D/OTHER INTANGIBLE ASSETS OTHER CASH INFLOW I (OUTFLOW) NET CASH FLOW FROM INVESTING ACTIVITIES FREE CASH FLOW ISSUE I (REPAYMENT) OF DEBT DIVIDENDS (PAID) I RECEIVED OTHER CASH FLOWS FROM/(USED IN) FINANCING ACnVITIES TRANSACTION WITH MINORITY INTERESTS WITH NO LOSS OF CONTROL NET CASH FLOW FROM FI NANCING ACTIVITIES TOTAL CASH FLOW 108,064! CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR 886,521! EFFECT OF EXCHANGE RATE CHANGES IN CASH AND CASH EQUIVALENTS ........................................................................................................................................................................................................ 39,207! ........................... ;... ! CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD 1,033,791! 886,521 .. . .............. . ........... . ............ . ...................... . .................................................... . .............. . ............... ................................... . ............................. ..........................................................:.........................................................,, !2018! ............................... 228,609! 215,490 (23,657)! 66,047 17,095! (28,170) (231,670)!(165,508) 33,328! 86,909 117,081! 4,278 (81,261): (74,321) 737,428!841,746 ,................................................,.....................................................; (524,081)!(1,857,210) (252,235)!(271,134) (55,487}!(51,840) 49,936! (5,696) (781,867):(2,185,880) (44,439) :(1,344,134) 37,418!1,808,771 (275,783)! (218,260) 4,661:(156,446) 386,207! 152,503!1,434,065 ...................................... Free translation from the original in Spanish. In the event of discrepancy, th Spanish language version will prevail.

RIFOLS BALANCE SHEET ASSETS i 2018 ! In thousands of euros 2017 ····---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------EQUITY AND UABIUnES . December ----------;---:_-_-_-_-_-_-_-_-_-_-_-_-_-_-_-_-_-: -_-_-_-_-_-_-_-_-_-_-_-_-_-_-_-_-_-_-_-_-:_-_-_-_-_-_-_-_-_-_-_-_-_-_-_-_-_-: -_-_-_-_-_-_-_-_-_r_-·_-_-_-_-_-_-_-_-_-_-; ;-_-_-_-_-_-_-_-_-_-_-_-_-_--::--j In thousands of euros EQUITY ........ CAPITAL SHARE PREMIUM RESERVES TREASURY STOCK INTERIM DIVIDENDS CURRENT YEAR EARNINGS OTHER COMPREHENSIVE INCOME NON-CONTROLLING INTERESTS NON-CURRENT LIABILITIES NON-CURRENT FINANCIAL LIABILITIES OTHER NON-CURRENT LIABILITIES CURRENT LIABILITIES December [--------------:; !------------··:·;·: !; ;.................................................. .. 119,604119,604 910,728910,728 2,441,9312,027,648 (55,441) (62,422) (136,747) (122,986) 596,642662,700 348,83793,807 4 71,0504,886 6,523,1216,308,312 6 ,099,4635 ,901,815 423,658406,497 1,257,321977,987 CURRENT FINANCIAL LIABILITIES277,382155,070 OTHER CURRENT LIABILITIES979,939822,917 December!December . ?: .-----:............... ........ ............. ................................. ............ ............ r:::::::::::-:::·-----------;·:--.; GOODWILL AND OTHER INTANGIBLE ASSETS 6,594,76T 5,859,840 PROPERTY PLANT & EQUIPMENT1,951,9811,760,053 INVESTMENTS IN EQUITY ACCOUNTED INVESTEES226,905!219,009 NON-CURRENT FINANCIAL ASSETS107,601i69,889 OTHER NON-CURRENT ASSETS 112,539!66,157 CURRENT A SSETS 3,483,251!2,945,316 INVENTORIES1,949,360 TRADE AND OTHEH RECEIVABLES403,790 OTHER CURRENT FINANCIAL ASSETS 53,965 OTHER CURRENT ASSETS 42,344 CASH AND CASH EQUIVALENTS1,033,792 1,629,293 386,410 10,738 32,354 886,521 TOTAL ASSETS12,477,046!10,920,264 ---------------------------------------------------------------------------------------------------------------------------l _ _.l_ _ _ __ Free translation from the original in Spanish. In the event of discrepancy, th Spanish language version will prevail.

LEGAL DISCLAIMER The facts and figures contained in this report that do not refer to historical data are “future projections and assumptions”. Words and expressions such as “believe”, “hope”, “anticipate”, “predict”, “expect”, “intend”, “should”, “will seek to achieve”, “it is estimated”, “future” and similar expressions, in so far as they relate to the Grifols group, are used to identify future projections and assumptions. These expressions reflect the assumptions, hypotheses, expectations and predictions of the management team at the time of writing this report, and these are subject to a number of factors that mean that the actual results may be materially different. The future results of the Grifols group could be affected by events relating to its own activities, such as a shortage of supplies of raw materials for the manufacture of its products, the appearance of competitor products on the market, or changes to the regulatory framework of the markets in which it operates, among others. At the date of compiling this report, the Grifols group has adopted the necessary measures to mitigate the potential impact of these events. Grifols, S.A. does not accept any obligation to publicly report, revise or update future projections or assumptions to adapt them to events or circumstances subsequent to the date of writing this report, except where expressly required by the applicable legislation. This document does not constitute an offer or invitation to buy or subscribe shares in accordance with the provisions of the following Spanish legislation: Royal Legislative Decree 4/2015, of 23 October, approving recast text of Securities Market Law; Royal Decree Law 5/2005, of 11 March and/or Royal Decree 1310/2005, of 4 November, and any regulations developing this legislation. In addition, this document does not constitute an offer of purchase, sale or exchange, or a request for an offer of purchase, sale or exchange of securities, or a request for any vote or approval in any other jurisdiction. The information included i n this document has not been verified nor reviewed by the external auditors of the Grifols group. Page 18 of 18 Free translation from the original in Spanish. In the event of discrepancy, the Spanish language version will prevail.

GR FOLS, S.A. and suos·d·ar'es Consolidated Annual Accounts 31 December 2018 Consolidated Directors' Report 2018 (With Independent Auditor's Report Thereon) (free translation from the originals in Spanish. In the event of discrepancy, the Spanish-language version prevails)

KPMG Auditores, S.L. Torre Realia Pla<;a d'Europa, 41-43 08908 L'Hospitalet de Llobregat (Barcelona) Independent Auditor's Report on the Consolidated Annual Accounts (Translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) To the Shareholders of Grifols, S.A. Opinion We have audited the consolidated annual accounts of Grifols, S.A. (the "Parent") and subsidiaries (the "Group") which comprise the consolidated balance sheet at 31 December 2018, and the consolidated statement of profit and loss, consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the year then ended, and consolidated notes. In our opinion. the accompanying consolidated annual accounts give a true and fair view, in all material respects, of the consolidated equity and consolidated financial position of the Group at 31 December 2018 and of its consolidated f inancialperformance and consolidated cash flows for the year then ended in accordance with International Financial Reporting Standards as adopted by the European Union (IFRS-EU) and other provisions of the financial reporting framework applicable in Spain. Basis for Opinion ---------------- ----------We conducted our audit in accordance with prevailing legislation regulating the audit of accounts in Spain. Our responsibilities under those standards are f urther described in the Auditor's Responsibilities for the Audit of the Consolidated Annual Accounts section of our report. We are independent of the Group in accordance with the ethical requirements, including those regarding independence, that are relevant to our audit of the consolidated annual accounts in Spain pursuant to the legislation regulating the audit of accounts. We have not provided any non-audit services, nor have any situations or circumstances arisen which, under the aforementioned regulations. have affected the required independence such that this has been compromised. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. KPMG AuditOlas S.L.• a lim1t6d l.ab-lltty Span1sh company andmember fwm of the KPMG netwoft of ondepondent member twrns etftlllted wtth K PMG lntor,._tional Coope,.wo I"KPMG lntomaiiONII"I. a Sw.ss enbty. RegiSteredoffice Paseo de Ia Cestellana.259C - Tone de Cnstel· 28046 Mldtld OocumentclasS<fic<l-KPMG Conlldenbll Reg. MerMedrid.T. 11961.F 90. Sec 8.H M -188.007.1nsctip. 9 N.I.F.8·78510153

2 Key Audit Matters ------ ----------------­ Key audit matters are those matters that, in our professional judgement, were of most significance in the audit of the consolidated annual accounts for the current period. These matters were addressed in the context of our audit of the consolidated annual accounts as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. the controls linked to the process of methodology used to calculate the of growth of future cash flows of each CGU ated aal acco unt s Key Audit Matter How the Matter was Addressed in Our Audit The Group has recognised goodwill allocated to the corresponding cash generating units (CGU) of Euros 5,209,230 thousand. The Group calculates the recoverable amount of goodwill on an annual basis to determine whether they have been impaired. These recoverable amounts are determined by applying valuation techniques which require judgement by the Directors and the use of assumptions and estimates in relation to the financial projections and cash flow discounts used. Due to the high level of judgement, the uncertainty associated with these estimates and the signif icance of the carrying amount of these goodwill, this has been considered a key matter of our audit for the current year. Our audit procedures comprised the following: •assessing the design and implementation of evaluating the impairment of goodwill. •assessing the reasonableness of the recoverable amount and the main assumptions, with the involvement of our valuation specialists. •comparing the coherence of the estimates included in the calculation of recoverable amount with the business plans approved by the Group's governing bodies. We have also compared the cash flow forecasts of the cash generating units estimated in prior years with the actual cash flows obtained. •assessing the sensitivity to reasonably possible changes in certain assumptions. •evaluating whether the disclosures in the consolidated annual accounts meet the requirements of the financial reporting framework applicable to the Group. nnu Impairment of Goodwill See n o te 7 t o th e conso lid

3 Other Information: Consolidated Directors' Report _ _ Other information solely comprises the 2018 consolidated directors' report, the preparation of which is the responsibility of the Parent's Directors and which does not form an integral part of the consolidated annual accounts. Our audit opinion on the consolidated annual accounts does not encompass the consolidated directors' report. Our responsibility regarding the information contained in the consolidated directors' report is defined in the legislation regulating the audit of accounts, which establishes two different levels for this information: a) A specific level applicable to non-financial consolidated information, as well as certain information included in the Annual Corporate Governance Report, as defined in article 35.2. b) of the Audit Law 22/2015, which consists of merely verifying that this information has been provided in the directors' report. or where applicable. in a separate report corresponding to the same year and to which reference is made in the directors' report, and if not, report on this matter. b) A general level applicable to the rest of the information included in the consolidated directors' report, which consists of assessing and reporting on the consistency of this information with the consolidated annual accounts. based on knowledge of the Group obtained during the audit of the aforementioned accounts and without including any information other than that obtained as evidence during the audit. Also, assessing and reporting on whether the content and presentation of this part of the consolidated directors' report are in accordance with applicable legislation. If, based on the work we have performed. we conclude that there are material misstatements. we are required to report them. Based on the work carried out, as described above, we have verified that the information mentioned in a) above has been provided in the consolidated directors' report and that the rest of the information contained in the consolidated directors' report is consistent with that disclosed in the consolidated annual accounts for 2018 and the content and presentation of the report are in accordance with applicable legislation. Directors' and Audit Committee's Responsibility for the Consolidated Annual Accounts The Parent's Directors are responsible for the preparation of the accompanying consolidated annual accounts in such a way that they give a true and fair view of the consolidated equity, consolidated financial position and consolidated financial performance of the Group in accordance with IFRS-EU and other provisions of the financial reporting framework applicable to the Group in Spain, and for such internal control as they determine is necessary to enable the preparation of consolidated annual accounts that are free from material misstatement. whether due to fraud or error. In preparing the consolidated annual accounts, the Parent's Directors are responsible for assessing the Group's ability to continue as a going concern. disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Group or to cease operations. or have no realistic alternative but to do so. The Parent's audit committee is responsible for overseeing the preparation and presentation of the consolidated annual accounts.

4 Auditor's Responsibilities for the Audit of the Consolidated Annual Accounts_ Our objectives are to obtain reasonable assurance about whether the consolidated annual accounts as a whole are free from material misstatement. whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with prevailing legislation regulating the audit of accounts in Spain will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence economic decisions of users taken on the basis of these consolidated annual accounts. As part of an audit in accordance with prevailing legislation regulating the audit of accounts in Spain, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the consolidated annual accounts, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion. forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Parent's Directors. - Conclude on the appropriateness of the Parent's Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast signif icant doubt on the Group's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the consolidated annual accounts or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However. f uture events or conditions may cause the Group to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the consolidated annual accounts, including the disclosures, and whether the consolidated annual accounts represent the underlying transactions and events in a manner that achieves a true and fair view. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated annual accounts. We are responsible for the direction, supervision and performance of the Group audit. We remain solely responsible for our audit opinion. We communicate with the audit committee of the Parent regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

5 We also provide the Parent's audit committee with a statement that we have complied with the applicable ethical requirements. including those regarding independence, and to communicate with them all matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards. From the matters communicated to the audit committee of the Parent, we determine those that were of most significance in the audit of the consolidated annual accounts of the current period and which are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter. REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS Additional Report to the Audit Committee of the Parent _ The opinion expressed in this report is consistent with our additional report to the Parent's audit committee dated 27 February 2019. Contract Period At their ordinary general meeting held on 25 May 2018, the shareholders appointed us as auditors of the Group for the year ended 31 December 2018. Previously, we were appointed for a period of three years from 31 July 1990 to 1992, both inclusive, by consensus of the shareholders at their general meeting, and have been auditing the annual accounts since the year ended 31 July 1990. KPMG Auditores, S.L. Entered in the Spanish Official Register of Auditors (R.O.A.C.) with number S0702 (Signed on the original in Spanish) David Hernanz Sayans Entered in the Spanish Official Register of Auditors (R.O.A.C.) with number 20236 27 February 2019

GRIFOLS, S.A. AND SUBSIDIARIES Consolidated Annual Accounts 31 December 2018 and 2017 SUMMARY (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) • Consolidated financial statements Notes (1) (2) (3) (4) (5) (6) (7) (8) (9) Consolidated Balance Sheets Consolidated Statement of Profit or Loss Consolidated Statements of Comprehensive Income Consolidated Statements of Cash Flows Consolidated Statements of Changes in Equity • Nature, Principal Activities and Subsidiaries Basis of Presentation Business Combinations Significant Accounting Policies Financial Risk Management Policy Segment Reporting Goodwill Other Intangible Assets Property, Plant and Equipment Equity Accounted Investees Financial Assets Inventories Trade and Other Receivables Cash and Cash Equivalents Equity Earnings per Share Non-Controlling Interests Grants Provisions Financial Liabilities Trade and Other Payables Other Current Liabilities Net Revenues Personnel Expenses Expenses by Nature Finance Result Taxation Operating Leases Other Commitments with Third Parties and Other Contingent Liabilities Financial Instruments Balances and Transactions with Related Parties Environmental Issues Other Information (10) (11) (12) (13) (14) (15) (16) (17) (18) (19) (20) (21) (22) (23) (24) (25) (26) (27) (28) (29) (30) (31) (32) (33)

GRIFOLS, S.A. AND SUBSIDIARIES Consolidated Annual Accounts 31 December 2018 and 2017 SUMMARY (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) •Appendices Appendix I and Others Appendix II Appendix III Appendix IV Appendix V Information on Group Companies, Associates Operating Segments Changes in Other Intangible Assets Movement in Property, Plant and Equipment Statement of Liquidity for Distribution of Interim Dividend

GRIFOLS, S.A. AND SUBSIDIARIES Consolidated Balance Sheets at 31 December 2018 and 2017 (Expressed in thousands of Euros) (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) Assets 31/12/18 31/12/17 Goodwill (note 7) Other intangible assets (note 8) Property, plant and equipment (note 9) Investments in equity-accounted investees (note 10) Non-current financial assets Non-current financial assets measured at fair value Non-current financial assets not measured at fair value Total non-current financial assets (note 11) Deferred tax assets (note 27) 5,209,230 1,385,537 1,951,983 226,905 4,590,498 1,269,342 1,760,053 219,009 7 47,046 107,594 22,843 107,601 112,539 69,889 66,157 Total non-current assets 8,993,795 7,974,948 Inventories (note 12) Trade and other receivables Trade receivables Other receivables Current income tax assets 1,949,360 1,629,293 269,167 92,418 286,198 40,681 42,205 59,531 Trade and other receivables (note 13) Other current financial assets (note 11) Current financial assets measured at fair value Current financial assets not measured at fair value Total current financial assets (note 11) Other current assets Cash and cash equivalents (note 14) 403,790 386,410 19,934 0 34,031 10,738 53,965 42,344 1,033,792 10,738 32,354 886,521 Total current assets 3,483,251 2,945,316 Total assets 12,477,046 10,920,264 The accompanying notes form an integral part of the consolidated annual accounts.

GRIFOLS, S.A. AND SUBSIDIARIES Consolidated Balance Sheets at 31 December 2018 and 2017 (Expressed in thousands of Euros) (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) Equity and liabilities 31/12/18 31/12/17 Share capital Share premium Reserves Treasury stock Interim dividend Profit for the year attributable to the Parent Total equity 119,604 910,728 2,441,931 (55,441) (136,747) 119,604 910,728 2,027,648 (62,422) (122,986) 596,642 662,700 3,876,717 3,535,272 Available for sale financial assets Other comprehensive Income Translation differences Other comprehensive expenses --(554) 4,926 (656) 349,391 89,537 348,837 93,807 Equity attributable to the Parent (note 15) Non-controlling interests (note 17) 4,225,554 471,050 3,629,079 4,886 Total equity 4,696,604 3,633,965 Liabilities Grants (note 18) Provisions (note 19) Non-current financial liabilities (note 20) Other non-current liabilities Deferred tax liabilities (note 27) 11,845 6,114 6,099,463 1,301 404,398 11,822 5,763 5,901,815 --388,912 Total non-current liabilities 6,523,121 6,308,312 Provisions (note 19) Current financial liabilities (note 20) Current debts with related companies Trade and other payables Suppliers Other payables Current income tax liabilities Total trade and other payables (note 21) Other current liabilities (note 22) 80,055 277,382 7,079 106,995 155,070 --561,883 159,816 423,096 141,720 1,917 6,709 723,616 169,189 571,525 144,397 Total current liabilities 1,257,321 977,987 Total liabilities 7,780,442 7,286,299 Total equity and liabilities 12,477,046 10,920,264 The accompanying notes form an integral part of the consolidated annual accounts.

GRIFOLS, S.A. AND SUBSIDIARIES Consolidated Statements of Profit and Loss for the years ended 31 December 2018, 2017 and 2016 (Expressed in thousands of Euros) (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) 31/12/18 31/12/17 31/12/16 Continuing Operations Net revenue (notes 6 and 23) Cost of sales Gross Profit Research and Development Selling, General and Administration expenses Operating Expenses Operating Result Finance income Finance costs Change in fair value of financial instruments Impairment and gains /(losses) on disposal of financial instruments Exchange differences 4,486,724 (2,437,164) 4,318,073 (2,166,062) 4,049,830 (2,137,539) 2,049,560 (240,661) (814,775) 2,152,011 (288,320) (860,348) 1,912,291 (197,617) (775,266) (1,055,436) 994,124 13,995 (293,273) --(1,148,668) 1,003,343 9,678 (263,344) (3,752) (972,883) 939,408 9,934 (244,829) (7,610) 30,280 (8,246) (18,844) (11,472) --8,916 Finance result (note 26) (257,244) (287,734) (233,589) Share of losses of equity accounted investees (note 10) Profit before income tax from continuing operations Income tax expense (note 27) Profit after income tax from continuing operations Consolidated profit for the year Profit attributable to the Parent Loss attributable to non-controlling interest (note 17) (11,038) (19,887) 6,933 725,842 (131,436) 695,722 (34,408) 712,752 (168,209) 594,406 594,406 596,642 (2,236) 661,314 661,314 662,700 (1,386) 544,543 544,543 545,456 (913) Basic earnings per share (Euros) (see note 16) Diluted earnings per share (Euros) (see note 16) 0.87 0.87 0.97 0.97 0.80 0.80 The accompanying notes form an integral part of the consolidated annual accounts.

GRIFOLS, S.A. AND SUBSIDIARIES Consolidated Statements of Comprehensive Income for the years ended 31 December 2018, 2017 and 2016 (Expressed in thousands of Euros) (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) 31/12/18 31/12/17 31/12/16 Consolidated profit for the year Items for reclassification to profit or loss Translation differences Translation differences / Cash Flow Hedge Available for sale financial Assets Equity accounted investees (note 10) / Translation differences Cash flow hedges - effective part of changes in fair value Cash flow hedges - amounts taken to profit or loss Other comprehensive income Tax effect Other comprehensive income for the year, after tax 594,406 661,314 544,543 268,557 ---- (9,270) ---- 102 --(532,389) --10,145 (27,134) ---- (14) --103,833 (6,809) (5,219) 10,671 14,501 (7,426) (4,810) (2,462) 259,389 (549,392) 102,279 Total comprehensive income for the year Total comprehensive income attributable to the Parent Total comprehensive expense attributable to the non-controlling interests 853,795 111,922 646,822 856,598 (2,803) 113,441 (1,519) 647,667 (845) The accompanying notes form an integral part of the consolidated annual accounts.

GRIFOLS, S.A. AND SUBSIDIARIES Consolidated Statements of Cash Flows for the years ended 31 December 2018, 2017 and 2016 (Expressed in thousands of Euros) (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) 31/12/2018 31/12/2017 31/12/2016 Cash flows from operating activities Profit before tax Adjustments for: Amortization and depreciation (note 25) Other adjustments: (Profit) / losses on equity accounted investments (note 10) Impairment of assets and net provision charges (Profit) / losses on disposal of fixed assets (note 8 and 9) Government grants taken to income (note 18) Finance cost / (income) Other adjustments Change in operating assets and liabilities Change in inventories Change in trade and other receivables Change in current financial assets and other current assets Change in current trade and other payables Other cash flows used in operating activities Interest paid Interest recovered Income tax (paid) / received Other recovered (paid) 725,842 454,378 228,609 225,769 11,038 (23,657) (6,700) (1,166) 232,962 13,292 (112,639) (231,670) (13,141) (3,092) 135,264 (330,153) (225,146) 6,862 (111,585) (284) 695,722 556,792 215,490 341,302 19,888 66,047 1,551 (286) 263,657 (9,555) (65,800) (165,508) 80,112 (2,691) 22,287 (344,968) (207,079) 9,492 (147,015) (366) 712,752 391,986 201,869 190,117 (6,933) (23,079) (2,987) (1,681) 236,034 (11,237) (164,319) (173,003) (25,180) (2,610) 36,474 (387,141) (180,497) 8,685 (215,329) --Net cash from operating activities Cash flows from investing activities 737,428 841,746 553,278 Payments for investments Group companies, associates and business units (notes 3, 2 (b) and 10) Property, plant and equipment and intangible assets Property, plant and equipment Intangible assets Other financial assets Proceeds from the sale of investments Property, plant and equipment Other financial assets Net cash used in investing activities Cash flows from financing activities (852,536) (524,081) (307,722) (231,983) (75,739) (20,733) 70,669 550 (2,209,667) (1,857,210) (322,973) (251,507) (71,466) (29,484) 23,787 762 (509,078) (202,727) (292,690) (249,416) (43,274) (13,661) 2,426 2,426 70,119 23,025 --(781,867) (2,185,880) (506,652) Proceeds from and payments for equity instruments Payments for treasury stock (note 15 (d)) Sales of treasury stock (note 15 (d)) Proceeds from and payments for financial liability instruments Issue Redemption and repayment Dividends and interest on other equity instruments Dividends paid Dividends received Other cash flows from / (used in) financing activities Financing costs included on the amortised costs of the debt Other amounts from / (used in) financing activities Transaction with minority interests with no loss of control (note 3) Net cash from/(used in) financing activities Effect of exchange rate fluctuations on cash Net increase in cash and cash equivalents Cash and cash equivalents at beginning of the year Cash and cash equivalents at year end ---- --37,418 179,350 (141,932) (275,783) (278,841) 3,058 4,661 --4,661 ---- --1,808,771 1,912,615 (103,844) (218,260) (218,260) --(156,446) (142,288) (14,158) (11,766) (12,686) 920 (80,149) 81,513 (161,662) (216,151) (216,151) --(21,492) --(21,492) 386,207 ---- 152,503 39,207 147,271 886,521 1,033,792 1,434,065 (98,419) (8,488) 895,009 886,521 (329,558) 35,441 (247,491) 1,142,500 895,009 The accompanying notes form an integral part of the consolidated annual accounts.

GRIFOLS, S.A. AND SUBSIDIARIES Statement of Changes in Consolidated Equity for the years ended 31 December 2018, 2017 and 2016 (Expressed in thousands of Euros) (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) Attributable to shareholders of the Parent Accumulated other comprehensive income Equity attributable to Parent Profit attributable to Parent Share capital Share premium Interim dividend Treasury stock Translation differences Available for sale financial assets Other comprehensive income Cash flow hedges Non-controlling interests Reserves Equity Balance at 31 December 2015 119,604 910,728 1,371,061 532,145 (119,615) (58,575) 534,491 --3,035 3,329 3,296,203 5,187 3,301,390 Translation differences ---- ---- ---- 114,436 ---- --114,436 68 114,504 Available for sale financial assets ---- ---- ---- --(5,219) ---- (5,219) --(5,219) Cash flow hedges (note 15 (f)) ---- ---- ---- ---- --(3,329) (3,329) --(3,329) Other comprehensive income ---- ---- ---- ---- (3,677) --(3,677) --(3,677) Other comprehensive income / (expense) for the year ---- ---- ---- 114,436 (5,219) (3,677) (3,329) 102,211 68 102,279 Profit/(loss) for the year ---- --545,456 ---- ---- ---- 545,456 (913) 544,543 Total comprehensive income / (expense) for the year ---- --545,456 ---- 114,436 (5,219) (3,677) (3,329) 647,667 (845) 646,822 Net change in treasury stock (note 15 (d)) Acquisition of non-controlling interests (note 15 (c)) Other changes Interim dividend Distribution of 2015 profit Reserves Dividends Interim dividend ---- ---- ---- ---- (182) (2,737) 6,816 ---- ---- ---- ---- (122,908) (10,135) ---- ---- ---- ---- ---- ---- ---- ---- ---- --(10,317) (2,737) 6,816 (122,908) --2,737 (582) --(10,317) --6,234 (122,908) ---- ---- ---- 319,287 ---- (319,287) (93,243) (119,615) ---- 119,615 ---- ---- ---- ---- ---- ---- ---- ---- (93,243) ---- ---- --(93,243) --Operations with shareholders or owners ---- 323,184 (532,145) (3,293) (10,135) ---- ---- (222,389) 2,155 (220,234)

GRIFOLS, S.A. AND SUBSIDIARIES Statement of Changes in Consolidated Equity for the years ended 31 December 2018, 2017 and 2016 (Expressed in thousands of Euros) (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) Attributable to shareholders of the Parent Accumulated other comprehensive income Equity attributable to Parent Profit attributable to Parent Share capital Share premium Interim dividend Treasury stock Translation differences Available for sale financial assets Other comprehensive income Cash flow hedges Non-controlling interests Reserves Equity Balance at 31 December 2016 119,604 910,728 1,694,245 545,456 (122,908) (68,710) 648,927 (5,219) (642) --3,721,481 6,497 3,727,978 Translation differences ---- ---- ---- (559,390) ---- --(559,390) (133) (559,523) Available for sale financial assets ---- ---- ---- --10,145 ---- 10,145 --10,145 Other comprehensive income ---- ---- ---- ---- (14) --(14) --(14) Other comprehensive income / (expense) for the year ---- ---- ---- (559,390) 10,145 (14) --(549,259) (133) (549,392) Profit/(loss) for the year ---- --662,700 ---- ---- ---- 662,700 (1,386) 661,314 Total comprehensive income / (expense) for the year ---- --662,700 ---- (559,390) 10,145 (14) --113,441 (1,519) 111,922 Net change in treasury stock (note 15 (d)) Acquisition of non-controlling interests (note 15 (c)) Other changes Interim dividend Distribution of 2016 profit Reserves Dividends Interim dividend ---- ---- ---- ---- --(346) 6,475 ---- ---- ---- --(122,986) 6,288 ---- ---- ---- ---- ---- ---- ---- ---- ---- --6,288 (346) 6,475 (122,986) --(43) (49) --6,288 (389) 6,426 (122,986) ---- ---- ---- 422,548 (95,274) --(422,548) --(122,908) ---- 122,908 ---- ---- ---- ---- ---- ---- ---- ---- (95,274) ---- ---- --(95,274) --Operations with shareholders or owners ---- 333,403 (545,456) (78) 6,288 ---- ---- (205,843) (92) (205,935) Balance at 31 December 2017 119,604 910,728 2,027,648 662,700 (122,986) (62,422) 89,537 4,926 (656) --3,629,079 4,886 3,633,965 Impact of new IFRS (note 2) ---- 29,562 ---- ---- (4,926) ---- 24,636 --24,636 Balance at 31 December 2017 adjusted 119,604 910,728 2,057,210 662,700 (122,986) (62,422) 89,537 0 (656) 0 3,653,715 4,886 3,658,601 Translation differences ---- ---- ---- 259,854 ---- --259,854 (567) 259,287 Other comprehensive income ---- ---- ---- ---- 102 --102 --102 Other comprehensive income / (expense) for the year ---- ---- ---- 259,854 --102 --259,956 (567) 259,389 Profit/(loss) for the year ---- --596,642 ---- ---- ---- 596,642 (2,236) 594,406 Total comprehensive income / (expense) for the year ---- --596,642 ---- 259,854 --102 --856,598 (2,803) 853,795 Net change in treasury stock (note 15 (d)) Acquisition / Divestment of non-controlling interests (note 15 (c)) Other changes Interim dividend Distribution of 2017 profit: Reserves Dividends Interim dividend ---- ---- --6,981 ---- ---- 6,981 --6,981 ---- ---- ---- (3,462) (9,437) ---- ---- --(136,747) ---- ---- ---- ---- ---- ---- ---- --(3,462) (9,437) (136,747) 469,010 (43) --465,548 (9,480) (136,747) ---- ---- ---- 539,714 (142,094) --(539,714) --(122,986) ---- 122,986 ---- ---- ---- ---- ---- ---- ---- ---- (142,094) ---- ---- --(142,094) --Operations with shareholders or owners ---- 384,721 (662,700) (13,761) 6,981 ---- ---- (284,759) 468,967 184,208 Balance at 31 December 2018 119,604 910,728 2,441,931 596,642 (136,747) (55,441) 349,391 --(554) --4,225,554 471,050 4,696,604

GRIFOLS, S.A. AND SUBSIDIARIES Notes to the Consolidated Annual Accounts (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) (1) Nature, Principal Activities and Subsidiaries Grifols, S.A. (hereinafter the Company) was incorporated with limited liability under Spanish law on 22 June 1987. Its registered and tax offices are in Barcelona. The Company's statutory activity consists of providing corporate and business administrative, management and control services, as well as investing in assets and property. Its principal activity involves rendering administrative, management and control services to its subsidiaries. On 17 May 2006 the Company completed its flotation on the Spanish securities market, which was conducted through the public offering of 71,000,000 ordinary shares of Euros 0.50 par value each and a share premium of Euros 3.90 per share. The total capital increase (including the share premium) amounted to Euros 312.4 million, equivalent to a price of Euros 4.40 per share. The Company’s shares were floated on the Spanish stock exchange IBEX-35 index on 2 January 2008. All of the Company’s shares are listed on the Barcelona, Madrid, Valencia and Bilbao securities markets and on the Spanish Automated Quotation System (SIBE/Continuous Market). On 2 June 2011, Class B non-voting shares were listed on the NASDAQ (USA) and on the Spanish Automated Quotation System (SIBE/Continuous Market). Grifols, S.A. is the Parent of the subsidiaries listed in Appendix I of this note to the consolidated annual accounts. Grifols, S.A. and subsidiaries (hereinafter the Group) act on an integrated basis and under common management and their principal activity is the procurement, manufacture, preparation and sale of therapeutic products, especially haemoderivatives. The main factory locations of the Group’s Spanish companies are in Parets del Vallés (Barcelona) and Torres de Cotilla (Murcia), while the US companies are located in Los Angeles (California), Clayton (North Carolina), Emeryville (California), and San Diego (California). The Company aims to reinforce its strategic presence in China. In this regards, Grifols is currently in talks with Shangai RAAS Blood Products to explore a possible corporate transaction and reached an agreement with Boya-Pharmaceutical to open plasma centers in China. (2) Basis of Presentation The consolidated annual accounts have been prepared on the basis of the accounting records of Grifols, S.A. and of the Group companies. The consolidated annual accounts for 2018 have been prepared under International Financial Reporting Standards as adopted by the European Union (IFRS-EU) which for Grifols Group purposes, are identical to the standards as endorsed by the International Accounting Standard Board (IFRS-IASB) to present fairly the consolidated equity and consolidated financial position of Grifols, S.A. and subsidiaries at 31 December 201 8, as well as the consolidated results from their operations, consolidated cash flows and consolidated changes in equity for the year then ended. These consolidated annual accounts for 2018 show comparative figures for 2017 and voluntarily show figures for 2016 from the consolidated statement of profit and loss, consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows and their corresponding notes thereto. The Group adopted IFRS-EU for the first time on 1 January 2004 and has been preparing its annual accounts under International Financial Reporting Standards, as adopted by the European Union (IFRS-EU) as required by capital market regulations governing the presentation of financial statements by companies whose debt or own equity instruments are listed on a regulated market. The Board of Directors of Grifols, S.A. considers that these consolidated annual accounts of 2018 authorized for issue at their meeting held on 22 February 2019, will be approved by the shareholders without any modifications. In accordance with the provision of section 357 of the Irish Companies Act 2014, the Company has irrevocably 1

GRIFOLS, S.A. AND SUBSIDIARIES Notes to the Consolidated Annual Accounts (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) guaranteed all liabilities of an Irish subsidiary undertaking, Grifols Worldwide Operations Limited (Ireland) (see Appendix I), for the financial year ended 31 December 2018 as referred to in subsection 1(b) of that Act, for the purposes of enabling Grifols Worldwide Operations Limited to claim exemption from the requirement to file their own annual accounts in Ireland. (a) Relevant accounting estimates, assumptions and judgments used when applying accounting principles The preparation of the consolidated annual accounts in conformity with IFRS-EU requires management to make judgments, estimates and assumptions that affect the application of Group accounting policies. The following notes include a summary of the relevant accounting estimates and judgments used to apply accounting policies which have the most significant effect on the amounts recognized in the consolidated annual accounts. Assumptions used to test non-current assets and goodwill for impairment. Relevant cash generating units are tested annually for impairment. These are based on risk-adjusted future cash flows discounted using appropriate interest rates. The key assumptions used are specified in note 7. Assumptions relating to risk-adjusted future cash flows and discount rates are based on business forecasts and are therefore inherently subjective. Future events could cause a change in business forecasts, with a consequent adverse effect on the future results of the Group. To the extent considered a reasonably possible change in key assumptions could result in an impairment of goodwill, a sensitivity analysis has been disclosed to show the effect of changes to these assumptions and the effect of the cash generating unit (CGU) on the recoverable amount. Determination the fair value of assets, liabilities and contingent liabilities related to business combinations. Details of the fair value methods used by the Group are provided in note 3. Evaluation of the capitalization of development costs (see note 4(h)). The key assumption is related to the estimation of sufficient future economic benefits of the projects. Evaluation of provisions and contingencies. Key assumptions relate to the evaluation of the likelihood of an outflow of resources due to a past event, as well as to the evaluation of the best estimate of the likely outcome. These estimates take into account the specific circumstances of each dispute and relevant external advice and therefore are inherently subjective and could change substantially over time as new facts arise and each dispute progresses. Details of the status of various uncertainties involved in significant unresolved disputes are set out in note 29. Evaluation of the recoverability of tax credits, including tax loss carryforwards and rights for deductions. Deferred tax assets are recognized to the extent that future taxable profits will be available against which the temporary differences can be utilized, based on management's assumptions relating to the amount and timing of future taxable profits (see notes 4(t) and 27). Analysis that the refinancing of debt and bonds does not result in a new financial liability. No changes have been made to prior year judgments relating to existing uncertainties. The Group is also exposed to interest rate and currency risks. Refer to sensitivity analysis in note 30. (b) Basis of consolidation Appendix I shows details of the percentages of direct or indirect ownership of subsidiaries by the Company at 31 December 2018, 2017 and 2016, as well as the consolidation method used in each case for preparation of the accompanying consolidated annual accounts. Subsidiaries in which the Company directly or indirectly owns the majority of equity or voting rights have been fully consolidated. Associates in which the Company owns between 20% and 50% of share capital and over which it has no control but does have significant influence, have been accounted for under the equity method. 2

GRIFOLS, S.A. AND SUBSIDIARIES Notes to the Consolidated Annual Accounts (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) Although the Group holds 30% of the shares with voting rights of Grifols Malaysia Sdn Bhd, it controls the majority of the economic and voting rights of Grifols Malaysia Sdn Bhd through a contract with the other shareholder and a pledge on its shares. As a consequence it has been fully consolidated. Grifols (Thailand) Ltd. has two classes of shares and it grants the majority of voting rights to the class of shares held by the Group. As a consequence it has been fully consolidated. Changes in associates and jointly controlled entities are detailed in note 10. Changes in subsidiaries In 2018: On 28 December 2018, Grifols sold Biotest US Corporation and Haema AG to Scranton Enterprises B.V. for a global amount of US Dollars 538,014 thousand. Scranton is an existing shareholder of Grifols (see note 3(b)). On 1 August 2018, Grifols, through its subsidiary Grifols Shared Services North America, Inc. has completed the acquisition of 100% of the shares in Biotest US Corporation for a price of US Dollar s 286,454 thousand, after obtaining the consent of the US Federal Trade Commission (see note 3). On 19 March 2018, Grifols entered into an agreement with Aton GmbH for the purchase of 100% of the shares of German based pharmaceutical company Haema AG, in exchange for a purchase price of Euros 220,191 thousand on a debt free basis. The closing of this transaction took place in June 2018 (see note 3). On 26 January 2018, Grifols through its subsidiary Grifols Shared Services North America, Inc, suscribed a capital increase in the amount of US Dollars 98 million in the U.S company Goetech LLC, based in Denver, Colorado, trading as Medkeeper. As a result, Grifols holds a 54.76% interest in Medkeeper. Grifols and a majority position on the board of directors. On 12 January 2018 the Group acquired the remaining 50% of the voting rights of Aigües Minerals de Vilajuïga, S.A. and consequently Grifols holds 100% of the voting rights for a total amount of Euros 550 thousand. In 2017: On 4 December 2017, Progenika Biopharma, S.A., transferred the total shares of Abyntek Biopharma, S.L. to a third party. No profit or loss was recognized on this transaction. On 11 October 2017, Grifols Diagnostic Solutions, Inc. acquired an additional 0.98% interest in Progenika Biopharma, S.A. from its non-controlling interests for a total amount of Euros 644 thousand in the form of a cash payment. As a result, Grifols owed 90.23% of Progenika’s share capital at 31 December 2017. On 24 July 2017, Grifols acquired an additional 40% interest in Kiro Grifols, S.L. for a purchase price of Euros 12.8 million. With this new acquisition, Grifols reached a 90% interest in equity of Kiro Grifols S.L. (see note 3(b)). On 13 March 2017, Progenika Latina, S.A. de C.V., was wound up. The assets and liabilities of Progenika Latina. S.A. de C.V were integrated into Progenika Biopharma, S.A. On 31 January 2017, Grifols closed the transaction for the asset purchase agreement to acquire Hologic’s business of NAT (Nucleic Acid Testing) donor screening unit, previously agreed on 14 December 2016, for a total amount of US Dollars 1,865 million (see note 3(a)). 3

GRIFOLS, S.A. AND SUBSIDIARIES Notes to the Consolidated Annual Accounts (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) On 5 January 2017, the Group incorporated a new company called Chiquito Acquisition Corp. With effect as of 1 January 2017, Grifols Diagnostic Solutions, Inc. and Progenika, Inc. entered into a merger agreement. The surviving company was Grifols Diagnostic Solutions, Inc. In 2016 Grifols incorporated the following companies: PBS Acquisition Corp. (USA) Grifols Diagnostics Equipment Taiwan Limited (Taiwan) Grifols Innovation and New Technologies Limited (Ireland) On 12 December 2016, the Group company Grifols Innovation and New Technologies Limited subscribed to an increase in the share capital of VCN Biosciences, S.L. amounting to Euros 5 million. Following this capital increase, Grifols’ interest rose to 81.34% in 2016. Grifols subscribed to another capital increase on 16 November 2015 through the Group company Gri-Cel, S.A. for an amount of Euros 2,549 thousand (see note 3 (d)). With effect as of 1 November 2016, Grifols Brasil, Lda. and Gri-Cei, S.A. Produtos para Trasfusao entered into a merger agreement. The surviving company was Grifols Brasil, Lda. In August 2016 and July 2015 Araclon Biotech, S.L. carried out two share capital increases of Euros 6.7 million and Euros 6 million, respectively. After the latter capital increase Grifols’ interest rose to 73.22% (see note 15 (c)). In July 2016 the Group acquired an additional 20% of the assets of Medion Diagnostics AG. in exchange for 59,951 treasury stocks (Class B Shares) from its non-controlling interests. After this acquisition, Grifols’ interest rose to 100%. On 3 March, 2016 the Group executed the call option on 32.93% of the shares in Progenika Biopharma, S.A. for Euros 25 million following the exercise of call and put options agreed in February 2013. Grifols paid 50% of this investment in Grifols B shares (876,777 shares) and the remaining 50% in cash. The Group guaranteed the selling shareholders the option to repurchase the Class B shares during the first five days following the sale date. As a result of this transaction, Grifols owns 89.25% of Progenika Biopharma, S.A.’s share capital at 31 December 2016. With effect as of 1 January 2016, Progenika Biopharma, S.A. and Brainco Biopharma, S.L. entered into a merger agreement. The surviving company was Progenika Biopharma, S.A. (c) Amendments to IFRS in 2018, 2017 and 2016 In accordance with IFRS, the following should be noted in connection with the scope of application of IFRS and the preparation of these consolidated annual accounts of the Group. 4

GRIFOLS, S.A. AND SUBSIDIARIES Notes to the Consolidated Annual Accounts (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) Effective date in 2016 Mandatory application for annual periods beginning on or after: Standards IASB effective date EU effective date IAS 16 IAS 38 Clarification of Acceptable Methods of Depreciation and Amortisation (issued on 12 May 2014) Accounting for Acquisitions of Interests in Joint Operations (issued on 6 May 2014) Equity Method in Separate Financial Statements (issued on 12 August 2014) Annual Improvements to IFRSs 2012-2014 cycle (issued on 25 September 2014) Disclosure Initiative (issued on 18 December 2014) 1 January 2016 1 January 2016 IFRS 11 1 January 2016 1 January 2016 IAS 27 1 January 2016 1 January 2016 Various 1 January 2016 1 January 2016 IAS 1 1 January 2016 1 January 2016 Effective date in 2017 Mandatory application for annual periods beginning on or after: Standards IASB effective date EU effective date Recognition of Deferred Tax Assets for Unrealized Losses (issued on 19 January 2016) Disclosure Initiative (issued on 29 January 2016) Annual improvements to IFRSs 2014 - 2016 cycle (issued on 8 December 2016) - IFRS 12 IAS 12 IAS 7 Various 1 January 2017 1 January 2017 1 January 2017 1 January 2017 1 January 2017 1 January 2017 Effective date in 2018 Mandatory application for annual periods beginning on or after: Standards IASB effective date EU effective date IFRS 15 Revenue from contracts with Customers (issued on 28 May 2014) Clarification to IFRS15 Revenue from Contracts with Customers (issued on 12 April 2016) Financial instruments (issued on 24 July 2014) Classification and Measurement of Share-based Payment Transactions (issued on 20 June 2016) Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts (issued on 12 September 2016) IFRIC 22 Interpretation: Foreign currency translations and Advance Consideration (issued on 8 December 2016) Amendments to IAS 40: Transfers of Investment Property (issued on 8 December 2016) Annual improvements to IFRSs 2014 - 2016 cycle (issued on 8 December 2016) 1 January 2018 1 January 2018 IFRS 15 1 January 2018 1 January 2018 IFRS 9 1 January 2018 1 January 2018 IFRS 2 1 January 2018 1 January 2018 IFRS 4 IFRS 9 1 January 2018 1 January 2018 IFRIC 22 1 January 2018 1 January 2018 IAS 40 1 January 2018 1 January 2018 Various 1 January 2018 1 January 2018 5

GRIFOLS, S.A. AND SUBSIDIARIES Notes to the Consolidated Annual Accounts (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) The application of these standards and interpretations has had some impacts on these consolidated annual accounts, which are detailed below: IFRS 9 Financial Instruments IFRS 9 Financial Instruments was applied on 1 January, 2018 without any restatements of the comparative figures relative for the prior year. The impacts of the first-time adoption, recognized directly in equity, are as follows: - Classification and measurement of financial assets: In general terms, based on the analysis of the new classification based on the business model, the majority of financial assets have continued to be measured at amortized cost, the main exception being equity instruments, which are measured at fair value through profit or loss. Impairment of financial assets: - For trade receivables the Group uses the simplified approach, estimating lifetime expected credit losses, while for all other financial assets the Group has used the general approach for calculating expected credit losses. In both cases, due to the customers' credit rating, as well as the internal classification systems currently in place for new customers, and considering that collection periods are mostly under 30 days, the adoption of IFRS 9 does not have a significant impact. Modification or exchanges of financial liabilities that do not result in derecognition of liabilities - According to the IASB's interpretation published in October 2017, when a financial liability measured at amortized cost is modified or exchanged and does not result in the derecognition of the financial liability, a gain or loss should be recognized in profit or loss, calculated as the difference between the original contractual cash flows from the liability and the new modified cash flows, discounted at the original effective interest rate of the liability. IFRS 9 must be applied retrospectively as of 1 January 2018, therefore any gains or losses from the modification of financial liabilities that arise from applying the new standard in years prior to 1 January 2018 have been recognized in reserves at that date and the comparative period has not been re-expressed. Grifols has retrospectively calculated the impact of adopting IFRS 9 on the refinancing of its senior debt and unsecured senior corporate notes in 2014 and 2017. As a result of these new calculations, the 2014 refinancing of both debts did not cause the derecognition of the respective liabilities, therefore generating an adjustment to profit and loss in that year. Considering the retroactive adjustment generated in 2014, the 2017 refinancing of senior debt did not result in the derecognition of the financial liability either. However, the refinancing of the unsecured senior corporate notes led to derecognition of the liability as it did not pass the new quantitative test. The adoption of IFRS 9 has entailed a positive impact on reserves of Euros 24,636 thousand. 6

GRIFOLS, S.A. AND SUBSIDIARIES Notes to the Consolidated Annual Accounts (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) Details of the impacts on reserves due to the application of IFRS 9 application are as follows: Thousand of Euros Impact 01/01/2018 IAS 39 IFRS 9 Senior Unsecured Noted Total Debt Deferred Expenses 853,667 1,000,000 146,333 (41,035) 105,298 Negative Impact in reserves Thousand of Euros Impact 01/01/2018 IAS 39 IFRS 9 Senior Secured Debt Total Debt Deferred Expenses 3,375,157 3,226,244 (148,913) 18,979 (129,934) Positive impact in reserves Thousand of Euros Impact 01/01/2018 IAS 39 IFRS 9 Total Impact Total Debt Deferred Expenses 4,228,824 4,226,244 (2,580) (22,056) (24,636) Positive impact in reserves IFRS 15 Revenue from Contracts with Customers. IFRS 15 provides a framework that replaces the previous guides on revenue recognition. According to the new criteria, a five-step model should be used to determine the timing and amounts of revenue recognition: Step 1: Identify the contract. Step 2: Identify the performance obligations in the contract. Step 3: Determine the transaction price. Step 4: Allocate the transaction price to the performance obligations in the contract. Step 5: Recognize revenue. This new model specifies that revenue should be recognized when (or as) control of the goods or services is transferred from an entity to customers, for the amount the entity expects to be entitled to receive. Depending on whether certain criteria are met, revenue is recognized over time, reflecting that the entity has satisfied the performance obligation, or at a point in time, when control of the goods or services is transferred to customers. Based on the analysis and implementation at 1 January 2018, there has been no impact from adopting IFRS 15 Revenue from Contracts with Customers. 7

GRIFOLS, S.A. AND SUBSIDIARIES Notes to the Consolidated Annual Accounts (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) Standards issued but not effective in 2018 Mandatory application for annual periods beginning on or after: Standards IASB effective date EU effective date IFRS 16 Leases (Issued on 13 January 2016) Uncertainty over Income Tax Treatments (issued on 7 June 2017) Amendment to IFRS 9: Prepayment Features with Negative Compensation (issued on 12 October 2017) Amendment to IAS 28: Long-term interests in Associates and Joint Ventures (issued on 12 October 2017) Annual Improvements to IFRS Standards 2015-2017 Cycle (issued on 12 December 2017) Insurance Contracts (issued on 18 May 2017) Amendment to IAS19: Plan Amendment, Curtailment or Settlemet (issued on 7 February 2018) Amendment to IFRS 3: Definition of a business (issued on 22 October 2018) Amendments to IAS 1 and IAS 8: Definition of material (issued on 31 October 2018) Amendments to the Conceptual Framework for Financial Reporting (issued on 29 March 2018) 1 January 2019 1 January 2019 IFRIC 23 1 January 2019 1 January 2019 IFRS 9 1 January 2019 1 January 2019 IAS 28 1 January 2019 pending Various 1 January 2019 pending IFRS 17 1 January 2021 pending IAS 19 1 January 2019 pending IFRS 3 IAS 1 IAS 8 1 January 2020 pending 1 January 2020 pending IFRS 1 1 January 2020 pending The application of these standards and interpretations, except for IFRS 16 "Leases", is not expected to have any significant impacts on the consolidated annual accounts. IFRS 16 “Leases” IFRS 16 brings in a single model for lease accounting by lessees in the statement of financial position. A lessee recognises a right-of-use asset representing its right to use the underlying asset and a lease liability representing its obligation to make lease payments. There are optional exemptions for short-term leases and leases of low value items. Lessor accounting remains similar to the current standard. Lessors continue to classify leases as finance or operating leases. IFRS 16 replaces existing guidance on leases, including IAS 17 Leases, IFRIC 4 Determining whether an arrangement contains a lease, SIC-15 Operating leases-Incentives and SIC-27 Evaluating the substance of transactions involving the legal form of a lease. IFRS 16 is mandatory for all financial years starting on or after 1 January 2019. It may be adopted in advance by companies that already use IFRS 15 Revenue from contracts with customers prior to the date of first -time application of IFRS 16. The Group will first-time adopt IFRS 16 on 1 January 2019 and is in the process of estimating the impact on the consolidated annual accounts. The main policies, estimates and criteria for the application of IFRS 16 are as follows: Scope: this IFRS 16 evaluation considers all the contracts in which the Group acts as lessee, except for the contracts between Group companies and the cancelable contracts. Transition approach: The Group has opted to implement IFRS 16 using the modified retrospective approach, whereby the right-of-use asset is measured at an amount equal to the lease liability, adjusted by the amount of any prepaid or accrued lease payments relating to that lease recognized in the consolidated statement of financial position immediately before the date of initial application. When applying this modified retrospective approach, the Group does not re-express the comparative information. Discount rates: For financial lease contracts, Grifols will discount lease payments using the implicit interest rate. For operating lease agreements, lease payments will be discounted using the incremental 8

GRIFOLS, S.A. AND SUBSIDIARIES Notes to the Consolidated Annual Accounts (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) borrowing rate. The incremental borrowing rate is the rate of interest that a lessee would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. An incremental effective interest rate has been applied and varies from 2.07% to 8.18% depending on the geographical area and the term of the lease agreement at the date of initial application. Lease term for each agreement: The term considered for the leases depends, fundamentally, on whether or not the lease contract contains a period of mandatory compliance, as well as unilateral termination and or renewal clauses that grant the Group the right to terminate early or to extend the agreements. The Group leases several buildings, equipment and vehicles. Leases agreements are usually made for fixed periods, as shown below: Average lease term Real Estate and land Donor centers PC's and hardware Machinery Vehicles 10 to 15 years 13 to 15 years 3 to 5 years 4 to 5 years 3 to 5 years The lease terms of the agreements are negotiated on an individual basis and contain a wide range of terms and conditions. Accounting policies applied during transition: The Group has employed the following practical solutions when applying the simplified method to leases previously carried as operating leases under IAS 17 Leases: Non-application of IFRS 16 to agreements that were not previously deemed to contain a lease under IAS 17 and IFRIC 4 “Determining whether an arrangement contains a lease”. o o Exclusion of the initial direct costs from the measurement of the right-of-use asset on the date of first-time adoption. Exclusion of leases that expire within 12 months as from the date of first-time adoption. o Exclusion of leases in which the underlying asset has a low value. o Estimated effect of adoption: At 1 January 2019, the Group has non-cancellable operating lease commitments of Euros 400,579 thousand for buildings and warehouses (see note 28). Of these commitments, approximately Euros 4,822 thousand of these commitments relate to short-term leases which will be recognized on a straight-line basis as expense in profit and loss. For the remaining lease commitments, the Group expects to recognise right-of-use assets of approximately Euros 648,345 thousand at 1 January, 2019 (after adjustments for prepayments, dismantling costs and accrued lease payments recognized as at 31 December 2018 by an amount of approximately Euros 16,898 thousand) and lease liabilities of Euros 664,948 thousand. Total net assets will be approximately Euros 16,603 thousand lower, and net current assets will be Euros 43,318 thousand lower due to, mainly, the presentation of a portion of the liability as a current liability. The Group expects net profit before tax to fall by approximately Euros 15,500 thousand in 2019 due to the adoption of the new Standard for the lease agreements for buildings and warehouses. EBITDA is expected to increase by approximately Euros 60,281 thousand, as the operating lease payments were included in EBITDA but the amortisation charges on right-of-use assets and interest on the lease liability are excluded from this measurement. Operating cash flows will increase and cash flows from financing will decrease by approximately Euros 60,281 thousand, since the repayment of principal on the lease liabilities and interest will be classified as cash flows from financing activities. 9

GRIFOLS, S.A. AND SUBSIDIARIES Notes to the Consolidated Annual Accounts (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) In addition, Grifols has performed the reconciliation of lease liabilities for buildings and warehouses in relation to leases which had previously been classified as operating leases under IAS 17 (related to non-cancelable agreements and renewals) and lease liabilities under IFRS 16: 01/01/2019 Thousands of Euros Operating lease commitments existing as at 31 December 2018 Periods covered by an option to extend the lease by the Group Discounting using the Group's incremental borrowing rate finance lease liabilities recognised as at 31 December 2018 Short-term leases recognised on a straight-line basis as expense Others Lease liability recognised as at 1 January 2019 400,579 579,261 (311,116) 1,395 (4,822) (349) 664,948 The Group’s activities as a lessor are immaterial, and therefore the Group does not expect any significant impact on the consolidated annual accounts. (3) Business Combinations 2018 (a) Acquisition of assets used in donor centers from Kedplasma In August and December of 2018, Grifols through its company Biomat USA, Inc. acquired the assets used in the operation of six donor centers from Kedplasma LLC. The purchase price agreed was Euros 20,939 thousand and Euros 21,841 thousand, respectively. These amounts have been provisionally allocated to goodwill in the consolidated balance sheet, considering that the initial accounting has not been completed at the end of the reporting period. (b) Biotest Acquisition On 1 August 2018, Grifols, through its subsidiary Grifols Shared Services North America, Inc. completed the acquisition of 100% of the shares in Biotest US Corporation for a price of US Dollars 286,454 thousand, after obtaining the consent of the US Federal Trade Commission. Grifols has acquired the shares from Biotest Divestiture Trust. Biotest USA owns a plasma collection business in the USA with 24 plasma collection centers throughout the territory. In the preceding financial year, it obtained approximately 850,000 liters of plasma. Details of the aggregate business combination cost, the fair value of the net assets acquired and goodwill at the acquisition date are provided below: Thousands of Euros Thousands of US Dollars 245,126 114,463 286,454 133,761 Total business combination cost Fair value of net assets acquired Goodwill (excess of the cost of the business combination over the fair value of net assets acquired) 130,663 152,693 10

GRIFOLS, S.A. AND SUBSIDIARIES Notes to the Consolidated Annual Accounts (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) The amounts determined at the date of acquisition of assets, liabilities and contingent liabilities were as follows: Fair value Thousands of Euros Thousands of US Dollars Cash and cash equivalents Trade and other receivables Inventories Other assets Intangible assets (note 8) Goodwill Prop erty , Plant and equip ment (note 9) Deferred tax assets Financial assets Total assets 5,876 15,114 18,235 2,438 19,511 5,571 22,190 33,917 10,975 6,867 17,663 21,309 2,849 22,800 6,510 25,931 39,635 12,825 133,827 156,389 (5,322) (4,249) (4,878) (4,915) (6,219) (4,965) (5,700) (5,744) Trade and other p ay ables Other liabilities Deferred tax liability Long-term liabilities (19,364) (22,628) Total liabilities and contingent liabilities Total net assets acquired Goodwill (note 7) Total business combination cost 114,463 130,663 133,761 152,693 245,126 286,454 The resulting goodwill has been allocated to the Bioscience segment. If the acquisition had taken place on 1 January 2018, the net amount of the Group´s revenue and profit would have increased by Euros 90,216 thousand and Euros 5,592 thousand, respectively. The revenue and profit of Biotest between the acquisition date and 31 December 2018 amounted to Euros 73,747 thousand and Euros 7,473 thousand, respectively. On 28 December 2018, Grifols sold Biotest US Corporation and Haema AG to Scranton Enterprises B.V. for the global amount of US Dollars 538,014 thousand (see note 1), Scranton is an existing shareholder of Grifols (see note 31). The current sale of Biotest and Haema to Scranton took place for the same price, at the current US Dollar/Euro exchange rate, and under the same terms and conditions existing when Grifols acquired both companies. The sale of Biotest and Haema has not resulted in a loss of control for the Group. In assessing the existence of control, Grifols has considered the potential voting rights to determine whether it has power and therefore control. The Group holds potential voting rights arising from the repurchase options of the shares and they are substantive, based on the following: The sale contract includes a call option for Grifols which grants the irrevocable and exclusive right (not an obligation) to be able to acquire the shares sold to Scranton (both at the same time) at any time from the effective date of sale. The purchase option has been negotiated jointly in the same sale agreement of the entities. 11

GRIFOLS, S.A. AND SUBSIDIARIES Notes to the Consolidated Annual Accounts (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) The price of exercising the call option will be equal to the higher of: a) the price at which Grifols sold them plus costs incurred in the transaction and plus the increase in working capital and (b) the amount of the debt that Scranton owns the date on which Grifols exercises the option (principal plus interest plus any other cost to be able to cancel said loan). Considering that the projections for the entities are for growth and an improvement in their results is expected, it is concluded that said call option is "in the money" since their market price is estimated to be higher than that agreed in the call option. Even if a nullity clause on the call option is included in the case of default by the buyer (standard clause included in financing agreements), it has been considered remote since Grifols will have the capacity to exercise said call option in the remediation period of 90 days. There are no agreements between shareholders that establish that the relevant decisions are approved in a different manner than by majority vote. There is a commitment from Grifols to provide support services in the plasma collection business of the donation centers for their subsequent sale and thus ensure that these companies will continue to operate effectively, as well as ensuring the continuity and growth of said entities. Likewise, there is a "Plasma Supply Agreement" agreement whereby the plasma to be produced by these entities will be almost entirely to meet the needs of Grifols. There is no exclusivity of sale. The aforementioned are indicators of Grifols' power over these entities, even after their sale, considering that the repurchase options are susceptible to being exercised and Grifols would have the financial capacity to carry them out. Consequently, the sale of the entities does not result in a loss of control, which is why the entities continue to consolidate, recording the sale as a transaction in equity without any impact on the consolidated statements of profit and loss. (c) Haema AG On 19 March 2018, Grifols has entered into an agreement with Aton GmbH for the purchase of 100% of the shares of the German based pharmaceutical company Haema AG, in exchange for a purchase price of Euros 220,191 thousand on a debt free basis. This transaction was closed in June 2018. With this acquisition, and subject to the conditions being met, Grifols will acquire Haema’s business, based on the collection of plasma for fractionation, which includes 35 plasma collection centers located throughout Germany, and three more centers under construction. Haema’s headquarters are located in Leipzig measuring approximately 24,000 m² (which include administration, production, storage and power station buildings) and also has a central laboratory in Berlin. Haema employs about 1,100 people and collected almost 800,000 liters of plasma in the preceding financial year, coming from approximately 1 million donations. Details of the aggregate business combination cost, the fair value of the net assets acquired and goodwill at the acquisition date are provided below: Thousands of Euros Total business combination cost Fair value of net assets acquired Goodwill (excess of the cost of the business combination over the fair value of net assets acquired) 220,191 49,057 171,134 12

GRIFOLS, S.A. AND SUBSIDIARIES Notes to the Consolidated Annual Accounts (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) The amounts determined at the date of acquisition of assets, liabilities and contingent liabilities were as follows: Fair value Thousands of Euros 7,727 10,321 5,535 836 1,518 25,407 Cash and cash equivalents Trade and other receivables Inventories Other assets Intangible assets (note 8) Prop erty , Plant and equip ment (note 9) Total assets 51,344 Trade and other p ay ables Contingent liabilities Total liabilities and contingent liabilities (1,795) (492) (2,287) 49,057 171,134 220,191 Total net assets acquired Goodwill (note 7) Total business combination cost The resulting goodwill has been allocated to the Bioscience segment. If the acquisition had taken place on 1 January, 2018, the net amount of the Group´s revenue would have increased by Euros 39,517 thousand and the Group´s profit would not have deferred significantly. The revenue and profit of Haema AG between the acquisition date and 31 December 2018 amounted to Euros 46,758 thousand and Euros 53 thousand, respectively. On 28 December 2018, Grifols sold Haema AG to Scranton Enterprises B.V (see note 3 (b) for more details). (d) Goetech, LLC Acquisition (“MedKeeper”) On 26 January 2018, Grifols through its subsidiary Grifols Shared Services North America, Inc, suscribed a capital increase for an amount of US Dollars 98 million in the U.S company Goetech LLC, with headquarters in Denver, Colorado, and trading as Medkeeper. As a result of this transaction, Grifols held 51% interest in Medkeeper and also holds a majority position on the board of directors. The acquisition agreement includes the repurchase of own shares by Medkeeper from the non-controlling shareholder in the amount of US Dollars 14 million (in 2 business days) and US Dollars 20 million (in two years). The agreement grants a call option to Grifols to acquire the remaining non-controlling stake for a term of three years and Medkeeper has a put option to sell this stake to Grifols, which may be executed at the end of the three-year period. As the non-controlling shareholders do not currently have access to the economic rewards associated with the underlying ownership interests related to shares under the put and call commitment, we have applied the advance-acquisition method. Under this method we recognize the agreement as an advance acquisition of the underlying non-controlling interest, as if the put option had already been exercised by the non-controlling shareholders. Medkeeper´s core business is the development and distribution of web and mobile-based platforms for hospital pharmacies that improve quality standards, productivity in the processes, control systems and monitoring different preparations, while increasing patient safety. 13

GRIFOLS, S.A. AND SUBSIDIARIES Notes to the Consolidated Annual Accounts (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) This investment will enhance the activity of the Grifols Hospital Division and it is part of the strategy to underpin this division into the U.S. market. Details of the aggregate business combination cost, the fair value of the net assets acquired and goodwill at the acquisition date are provided below: T housands of Euros Thousands of US Dolla Cost of the business combination First rep urchase of non-controlling interests Second rep urchase of non-controlling interests (discounted amount) Purchase of remaining non-controlling interests Total business combination cost Fair value of net assets acquired Goodwill (excess of the cost of the business combination over the fair value of net assets acquired) (note 7) 11,475 14,952 42,998 14,000 18,241 52,458 69,425 84,699 14,104 17,207 55,321 67,492 The amounts determined at the date of acquisition of assets, liabilities and contingent liabilities were as follows: Fair value Thousands of EurosThousands of US Dollars Intangible assets (note 8) Prop erty , Plant and equip ment (note 9) Other non-current assets Other current assets Total assets Non-current liabilities Current liabilities Deferred tax liability Total liabilities and contingent liabilities Total net assets acquired 30,561 67 2,350 37,285 82 2,867 4,453 5,433 37,432 (2,186) (7,711) 45,667 (2,667) (9,407) (13,431) (16,386) (23,328) (28,460) 14,104 17,207 The resulting goodwill has been allocated to the Hospital segment. If the acquisition had taken place on 1 January, 2018, the net amount of the Group´s revenue and profit would not have deferred significantly. The revenue and profit of Goetech LLC between the acquisition date and 31 December 2018 amounted to Euros 9,210 thousand and Euros 1,778 thousand, respectively. (e) Plasmavita Healthcare GmbH In 2017, Grifols incorporated PLASMAVITA GmbH, a joint venture between Grifols (50%) and two European partners (50%). The company aims to set up at least 10 plasma centers in Germany. The share capital amounts to Euros 25,000, divided into 25,000 nominal shares of Euro 1 each, subscribed by both parties at Euros 12,500 each. During 2018, Grifols contributes an amount of Euros 10,000 thousand, which can be increased by an additional Euros 10 million, which will be used to finance the project. (f) Aigües Minerals de Vilajuïga, S.A. On 1 June 2017 the Group announced the acquisition of 50% of the voting rights in Aigües Minerals de Vilajuïga, S.A. a company based in Vilajuïga, Girona, Spain. 14

GRIFOLS, S.A. AND SUBSIDIARIES Notes to the Consolidated Annual Accounts (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) On 12 January 2018 the Group acquired the remaining 50% of the voting rights and consequently Grifols holds 100% of the voting rights for a total amount of Euros 550 thousand. Aigües Minerals de Vilajuïga, S.A.’s principal activity is the collection and use of mineral-medicinal waters and the procurement of all necessary administrative concessions in order to facilitate the extraction of these waters and find the best way to exploit them. 2017 (a) Hologic Acquisition On 14 December 2016 Grifols entered into an asset purchase agreement to acquire assets corresponding to Hologic’s NAT (Nucleic Acid Testing) business donor screening unit for US Dollars 1,865 million. The transaction was closed on 31 January 2017. The agreement encompasses the acquisition of the Hologic business engaged in research, development and manufacture of assays and instruments based on NAT technology for transfusion and transplantation screening. In addition, it was agreed to cancel the existing joint-collaboration agreement for the commercialization of NAT donor screening products by Grifols. NAT technology makes it possible to detect the presence of infectious agents in blood and plasma donations, contributing to greater transfusion safety. The transaction is structured through the purchase of assets by Grifols Diagnostic Solutions, Inc., a U.S. incorporated and wholly-owned subsidiary of Grifols, S.A. The assets acquired comprise a plant in San Diego, California (United States) as well as development rights, licenses to patents and access to product manufacturers. Grifols consolidates itself as one of the only vertically integrated providers capable of offering comprehensive solutions to blood and plasma donation centers. This acquisition strengthens cash flows and positively impacts the Group’s margins. The sales revenues of the Diagnostic Division will not change as a result of the acquisition due to the existing commercialization agreement between Grifols and Hologic in place since 2014, under which Grifols commercializes this line of business. It is expected that this acquisition will strengthen the position of the Grifols Diagnostic Division in transfusion medicine and will increase significantly the profitability of Grifols Diagnostic Division having a direct impact on the Group’s EBITDA margin. By streamlining and integrating the NAT business, operational efficiency will be in terms of production, R&D, overheads and administrative expenses. Details of the aggregate business combination cost, the fair value of the net assets acquired and goodwill at the acquisition date are provided below: Thousands of Euros Thousands of US Dollars Cost of the business combination Payment in cash Result of the cancellation of the existing contract Total business combination cost Fair value of net assets acquired Goodwill (excess of the cost of the business combination over the fair value of net assets acquired) (see note 7) 1,734,077 41,894 1,865,000 45,057 1,775,971 309,551 1,910,057 332,923 1,466,420 1,577,134 As part of the purchase price allocation, the Company determined that the identifiable intangible assets were developed technology and IPR&D. The fair value of the intangible assets was estimated using the income approach. The cash flows were based on estimates used to price the transaction and the discount rates applied 15

GRIFOLS, S.A. AND SUBSIDIARIES Notes to the Consolidated Annual Accounts (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) were benchmarked with reference to the implied rate of return from the transaction model and the weighted average cost of capital. The developed technology assets are comprised of know-how, patents and technologies embedded in revenue. The Company applied the Relief-from-Royalty Method to determine its fair value. IPR&D projects relate to in-progress projects that have not reached technological feasibility as of the acquisition date. All of the IPR&D assets were valued using the Multiple-Period Excess Earnings Method approach. The excess of the purchase price over the estimated fair value of the net assets acquired was recorded as goodwill. The factors contributing to the recognition of the amount of goodwill were the acquired workforce, cost savings and benefits arising from the vertical integration of the business that will lead to efficiencies in R&D, commercial and manufacturing activities. The expenses incurred in this transaction in 2017 amounted to approximately Euros 13 million (Euros 5.1 million in 2016). The amounts determined at the date of acquisition of assets, liabilities and contingent liabilities were as follows: Fair Value Thousands of US Dollars Thousands of Euros R&D in p rogress Other Intangible assets Prop erty , p lant and equip ment Deferred Tax Assets (note 27) Inventories 137,756 142,174 24,569 16,736 30,157 148,157 152,908 26,424 18,000 32,434 Total Assets 351,392 377,923 Current Provisions (note 19 (b)) 41,841 45,000 Total liabilities and contingent liabilities 41,841 45,000 Total net assets acquired 309,551 332,923 The resulting goodwill has been allocated to the Diagnostic segment. (b) Kiro Grifols, S.L. On 25 July 2017 the Group acquired an additional 40% interest in Kiro Grifols, S.L for an amount of Euros 12.8 million. In September 2014 the Group subscribed a capital increase in Kiro Grifols, S.L for an amount of Euros 21 million, by virtue of which Grifols acquired 50% of Kiro Grifols, S.L.’s economic and voting rights. As a result, Grifols owns a 90% interest in Kiro Grifols. S.L. The remaining 10% will continue to be held by Socios Fundadores Kiro, S.L. a company wholly owned by cooperatives of the Mondragon Corporation. Grifols also entered into a joint venture & shareholders’ agreement (the “Joint Venture Agreement”) with Kiro Grifols’ partners: Mondragon Innovacion S.P.E, S.A.; Mondragon Assembly, S.Coop. and Agrupación de Fundición y Utillaje, S.Coop.. This agreement governs, among other matters, the capital increase subscribed by Grifols and the managing and governing bodies of Kiro Grifols, whether these are the Board of Directors or any other internal managing and governing bodies. 16

GRIFOLS, S.A. AND SUBSIDIARIES Notes to the Consolidated Annual Accounts (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) (c) Kedplasma On 27 December 2016 Grifols entered into an agreement to acquire six new Plasma Donor Centers to the company Kedplasma, LLC, with a purchase price of US Dollars 47 million. These centers were handed over in February 2017. Aggregate details of the combination cost, fair value of the net assets acquired and goodwill at the acquisition date are as follows: Thousands of Euros Thousands of US Dollars Cost of the business combination Pay ment in cash Total business combination cost Fair value of net assets acquired Goodwill (excess of the cost of the business combination over the fair value of net assets acquired) (note 7) 44,238 47,083 44,238 4,137 47,083 4,403 40,101 42,680 The fair value of net assets acquired includes property, plant and equipment amounting thousand. to Euros 3,698 Goodwill is allocated to the Bioscience segment and includes the plasma donor data base, FDA licenses and workforce retained. At 31 December 2016, the Group advanced the sum of US Dollars 15 million related to this acquisition. 2016 During 2016, no significant business combinations were made for the Group. (4) Significant Accounting Policies (a) Subsidiaries and associates Subsidiaries are entities, including special purpose entities (SPE), over which the Group exercises control, either directly or indirectly, through subsidiaries. The Group controls a subsidiary when it has the substantive rights in force that provide the ability to manage relevant activities. The Group is exposed or has the right to variable returns for its involvement in the subsidiaries when the returns obtained vary depending on the economic performance of the subsidiaries. The income, expenses and cash flows of subsidiaries are included in the consolidated annual accounts from the date of acquisition, which is when the Group takes control. Subsidiaries are excluded from the consolidated Group from the date on which control is lost. Transactions and balances with Group companies and unrealized gains or losses have been eliminated upon consolidation. The accounting policies of subsidiaries have been adapted to those of the Group for transactions and other events in similar circumstances. The annual accounts of consolidated subsidiaries have been prepared as of the same date and for the same reporting period as the annual accounts of the Company. Associates are entities over which the Company, either directly or indirectly through subsidiaries, exercises significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those entities. The existence of potential voting 17

GRIFOLS, S.A. AND SUBSIDIARIES Notes to the Consolidated Annual Accounts (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) rights that are exercisable or convertible at the end of each reporting period, including potential voting rights held by the Group or other entities, are considered when assessing whether an entity has significant influence. Investments in associates are initially recognized at acquisition cost, including any cost directly attributable to the acquisition and any consideration receivable or payable contingent on future events or on compliance with certain conditions. Subsequently, investments in associates are accounted for using the equity method from the date that significant influence commences until the date that significant influence ceases. The excess of the cost of the investment over the Group’s share of the fair values of the identifiable net assets is recognized as goodwill, which is included in the carrying amount of the investment. Any shortfall, once the cost of the investment and the identification and measurement of the associate’s net assets have been evaluated, is recognized as income when determining the investor’s share of the profit and loss of the associate for the year in which it was acquired. The accounting policies of associates have been harmonized in terms of timing and measurement, applying the policies described for subsidiaries. The Group’s share of the profit and loss of an associate from the date of acquisition is recognized as an increase or decrease in the value of the investments, with a credit or debit to share of the profit and loss for the year of “equity-accounted investees” in the consolidated statement of profit and loss (consolidated statement of comprehensive income). The Group’s share of other comprehensive income of associates from the date of acquisition is recognized as an increase or decrease in the investments in associates with a balancing entry recognized by type in other comprehensive income. The distribution of dividends is recognized as a decrease in the value of the investment. The Group’s share of profit and loss, including impairment losses recognized by the associates, is calculated based on income and expenses arising from application of the acquisition method. When the Group's share of the losses in an investment accounted for using the equity method equals or exceeds its interest in the entity, the Group does not recognize additional losses, unless it has incurred in obligations or made payments on behalf of the other entity. The Group’s share of the profit and loss of an associate and changes in equity is calculated to the extent of the Group’s interest in the associate at year end and does not reflect the possible exercise or conversion of potential voting rights. However, the Group’s share is calculated taking into account the possible exercise of potential voting rights and other derivative financial instruments which, in substance, currently allow access to the economic benefits associated with the interests held, such as entitlement to a share in future dividends and changes in the value of associates. Information on the subsidiaries and associates included in the consolidated Group is presented in Appendix I. (b) Business combinations On the date of transition to IFRS-EU, 1 January 2004, the Group applied the exception permitted under IFRS 1 “First-time adoption of International Financial Reporting Standards”, whereby only those business combinations performed as from 1 January 2004 have been recognized using the acquisition method. Entities acquired prior to that date were recognized in accordance with accounting prevailing at that time, taking into account the necessary corrections and adjustments at the transition date. The Group applies the revised IFRS 3 “Business combinations” in transactions made subsequent to 1 January 2010. The Group applies the acquisition method for business combinations. The acquisition date is the date on which the Group obtains control of the acquiree. 18

GRIFOLS, S.A. AND SUBSIDIARIES Notes to the Consolidated Annual Accounts (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) Business combinations made subsequent to 1 January 2010 The cost of the business combination is calculated as the sum of the acquisition-date fair values of the assets transferred, the liabilities incurred or assumed, equity instruments issued and any additional consideration contingent on future events or the fulfilment of certain conditions, in exchange for control of the acquiree. The consideration paid excludes all amounts that do not form part of the exchange for the acquired business. Acquisition-related costs are accounted for as expenses when incurred. Share increase costs are recognized as equity when the increase takes place and borrowing costs are deducted from the financial liability when it is recognized. At the acquisition date the Group recognizes at fair value the assets acquired and liabilities assumed. Liabilities assumed include any contingent liabilities that represent present obligations arising from past events for which the fair value can be reliably measured. The Group also recognizes indemnification assets transferred by the seller at the same time and following the same measurement criteria as the item that is subject to indemnification from the acquired business, taking into consideration, where applicable, the insolvency risk and any contractual limit on the indemnity amount. This criterion does not include non-current assets or disposal groups of assets which are classified as held for sale, long-term defined benefit employee benefit liabilities, share-based payment transactions, deferred tax assets and liabilities and intangible assets arising from the acquisition of previously transferred rights. Assumed assets and liabilities are classified and designated for subsequent measurement in accordance with the contractual terms, economic conditions, operating or accounting policies and other factors that exist at the acquisition date, except for leases and insurance contracts. The excess between the consideration transferred and the value of net assets acquired and liabilities assumed, less the value assigned to non-controlling interests, is recognized as goodwill. Where applicable, any shortfall, after evaluating the consideration transferred, the value assigned to non-controlling interests and the identification and measurement of net assets acquired, is recognized in profit and loss. When a business combination has been provisionally determined, net identifiable assets have initially been recognized at their provisional value, and any adjustments made during the measurement period have been recorded as if they had been known at that date. Where applicable, comparative figures for the prior year have been restated. Adjustments to the provisional values only reflect information relating to events and circumstances existing at the acquisition date and which, had they been known, would have affected the amounts recognized at that date. Once this period has elapsed, adjustments are only made to initial values when errors must be corrected. Any potential benefits arising from tax losses and other deferred tax assets of the acquiree that have not been recorded as they did not qualify for recognition at the acquisition date, are accounted for as income tax revenue, provided the adjustments were not made during the measurement period. The contingent consideration is classified in accordance with underlying contractual terms as a financial asset or financial liability, equity instrument or provision. Provided that subsequent changes to the fair value of a financial asset or financial liability do not relate to an adjustment of the measurement period, they are recognized in consolidated profit and loss. The contingent consideration classified, where applicable, as equity is not subject to subsequent change, with settlement being recognized in equity. The contingent consideration classified, where applicable, as a provision is recognized subsequently in accordance with the relevant measurement standard. Business combinations made prior to 1 January 2010 The cost of the business combination is calculated as the sum of the acquisition-date fair values of the assets transferred, the liabilities incurred or assumed, and equity instruments issued by the Group, in exchange for control of the acquiree, plus any costs directly attributable to the business combination. Any additional consideration contingent on future events or the fulfilment of certain conditions is included in the cost of the combination provided that it is probable that an outflow of resources embodying economic benefits will be required and the amount of the obligation can be reliably estimated. Subsequent recognition of contingent 19

GRIFOLS, S.A. AND SUBSIDIARIES Notes to the Consolidated Annual Accounts (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) considerations or subsequent variations to contingent considerations is recognized as a prospective adjustment to the cost of the business combination. Where the cost of the business combination exceeds the Group’s interest in the fair value of the identifiable net assets of the entity acquired, the difference is recognized as goodwill, whilst the shortfall, once the costs of the business combination and the fair values of net assets acquired have been reconsidered, is recognized in profit and loss. (c) Non-controlling interests Non-controlling interests in subsidiaries acquired after 1 January 2004 are recognized at the acquisition date at the proportional part of the fair value of the identifiable net assets. Non-controlling interests in subsidiaries acquired prior to the transition date were recognized at the proportional part of the equity of the subsidiaries at the date of first consolidation. Non-controlling interests are disclosed in the consolidated balance sheet under equity separately from equity attributable to the Parent. Non-controlling interests’ share in consolidated profit and loss for the year (and in consolidated comprehensive income for the year) is disclosed separately in the consolidated statement of profit and loss (consolidated statement of comprehensive income). The consolidated profit and loss for the year, consolidated comprehensive income and changes in equity of the subsidiaries attributable to the Group and non-controlling interests after consolidation adjustments and eliminations, is determined in accordance with the percentage ownership at year end, without considering the possible exercise or conversion of potential voting rights. However, Group and non-controlling interests are calculated taking into account the possible exercise of potential voting rights and other derivative financial instruments which, in substance, currently allow access to the economic benefits associated with the interests held, such as entitlement to a share in future dividends and changes in the value of subsidiaries. Profit and loss and each component of other comprehensive income are assigned to equity attributable to shareholders of the Parent and to non-controlling interests in proportion to their interest, although this implies a balance receivable from non-controlling interests. Agreements signed between the Group and the non-controlling interests are recognized as a separate transaction. The increase and reduction of non-controlling interests in a subsidiary in which control is retained is recognized as an equity instrument transaction. Consequently, no new acquisition cost arises on increases, nor is a gain recorded on reductions; rather, the difference between the consideration transferred or received and the carrying amount of the non-controlling interests is recognized in the reserves of the investor, without prejudice to reclassifying consolidation reserves and reallocating other comprehensive income between the Group and the non-controlling interests. When a Group’s interest in a subsidiary diminishes, non-controlling interests are recognized at their share of the net consolidated assets, including goodwill. (d) Joint arrangements Joint arrangements are those in which there is a contractual agreement to share the control over an economic activity, in such a way that the decisions over relevant activities require the unanimous consent of the Group and the remaining venturers. Under IFRS 11 "Joint arrangements" investments in joint arrangements are classified as joint operations or joint ventures. The classification depends on the contractual rights and obligations of each investor, rather than on the legal structure of the joint agreement. Interests in joint ventures are accounted for using the equity method, after initially being recognized at cost in the consolidated balance sheet. The acquisition cost of investments in joint arrangements is determined consistently with that established for investments in associates. 20

GRIFOLS, S.A. AND SUBSIDIARIES Notes to the Consolidated Annual Accounts (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) (e) Foreign currency transactions and balances (i) Functional and presentation currency The consolidated annual accounts are presented in thousands of Euros, which is the functional and presentation currency of the Parent. (ii) Foreign currency transactions, balances and cash flows Foreign currency transactions are translated into the functional currency using the previous month’s exchange rate for all transactions performed during the current month. This method does not differ significantly from applying the exchange rate at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies have been translated into thousands of Euros at the closing rate, while non-monetary assets and liabilities measured at historical cost have been translated at the exchange rate prevailing at the transaction date. Non-monetary assets measured at fair value have been translated into thousands of Euros at the exchange rate at the date that the fair value was determined. In the consolidated statement of cash flows, cash flows from foreign currency transactions have been translated into thousands of Euros at the exchange rates prevailing at the dates the cash flows occur. The effect of exchange rate fluctuations on cash and cash equivalents denominated in foreign currencies is recognized separately in the statement of cash flows as “Effect of exchange rate fluctuations on cash and cash equivalents”. Exchange gains and losses arising on the settlement of foreign currency transactions and the translation into thousands of Euros of monetary assets and liabilities denominated in foreign currencies are recognized in profit and loss. (iii) Translation of foreign operations The translation into thousands of Euros of foreign operations for which the functional currency is not the currency of a hyperinflationary economy is based on the following criteria: Assets and liabilities, including goodwill and net asset adjustments derived from the acquisition of the operations, including comparative amounts, are translated at the closing rate at the reporting date; Income and expenses, including comparative amounts, are translated using the previous month's exchange rate for all transactions performed during the current month. This method does not differ significantly from using the exchange rate at the date of the transaction; Translation differences resulting from application of the above criteria are recognized in other comprehensive income. (f) Borrowing costs In accordance with IAS 23 “Borrowing Costs”, since 1 January 2009 the Group recognizes borrowing costs directly attributable to the purchase, construction or production of qualifying assets as an increase in the value of these assets. Qualifying assets are those which require a substantial period of time before they can be used or sold. To the extent that funds are borrowed specifically for the purpose of obtaining a qualifying asset, the amount of borrowing costs eligible for capitalization is determined as the actual borrowing costs incurred, less any investment income on the temporary investment of those funds. Capitalized borrowing costs corresponding to general borrowing are calculated as the weighted average of the qualifying assets without considering specific funds. The amount of borrowing costs capitalized cannot exceed the amount of borrowing costs incurred during that period. The capitalized borrowing costs include adjustments to the carrying amount of financial liabilities arising from the effective portion of hedges entered into by the Group. 21

GRIFOLS, S.A. AND SUBSIDIARIES Notes to the Consolidated Annual Accounts (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) The Group begins capitalizing borrowing costs as part of the cost of a qualifying asset when it incurs expenditure for the asset, interest is accrued, and it undertakes activities that are necessary to prepare the asset for its intended use or sale, and ceases capitalizing borrowing costs when all or substantially all the activities necessary to prepare the qualifying asset for its intended use or sale are complete. Nevertheless, capitalization of borrowing costs is suspended when active development is interrupted for extended periods. The remaining interest costs are recognized as an expense in the year in which they are incurred. (g) Property, plant and equipment (i) Initial recognition Property, plant and equipment are recognized at cost or deemed cost, less accumulated depreciation and any accumulated impairment losses. Land is not subject to depreciation. The cost of self-constructed assets is determined using the same principles as for an acquired asset, while also considering the criteria applicable to production costs of inventories. Capitalized production costs are recognized by allocating the costs attributable to the asset to “Self-constructed non-current assets” in the consolidated statement of profit and loss. (ii) Depreciation Property, plant and equipment are depreciated by allocating the depreciable amount of an asset on a systematic basis over its useful life. The depreciable amount is the cost or deemed cost of an asset, less its residual value. The Group determines the depreciation charge separately for each item for a component of property, plant and equipment with a cost that is significant in relation to the total cost of the asset. Property, plant and equipment are depreciated using the following criteria: Depreciation method Rates Buildings Other property, technical equipment and machinery Other property, plant and equipment Straight line Straight line Straight line 1% - 3% 4%-10% 7% - 33% The Group reviews residual values, useful lives and depreciation methods at each financial year end. Changes to initially established criteria are accounted for as a change in accounting estimates. (iii) Subsequent recognition Subsequent to initial recognition of the asset, only those costs incurred which will probably generate future profits and for which the amount may reliably be measured are capitalized. Costs of day-to-day servicing are recognized in profit and loss as incurred. Replacements of property, plant and equipment which qualify for capitalization are recognized as a reduction in the carrying amount of the items replaced. Where the cost of the replaced items has not been depreciated independently and it is not possible to determine the respective carrying amount, the replacement cost is used as indicative of the cost of items at the time of acquisition or construction. (iv) Impairment The Group tests for impairment and reversals of impairment losses on property, plant and equipment based on the criteria set out in note 4(i) below. 22

GRIFOLS, S.A. AND SUBSIDIARIES Notes to the Consolidated Annual Accounts (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) (h) Intangible assets (i) Goodwill Goodwill is generated on the business combinations and is calculated using the criteria described in the section on business combinations. Goodwill is not amortized, but is tested for impairment annually or more frequently whenever there is an indication that goodwill may be impaired. Goodwill acquired in business combinations is allocated to the cash-generating units (CGUs) or groups of CGUs which are expected to benefit from the synergies of the business combination and the criteria described in note 7 are applied. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. Gains and losses on the sale of an entity include the carrying amount of the goodwill related to the entity sold. (ii) Internally generated intangible assets Any research and development expenditure incurred during the research phase of projects is recognized as an expense when incurred. Costs related with development activities are capitalized when: The Group has technical studies that demonstrate the feasibility of the production process; The Group has undertaken a commitment to complete production of the asset, to make it available for sale or internal use; The asset will generate sufficient future economic benefits; The Group has sufficient technical and financial resources to complete development of the asset and has devised budget control and cost accounting systems that enable monitoring of budgetary costs, modifications and the expenditure actually attributable to the different projects. The cost of internally generated assets by the Group is calculated using the same criteria established for determining production costs of inventories. The production cost is capitalized by allocating the costs attributable to the asset to self-constructed non-current assets in the consolidated statement of profit and loss. Expenditure on activities that contribute to increasing the value of the different businesses in which the Group as a whole operates is expensed when incurred. Replacements or subsequent costs incurred on intangible assets are generally recognized as an expense, except where they increase the future economic benefits expected to be generated by the assets. Development costs previously recognized as an expense are not recognized as an asset in a subsequent period. (iii) Other intangible assets Other intangible assets are carried at cost, or at fair value if they arise on business combinations, less accumulated amortization and impairment losses. Intangible assets with indefinite useful lives are not amortized but tested for impairment at least annually. (iv) Intangible assets acquired in business combinations The cost of the identifiable intangible assets acquired in Biotest's business combination includes the fair value of the current contracts. 23

GRIFOLS, S.A. AND SUBSIDIARIES Notes to the Consolidated Annual Accounts (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) The cost of identifiable intangible assets acquired in the business combination of Hologic includes the fair value of the R&D projects and the Intellectual Property-Patents. The cost of identifiable intangible assets acquired in the business combination of Novartis includes the fair value of the existing royalty agreements. The cost of identifiable intangible assets acquired in the Progenika business combination includes the fair value of currently marketed products sold and which are classified under “Other intangible assets”and “Research and Development”. The cost of identifiable intangible assets acquired in the Talecris business combination includes the fair value of currently marketed products sold and which are classified under “Other intangible assets”. (v) Useful life and amortization rates The Group assesses whether the useful life of each intangible asset acquired is finite or indefinite. An intangible asset is regarded as having an indefinite useful life when there is no foreseeable limit to the period over which the asset will generate net cash inflows. Intangible assets with finite useful lives are amortized by allocating the depreciable amount of an asset on a systematic basis over its useful life, by applying the following criteria: Amortisation method Rates Develop ment exp enses Concessions, p atents, licences, trademarks and similar Comp uter software Currently marketed p roducts Straight line Straight line Straight line Straight line 10% 4% - 20% 33% 3% - 10% The depreciable amount is the cost or deemed cost of an asset, less its residual value. The Group does not consider the residual value of its intangible assets to be material. The Group reviews the residual value, useful life and amortization method for intangible assets at each financial year end. Changes to initially established criteria are accounted for as a change in accounting estimates. (i)Impairment of goodwill, other intangible assets and other non-financial assets subject to depreciation or amortization The Group evaluates whether there are indications of possible impairment losses on non-financial assets subject to amortization or depreciation, to verify whether the carrying amount of these assets exceeds the recoverable amount. The Group tests goodwill, intangible assets with indefinite useful lives and intangible assets with finite useful lives that are not available for use for potential impairment at least annually, irrespective of whether there is any indication that the assets may be impaired. The recoverable amount of the assets is the higher of their fair value less costs of disposal and their value in use. An asset’s value in use is calculated based on an estimate of the future cash flows expected to derive from the use of the asset, expectations about possible variations in the amount or timing of those future cash flows, the time value of money, the price for bearing the uncertainty inherent in the asset and other factors that market participants would reflect in pricing the future cash flows deriving from the asset. Negative differences arising from comparison of the carrying amounts of the assets with their recoverable amounts are recognized in the consolidated statement of profit and loss. Recoverable amount is determined for each individual asset, unless the asset does not generate cash inflows that are largely independent of those from 24

GRIFOLS, S.A. AND SUBSIDIARIES Notes to the Consolidated Annual Accounts (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) other assets or groups of assets. If this is the case, recoverable amount is determined for the cash -generating unit (CGU) to which the asset belongs. Impairment losses recognized for cash-generating units are first allocated to reduce, where applicable, the carrying amount of goodwill allocated to the CGU and then to the other assets of the CGU pro rata on the basis of the carrying amount of each asset. The carrying amount of each asset may not be reduced below the highest of its fair value less costs of disposal, its value in use and zero. At the end of each reporting period the Group assesses whether there is any indication that an impairment loss recognized in prior periods may no longer exist or may have decreased. Impairment losses on goodwill are not reversible. Impairment losses on other assets are only reversed if there has been a change in the estimates used to calculate the recoverable amount of the asset. A reversal of an impairment loss is recognized in consolidated profit and loss. The increased carrying amount of an asset attributable to a reversal of an impairment loss may not exceed the carrying amount that would have been determined, net of depreciation or amortization, had no impairment loss been recognized. A reversal of an impairment loss for a CGU is allocated to the assets of each unit, except goodwill, pro rata with the carrying amounts of those assets. The carrying amount of an asset may not be increased above the lower of its recoverable amount and the carrying amount that would have been disclosed, net of amortization or depreciation, had no impairment loss been recognized. (j) Leases (i) Lessee accounting records The Group has rights to use certain assets through lease contracts. Leases in which the Group assumes substantially all the risks and rewards incidental to ownership are classified as finance leases, otherwise they are classified as operating leases. Finance leases At the commencement of the lease term, the Group recognizes finance leases as assets and liabilities at the lower of the fair value of the leased asset and the present value of the minimum lease payments. Initial direct costs are added to the asset’s carrying amount. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding liability. The finance charge is allocated to each period during the lease term so as to produce a constant periodic rate of interest on the remaining balance of the liability. Contingent rents are recognized as an expense in the years in which they are incurred. Property, plant and equipment acquired through a finance lease is amortized over the useful life of the asset or within the term of the lease, whichever is less, if there is no reasonable certainty that the group will obtain the property at the end of the term of the lease. Operating leases Lease payments under an operating lease (excluding incentives) are recognized as an expense on a straight-line basis unless another systematic basis is representative of the time pattern of the user’s benefit. (ii) Leasehold investments Non-current investments in properties leased from third parties are recognized on the basis of the same criteria for property, plant and equipment. Investments are amortized over the lower of their useful lives and the term of the lease contract. The lease term is consistent with that established for recognition of the lease. 25

GRIFOLS, S.A. AND SUBSIDIARIES Notes to the Consolidated Annual Accounts (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) (iii) Sale and leaseback transactions Any profit on sale and leaseback transactions that meet the conditions of a finance lease is deferred over the term of the lease. When the leaseback is classified as an operating lease: If the transaction is established at fair value, any profit and loss on the sale is recognized immediately in the consolidated statement of profit and loss for the year; If the sale price is below fair value, any profit and loss is recognized immediately in the consolidated statement of profit and loss. However, if the loss is compensated for by future lease payments at below market price, it is deferred in proportion to the lease payments over the period for which the asset is to be used. (k) Financial instruments (i) Classification of the financial instruments Financial instruments are classified at the time of their initial recognition as a financial asset, a financial liability or an equity instrument, in accordance with the economic substance of the contractual agreement and with the definitions of financial assets, financial liabilities or equity instruments indicated in IAS 32 “Financial instruments: Presentation”. For purposes of its valuation, the Group classifies financial instruments in the categories of financial assets and financial liabilities at fair value through profit or loss, separating those initially designated from those held for trading or mandatorily measured at fair value through profit or loss, financial assets and financial liabilities valued at amortized cost and financial assets measured at fair value through other comprehensive income, separating the equity instruments designated as such, from other financial assets. The classification depends on the Group's business model to manage the financial assets and the contractual terms of the cash flows. The Group classifies a financial asset at amortized cost if it is held in the framework of a business model whose objective is to hold financial assets to obtain contractual cash flows and the contractual terms of the financial asset give rise, on specified dates, to cash flows which are only principal and interest payments on the outstanding principal amount (OPIP). The Group classifies a financial asset at fair value through changes in other comprehensive income, if it is maintained in the framework of a business model whose objective is achieved by obtaining contractual cash flows and selling financial assets and the contractual conditions of the financial asset give rise to, at specified dates, to cash flows that are OPIP. The business model is determined by the key personnel of the Group and at a level that reflects the way in which they jointly manage groups of financial assets to achieve a specific business objective. The Group's business model represents the way in which it manages its financial assets to generate cash flows. Financial assets that are part of a business model whose objective is to hold assets to receive contractual cash flows are managed to generate cash flows in the form of contractual collections during the life of the instrument. The Group manages the assets held in the portfolio to receive these specific contractual cash flows. To determine whether cash flows are obtained through the collection of contractual cash flows from financial assets, the Group considers the frequency, value and timing of sales in prior years, the reasons for those sales and expectations in relation to with the future sales activity. However, the sales themselves do not determine the business model and, therefore, cannot be considered in isolation. Instead, it is the information on past sales and future sales expectations that provides indicative data on how to achieve the stated objective of the Group with respect to the management of financial assets and, more specifically, the way where cash flows are obtained. 26

GRIFOLS, S.A. AND SUBSIDIARIES Notes to the Consolidated Annual Accounts (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) For assets measured at fair value, losses and gains will be recognized in profit or loss or other comprehensive income. For investments in equity instruments that are not held for trading, it will depend on whether the Group has made an irrevocable election at the time of initial recognition to account for investments in equity at fair value through other comprehensive income (COCI). The Group reclassifies investments in debt when and only when its business model to manage those assets changes. (ii) Measurement At the time of initial recognition, the Group values a financial asset at its fair value plus, in the case of a financial asset that is not at fair value through profit or loss, the costs of the transaction that are directly attributable to the acquisition. The transaction costs of financial assets at fair value through profit or loss are taken to results. In order to determine the fair value of financial assets or liabilities, the Group uses market data as much as possible. Based on the factors used for the measurement, the fair values are hierarchized based on the following levels: Level 1: quoted prices (unadjusted) within current markets for assets or liabilities identical to those under consideration. Level 2: factors other than the prices considered in Level 1 that come directly from the asset or liability in question, such as those that may derive directly from the price. Level 3: factors not based on data directly from the market. In the event that the factors used to determine the fair value of an asset or liability are included in different levels of hierarchy, the fair value will be determined in its entirety based on the significant component located at the lowest level of hierarchy. (iii) Offseting principles A financial asset and a financial liability are offset only when the Group has the legally enforceable right to set off the recognized amounts and intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously. (iv) Financial assets and liabilities at fair value through profit or loss Financial assets or liabilities at fair value through profit or loss are those that are classified as held for trading or have been designated from the moment of initial recognition. A financial asset or liability is classified as held for trading if: • It is acquired or incurred mainly for the purpose of selling it or repurchasing it in the near term. • On initial recognition it is part of a portfolio of identified financial instruments that are managed together and for which there is evidence of a recent pattern of short-term profit-taking, or • It is a derivative, except for a derivative that is a financial guarantee contract or a designated and effective hedging instrument. Financial assets and liabilities at fair value through profit or loss are initially recognized at fair value. Transaction costs directly attributable to the purchase or issue are recognized as an expense as incurred. After initial recognition, they are recognized at fair value through profit or loss. The fair value is not reduced by the transaction costs that may be incurred by their eventual sale or disposal by other means. 27

GRIFOLS, S.A. AND SUBSIDIARIES Notes to the Consolidated Annual Accounts (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) The Group does not reclassify any financial asset or liability to or from this category as long as it is recognized in the consolidated statement of financial position. (v) Financial assets at amortized cost Financial assets at amortized cost are initially recognized at their fair value, including the transaction costs incurred, and are subsequently valued at amortized cost, using the effective interest rate method. (vi) Debt instruments The subsequent valuation of the debt instruments depends on the Group's business model to manage the asset and the characteristics of the cash flows of the asset. The Group's debt instruments consist mainly of trade and other receivables, which the Group classifies as financial assets at amortized cost. Financial assets at amortized cost are assets that the Group holds for the collection of contractual cash flows when these cash flows represent only payments of principal and interest, and are valued at amortized cost. Interest income from these financial assets is included in finance income in accordance with the effective interest rate method. (vii) Equity instruments The Group holds financial assets owned, mainly equity instruments, which are measured at fair value. When Group management has chosen to present the gains and losses on the fair value of the equity investments in other comprehensive income, after the initial recognition, the equity instruments are measured at fair value, recognizing the loss or gain in other comprehensive income. The amounts recognized in other comprehensive income are not subject to reclassification to profit or loss, without prejudice to reclassification to reserves at the time when the instruments are derecognized. Dividends from such investments continue to be recognized in income for the year as other income when the Group's right to receive payments is established. (viii) Impairment As of 1 January, 2018, the Group evaluates, on a prospective basis, the expected credit losses associated with its debt instruments recorded at amortized cost. The Group uses the practical solutions permitted by IFRS 9 to assess the expected credit losses related to commercial accounts using a simplified approach, eliminating the need to evaluate when there has been a significant increase in credit risk. The simplified approach requires that the expected losses be recorded from the initial recognition of receivables, so that the Group determines expected credit losses as a probability-weighted estimate of such losses over the expected life of the financial instrument. The practical solution applied is the use of a provision matrix based on the segmentation into groups of homogeneous assets, applying the historical information of percentages of non-payment for said groups and applying reasonable information about the future economic conditions. The percentage of non-payment is calculated according to the current experience of non-payment during the last year, as it is a very dynamic market and is adjusted for the differences between current and historical economic conditions and considering projected information, which is reasonably available. (ix) Derecognition of financial assets The Group applies the criteria for the derecognition of financial assets to a part of a financial asset or to a part of a group of similar financial assets or to a financial asset or a group of similar financial assets. Financial assets are derecognised when the rights to receive cash flows related to them have expired or have been transferred and the Group has substantially transferred the risks and rewards derived from their ownership. 28

GRIFOLS, S.A. AND SUBSIDIARIES Notes to the Consolidated Annual Accounts (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) (x) Financial liabilities at amortized cost Financial liabilities, including trade payables and other accounts payable, that are not classified at fair value through profit or loss, are initially recognized at their fair value, less, if applicable, the transaction costs that are directly attributable to the issue. Subsequent to the initial recognition, liabilities classified under this category are valued at amortized cost using the effective interest rate method. (xi) Derecognition and modification of financial liabilities The Group derecognises a financial liability or part thereof when it has complied with the obligation contained in the liability, or is legally exempt from the main liability contained in the liability, either by virtue of a judicial process or by the creditor. The Group considers that the conditions are substantially different if the present value of the discounted cash flows under the new conditions, including any commission paid net of any commission received, and using the original effective interest rate to make the discount, differs at least at 10 percent of the discounted present value of the cash flows that still remain of the original financial liability. If the exchange is recorded as a cancellation of the original financial liability, the costs or commissions are recognized in consolidated results forming part of the result of the same. Otherwise, the costs or commissions adjust the carrying amount of the liability and are amortized by the amortized cost method during the remaining life of the modified liability. The Group recognizes the difference between the carrying amount of the financial liability or a part of it that is canceled or assigned to a third party and the consideration paid, including any assigned asset different from the cash or liability assumed in profit or loss. (l) Equity instruments The Group’s acquisition of equity instruments of the Parent is recognized separately at cost of acquisition in the consolidated balance sheet as a reduction in equity, regardless of the motive of the purchase. Any gains or losses on transactions with treasury equity instruments are not recognized in consolidated profit and loss. The subsequent redemption of Parent shares, where applicable, leads to a reduction in share capital in an amount equivalent to the par value of such shares. Any positive or negative difference between the cost of acquisition and the par value of the shares is debited or credited to reserves. Transaction costs related with treasury equity instruments, including issue costs related to a business combination, are accounted for as a reduction in equity, net of any tax effect. (m) Inventories Inventories are measured at the lower of cost and net realizable value. The cost of inventories comprises all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition. The costs of conversion of inventories include costs directly related to the units of production and a systematic allocation of fixed and variable production overheads that are incurred in converting materials into finished goods. The allocation of fixed indirect overheads is based on the higher of normal production capacity or actual production. The raw material used to produce haemoderivatives is human plasma, which is obtained from our donation centers using the plasmapheresis method. The cost of inventories includes the amount paid to plasma donors, or the amount billed by the seller when purchased from third parties, as well as the cost of products and devices used in the collection process, rental expenses and storage. This plasma has to be stored before use, which is an essential part of the production process. During the storage period, the plasma undergoes various virological tests and should be kept in quarantine in accordance with FDA and European Medicines Agency regulations, in order to guarantee that all the plasma is suitable for use in the production process. 29

GRIFOLS, S.A. AND SUBSIDIARIES Notes to the Consolidated Annual Accounts (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) To the extent that plasma storage costs are necessary to the production process, they are included as cost of inventories. Indirect costs such as general management and administration costs are recognized as expenses in the period in which they are incurred. The cost of raw materials and other supplies and the cost of merchandise are allocated to each inventory unit on a weighted average cost basis. The transformation cost is allocated to each inventory unit on a FIFO (first-in, first-out) basis. The Group uses the same cost model for all inventories of the same nature and with a similar use. Volume discounts extended by suppliers are recognized as a reduction in the cost of inventories when it is probable that the conditions for discounts to be received will be met. Discounts for prompt payment are recognized as a reduction in the cost of the inventories acquired. When the cost of inventories exceeds net realizable value, materials are written down to net realizable value, which is understood to be: For raw materials and other supplies, replacement cost. Nevertheless, raw materials and other supplies are not written down below cost if the finished goods into which they will be incorporated are expected to be sold at or above cost of production; Merchandise and finished goods, estimated selling price less costs to sell; Work in progress, the estimated selling price of related finished goods, less the estimated costs of completion and the estimated costs necessary to make the sale. The previously recognized write-down is reversed against profit and loss when the circumstances that previously caused inventories to be written down no longer exist or when there is clear evidence of an increase in net realizable value because of changed economic circumstances. The reversal of the write-down is limited to the lower of the cost and revised net realizable value of the inventories. Write-downs may be reversed with a credit to “Cost of Sales”. (n) Cash and cash equivalents Cash and cash equivalents include cash on hand and demand deposits in financial institutions. They also include other short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. An investment normally qualifies as a cash equivalent when it has a maturity of less than three months from the date of acquisition. The Group classifies cash flows relating to interest received and paid as operating activities, and dividends received and distributed are classified under investing and financing activities, respectively. (o) Government grants Government grants are recognized when there is reasonable assurance that they will be received and that the Group will comply with the conditions attached. (i) Capital grants Outright capital grants are initially recognized as deferred income in the consolidated balance sheet. Income from capital grants is recognized in the consolidated statement of profit and loss in line with the depreciation of the corresponding financed assets. 30

GRIFOLS, S.A. AND SUBSIDIARIES Notes to the Consolidated Annual Accounts (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) (ii) Operating grants Operating grants received to offset expenses or losses already incurred, or to provide immediate financial support not related to future disbursements, are recognized in the consolidated statement of profit and loss. (iii) Interest rate grants Financial liabilities comprising implicit assistance in the form of below-market interest rates are initially recognized at fair value. The difference between this value, adjusted where necessary for the issue costs of the financial liability and the amount received, is recognized as a government grant based on the nature of the grant awarded. (p) Employee benefits (i) Defined contribution plans The Group recognizes the contributions payable to a defined contribution plan in exchange for a service in the period in which contributions are accrued. Accrued contributions are recognized as an employee benefit expense in the corresponding consolidated statement of profit and loss in the year that the contribution was made. (ii) Termination benefits Termination benefits are recognized at the earlier of the date when the Group can no longer withdraw the offer of those benefits and when the Group recognizes costs for a restructuring that involves the payment of termination benefits. For termination benefits payable as a result of an employee's decision to accept an offer of benefits, the time when the Group can no longer withdraw the offer of termination benefits is the earlier of when the employee accepts the offer and when a restriction on the Group's ability to withdraw the offer takes effect. For termination benefits payable as a result of the Group's decision to make an employee redundant, the Group can no longer withdraw the offer when it has informed the affected employees or union representatives of the plan and the actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made. The plan must identify the number of employees to be made redundant, their job classifications or functions and their locations and the expected completion date. The plan must also establish the termination benefits that employees will receive in sufficient detail that employees can determine the type and amount of benefits they will receive when their employment is terminated. If the Group expects to settle the termination benefits in full more than twelve months after year end, the liability is discounted using the market yield on high quality corporate bonds. (iii) Short-term employee benefits The Group recognizes the expected cost of short-term employee benefits in the form of accumulating compensated absences when the employees render service that increases their entitlement to future compensated absences. In the case of non-accumulating compensated absences, the expense is recognized when the absences occur. The Group recognizes the expected cost of profit-sharing and bonus plans when it has a present legal or constructive obligation to make such payments as a result of past events and a reliable estimate of the obligation can be made. 31

GRIFOLS, S.A. AND SUBSIDIARIES Notes to the Consolidated Annual Accounts (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) (iv) Restricted Share Unit Retention Plan (RSU) The Group gives share-based payments to certain employees who render services to the Company. The fair value of the services received is determined based on the estimated fair value of the shares given at the grant date. Because the equity instruments granted do not vest until the employees complete a specified period of service, those services are accounted for during the vesting period in the income statement as an expense for the year, with the corresponding increase in equity. The amount recognized corresponds to that settled once the agreed terms have been met and it will not be adjusted or revalued during the accrual period, as the commitment is settled in the form of shares. The total amount recognized is calculated based on the incentive payable in shares, increasing in line with percentages agreed by the Group. If an employee decides to leave his/her job prior to the end of the accrual period, he/she will only receive the agreed incentive in the form of shares and the Company will be able to choose whether to settle in cash or using equity instruments. (q) Provisions Provisions are recognized when the Group has a present obligation (legal or implicit) as a result of a past event; it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation; and a reliable estimate can be made of the amount of the obligation. No provisions are recognized for future operating losses. The amount recognized as a provision is the best estimate of the expenditure required to settle the present obligation at the end of the reporting period, taking into account all risks and uncertainties surrounding the amount to be recognized as a provision and, where the time value of money is material, the financial effect of discounting provided that the expenditure to be made each period can be reliably estimated. The discount rate used to determine the present value is a pre-tax rate that reflects the evaluations that the current market is making of the time value of money and the specific risks of the obligation. The increase in the provision due to the passage of time is recognized as an interest expense. If it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation, the provision is reversed against the consolidated statement of profit and loss item where the corresponding expense was recognized. (r) Revenue recognition Revenue from the sale of goods or services is recognized at an amount that reflects the consideration that the Group expects to be entitled to receive in exchange for transferring goods or services to a customer, at the time when the customer obtains control of the goods or services rendered. The consideration that is committed in a contract with a client can include fixed amounts, variable amounts, or both. The amount of the consideration may vary due to discounts, reimbursements, incentives, performance bonuses, penalties or other similar items. Contingent consideration is included in the transaction price when it is highly probable that the amount of revenue recognized is not subject to future significant reversals. Revenue is presented net of the value added tax and any other amount or tax, which in substance corresponds to amounts received on behalf of third parties. (i) Sale of goods Revenue from the sale of goods is recognized when the Group meets the performance obligation by transferring the assets committed to the customer. An asset is transferred when the customer obtains control of that asset. When evaluating the satisfaction of the performance obligation, the Group considers the following indicators of the transfer of control, which include, but are not limited to the following: The Group has a present right to payment for the asset The customer has the legal right to the asset The Group has transferred the physical possession of the asset The customer has the significant risks and rewards of ownership of the asset The customer has accepted the asset 32

GRIFOLS, S.A. AND SUBSIDIARIES Notes to the Consolidated Annual Accounts (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) The Group participates in the government-managed Medicaid programs in the United States, accounting for Medicaid rebates by recognizing an accrual at the time a sale is recorded for an amount equal to the estimated claims for Medicaid rebates attributable to the sale. Medicaid rebates are estimated based on historical experience, legal interpretations of the applicable laws relating to the Medicaid program and any new information regarding changes in the program regulations and guidelines that would affect rebate amounts. Outstanding Medicaid claims, Medicaid payments and inventory levels are analyzed for each distribution channel and the accrual is adjusted periodically to reflect actual experience. While rebate payments are generally made in the following or subsequent quarter, any adjustments for actual experience have not been material. As is common practice in the sector, the purchase contracts signed by some customers with the Group entitle these customers to price discounts for a minimum purchase volume, volume discounts or prompt payment discounts. The Group recognizes these discounts as a reduction in sales and receivables in the same month that the corresponding sales are invoiced based on the customer’s actual purchase figures or on past experience when the customer’s actual purchases will not be known until a later date. In the USA, the Group enters into agreements with certain customers to establish contract pricing for the products, which these entities purchase from the authorized wholesaler or distributor (collectively, wholesalers) of their choice. Consequently, when the products are purchased from wholesalers by these entities at the contract price which is less than the price charged by the Group to the wholesaler, the Group provides the wholesaler with a credit referred to as a chargeback. The Group records the chargeback accrual at the time of the sale. The allowance for chargebacks is based on Group’s estimate of the wholesaler inventory levels, and the expected sell-through of the products by the wholesalers at the contract price based on historical chargeback experience and other factors. The Group periodically monitors the factors that influence the provision for chargebacks, and makes adjustments when it considers that actual chargebacks may differ from established allowances. These adjustments occur in a relatively short period of time. As these chargebacks are typically settled within 30 to 45 days of the sale, adjustments for actual experience have not been material. (ii) Services rendered Revenues associated with the rendering of service transactions are recognized by reference to the stage of completion at the consolidated balance sheet date when the outcome of the transaction can be estimated reliably. The outcome of a transaction can be estimated reliably when revenues, the stage of completion, the costs incurred and the costs to complete the transaction can be estimated reliably and it is probable that the economic benefits derived from the transaction will flow to the Group. When the outcome of the transaction involving the rendering of services cannot be estimated reliably, revenue is recognized only to the extent of costs incurred that are recoverable. (iii) Interest income Until June 2012 the Group has been recognizing interest receivable from the different Social Security affiliated bodies in Spain, to which it provides goods or services, on an accrual basis, and only for those bodies to which historically claims have been made and from which interest has been collected. As a result of the terms imposed by the Spanish Government in 2012 regarding the waiver of late payment interest on overdue receivables, the Group modified its estimate regarding late payment interest. Since June 2012 the Group has only been recognizing late payment interest on receivables from Social Security affiliated bodies on the date on which delayed invoices are collected, as it is highly likely that they will be collected as of that date provided. (s) Income taxes The income tax expense or tax income for the year comprises current tax and deferred tax. Current tax is the amount of income taxes payable or recoverable in respect of the consolidated taxable profit or consolidated tax loss for the year. Current tax assets or liabilities are measured at the amount expected to be 33

GRIFOLS, S.A. AND SUBSIDIARIES Notes to the Consolidated Annual Accounts (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) paid to or recovered from the taxation authorities, using the tax rates and tax laws that have been enacted or substantially enacted at the reporting date. Deferred tax liabilities are the amounts of income taxes payable in future periods in respect of taxable temporary differences, whereas deferred tax assets are the amounts of income taxes recoverable in future periods in respect of deductible temporary differences, the carryforward of unused tax losses, and the carryforward of unused tax credits. Temporary differences are differences between the carrying amount of an asset or liability in the balance sheet and its tax base. Current and deferred tax are recognized as income or an expense and included in profit and loss for the year, except to the extent that the tax arises from a transaction or event which is recognized, in the same or a different year, directly in equity, or from a business combination. (i) Taxable temporary differences Taxable temporary differences are recognized in all cases except where: They arise from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither accounting profit nor taxable income; They are associated with investments in subsidiaries over which the Group is able to control the timing of the reversal of the temporary difference and it is not probable that the temporary difference will reverse in the foreseeable future. (ii) Deductible temporary differences Deductible temporary differences are recognized provided that: It is probable that sufficient taxable income will be available against which the deductible temporary difference can be utilized, unless the differences arise from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither accounting profit nor taxable income; The temporary differences are associated with investments in subsidiaries to the extent that the difference will reverse in the foreseeable future and sufficient taxable income is expected to be generated against which the temporary difference can be offset. Tax planning opportunities are only considered when assessing the recoverability of deferred tax assets and if the Group intends to use these opportunities or it is probable that they will be utilized. (iii) Measurement Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the years when the asset is realized or the liability is settled, based on tax rates and tax laws that have been enacted or substantively enacted. The tax consequences that would follow from the manner in which the Group expects to recover or settle the carrying amount of its assets or liabilities are also reflected in the measurement of deferred tax assets and liabilities. At year end the Group reviews the fair value of deferred tax assets to write down the balance if it is not probable that sufficient taxable income will be available to apply the tax asset. Deferred tax assets which do not meet the above conditions are not recognized in the consolidated balance sheet. At year end the Group assesses whether deferred tax assets which were previously not recognized now meet the conditions for recognition. 34

GRIFOLS, S.A. AND SUBSIDIARIES Notes to the Consolidated Annual Accounts (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) (iv) Offset and classification The Group only offsets current tax assets and current tax liabilities if it has a legally enforceable right to set off the recognized amounts and intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously. The Group only offsets deferred tax assets and liabilities where it has a legally enforceable right, where these relate to income taxes levied by the same taxation authority and where the taxation authority permits the entity to settle on a net basis, or to realize the asset and settle the liability simultaneously for each of the future years in which significant amounts of deferred tax assets or liabilities are expected to be settled or recovered. Deferred tax assets and liabilities are recognized in the consolidated balance sheet under non-current assets or liabilities, irrespective of the expected date of recovery or settlement. (t) Segment reporting An operating segment is a component of the Group that engages in business activities from which it may earn revenues and incur expenses, whose operating results are regularly reviewed by the Group’s chief operating decision maker to make decisions about resources to be allocated to the segment, assess its performance and, based on which, differentiated financial information is available. (u) Classification of assets and liabilities as current and non-current The Group classifies assets and liabilities in the consolidated balance sheet as current and non-current. Current assets and liabilities are determined as follows: Assets are classified as current when they are expected to be realized or are intended for sale or consumption in the Group’s normal operating cycle, they are held primarily for the purpose of trading, they are expected to be realized within twelve months after the reporting date or are cash or a cash equivalent, unless the assets may not be exchanged or used to settle a liability for at least twelve months after the reporting date. Liabilities are classified as current when they are expected to be settled in the Group's normal operating cycle, they are held primarily for the purpose of trading, they are due to be settled within twelve months after the reporting date or the Group does not have an unconditional right to defer settlement of the liability for at least twelve months after the reporting date. Financial liabilities are classified as current when they are due to be settled within twelve months after the reporting date, even if the original term was for a period longer than twelve months, and an agreement to refinance, or to reschedule payments, on a long-term basis is completed after the reporting date and before the consolidated annual accounts are authorized for issue. (v) Environmental issues The Group takes measures to prevent, reduce or repair the damage caused to the environment by its activities. Property, plant and equipment acquired by the Group for long-term use to minimize the environmental impact of its activity and protect and improve the environment, including the reduction and elimination of future pollution from the Group’s operations, are recognized as assets applying the measurement, presentation and disclosure criteria described in note 4(g). (5) Financial Risk Management Policy (a) General The Group is exposed to the following risks associated with the use of financial instruments: 35

GRIFOLS, S.A. AND SUBSIDIARIES Notes to the Consolidated Annual Accounts (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) Credit risk Liquidity risk Market risk: includes interest rate risk, currency risk and other price risks. This note provides information on the Group’s exposure to each of these risks, the Group’s objectives and procedures to measure and mitigate this risk, and the Group’s capital management strategy. More exhaustive quantitative information is disclosed in note 30 to the consolidated annual accounts. The Group’s risk management policies are established to identify and analyse the risks faced by the Group, define appropriate risk limits and controls and to control risks and comply with limits. Risk management policies and procedures are reviewed regularly so that they reflect changes in market conditions and the Group's activities. The Group’s management procedures and rules are designed to create a strict and constructive control environment in which all employees understand their duties and obligations. The Group’s Audit Committee supervises how management controls compliance with the Group’s risk management procedures and policies and reviews whether the risk management policy is suitable considering the risks to which the Group is exposed. This committee is assisted by Internal Audit which acts as supervisor. Internal Audit performs regular and ad hoc reviews of the risk management controls and procedures and reports its findings to the Audit Committee. Credit risk Credit risk is the risk to which the Group is exposed in the event that a customer or counterparty to a financial instrument fails to discharge a contractual obligation, and mainly results from trade receivables and the Group’s investments in financial assets. Trade receivables The Group does not predict any significant insolvency risks as a result of delays in receiving payment from some European countries due to their current economic situation. The main risk in these countries is that of late payments, which is mitigated through the possibility of claiming interest as foreseen by prevailing legislation. No significant bad debt or late payment issues have been detected for sales to private entities. The Group recognizes impairment based on its best estimate of the expected losses on trade and other receivables. The main impairment losses recognized are due to specific losses relating to individually identified risks. At year end, these impairment losses are immaterial. Details of exposure to credit risk are disclosed in note 30. Liquidity risk Liquidity risk is the risk that the Group cannot meet its financial obligations as they fall due. The Group’s approach to managing liquidity is to ensure where possible, that it always has sufficient liquidity to settle its obligations at the maturity date, both in normal conditions and in times of tension, to avoid incurring unacceptable losses or tarnishing the Group’s reputation. The Group manages liquidity risk on a prudent basis, based on availability of cash and sufficient committed unused long-term credit facilities, enabling the Group to implement its business plans and carry out operations using stable and secure sources of financing. At 31 December 2018 the Group has total cash and cash equivalents of Euros 1,033,792 thousand (Euros 886,521 thousand at 31 December 2017). The Group also has approximately Euros 404,808 thousand in unused credit facilities (Euros 381,165 thousand at 31 December 2017), including Euros 262,008 thousand on the revolving credit facility (Euros 250,146 thousand at 31 December 2017). 36

GRIFOLS, S.A. AND SUBSIDIARIES Notes to the Consolidated Annual Accounts (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) The structure of the Group's debt consists mainly of a non-current loan of US Dollars 5,992 million with institutional investors and banks divided into two tranches (Tranche A and Tranche B), in a US Dollars 300 million undrawn revolving credit facility and unsecured senior corporate notes for an amount of Euros 1,000 million. As in previous years, the Group continues with its quarterly program for optimization of working capital, which is mainly based on contracts to sell receivables without recourse. 2018: In September 2018 the Group received an additional non-current loan from the European Investment Bank totaling Euros 85,000 thousand. The loan will be used to support certain investments in R&D which are mainly focused on searching for new therapeutic for plasmatic proteins. Financial terms include a fixed interest rate for a period of 10 years with a grace period of two years. At 31 December 2018, the carrying amount of the loans obtained from the European Investment Bank is Euros 244,375 thousand (Euros 170,000 thousand at 31 December 2017). 2017: On 5 December 2017 the Group received an additional loan from the European Investment Bank of up to Euros 85,000 thousand at a fixed interest rate for a period of 10 years with a grace period of 2 years. The loan will be used to support certain investments in R&D which are mainly focused on searching for new applications for plasmatic proteins. On 28 October 2015, the Group received its first loan from the same entity under the same terms, for a total amount of Euros 100,000 thousand. On 18 April 2017 the Group concluded the refinancing process of the Senior Unsecured Notes. The total note issuance amounted to Euros 1,000 million. On 6 February 2017 the Group concluded the refinancing process of its senior debt. The total debt refinanced amounts to US Dollars 6,300 million (Euros 5,800 million), including the US Dollars 1,816 million loan obtained for the acquisition of Hologic’s transfusional diagnostics unit. Following the refinancing process, Grifols’ debt structure consisted of a US Dollars 6,000 million long-term loan with institutional investors and banks segmented in two tranches (Term Loan A and Term Loan B), and a US Dollars 300 million undrawn revolving credit facility. Market risk Market risk comprises the risk of changes in market prices, for example, exchange rates, interest rates, or the prices of equity instruments affecting the Group’s revenues or the value of financial instruments it holds. The objective of managing market risk is to manage and control the Group’s exposure to this risk within reasonable parameters at the same time as optimising returns. (i) Currency risk The Group operates internationally and is therefore exposed to currency risk when operating with foreign currencies, especially with regard to the US Dollar which is used in a significant percentage of transactions in foreign functional currencies. Currency risk is associated with future commercial transactions, recognized assets and liabilities, and net investments in foreign operations. The Group holds significant investments in foreign operations, the net assets of which are exposed to currency risk. The conversion risk affecting net assets of the Group’s foreign operations in US Dollars is mitigated primarily through borrowings in this foreign currency. The Group’s main exposure to currency risk is with regard to the US Dollar, which is used in a significant percentage of transactions in foreign functional currencies. 37

GRIFOLS, S.A. AND SUBSIDIARIES Notes to the Consolidated Annual Accounts (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) Details of the Group’s exposure to currency risk at 31 December 2018 and 2017 of the most significant financial instruments are shown in note 30. (ii) Interest rate risk The Group’s interest rate risks arise from current and non-current borrowings. Borrowings at variable interest rates expose the Group to cash flow interest rate risks. Fixed-rate borrowings expose the Group to fair value interest rate risk. The objective of the management of interest rate risk is to achieve a balance in the structure of the debt, keeping part of the external resources issued at a fixed rate and covering part of the variable rate debt through hedges. A significant part of the financing obtained accrues interest at fixed rates. This fixed interest debt (Senior Unsecured Notes) amounts to Euros 1,000 million, which represents approximately 54% of the Group’s total debt in Euros. The additional loans of Euros 244,375 thousand received from the European Investment Bank represent approximately 13% of the Group’s total debt in Euros. Senior debt in Euros represents approximately 12% of the Group’s total Senior debt at 31 December 2018 and 31 December 2017. Total fixed-interest debt represents 19% of total debt at 31 December 2018 (19% at 31 December 2017). (iii) Market price risk Price risk affecting raw materials is mitigated by the vertical integration of the haemoderivatives business in a highly-concentrated sector. (b) Capital management The directors’ policy is to maintain a solid capital base in order to ensure investor, creditor and market confidence and sustain future business development. The board of directors defines and proposes the level of dividends paid to shareholders. The directors consider various arguments to calculate capital structure: The directors control capital performance using rates of returns on equity (ROE). At 31 December 2018 the ROE stood at 14% (18% at 31 December 2017). The ROE is calculated by dividing profit attributable to the Parent by the equity attributable to the Parent. Thousand of Euros 2018 2017 596,642 4,225,554 662,700 3,629,079 Profit attributable to the parent Equity attributable to the Parent ROE 14% 18% In accordance with the senior secured debt contract, the Group is subject to compliance with some covenants. At 31 December 2018 and 2017, the Group complies with the covenants. Consideration of the Company's credit rating (see note 20 (d)). The Parent held Class A and B treasury stock equivalent to 0.6% of its capital at 31 December 2018 (0.6% at 31 December 2017). The Group does not have a formal plan for repurchasing shares. 38

GRIFOLS, S.A. AND SUBSIDIARIES Notes to the Consolidated Annual Accounts (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) (6) Segment Reporting In accordance with IFRS 8 “Operating Segments”, financial information for operating segments is reported in the accompanying Appendix II, which forms an integral part of this note to the consolidated annual accounts. Group companies are divided into four areas: companies from the industrial area, companies from the commercial area, companies from the services area and companies from the research area. Within each of these areas, activities are organized based on the nature of the products and services manufactured and marketed. Assets, liabilities, income and expenses for segments include directly and reliably attributable items. Items which are not attributed to segments by the Group are: Balance sheet: cash and cash equivalents, current income tax assets and liabilities, deferred tax assets and liabilities and loans and borrowings. Statement of profit and loss: finance result and income tax. (a) Operating segments The operating segments defined by the steering committee are as follows: Bioscience: including all activities related with products derived from human plasma for therapeutic use. Hospital: comprising all non-biological pharmaceutical products and medical supplies manufactured by Group companies earmarked for hospital pharmacy. Products related with this business which the Group does not manufacture but markets as supplementary to its own products are also included. Diagnostic: including the marketing of diagnostic testing equipment, reagents and other equipment, manufactured by Group or other companies. Bio Supplies: since January 2017, the company is including all transactions related to biological products for non-therapeutic use, Kedrion production agreements, and third-party plasma sales channeled through Haema and Biotest in the new Bio Supplies Division resulting in a reclassification from Bioscience Division to Bio Supplies Division. Others: including the rendering of manufacturing services to third party companies. As a result of the creation of the new Bio Supplies segment and the Intersegments, the Group has reviewed the allocation of balances and transactions by segments. The comparative figures for 2016 have been restated accordingly. 39

GRIFOLS, S.A. AND SUBSIDIARIES Notes to the Consolidated Annual Accounts (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) Details of net sales by groups of products for 2018, 2017 and 2016 are as follows: Thousands of Euros 31/12/2018 31/12/2017 31/12/2016 Bioscience Haemoderivatives Diagnostic Transfusional medicine Other diagnostic Hospital Fluid therapy and nutrition Hospital supplies Bio supplies Others 3,516,704 3,429,785 3,228,275 650,180 19,797 679,692 23,377 640,443 23,540 52,574 58,014 167,004 22,451 47,699 52,466 66,791 18,263 46,210 52,373 24,387 34,602 Total 4,486,724 4,318,073 4,049,830 The Group has concluded that hemoderivative products are sufficiently alike to be considered as a whole for the following reasons: All these products are human plasma derivatives and are manufactured in a similar way. The customers and methods used to distribute these products are similar. All these products are subject to the same regulations regarding production and the sa me regulatory environment. (b) Geographical information Geographical information is grouped into four areas: United States of America and Canada Spain Rest of the European Union Rest of the world The definition of these four segments is mainly due to the geographical level that the Group sets to manage its revenue as they respond to specific economic scenarios. The main framework of the Group is consistent with this geographical segment grouping, including the monitoring of its commercial operations and its information systems. The financial information reported for geographical areas is based on sales to third parties in these markets as well as the location of assets. (c) Main customers In 2018 the revenue of two Bioscience segment customers represents approximately 23.1% of the Group’s total revenues. For 2017 and 2016 one Bioscience segment customer represented 11.0% and 10.7% of the Group’s total revenue, respectively. 40

GRIFOLS, S.A. AND SUBSIDIARIES Notes to the Consolidated Annual Accounts (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) (7) Goodwill Details of and movement in this caption of the consolidated balance sheet at 31 December 2017 are as follows: Thousands of Euros B alance at 31/12/2016 Business Combination Translation differences B alance at 31/12/2017 Se gme nt Ne t value Grifols UK.Ltd. (UK) Grifols Italia.S.p.A. (Italy) Biomat USA, Inc.(USA) Grifols Australia Pty Ltd. (Australia) / Medion Diagnostics AG (Switzerland) Grifols Therapeutics, Inc. (USA) Araclon Biotech, S.L. (Spain) Progenika Biopharma, S.A. (Spain) Grifols Diagnostic (Novartis & Hologic) (USA, Spain and Hong Kong) Kiro Grifols S.L. (Spain) Bioscience Bioscience Bioscience 8,025 6,118 193,039 ---- 40,101 (280) --(27,886) 7,745 6,118 205,254 Diagnostic 10,134 --(591) 9,543 Bioscience Diagnostic Diagnostic 2,108,139 6,000 40,516 ---- --(255,234) ---- 1,852,905 6,000 40,516 Diagnostic 1,272,024 1,466,420 (302,537) 2,435,907 Hospital --26,510 --26,510 3,643,995 1,533,031 (586,528) 4,590,498 (See note 3) Details of and movement in this caption of the consolidated balance sheet at 31 December 2018 are as follows: Thousands of Euros Balance at 31/12/2017 Bus ines s Combination Trans lation differences Balance at 31/12/2018 Segment Dis pos als Ne t value Grifols UK.Ltd. (UK) Grifols Italia.S.p.A. (Italy) Biomat USA, Inc.(USA) Grifols Australia Pty Ltd. (Australia) / Medion Diagnostics AG (Switzerland) Grifols Therapeutics, Inc. (USA) Araclon Biotech, S.L. (Spain) Progenika Biopharma, S.A. (Spain) Grifols Diagnostic (Novartis & Hologic) (USA, Spain and Hong Kong) Kiro Grifols S.L. (Spain) Goetech LLC (USA) Haema AG (Germany) Biotest Pharma Corp (USA) Bios cience Bios cience Bios cience 7,745 6,118 205,254 ---- 42,780 ---- (2,827) (63) --9,907 7,682 6,118 255,114 Diagnos tic 9,543 ---- (272) 9,271 Bios cience Diagnos tic Diagnos tic 1,852,905 6,000 40,516 ---- ---- ---- 87,871 ---- 1,940,776 6,000 40,516 Diagnos tic 2,435,907 ---- 114,349 2,550,256 Hos pital Hos pital Bios cience Bios cience 26,510 ---- --(2,134) 55,321 171,134 136,234 ---- ---- --3,624 --2,808 24,376 58,945 171,134 139,042 4,590,498 403,335 (2,827) 218,224 5,209,230 (See note 3) 41

GRIFOLS, S.A. AND SUBSIDIARIES Notes to the Consolidated Annual Accounts (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) Impairment testing: As a result of the acquisition of Talecris in 2011, and for impairment testing purposes, the Group combines the CGUs allocated to the Bioscience segment, grouping them together at segment level, because substantial synergies were expected to arise on the acquisition of Talecris, and due to the vertical integration of the business and the lack of an independent organized market for the products. Because the synergies benefit the Bioscience segment globally they cannot be allocated to individual CGUs. The Bioscience segment represents the lowest level to which goodwill is allocated and is subject to control by Group management for internal control purposes. Since the acquisition of Novartis’ Diagnostic business unit in 2014, the Group combines Araclon, Progenika, Australia and Hologic’s share of NAT donor screening unit acquisition into a single CGU for the Diagnostic business as the acquisition is supporting not only the vertically integration business but also cross-selling opportunities. In addition, for management purposes, the Group’s management is focused on the business more than geographical areas or individual companies. Due to the acquisition of an additional 40% stake of Kiro Grifols S.L. and a 51% stake of Goetech LLC (Medkeeper), the Group decided to group Kiro Grifols S.L., Laboratorios Grifols S.L. and Medkeeper into a single CGU for the Hospital business since the acquisitions are supporting cross-selling opportunities. The CGUs established by Management are: Bioscience Diagnostic Hospital The recoverable amount of the Bioscience CGU was calculated based on its value in use calculated as the present value of the future cash flows discounted at a discount rate considering the related inherent risk. The recoverable amount of the Diagnostic CGU was calculated based on its fair value less costs of disposal calculated as the present value of the future cash flows discounted at a discount rate considering the related inherent risk. The recoverable amount of the Hospital CGU was calculated based on its fair value less costs of disposal calculated as the present value of the future cash flows discounted at a discount rate considering the related inherent risk. This value in use and fair value less costs of disposal calculations use cash flow projections for five years based on the financial budgets approved by management. Cash flows estimated as of the year in which stable growth in the CGU has been reached are extrapolated using the estimated growth rates indicated below. The key assumptions used in calculating impairment of the CGUs for 2017 were as follows: Perp etual Growth rate Pre-tax discount rate Bioscience Diagnostic Hosp ital 2% 2% 1.40% 9.50% 10.60% 13.30% The key assumptions used in calculating impairment of the CGUs for 2018 have been as follows: Perp etual Growth rate Pre-tax discount rate Bioscience Diagnostic Hosp ital 2% 2% 1.50% 8.90% 9.40% 13.10% 42

GRIFOLS, S.A. AND SUBSIDIARIES Notes to the Consolidated Annual Accounts (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) Management determined budgeted gross margins based on past experience, investments in progress which would imply significant growth in production capacity and its forecast international market development. Perpetual growth rates are coherent with the forecasts included in industry reports. The discount rate used reflects spec ific risks related to the CGU. As the recoverable amount of the Bioscience CGU is much higher than the carrying amount of the Bioscience segment’s assets, specific information from the impairment test sensitivity analysis is not included. At 31 December 2018 Grifols’ stock market capitalization totals Euros 13,978 million (Euros 15,379 million at 31 December 2017). (8) Other Intangible Assets Details of other intangible assets and movement during the years ended 31 December 2018 and 2017 are included in Appendix III, which forms an integral part of these notes to the consolidated annual accounts. Intangible assets acquired from Talecris mainly include currently marketed products. Identifiable intangible assets correspond to Gamunex and have been recognized at fair value at the acquisition date of Talecris and classified as currently marketed products. Intangible assets recognized comprise the rights on the Gamunex product, its commercialization and distribution license, trademark, as well as relations with hospitals. Each of these components is closely linked and fully complementary, are subject to similar risks and have a similar regulatory approval process. Intangible assets acquired from Progenika mainly include currently marketed products. Identifiable intangible assets correspond to blood, immunology and cardiovascular genotyping. These assets have been recognized at fair value at the acquisition date of Progenika and classified as currently marketed products. The cost and accumulated amortization of currently marketed products acquired from Talecris and Progenika at 31 December 2017 is as follows: Thousands of Euros B alance at 31/12/2016 Translation differences B alance at 31/12/2017 Additions Cost of currently marketed products - Gamunex Cost of currently marketed products - Progenika 1,138,412 23,792 ---- (137,828) --1,000,584 23,792 Accumulated amortisation of currently marketed products - Gamunex Accumulated amortisation of currently marketed products - Progenika (211,871) (35,837) 28,136 (219,572) (9,117) (2,379) --(11,496) Carrying amount of currently marketed products 941,216 (38,216) (109,692) 793,308 43

GRIFOLS, S.A. AND SUBSIDIARIES Notes to the Consolidated Annual Accounts (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) The cost and accumulated amortization of currently marketed products acquired from Talecris and Progenika at 31 December 2018 is as follows: Thousands of Euros B alance at 31/12/2017 Translation differences B alance at 31/12/2018 Additions Cost of currently marketed products - Gamunex Cost of currently marketed products - Progenika 1,000,584 23,792 1,048,035 23,792 ---- 47,451 --Accumulated amortisation of currently marketed products - Gamunex Accumulated amortisation of currently marketed products - Progenika (219,572) (33,775) (11,573) (264,920) (11,496) (2,379) (13,875) --Carrying amount of currently marketed products 793,308 (36,154) 35,878 793,032 The estimated useful life of the currently marketed products acquired from Talecris is considered limited, has been estimated at 30 years on the basis of the expected life cycle of the product (Gamunex) and is amortized on a straight-line basis. At 31 December 2018 the residual useful life of currently marketed products is 22 years and 5 months (23 years and 5 months at 31 December 2017). The estimated useful life of the currently marketed products acquired from Progenika is considered limited, has been estimated at 10 years on the basis of the expected life cycle of the product and is amortized on a straight-line basis. At 31 December 2018 the residual useful life of currently marketed products acquired from Progenika is 4 years and 2 months (5 years and 2 months at 31 December 2017). (a) Self – constructed intangible assets At 31 December 2018 the Group has recognized Euros 58,254 thousand as self-constructed intangible assets (Euros 49,782 thousand at 31 December 2017). (b) Purchase commitments At 31 December 2018 the Group has intangible asset purchase commitments amounting to Euros 589 thousand (Euros 1,199 thousand at 31 December 2017). (c) Intangible assets with indefinite useful lives and other intangibles in progress At 31 December 2018 the Group recognizes plasma center licenses with indefinite useful lives under intangible assets for a carrying amount of Euros 26,917 thousand (Euros 26,631 thousand at 31 December 2017). The Group has also an amount of Euros 206,087 thousand as development costs in progress (Euros 183,281 thousand at 31 December 2017). (d) Result on disposal of intangible assets Total profit on disposals of intangible assets in 2018 amount to Euros 8,101 thousand (Euros 83 thousand of loss in 2017) and mainly corresponds to the sale of plasma centers to Kedplasma. 44

GRIFOLS, S.A. AND SUBSIDIARIES Notes to the Consolidated Annual Accounts (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) (e) Impairment testing Indefinite-lived intangible assets have been allocated to the cash-generating unit (CGU) of the Bioscience segment. These assets have been tested for impairment together with goodwill (see note 7). Impairment testing has been analyzed for each of the intangible assets in progress by calculating its recoverable amount based on their fair value. On 29 January 2018 (prior to the date that the 2017 consolidated annual accounts were authorized for issued) Aradigm communicated that it had not obtained the approval of the Antimicrobial Drugs Advisory Committee of the US Food and Drug Administration (FDA) for LinahiqTM. As the Committee did not recommend it as a treatment for non-cystic fibrosis bronchiectasis patients with chronic lung Pseudomonas aeruginosa infections, the intangible assets related to the product have been totally impaired and recognized as R&D expense in the statement of profit and loss for 2017 for an amount of Euros 63,675 thousand. In 2017 the investment in this company and the bonds that the Group held with the company were impaired. (9) Property, Plant and Equipment Details of property, plant and equipment and movement in the consolidated balance sheet at 31 December 2018 and 2017 are included in Appendix IV, which forms an integral part of this note to the consolidated annual accounts. Property, plant and development under construction at 31 December 2018 and 2017 mainly comprise investments made to extend the companies’ equipment and to increase their productive capacity. In 2018, the Group has capitalized interests for a total amount of Euros 8,955 thousand (Euros 8,839 thousand in 2017) a) Insurance Group policy is to contract sufficient insurance coverage for the risk of damage to property, plant and equipment. At 31 December 2018 the Group has a combined insurance policy for all Group companies, which more than adequately covers the carrying amount of all the Group’s assets. b) Losses on disposal of property, plant and equipment Total losses incurred on disposals of property, plant and equipment for 2018 amount to Euros 1,401 thousand (Euros 1,468 thousand of loss in 2017). c) Assets under finance lease The Group contracted December 2017: the following types of property, plant and equipment under finance leases at 31 Thousands of Euros Accumulated Cost Carry ing amount dep reciat ion Land and buildings Plant and machinery 2,545 14,249 (815) (6,564) 1,730 7,685 16,794 (7,379) 9,415 45

GRIFOLS, S.A. AND SUBSIDIARIES Notes to the Consolidated Annual Accounts (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) The Group has contracted the following types of property, plant and equipment under finance leases at 31 December 2018: Thousands of Euros Accumulated Cost Carry ing amount dep reciat ion Land and buildings Plant and machinery 2,389 15,690 (898) (7,237) 1,491 8,453 18,079 (8,135) 9,944 Details of minimum lease payments and the present value of finance lease liabilities, disclosed by maturity date, are detailed in note 20 (c). d) Self – constructed property, plant and equipment At 31 December 2018 the Group has recognized Euros 66,995 thousand as self -constructed property, plant and equipment (Euros 52,218 thousand at 31 December 2017). e) Purchase commitments At 31 December 2018 the Group has property, plant and equipment purchase commitments amounting to Euros 47,148 thousand (Euros 39,675 thousand at 31 December 2017). f) Impairment A group of assets forming part of the Hospital segment has been tested for impairment due to the decrease in the results of the segment and no impairment has been observed. The recoverable amount of the aforementioned assets is calculated based on the fair value less cost of disposal, using cash flow projections based on five-year financial budgets approved by management. Cash flows estimated as of the year in which stable growth has been reached by the assets are extrapolated using a pre-tax discount rate of 10.1% and a perpetual growth rate of 2% (12.2% and 2% respectively in fiscal year 2017). (10) Equity Accounted Investees Details of this caption in the consolidated balance sheet at 31 December 2018 and 2017 are as follows: Thousands of Euros Thousands of Euros % ownership 31/12/2018 % ownership 31/12/2017 Alkahest, Inc. Albajuna Therap eutics, S.L Interstate Blood Bank, Inc. Bio Blood Comp onents Inc. Plasma Biological Services, LLC Singulex, Inc. GigaGen, Inc Access Biologicals LLC Aigües de Vilajuïga, S.A. Plasmavita HealthCare M ecwins, S.A. 47.58% 30.00% 49.19% 48.97% 48.90% 19.33% 43.96% 49.00% --50.00% 24.99% 28,336 1,106 29,595 38,223 21,809 19,256 28,363 47,742 --9,920 2,555 47.58% 30.00% 49.19% 48.97% 48.90% 19.33% 43.96% 49.00% 50.00% ---- 30,559 1,956 27,936 32,960 23,010 29,322 29,047 44,219 ---- --226,905 219,009 46

GRIFOLS, S.A. AND SUBSIDIARIES Notes to the Consolidated Annual Accounts (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) Movement in the investments in equity-accounted investees for the years ended at 31 December 2018, 2017 and 2016 have been as follows: Thousands of Euros 2018 2017 2016 Balance at 1 January Acquisitions Transfers Share of profit / (losses) Share of other comprehensive income / translation differences Losses for Impairment Collected dividends 219,009 12,222 500 (11,038) 201,345 80,685 (16,000) (13,195) 76,728 136,072 (29,059) 6,933 9,270 --(3,058) (27,134) (6,692) --10,671 ---- Balance at 31 December 226,905 219,009 201,345 Mecwins, S.A. On 22 October, 2018 Grifols has allocated Euros 2 million to the capital increase of Mecwins through Progenika Biopharma, reaching 24.99% of the total capital. Mecwins is a spin-off of the Institute of Micro and Nanotechnology of the Center for Scientific Research (CSIC), specialized in the development of innovative nanotechnological analysis tools for the diagnosis and prognosis of diseases. Mecwins has developed ultrasensitive optical reading immunoassay technology from nanosensors for the detection of protein biomarkers in blood. This technology has potential applications in fields such as oncology, cardiovascular and infectious diseases. The injection of capital, in which CRB Inverbio has also participated with an additional Euros 2 million, will enable Mecwins to start developing pre-commercial prototypes of this technology and for Grifols to position itself in the field of nanotechnology applied to diagnosis. Plasmavita Healthcare GmbH Refer to note 3 for details of this investment. GigaGen Inc. On 5 July 2017, Grifols through its 100% subsidiary Grifols Innovation and New Technologies Limited (“GIANT”) acquired a 43.96% shareholding in GigaGen, Inc., a company based in San Francisco (USA) for the amount of US Dollars 35 million. GIANT and GigaGen entered into a Research and Collaboration Agreement whereby in exchange of a collaboration fee of US Dollars 15 million in the aggregate, GigaGen will commit to carry out research activities to develop recombinant polyclonal immunoglobulin therapies derived from human B cells for the treatment of human diseases. 47

GRIFOLS, S.A. AND SUBSIDIARIES Notes to the Consolidated Annual Accounts (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) Movement in Gigagen’s equity-accounted investment for the years ended 31 December 2018 and 2017 is as follows: Thousand of Euros 31/12/2018 31/12/2017 Balance at 1 January Acquisitions Share of profit / (losses) Share of other comprehensive income / translation differences Pérdidas por deterioro de valor Balance at 31 December 29,047 --(1,562) 878 ---- 31,752 (804) (1,595) (306) 28,363 29,047 Access Biologicals LLC. On 12 January 2017, the group announced the acquisition of 49% of the voting rights in Access Biologicals LLC, a company based in San Diego, California, USA, for the amount of US Dollars 51 million. Grifols entered into an option agreement to purchase the remaining 51% voting rights in five years, in 2022. Grifols alsosigned a supply agreement to sell to Access Biologicals biological products not meant for therapeutic use. The principal business activity of Access Biologicals is the collection and manufacturing of an extensive portfolio of biologicals products. Combined with closed-loop material sourcing, it provides critical support for various markets such as in-vitro diagnostic manufacturing, biopharmaceutical, cell culture and diagnostic research & development. Movement in Access Biological’s equity-accounted investment for the years ended 31 December 2017 and 2018 is as follows: Thousand of Euros 31/12/2018 31/12/2017 Balance at 1 January Acquisitions Share of profit / (losses) Share of other comprehensive income / translation differences Collected dividends Balance at 31 December 44,219 --3,039 2,073 (1,589) --48,383 1,830 (5,994) --47,742 44,219 Singulex, Inc. On 17 May 2016 Grifols subscribed and paid a capital increase for an amount of US Dollars 50 million (Euros 44,107 thousand) in the US company Singulex, Inc. (“Singulex”). As a result, Grifols holds a 19.33% common stock interest in Singulex on a fully diluted basis at a pre-money valuation of US Dollars 200 million. Grifols will be entitled to appoint a director to serve the board of directors of Singulex. As a result, Singulex granted Grifols an exclusive worldwide license for the use and sale of Singulex’ technology for the blood donor and plasma screening to further ensure the safety of blood and plasma products. 48

GRIFOLS, S.A. AND SUBSIDIARIES Notes to the Consolidated Annual Accounts (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) Movement in Singulex, Inc.’s equity-accounted investment for the years ended 31 December 2018 and 2017 is as follows: Thousand of Euros 31/12/2017 31/12/2018 Balance at 1 January 29,322 43,329 Share of profit / (losses) Share of other comprehensive income / translation differences (10,975) 909 (9,335) (4,672) Balance at 31 December 19,256 29,322 Interstate Blood Bank, Inc., Bio-Blood Components, Inc. and Plasma Biological Services, Llc. On 11 May 2016 Grifols acquired a 49.19% stake in Interstate Blood Bank, Inc. (IBBI), 48.97% of Bio-Blood Components, Inc. (Bio-Blood) and 48.90% of Plasma Biological Services, LLC. (PBS) (“IBBI Group”), a group based in Memphis, USA, for the price of US Dollars 100 million (Euros 88,215 thousand). GWWO also entered into an option agreement to purchase the remaining stakes for a price of US Dollars 100 million for an option price of US Dollars 10 million (Euros 9,007 thousand) (see notes 11 and 30). The purchase price and the call right were paid upon signature of the contract. The principal business activity of IBBI and its affiliates is the collection of plasma for the plasma fractionation industry, with 23 plasma collection centers, 9 blood donation centers and one laboratory. Movement in Interstate Blood Bank, Inc., Bio-blood Components, Inc. and Plasma Biological Services, LLC.’s equity-accounted investment for the years ended 31 December 2017 and 2018 is as follows: Thousands of Euros Thousands of Euros 31/12/2018 31/12/2017 IBBI Bio-Blood PBS IBBI Bio-Blood PBS TOTAL 2018 TOTAL 2017 Balance at 1 January 27,936 32,960 23,010 31,090 38,725 25,890 83,906 95,705 Share of profit / (losses) Share of other comprehensive income / translation differences Collected dividend 1,830 1,298 (1,469) 3,492 1,771 --(2,181) 980 --635 (3,789) --(1,181) (4,584) 270 (3,150) 3,141 4,049 (1,469) (276) (11,523) ------Balance at 31 December 29,595 38,223 21,809 27,936 32,960 23,010 89,627 83,906 Kiro Grifols, S.L. On 25 July 2017 the Group acquired an additional 40% interest in Kiro Grifols, S.L (formerly Kiro Robotics, S.L.) for an amount of Euros 12.8 million. With this new acquisition, Grifols owns 90% in Kiro Grifols S.L., which is now considered part of the group, and starts using the global consolidation method instead of the equity method (see note 3(b)). 49

GRIFOLS, S.A. AND SUBSIDIARIES Notes to the Consolidated Annual Accounts (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) (11) Financial Assets Details of non-current financial assets on the consolidated balance sheet at 31 December 2018 and 2017 are as follows: Thousands of Euros 31/12/2018 31/12/2017 Non-current derivatives (see note 30) Financial investments in shares with stock market (a) Total Non-current financial assets measured at fair value --7 8,338 38,708 7 47,046 Non-current guarantee deposits Other non-current financial assets Non-current loans to related parties (see note 31) Non-current loans to EEAA (c) (see note 31) 5,566 1,908 82,969 17,151 4,820 1,346 --16,677 Total Non-current financial assets measured at amortized cost 107,594 22,843 Details of other current financial assets on the consolidated balance sheet at 31 December 2018 and 2017 are as follows: Thousands of Euros 31/12/2018 31/12/2017 19,934 --Current derivatives (b) (see note 30) Total Non-current financial assets measured at fair value 19,934 --Thousands of Euros 31/12/2018 31/12/2017 Deposits and guarantees Current loans to third parties Current loans to associates (c) (see note 31) Total other current financial assets 822 56 33,153 702 59 9,977 34,031 10,738 (a) Financial investments in quoted shares Within the framework of its integrated R & D & I strategy, which assesses the adequacy of the various projects, Grifols made the decision to divest in TiGenix and participated in the takeover bid by Takeda in the first half of 2018. Divestment has generated a cash inflow of Euros 70.1 million and a positive impact on the consolidated profit of Euros 32 million (see note 26). (b) Current derivatives At 31 December 2018, current derivatives correspond to the purchase options described below: Option to purchase the non-acquired shares of Interstate Blood Bank, Inc., Bio-Blood Components, Inc. and Plasma Biological Services, LLC. The purchase option may be exercised by the Group by written notification at any time between 1 February 2019 and 30 April 2019 (see note 30). Option to purchase Biotest Pharmaceuticals Corporation over two donation centers of ADMA Centers. The execution of the purchase option was executed on 1 January 2019 (see note 30). 50

GRIFOLS, S.A. AND SUBSIDIARIES Notes to the Consolidated Annual Accounts (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) (c) Non-current loans to EEAA On 2 October 2017 the Group’s subsidiary Grifols Diagnostic Solutions, Inc. granted a loan of US Dollars 20,000 thousand (Euros 16,676 thousand), that bear at an interest rate of 5% and mature on 19 September 2019. In the first half of 2018, the Group made an additional contribution amounting to US Dollars 12,339 (Euros 11,063 thousand). The Group owns 19.33 % of the common stock of Singulex Inc. On 8 February 2017, the subsidiary Grifols Worldwide Operations granted a loan of US Dollars 11,000 thousand (Euros 10,809 thousand) to Interstate Blood Bank Inc, with interest at a rate of 4% and due on 6 February 2022. The Group owns 49.19% of the capital of Interstate Blood Bank Inc. (12) Inventories Details of inventories at 31 December 2018 and 2017 are as follows: Thousands of Euros 31/12/2018 31/12/2017 Goods for resale Raw materials and supplies Work in progress and semi-finished goods Finished goods 118,876 647,399 744,436 438,649 105,013 454,371 592,612 477,297 1,949,360 1,629,293 Movement in the inventory provision was as follows: Thousands of Euros 31/12/2018 31/12/2017 31/12/2016 Balance at 1 January 35,764 33,069 22,614 Net charge for the y ear Cancellations for the y ear Translation differences 10,398 (558) 3,236 8,232 (357) (5,180) 8,878 (20) 1,597 Balance at 31 December 48,840 35,764 33,069 51

GRIFOLS, S.A. AND SUBSIDIARIES Notes to the Consolidated Annual Accounts (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) (13) Trade and Other Receivables Details at 31 December 2018 and 2017 are as follows: Thousands of Euros 31/12/2018 31/12/2017 Trade receivables Receivables from associates (note 31) Bad debt provision (note 30) 289,316 382 (20,531) 302,685 3,219 (19,706) Trade receivables Other receivables (note 30) Personnel Advance payments (note 30) Taxation authorities, VAT recoverable Other public entities Other receivables Current income tax assets 269,167 9,901 2,082 35,426 42,707 2,302 286,198 7,485 566 11,181 20,105 1,344 92,418 42,205 40,681 59,531 403,790 386,410 Other receivables During 2018, 2017 and 2016 certain companies of the Grifols Group have sold receivables from several public entities, without recourse, to certain financial institutions. Under some of these contracts, the Group receives an initial payment which usually amounts to 90% of the nominal amount of the receivables sold less the associated sale and purchase costs. The deferred collection (equivalent to the rest of the nominal amount) will be made by the Group once the financial institution has collected the nominal amount of the receivables (or the interest, if the balances are received after more than 36 months, depending on the terms of each particular contract) and this amount is recognized in the consolidated balance sheet as a balance receivable from the financial institution. The deferred amount (equivalent to the continuing involvement) totals Euros 1,220 thousand at 31 December 2018 (Euros 1,800 thousand at 31 December 2017), which does not differ significantly from its fair value and coincides with the amount of maximum exposure to losses. The financial institution makes the initial payment when the sale is completed and therefore, the bad debt risk associated with this part of the nominal amount of the receivables is transferred. The Group has transferred the credit risk and control of the receivables to certain financial institutions and has therefore derecognized the asset transferred in the consolidated balance sheet, as the risks and rewards inherent to ownership have not been substantially retained. Certain foreign Group companies have also entered into a contract to sell receivables without recourse to various financial institutions. Total balances receivable without recourse sold to financial institutions through the aforementioned contracts in 2018 amount to Euros 1,188,216 thousand (Euros 912,204 thousand in 2017 and Euros 870,324 thousand in 2016). The finance cost of these operations for the Group totals approximately Euros 6,053 thousand which has been recognized under finance costs in the consolidated statement of profit and loss for 2018 (Euros 3,973 thousand in 2017 and Euros 4,885 thousand in 2016) (see note 26). Details of balances with related parties are shown in note 31. 52

GRIFOLS, S.A. AND SUBSIDIARIES Notes to the Consolidated Annual Accounts (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) (14) Cash and Cash Equivalents Details of this caption of the consolidated balance sheet at 31 December 2018 and 2017 are as follows: Thousands of Euros 31/12/2018 31/12/2017 Current deposits Cash in hand and at banks 441,614 592,178 655,463 231,058 Total cash and cash equivalents 1,033,792 886,521 (15) Equity Details of consolidated equity and movement are shown in the consolidated statement of changes in equity. (a) Share capital At 31 December 2018 and 2017, the Company’s share capital amounts to Euros 119,603,705 and comprises: Class A shares: 426,129,798 ordinary shares of Euros 0.25 par value each, subscribed and fully paid and of the same class and series. Class B shares: 261,425,110 non-voting preference shares of 0.05 Euros par value each, of the same class and series, and with the preferential rights set forth in the Company’s by-laws. The main characteristics of the Class B shares are as follows: Each Class B share entitles its holder to receive a minimum annual preferred dividend out of the distributable profits at the end of each year equal to Euros 0.01 per Class B share provided that the aggregate preferred dividend does not exceed the distributable profits of that year and a distribution of dividends has been approved by the Company’s shareholders. This preferred dividend is not cumulative if sufficient distributable profits are not obtained in the period. Each Class B share is entitled to receive, in addition to the above-mentioned preferred dividend, the same dividends and other distributions as for one Grifols ordinary share. Each Class B share entitles the holder to its redemption under certain circumstances, if a takeover bid for all or part of the shares in the Company has been made, except if holders of Class B shares have been entitled to participate in the bid on the same terms as holders of Class A shares. The redemption terms and conditions reflected in the Company’s by-laws limit the amount that may be redeemed, requiring that sufficient distributable reserves be available, and limit the percentage of shares to be redeemed in line with the ordinary shares to which the bid is addressed. In the event the Company were to be wound up and liquidated, each Class B share entitles the holder to receive, before any amounts are paid to holders of ordinary shares, an amount equal to the sum of (i) the par value of the Class B share, and (ii) the share premium paid for the Class B share when it was subscribed. In addition to the Class B liquidation preference amount, each holder is entitled to receive the same liquidation amount that is paid for each ordinary share. These shares are freely transferable. Since 23 July 2012 the ADSs (American Depositary Shares) representing Grifols’ Class B shares (non-voting shares) have had an exchange ratio of 1:1 in relation to Class B shares, ie.1 ADS represents 1 Class B share. The previous rate was 2 ADS per 1 Class B share. 53

GRIFOLS, S.A. AND SUBSIDIARIES Notes to the Consolidated Annual Accounts (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) The Company’s knowledge of its shareholders is based on information provided voluntarily or in compliance with applicable legislation. According to the information available to the Company, there are no interests representing more than 10% of the Company’s total capital at 31 December 2018 and 2017. At 31 December 2018 and 2017, the number of outstanding shares is equal to the total number of Company shares, less treasury stock. Movement in outstanding shares during 2017 is as follows: Class A shares Class B shares Balance at 1 January 2017 426,129,798 256,694,375 (Acquisition) / disposal of treasury stock (note 15 (d)) Balance at 31 December 2017 --432,929 426,129,798 257,127,304 Movement in outstanding shares during 2018 is as follows: Class A shares Class B shares Balance at 1 January 2018 (Acquisition) / disposal of treasury stock (note 15 (d)) Balance at 31 December 2018 426,129,798 257,127,304 --479,355 426,129,798 257,606,659 (b) Share premium Movement in the share premium is described in the consolidated statement of changes in equity, which forms an integral part of this note to the consolidated annual accounts. (c) Reserves The drawdown of accumulated gains is subject to legislation applicable to each of the Group companies. At 31 December 2018, Euros 35,613 thousand equivalent to the carrying amount of development costs pending amortization of certain Spanish companies (Euros 40,061 thousand at 31 December 2017) (see note 8) are, in accordance with applicable legislation, restricted reserves which cannot be distributed until these development costs have been amortized. In July 2016 the Group acquired an additional 20% of the assets of Medion Diagnostics AG in exchange for 59,951 treasury stocks (Class B Shares) from its non-controlling interests. After these capital increases, Grifols’ interest rose to 100% in 2016. The difference between the share capital increase carried out by the Group and the non-controlling interest was recognized as a Euros 0.6 million decrease in reserves. In August 2016 Araclon Biotech, S.L. increased capital by an amount of Euros 6.7 million. As a result, the Group increased its investment from 70.83% to 73.22%. The difference between the share capital increase carried out by the Group and the non-controlling interest was recognized as a Euros 1.7 million decrease in reserves. On 12 December 2016, the Group subscribed a share capital increase in the capital of VCN Biosciences, S.L. of Euros 5 million. After this capital increase, Grifols interest rose to 81.34% in 2016. The difference between the share capital increase carried out by the Group and the non-controlling interest was recognized as a Euros 1 million decrease in reserves. In October 2017, the Group acquired 12,020 Progenika Biopharma, S.A. shares As a result, the Group has increased its investment from 89.25% to 90.23%. The difference between the share capital increase carried out by the Group and the non-controlling interest has been recognized as a Euros 374 thousand decrease in reserves. 54

GRIFOLS, S.A. AND SUBSIDIARIES Notes to the Consolidated Annual Accounts (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) In June 2018, Grifols made the decision to divest in TiGenix and participated in the takeover bid made by Takeda in the first half of 2018. This divestment has generated a positive impact on reserves of Euros 4,900 thousand and a negative impact of Euros 4,900 thousand in "Other comprehensive income". In June 2018, Grifols executed the purchase option for 6.41% of the shares of Progenika owned by Ekarpen Private Equity, S.A. for an amount of Euros 5,300 thousand. As a result, the Group increased its interest from 90.23% to 96.64%. The difference between the acquisition carried out by the Group and the non-controlling interest was recognized in reserves. In September 2018, the Group acquired 41,387 shares of Progenika Biopharma, S.A for an amount of Euros 4,333 thousand. As a result, the Group increased its interest from 96.64% to 99.99%. The difference between the acquisition carried out by the Group and the non-controlling interest was recognized against reserves. At 31 December 2018 and 2017 reserves include the IFRS-EU first-time adoption revaluation reserves and legal reserve of certain Group companies. Legal reserve Companies in Spain are obliged to transfer 10% of each year‘s profits to a legal reserve until this reserve reaches an amount equal to 20% of share capital. This reserve is not distributable to shareholders and may only be used to offset losses if no other reserves are available. Under certain conditions it may be used to increase share capital provided that the balance left on the reserve is at least equal to 10% of the nominal value of the total share capital after the increase. At 31 December 2018 and 2017 the legal reserve of the Company amounts to Euros 23,921 thousand, which corresponds to 20% of the share capital. Distribution of the legal reserves of Spanish companies is subject to the same restrictions as those of the Company and at 31 December 2018 the balance of the legal reserve of other Spanish companies amounts to Euros 2,527 thousand (Euros 2,416 thousand at 31 December 2017). Other foreign Group companies have a legal reserve amounting to Euros 843 thousand at 31 December 2018 (Euros 731 thousand at 31 December 2017). (d) Treasury stock At 31 December 2018 and December 2017 the Company does not have any Class A treasury stock. Movement in Class B treasury stock during 2017 was as follows: No. of Class B shares Thousands of Euros 4,730,735 68,710 Balance at 1 January 2017 Disposal Class B shares Balance at 31 December 2017 (432,929) (6,288) 4,297,806 62,422 Movement in Class B treasury stock during 2018 is as follows: No. of Class B shares Thousands of Euros 4,297,806 62,422 Balance at 1 January 2018 Disposal Class B shares Balance at 31 December 2018 (479,355) (6,981) 3,818,451 55,441 55

GRIFOLS, S.A. AND SUBSIDIARIES Notes to the Consolidated Annual Accounts (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) In March 2018 the Group delivered 480,661 treasury stocks (Class B shares) to eligible employees as compensation for the Restricted Share Unit Retention Plan (see note 29). In March 2017 the Group delivered 432,929 treasury stocks (Class B shares) to eligible employees as a compensation for the Restricted Share Unit Retention Plan (see note 29). The Parent held Class B treasury stock equivalent to 0.6% of its capital at 31 December 2018 (0.6% at 31 December 2017). (e) Distribution of profit The profits of Grifols, S.A. and subsidiaries will be distributed as agreed by respective shareholders at their general meetings. The proposed distribution of profit of the Parent Grifols, S.A. for the years ended 31 December 2018, and the distribution of profit approved for 2017, presented at the general meeting held on 25 May 2018, is as follows: Thousands of Euros 31/12/2018 31/12/2017 Voluntary reserve Dividends Profit of the Parent The following dividends were paid in 2017: 91,059 238,659 76,247 265,080 329,718 341,327 31/12/2017 % of par value Euros per share Thousands of Euros Ordinary shares Non-voting shares Non-voting shares (preferred dividend) 54% 271% 20% 0.14 0.14 0.01 57,790 34,870 2,614 Total dividends paid 95,274 31/12/2017 % of par value Euros per share Thousands of Euros Ordinary shares (interim dividend) Non-voting shares (interim dividend) 72% 360% 0.18 0.18 76,703 46,283 Total interim dividends paid The following dividends were paid in 2018: 122,986 31/12/2018 % of par value Euros per share Thousands of Euros Ordinary shares Non-voting shares Non-voting shares (preferred dividend) 82% 408% 20% 0.20 0.20 0.01 86,929 52,551 2,614 Total dividends paid 142,094 56

GRIFOLS, S.A. AND SUBSIDIARIES Notes to the Consolidated Annual Accounts (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) 31/12/2018 % of par value Euros per share Thousands of Euros Ordinary shares (interim dividend) Non-voting shares (interim dividend) 80% 400% 0.2 0.2 85,226 51,521 Total interim dividends paid 136,747 At the meeting held on 26 October, 2018, the Board of Directors of Grifols approved the distribution of interim dividend for 2018, of Euros 0.20 for each Class A and B share, recognizing a total of Euros 136,747 thousand as interim dividend. At the meeting held on 27 October 2017, the Board of Directors of Grifols approved the distribution of interim dividend for 2017 of Euros 0.18 for each Class A and B share, recognizing a total of Euros 122,986 thousand as interim dividend. These amounts to be distributed did not exceed the profits generated by the Company since the end of the last reporting period, less the estimated income tax payable on these profits, in accordance with article 277 of the Revised Spanish Companies Act. The Statement of Liquidity for Distribution of Interim Dividend of Grifols, S.A. prepared in accordance with legal requirements and which shows the existence of sufficient liquidity to be able to distribute the aforementioned interim dividend is provided in Appendix V. At a general meeting held on 25 May 2018 the shareholders approved the distribution of a preferred dividend of Euros 0.01 for every Class B non-voting share. The distribution of the profit for the years ended 31 December 2017 and 2018 is presented in the consolidated statement of changes in equity. (f) Restricted Share Unit Retention Plan The Group has set up a Restricted Share Unit Retention Plan (hereinafter RSU Plan) for certain employees (see note 29). This commitment will be settled using equity instruments and the cumulative accrual amounts to Euros 12,652 thousand at 31 December 2018 (Euros 13,871 thousand at 31 December 2017). (16) Earnings Per Share The calculation of basic earnings per share is based on the profit for the year attributable to the shareholders of the Parent divided by the weighted average number of ordinary shares in circulation throughout the year, excluding treasury stock. Details of the calculation of basic earnings per share are as follows: Thousands of Euros 31/12/2018 31/12/2017 31/12/2016 Profit for the year attributable to shareholders of the Parent (thousands of Euros) Weighted average number of ordinary shares outstanding 596,642 662,700 545,456 684,709,377 684,197,276 683,225,815 Basic earnings per share (Euros per share) 0.87 0.97 0.80 57

GRIFOLS, S.A. AND SUBSIDIARIES Notes to the Consolidated Annual Accounts (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) The weighted average of the ordinary shares outstanding (basic) has been calculated taking into consideration the share split carried out on 4 January 2016 as follows: Number of shares 31/12/2018 31/12/2017 31/12/2016 Issued shares outstanding at 1 January Effect of shares issued Effect of treasury stock 684,346,294 --363,083 683,854,491 --342,785 683,516,338 --(290,523) Average weighted number of ordinary shares outstanding (basic) at 31 December 684,709,377 684,197,276 683,225,815 Diluted earnings per share are calculated by dividing profit for the year attributable to shareholders of the Parent by the weighted average number of ordinary shares in circulation considering the diluting effects of potential ordinary shares. The RSU Plan granted by the Group and payable in shares, assumes the existence of dilutive potential shares. Diluted earnings per share have been calculated as follows: Thousands of Euros 31/12/2018 31/12/2017 31/12/2016 Profit for the year attributable to shareholders of the Parent (thousands of Euros) Weighted average number of ordinary shares outstanding (diluted) Diluted earnings per share (Euros per share) 596,642 662,700 545,456 684,686,164 684,243,891 684,170,887 0.87 0.97 0.80 The weighted average number of ordinary shares outstanding diluted has been calculated as follows: Number of shares 31/12/2018 31/12/2017 31/12/2016 Issued shares outstanding at 1 January Effect of RSU shares Effect of shares issued Effect of treasury stock 684,346,294 (23,213) --363,083 683,854,491 46,615 --342,785 683,988,460 472,950 --(290,523) Average weighted number of ordinary shares outstanding (diluted) at 31 December 684,686,164 684,243,891 684,170,887 58

GRIFOLS, S.A. AND SUBSIDIARIES Notes to the Consolidated Annual Accounts (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) (17) Non-Controlling Interests Details of non-controlling interests and movement at 31 December 2017 are as follows: Thousands of Euros Business Combination / Additions to Consolidated Group Translation differences B alance at 31/12/2016 B alance at 31/12/2017 Additions Disposals Grifols (Thailand) Pte Ltd Grifols Malaysia Sdn Bhd Araclon Biotech, S.A. Progenika Biopharma, S.A. Abyntek Biopharma, S.L. VCN Bioscience, S.L Kiro Grifols , S.L. 3,354 1,172 140 1,211 (73) 693 --433 229 (1,617) (60) 45 (272) (144) (77) ---- (298) 28 ---- ---- ---- ---- 255 (131) (29) --27 ---- --3,579 1,372 (1,477) 880 --421 111 6,497 (1,386) (347) 255 (133) 4,886 Details of non-controlling interests and movement at 31 December 2018 are as follows: Thousands of Euros Business Combination / Additions to Consolidated Group Balance at 31/12/2017 Translation differences Balance at 31/12/2018 Additions Disp osals Grifols (Thailand) Pte Ltd Grifols M alay sia Sdn Bhd Araclon Biotech, S.A. Progenika Biop harma, S.A. VCN Bioscience, S.L Kiro Grifols , S.L. Haema AG Biotest Pharma Corp 3,579 1,372 (1,477) 880 421 111 --193 326 (2,011) --(281) (463) --(43) ---- (871) ---- ---- ---- ---- --220,190 206 37 ---- ---- --3,935 1,735 (3,488) 9 140 (352) 220,190 ---- --249,691 (810) 248,881 4,886 (2,236) (914) 469,881 (567) 471,050 (18) Grants Details are as follows: Thousands of Euros 31/12/2018 31/12/2017 Capital grants Interest rate grants (preference loans) (See note 20 (e)) 11,149 696 11,010 812 11,845 11,822 Interest-rate grants (preference loans) reflect the implicit interest on loans extended by the Spanish Ministry of Science and Technology as these are interest free. Grants totaling Euros 1,166 thousand have been recognized in the consolidated statement of profit and loss for the year ended at 31 December 2018 (Euros 323 thousand for the year ended at 31 December 2017). 59

GRIFOLS, S.A. AND SUBSIDIARIES Notes to the Consolidated Annual Accounts (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) (19) Provisions Details of provisions at 31 December 2018 and 2017 are as follows: Thousands of Euros Non-curre nt provis ions (a) 31/12/2018 31/12/2017 Provisions for pensions and similar obligations Other provisions 5,296 818 4,742 1,021 Non-current provisions 6,114 5,763 Thousands of Euros Curre nt provis ions (b) 31/12/2018 31/12/2017 Trade provisions 80,055 106,995 Current provisions 80,055 106,995 (a) Non-current provisions At 31 December 2018, 2017 and 2016 provisions for pensions and similar obligations mainly comprise a provision made by certain foreign subsidiaries in respect of labor commitments with certain employees. Movement in provisions during 2016 was as follows: Thousands of Euros Balance at 31/12/2015 Translation differences Balance at 31/12/2016 Net charge Cancellations Reclassifications Non-current provisions 4,980 (399) (281) 814 4 5,118 4,980 (399) (281) 814 4 5,118 Movement in provisions during 2017 was as follows: Thousands of Euros Business combination Translation differences Balance at 31/12/2016 Balance at 31/12/2017 Net charge Cancellations Reclassifications Non-current provisions 5,118 23 422 (23) 290 (67) 5,763 5,118 23 422 (23) 290 (67) 5,763 Movement in provisions during 2018 is as follows: Thousands of Euros Translation differences Balance at 31/12/2017 Balance at 31/12/2018 Net charge Cancellations Reclassifications Non-current provisions 5,763 635 (565) 277 4 6,114 5,763 635 (565) 277 4 6,114 60

GRIFOLS, S.A. AND SUBSIDIARIES Notes to the Consolidated Annual Accounts (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) (b) Current provisions Movement in trade provisions during 2016 was as follows: Thousands of Euros Balance at 31/12/2015 Balance at 31/12/2016 Net charge Cancellations Translation differences Trade provisions 123,049 (28,481) (6,417) 1,437 89,588 123,049 (28,481) (6,417) 1,437 89,588 Movement in trade provisions during 2017 was as follows: Thousands of Euros Balance at 31/12/2016 Business Combination Translation differences Balance at 31/12/2017 Net charge Cancellations Reclassification Trade p rovisions 89,588 41,841 (4,812) (2,886) (2,600) (14,136) 106,995 89,588 41,841 (4,812) (2,886) (2,600) (14,136) 106,995 Movement in trade provisions during 2018 is as follows: Thousands of Euros Balance at 31/12/2017 Balance at 31/12/2018 Net charge Cancellations Translation differences Trade provisions 106,995 (30,668) (290) 4,018 80,055 106,995 (30,668) (290) 4,018 80,055 (20) Financial Liabilities This note provides information on the contractual conditions of the Group’s financial liabilities, which are measured at amortized cost. For further information on exposure to interest rate risk, currency risk and liquidity risk and the fair values of financial liabilities, please refer to note 30. 61

GRIFOLS, S.A. AND SUBSIDIARIES Notes to the Consolidated Annual Accounts (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) Details at 31 December 2018 and 2017 are as follows: T housands of Euros Fi nanci al l i abi l i ti e s 31/12/2018 31/12/2017 Non-current obligations (a) Senior secured debt (b) Other loans (b) Finance lease liabilities (c) Other non-current financial liabilities (e) 1,000,000 4,771,285 239,686 9,537 78,955 853,667 4,849,882 169,214 5,415 23,637 Total non-current financial liabilities 6,099,463 5,901,815 Current obligations (a) Senior secured debt (b) Other loans (b) Finance lease liabilities (c) Other current financial liabilities (e) 102,978 129,955 24,839 3,348 16,262 95,538 4,057 29,527 3,945 22,003 Total current financial liabilities 277,382 155,070 In September 2018, Grifols obtained a new non-current loan from the European Investment Bank totaling Euros 85,000 thousand that will be used by Grifols to support its investments in R&D, mainly focused on the search for new therapeutic indications for plasma-derived protein therapies. The financial terms include a fixed interest rate, a maturity of 10 years with a grace period of 2 years. At 31 December 2018, the carrying amount of the loans obtained from the European Investment Bank amounts to Euros 244,375 thousand (Euros 170,000 thousand at 31 December, 2017). On 5 December 2017 the Group received a loan from the European Investment Bank totaling Euros 85 million, falling due in 10 years, at a fixed rate and with a grace period of 2 years. The loan will be used to support certain investments the Group’s R&D which are mainly focused on searching for new applications for plasmatic proteins. On 28 October 2015, the Group received its first loan from the same entity and with the same terms for a total amount of Euros 100 million. On 18 April 2017 the Group concluded the refinancing process of the Senior Unsecured Notes. The total note issuance amounted to Euros 1,000 million. On 6 February 2017 the Group concluded the refinancing process of its senior debt. The total debt refinanced amounts to US Dollars 6,300 million (Euros 5,800 million), including the US Dollars 1,816 million loan obtained for the acquisition of Hologic’s transfusional diagnostics unit. Following the refinancing process, Grifols’ debt structure consisted of a US Dollars 6,000 million non-current loan from institutional investors and banks segmented in two tranches (Term Loan A and Term Loan B), and a US Dollars 300 million undrawn revolving credit facility. Retrospectively as of 1 January 2018, Grifols has calculated the impact of the entry into force of the new IFRS 9 on the refinancing process of the Senior Unsecured Notes and the Senior debt, concluding that the refinancing of the notes caused a derecognition of the liability as they did not pass the new quantitative test, whereas the senior debt did not result in a derecognition of the liability. According to the IASB’s interpretation published in October 2017, when a financial liability measured at amortized cost is modified or exchanged and does not result in the derecognition of the financial liability, a gain or loss should be recognized in profit or loss, calculated as the difference between the original contractual cash flows from the liability and the modified cash flows, discounted at the original effective interest rate of the liability. Due to the retrospective effect of IFRS 9, any gains or losses from the modification of financial liabilities that arise from 62

GRIFOLS, S.A. AND SUBSIDIARIES Notes to the Consolidated Annual Accounts (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) applying the new standard in years prior to 1 January 2018 have been recognized in reserves, generating a positive net impact of Euros 24,636 thousand (see note 2 (c)). (a) Senior Unsecured Notes On 18 April 2017, Grifols, S.A., issued US Dollars 1,000 million of Senior Unsecured Notes (the “Notes”) that will mature in 2025 and will bear annual interest at a rate of 3.20%. These notes replaced 97.1 % of the Senior Unsecured Notes issued in 2014 by Grifols Worldwide Operations Limited, a wholly-owned subsidiary of Grifols S.A., amounting to US Dollars 1,000 million, with a maturity in 2022 and with interest rate of 5.25% that was owned by a financial institution. The remaining 2.9% of the existing notes was redeemed before the exchange by an amount of Euros 26,618 thousand. The corresponding deferred costs of the notes have been recognized in profit and loss in 2017. On 2 May 2017 the Notes were admitted to listing on the Irish Stock Exchange. Due to the implementation of IFRS 9, the refinancing of unsecured corporate notes has resulted in the decrease of liabilities by not passing the new quantitative test (see note 2). Details of movement in the Senior Unsecured Notes at 31 December 2017 are as follows: Thousands of Euros Opening outstanding balance 01/01/17 Translation differences Closing outstanding balance 31/12/17 Refinancing Repayments Senior Unsecured Notes (nominal amount) Total 948,677 108,597 (26,618) (30,656) 1,000,000 948,677 108,597 (26,618) (30,656) 1,000,000 At 31 December 2018 and 2017 the current obligations caption includes the issue of bearer promissory notes to Group employees, as follows: 31/12/2017 Promissory notes subscribed (Thousands of Euros) Interest pending accrual (Thousands of Euros) Nominal amount of promissory notes (Euros) Buy back (Thousands of Euros) Maturity date Interest rate Issue date Issue of bearer promissory notes 05/05/17 04/05/18 3,000 3.00% 92,109 (906) (909) 31/12/2018 Promissory notes subscribed (Thousands of Euros) Interest pending accrual (Thousands of Euros) Nominal amount of promissory notes (Euros) Buy back (Thousands of Euros) Maturity date Interest rate Issue date Issue of bearer promissory notes 05/05/18 04/05/19 3,000 4.00% 99,990 (1,041) (1,304) 63

GRIFOLS, S.A. AND SUBSIDIARIES Notes to the Consolidated Annual Accounts (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) (b) Loans and borrowings Details of loans and borrowings at 31 December 2018 and 2017 are as follows: Thousands of Euros 31/12/2018 31/12/2017 Credit Currency Interest rate Date awarded M aturity date Amount extended Carry ing amount Amount extended Carry ing amount Senior debt - Tranche A Senior debt - Tranche A Senior debt - Tranche B Total senior debt US Dollars Euros US Dollars Libor + 1.75% Euribor + 1.75% Libor + 2.25% 31/01/2017 31/01/2017 31/01/2017 31/01/2023 31/01/2023 31/01/2025 2,052,403 607,000 2,620,087 1,949,782 576,650 2,548,035 1,959,476 607,000 2,501,459 1,959,476 607,000 2,457,684 5,279,490 5,074,467 5,067,935 5,024,160 EIB Loan EIB Loan EIB Loan Total EIB Loan Euros Euros Euros 2.40% 2.02% 2.15% 20/11/2015 22/12/2017 25/09/2018 20/11/2025 22/12/2027 25/09/2028 100,000 85,000 85,000 63,750 85,000 85,000 100,000 85,000 --74,375 85,000 --270,000 233,750 185,000 159,375 Revolving Credit Total Revolving Credit US Dollars Libor + 1.75% 31/01/2017 31/01/2023 262,009 --250,146 --262,009 --250,146 --Euribor-Euribor+2.30% Other non-current loans Euros 25/03/2010 30/09/2024 26,680 5,936 33,180 9,839 Loan transaction costs --(303,182) --(174,278) Non-current loans and borrowings 5,838,179 5,010,971 5,536,261 5,019,096 64

GRIFOLS, S.A. AND SUBSIDIARIES Notes to the Consolidated Annual Accounts (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) Thousands of Euros 31/12/2018 31/12/2017 Credit Currency Interest rate Date awarded Maturity date Amount extended Carrying amount Amount extended Carrying amount Senior debt - Tranche A Senior debt - Tranche A Senior debt - Tranche B Total senior debt US Dollars Euros US Dollars Libor + 1.75% Euribor + 1.75% Libor + 2.25% 31/01/2017 31/01/2017 31/01/2017 31/01/2023 31/01/2023 31/01/2025 (*) (*) (*) 102,621 30,350 26,201 (*) (*) (*) ---- 25,015 --159,172 --25,015 Euros 2.40% EIB Loan Total EIB Loan 20/11/2015 20/11/2025 (*) 10,625 (*) 10,625 --10,625 --10,625 Other current loans 0,10% - 4,62% 144,571 14,214 131,700 18,902 Loan transaction costs --(29,217) --(20,958) Curre nt loans and borrowings (*) See amount granted under non-current debt 144,571 154,794 131,700 33,584 65

GRIFOLS, S.A. AND SUBSIDIARIES Notes to the Consolidated Annual Accounts (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) Current loans and borrowings include accrued interest amounting to Euros 2,546 thousand at 31 December 2018 (Euros 1,713 thousand at 31 December 2017). On 6 February 2017 the Group refinanced its Senior Secured Debt with the existing lenders and obtained the additional debt for the acquisition of Hologic by an amount of US Dollars 1,816 million. The new senior debt consisted of a Term Loan A (“TLA”), which amounted US Dollars 2,350 million and Euros 607 million with a 1.75% margin over Libor and Euribor respectively and maturity in 2023 and quasi-bullet amortization structure, and a Term Loan B (“TLB”) which amounted US Dollars 3,000 million with a 2.25% margin over Libor and maturity in 2025. The borrowers of the total debt are Grifols Worldwide Operations Limited and Grifols, S.A. for the Term Loan A and Grifols Worldwide Operations USA, Inc. for the Term Loan B. The present value discounted from cash flows under the new agreement, including any fees paid and discounted using the original effective interest rate differed by less than 10% of the present value discounted from cash flows remaining in the original debt, whereby it is considered that the debt instrument has not been substantially modified. The costs of refinancing the senior debt amounted to Euros 84.8 million. Based on an analysis of the quantitative and qualitative factors, the Group concluded that the renegotiation of the terms of the senior debt did not imply a derecognition of the liability. The difference between the amortized cost of the debt applying the new IFRS 9 is Euros 332,399 thousand less than its nominal amount. The terms and conditions of the senior secured debt are as follows: o Tranche A: six year loan divided into two tranches: US Tranche A and Tranche A in Euros. US Tranche A : Original principal amount of US Dollars 2,350 million. Applicable margin of 175 basis points (bp) linked to US Libor. Quasi-bullet amortization structure. Maturity in 2023. Tranche A in Euros : Original principal amount of Euros 607 million. Applicable margin of 175 basis ponts (bp) linked to Euribor. Quasi-bullet amortization structure. Maturity in 2023. Details of Tranche A by maturity at 31 December 2018 are as follows: US Tranche A Tranche A in Euros Principal in thousands of US Dollars Principal in thousands of Euros Principal in thousands of Euros Maturity 2019 2020 2021 2022 2023 Total 117,500 235,000 235,000 1,321,875 440,625 102,621 205,240 205,240 1,154,476 384,826 30,350 60,700 60,700 341,437 113,813 2,350,000 2,052,403 607,000 o Tranche B: Senior Debt Loan repayable in eight years. US Tranche B : Original principal amount of US Dollars 3,000 million. Applicable margin of 225 basis points (bp) linked to US Libor. 66

GRIFOLS, S.A. AND SUBSIDIARIES Notes to the Consolidated Annual Accounts (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) Quasi-bullet amortization structure. Maturity in 2025. Details of Tranche B by maturity at 31 December 2018 are as follows: US Tranche B Principal in thousands of US Dollars Principal in thousands of Euros Currency Maturity 2019 2020 2021 2022 2023 2024 2025 US Dollars US Dollars US Dollars US Dollars US Dollars US Dollars US Dollars 30,000 30,000 30,000 30,000 30,000 30,000 2,767,500 26,201 26,201 26,201 26,201 26,201 26,201 2,417,030 Total US Dollars 2,947,500 2,574,236 o US Dollars 300 million committed credit revolving facility: Amount maturing on 2023 and applicable margin of 175 basis points (bp) pegged to US Libor. At 31 December 2018 and 2017 no amount has been drawn down on this facility. The issue of senior unsecured notes and senior secured debt is subject to compliance with a leverage ratio covenant. At 31 December 2018 the Group complies with this covenant. Both the Senior Term Loans and the Revolving Loans are guaranteed by Grifols, S.A. and certain significant subsidiaries of Grifols, S.A. that together with Grifols, S.A. represent, in the aggregate, at least 80% of the consolidated assets and consolidated EBITDA of Grifols, S.A. and its subsidiaries. The Notes have been issued by Grifols S.A. and are guaranteed on a senior unsecured basis by subsidiaries of Grifols, S.A. that are guarantors and co-borrower under the New Credit Facilities. The guarantors are Grifols Worldwide Operations Limited, Biomat USA, Inc., Grifols Biologicals Inc., Grifols Shared Services North America, Inc., Grifols Diagnostic Solutions Inc., Grifols Therapeutics, Inc., Instituto Grifols, S.A., Grifols Worldwide Operations USA, Inc and Grifols USA, Llc. (c) Finance lease liabilities Details of minimum payments and the present value of finance lease liabilities, by maturity date, are as follows: 67

GRIFOLS, S.A. AND SUBSIDIARIES Notes to the Consolidated Annual Accounts (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) Thousands of Euros 31/12/2018 31/12/2017 Minimum payments Minimum payments Interest Present Value Interest Present Value Maturity at: Less than one year Two years Three years Four years Five years More than five years Total 3,576 3,339 2,606 1,971 1,578 351 228 123 82 53 32 18 3,348 3,216 2,524 1,918 1,546 333 4,305 2,636 1,461 814 369 550 360 179 88 60 42 46 3,945 2,457 1,373 754 327 504 13,421 536 12,885 10,135 775 9,360 (d) Credit rating In December 2018 and December 2017 Moody’s Investors Service has confirmed the ‘Ba3’ corporate family rating, ‘Ba2’ rating to the senior secured bank debt and ‘B2’ rating to the unsecured notes that were used to refinance the existing debt structure. The outlook is confirmed as stable. In December 2018 and December 2017 Standard & Poor’s has confirmed its ‘BB’ rating on Grifols and has assigned 'BB+' and 'B+' issue ratings to Grifols' senior secured debt and senior unsecured notes that were used to refinance the existing debt structure. The outlook for the rating is stable. (e) Other financial liabilities At 31 December 2018 “other financial liabilities” include interest-free loans extended by governmental institutions amounting to Euros 16,559 thousand (Euros 20,306 thousand at 31 December 2017). The portion of the loans considered a grant and still to be taken to profit and loss amounts to Euros 696 thousand (Euros 812 thousand at 31 December 2017) (see note 18). At 31 December 2017, “other current financial liabilities” included an amount of Euros 5,000 thousand related to the remaining call option extended by the Group and the shareholders of Progenika with maturity in 2018. This option was executed in June 2018. At 31 December 2018 and 2017 “other current financial liabilities” also include approximately Euros 6,704 thousand and Euros 3,056 thousand, respectively, which have been collected directly from Spanish Social Security affiliated bodies and transferred to financial institutions (see note 13). Details of the maturity of other financial liabilities are as follows: Thousands of Euros 31/12/2018 31/12/2017 Maturity at: Up to one year Two years Three years Four years Five years Over five years 16,262 21,460 49,602 2,916 1,799 3,178 22,003 10,818 3,787 2,794 2,247 3,991 95,217 45,640 68

GRIFOLS, S.A. AND SUBSIDIARIES Notes to the Consolidated Annual Accounts (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) (f) Changes in liabilities derived from financing activities Thousand of Euros Senior Secured debt & Other Finance lease Other financial Obligations Total liabilities liabilities loans Book value at January 1, 2017 926,941 3,948,154 9,945 57,096 4,942,136 New financing Refunds Bear of interests Other movements Collection / Pay ment of interests 1,092,109 (1,003,104) 61,944 (57,484) 5,666,300 (3,936,799) 198,588 (84,917) --(780) 505 --8,661 (21,838) 1,020 --6,767,070 (4,962,521) 262,057 (142,401) (44,432) --(26,769) (162,647) --(575,999) ---- (310) --2,163 (1,462) (207,079) 2,163 (604,540) Business combination Foreign exchange differences Balance at December 31, 2017 949,205 5,052,680 9,360 45,640 6,056,885 New financing Refunds Bear of interests Other movements (note 2) Collection / Pay ment of interests Business combination Foreign exchange differences 99,990 (92,244) 31,694 146,333 (32,000) ---- 85,000 (45,225) 253,673 (141,998) (193,146) --154,781 --(1,001) 409 ---- 4,007 110 6,789 (20,041) 865 ---- 57,816 4,148 191,779 (158,511) 286,641 4,335 (225,146) 61,823 159,039 Balance at December 31, 2018 1,102,978 5,165,765 12,885 95,217 6,376,845 69

GRIFOLS, S.A. AND SUBSIDIARIES Notes to the Consolidated Annual Accounts (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) (21) Trade and Other Payables Details are as follows: Thousands of Euros 31/12/2018 31/12/2017 Suppliers 561,883 423,096 VAT payable Taxation authorities, withholdings payable Social security payable Other public entities 8,954 26,299 12,787 111,776 8,827 24,084 11,741 97,068 Other payables 159,816 141,720 Current income tax liabilities 1,917 6,709 723,616 571,525 Suppliers Details of balances with related parties are shown in note 31. The Group’s exposure to currency risk and liquidity risk associated with trade and other payables is described in note 30. In accordance with the second final provision of Law 31/2014 that amends Law 15/2010 of 5 July 2010, for fiscal years 2018 and 2017 information concerning the average payment period to suppliers is included. Days 31/12/2018 31/12/2017 Average payment period to suppliers Paid invoices ratio Outstanding invoices ratio 72.6 74.2 63.4 72.9 74.0 62.2 Thousands of Euros 31/12/2018 31/12/2017 Total invoices paid Total outstanding invoices 454,995 82,740 460,699 49,339 (22) Other Current Liabilities Details at 31 December are as follows: Thousands of Euros 31/12/2018 31/12/2017 Salaries payable Other payables Deferred income Advances received Other current liabilities 153,160 504 8,912 6,613 129,519 649 4,284 9,945 169,189 144,397 70

GRIFOLS, S.A. AND SUBSIDIARIES Notes to the Consolidated Annual Accounts (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) (23) Net Revenues Net revenues are mainly generated from the sale of goods. The distribution of net consolidated revenues for 2018, 2017 and 2016 by segment is as follows: Thousands of Euros 31/12/2018 31/12/2017 31/12/2016 Bioscience Diagnostic Hospital Bio supplies Others Intersegments 3,516,704 702,265 119,454 167,004 22,451 (41,154) 3,429,785 732,369 105,649 66,791 18,263 (34,784) 3,195,424 691,701 102,251 57,239 34,601 (31,386) 4,486,724 4,318,073 4,049,830 As a result of the creation of Bio Supplies segment and the Intersegments in 2017 , the Group has reviewed the allocation of balances and transactions by segments. The comparative figures for 2016 accordingly. have been restated The geographical distribution of net consolidated revenues is as follows: Thousands of Euros 31/12/2018 31/12/2017 31/12/2016 USA and Canada Spain European Union Rest of the world Consolidated 2,974,429 264,913 535,361 712,021 2,896,505 242,894 444,089 734,585 2,707,579 225,273 426,223 690,755 4,486,724 4,318,073 4,049,830 Details of discounts and other reductions in gross income are as follows: Thousands of Euros 31/12/2018 31/12/2017 31/12/2016 Gross sales 5,588,257 5,322,618 4,882,615 Chargebacks Cash discounts Volume rebates Medicare and Medicaid Other discounts Net sales (923,023) (62,518) (46,922) (40,343) (28,727) (826,775) (57,512) (43,274) (41,722) (35,262) (652,564) (51,953) (51,242) (47,820) (29,206) 4,486,724 4,318,073 4,049,830 71

GRIFOLS, S.A. AND SUBSIDIARIES Notes to the Consolidated Annual Accounts (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) Movement in discounts and other reductions in gross income during 2016 were as follows: Thousands of Euros Cash discounts Volume rebates Medicare / Medicaid Other discounts Chargebacks Total B alance at 31 De ce mbe r 2015 126,178 5,902 29,680 12,468 5,367 179,595 Current estimate related to sales made in current and prior year (Actual returns or credits in current period related to sales made in current period) (Actual returns or credits in current period related to sales made in prior periods) 652,564 51,953 51,242 47,820 29,206 832,785 (1) (693,458) (51,733) (27,409) (24,988) (27,243) (824,831) (2) --(248) (27,732) (14,401) (2,986) (45,367) (3) Translation differences 1,965 758 726 858 98 4,405 B alance at 31 De ce mbe r 2016 87,249 6,632 26,507 21,757 4,442 146,587 Movement in discounts and other reductions to gross income during 2017 were as follows: Thousands of Euros Cash discounts Volume rebates Medicare / Medicaid Other discounts Chargebacks Total B alance at 31 De ce mbe r 2016 87,249 6,632 26,507 21,757 4,442 146,587 Current estimate related to sales made in current and prior year (Actual returns or credits in current period related to sales made in current period) (Actual returns or credits in current period related to sales made in prior periods) 826,775 57,512 43,274 41,722 35,262 1,004,545 (1) (795,449) (52,270) (28,976) (28,198) (26,072) (930,965) (2) 31 (6,024) (20,210) (16,659) (2,864) (45,726) (3) Translation differences (12,716) (736) (2,604) (2,418) (625) (19,099) B alance at 31 De ce mbe r 2017 105,890 5,114 17,991 16,204 10,143 155,342 72

GRIFOLS, S.A. AND SUBSIDIARIES Notes to the Consolidated Annual Accounts (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) Movement in discounts and other reductions to gross income during 2018 were as follows: Thousands of Euros Cash Volume M edicare / Other Chargebacks Total discount s rebat es M edicaid discount s Balance at 31 December 2017 105,890 5,114 17,991 16,204 10,143 155,342 Current estimate related to sales made in current and p rior y ear (Actual returns or credits in current p eriod related to sales made in current p eriod) (Actual returns or credits in current p eriod related to sales made in p rior p eriods) 923,023 62,518 46,922 40,343 28,727 1,101,533 (1) (957,695) (56,568) (24,648) (21,324) (26,493) (1,086,728) (2) --(4,909) (16,384) (13,232) (3,781) (38,306) (3) Translation differences 3,957 286 916 950 241 6,350 Balance at 31 December 2018 75,175 6,441 24,797 22,941 8,837 138,191 (1) Net imp act in income statement: estimate for the current y ear p lus p rior y ears' adjustments. Adjustments made during the y ear corresp onding to p rior y ears' estimates have not been significant. (2) Amounts credited and p osted against p rovisions for current p eriod (3) Amounts credited and p osted against p rovisions for p rior p eriod (24) Personnel Expenses Details of personnel expenses by function are as follows: Thousands of Euros 31/12/2018 31/12/2017 31/12/2016 Cost of sales Research and development Selling, general & administration expenses 810,512 93,817 731,192 90,495 635,577 77,988 345,224 323,880 314,348 1,249,553 1,145,567 1,027,913 Details by nature are as follows: Thousands of Euros 31/12/2018 31/12/2017 31/12/2016 Wages and salaries Contributions to pension plans Other social charges Social Security 1,000,682 21,363 29,055 198,453 917,810 20,347 27,679 179,731 822,384 18,486 25,074 161,969 (see note 29) 1,249,553 1,145,567 1,027,913 73

GRIFOLS, S.A. AND SUBSIDIARIES Notes to the Consolidated Annual Accounts (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) The average headcount during 2018 and 2017, by department, was approximately as follows: Average headcount 31/12/2018 31/12/2017 Manufacturing R&D - technical area Administration and others General management Marketing Sales and Distribution 14,576 945 1,316 212 184 1,223 12,194 905 1,070 201 180 1,211 18,456 15,761 The headcount of the Group employees and the Company’s directors at 31 December 2017, by gender, was as follows: 31/12/2017 Total number of employees Male Female 9 5,933 373 631 119 78 647 4 8,644 590 481 111 109 580 13 14,577 963 1,112 230 187 1,227 Directors Manufacturing Research&development - technical area Administration and others General management Marketing Sales and Distribution 7,790 10,519 18,309 The headcount of the Group employees and the Company’s directors at 31 December 2018, by gender, is as follows: 31/12/2018 Total number of employees Male Female 9 6,591 368 842 129 76 658 4 10,556 616 554 125 108 607 13 17,147 984 1,396 254 184 1,265 Directors Manufacturing Research&development - technical area Administration and others General management Marketing Sales and Distribution 8,673 12,570 21,243 74

GRIFOLS, S.A. AND SUBSIDIARIES Notes to the Consolidated Annual Accounts (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) (25) Expenses by Nature (a) Amortization and depreciation Expenses for the amortization and depreciation of intangible assets and property, plant and equipment, incurred during 2018, 2017 and 2016 classified by functions are as follows: Thousands of Euros 31/12/2018 31/12/2017 31/12/2016 Cost of sales Research and development Selling, general & administration expenses 146,530 19,836 62,243 135,186 14,721 65,583 126,998 13,050 61,821 228,609 215,490 201,869 (b) Other operating income and expenses Other operating income and expenses incurred during 2018, 2017 and 2016 by function are as follows: Thousands of Euros 31/12/2018 31/12/2017 31/12/2016 Cost of sales Research and development Selling, general & administration expenses 432,803 152,670 410,753 416,020 129,579 460,959 454,097 113,078 393,523 996,226 1,006,558 960,698 Details by nature are as follows: Thousands of Euros 31/12/2018 31/12/2017 31/12/2016 Changes in trade provisions Professional services Commissions Supplies and auxiliary materials Operating leases (note 28) Freight Repair and maintenance expenses Advertising Insurance Royalties Travel expenses External services R&D Expenses Other Othe r ope rating income &e xpe ns e s (23,125) 211,305 21,941 149,831 84,299 112,340 107,806 44,659 22,632 10,726 51,428 53,391 100,889 48,104 3,648 211,579 18,473 131,932 80,136 105,292 103,518 49,893 21,529 11,241 58,171 82,699 89,977 38,470 (22,069) 190,003 20,147 119,014 74,945 96,680 89,797 51,233 20,008 9,217 53,239 43,231 78,379 136,874 996,226 1,006,558 960,698 75

GRIFOLS, S.A. AND SUBSIDIARIES Notes to the Consolidated Annual Accounts (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) (26) Finance Result Details are as follows: Thousands of Euros 31/12/2018 31/12/2017 31/12/2016 Finance income 13,995 9,678 9,934 Finance cost from Senior Unsecured Notes Finance cost from senior debt Finance cost from sale of receivables (note 13) Cap italized interest Other finance costs Finance costs (35,471) (247,646) (6,053) 8,955 (13,058) (65,189) (193,183) (3,973) 8,839 (9,838) (73,491) (168,332) (4,885) 13,019 (11,140) (293,273) (263,344) (244,829) Change in fair value of financial derivatives (note 30) Imp airment and gains / (losses) on disp osal of financial instruments Exchange differences Finance result --(3,752) (7,610) 30,280 (8,246) (18,844) (11,472) --8,916 (257,244) (287,734) (233,589) On 29 January 2018 (prior to the date on which the 2017 consolidated annual accounts were authorized to issue) Aradigm communicated that it had not obtained the approval of the Antimicrobial Drugs Advisory Committee of the US Food and Drug Administration for LinahiqTM. As a result, the financial assets related to the convertible note of Aradigm have been totally impaired totaling Euros 14,477 thousand at 31 December 2017. This amount was recognized in “Impairment and gains/(losses) on disposal of financial instruments” in the consolidated statement of profit and loss. During 2018 the Group has capitalized interest at a rate of between 4.61% and 5.18% based on the financing received (between 4.26% and 4.87% during 2017) (see note 4 (f)). (27) Taxation Grifols, S.A. is authorized to file consolidated tax returns in Spain with Diagnostic Grifols, S.A., Grifols Movaco, S.A., Laboratorios Grifols, S.A., Instituto Grifols, S.A., Grifols Worldwide Operations Spain, S.A. (formerly Logister, S.A), Biomat, S.A., Grifols Viajes, S.A., Grifols International, S.A., Grifols Engineering, S.A., Gri -Cel, S.A., Gripdan Invest, S.L. and VCN Biosciences, S.L. Grifols, S.A., in its capacity as Parent, is responsible for the filing and settlement of the consolidated tax return. Under prevailing tax law, Spanish companies pay 25% tax, which may be reduced by certain deductions. The North American company Grifols Shared Services North America, Inc. is also authorized to file consolidated tax returns in the USA with Grifols Biologicals Inc., Grifols USA, LLC., Biomat USA, Inc., Grifols Therapeutics Inc. and Talecris Plasma Resources, Inc. The profits of the companies domiciled in the USA, determined in accordance with prevailing tax legislation, are subject to tax of approximately 22.4% of taxable income, which may be reduced by certain deductions. 76

GRIFOLS, S.A. AND SUBSIDIARIES Notes to the Consolidated Annual Accounts (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) (a) Reconciliation of accounting and taxable income Details of the income tax expense and income tax related to profit for the year are as follows: Thousands of Euros 31/12/2018 31/12/2017 31/12/2016 Profit before income tax from continuing op erations 725,842 695,722 712,752 Tax at 25% Permanent differences Effect of different tax rates Tax credits (deductions) Imp act related to the US tax legistation modifications Prior y ear income tax exp ense Other income tax exp enses/(income) Total income tax exp ense 181,461 (2,000) (29,543) (18,226) 173,931 17,163 40,981 (16,092) 178,188 8,019 14,509 (20,163) --(171,169) --381 (637) (8,614) (1,792) 928 (13,272) 131,436 34,408 168,209 Deferred tax Current tax Total income tax exp ense (21,189) 152,625 (149,444) 183,851 (40,161) 208,370 131,436 34,407 168,209 The effect of the different tax rates is basically due to a change of country mix in profits On 22 December 2017, a tax reform was approved in the United States that took effect on 1 January 2018. The Group carried out an exercise to identify changes in the tax reform affecting its subsidiaries in the USA and an assessment of the impact that these changes will have on the manner in which the deferred taxes will revert as of 31 December 2017. In the analysis performed, the main impact comes from the change in tax rates to be applied to deferred taxes as of 31 December 2017, which have fallen from a rate of 35% to 21% for fiscal years beginning on or after 1 January 2018. amounted to Euros 171 million in 2017. The impact recorded in the "income tax expense" caption 77

GRIFOLS, S.A. AND SUBSIDIARIES Notes to the Consolidated Annual Accounts (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) (b) Deferred tax assets and liabilities Details of deferred tax assets and liabilities are as follows: M iles de Euros Efecto imp ositivo 31/12/2018 31/12/2017 31/12/2016 Activos Provisiones Existencias Derechos p or deducciones Créditos p or p érdidas a comp ensar Otros 7,936 41,029 57,357 32,769 8,611 4,564 35,619 49,467 6,179 7,513 3,696 39,297 37,685 10,717 3,393 Subtotal Activos Fondo de comercio Activos fijos y amortización Activos intangibles 147,702 (24,691) (3,922) (6,550) 103,342 (22,346) (7,780) (7,059) 94,788 (19,136) (7,062) (1,371) Subtotal Pasivos neteados Activos diferidos netos Pasivos Fondo de comercio Activos intangibles Activos fijos Costes amortización deuda Existencias (35,163) (37,185) (27,569) 112,539 66,157 67,219 (150,644) (220,752) (99,819) (42,319) --(105,963) (201,921) (95,029) (70,503) --(131,039) (392,388) (158,060) (64,762) (1,175) Subtotal Pasivos Créditos p or p érdidas a comp ensar Existencias Provisiones Otros Subtotal Activos neteados Pasivos diferidos netos (513,534) 20,833 5,644 53,290 29,369 (473,416) 15,384 5,063 47,404 16,653 (747,424) 40,358 --61,252 45,168 109,135 84,504 146,778 (404,398) (388,912) (600,646) Movement in deferred tax assets and liabilities is as follows: Thousands of Euros Deferred tax assets and liabilities 31/12/2018 31/12/2017 31/12/2016 Balance at 1 January M ovements during the y ear M ovements in equity during the y ear Business combination (note 3) Translation differences Balance at 31 December (322,755) 21,189 --21,328 (11,621) (533,427) 149,444 --16,736 44,492 (564,771) 40,161 ---- (8,817) (291,859) (322,755) (533,427) The Spanish companies have opted to apply accelerated depreciation to certain additions to property, plant and equipment, which has resulted in the corresponding deferred tax liability. The remaining assets and liabilities recognized in 2018, 2017 and 2016 were recognized in the statement of profit and loss. 78

GRIFOLS, S.A. AND SUBSIDIARIES Notes to the Consolidated Annual Accounts (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) Estimated net deferred tax assets to be reversed in a period of less than 12 months amount to Euros 27,097 thousand at 31 December 2018 (Euros 51,930 thousand at 31 December 2017). The majority of the tax deductions pending application from Spanish companies related mainly to research and development, mature in 18 years. Tax credits derived from the US companies are available for 20 years from their date of origin whilst tax credits from Spanish companies registered in the Basque Country are available for 15 and other remaining Spanish companies have no maturity date. The Group has not recognized as deferred tax assets the tax effect of the unused tax loss carryforwards of Group companies, which amount to Euros 55,282 thousand (Euros 51,169 thousand at 31 December 2017). The commitments from Spanish companies from the reversal of deferred tax related to provisions of investments in subsidiaries are not significant. (c) Years open to inspection Under prevailing legislation, taxes cannot be considered to be definitively settled until the returns filed have been inspected by the taxation authorities, or the prescription period has elapsed. The main tax audits currently open in the Group are as follows: Grifols Shared Services North America, Inc. and subsidiaries: notification of an inspection of State Income Tax in North Carolina and New York states (fiscal years 2012 to 2015). During 2017, this inspection was closed and the Group without any significant adjustment. Grifols Shared Services North America, Inc. and subsidiaries: In 2018 has been notified of an inspection related to the State Income Tax of the fiscal year 2016. Group management does not expect any significant liability to derive from these inspections. (28) Operating Leases (a) Operating leases (as lessee) At 31 December 2018, 2017 and 2016 the Group leases buildings and warehouses from third parties under operating leases. Operating lease instalments of Euros 84,299 thousand were recognized as an expense in 2018 (Euros 80,136 thousand in 2017 and Euros 74,945 thousand in 2016) and fully comprise minimum lease payments. Future minimum payments on non-cancellable operating leases at 31 December 2018, 2017 and 2016 are as follows: Thousands of Euros 31/12/2018 31/12/2017 31/12/2016 Maturity at: Up to 1 year Between 1 and 5 years More than 5 years Total future minimum payments 63,959 200,156 136,464 46,541 156,897 58,905 56,869 181,076 112,986 400,579 262,343 350,931 79

GRIFOLS, S.A. AND SUBSIDIARIES Notes to the Consolidated Annual Accounts (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) (b) Operating leases (as lessor) At 31 December 2018, 2017 and 2016 the Group has no lease contracts as lessor. (29) Other Commitments with Third Parties and Other Contingent Liabilities (a) Guarantees The Group has no significant guarantees extended to third parties. (b) Guarantees committed with third parties The Group has no significant guarantees extended to third parties, except for those described in note 20. (c) Obligations with personnel The Group’s annual contribution to defined contribution pension plans of Spanish Group companies for 2018 has amounted to Euros 777 thousand (Euros 725 thousand for 2017). In successive years this contribution will be defined through labor negotiations. In the event that control is taken of the Company, the Group has agreements with 69 employees/directors whereby they can unilaterally rescind their employment contracts with the Company and are entitled to termination benefits ranging from 2 to 5 years’ salary. The Group has contracts with six executives entitling them to termination benefits ranging from one to four years of their salary in different circumstances. Restricted Share Unit Retention Plan For the annual bonus, the Group established a Restricted Share Unit Retention Plan (RSU Plan), for eligible employees. Under this plan, employees can choose to receive up to 50% of their yearly bonus in non-voting Class B ordinary shares (Grifols Class B Shares) or Grifols American Depositary Shares (Grifols ADS), and the Group will match this with an additional 50% of the employee’s choice of RSUs. Grifols Class B Shares and Grifols ADS are valued at grant date. These RSU’s will have a vesting period of 2 years and 1 day and, subsequently, the RSU's will be exchanged for Grifols Class B Shares or Grifols ADS (American Depositary Share representing 1 Class B Share). If an eligible employee leaves the Company or is terminated before the vesting period, he/she will not be entitled to the additional RSU’s. At 31 December 2018, the Group has settled the RSU plan of 2015 for an amount of Euros 7,914 thousand. This commitment is treated as equity instrument and the amount totals Euros 12,652 thousand at 31 December 2018 (Euros 13,871 thousand at 31 December 2017). Savings plan and profit-sharing plan The Group has a defined contribution plan (savings plan), which qualifies as a deferred salary arrangement under Section 401 (k) of the Internal Revenue Code (IRC). Once eligible, employees may elect to contribute a portion of their salaries to the savings plan, subject to certain limitations. The Group matches 100% of the first 3% of employee contributions and 50% of the next 2%. Group and employee contributions are fully vested when contributed. The total cost of matching contributions to the savings plan was US Dollars 20.7 million for 2018 (US Dollars 18.9 million in 2017). 80

GRIFOLS, S.A. AND SUBSIDIARIES Notes to the Consolidated Annual Accounts (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) Other plans The Group has a defined benefit pension plan for certain Talecris Biotherapeutics, GmbH employees in Germany as required by statutory law. The pension cost relating to this plan is not material for the periods presented. (d) Purchase commitments Details of the Group’s commitments at 31 December 2018 are as follows: Thousands of Euros 2019 2020 2021 2022 2023 More than 5 years 179,766 166,163 149,318 4,143 1,067 893 (e) Judicial procedures and arbitration Details of legal proceedings in which the Company or Group companies are involved are as follows: bioMérieux, S.A., et ano. v. Hologic, Inc. et al., Case No. 1:17-cv-102 (M.D.N.C); Case No. 18-21-LPS-CJB (D. Del.): On 3 February 2017, bioMérieux, S.A and bioMérieux, Inc. filed suit against Hologic, Inc. (“Hologic”), Grifols, S.A. (“GSA”), and GDS in the U.S. District Court for the Middle District of North Carolina, alleging infringement of U.S. Patent Nos. 8,697,352 and 9,074,262 by virtue of defendants’ activities with respect to the Procleix HIV-1/HCV Assay®, Procleix Ultrio Assay®, and Procleix Ultrio Plus® products. Hologic and GDS filed a motion to dismiss for failure to state a claim on 3 April 2017. As a result of a claim of improper venue, the case was transferred to the U.S. District Court for the District of Delaware in early 2018. Hologic and GDS pursued defenses of failure to state a claim, non-infringement, invalidity, and that the infringement claims are contractually barred under a Non-Assertion Agreement. On 31 May 2018, Hologic, GDS and GSA filed a motion to sever and stay their contractual defense under the Non-Assertion Agreement pending resolution of the liability issues. Hologic and GDS filed a Motion to Dismiss for failure to state a claim and GSA filed a Motion to Dismiss for lack of personal jurisdiction. The Court denied Hologic’s and GDS’ Motions to Dismiss on 25 September 2018, and denied GSA’s Motion to Dismiss on 26 September 2018. On September 28, 2018, bioMérieux filed an amended complaint. Requests for Institution of Inter Parties Review were filed by Hologic with the Patent and Trademark Appeals Board on 12 February 2018, and were also denied. Requests for rehearing of the Patent and Trademark Appeals Decisions were filed on 10 September 2018 and 24 September 2018. Discovery has been initiated and is scheduled to be completed by 15 February 2019. Based on the amounts as of today's date, the Group does not believe that the aforementioned litigation could result in a material impact on these financial statements. Enzo Life Sciences, Inc. v. Hologic, Inc. et al., Case No. 1:16-cv-00894-LPS (D. Del.): On 4 October 2016, Enzo Life Sciences, Inc. (“Enzo”) filed suit against Hologic in the U.S. District Court for the District of Delaware, alleging infringement of U.S. Patent No. 6,221,581 (the “‘581 Patent”) by virtue of Hologic’s activities with respect to Progensa®, Procleix®, and Aptima®products. On 9 November 2017, the Court granted Enzo’s motion to amend its complaint to add GSA and GDS as defendants with respect to the Procleix® products at issue. Hologic and GDS answered the complaint, alleging non-infringement and invalidity among their defenses. GSA filed a Motion to Dismiss for lack of personal jurisdiction, which was denied on 26 September 2018. A Request for Institution of Inter Parties Review was also filed by Hologic and denied by the Patent and Trademark Appeals Board on 18 April 2018. Trial was scheduled for September 2019. Fact discovery was nearly complete and depositions of key witnesses were scheduled. However, these activities were taken off calendar at the request of Enzo after issuance of the 15 October 2018 Court Order and 81

GRIFOLS, S.A. AND SUBSIDIARIES Notes to the Consolidated Annual Accounts (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) Opinion on Claim Construction narrowing the scope of the ‘581 Patent claims such that the products at issue would not infringe the ‘581 Patent. On 5 November 2018, the Court entered final judgement in favor of Hologic, GSA and GDS following the filing of a Joint Stipulation of Noninfringement. E nzo intends to appeal the Court’s claim construction ruling. Based on the amounts as of today's date, the Group does not believe that the aforementioned litigation could result in a material impact on these financial statements. Concerning the acquisition in 2014 of the transfusional Diagnostic unit and after an internal investigation by the Company, no abnormal commercial or contractual practices have been found. 82

GRIFOLS, S.A. AND SUBSIDIARIES Notes to the Consolidated Annual Accounts (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) (30) Financial Instruments Classification Disclosure of financial instruments by nature, category and fair value is as follows: Thousand of Euros 31/12/2017 Carrying amount Fair Value Financial ins trume nts Available for s ale financial Loans and De bts and Total Le ve l 1 Le ve l 2 Le ve l 3 Total re ce ivable s payable s he ld for trading as s e ts Non-current financial assets Financial derivatives Financial as s e ts me as ure d at fair value ---- --8,338 38,708 ---- --38,708 8,338 38,708 ---- ---- 8,338 38,708 8,338 --8,338 38,708 --47,046 Non-current financial assets Other current financial assets Trade and other receivables Cash and cash equivalents Financial as s e ts not me as ure d at fair value 22,843 10,738 304,864 886,521 ---- ---- ---- ---- ---- ---- 22,843 10,738 304,864 886,521 1,224,966 ---- --1,224,966 Senior Unsecured Notes Promissory Notes Senior secured debt Other bank loans Finance lease payables Other financial liabilities Trade and other payables Other current liabilities Financial liabilitie s not me as ure d at fair value ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- (858,911) (90,294) (4,853,939) (198,741) (9,360) (45,640) (423,096) (14,879) (858,911) (90,294) (4,853,939) (198,741) (9,360) (45,640) (423,096) (14,879) (1,018,130) ---- (1,018,130) --(5,063,769) --(5,063,769) ---- --(6,494,860) (6,494,860) 1,224,966 8,338 38,708 (6,494,860) (5,222,848) The Group does not provide details of the fair value of certain financial instruments as their carrying amount is very similar to their fair value because of its short term. 83

GRIFOLS, S.A. AND SUBSIDIARIES Notes to the Consolidated Annual Accounts (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) T housand of Euros 31/12/2018 Fair Value Carrying amount Financial assets at amortised costs Financial assets at FVTPL Financial liabilities at amortised costs Other financial liabilities Total Level 1 Level 2 Level 3 Total Non-current financial assets Current Financial derivatives Financial assets measured at fair value ---- 7 19,934 ---- ---- 7 19,934 7 ---- ---- 19,934 7 19,934 --19,941 ---- 19,941 Non-current financial assets Other current financial assets Trade and other receivables Cash and cash equivalents Financial assets not measured at fair value 107,594 34,031 361,585 1,033,792 ---- ---- ---- ---- ---- ---- 107,594 34,031 361,585 1,033,792 1,537,002 ---- --1,537,002 Senior Unsecured Notes Promissory Notes Senior secured debt Other bank loans Finance lease p ay ables Other financial liabilities Debts with associates Other non-current debts Trade and other p ay ables Other current liabilities ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- (1,005,333) (97,645) (4,901,240) (264,525) (12,885) (95,217) (7,079) ---- ---- ---- ---- ---- (1,301) (721,699) (169,189) (1,005,333) (97,645) (4,901,240) (264,525) (12,885) (95,217) (7,079) (1,301) (721,699) (169,189) (985,480) ---- (985,480) --(5,055,323) --(5,055,323) Financial liabilities not measured at fair valu ---- (6,383,924) (892,189) (7,276,113) 1,537,002 19,941 (6,383,924) (892,189) (5,719,170) The Group does not provide details of the fair value of certain financial instruments as their carrying amount is very similar to their fair value because of its short term. 84

GRIFOLS, S.A. AND SUBSIDIARIES Notes to the Consolidated Annual Accounts (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) Financial derivatives At 31 December 2018 and 2017 the Group has recognized the following derivatives: Thousands of Euros Notional amount at 31/12/2018 Notional amount at 31/12/2017 Value at 31/12/18 Value at 31/12/17 Financial derivatives Currency Maturity Call Option (Interstate Blood Bank, Inc., Bio-Blood Components, Inc and Plasma Biological Services, LLC) Call Option (ADMA Centers) US Dollar N/A N/A 8,733 8,338 30/04/2019 US Dollar N/A N/A 11,201 --01/01/2019 Total Assets 19,934 8,338 On 11 May 2016 the Group paid an aggregate amount equal to US Dollars 10,000 thousand (Euros 8,960 thousand at the exchange rate at the date of acquisition) in respect of the call option for the Interstate Blood Bank, Inc. shares, Bio-Blood Components, Inc. shares and Plasma Biological Services, LLC. shares that are not owned by the Group. The call option can be exercised by the Group by delivering written notice of its intention at any time on or after 1 February 2019 and on or before 30 April 2019 (see note 11). On 6 June 2017, Biotest Pharmaceuticals Corporation agreed to purchase from ADMA Biologics all of its rights, titles and interests in two donation centers located in Georgia, USA. On 1 August 2018, Grifols acquired Biotest and its net assets (including the purchase option). The execution of the purchase option was carried out on 1 January 2019. Financial derivatives are valued based on generally accepted valuation techniques (level 3 in the fair value hierarchy), using to the greatest extent data from the market and to a lesser extent specific data of the Group. Derivative financial instruments that do not meet the hedge accounting requirements are classified and measured as financial assets or financial liabilities at fair value through profit and loss. Credit risk (a) Exposure to credit risk The carrying amount of financial assets represents the maximum exposure to credit risk. At 31 December 2018 and 2017 the maximum level of exposure to credit risk is as follows: Thousands of Euros Carry ing amount Note 31/12/2018 31/12/2017 Non-current financial assets Other current financial assets Trade receivables Other receivables Cash and cash equivalents 11 11 13 13 69,889 10,738 286,198 18,666 107,601 53,965 269,167 45,327 14 1,033,792 886,521 1,509,852 1,272,012 The maximum level of exposure to risk associated with receivables at 31 December 2018 and 2017, by geographical area, is as follows. 85

GRIFOLS, S.A. AND SUBSIDIARIES Notes to the Consolidated Annual Accounts (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) Thousands of Euros Carrying amount 31/12/2018 31/12/2017 Spain EU countries United States of America Other European countries Other regions 46,025 48,354 79,829 14,289 125,997 63,505 53,403 65,068 5,761 117,127 314,494 304,864 (b) Impairment losses A breakdown of the trade receivables net of the bad debt provision by ageing as of 31 December 2017 is as follows: T housands of Euros Total net trade Provisionreceivable third Total gross carrying ECL Rate amount party Not matured Past due 0-30 day s Past due 31-60 day s Past due 61-90 day s Past due 91-180 day s Past due 181-365 day s M ore than one y ear Customers with objective evidence of imp airment 0.19% 0.19% 0.62% 2.03% 3.01% 8.52% 100.00% 224,476 41,145 12,904 715 4,293 7,468 7,260 (35) (7,476) (3) (8) (35) (2,110) (2,971) 224,441 33,669 12,901 707 4,258 5,358 4,289 7,643 (7,068) 575 305,904 (19,706) 286,198 A breakdown of the trade receivables net of the bad debt provision by seniority as of December 31, 2018 is as follows: Thousands of Euros Total net trade receivable third party Total gross carrying amount ECL Rate Provision Not matured Past due 0-30 day s Past due 31-60 day s Past due 61-90 day s Past due 91-180 day s Past due 181-365 day s M ore than one y ear Customers with objective evidence of imp airment 0.19% 0.19% 0.62% 2.03% 3.01% 8.52% 100.00% 180,448 52,310 11,125 10,729 12,158 4,158 7,549 11,221 (335) (92) (67) (208) (353) (1,222) (7,033) (11,221) 180,113 52,218 11,058 10,521 11,805 2,936 516 --289,698 (20,531) 269,167 Unimpaired receivables that are past due mainly relate to public entities. 86

GRIFOLS, S.A. AND SUBSIDIARIES Notes to the Consolidated Annual Accounts (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) Movement in the bad debt provision was as follows: Thousands of Euros 31/12/2018 31/12/2017 31/12/2016 Opening balance Net charges for the year Net cancellations for the year Translation differences Closing balance 19,706 6,443 (5,650) 32 17,987 8,003 (4,732) (1,552) 13,210 6,411 (2,217) 583 20,531 19,706 17,987 An analysis of the concentration of credit risk is provided in note 5 (a). Liquidity risk The management of the liquidity risk is explained in note 5. Details of the contractual maturity dates of financial liabilities including committed interest calculated using interest rate forward curves are as follows: Thous ands of Euros Carrying amount at Contractual 6 months 6 - 12 1-2 2-5 More than Carrying amount Note flows or le s s months ye ars ye ars 5 ye ars 31/12/17 Financial liabilitie s Bank loans Other financial liabilities Bonds and other marketable securities Finance lease payables Payable to suppliers Other current liabilities 20 20 20 5,052,680 45,640 949,205 6,138,673 45,642 1,331,203 105,584 19,393 107,203 106,492 2,610 16,000 322,421 10,758 32,000 3,115,887 10,497 128,000 2,488,289 2,384 1,048,000 20 21 22 9,360 423,096 14,878 10,136 423,096 14,878 2,192 423,020 14,462 2,113 76 416 2,602 ---- 2,790 ---- 439 ---- Total 6,494,859 7,963,628 671,854 127,707 367,781 3,257,174 3,539,112 Thousands of Euros Carrying amount at 31/12/18 Contractual flows 6 months or less 6 - 12 months 1-2 years More than 5 years Carry ing amount Note 2-5 years Financial liabilities Bank loans Other financial liabilities Bonds and other marketable securities Finance lease p ay ables Debts with associates Pay able to sup p liers Other current liabilities 20 20 5,165,765 95,217 6,522,083 95,218 195,568 14,167 202,437 2,095 522,040 21,324 3,086,734 55,863 2,515,304 1,769 20 20 31 21 22 1,102,978 12,885 7,079 561,883 16,029 1,305,645 13,423 7,079 561,884 16,028 113,645 1,946 --561,559 15,861 16,000 1,630 7,079 325 167 32,000 3,367 ---- --128,000 5,655 ---- --1,016,000 825 ---- --Total 6,961,836 8,521,360 902,746 229,733 578,731 3,276,252 3,533,898 87

GRIFOLS, S.A. AND SUBSIDIARIES Notes to the Consolidated Annual Accounts (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) Currency risk The Group’s exposure to currency risk is as follows: Thousands of Euros 31/12/2017 Euros (*) Dollars (**) Trade receivables Receivables from Group companies Loans to Group companies Cash and cash equivalents Trade payables Payables to Group companies Loans from Group companies Bank loans Balance sheet exposure 3,596 103,338 34,140 63,981 (14,213) (42,296) (22,913) (85,000) 22,936 7,619 91,566 2,172 (3,582) (11,241) (3,953) --40,633 105,517 (*) Balances in Euros in subsidiaries with US Dollars functional currency (**) Balances in US Dollars in subsidiaries with Euros functional currency Thousands of Euros 31/12/2018 Euros (*) Dollars (**) Trade receivables Receivables from Group companies Loans to Group companies Cash and cash equivalents Trade payables Payables to Group companies Loans from Group companies Bank loans Balance sheet exposure 2,691 54,903 40,387 120,281 (13,354) (60,363) (94,771) (74,375) 45,801 6,291 4,343 1,296 (6,113) (63,932) (4,336) --(24,601) (16,650) (*) Balances in Euros in subsidiaries with US Dollars functional currency (**) Balances in US Dollars in subsidiaries with Euros functional currency The most significant exchange rates applied at 2018 and 2017 year ends are as follows: Closing exchange rate Euros 31/12/2018 31/12/2017 US Dollars 1.1450 1.1993 A sensitivity analysis for foreign exchange fluctuations is as follows: 88

GRIFOLS, S.A. AND SUBSIDIARIES Notes to the Consolidated Annual Accounts (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) Had the US Dollar strengthened by 10% against the Euro at 31 December 2018, equity would have increased by Euros 506,131 thousand (Euros 416,116 thousand at 31 December 2017) and profit due to foreign exchange differences would have increased by Euros 4,125 thousand (Euros 14,615 thousand at 31 December 2017). This analysis assumes that all other variables are held constant, especially that interest rates remain constant. A 10% weakening of the US Dollar against the Euro at 31 December 2018 and 2017 would have had the opposite effect for the amounts shown above, all other variables being held constant. Interest rate risk (a) Interest-rate profile To date, the profile of interest on interest-bearing financial instruments is as follows: Thousands of Euros 31/12/2018 31/12/2017 Fixed-interest financial instruments Financial liabilities (1,244,375) (1,170,000) (1,244,375) (1,170,000) Variable-interest financial instruments Financial liabilities (5,233,638) (5,049,382) (5,233,638) (5,049,382) (6,478,013) (6,219,382) (b) Sensitivity analysis If the interest rate had been 100 basis points higher during 2018, the interest expense would have increased by Euros 53,082 thousand. If the interest rate had been 100 basis points higher during 2017, the interest expense would have increased by Euros 52,999 thousand. As the Group does not have any derivatives in place, the net effect on cash interest payments would have increased by the same amount. (31) Balances and Transactions with Related Parties Details of balances with related parties are as follows: Thousands of Euros 31/12/2018 31/12/2017 Receivables from associates (note 13) Trade p ay ables associates Loans to associates (note 11) Loans to other related p arties (note 11) Debts with associates Debts with key management p ersonnel Pay ables to members of the board of directors Pay ables to other related p arties 382 (15,796) 50,304 82,969 (7,079) (4,425) --(7,706) 3,219 (4,583) 26,654 ---- (6,164) (463) (9,187) 98,649 9,476 Payables are included in trade and other payables (see note 21). 89

GRIFOLS, S.A. AND SUBSIDIARIES Notes to the Consolidated Annual Accounts (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) (a) Group transactions with related parties Group transactions with related parties during 2016 were as follows: Thousands of Euros Key management p ersonnel Other related p arties Board of directors of the Comp any Associates Net sales Purchases Other service exp enses Op erating lease exp ense Remuneration R&D agreements Finance result 193 (35,569) (7,591) ---- (10,188) 1,946 ---- ---- (10,287) ---- ---- (5,325) (5,281) ---- ---- --(905) --(3,668) ---- (51,209) (10,287) (10,606) (4,573) Group transactions with related parties during 2017 were as follows: Thousands of Euros Key management Other related Board of directors Associates p ersonnel p art ies of t he Comp any Net sales Purchases Other service exp enses Op erating lease exp ense Remuneration R&D agreements Finance Result 3,009 (68,335) (11,798) ---- (164) 152 ---- ---- (13,672) ---- ---- (7,100) (5,426) ---- ---- --(939) --(5,755) ---- (77,136) (13,672) (12,526) (6,694) Group transactions with related parties during 2018 are as follows: Thousands of Euros Key management p ersonnel Other related p arties Board of directors of the Comp any Associates Net sales Purchases Other service exp enses Op erating lease exp ense Remuneration R&D agreements Sale of investments (note 3) Finance result 5,846 (97,941) (21,065) ---- (50) --3,372 ---- ---- (16,070) ---- ---- --(4,282) (5,469) ---- 469,881 ---- --(844) --(5,848) ---- --(109,838) (16,070) 460,130 (6,692) Every year the Group contributes 0.7% of its profits before tax to a non-profit organization. 90

GRIFOLS, S.A. AND SUBSIDIARIES Notes to the Consolidated Annual Accounts (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) “Other service expenses” include contributions to non-profit organizations totaling Euros 4,282 thousand in 2018 (Euros 7,100 thousand in 2017 and Euros 5,325 thousand in 2016). During 2011 one of the Company’s directors signed a three-year consulting services contract. The director received annual fees of US Dollars 1 million for these services and an additional bonus of US Dollars 2 million for complying with certain conditions. In the years 2014, 2015, 2017 and 2018 the contract has been renewed, the amount of the fees corresponds to US Dollars 1 million per year. The contract has an expiration date of 31 March 2019. On 28 December 2018, the Group sold Biotest and Haema to Scranton Enterprises B.V (shareholder of Grifols) for US Dollars 538,014 thousand (see note 3). For the payment of the mentioned amount of the sale, Scranton signed a loan contract dated 28 December 2018 for an amount of US Dollars 95,000 thousand (Euros 82,969 thousand) with Grifols Worldwide Operations Limited. The compensation is 2%+EURIBOR and due on 28 December 2025. Directors representing shareholders´ interests have received remuneration of Euros 1,640 thousand in 2018 (Euros 1,881 thousand in 2017). The Group has not extended any advances or loans to the members of the board of directors or key management personnel nor has it assumed any guarantee commitments on their behalf. It has also not assumed any pension or life insurance obligations on behalf of former or current members of the board of directors or key management personnel. In addition, certain Company directors and key management personnel have termination benefit commitments (see note 29 (c)). (b) Conflicts of interest concerning the directors The Company’s directors and their related parties have not entered into any conflict of interest that should have been reported in accordance with article 229 of the revised Spanish Companies Act. (32) Environmental Issues The most significant systems, equipment and fixtures for the protection and improvement of the environment at 31 December 2017 are as follows: Thousands of Euros Accumulated depreciation Project Cost Net value Waste water treatment Waste management Reduction of electricity consumption Reduction of water consumption Energy Other 7,990 5,060 13,606 12,948 6,051 1,164 (1,976) (1,573) (3,169) (2,936) (317) (135) 6,014 3,487 10,437 10,012 5,734 1,029 46,819 (10,106) 36,713 The most significant systems, equipment and fixtures for the protection and improvement of the environment at 31 December 2018 are as follows: 91

GRIFOLS, S.A. AND SUBSIDIARIES Notes to the Consolidated Annual Accounts (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) Thousands of Euros Accumulated dep reciation Project Cost Net value Waste water treatment Waste management Reduction of electricity consump tion Reduction of water consump tion Energy Other 13,467 6,399 13,210 18,815 13,819 2,320 (2,599) (1,920) (4,002) (3,404) (564) (262) 10,868 4,479 9,208 15,411 13,255 2,058 68,030 (12,751) 55,279 Expenses incurred by the Group for protection and improvement of the environment during 2018 totalled approximately Euros 15,474 thousand (Euros 13,554 thousand during 2017 and Euros 12,718 thousand during 2016). The Group considers that the environmental risks are adequately controlled by the procedures currently in place. The Group has not received environmental grants during 2018, 2017 and 2016. (33) Other Information Audit fees: KPMG Auditores, S.L. has invoiced the following fees for professional services during 2018 and 2017: Thousands of Euros 31/12/2018 31/12/2017 Audit services Audit-related services 1,534 601 1,844 712 2,135 2,556 Amounts included in table above, includes the total amount of fees related to services incurred during 2018 and 2017 without considering the invoice date. Audit-related services in 2018 include limited reviews of the semi-annual financial statements, the audit of the consolidated financial statements under PCAOB, the audit of GDS and reports of agreed-upon procedures. Audit-related services in 2018 include limited reviews of the semi-annual financial statements, the audit of the consolidated financial statements under PCAOB, comfort letters in relation to debt issues and reports of agreed-upon procedures. 92

GRIFOLS, S.A. AND SUBSIDIARIES Notes to the Consolidated Annual Accounts (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) Other entities affiliated to KPMG International professional services during 2018 and 2017: have invoiced the Group for the following fees for Thousands of Euros 31/12/2018 31/12/2017 Audit services Audit-related Tax advisory fees Other services 2,559 679 232 228 2,783 270 51 7 3,698 3,111 Other audit firms have invoiced the Group for the following fees for professional services during 2018 and 2017: Thousands of Euros 31/12/2018 31/12/2017 Audit services 83 52 83 52 93

APPENDIX I GRIFOLS, S.A. AND SUBSIDIARIES Information on Group Companies, Associates and others for the years ended 31 December 2018, 2017 and 2016 (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) 31/12/2018 % shares 31/12/2017 % shares 31/12/2016 % shares Acquisition / Incorporation date Registered Offices Name Activity Statutory Activity Direct Indirect DirectIndirect DirectIndirect Fully Consolidated Companies Polígono Levante Calle Can Guasch, s/n 08150 Parets del Vallès (Barcelona) Spain Diagnostic Grifols, S.A. 1987 Industrial Development and manufacture of diagnostic equipment, instruments and reagents. ---100.000% ---100.000% ---100.000% Polígono Levante Calle Can Guasch, s/n 08150 Parets del Vallès (Barcelona) Spain Instituto Grifols, S.A. 1987 Industrial Plasma fractioning and the manufacture of haemoderivative pharmaceutical products. 99.998% 0.002% 99.998% 0.002% 99.998% 0.002% Polígono Levante Calle Can Guasch, s/n 08150 Parets del Vallès (Barcelona) Spain Grifols Worldwide Operations Spain, S.A (formerly Logister, S.A.) Merged with Grifols International in 2018 Manufacture, sale and purchase, commercialisation and distribution of all types of computer products and materials. 1987 Services ---------100.000% ---100.000% Polígono Levante Calle Can Guasch, s/n 08150 Parets del Vallès (Barcelona) Spain Production of glass-and plastic-packaged parenteral solutions, parenteral and enteral nutrition products and blood extraction equipment and bags. Laboratorios Grifols, S.A. 1989 Industrial 99.999% 0.001% 99.999% 0.001% 99.999% 0.001% Polígono Levante Calle Can Guasch, s/n 08150 Parets del Vallès (Barcelona) Spain Analysis and certification of the quality of plasma used by Instituto Grifols, S.A. It also provides transfusion centres with plasma virus inactivation services (I.P.T.H). Biomat, S.A. 1991 Industrial 99.900% 0.100% 99.900% 0.100% 99.900% 0.100% Polígono Levante Calle Can Guasch, s/n 08150 Parets del Vallès (Barcelona) Spain Design and development of the Group’s manufacturing installations and part of the equipment and machinery used at these premises. The company also renders engineering services to external companies. Grifols Engineering, S.A. 2000 Industrial 99.950% 0.050% 99.950% 0.050% 99.950% 0.050% 2410 Lillyvale Avenue Los Angeles (California) United States Biomat USA, Inc. 2002 Industrial ---100.000% ---100.000% ---100.000% Procuring human plasma. 5555 Valley Boulevard Los Angeles (California) United States Grifols Biologicals LLC. 2003 Industrial Plasma fractioning and the production of haemoderivatives. ---100.000% ---100.000% ---100.000% Unit 5/80 Fairbank Clayton South Victoria 3149 Australia Distribution of pharmaceutical products and the development and manufacture of reagents for diagnostics. Grifols Australia Pty Ltd. 2009 Industrial 100.000% ---100.000% ---100.000% ---Bonnstrasse,9 3186 Dügingen Switzerland Medion Grifols Diagnostic AG 2009 Industrial Development and manufacturing activities in the area of biotechnology and diagnostics. ---100.000% ---100.000% ---100.000% 4101 Research Commons (Principal Address), 79 T.W. Alexander Drive, Research Triangle Park, North Carolina 277709, United States Grifols Therapeutics LLC. 2011 Industrial Plasma fractioning and the production of haemoderivatives. ---100.000% ---100.000% ---100.000% 4101 Research Commons (Principal Address), 79 T.W. Alexander Drive, Research Triangle Park, North Carolina 277709, United States Talecris Plasma Resources, Inc. 2011 Industrial Procuring human plasma. ---100.000% ---100.000% ---100.000% Grange Castle Business Park, Grange Castle , Clondalkin, Dublin 22, Ireland Grifols Worldwide Operations Limited Packaging, labelling, storage, distribution, manufacture and development of pharmaceutical products and rendering of financial services to Group companies. 2012 Industrial 100.000% ---100.000% ---100.000% ---Parque Tecnológico de Vizcaya, Edificio 504 48160 Derio (Vizcaya) Spain Progenika Biopharma, S.A. 2013 Industrial Development, production and commercialisation of biotechnological solutions. 99.998% ------90.230% ---89.250% Periferico Sur Nº 4118 Int 8 Col. Jardines del Pedregal CP 01900 Alvaro Obregon DF Mexico Progenika Latina, S.A. de CV 2013 Industrial Development, production and commercialisation of biotechnological solutions. ---------------89.250% This appendix forms an integral part of note 2 to the consolidated annual accounts.

APPENDIX I GRIFOLS, S.A. AND SUBSIDIARIES Information on Group Companies, Associates and others for the years ended 31 December 2018, 2017 and 2016 (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) Acquisition / Incorporation date 31/12/2018 31/12/2017 31/12/2016 Registered Offices % shares % shares % shares Name Activity Statutory Activity Direct Indirect DirectIndirect DirectIndirect Fully Consolidated Companies Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, DE 19808 United States Progenika Inc. (Merged with Grifols Diagnostic Solutions Inc. in 2017) Development, production and commercialisation of genetic tools, diagnostic equipment and therapeutic systems and products for personalised medicine and the highest quality healthcare in general. 2013 Industrial ---------------89.250% Parque Tecnológico de Vizcaya, Edificio 504 48160 Derio (Vizcaya) Spain Research, development and transfer of biotechnological products and processes, as well as the commercialiation of products and services related to the biosciences. Abyntek Biopharma, S.L. 2013 Industrial ---------------80.370% Parque Tecnológico de Vizcaya, Edificio 504 48160 Derio (Vizcaya) Spain Coordination, representation, management and promotion of the common interests of associated companies, in addition to contributing to the development, growth and internationalisation of its associates and of the biosciences sector in the Basque Country. Asociación I+D Progenika 2013 Industrial ---99.998% ---90.230% ---89.250% 4560 Horton Street 94608 Emeryville, California United States Grifols Diagnostics Solutions Inc G-C Diagnostics Corp.) (formerly 2013 Industrial 100.000% ---100.000% ---100.000% ---Manufacture and sale of blood testing products 13111 Temple Avenue, City of Industry, California 91746-1510 Estados Unidos Grifols Worldwide Operations USA Inc. 2014 Industrial The manufacture, warehousing, and logistical support for biological products. ---100.000% ---100.000% ---100.000% 501 Orchard Road nº20-01 238880 Wheelock Place, Singapore Grifols Asia Pacific Pte, Ltd 2003 Commercial Distribution and sale of medical and pharmaceutical products. 100.000% ---100.000% ---100.000% ---Polígono Levante Calle Can Guasch, s/n 08150 Parets del Vallès (Barcelona) Spain Distribution and sale of reagents, chemical products and other pharmaceutical specialities, and of medical and surgical materials, equipment and instruments for use by laboratories and health centres. Grifols Movaco, S.A. 1987 Commercial 99.999% 0.001% 99.999% 0.001% 99.999% 0.001% Rua de Sao Sebastiao,2 Zona Industrial Cabra Figa 2635-448 Rio de Mouro Portugal Import, export and commercialisation of pharmaceutical and hospital equipment and products, particularly Grifols products. Grifols Portugal Productos Farmacéuticos e Hospitalares, Lda. 1988 Commercial 0.010% 99.990% 0.010% 99.990% 0.010% 99.990% Avda. Americo Vespucio, 2242 Comuna de Conchali Santiago de Chile Chile Development of pharmaceutical businesses, which can involve the import, production, commercialisation and export of related products. Grifols Chile, S.A. 1990 Commercial 99.000% ---99.000% ---99.000% ---2410 Lillyvale Avenue Los Angeles (California) Estados Unidos Grifols USA, LLC. 1990 Commercial Distribution and marketing of company products. ---100.000% ---100.000% ---100.000% Bartolomé Mitre 3690/3790, CPB1605BUT Munro Partido de Vicente Lopez Argentina Clinical and biological research. Preparation of reagents and therapeutic and diet products. Manufacture and commercialisation of other pharmaceutical specialities. Grifols Argentina, S.A. 1991 Commercial 95.010% 4.990% 95.010% 4.990% 95.010% 4.990% Calle Zitna,2 Prague Czech Republic Grifols s.r.o. 1992 Commercial 100.000% ---100.000% ---100.000% ---Purchase, sale and distribution of chemical-pharmaceutical products, including human plasma. 191 Silom Complex Building, 21st Follor, Silom Road, Silom, Bangrak 10500 Bangkok Thailand Grifols (Thailand) Ltd 2003 Commercial Import, export and distribution of pharmaceutical products. ---48.000% ---48.000% ---48.000% Level 18, The Gardens North Tower, Mid Valley City, Lingkaran Syed Putra 59200 Kuala Lumpur Malaysia Grifols Malaysia Sdn Bhd 2003 Commercial Distribution and sale of pharmaceutical products. ---30.000% ---30.000% ---30.000% Polígono Levante Calle Can Guasch, s/n 08150 Parets del Vallès (Barcelona) Spain Coordination of the marketing, sales and logistics for all the Group’s subsidiaries operating in other countries. Grifols International, S.A. 1997 Commercial 99.998% 0.002% 99.998% 0.002% 99.998% 0.002% Via Carducci, 62d 56010 Ghezzano Pisa, Italy Grifols Italia S.p.A 1997 Commercial 100.000% ---100.000% ---100.000% ---Purchase, sale and distribution of chemical-pharmaceutical products. Gregory Rowcliffe & Milners, 1 Bedford Row, London WC1R 4BZ United Kingdom Grifols UK Ltd. 1997 Commercial Distribution and sale of therapeutic and other pharmaceutical products, especially haemoderivatives. 100.000% ---100.000% ---100.000% ---This appendix forms an integral part of note 2 to the consolidated annual accounts.

APPENDIX I GRIFOLS, S.A. AND SUBSIDIARIES Information on Group Companies, Associates and others for the years ended 31 December 2018, 2017 and 2016 (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) 31/12/2018 % shares 31/12/2017 % shares 31/12/2016 % shares Acquisition / Incorporation date Registered Offices Name Activity Statutory Activity Direct Indirect Direct Indirect Direct Indirect Fully Consolidated Companies Rua Umuarama, 263 Condominio Portal da Serra Vila Perneta CEP 83.325-000 Pinhais Paraná, Brazil Import and export, preparation, distribution and sale of pharmaceutical and chemical products for laboratory and hospital use, and medical-surgical equipment and instruments. Grifols Brasil, Lda. 1998 Commercial 100.000% ---100.000% ---100.000% ---Arteparc, Rue de la Belle du Canet, Bât. D, Route de la Côte d'Azur, 13590 Meyreuil France Grifols France, S.A.R.L. 1999 Commercial Commercialisation of chemical and healthcare products. 99.990% 0.010% 99.990% 0.010% 99.990% 0.010% Grzybowska 87 street00-844 Warsaw, Poland Grifols Polska Sp.z.o.o. 2003 Commercial Distribution and sale of pharmaceutical, cosmetic and other products. 100.000% ---100.000% ---100.000% ---Calle Eugenio Cuzin, nº 909-913 Parque Industrial Belenes Norte 45150 Zapopán Jalisco, Mexico Logística Grifols, S.A. de C.V. 2008 Commercial Manufacture and commercialisation of pharmaceutical products for human and veterinary use. 99.990% 0.010% 99.990% 0.010% 99.990% 0.010% Calle Eugenio Cuzin, nº 909-913 Parque Industrial Belenes Norte 45150 Zapopán Jalisco, Mexico Production, manufacture, adaptation, conditioning, sale and purchase, commissioning, representation and consignment of all kinds of pharmaceutical products and the acquisition of machinery, equipment, raw materials, tools, movable goods and property for the aforementioned purposes. Grifols México, S.A. de C.V. 1993 Commercial 99.980% 0.020% 99.980% 0.020% 99.980% 0.020% Lochamer Schlag, 12D 82166 Gräfelfing Germany Medion Diagnostics GmbH 2009 Commercial Distribution and sale of biotechnological and diagnostic products. ---100.000% ---100.000% ---100.000% Sveavägen 166 11346 Stockholm Sweden Research and development, production and marketing of pharmaceutical products, medical devices and any other asset deriving from the aforementioned activities. Grifols Nordic, AB 2010 Commercial 100.000% ---100.000% ---100.000% ---Carrera 7 No. 71 52 Torre B piso 9 Bogotá. D.C. Colombia Sale, commercialisation and distribution of medicines, pharmaceutical (including but not limited to haemoderivatives) and hospital products, medical devices, biomedical equipment, laboratory instruments and reagents for diagnosis and/or healthcare software. Grifols Colombia, Ltda 2010 Commercial 99.990% 0.010% 99.990% 0.010% 99.990% 0.010% Procurement of the official permits and necessary approval for the production, commercialisation and distribution of products deriving from blood plasma, as well as the import, export, distribution and sale of reagents and chemical and pharmaceutical products, especially for laboratories and health centres and surgical and medical equipment and instruments. Lyoner Strasse 15, D-60528 Frankfurt am Main Germany Grifols Deutschland GmbH 2011 Commercial 100.000% ---100.000% ---100.000% ---5060 Spectrum Way, Suite 405 (Principal Address) Mississauga, Ontario L4W 5N5 Canada Grifols Canada, Ltd. 2011 Commercial Distribution and sale of biotechnological products. ---100.000% ---100.000% ---100.000% Unit 901-902, Tower 2, No. 1539, West Nanjing Rd., Jing’an District, Shanghai 200040 China Grifols Pharmaceutical Technology (Shanghai) Co., Ltd. (formerly Grifols Pharmaceutical Consulting (Shanghai) Co., Ltd.) Pharmaceutical consultancy services (except for diagnosis), technical and logistical consultancy services, business management and marketing consultancy services. 2013 Commercial 100.000% ---100.000% ---100.000% ---Steinengraben, 5 40003 Basel Switzerland Research, development, import and export and commercialisation of pharmaceutical products, devices and diagnostic instruments. Grifols Switzerland AG 2013 Commercial 100.000% ---100.000% ---100.000% ---Units 1505-7 Bershire House, 25 Westlands Road Hong Kong Grifols (H.K.), Limited 2014 Commercial Distribution and sale of diagnostic products. ---100.000% ---100.000% ---100.000% Hilton Plaza West Office Tower, 19th floor. 2-2, Umeda 2-chome, Kita-ku Osaka-shi Japan Research, development, import and export and commercialisation of pharmaceutical products, devices and diagnostic instruments. Grifols Japan K.K. 2014 Commercial 100.000% ---100.000% ---100.000% ---Regus Business Centre Pvt.Ltd.,Level15,Dev Corpora, Plot No.463,Nr. Khajana East.Exp.Highway,Thane (W), Mumbai - 400604, Maharashtra India Grifols India Healthcare Private Ltd 2014 Commercial Distribution and sale of pharmaceutical products. 99.990% 0.010% 99.990% 0.010% 99.990% 0.010% This appendix forms an integral part of note 2 to the consolidated annual accounts.

APPENDIX I GRIFOLS, S.A. AND SUBSIDIARIES Information on Group Companies, Associates and others for the years ended 31 December 2018, 2017 and 2016 (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) 31/12/2018 % shares 31/12/2017 % shares 31/12/2016 % shares Acquisition / Incorporation date Registered Offices Name Activity Statutory Activity Direct Indirect Direct Indirect Direct Indirect Fully Consolidated Companies 8F., No.367, Fuxing N. RD., Songshang Dist., Taipei City 10543, Taiwan 2016 Commercial Distribution and sale of diagnostic products. 100.000% ---100.000% ---100.000% ---Grifols Diagnostics Equipment Taiwan Limited Can Guasch, 2 08150 Parets del Vallès Barcelona, Spain Grifols Viajes, S.A. 1995 Services Travel agency exclusively serving Group companies. 99.900% 0.100% 99.900% 0.100% 99.900% 0.100% The Metropolitan Building, 3rd Fl. James Joyce Street, Dublin Ireland Squadron Reinsurance Designated Activity Company (formerly Squadron Reinsurance Ltd.) 2003 Services Reinsurance of Group companies’ insurance policies. ---100.000% ---100.000% ---100.000% 2410 Lillivale Avenue 90032 Los Angeles, California United States Grifols Shared Services North America, Inc. (formerly Grifols Inc.) Support services for the collection, manufacture, sale and distribution of plasma derivatives and related products. 2011 Services 100.000% ---100.000% ---100.000% ---Avenida Diagonal 477 Barcelona, Spain Gripdan Invest, S.L 2015 Services Manufacturing buildings for rent 100.000% ---100.000% ---100.000% ---Avenida de la Generalitat 152 Sant Cugat del Valles (Barcelona) Spain Research and development in the field of regenerative medicine, awarding of research grants, subscription to collaboration agreements with entities and participation in projects in the area of regenerative medicine. Gri-Cel, S.A. 2009 Research 0.001% 99.999% 0.001% 99.999% 0.001% 99.999% Paseo de Sagasta, 17 2º izqda. Zaragoza, Spain Creation and commercialisation of a blood diagnosis kit for the detection of Alzheimer's and development of effective immunotherapy (vaccine) against this disease. Araclon Biotech, S.L. 2012 Research ---73.220% ---73.220% ---73.220% Avenida de la Generalitat 152 Sant Cugat del Valles (Barcelona) Spain Research and development of therapeutic approaches for tumours for which there is currently no effective treatment. VCN Bioscience, S.L. 2012 Research ---81.340% ---81.340% ---81.340% Grange Castle Business Park, Grange Castle , Clondalkin, Dublin 22, Ireland Grifols Innovation and New Technologies Limited 2016 Research Research and experimental development on biotechnology ---100.000% ---100.000% ---100.000% 2711 Centerville Road Suite 400, Wilmington, Delaware, New Castle County United States Engage in any lawful act or activity for which corporations may be organized under the DGCL (Delaware Code) 2016 Services ---100.000% ---100.000% ---100.000% PBS Acquisition Corp. Polígono Bainuetxe, 5, 2º planta, Aretxabaleta, Guipúzcoa Spain Kiro Grifols S.L (formerly Kiro Robotics S.L) Development of machines and equipment to automate and control key points of hospital processes, and hospital pharmacy processes. 2014 Research 90.000% ---90.000% ---------2711 Centerville Road Suite 400, Wilmington, Delaware, County of New Castle, United States Engage in any lawful act or activity for which a corporation may be organized under the General Corporation Law of the State of Delaware, as amended from time to time (the "DGCL"). Chiquito Acquisition Corp. 2017 Corporate ---100.000% ---100.000% ------Collection and use of mineral-medicinal waters and achievement of all necessary administrative concessions in order to facilitate their industrial extraction and find the best way to take advantage of them. Carrer Sant Sebastià, 2, 17493 Vilajuïga, Girona Aigües Minerals de Vilajuiga, S.A. 2017 Industrial 100.000% ---------------7600 Grandview Avenue, Suite 21 0, Arvada, CO 80002 Goetech LLC (D/B/A Medkeeper) 2018 Industrial Development and distribution of web and mobile-based platforms for hospital pharmacies ---54.760% ------------LandsteinerstraBe 1, 04103 Leipzig - Germany 2018 Industrial ---------------Procuring human plasma. Haema, AG 901 Yamato Rd., Suite 101, Boca Raton FL 33431 - USA 2018 Industrial Obtención de plasma humano. ------------------Biotest Pharmaceutical Corporation 901 Yamato Rd., Suite 101, Boca Raton FL 33431 - USA 2018 Corporativo Corporate services to Biotest Pharmaceutical Corporation ------------------Biotest US Corporation This appendix forms an integral part of note 2 to the consolidated annual accounts.

APPENDIX I GRIFOLS, S.A. AND SUBSIDIARIES Information on Group Companies, Associates and others for the years ended 31 December 2018, 2017 and 2016 (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) 31/12/2018 31/12/2017 31/12/2016 % shares % shares % shares Acquisition / Incorporation date Name Registered Offices Activity Statutory Activity Direct Indirect Direct Indirect Direct Indirect Equity Method consolidated companies and others 3929 Point Eden Way Hayward, California United States Development and commercialisation of drugs delivered by inhalation for the prevention and treatment of severe respiratory diseases. Aradigm Corporation 2013 Research ---35.130% ---35.130% ---35.130% Romeinse straat 12 bus 2, 3001 Leuven, Belgium 2013 Research ---------14.180% ---16.130% TiGenix N.V. Research and development of therapies based on stem cells taken from adipose tissue. Avenida Fernandos Casas Novoa, 37 Santiago de Compostela Spain 2013 Research ---24.990% ---8.420% ---8.420% Mecwins, S.L. Research and production of nanotechnological, biotechnological and chemical solutions. Polígono Bainuetxe, 5, 2º planta, Aretxabaleta, Guipúzcoa Spain Kiro Grifols S.L (formerly Kiro Robotics S.L) Development of machines and equipment to automate and control key points of hospital processes, and hospital pharmacy processes. 2014 Research ------------50.000% ---3500 South DuPont Hwy, Dover, County of Kent United States Development novel plasma-based products for the treatment of cognitive decline in aging and disorders of the central nervous system (CNS). Alkahest, Inc. 2015 Research ---47.580% ---47.580% ---47.580% Hospital Germans Trias i Pujol, carretera de Canyet, s/n, Badalona Spain 2016 Research ---30.000% ---30.000% ---30.000% Albajuna Therapeutics, S.L Development and manufacture of therapeutic antibodies against HIV. 5700 Pleasantville Road Memphis, Tennessee United States Interstate Blood Bank, Inc. 2016 Industrial Procuring human plasma. ---49.190% ---49.190% ---49.190% 5700 Pleasantville Road Memphis, Tennessee United States Bio Blood Components Inc. 2016 Industrial Procuring human plasma. ---48.972% ---48.972% ---48.972% 5700 Pleasantville Road Memphis, Tennessee United States Plasma Biological Services, LLC 2016 Industrial Procuring human plasma. ---48.900% ---48.900% ---48.900% 4041 Forest Park Avenue St. Louis, Missouri United States Development of the Single Molecule Counting (SMC™) technology for clinical diagnostic and scientific discovery. 2016 Research ---19.330% ---19.330% ---20.000% Singulex, Inc. This appendix forms an integral part of note 2 to the consolidated annual accounts.

APPENDIX I GRIFOLS, S.A. AND SUBSIDIARIES Information on Group Companies, Associates and others for the years ended 31 December 2018, 2017 and 2016 (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) 31/12/2018 31/12/2017 31/12/2016 % shares % shares % shares Acquisition / Incorporation date Name Registered Offices Activity Statutory Activity Direct Indirect Direct Indirect Direct Indirect Equity Method consolidated companies and others Collection and use of mineral-medicinal waters and achievement of all necessary administrative concessions in order to facilitate their industrial extraction and find the best way to take advantage of them. Carrer Sant Sebastià, 2, 17493 Vilajuïga, Girona Aigües Minerals de Vilajuiga, S.A. 2017 Industrial ------50.000% ---------Manufacture of biological products, including specific sera and plasma-derived reagents, which are used by biotechnology and biopharmaceutical companies for in-vitro diagnostics, cell culture, and research and development in the diagnostic field. 995 Park Center Dr, Vista, CA 92081, USA Access Biologicals, LLC. 2017 Industrial ---49.000% ---49.000% ------Manufacture of biological products, including specific sera and plasma-derived reagents, which are used by biotechnology and biopharmaceutical companies for in-vitro diagnostics, cell culture, and research and development in the diagnostic field. 995 Park Center Dr, Vista, CA 92081, USA Access Biologicals IC-DISC, Inc. 2017 Industrial ---49.000% ---49.000% ------Manufacture of biological products, including specific sera and plasma-derived reagents, which are used by biotechnology and biopharmaceutical companies for in-vitro diagnostics, cell culture, and research and development in the diagnostic field. 995 Park Center Dr, Vista, CA 92081, USA Access Cell Culture, LLC. 2017 Industrial ---49.000% ---49.000% ------Manufacture of biological products, including specific sera and plasma-derived reagents, which are used by biotechnology and biopharmaceutical companies for in-vitro diagnostics, cell culture, and research and development in the diagnostic field. 995 Park Center Dr, Vista, CA 92081, USA 2017 Industrial ---49.000% ---49.000% ------Access Manufacturing, LLC. Manufacture of biological products, including specific sera and plasma-derived reagents, which are used by biotechnology and biopharmaceutical companies for in-vitro diagnostics, cell culture, and research and development in the diagnostic field. 995 Park Center Dr, Vista, CA 92081, USA 2017 Industrial ---49.000% ---49.000% ------Access Plasma, LLC. 407 Cabot Road South San Francisco, CA 94080, USA Engage in any lawful act or activity for which corporations may be organized under General Corporation Law. GigaGen Inc. 2017 Industrial ---43.960% ---43.960% ------Colmarer Strasse 22, 60528 Frankfurt am Main - Germany 2018 Industrial Procuring human plasma. ---50.000% ------------Plasmavita Healthcare GmbH This appendix forms an integral part of note 2 to the consolidated annual accounts.

APPENDIX II GRIFOLS, S.A. AND SUBSIDIARIES Operating Segments for the years ended 31 December 2018, 2017 and 2016 (Expressed in thousands of Euros) (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) Bioscience 2017 Hospital 2017 Diagnostic 2017 Bio Supplies 2017 Others 2017 Intersegments 2017 Consolidated 2017 2018 2016 2018 2016 2018 2016 2018 2016 2018 2016 2018 2016 2018 2016 Revenues from external customers 3,516,704 3,429,785 3,195,424 119,454 105,649 102,251 702,265 732,369 691,701 167,004 66,791 57,239 22,451 18,263 34,601 (41,154) (34,784) (31,386) 4,486,724 4,318,073 4,049,830 Total operating income 3,516,704 3,429,785 3,195,424 119,454 105,649 102,251 702,265 732,369 691,701 167,004 66,791 57,239 22,451 18,263 34,601 (41,154) (34,784) (31,386) 4,486,724 4,318,073 4,049,830 Profit/(Loss) for the segment 902,402 985,495 913,840 (12,587) (9,766) (8,765) 215,990 248,080 97,320 36,824 35,598 33,794 19,788 (9,632) 44,324 (5,764) (12,305) (1,316) 1,156,653 1,237,470 1,079,197 Unallocated expenses Operating profit Finance result (162,529) 994,124 (234,127) 1,003,343 (139,789) 939,408 (257,244) (287,734) (233,589) Share of profit/(loss) of equity accounted investee Income tax expense Profit for the year after tax 2,839 (10,434) (9,396) --2,112 (5,611) (10,975) (9,335) --3,039 1,830 --(5,941) (4,060) 21,940 ---- --(11,038) (19,887) 6,933 (131,436) (34,408) (168,209) 594,406 661,314 544,543 Segment assets Equity accounted investments Unallocated assets Total assets 6,928,220 99,547 --6,007,153 83,905 --6,524,922 104,996 --250,543 ---- 145,477 ---- 86,590 13,888 --3,526,136 19,256 --3,356,185 29,322 --1,909,447 43,330 --117,673 47,742 --7,409 44,220 --8,378 ---- 54,363 60,360 --60,449 61,562 --40,160 39,131 --(29,281) ---- (22,196) ---- (11,964) ---- 10,847,654 226,905 1,402,487 9,554,477 219,009 1,146,778 8,557,533 201,345 1,370,894 12,477,046 10,920,264 10,129,772 Segment liabilities Unallocated liabilities Total liabilities 764,377 --423,415 --411,604 --32,767 --13,560 --8,415 --230,517 --192,720 --186,389 --6,427 ---- ---- --34,698 --26,903 --1,843 ---- ---- ---- --1,068,786 6,711,656 656,598 6,629,701 608,251 5,793,543 7,780,442 7,286,299 6,401,794 Other information: Amortisation and depreciation allocated 156,893 157,478 152,821 10,819 6,436 5,915 44,030 40,815 32,180 5,656 ---- 1,941 2,237 3,445 ---- --219,339 206,966 194,361 Amortisation and depreciation unallocated ---- ---- ---- ---- ---- ---- ---- ---- ---- 9,270 8,524 7,508 Expenses that do not require cash payments allocated Expenses that do not require cash payments unallocated 172,648 7,049 16,219 297 (514) 306 (27,651) (4,423) (2,001) 28 ---- ---- (32,534) ---- --145,322 2,112 (18,010) ---- ---- ---- ---- ---- ---- ---- ---- ---- 1,339 (58,752) 4,608 Additions for the year of property, plant & equipment and intangible assets allocated Additions for the year of property, plant & equipment and intangible assets unallocated 220,531 227,635 197,741 15,354 10,429 9,193 58,064 70,032 89,760 2,050 198 84 883 20,911 13,313 ---- --296,882 329,205 310,091 ---- ---- ---- ---- ---- ---- ---- ---- ---- 19,795 11,268 12,011 * As a result of the creation of Bio Supplies segment and intersegments, the Group has reviewed the allocation of balances and transactions by segments. The comparative figure for year 2016 have been restated accordingly. This appendix forms an integral part of note 6 to the consolidated annual accounts. 1 of 2

APPENDIX II GRIFOLS, S.A. AND SUBSIDIARIES Reporting by geographical area for the years ended 31 December 2018, 2017 and 2016 (Expressed in thousands of Euros) (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) Spain 2017 Rest of European Union 2017 USA + Canada 2017 Rest of World 2017 Consolidated 2017 2018 2016 2018 2016 2018 2016 2018 2016 2018 2016 Net Revenue 264,913 242,894 225,273 535,361 444,089 426,223 2,974,429 2,896,505 2,707,579 712,021 734,585 690,755 4,486,724 4,318,073 4,049,830 Assets by geographical area 898,599 899,223 847,467 3,177,781 2,397,200 2,467,295 8,133,108 7,341,174 6,535,420 267,558 282,667 279,590 12,477,046 10,920,264 10,129,772 Other information: Additions for the year of property, plant & equipment and intangible assets 70,639 62,271 73,365 69,534 80,910 39,603 166,353 188,557 190,358 10,151 8,735 18,776 316,677 340,473 322,102 This appendix forms an integral part of note 6 to the consolidated annual accounts. 2 of 2

APPENDIX III GRIFOLS, S.A. AND SUBSIDIARIES Changes in Other Intangible Assets for the year ended 31 December 2018 (Expressed in thousands of Euros) '(Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) Balances at 31/12/2017 Business combinations Translation differences Balances at 31/12/2018 Additions Transfers Disposals Development costs 311,694 55,439 ---- (36) 10,215 377,312 Concessions, patents, licenses brands & similar 182,885 --6,225 --(757) 8,057 196,410 Computer software 174,945 20,252 34,319 (762) (1,116) 6,785 234,423 Currently marketed products 1,024,376 ---- ---- 47,451 1,071,827 Other intangible assets 147,307 48 19,749 ---- 7,664 174,768 Total cost of intangible assets 1,841,207 75,739 60,293 (762) (1,909) 80,172 2,054,740 Accum. amort. of development costs (79,349) (10,660) ---- --(98) (90,107) Accum. amort of concessions, patents, licenses, brands & similar (29,783) (6,132) ---- --(845) (36,760) Accum. amort. of computer software (106,319) (12,918) (5,872) --1,116 (2,660) (126,653) Accum. amort. of currently marketed products (231,068) (36,154) ---- --(11,573) (278,795) Accum. amort. of other intangible assets (61,966) (5,536) --246 --(3,297) (70,553) Total accum. amort intangible assets (508,485) (71,400) (5,872) 246 1,116 (18,473) (602,868) Impairment of other intangible assets (63,380) ---- ---- (2,955) (66,335) Carrying amount of intangible assets 1,269,342 4,339 54,421 (516) (793) 58,744 1,385,537 (See note 3) This appendix forms an integral part of note 8 to the consolidated annual accounts. 1 of 2

APPENDIX III GRIFOLS, S.A. AND SUBSIDIARIES Changes in Other Intangible Assets for the year ended 31 December 2017 (Expressed in thousands of Euros) (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) Balances at 31/12/2016 Business Additions combinations * Translation differences Balances at 31/12/2017 Transfers Disposals Development costs 142,693 43,152 142,529 --(81) (16,599) 311,694 Concessions, patents, licenses brands & similar 60,471 --142,174 ---- (19,760) 182,885 Computer software 168,623 19,626 26 529 (126) (13,733) 174,945 Currently marketed products 1,162,204 ---- ---- (137,828) 1,024,376 Other intangible assets 148,682 17,348 ---- --(18,723) 147,307 Total cost of intangible assets 1,682,673 80,126 284,729 529 (207) (206,643) 1,841,207 Accum. amort. of development costs Accum. amort of concessions, patents, licenses, brands & similar Accum. amort. of computer software Accum. amort. of currently marketed products Accum. amort. of other intangible assets Total accum. amort intangible assets Impairment of other intangible assets (72,073) (5,834) ---- --(1,442) (79,349) (24,994) (99,927) (220,988) (69,389) (6,004) (13,549) (38,216) (865) ---- ---- ---- ---- --111 ---- 1,215 7,046 28,136 8,288 (29,783) (106,319) (231,068) (61,966) (487,371) --(64,468) (64,734) ---- ---- 111 --43,243 1,354 (508,485) (63,380) Carrying amount of intangible assets 1,195,302 (49,076) 284,729 529 (96) (162,046) 1,269,342 (See note 3) This appendix forms an integral part of note 8 to the consolidated annual accounts. 2 of 2

APPENDIX IV GRIFOLS, S.A. AND SUBSIDIARIES Movement in Property, Plant and Equipment for the year ended 31 December 2018 (Expressed in thousands of Euros) (Free translation from the original in Spanish. In the event of any discrepancy, the Spanish-language version prevails) Balances at Translation Balances at Business 31/12/2017 Additions combination Transfers Disposals differences 31/12/2018 Cost: Land and buildings Plant and machinery Fixed Assets under construction 673,534 1,704,679 262,119 1,223 57,699 182,016 19,344 79,003 1,746 6,051 100,961 (106,473) (280) (15,855) --26,540 58,366 5,983 726,412 1,984,853 345,391 2,640,332 240,938 100,093 539 (16,135) 90,889 3,056,656 Accumulated depreciation: Buildings (66,765) (15,224) (4,682) --222 (2,929) (89,378) Plant and machinery (810,782) (141,985) (46,995) (23) 13,025 (25,975) (1,012,735) (877,547) (157,209) (51,677) (23) 13,247 (28,904) (1,102,113) Impairment of other property, plant and equipment (2,732) 81 ---- --91 (2,560) Carrying amount 1,760,053 83,810 48,416 516 (2,888) 62,076 1,951,983 (See note 3) This appendix forms an integral part of note 9 to the consolidated annual accounts. 1 of 2

APPENDIX IV GRIFOLS, S.A. AND SUBSIDIARIES Movement in Property, Plant and Equipment for the year ended 31 December 2017 (Expressed in thousands of Euros) (Free translation from the original in Spanish. In the event of any discrepancy, the Spanish-language version prevails) Balances at Translation Balances at Business 31/12/2016 Additions combination Transfers Disposals differences 31/12/2017 Cost: Land and buildings Plant and machinery Fixed Assets under construction 687,856 1,655,837 275,003 28,503 82,234 149,610 19,628 9,068 555 12,694 123,816 (137,073) (823) (10,098) --(74,324) (156,178) (25,976) 673,534 1,704,679 262,119 2,618,696 260,347 29,251 (563) (10,921) (256,478) 2,640,332 Accumulated depreciation: Buildings Plant and machinery (59,376) (746,268) (14,708) (136,314) ---- --34 710 7,993 6,609 63,773 (66,765) (810,782) (805,644) (151,022) --34 8,703 70,382 (877,547) Impairment of other property, plant and equipment (3,200) 258 ---- --210 (2,732) Carrying amount 1,809,852 109,583 29,251 (529) (2,218) (185,886) 1,760,053 (See note 3) This appendix forms an integral part of note 9 to the consolidated annual accounts. 2 of 2

APPENDIX V GRIFOLS, S.A. AND SUBSIDIARIES Statement of Liquidity for Distribution of Interim Dividend 2018 (Expressed in thousands of Euros) (Free translation from the original in Spanish. In the event of any discrepancy, the Spanish-language version prevails) Thousands of Euros Forecast profits distributable for 2018: Projected profits net of taxes until 31/12/2018 Less, charge required to legal reserve 258,091 --258,091 Estimated profits distributable for 2018 136,747 Interim dividend distributed Forecast cash for the period 26 October 2018 to 26 October 2019: Cash balances at 26 October 2018 Projected amounts collected Projected payments, including interim dividend --572,263 544,112 28,151 Projected cash balances at 26 October 2019 This appendix forms an integral part of note 15 to the consolidated annual accounts. 1 of 2

APPENDIX V GRIFOLS, S.A. AND SUBSIDIARIES Statement of Liquidity for Distribution of Interim Dividend 2017 (Expressed in thousands of Euros) (Free translation from the original in Spanish. In the event of any discrepancy, the Spanish-language version prevails) Thousands of Euros Forecast profits distributable for 2017: Projected profits net of taxes until 31/12/2017 Less, charge required to legal reserve 273,472 --273,472 Estimated profits distributable for 2017 122,986 Interim dividend distributed Forecast cash for the period 15 December 2017 to 15 December 2018: Cash balances at 15 December 2017 Projected amounts collected Projected payments, including interim dividend --475,209 468,117 7,092 Projected cash balances at 15 December 2018 This appendix forms an integral part of note 15 to the consolidated annual accounts. 2 of 2

GRIFOLS, S.A. AND SUBSIDIARY COMPANIES Consolidated Directors’ Report 1.-THE GRIFOLS GROUP TODAY Grifols is a global healthcare leader dedicated to enhancing the health and well-being of patients worldwide. Founded in 1940, the company develops plasma protein therapies (Bioscience Division), leading-edge diagnostic solutions (Diagnostic Division), specialty pharmaceuticals for hospital use (Hospital Division), and biological products for research purposes (Bio Supplies Division). Grifols has roughly 21,000 employees in more than 30 subsidiaries, operations in over 100 countries and manufacturing plants in six. For more information on “Grifols today” see “Non-Financial Information Statement”. GRIFOLS’ CORE INITIATIVES IN 2018 Grifols’ 2018-2022 strategic plan is grounded on six main pillars: development of “One Grifols”, business optimization, innovation, digitalization, enhanced customer focus and talent development. In 2018, Grifols concentrated its efforts in the following areas in order to advance these corporate priorities: - Sustainable growth and global expansion: A higher sales volume in the Bioscience Division was the primary driver of corporate growth. The Diagnostic Division consolidated its performance, while the Hospital Division laid important groundwork for future expansion. The United States (U.S.) and main European countries remain key markets for the group. The company aims to reinforce its strategic presence in China. In this regard, Grifols initiated talks with Shanghai RAAS Blood Products to explore a possible corporate transaction and also reached an agreement with Boya-Pharmaceutical to open plasma centers in China. In addition, the Bioscience Division recently established operations in India. - Leadership, expansion and diversification of plasma centers: As outlined in its strategic plan, Grifols made efforts to expand its network of plasma centers via both organic and corporate transactions to meet the growing demand of its plasma products. Grifols leads the market in plasma centers, managing 256 sites worldwide, including 35 in Europe. In 2018, the company collected 12 million liters of plasma, approximately a 30% increase over the previous year. - Innovation: Grifols remains firmly committed to fostering innovation. In 2018, the company allocated EUR 291.4 million toward R+D+i, a 9.4% increase compared to 2017. The company made further inroads to enhance integration among its diverse manufacturing, sales and R+D operations through the Grifols Innovation Office. In October 2018, the company presented the top-line results of the AMBAR (Alzheimer Management by Albumin Replacement) clinical trial, which indicated a significant improvement in slowing down the disease’s progression in patients with moderate AD. These findings mark an important step forward in the treatment of Alzheimer’s, as well as a major breakthrough in Grifols’ 15 years of AD research. - Teamwork and talent development: Notable progress was made on the training and management development plan for future corporate leaders. The plan has gradually broadened since 2017, following the generational succession. Grifols’ leadership focuses on collaboration, intrapreneurship, performance and accountability. The company promotes the concept of “One Grifols” to encourage transversal projects and knowledge sharing that contribute to greater innovation and business opportunities. The company is firmly committed to the environment and contributing to social progress. Detailed information on its key areas of focus is available in “Non-Financial Information Statement”. 1

GRIFOLS, S.A. AND SUBSIDIARY COMPANIES Consolidated Directors’ Report Grifols’ main achievements in 2018 are as follows (in EUR million except for workforce): 596.6 21,230 252.2 33.3 2.-GRIFOLS’ PROGRESS AND PERFORMANCE Estimates for the global hemoderivatives indicate it is worth more than EUR 20,600 million1 for 2017. Grifols remains an industry forerunner, with an estimated market share of more than 18%2. The group’s main products lead global sales in the hemoderivatives market: Grifols continues to expand its in-vitro diagnostics sector through the Diagnostics Division. The company is an international player in blood and plasma analysis systems (transfusional diagnostics), a market estimated at USD 4,000 million2. The company leads the segment in nucleic acid technology (NAT) processing systems, with a 55%2 global market share. Grifols is also a global reference in the manufacture of antigens for immunoassays and in the blood typing and immunohematology segment. The Hospital Division leads the Spanish market as an IV solutions provider. The division recently continues to offer a broad portfolio of hospital pharmacy solutions in Spain and Latin America, while expanding its business in the U.S. 1 Source: Marketing Research Bureau (MRB) and internal information, 2017. 2 Source: Internal information. 2 Global market Global market share position Imnmunoglobulin Alfa-1 antitrypsin Albumin Factor VIII 23% 1 67% 1 18% 2 20% 1 Growth Value generated Net profit 4,501.2 Diversity & Talent Headcount increase Talent pool 2,808 Innovation R+D+i investment Investment in manufacturing installations 291.4 Sustainability Resources allocated to environmental issues Community investments 18.2 Contributions Fiscal contributions Employee salaries Dividends 624.3 849.5 242.6

GRIFOLS, S.A. AND SUBSIDIARY COMPANIES Consolidated Directors’ Report REVENUE PERFORMANCE Grifols reported EUR 4,486.7 million in revenues at the close of 2018, growing by 9.2%3 cc (3.9% taking into account exchange rate variations). The company reported growth in all of its divisions and geographic regions where it operates. Bioscience drives corporate growth: EUR 3,517 million in revenues and 8.0% cc growth The division grew by 8.0% cc in 2018 (2.5% taking exchange rate fluctuations into account), to EUR 3,516.7 million. Robust sales of the main plasma proteins – immunoglobulin, albumin and alpha-1 antitrypsin – were the main drivers of revenue growth throughout the year. Of note are higher sales and price points of immunoglobulin in some markets. Sales growth of these plasma proteins, together with certain specialty immunoglobulins, offset the decline in sales of factor VIII. The renewal processes of certain licenses in China suffered delays in the last quarter of 2018, impacting sales. The demand for immunoglobulin remains strong in Grifols’ core markets, especially in the U.S. and main EU countries led by Spain, Germany and the United Kingdom. Sales also grew in Turkey, Brazil and Australia, where, in addition to primary immunodeficiencies, immunoglobulins are also used to treat secondary immunodeficiencies and neurological diseases like chronic inflammatory demyelinating polyneuropathy (CIPD), a market segment that Grifols leads. Grifols achieved double-digit growth in immunoglobulin sales in 2018 and plans on launching a 20% subcutaneous immunoglobulin in the second half of 2019 that will expand its immunoglobulin franchise. Albumin sales grew markedly in the U.S. and in several European countries including Italy, the United Kingdom and Turkey. China is a market with significant underlying demand and remains a core focus in Grifols’ global sales strategy. Grifols continues to lead in alpha-1 antitrypsin sales. Market penetration of this plasma protein grew in the U.S. and main EU markets thanks to effective sales strategies and an increase in the number of diagnosed patients. Also of note is Grifols’ FDA-approved genetic test for alpha-1 deficiency and Prolastin®-C Liquid, recently introduced in the U.S. This liquid formulation enhances Grifols’ respiratory franchise and offers a new treatment alternative for patients. Sales of factor VIII dropped notably in 2018 due to their declining use to treat patients with inhibitors. The company positions factor VIII as the best treatment for Hemophilia A patients, concentrating its efforts in the U.S. and emerging markets. Grifols continues to promote its specialty proteins to enhance its differential product portfolio. Two new formulations helped boost sales in the specialty hyperimmunoglobulins segment: an anti-rabies immunoglobulin (HyperRAB®), with a twice the potency (300 IU/mL) of currently available rabies immune globulin options; and GamaSTAN®, an intramuscular immunoglobulin for patients exposed to hepatitis A or measles. Both products earned FDA approval in the first half of 2018. Diagnostic remains stable: 0.7% growth cc leads to EUR 702 million in revenues The Diagnostic Division reported EUR 702.3 million in revenues, a 0.7% cc year-on-year increase and -4.1% considering exchange rate variations. Grifols is the worldwide leader in transfusional diagnostics, the division’s main engine for growth in 2018. This business area includes NAT donor-screening diagnostics (Procleix® NAT Solutions), blood-typing solutions and the production of antigens for immunoassays. Higher NAT solutions sales were driven mainly by a greater volume of plasma donations and increasing use of the Zika-virus screening test (Procleix® Zika Virus). The company also broadened its product portfolio with 3 Operative or constant currency (cc) excludes exchange rate variations of the year. 3

GRIFOLS, S.A. AND SUBSIDIARY COMPANIES Consolidated Directors’ Report newly FDA-approved reagents to detect HIV, hepatitis B and C virus (Procleix® Ultrio Elite), and the West Nile virus (Procleix® WNV), among others. In addition to the U.S., sales of this leading-edge technology were also strong in Latin America, Poland and Indonesia. The company continues its efforts to raise its presence in the Middle East. The blood-typing line notably contributed to the division’s overall performance, particularly in the U.S., core markets in Latin America, Europe and Saudi Arabia. European sales of Erytra Eflexis® gained traction, with more than 200 units sold since its launch in June 2017. Grifols already introduced the product in the U.S. in 2019 after earning FDA approval. Also of note in 2018 was the release of a new line of conventional antiserums, which broadened the product portfolio after earning FDA approval. The company further consolidated its line of antigens to produce immunoassays in 2018. Revenues in specialty diagnostics remained stable and are expected to rise as Grifols widens its clinical diagnostics offerings. In 2018, the FDA approved two diagnostic products designed to detect autoimmune diseases. Both were developed by AESKU and distributed by Grifols on the Helios platform. The company is committed to developing new diagnostic tests for personalized medicine through Progenika Biopharma. Its molecular diagnostic ID CORE XT for genotyping blood groups recently earned FDA approval. Hospital grows 16% cc to EUR 120 million in revenues, fueled by strong U.S. sales The Hospital Division earned EUR 119.5 million in revenues in 2018, growing 16% cc and 13.1% taking into account exchange rate variations. Sales of all business lines grew, especially its Pharmatech line in the U.S. market. A key strategic area for future growth, this business line offers integral services to hospital pharmacies for IV compounding, including MedKeeper and Kiro Oncology products. The division also reported stronger IV solutions sales, especially the physiological saline solution manufactured in the Murcia (Spain) plant. The product was introduced in the U.S. market after obtaining FDA approval and is also used in Grifols’ own network of plasma centers. These milestones allowed the division to bolster its presence in the United States and support the group’s global expansion strategy. Sales of the Nutrition and Medical Devices lines also increased, accompanied by an increase in third-party manufacturing services. Bio Supplies Division: Kedrion manufacturing agreement and third-party plasma sales drive growth This division oversees three main areas: sales of biological products for non-therapeutic uses, Kedrion production agreements, and third-party plasma sales channeled through Haema and Biotest, which represent EUR 80.3 million. Bio Supplies earned EUR 167.0 million in revenues in 2018, a substantial increase from the EUR 66.8 million reported in 2017. 4

GRIFOLS, S.A. AND SUBSIDIARY COMPANIES Consolidated Directors’ Report Revenues by division: % Var % Var cc* 2.5% (4.1%) 13.1% 150.0% 22.9% 18.3% 8.0% 0.7% 16.0% 154.9% 29.6% 24.8% * Constant currency (cc) excludes the im pact of exchange rate m ovem ents Revenues by region: % Var cc* 8.7% 16.7% 4.0% * Constant currency (cc) excludes the im pact of exchange rate m ovem ents Underlying EBITDA4 ascends to EUR 1,218 million Underlying EBITDA4 rose to EUR 1,218.4 million, representing a 27.7% margin. Gross margin continues impacted by higher plasma procurement costs related to the company’s efforts, both organic and inorganic, to increase its plasma supply and meet the solid demand of its plasma-derived therapies. Grifols operates the largest plasma collection network in the world, with 256 centers. This network includes the acquisition of six Kedplasma centers; 24 Biotest US centers in the U.S.; 35 Haema centers in Germany; and a newly inaugurated center, also in Germany, as part of its joint venture with Plasmavita Healthcare. The last quarter of the year saw a significantly higher demand for immunoglobulin, especially in the United States, where Grifols works on the launch of 20% subcutaneous immunoglobulin. This upturn has affected the utilization of liters of plasma. Gross margin was also affected by temporary albumin sales restriction in China; by the geographic mix of factor VIII sales, tender volatility; and the product mix of the Diagnostic Division, which reported stronger demand for antigens used to produce immunoassays and transfusion-medicine diagnostic instruments. In terms of operating expenses, Grifols decided to increase its R+D+i investment in certain projects, specifically those related to albumin, in light of the positive results of the AMBAR trial and trials on liver diseases (PRECIOSA and APACHE studies). Corporate operations, including Haema and Biotest acquisitions, as well as the negotiations with Shanghai RAAS, caused related operating expenses to rise. Net profits reach EUR 597 million Grifols’ annual financial results totaled EUR 257.2 million. This figure includes an influx of EUR 32.0 million following the expected divestment in Tigenix executed in the second quarter of 2018. The effective tax rate was 18.1%. The decline from previous years owes mainly to the U.S. tax reform approved in December 2017. 4 Underlying EBITDA excludes the impact derived from Haema and Biotest third-party sales. 5 In thousands of euros US + CANADA EU ROW 12M 2018 2,974,429 800,274 712,021 % of Net Revenues 66.3% 17.8% 15.9% 12M 2017 2,896,505 686,983 734,585 % of Net Revenues 67.1% 15.9% 17.0% % Var 2.7% 16.5% (3.1%) TOTAL 4,486,724 100.0% 4,318,073 100.0% 3.9% 9.2% In thousands of euros BIOSCIENCE DIAGNOSTIC HOSPITAL BIO SUPPLIES OTHERS INTERSEGMENTS 12M 2018 3,516,704 702,265 119,454 167,004 22,451 (41,154) % of Net Revenues 78.4% 15.6% 2.7% 3.7% 0.5% (0.9%) 12M 2017 3,429,785 732,369 105,649 66,791 18,263 (34,784) % of Net Revenues 79.4% 17.0% 2.4% 1.6% 0.4% (0.8%) TOTAL4,486,724100.0% 4,318,073100.0% 3.9% 9.2%

GRIFOLS, S.A. AND SUBSIDIARY COMPANIES Consolidated Directors’ Report Excluding non-recurrent expenses5 recognized at the end of 2017, Grifols’ net profit increased by 1.5% to EUR 596.6 million, compared to EUR 587.9 million in 2017. Net profits represent 13.3% of revenues. BALANCE SHEET Grifols’ solid performance and positive cash flow trend helped reinforce the balance sheet. Consolidated assets as of December 2018 totaled EUR 12,477.0 million (EUR 10,920.3 million in 2017). This upturn was fueled primarily by the Bioscience Division, which grew both organically and via corporate transactions, and capital investments carried out. Optimized management of working capital Optimizing working capital remained a priority to strengthen the company’s financial position. Inventory levels increased to EUR 1,949.4 million, with a turnover of 292 days compared to 275 days in December 2017 after the implementation of several initiatives to better anticipate and meet the solid demand for plasma-derived products. The average collection period improved to 22 days (24 days in 2017), reflecting the success of these measures. The average payment period is 65 days, a slight increase from the 53-day period in 2017. With regard to the group’s Spanish subsidiaries, the average payment period to suppliers was 72.6 days, reflecting a similar trend as last year’s average of 72.9 days. Strong cash flow position Grifols’ cash position was EUR 1,033.8 million (EUR 886.5 million in 2017) on December 31, 2018. The company maintained a high and sustainable operational cash-flow generation in view of the current context of growth and investment increases. The EUR 737.4 million cash flow from operating activities allows the firm to effectively assume its planned investments. In 2018, Grifols allocated EUR 252.2 million (EUR 271.1 in 2017) toward CAPEX and EUR 291.4 million (EUR 266.3 million in 2017) of net investments toward R+D+i. The company remains firmly committed to future growth and its long-term strategic vision. At the close of 2018, Grifols agreed to sell Haema AG and Biotest US Corporation to Scranton Enterprises, B.V. for USD 538 million to monetize earlier these investments and reinforce its financial structure. Grifols maintains operational control of the plasma centers and holds an exclusive and irrevocable call option for both companies. Equity The company’s equity was EUR 4,696.6 million as of December 31, 2018. The share capital includes 426,129,798 common shares (Class A), with a nominal value of EUR 0.25 per share, and 261,425,110 non-voting shares (Class B), with a nominal value of EUR 0.05 per share Grifols’ ordinary shares (Class A) are listed on the Spanish Stock Market and form part of the Ibex-35, while its non-voting shares (Class B) are traded on both the Spanish Stock Exchange (GRF.P) and the U.S. NASDAQ exchange (GRFS) via ADRs (American Depositary Receipts). Two dividend payments totaling EUR 278.8 million were distributed in 2018. A second dividend, charged against 2017 earnings, was paid out as a final dividend in the second quarter and an interim dividend was paid in December 2018. Grifols remains committed to compensating its shareholders with dividend payouts. 5 It relates to the Hologic acquisition; the Aradigm assets reassessment; and the U.S. tax reform. 6

GRIFOLS, S.A. AND SUBSIDIARY COMPANIES Consolidated Directors’ Report LIQUIDITY AND CAPITAL RESOURCES The group’s main liquidity and capital resources requirements aim to cover operating costs, capital expenditures, including the maintenance and construction of manufacturing facilities; direct and indirect R+D+i investments; and debt service. Historically, the company has met its liquidity and capital requirements using resources generated from its operating activities and long-term external financing. As of December 2018, Grifols’ cash position was EUR 1,033.8 million and its liquidity position was roughly EUR 1,400 million. Cash flows from operating activities Cash flows from operating activities remained robust in 2018, reaching EUR 737.4 million as a result of the following initiatives: - Positive impact of EUR 33.3 million thanks to improvements in accounts receivable. The average collection period dropped to 22 days, compared to 24 days in 2017. - Improved payment management led to a positive impact of EUR 117.1 million. - Increased inventory levels had a positive impact of EUR 231.7 million due to higher volumes of plasma collected to meet the rising demand of the main plasma proteins. Grifols’ inventory management aims to anticipate the growing demand reflected in growth forecasts. Cash flows from investment activities Cash flows from investment activities reached EUR 781.9 million derived mainly from actions to optimize and monetize earlier specific investments made during the fiscal year: - Acquisition of 100% share capital of Haema, the largest independent network of plasma centers, for EUR 220 million. The transaction included the Haema business; 35 centers and three under construction; a 24,000-square-meter building that houses Haema’s corporate headquarters in Leipzig (Germany); and a central laboratory in Berlin (Germany). - Acquisition of 24 plasma centers in the U.S. from Biotest for USD 286 million, in addition to two centers under construction and other assets. - Capital expenditures totaling EUR 252.2 million, allocated largely to opening new plasma centers; expanding, renovating and relocating existing centers; expanding manufacturing facilities; and opening new corporate headquarters. Cash flow for financing activities Cash flows for financing activities totaled EUR 152.5 million in 2018. This comprises dividend payouts of EUR 278.8 million and the subsequent sale of Haema and Biotest on the same terms and conditions as their acquisition. Grifols maintains operating control of the plasma centers and holds an exclusive and irrevocable call option for both companies. Capital resources and credit ratings Grifols’ net financial debt was EUR 5,343.1 million, including EUR 1,033.8 million (EUR 886.5 million in 2017) in cash. The company has nearly EUR 400 million in undrawn lines of credit, which increase its liquidity position to nearly EUR 1,400 million. The group’s net financial debt over EBITDA ratio was 4.32x as of December 2018. This figure drops to 4.19x excluding the impact of exchange rate variations. 7

GRIFOLS, S.A. AND SUBSIDIARY COMPANIES Consolidated Directors’ Report Leverage management remains among the company’s top priorities. To this end, Grifols maintains high, sustainable levels of operational activities and strong cash flow generation. The EUR 737.4 million cash flow from operating activities allows the firm to effectively assume its planned investments in view of the current context of growth and investment increases. In 2018, Grifols signed a new loan for EUR 85 million with the European Investment Bank (EIB) to support its R+D+i investments. The financial terms included a fixed interest rate, maturity in 2028 and a two-year grace period. This is Grifols’ third agreement with BEI within the framework of the Investment Plan for Europe. The credit ratings issued by Standard and Poor’s and Moody’s remained unchanged in 2018. 3.-INVESTMENT ACTIVITIES: R+D+i, CAPEX AND ACQUISITIONS RESEARCH, DEVELOPMENT AND INNOVATION Strategic focus Grifols advocates an integrated R+D+i strategy that comprises both in-house initiatives and external projects in investee companies whose research complements its core business. This dual approach and long-term vision earned Grifols the distinction as one of the top 1,000 global firms that dedicate the most resources to R+D in “2018 Global Innovation 1000” by Strategy&, the consulting arm of PwC. The company’s integrated R+D+i strategy is managed through the Grifols Innovation Office, which evaluates and expedites research projects, and promotes the on-going development and marketing of innovative treatments, products and services. It also aims to promote the continuous improvement of existing products and activities, and foster collaboration in the company’s innovation ecosystem, including academic and research institutions. Grifols intensified its net R+D+i investments in 2018 by 9.4% to EUR 291.4 million, taking into account net investments for both internal and external research initiatives. This investment represents 6.5% of 2018 revenues. Preliminary results on the effectiveness of AMBAR Grifols presented the top-line results of the phase IIb/IIII of its AMBAR (Alzheimer Management By Albumin Replacement) clinical trial in October 2018 at the Clinical Trials on Alzheimer’s Disease Congress. AMBAR is an international, multicenter and double-blind clinical trial designed to evaluate the efficacy and safety of plasma exchange – a procedure combining periodic extractions of plasma through plasmapheresis and its replacement with albumin – to slow down the progression of Alzheimer’s disease (AD) in patients in mild to moderate stages. The trial results demonstrated a statistically significant 61% slowdown in the disease’s progression among patients with moderate AD and fulfillment of its primary endpoints: improvement in cognitive function (measured on the ADAS Cog scale) and ability to carry out daily activities (measured on the ADCS-ADL scale). These results mark an important milestone in Alzheimer’s research and inspire the company to continue its research on the benefits of plasma exchange with Grifols albumin toward slowing down the progression of AD. Ebola Project: a non-profit initiative to produce anti-Ebola immunoglobins In 2014, Grifols launched a non-profit initiative to produce anti-Ebola immunoglobulin to treat afflicted populations in West African countries. The project’s research forms part of a long-term clinical trial to evaluate 8

GRIFOLS, S.A. AND SUBSIDIARY COMPANIES Consolidated Directors’ Report whether plasma from healthy Ebola survivors can boost the immune response in afflicted patients and help them overcome the disease. Grifols fully financed the project, which included the collaboration of the Liberian government, the FDA, World Health Organization (WHO) and various NGOs. The initiative centered on three main efforts: the construction of a modular convalescent-plasma center in Liberia similar to other Grifols plasma centers; the construction of an isolated plant to fractionate and purify anti-Ebola immunoglobulin at the Clayton complex, authorized by the FDA under its “import for export” provision; and specific training in Grifols Academies to equip staff with the necessary tools to help in the plasma-collection process and offer support to local communities. Grifols began processing the first batch of plasma from Ebola survivors at the end of 2018 and anticipates delivering the first anti-Ebola immunoglobulins to the Republic of Liberia in the first quarter of 2019. Main research lines Immunoglobulins Grifols successfully completed the clinical research phase of a new 20% subcutaneous immunoglobulin to treat patients with primary immunodeficiencies. The product has been submitted to the FDA for marketing authorization. The company also developed a new predictive model for population pharmacokinetics (PopPK) to administer subcutaneous immunoglobulin in patients with primary immunodeficiencies, which would inform the proper dosing of this plasma-derived product and guide its treatment usage. Grifols continues its research on Gamunex® as maintenance therapy for myasthenia gravis (MG), a chronic autoimmune neuromuscular disease. The company plans to submit the application for EMA marketing authorization in 2019. Albumin Research continues on the phase III PRECIOSA study on the potential benefits of albumin to treat liver cirrhosis, as well as the phase III APACHE trial on its use to treat acute-on-chronic liver failure (ACLF). Additionally, the product’s new flexible packaging format is presently in the registration stage. Diagnostic Grifols’ blood test to detect the babesiosis parasite (Procleix® Babesia) was submitted for FDA approval, expected in the first quarter of 2019. The product is currently available as an IND (Investigational New Drug). Clinical trials also continue in China on the Procleix® Ultrio Elite line. The FDA approved Erytra Eflexis®, a new medium-sized and totally automated analyzer. The company continues to expand its portfolio of recombinant proteins. Intravenous solutions Grifols presented two new products for FDA approval: a physiological saline solution in a needle-free Fleboflex® container, which, in addition to enhancing the product portfolio, can be utilized in Kiro-Grifols robotics; and an anti-coagulant in a bag format that will be used in Grifols’ plasma centers and expand the third-party product portfolio. Patents and trademarks Grifols protects the intellectual property of its main products through ownership, co-proprietorship and patent licenses. An international department manages the company’s patents and trademarks, supervises their maintenance and monitors any possible breaches. 9

GRIFOLS, S.A. AND SUBSIDIARY COMPANIES Consolidated Directors’ Report The following tables summarize the total number of patents, applications, and patents in the final approval process, as well as a geographic overview of patents and trademarks completed in 2018. CAPEX AND MANUFACTURING OPERATIONS Grifols invested EUR 252.2 million in 2018 as part of its continuous efforts to expand and enhance its manufacturing facilities. This figure is stipulated in the 2016-2020 Capital Investment Plan, endowed with EUR 1,200 million to ensure the company’s long-term sustainable growth. The main investments include: Investment to increase access to plasma As of December 2018, Grifols operated the largest plasma network in the world, with 256 centers. Thanks to its capital investments, the company increased its average number of daily donations to 39,000 and total volume of plasma obtained for fractionation to nearly 12 million liters. This volume is a 30% increase compared to 2017. Bioscience Division: greater capacity to fractionate and purify plasma proteins Construction on a new plasma fractionation plant at Grifols’ North Carolina (USA) complex continues according to plan. The facility will have a fractionation capacity of 6 million liters per year, double its current volume. Construction is also underway on a new purification, dosing and sterile filling plant of immunoglobulin in flexible containers. The facility will have an annual capacity of 6 million equivalent liters of plasma per year. The industrial complex in Los Angeles (California, USA) obtained FDA approval for a second immunoglobulin (Gamunex®) purification, dosing and sterile filling line. This addition will enable the facility to double its annual production capacity to 5.1 million equivalent liters of plasma per year. Also worth noting is the sterile filling plant of albumin in flexible containers, whose validation process finalized in 2018. The plant has an annual production capacity of 1.5 million equivalent liters of plasma per year. The construction of a new albumin purification, dosing and sterile filling plant in Dublin (Ireland) continues as planned. The plant will have an annual production capacity of 6 million equivalent liters of plasma per year and incorporate state-of-the-art filling technology to boost productivity. The Barcelona industrial complex completed the validation process of the alpha-1 antitrypsin purification, dosing and sterile filling plant. The site is equipped with Grifols’ next-generation filling technology and has an annual production capacity of 4.3 million equivalent liters of plasma per year. This complex is also moving forward on the construction of a manufacturing plant to produce fibrin sealant and topical thrombin. The facility will have a production capacity of 1.7 million units per year. 10 Patents Trademarks USA Europe RoW 258 162 1,615 1,029 1,092 1,997 Total 2,965 3,188 2018 Total number of patents and applications Patents in the final authorization phase 2,965 600

GRIFOLS, S.A. AND SUBSIDIARY COMPANIES Consolidated Directors’ Report Diagnostic Division: Emeryville plant earns FDA approval The Emeryville (California, USA) plant received FDA approval for its new installations to manufacture recombinant proteins and a recombinant antigen for hepatitis C. The company plans to submit additional FDA applications in 2019 to relocate the production of 21 antigens to its new facilities. The validation process of the San Diego (California, USA) installation is underway, following renovations to consolidate production of the NAT product line. The Brazil plant, dedicated to the manufacture of collection, separation, storage and transfusion bags for blood components, is nearing the end of the validation stage. The installation currently has a production capacity of 2 million units per year, scalable to 4 million units. Hospital Division: production increase of IV solutions The division’s capital investments were dedicated to expanding the capacity and productivity of its intravenous lines at its Barcelona and Murcia (Spain) complexes in order to meet the expected growth of this segment. ACQUISITIONS AND CORPORATE TRANSACTIONS Haema and Biotest Grifols strengthened its leadership position in global plasma supply following the 100% acquisitions of Haema AG, headquartered in Germany, and Biotest US Corporation. The Haema acquisition has enabled Grifols to operate its first plasma centers outside the U.S. The transaction included 35 centers and three under construction; a 24,000-square-meter building in Leipzig which houses Haema’s corporate headquarters; and a central laboratory located in Berlin. For its part, the Biotest US Corporation acquisition included 24 U.S.-based plasma centers and two under construction, as well as diverse assets. Subsequent to these acquisitions, Grifols sold both companies under the same terms and conditions to strengthen its financial structure. The company holds an exclusive and irrevocable call option to be executed at any time for both Haema and Biotest, and maintains operating control of their plasma centers. Boya Bio-Pharmaceutical In 2018, Grifols signed an agreement with Boya Bio-Pharmaceutical, a producer of plasma-derived medicines in China, to build and manage plasma centers in the country. The plasma obtained from these centers will be used for Boya Bio-Pharmaceutical, although Grifols will be able to access up to 50% of the total collected when the applicable Chinese legislation allows. Kedrion plasma centers Grifols acquired six plasma centers from Kedplasma in 2018. MedKeeper In line with the Hospital Division’s strategic growth plan, Grifols acquired a 51% stake in MedKeeper, a U.S. technology firm that develops and markets mobile and web-based software applications to optimize the efficiency and safety of hospital pharmacies. The agreement includes a call option to acquire the remaining 49% interest within a three-year timeframe. 11

GRIFOLS, S.A. AND SUBSIDIARY COMPANIES Consolidated Directors’ Report 6.-NON-FINANCIAL INFORMATION STATEMENT Grifols’ mission is to ethically and responsibly provide life-saving treatments and essential, leading-edge diagnostic and hospital solutions for patients and healthcare professionals around the world. It aspires to continually advance its current commitments while staying true to its corporate values: Grifols’ Corporate Responsibility Policy is guided by its corporate values, which underpin its identity, operational principles and commitment to stakeholders. The objectives and norms in the Corporate Responsibility Policy are inspired by an ethos of integrity and transparency; legal compliance and prevention of unlawful actions; staunch commitment to the environment; safety and health; and a commitment to society as a whole. Grifols has carried out a materiality analysis to identify the most significant economic, environmental and social impacts of Grifols’ value chain as defined by its business model. This analysis is updated on an annual basis. As a result of this report, Grifols has identified 18 of the most noteworthy material issues that stem from its corporate commitments. Detailed information is available in “Basis for the preparation of the Non-Financial Information Statement”. GEOGRAPHIC SCOPE - - - Grifols’ global reach includes operations in more than 100 countries. The company has 30 subsidiaries and 6 production plants. Global headquarters in Barcelona (Spain). 12 Corporate values Commitments Safety Effort Com m itm ent Team work Innovation and im provem ent Pride Excellence Safety and quality throughout the value chain Econom ic perform ance Social outreach Em ploym ent R+D+i Ethical approach, trans parency and legal com pliance Environem ntal m anagem ent

GRIFOLS, S.A. AND SUBSIDIARY COMPANIES Consolidated Directors’ Report GRIFOLS’ BUSINESS MODEL Grifols promotes a vertically integrated business model in its divisions to maximize involvement and control of the various phases of its value chain. Bioscience Division Grifols exercises complete control of the division’s value chain, controlling all strategic activities and processes, from plasma collection to the finished product. Plasma proteins are specialty medicines that require long, complex and extensive production processes to guarantee their quality and safety. Complete control of the value chain ensures product quality and safety, as well as complete traceability. The demand for plasma proteins has increased as a result of improved healthcare coverage, longer life expectancies, new indications, and enhanced diagnostics for certain rare diseases treated with plasma proteins. Within this context, Grifols’ lines of action in 2018 aimed to generate growth opportunities and bolster the projection of this division, centering its efforts in the following areas: - Increasing and diversifying its plasma supply. Grifols is the worldwide leader in plasma centers. As of December 31, 2018, Grifols operated a global network of 256 centers that allow the company to guarantee and diversify its access to its main raw material in order to increase production of its plasma-derived medicines. - Expansion of its manufacturing facilities. Capital investments to boost production of the main plasma proteins continue according to the 2016-2020 Capital Investments Plan. - Development of new formulations and indications to better address the needs of patients and healthcare professionals. The division earned several approvals in 2018: -FDA approval for a new alpha-1 antitrypsin liquid formulation (Prolastin®-C Liquid) -FDA approval for a new intramuscular immunoglobulin formulation (GamaSTAN®) for immediate protection against hepatitis A and measles -FDA approval for a new anti-rabies immunoglobulin formulation (HyperRAB®) to treat patients exposed to the rabies virus - Development of clinical trials associated with new plasma protein indications. Among them, the top-line efficacy results from the AMBAR clinical trial to treat Alzheimer’s disease (AD) through plasma exchange and its replacement with Grifols’ albumin. Results demonstrated a significant slowdown in patients with moderate AD and encourage the company to conduct further AD research. - Improve the diagnosis of diseases associated with diverse plasma proteins: - Alpha-1 antitrypsin deficiency. A rare genetic disorder caused by low levels of alpha-1 antitrypsin protein. Grifols strives to improve its diagnosis rate by developing clinical diagnostics and spearheading patient-outreach initiatives. Chronic inflammatory demyelinating polyneuropathy (CIPD). A neurological disorder characterized by progressive weakness and impaired sensory function. The company promotes the use of immunoglobulin in this field of neurology. Immunodeficiencies. Grifols promotes diagnostic programs around the world to identify patients with immunodeficiencies. - - - Market inroads in several countries in the Middle East, Asia Pacific and Latin America. In 2018, Grifols began operations India and explored further market opportunities in China. To this end, the company entered talks with Shanghai RAAS Blood Product for a potential corporate transaction. It also reached an agreement with Boya Bio-Pharmaceutical to open plasma centers in China. 13

GRIFOLS, S.A. AND SUBSIDIARY COMPANIES Consolidated Directors’ Report Diagnostic Division Grifols controls all of the strategic operations and processes that make up the Diagnostic Division’s value chain, including the development, production and marketing of its products. The division’s business model reinforces its value chain through a diversification strategy based on distributing and marketing third-party products complementary to its product portfolio. In 2018, the company focused its efforts on the following areas to bolster the division’s growth opportunities and market expansion: - Ongoing innovation to expand the product portfolio resulted in 6 FDA approvals, including a test used to detect RNA specific for the Zika virus (Procleix® Zika Virus); a test to detect HIV and hepatitis B and C (Procleix® Ultrio Elite); and a West Nile virus detection test (Procleix® WNV). In the blood-typing line, of note is the FDA approval for the conventional antiserums line and the diagnostic ID CORE XT, used to genotype blood groups. - Internationalization and expansion in strategic markets: the U.S. remains the division’s most important market for its line blood-typing solutions and NAT donor-screening systems. Grifols has also become an important supplier of NAT technology in the Middle East. Other strategic growth regions include China and the Asia Pacific. - Potential to lead transfusional diagnostics in the future: Given its strength in the three technologies, Grifols is the only company with the potential to lead the transfusional diagnostics sector, a position that would offer differential value and enhance its image as an industry beacon. The genomic amplification possible with NAT technology is a global reference. The company promotes the on-going development of the ultrasensitive technology SMC™ (Simple Molecular Counting) through its investee company Singulex. Hospital Division The company also controls the strategic operations of the Hospital Division’s value chain, including the development, production and marketing of its product and services. International expansion, particularly its marketing positioning in the U.S. market, forms the basis of the division’s growth strategy. The most noteworthy initiatives to growth-generation opportunities include: - Agreement with Henry Schein for the U.S. distribution of the physiological saline solution produced in Grifols’ Murcia (Spain) plant. This product is also used in Grifols’ network of plasma centers in the U.S. This milestone reinforces the company’s vertical integration and ensures the product’s quality and supply. - Acquisition of MedKeeper to enhance the Pharmatech line (which includes systems to automate hospital pharmacy services), expanding Grifols’ portfolio. - Leverage of legislative changes that affect U.S. hospital pharmacy operations and control of compounding preparations. These changes could represent a unique market opportunity for Grifols as a supplier of a broad range of innovative hospital pharmacy operations. CORPORATE GOVERNANCE For a global company like Grifols, a reliable and robust corporate governance structure is vital to creating long-term value. Integrity, honesty, transparency and compliance with the highest ethical standards are the core values that guide Grifols’ corporate culture and governance. Grifols S.A., as incorporated in Spain and listed on the Spanish stock market, complies with the Spanish Companies Act and other relevant Spanish regulations. Furthermore, as a foreign private issuer of securities listed in the United States, Grifols complies with the requirements established by the U.S. Securities and 14

GRIFOLS, S.A. AND SUBSIDIARY COMPANIES Consolidated Directors’ Report Exchange Commission, the NASDAQ Corporate Governance Rules, and the U.S. Sarbanes-Oxley law of 2002. For Grifols, mere legal compliance is not enough. The company has built a corporate governance based on integrity, honesty and transparency, which, in practical terms, translate into the following corporate policies: prevention of unlawful conducts , com m itm ent with the environm ent, relating to stock markets General Shareholders’ Meeting6 The General Shareholders’ Meeting serves as Grifols’ governing body and represents all shareholders on matters within its competence. Grifols welcomes all shareholders, with no minimum number of shares required to attend. Board of Directors7 The Board of Directors is Grifols’ highest decision-making body, with the exception of matters that fall under the competence of the General Shareholders’ Meeting. Grifols Board of Directors is responsible for approving the company’s corporate strategy and execution. To this end, it guides and controls the actions of Grifols management to ensure it achieves established objectives and satisfies stakeholder expectations. The company has an Audit Committee and Appointments and Remuneration Committee that both include a secretary and three members appointed based on their knowledge, skills and experience in committee matters. All committee members are non-executive directors and at least two must be independent directors. Committee presidents are independent directors. 6 Information on the powers granted to the Grifols General Shareholders’ Meeting and other issues regarding the last meeting and published on www.grifols.com 7 Detailed information on the responsibilities of Grifols Board of Directors and Board Committees are available on www.grifols.com 15 Corporate Responsability Corporate Res pons ibility guidelines : integrity and trans parency, com pliance with regulations and s ecurity and health, s ocial com m itm ent General principles : trans parency, veracity, equality, s ym m etry in inform ation dis clos ure, com pliance with applicable legis lation Determ ines conduct and action criteria, m us t be followed by the affected pers on, covers the handling, us e and dis clos ure of confidential ins ider and Relevant Inform ation Corporate tax policy principles : res pons ible taxation, prudence, collaboration with com petent tax authorities , no pres ence in tax havens , com pliance with the s trictes t legal fram ework applicable in each legis lation, aligned with OECD and EU principles Es tablis hed on: a zero-tolerance ris k fram ework, leaders hip of s enior m anagem ent to allocate the neces s ary res ources , integration of s trategic and planning m anagem ent proces s es , s egregation of duties , holis tic and harm onized m anagem ent approach, continuous im provem ents through periodic reviews The Directors ' Rem uneration Report was approved by the Ordinary General Shareholders Meeting held on May 26, 2017 and will be valid for the next three years unles s am ended by the Grifols General Shareholders Meeting. Communication with Financial Markets Internal code of conduct for matters Tax compliance and best practices Risk control and Management Policy Director's remuneration policy

GRIFOLS, S.A. AND SUBSIDIARY COMPANIES Consolidated Directors’ Report Beyond legal requirements, and in alignment with best practices in corporate governance, Grifols’ Board of Directors has a lead independent director who coordinates the independent directors and safeguards ensures independence between the company’s governance and management functions. Board of Directors’ profile: A well-balanced and diverse board in terms of gender, age and experience More than 50% of board members are independent 31% of board members are women, exceeding Spain’s Comisión Nacional del Mercado de Valores recommendation, which aims to increase female participation on executive boards by 2020 RISKS AND UNCERTAINTIES Grifols’ risk management system applies to all companies that make up the group, including investees. The company’s risk control and management policy aims to provide greater security to patients, donors, employees, shareholders, clients, suppliers and other stakeholders by anticipating, controlling and managing risks that could prevent Grifols from achieving its objectives. It comprises specific risk policies that are formulated within a risk control and assurance framework. Grifols’ Board of Directors is responsible for approving the company’s risk control and management policy. For its part, the Audit Committee supervises the efficiency of the risk control and management system, including periodic evaluations. The Internal Audit Department supports the committee in these functions. At the same time, the senior management team oversees the risk management process by identifying and evaluating relevant risks and determining appropriate responses, taking into account the potential business impact, costs and benefits. The primary risk factors that Grifols is subject to are outlined, in general terms, in its risk control and assurance policy8 . These include: - Regulatory risks: arising from regulatory changes or from changes in social, environmental or tax regulations. 8 http://www.grifols.com/documents/10180/14422120/risk-control-and-management-policy-2017-es/362de5d6-8f36-4c3c-aedd-10811f8dd3ec 16 Name Board of Directors Víctor Grífols Roura Raim on Grífols Roura Víctor Grífols Deu Ram ón Riera Roca Tom ás Dagá Gelabert Thom as Glanzm ann Anna Veiga Lluch Steven F. Mayer Luis Is as i Fernández de Bobadilla Belén Villalonga Morenés Marla E. Salm on Iñigo Sánchez-As iaín Mardones Carina Szpilka Lázaro Nuria Martín Barnés Non-executive Chairm an / Proprietary Co-CEO / Executive Co-CEO / Executive Director/ Other external Director and Vice Secretary/ Other external Non-Executive Vice Chairm an/ Other external Director/ Independent Director/ Independent Director/ Independent Director/ Independent Director/ Independent Lead Independent Director / Independent Director/ Independent Secretary/Non m em ber

GRIFOLS, S.A. AND SUBSIDIARY COMPANIES Consolidated Directors’ Report Market risks: relating to the exposure of the results and Grifols' equity to changes in market prices and variables, such as exchange rates, interest rates, prices of raw materials, prices of financial assets and others. - Credit risks: the possibility that counterparty fails to perform its contractual obligations and produces an economic or financial loss for the company. - Business risks: uncertainty regarding the performance of key variables inherent in the Grifols’ business: demand, supply of raw materials and new competitive products. - - Operational risks: resulting from inadequate internal procedures, technical failures, human error or as a consequence of certain external events, including legal risks, fraud, and those related to information technologies, cybersecurity. Reputational risks: potential negative impact resulting from changes in the perception of Grifols among various stakeholders. - - Penal risks At the date of formal preparation of these consolidated financial statements, Grifols adopted measures to mitigate any possible effects arising from the aforementioned events. Grifols’ risk control and management system is grounded on the following principles: - A tolerance framework, which reflects the levels of risk that the company deems acceptable and consistent with its corporate objectives. Leadership of senior management to allocate the necessary resources. Integration in management processes, especially strategic and planning processes. Separation of functions among business areas and supervision and quality assurance mechanisms. Integrated approach and corporate alignment to ensure all risks adhere to the same identification, assessment and treatment process. Ongoing improvements through periodic reviews of the system’s strength and effectiveness, as well as risk-related best practices and recommendations. - - - - - By establishing and enforcing these norms and control procedures, the group aspires to cultivate an atmosphere of strict and constructive control throughout the organization in which all employees fully understand their roles and obligations. More information on Grifols’ risk control and management policy may be found in the annex, in Note 5 of its annual consolidated financial statements. 17

GRIFOLS, S.A. AND SUBSIDIARY COMPANIES Consolidated Directors’ Report ENVIRONMENTAL GRIFOLS’ GENERAL FRAMEWORK FOR ENVIRONMENTAL ACTION Environmental management Grifols minimizes the potential impact of its operations on the environment. In alignment with its commitment to sustainable development, the company has diverse policies and standard guidelines in place to ensure efficient resources management. Communicated across the organization at the behest of Grifols’ top management, they define and articulate the company’s environmental management efforts: Grifols’ environmental impact resources ISO 14001 standard. It serves as an organization-wide reference for environmental behavior. 2019 ENVIRONMENTAL PLAN is currently in force. Efficient environmental management: key considerations Grifols’ environmental management includes a range of initiatives to optimize its resource management and mitigate any potential environmental impact caused by its operations. These include: of emergencies or incidents with environmental impact. 18 Ecoefficiency Integration of environmental criteria in the design systems of projects, products and services in order to incorporate adequate prevention and eco-efficiency measures that minimize the environmental impact. The R+D, Engineering and Grifols Engineering Departments study and apply the most eco-efficient alternatives from a life cycle perspective. Prevention - Periodic review of preventive measures to minimize the potential impact of environmental risks identified by the company. - Perform periodic simulations in manufacturing plants to evaluate the reaction capacity in case - Specific training for employees. Development of specific self-protection plans for each installation Define action plans in case of emergencies with environmental implications and appoint teams responsible for their implementation. Legal compliance Legislative monitoring systems allow identifying the legal requirements that each facility must comply with and periodic compliance assessments. Communication Internal and external communication procedures to guarantee an adequate response for each type communication received within a stipulated timeframe. Environmental Policy Defines organization-wide guidelines, principles and commitments to control and improve Energy Policy Defines organization-wide guidelines and operational principles to optimize the use of energy Corporate Environmental Manual Manual applicable for most manufacturing centers and others certified with the international Environmental Programs Includes specific lines of action for each business area to reach overall objectives. The 2017-Environmental Committees - Participation of senior management of each ISO 14001-certified company (or in the certification process) and of Grifols Committee, S.A., which encompasses the environmental management of all companies. - Control and follow-up of the environmental management system - Proposal, follow-up and supervision of environmental programs. - Review of follow-up indicators, application of corrective measures and compliance of the current legal framework - Identification of areas for improvement.

GRIFOLS, S.A. AND SUBSIDIARY COMPANIES Consolidated Directors’ Report Environmental certifications Grifols’ environmental management system is certified by the international ISO 14001 standard, which ensures the company has procedures in place to prevent environmental risk and minimize the environmental impact of its operations. The company aspires to obtain ISO 14001 certification in all of its manufacturing facilities. Grifols’ plants in Spain have been ISO-14001-certified since 2004 and 2005, while the Clayton (North Carolina, USA) hemoderivatives plant was certified in 2016. In 2018, the company worked to earn certification for the Diagnostic Division’s Emeryville plant (obtained in June) and initiated the certification process for the Bioscience Division plant in Los Angeles. All certified plants have adopted the new ISO 14001:2015 standard. To date, 75% of Grifols’ total production is manufactured in ISO-14001-certified installations. In 2018, the Clayton plant was also distinguished with the Leadership in Energy and Environmental (LEED) for its sustainable design. The Grifols facility became the first to receive this distinction in Johnston County. Provisions and safeguards for environmental risks Grifols has civil responsibility insurance to cover accidental contamination of the environment, understood as the disturbance of the natural state of air, groundwater, flora or fauna (or any other situation legally deemed as environmentally harmful), caused by emissions from Grifols installations due to accidental, sudden and unforeseen consequences. Grifols’ responsibility extends to all of its companies, manufacturing facilities and sales offices in all of the countries where it operates. In 2018, Grifols received no fines or economic sanctions related to its environmental management. EVOLUTION AND ACTION LINES IN 2018 Resource allocation to prevent environmental impacts Grifols carried out notable investments in 2018 to improve its environmental performance and meet its 2017-2019 Environmental Program Policy objectives. In 2018, investments focused primarily on reducing water consumption and emissions from refrigerant gases. Corporate investment in environmental assets reached EUR 2.7 million (EUR 8.5 million in 2017). Costs rose to EUR 15.5 million, compared to the EUR 13.6 million reported in 2017. The difference in comparison with previous years derives from a change in accounting criteria for this type of investments. In previous years, only the portion of the project carried out during the year was listed for accounting purposes; starting in 2018, the entire investment is recorded in the year the project is finalized. The main environmental costs related to waste management and the treatment of wastewater. On the whole, including costs and investments, 63% of resources were allocated toward waste management; 32% were related to managing the water cycle; and the remaining 5% were allocated to reducing atmospheric emissions, energy and others. Expenses 19 In thousands of euros 2016 2017 2018 Waste management Water cycle Reducing atmospheric emissions, energy Others 9,073.5 9,621.9 11,419.2 3,195.8 3,636.6 3,718.2 186.1 54.7 74.2 262.5 241.1 290.3 Total 12,717.9 13,554.3 15,501.9

GRIFOLS, S.A. AND SUBSIDIARY COMPANIES Consolidated Directors’ Report Investments 2017-2019 Environmental Program: progress in 2018 Grifols’ 2017-2019 Environmental Program outlines its environmental goals and targets for this two -year period. Specific action items are attached to all objectives, which are carried out in Grifols’ various manufacturing facilities. The following table details the overall objectives of the 2017-2019 Environmental Program. The degree of fulfillment refers to the extent to which the objectives have been implemented. 20 2017 - 2019 OBJECTIVES DEGREE OF FULFILLMENT OF OBJECTIVES ( 2018 OVERVIEW) ENERGY Reduction of electrical consumption by 2.06 million kWh per year in specific installation Reduction in electrical demand in new installations by 6.2 million kWh per year Decrease in the consumption of heat energy by 19.7 million kWh per year in specific buildings Reduction in natural gas consumption in the construction of new installations by 0.92 million kWh per year 15.1% 44.9% 99.4% 25.3% WATER Reduction in water consumption by 265,000 m3 per year in specific installations 36.0% WASTE Reduction in the volume of waste by 450 T per year in specific installations Increase in waste recycling by 270 T per year in specific installations 79.5% 100% - COMPLETED CONSUMPTION Reduction in the consumption of raw materials in specific installations 16.7% OTHERS Standardization of the environmental management system in specific installations Reduction of atmospheric gas emissions in specific installations Environmental awareness in specific installations 78.0% 38.0% 100% - COMPLETED In thousands of euros 2016 2017 2018 Waste management Water cycle Reducing atmospheric emissions, energy Others 389.2 420.8 52.6 2,064.4 4,002.2 2,084.6 2,600.3 3,723.6 121.5 96.8 347.9 474.0 Total 5,150.7 8,494.5 2,732.7

GRIFOLS, S.A. AND SUBSIDIARY COMPANIES Consolidated Directors’ Report New objectives and targets for 2018: installations (Barcelona and Clayton) Estimated savings of 1.12 million kWh per year compared to a conventional heater Like all Program objectives, these targets are supported by concrete metrics, execution deadlines, human and financial resources, as well as deadlines for implementation. KEY METRICS IN 2018 Emissions Grifols calculated its carbon footprint to identify greenhouse gas emissions generated by its operations and their impact on the environment. Calculations follow the Greenhouse Gas Protocol (GHG Protocol) methodology, the international standard used to measure and report greenhouse gas emissions. Total emissions in 2018 were 296,000 tons of CO2 equivalent, 0.4% higher than the previous year. Broken down by scopes according to the GHG, as follows: Emissions by source 2018 (t CO2e) transportation, as well as emissions managed from Grifols International) 21 Scope 1 Scope 2 Scope 3 Direct emissions generated by the activity itself, mainly through consumption of natural gas and other fuels, and fugitive emissions such as refrigerant leaks. Indirect emissions from electricity consumption. Other indirect emissions: business travel, employee commuting and resulting from waste treatment and recovery. Fuel (Gasoline and Diesel) 2,512 Electricity 120,493 Transportation (Imports and exports 8,665 Fugitive emissions 19,975 Waste management 16,112 Natural Gas 75,556 Business travel 12,535 Employee commuting 40,076 TOTAL Emissions 295,924 ENERGY Continuity on projects aimed to decrease electrical consumption by more than 800,000 kWh in current installations Increase in number of energy audits in manufacturing centers (Ireland) and subsidiaries (Germany and France) Decrease electrical consumption in cooling capacity systems in Bioscience Division installations (Barcelona) Modelling for electrical consumption of air conditioning in headquarters (Barcelona) Projects to decrease natural gas consumption by 4.1million kWh per year in existing installations Enhance efficiency of heaters and condensation recovery systems in the Bioscience Division Optimization of natural gas consumption Installation of a high-efficiency heater in the Bioscience Division's installations in Ireland. WATER Reducción del consumo anual de agua en 6.500 m3 Installation of water and condensation recovery systems in Bioscience Division installations (Clayton) ATMOSPHERIC EMISSIONS Incorporation of new cold gas refrigerant installations with lower GWP or GWP=0 (Global Warming Potential) Study on installation of solar-energy plants in Hospital Division (Murcia) and Bioscience Division (Clayton) installations

GRIFOLS, S.A. AND SUBSIDIARY COMPANIES Consolidated Directors’ Report Refrigerant gas leaks (absolute value, T) Other significant air emissions Waste Grifols’ waste management strategy prioritizes preventing and minimizing waste and encouraging recovery whenever possible, as opposed to landfill or incineration. Grifols’ commitment to optimize waste management includes recycling, anaerobic digestion and energy recovery. Waste generated by type and disposal method *Waste classified as “Other” in previous years has been reclassified with greater detail into other categories. Sustainable use of resources Water consumption In 2018, water consumption totaled 3,320,383 m3, a 1.8% increase compared to 2017. regions* 84,093 79,612 4,481 0.1% *High and high-hazard risk areas according to World Resource Institute. 22 By source % of consumption on Total Groundwater Third-party water water-stressed Water consumed (m3) Bioscience Diagnostic Hospital 3,059,184175,8172,883,36717.9% 177,106177,10684.7% Total 3,320,383255,4293,064,95421.0% 2016 2017 2018 Total weight of hazardous waste (T) Energy recovery and by-products Reused and recycled Disposed of 1,476 1,707 2,093 2,440 2,706 2,963 3,935 4,275 5,007 Total weight of non-hazardous waste (T) Energy recovery and by-products Composted Reused and recycled Other Disposed of 3,971 5,138 4,762 394 29 50 4,407 5,494 7,402 869 *0 *0 14,258 15,974 18,947 Other (non-hazardous/hazardous waste) (T) Disposed of 2,135 2,648 *0 Total 33,885 37,971 41,224 2016 2017 2018 NOx (T) CO (T) SO2 (T) 68.068.366.5 11.558.558.5 1.01.21.4 2016 2017 2018 HCFC (T) HFC (T) Otros (T) 1.680.280.34 6.187.935.75 0.010.010.01

GRIFOLS, S.A. AND SUBSIDIARY COMPANIES Consolidated Directors’ Report Grifols operates in geographic regions where controlling water consumption is a necessity. To this end, the company applies preventive measures when it designs new facilities and modifies existing facilities to reduce water consumption. Among the measures implemented are recovering clean water used in production processes for auxiliary uses and using automated CIP cleaning systems to reduce the amount of water used to clean reactors. Wastes Grifols complies with all relevant regulations and authorizations applicable to the elimination of wastewater in its facilities. Wastewater is managed in proprietary or municipal treatment systems. In 2018, 2,647,969 m3 of wastewater was discharged into the public sewer system. Of the water consumed, 79.7% is transformed into wastewater, while the remaining 20.3% is used in auxiliary processes that do not involve discharge, such as the cooling towers, or incorporated into the product during the manufacturing process. The Bioscience Division’s facilities in Barcelona and Clayton treat wastewater with biological systems prior to discharge. water-stressed 56,421 56,421 0.1% *High and high-hazard risk areas according to World Resource Institute. Raw materials consumption (by divisions) (*) Figures updated according to new consolidation criteria. Starting in 2018, all types are consolidated into a single PCV category. 23 Main materials consumed Diagnostic - Absolute value (T) 2016 (*) 2017 (*) 2018 Variation Circuit boards (units) PP Plas tic Cards Glas s packaging Plas tic reagent packaging Red cell reagents (liters) PVC pellets , flat tubes and s heets 31,68030,11531,9916.2% 19217724840.1% 19172017.6% 2522234.5% 254,836249,205274,03410.0% 62342957333.5% Total 85964586434.0% Main materials consumed Bioscience - Absolute value (T) 2016 2017 2018 Variation Sorbitol Ethanol Polyethylene glycol Glas s packaging 1,6721,4201,99440.4% 3,0242,9532,781-5.8% 1,6351,9142,24517.3% 25326232524.0% Total 6,5846,5497,34512.2% By destination By treatment By region Total (Public sewer system) No treatment Biological systems prior to discharge % of consumption on regions* Water discharged (m3) Bioscience Diagnostic Hospital 2,408,5931,415,348993,24511.7% 182,955182,95575.3% Total 2,647,9691,654,724993,24515.9%

GRIFOLS, S.A. AND SUBSIDIARY COMPANIES Consolidated Directors’ Report Energy consumption In 2018, Grifols consumed a total of 384.0 million kWh, compared to 353.6 million kWh in 2017. The Bioscience Division represents 87% of Grifols’ total energy consumption. Higher consumption in absolute values stems from production increases and expansion of the plasma donation network. The Diagnostic Division’s electricity usage was 34.3 million kWh, a 5% increase compared to 2017. The Hospital Division accounts for the remaining 4.2% of electricity consumed. Its energy consumption in absolute values was 16.3 million kWh, a 7% increase compared to 2017 despite a 16% increase in productive output. The Division improved its energy efficiency by relocating most of its manufacturing operations from the oldest plant in Murcia to a newer, more modern and efficient plant. In terms of renewable energy, 4,905,592 kWh were consumed in Spain, Ireland and Italy. Electricity consumption by division (kWh) Cogeneration Natural gas The consumption of natural gas in 2018 totaled 415 million kWh, a 6% increase over the previous year. Most consumption derives from the Bioscience Division, which represented 87% of the total in 2018. The division increased its usage by 5% due to higher production output and expansion of the plasma center network. The Diagnostic Division also increased its consumption following validations for the Emeryville plant. The Hospital Division’s consumption remained stable despite increasing its yearly manufacturing output. The division relocated most of its operations to a newer, more energy-efficient plant in Murcia, Spain. In terms of geographic regions, 62% is consumed in the United States. 24 Cogeneration figures 2016 2017 2018 Natural gas cons um ed (kwh) Total electricity generated (kwh) Us eful heat recovered (kwh) Global output Prim ary energy s aving (pes ) Co2 em is s ions (t) Co2 em is s ions s avings (t) 101,044,94785,979,38089,417,050 37,802,94035,024,99032,984,680 27,335,44023,134,79025,266,980 71.5%68.0%71.6% 18.9%17.0%17.6% 18,10115,61216,315 3,4163,2773,492 2016 2017 2018 Bios cience Diagnos tic Hos pital 303,698,495 305,509,272 333,293,034 24,020,38532,816,14834,367,035 14,371,82115,296,44516,380,793 Total Aigües de Vilajuïga 342,090,701 353,621,865 384,040,862 6,716 TOTAL 384,047,578 Main materials consumed Hospital - Absolute value (T) 2016 2017 2018 Variation PP, pellets and flat tubes Glucos e Sodium chloride Glas s packaging 21952261818.4% 79254206-18.9% 16517621220.5% 1,3551,117800-28.4% Total 1,8182,0691,836-11.3%

GRIFOLS, S.A. AND SUBSIDIARY COMPANIES Consolidated Directors’ Report Natural gas consumption by division (kWh) Other combustibles The Bioscience Division also consumes other fuels including diesel, gasoline and propane, which are used in its own generators, equipment and vehicles. In 2018, 8,306 MWh were consumed, a 6% increase compared to the previous year due mainly to greater diesel consumption. Climate change Grifols implements preventive pollution strategies to mitigate the environmental impact of its operations and the effects of climate change. The company participates in the Carbon Disclosure Project (CDP), an annual program that evaluates the organization’s strategy and performance with respect to climate change. The company received the CDP2018 participation questionnaire in June. Grifols obtained a “B Management” grade in 2018, the same score as last year. This rating indicates the company’s strides to minimize atmospheric emissions by assessing its impacts, risks and opportunities, as well as the effectiveness of its policy and strategy framework toward reducing the negative impact of climate change. SOCIAL AND PERSONNEL PERSONNEL MANAGEMENT AT GRIFOLS Grifols’ success resides in the dedication and commitment of its workforce, which the company considers among its most important assets. The company advocates an equal-opportunity policy in its selection processes, training initiatives, remuneration, promotions and professional development efforts, and fosters a culture of diversity, inclusion, equal opportunities and non-discrimination. To this end, Grifols has a range of standard, organization-wide of policies and guidelines: - Selection processes follow Grifols Recruiting Policy to guarantee systematic hiring procedures that comply with current legal frameworks and support corporate values. As part of this commitment, Grifols bases its talent search on criteria including professional profile, functional profile, motivation and growth potential. - In alignment with its remuneration policy, Grifols offers competitive pay packages and compensates employees who support the company’s ongoing development and demonstrate solid individual and professional performance. As established in its corporate policies, each country offers remuneration and benefit systems adapted to their region. - The company utilizes a Grifols Performance System (GPS) to promote the professional development of its talent pool. All employees are invited to carry out an annual performance review using this systematic process, which assesses their attitudes, performance and behaviors within the framework of Grifols’ corporate values. The GPS allows employees to examine their strengths and areas for growth and co-create individual growth tracks and professional development plans. - Employee education is an essential component of Grifols’ professional development. Grifols strives to continuously train its talent pool with the necessary skills and competencies to successfully perform their jobs and prepare them for roles of greater responsibility in the future. The company established the 25 2016 2017 2018 Bios cience Diagnos tic Hos pital 336,692,316 342,916,221 358,704,138 13,347,31628,247,56935,149,360 19,761,84120,451,58020,886,079 Total 369,801,473 391,615,370 414,739,577

GRIFOLS, S.A. AND SUBSIDIARY COMPANIES Consolidated Directors’ Report “Grifols Academy” in 2009 to enhance the skillset and leadership potential of its talent pool and cultivate dynamic forums for learning and knowledge-sharing. Every role at Grifols requires specific skillsets, competencies and attitudes that align with the company’s values. Grifols places a high value on teamwork, honesty, integrity, ethics and compliance at all levels of the organization. The Board of Directors and top-level executive team actively promote these values as mainstays of the corporate culture through: The Code of Conduct9 establishes guidelines for all Grifols employees when performing their diverse functions, as well as in their professional relationships. - Grifols Anti-Corruption Policy10 defines the standards of conduct for all employees, including executives and top-decision bodies. It applies to all subsidiaries and investees worldwide. Available for all employees, the policy advocates a “zero-tolerance approach” regarding any acts of corruption or bribery. - Diversity, inclusion, equal opportunity and non-discrimination: core aspects The diversity in Grifols’ workforce is grounded on a respect for individual differences including ethnicity, race, color, gender, age, physical appearance and ability/disability, and underlying characteristics like attitudes, religion and beliefs, education, nationality and personal trajectories. Diversity also encompasses sexual orientation, marriage and civil partnerships, gender identity and/or expression and other personal aspects. Grifols is proud of the diverse talents and abilities in its global talent pool. The sum of employees’ individual differences, life experiences, knowledge, singular abilities and talents undoubtedly enhance Grifols’ corporate culture and organizational outcomes. As a result of the company’s efforts to maintain a discrimination-free workplace, only 33 incidents of discrimination were reported in 2018 out of a total of 21,230 employees, compared to 48 incidents out of 18,296 employees in 2017 and 25 incidents out of 14.877 employees in 2016. Grifols thoroughly reviewed these claims, and although none was considered discriminatory in legal terms, there were actions taken including admonition, counseling and training to guarantee a discrimination-free environment. Diversity includes labor integration of persons with disabilities The company is committed to hiring individuals with disabilities. Grifols adopts alternative measures when accommodating a disabled individual is not possible for technical or organizational reasons, as established in the General Law on Persons With Disabilities, applicable to private and public-sector firms in Spain. As of 2018, 461 people with some type of disability form part of Grifols’ talent pool (61 in Spain and 400 in the U.S.11). Grifols promotes universal access to people with disabilities. Its accessibility principles include the removal of architectural barriers and pledge of equal opportunities for persons with disabilities. The company’s new buildings and installations comply with current legislation and necessary structural reforms are carried out when necessary. 9 See https://www.grifols.com/documents/51507592/51526483/internal-code-of-conduct-2016-en.pdf/d03bff73-e6cc-481a-bdfa-32eb6efb6ac9 10 Available at https://www.grifols.com/en/corporate-policies 11 This indicator scope excludes Biotest USA and Goetech companies. 26

GRIFOLS, S.A. AND SUBSIDIARY COMPANIES Consolidated Directors’ Report Equal opportunities Grifols makes no distinction between men and women in its hiring practices, compensation or benefits packages. In accordance with the Grifols Equal Opportunities philosophy, salaries for new incorporations are the same regardless of gender. The company has equal-opportunity programs in place in alignment with its policy of non-discrimination and equal opportunity, and in compliance with the Equality Act 3/2007 of 22 March. As outlined in Grifols’ Equality Program, the Equality Committee is responsible for monitoring the system, including periodical and objective evaluations. Among the actions included since it was set in 2014 are: - - - Distribution of Equal Treatment and Opportunities Program. Incorporation of training activities on equality issues, as part of Grifols’ Professional Development Plans Consolidation of the positive action measures outlined in Art. 11 and 18 of the XVII Chemical Industry General Agreement regarding recruitment and hiring practices, by which candidates of the under-represented sex in the professional area or segment in question are given preference, all other issues being equal, i.e. competencies, skill and suitability. Increase awareness to prevent sexual and gender-based harassment throughout the organization and roll-out of a harassment prevention protocol. Flexible working arrangements and work-life balance initiatives. Training initiatives to raise awareness and encourage the use of inclusive language. - - - These actions align with the core principles established in Grifols Code of Conduct and Code of Ethics for Executives. The company continues to focus on a range of areas of intervention. These include actions to advance equalitarian organizational management; increase female representation in management bodies; contribute to eliminating pay gaps in positions of equal value; promote flexible work and work-life balance policies; and ensure internal and external communications use inclusive language and convey a gender-neutral approach, as established in the company’s official information channels on equal opportunities and the importance of language. Work organization and work-life balance Effective equality is promoted through work-life balance measures that allow employees to reconcile their professional and personal commitments. Grifols continues to integrate work-life balance policies in the organization. In 2018, the company rolled out two important measures: A Friday workday of 8 a.m.-3 p.m. in Grifols’ centers in Spain for employees with standard business hours; and the option of dividing up one vacation day per year. In the U.S., all vacation days may be divided into half-day allotments. Grifols does not have “right to disconnect” policies. Anti-discrimination policy in the U.S. The company complies with the Office of Federal Contract Compliance Programs (OFCCP) of the U.S. Department of Labor, which requires employers like Grifols to take active steps to ensure equal-opportunity employment and prevent discrimination based on race, gender and disability, among others. These Affirmative Action Plans (AAPs) to promote the employment of women and legally protected minority groups apply to companies with more than 50 employees. In 2018, Grifols’ AAPs led to 96 concrete action plans, a 40% increase compared to 2017 (57 action plans). 27

GRIFOLS, S.A. AND SUBSIDIARY COMPANIES Consolidated Directors’ Report Grifols’ workforce In 2018, Grifols’ workforce included 21,230 employees, growing more than 16% compared to the previous year (18,296 employees in 2017). The number of women increased in all professional categories, especially in occupational positions (+37%), to 1,379 women; management (+25%) to 590 women; and top management (+24%) to 172 women. The evolution of Grifols’ workforce in 2018 and the positive impact of its proactive talent management strategies are summarized in the following data: 59% women and 41% men. 98.3% permanent contracts overall and 98.7% in the case of women. More than 51.7% of employees are between 30 and 50 years old. 93.8% of employees work full time: 92.4% in the case of women. Women comprise 32% of top management positions. Distribution of employees by country Distribution of employees by gender and type of contract Distribution of employees by region and type of contract Distribution of employees by age Distribution of employees by gender and workday 28 2016 2017 2018 Full-time Part-time Total Full-time Part-time Total Full-time Part-time Total Women Men 7,477 588 8,065 6,625 187 6,812 9,861 654 10,515 7,571 210 7,781 11,610 956 12,566 8,306 358 8,664 Total % 14,102 775 14,877 94.8% 5.2% 100.0% 17,432 864 18,296 95.3% 4.7% 100.0% 19,916 1,314 21,230 93.8% 6.2% 100.0% 2016 2017 2018 <30 30-50 >50 Total 3,871 5,503 6,528 8,378 9,754 10,988 2,628 3,039 3,714 14,877 18,296 21,230 2016 2017 2018 Permanent Temporary Total Permanent Temporary Total Permanent Temporary Total North America Europe Rest of the world 10,553 3 10,556 3,540 385 3,925 373 23 396 13,670 1 13,671 3,829 386 4,215 378 32 410 15,330 0 15,330 5,119 348 5,467 417 16 433 Total 14,466 411 14,877 17,877 419 18,296 20,866 364 21,230 2016 2017 2018 Permanent Temporary Total Permanent Temporary Total Permanent Temporary Total Women Men 7,889 176 8,065 6,577 235 6,812 10,329 186 10,515 7,548 233 7,781 12,402 164 12,566 8,464 200 8,664 Total % 14,466 411 14,877 97.2% 2.8% 100.0% 17,877 419 18,296 97.7% 2.3% 100.0% 20,866 364 21,230 98.3% 1.7% 100.0% Employees % Spain USA Rest of the World 3,858 18.2% 15,299 72.1% 2,073 9.8% Total 21,230 100.0%

GRIFOLS, S.A. AND SUBSIDIARY COMPANIES Consolidated Directors’ Report Distribution (%) by professional category and gender Distribution (%) by professional category and age The U.S. and Spain represent 90.2% of Grifols’ workforce. In these countries, there were 1,255 dismissals in 2018: 25 in Spain and 1,230 in the United States6 Breakdown by gender6 Breakdown by age6 Breakdown by professional category6 29 2018 SPAIN USA Top management Senior management Management Senior professional Professional Administratives/ Manufacturing operators 1 8 4 4 3 10 5 16 4 31 8 1,161 Total 25 1,230 2018 <30 30-50 >50 TOTAL SPAIN USA 3 16 6 25 590 515 125 1,230 Total % 593 531 131 1,255 47.3% 42.3% 10.4% 100.0% 2018 Women Men Total SPAIN USA 13 12 25 840 390 1,230 Total % 853 402 1,255 68.0% 32.0% 100.0% 2017 2018 <30 30-50 >50 Total <30 30-50 >50 Total Top management Senior management Management Senior professional Professional Administratives/ Manufacturing operators 0.0% 46.0% 54.0% 472 0.0% 63.0% 37.0% 490 2.0% 68.0% 30.0% 1,074 6.0% 70.0% 24.0% 1,631 15.0% 68.0% 17.0% 1,978 40.0% 48.0% 12.0% 12,651 1.0% 40.0% 59.0% 542 0.0% 59.0% 41.0% 495 2.0% 63.0% 35.0% 1,224 6.0% 69.0% 25.0% 1,816 15.0% 67.0% 18.0% 2,474 41.0% 46.0% 13.0% 14,679 Total 30.0% 53.0% 17.0% 18,296 31.0% 52.0% 17.0% 21,230 2017 2018 Women Men Total Women Men Total Top management Senior management Management Senior professional Professional Administratives/ Manufacturing operators 29.0% 71.0% 472 32.0% 68.0% 542 40.0% 60.0% 490 41.0% 59.0% 495 44.0% 56.0% 1,074 48.0% 52.0% 1,224 45.0% 55.0% 1,631 47.0% 53.0% 1,816 51.0% 49.0% 1,978 56.0% 44.0% 2,474 63.0% 37.0% 12,651 64.0% 36.0% 14,679 Total 57.0% 43.0% 18,296 59.0% 41.0% 21,230

GRIFOLS, S.A. AND SUBSIDIARY COMPANIES Consolidated Directors’ Report Gender pay gap The gender pay gap refers to the difference between men's and women's wages and salaries, calculated as the differential between the average salary of both divided by the average salary of men. Grifols provides gender pay gap information per professional category of its workforce in Spain and the U.S., which together represent more than 90% of the group's workforce. The last report of the World Economic Forum (WEF) places the gender pay gap at 68%. This means that, on average, there is still a gap of 32% to close. To date, no country has reached parity and only seven countries have closed at least 80% of the gap. In Spain, the latest available data from Eurostat12 places the gender pay gap adjusted per hour at 14.2%. In the United States, the U.S. Census Bureau reported that full-time female employees receive, on average, 80% of salaries paid to male employees. The OECD13, on the other hand, data places the gender pay gap at 18.2%. Grifols is committed to effective equality, which includes equal pay for work of equal value. The data reported in 2018 highlight the company’s efforts to gradually reduce the gap across all professional categories: Gender pay gap by job category in Spain Gender pay gap by job category in the U.S. – plasma centers Gender pay gap by job category in the U.S. – rest of activities Salary differences between men and women are often indicative of the company’s organizational structure. Grifols has proportionally more women than men in its plasma collection centers and, proportionally, with 12 Source: Eurostat 2016. https://ec.europa.eu/eurostat/web/equality/overview 13 Source: Organisation for Economic Co-operation and Development. Gender Wage Gap OECD, 2017 30 Job Category Gender gap 2018 Gender gap 2017 Top management Senior management Management Senior professional Professional Admin./Manuf. Operators 11.3% 15.8% 1.6% 2.9% 4.5% 4.7% 2.6% 2.2% 5.2% 3.1% 4.7% 4.2% Job Category Gender gap 2018 Gender gap 2017 Top management Senior management Management Senior professional Professional Admin./Manuf. Operators 3.0% 11.6% 1.2% 3.9% 9.5% 1.1% 3.3% 1.5% 6.8% 6.0% 0.0% -1.5% Job Category Gender gap 2018 Gender gap 2017 Top management Senior management Management Senior professional Professional Admin./Manuf. Operators 13.8% 27.1% 5.4% 9.3% 9.7% 12.3% 9.0% 9.7% 6.3% 8.5% 2.8% 3.3%

GRIFOLS, S.A. AND SUBSIDIARY COMPANIES Consolidated Directors’ Report more men in its senior leadership team. Most of the gender pay gap is attributable to this organizational profile. The company is committed to gradually improving this situation and plans to deepen its understanding of its root causes in 2019. Based on this analysis, the action plan will be updated to implement solutions that are practical and beneficial for Grifols’ talent pool. Average wage14 by category and gender Spain average 2018 average 2017 155,492.2 € 150,585.0 € 80,315.1 € 77,055.0 € 57,588.3 € 55,165.6 € 43,565.1 € 41,302.0 € 36,628.8 € 35,895.2 € 26,290.0 € 25,621.2 € USA – plasma center average 2018 average 2017 $228,951.5 $226,335.0 $123,810.3 $171,934.4 $107,175.5 $103,319.9 $88,145.0 $90,029.1 $67,937.4 $66,202.0 $34,060.5 $33,228.4 14 To avoid distorting the results, the average fixed salary excludes salaries based on seniority or individual/personal events. 31 UNITED STATES DONOR CENTERS Job Category Fixed Wage-Fixed Wage-Top management Women Men $221,983.7 $200,139.7 Senior management Women Men $122,292.4 $165,157.7 Management Women Men $97,009.0 $102,137.6 Senior professional Women Men $85,205.8 $88,640.2 Professional Women Men $63,334.0 $62,199.8 Admin./Manuf. Operators Women Men $34,075.4 $33,722.4 Job Category Fixed Wage-Fixed Wage-Top management Women Men 134,008.0 € 107,557.8 € Senior management Women Men 76,002.9 € 72,133.4 € Management Women Men 51,989.7 € 49,121.8 € Senior professional Women Men 39,644.6 € 37,733.9 € Professional Women Men 34,304.5 € 32,889.7 € Admin./Manuf. Operators Women Men 25,558.4 € 24,834.2 €

GRIFOLS, S.A. AND SUBSIDIARY COMPANIES Consolidated Directors’ Report USA – rest of activities average 2018 average 2017 $234,554.7 $247,426.3 $161,570.1 $159,904.8 $127,429.6 $124,162.7 $102,983.8 $99,616.8 $75,281.2 $72,612.4 $56,142.5 $55,777.4 Average wage by age6 Spain average 2018 average 2017 USA average 2018 average 2017 Average retribution of board members and executives by gender Contributions to long-term savings systems In Spain, retirement savings form part of a public social protection system. The U.S. model offers a very limited range of basic services, transferring pension coverage to the private sector and individuals’ own initiative. Considering the characteristics of each country’s model and current legislation, Grifols’ contributions toward pension plans in 2018 may be summarized as follows6: 32 In thousands of euros MenWomenTotal SPAIN USA 437.2339.9777.1 9,301.28,135.417,436.6 Total % 9,738.48,475.318,213.7 53.5%46.5%100.0% In Euros WomenMenTotal Average total wage Directive employees and BoD members 222,289.4279,777.4261,371.2 146310456 Gender Gap 20,5% Age Fixed Wage-Fixed Wage-<30 30-50 >50 $32,877.5 $31,022.7 $57,849.5 $56,864.3 $84,747.4 $86,057.3 Age Fixed Wage-Fixed Wage-<30 30-50 >50 27,513.1 € 28,310.4 € 36,491.9 € 37,174.0 € 53,363.3 € 53,587.2 € UNITED STATES OTHER ACTIVITIES Job Category Fixed Wage-Fixed Wage-Top management Women Men $208,103.9 $208,363.0 Senior management Women Men $159,042.8 $155,342.7 Management Women Men $121,734.5 $118,288.1 Senior professional Women Men $100,294.3 $97,407.7 Professional Women Men $71,395.5 $70,395.3 Admin./Manuf. Operators Women Men $53,490.9 $53,461.9

GRIFOLS, S.A. AND SUBSIDIARY COMPANIES Consolidated Directors’ Report HEALTH AND SAFETY Health and safety management Grifols’ Health and Safety Policy advocates a rigorous system of occupational health, safety and risk - prevention in the workplace. The policy guarantees that all of the group’s companies, as well as collaborating companies, act in accordance with country-specific regulations, rules, provisions and legislation, as well as with Grifols’ own health and safety standards. The Occupational Health and Safety Department establishes corporate objectives and each center determines its annual safety and health initiatives. The department also monitors the Occupational Health and Safety Systems of Grifols subsidiaries through corporate audits. International subsidiaries employ their own individual systems in line with their specific markets and corporate policies. Grifols employees actively participate in the company’s occupational health and safety teams and committees to help identify and control risks, and promote new ideas surrounding the issue. Grifols’ centers in Spain are OHSAS 18.001:2007-certified. International subsidiaries employ their own systems in accordance with their corporate policies and specific countries. Grifols’ risk-prevention department offers guidance to the entire group, monitoring the occupational safety and health program on three distinct levels: Monthly monitoring of key performance indicators Advisory visits in all companies and follow-up of preventive plans Corporate audits and acquisition of new equipment. new hires, employees with new job responsibilities and in the case of operational changes. Progress in 2018 Grifols’ employees in Spain and the U.S. represent 90,2% of its workforce. The accident rate15 in 2018 is as follows: itinere); without sick leave and first aids hours of real hours worked *10^6 15 The severity index breakdown by gender is not available in this reporting period in the US. 33 USA 2018 Spain 2018 Formula Women Men Women Men No. of work accidents with sick leave* (LTI) without sick leave (NLTI) and first aids (FA) 532 232 96 143 Total no. of work-related accidents with sick leave (non Total number of work-related accidents resulting in sick leave* (LTI) 39 27 28 51 No. of work accidents with sick leave (non itinere) Accident frequency rate 2.8 2.5 10.7 15.1 No. of work accidents with sick leave (non itinere)/no. total Degree of severity 0.08 0.4 0.4 No. of days not worked for work accidents with sick leave (non itinere)/no. Total real hours worked *10^3 No. of lost days is calculated as the difference between calendar days (not including weekends and holidays) between the leaving date and the entry date * Within the accidents calculation, occupational diseases occurring in Spain are included: 1 for men and 1 for women Identification of risks Integrated during the design phase of new installations, modification of production processes Training and awareness programs on occupational health and safety Guarantees that all employees receive information and training on risk prevention. Offered to Training is adapted to function and workplace. Employee health and well-being initiatives Grifols has various programs to promote the wellbeing of its employees in the main countries where it operates. In this U.S., this includes a personal health advisor, biometrics, etc. In Spain, health programs are reinforced with medical teams and physiotherapists in the field. In addition, during a week is foccus on health and safety where sports activities are supported.

GRIFOLS, S.A. AND SUBSIDIARY COMPANIES Consolidated Directors’ Report Grifols investigates all accidents, both with and without sick leave, minor incidents and accidents on work commutes in countries where it is regulated as part of its on-going efforts to improve its prevention systems. In 2018, Grifols launch a corporate program Behavioral Based Safety (BBS) to encourage managers to support safety behaviors amongst its teams. This program has been implemented in productive companies and is scheduled to be implemented in Ireland and Spain in 2019. In Grifols’ manufacturing plants, plasma-related processes follow strict protocols. Technical, organizational and personal prevention measures are adhered to at all times, resulting in a low frequency of occupational disease. Plasma centers pose a potential risk of contagion from contact with blood at the time of extraction. For this reason, Grifols has implemented an exposure control program to foresee and efficiently act in case of an incident. Absenteeism The occupational health, safety and wellbeing of Grifols’ employees have a direct impact on absentee rates. The company works with an absenteeism management model with established benchmarks to quantify its cost impact. Grifols implemented several measures to foster the integrated health management of its workforce in order to address the root causes of absenteeism. These measures include complementing accident insurance and corporate medical services with physiotherapy sessions to prevent musculoskeletal injuries. The company also carries out awareness sessions, return-to-work interviews after extended sick leaves, and communication protocols for employee absences. Breakdown of absenteeism hours in Spain16: PROFESSIONAL DEVELOPMENT AND TRAINING Grifols recognizes the importance of professional development to remain competitive in today’s dynamic international environment. In 201817, Grifols employees collectively received 2.5 million training hours. Women received 65.9% of total training hours and men received the remaining 34.1%. In terms of areas of focus in 2018, the company concentrated its efforts on promoting Grifols’ corporate culture, developing leadership competencies, and maintaining its trademark high standards of quality, safety and technical excellence. Grifols Academy offers ongoing educational opportunities in Spain and the United States focused along three main lines: professional development, plasmapheresis and immunohematology. In 2018, roughly half of Grifols managers took part in at least one leadership development offering. The company also runs an executive development program in collaboration with ESADE (Barcelona) and Georgetown University’s McDonough School of Business, now in its second year. The program enables Grifols employees to enhance their strategic thinking, better anticipate change and elevate their leadership potential. The company offers other leadership-competency programs that explore emotional intelligence, problem resolution and decision-making. 16 Due to regulatory differences between countries, only the absenteeism rate is reported in Spain, where it set a material issue. 17 In 2018 there was a change in the reporting criteria, including as of this year the total number of hours of on-job training in the USA plasma centers. This figure is therefore not comparable to that reported in 2017. 34 Illness Illness. Hospit. Work accident Maternity/Paternity Paid Leave Unpaid Leave TOTAL Women Men 114,632 12,153 11,041 54,978 27,582 1,334 221,720 87,196 24,282 9,764 14,719 26,001 3,636 165,598 Total 201,828 36,435 20,805 69,697 53,583 4,970 387,318

GRIFOLS, S.A. AND SUBSIDIARY COMPANIES Consolidated Directors’ Report Breakdown in training hours by professional category EMPLOYEE VALUE PROPOSITION (EVP) In 2018, Grifols’ Human Resources and Corporate Communications finalized the design of the Employee Value Proposition (EVP). This initiative reinforces Grifols’ branding and market position as a top employer. The EVP communication campaign targeting employees and job candidates will launch in 2019 using a multi-channel approach to bolster Grifols’ position as an outstanding employer. COLLECTIVE LABOR RELATIONS The Spanish labor system establishes two classifications of employee representatives: union representatives and unit representatives, who serve as members of employee committees and personnel delegates. Grifols has corporate committees in several of the group’s companies and union delegates that oversee specific duties in accordance with current legislation. The company advocates an open and transparent flow of communication with employee representatives. To the extent possible, Grifols strives to centralize cross-cutting issues that require collective bargaining. For this reason, Grifols created a forum in 2018 aimed at encouraging dialogue among committee members. Collective labor agreements Employees in some of Grifols’ subsidiaries in Spain, Germany, Italy, France, Argentina and Brazil are covered under collective agreements. In 2018, 4,246 employees were covered under this type of agreement, representing 20% of Grifols’ workforce. In 2018, in the framework of the collective labor agreement in Spain, the "variable remuneration agreement" was signed, in which it was included three specific points related to health. Employee representation in formal joint management-worker health and safety committees In Spain, Chile and Germany, where labor committees are required by law, Grifols has employees designated on occupational health and safety risk prevention committees. OHS meetings ensure regular communication in these countries. In 2018, 66% of employees in Spain have been represented by a joint occupational health and safety committee. In Chile and Germany, 100% of employees have been represented in these meetings. In 35 2018 Women Men Total Top management Senior management Management Senior professional Professional Administratives/ Manufacturing operators 5,574 11,901 17,475 7,853 12,157 20,010 17,151 24,455 41,606 41,691 60,673 102,364 46,262 53,488 99,750 1,556,125 705,134 2,261,259 Total 1,674,656 867,808 2,542,464

GRIFOLS, S.A. AND SUBSIDIARY COMPANIES Consolidated Directors’ Report subsidiaries with no formal representation, Grifols regularly communicates and consults with its workers, who establish committees that encourage employees participation and input. Each subsidiary decides on the frequency of these meetings and establishes follow-up plans, action items and concrete measures that stem from them. HUMAN RIGHTS Protecting and respecting human rights forms an intrinsic part of Grifols, guided by its mission to enhance the health and wellbeing of people worldwide and it staunch commitment to promote the wellbeing of residents in the communities where it operates. Using international frameworks as reference points (United Nations Global Compact, UN Guiding Principles on Business and Human Rights, OECD guidelines for multinational companies, ILO declaration on multinational enterprises), the company does its utmost to support and promote human rights in everything it does. The company takes concrete actions to avoid infringing on the rights of third parties and prevent any potential adverse impacts. Grifols’ Code of Ethics applies to all activities and operations carried out by employees and collaborators on the company’s behalf to ensure strict compliance with current legislation. This commitment also includes protecting human rights. To this end, the company offers a Grifols Ethics Helpline open to emp loyees and third parties to report any concerns regarding human rights violations or cases of ethical misconduct. All allegations follow a standard operating procedure to ensure that all claims are properly investigated and resolved, and that corrective actions are taken, if necessary. The Grifols Ethics Helpline received 230 calls in 2018 (170 calls in 2017). The company actively encourages people to use the helpline in all of its countries of operation. Breakdown of helpline calls in 2018: 2.3 General concern 9.2 Workplac e h arassment Miscond uct or inappr opriate beh avior 37.4 71.3 4.6 4.6 imp roper employmen t or disciplinary action 11.5 Discrimination 6.9 32.2 50 Conflict od inter est Safety, health and envir onment COMBATTING CORRUPTION AND BRIBERY Grifols is a global company committed to strict compliance with all applicable laws and norms in the countries where it operates. Supervised by the International Compliance Review Board, the compliance program includes policies and procedures to foster ethical conduct and fulfillment of anti-corruption norms throughout the organization (Ethics & Compliance). Promoting integrity and transparency regarding data processing, money laundering, conflicts of interest and third-party interactions are among its main priorities. The Grifols Code of Ethics for Directors and Senior Executives, the Grifols Code of Conduct, and the Grifols Anti-Corruption Policy form the foundation of the company’s compliance program. Other policies and 36

GRIFOLS, S.A. AND SUBSIDIARY COMPANIES Consolidated Directors’ Report procedures related to explicit legal domains, compliance risks and country-specific requirements complement this program. Among this area’s achievements in 2018 was the approval of the crime-prevention policy. Crime prevention policy In 2018, Grifols’ Board of Directors approved the crime prevention policy, aimed at reinforcing the company’s unequivocal rejection of the commission of crimes, criminal acts or any other type of unethical behavior, and its steadfast determination to prevent and combat these actions. The Crime Prevention Policy is available to all employees and third parties on the Grifols corporate website. This policy was developed through the roll-out of the Crime Risk Management System, or CRSM. The objective of the CRMS is to assure public administrations, judicial and administrative ,and third parties that Grifols effectively exercises the requisite supervision, monitoring and control over board members, executives, employees, subsidiaries and other individuals by establishing measures to prevent crime or reduce their risk of commission. In accordance with current legislation, an independent expert annually reviews the CRMS to ensure an effective crime-prevention system is in place, with appropriate crime-detection and prevention control measures, both in terms of design and operative efficiency. Anti-corruption policy Approved by the Board of Directors’ Audit Committee, Grifols’ Anti-Corruption Policy establishes appropriate standards of behavior for executives, employees and third parties that collaborate in the company’s day-to-day operations. Grifols reinforces compliance through various review processes. The leadership teams in Grifols’ subsidiaries and other members of the executive team ensure that the policy is implemented in their areas of responsibility. Grifols Anti-Corruption Policy is available to all employees on the corporate website. Specific training is offered to Grifols employees and members of its corporate governance board whose roles make them more likely to witness ethical breaches. Grifols enforces a “zero-tolerance” approach to acts of bribery and corruption by any and all members of the company and third parties. Violations of Grifols Anti-Corruption Policy may lead to disciplinary actions including termination of employment. In 2018, Grifols had no confirmed incidents of corruption in where it operates. To guarantee compliance with anti-corruption policies and procedures, Grifols’ business associates are subject to a thorough process of due diligence prior to any authorization or completion of commercial transactions. Similarly, contracts include an annex on Grifols’ current anti-corruption policy and international distributors carry out mandatory annual online training on the Foreign Corrupt Practices Act (FCPA). Distributors are also required to provide annual certifications of compliance with Grifols’ anti-corruption policy, signed by the general manager or similar. Distributor contracts include clauses that grant Grifols the right to perform audits on an as-needed basis. These clauses stipulate the termination of business relationships if Grifols determines any breach of its anti-corruption rules. Money laundering Grifols has established mechanisms, procedures and policies to prevent money laundering and respond to any possible breaches detected in the course of their business dealings. Prevention: The Code of Ethics, Code of Conduct and Anti-Corruption Policy include measures for the prevention of money laundering applicable all Grifols’ employees and activities. 37

GRIFOLS, S.A. AND SUBSIDIARY COMPANIES Consolidated Directors’ Report Detection: Some of the aforementioned policies and procedures also permit taking concrete actions to detect the risk of money laundering. The company has a communication channel open to employees and third parties to anonymously report any concerns of possible ethical misconduct (Grifols Ethics Helpline). Reaction and response: Grifols has a reaction and response protocol, as well as a sanctions system, to amend any claims of unethical behavior or irregularities using all means possible, and if necessary, take corrective actions to prevent them from happening in the future. Grifols also collaborates with the competent authorities in each country to combat money laundering and the financing of terrorist activities. To this end, it is committed to providing all information requested in accordance with current legislation and reporting any suspicious transactions. SOCIAL COMMITMENT As a global healthcare company, patients and medical professionals are at the very heart of Grifols’ activities. For this reason, the company ensures that all of its processes integrate the highest standards of quality and safety. Each division adheres to rigorous policies and procedures to guarantee the safety and quality of Grifols’ products throughout the value chain. The firm’s vertically integrated business model permits even greater control over its production processes. SUPPLIER RELATIONS Supply management Each Grifols division has qualified suppliers whose technical, management and control capabilities have been previously evaluated and approved by the corresponding control overseers. The company subjects all suppliers of materials or services that could impact the quality of Grifols’ products to a prior authorization process. Qualifications are granted for a specific material or service. Grifols carries out on-going evaluation procedures for suppliers that vary depending on the level of risk their material or service and its impact on the value chain. The company conducts routine audits to evaluate and monitor new suppliers. The following audits were conducted in 2018: Rest pending evaluation 1 No Favorable and final report Rest pending evaluation 33 pending evaluation DIVISION / AREA TYPE OF SUPPLIER NO. OF QUALITY AUDITS IN 2018 RESULTS Bioscience Division Raw material suppliers 179 174 Favorable 1 NoT Favorable and final report Service suppliers (cleaning services, analysis, warehouse, transport, CROs for clinical trials) 63 57 Favorable Rest pending evaluation Diagnostic Division Raw material suppliers 15 15 Favorable Service suppliers (manufacturers of semi-finished or finished goods, warehouses, etc.) 4 4 Favorable Hospital Division Raw material suppliers 8 8 Favorable Service suppliers 2 2 Favorable Grifols global subsidiaries Distributors 73 56 Favorable Rest pending evaluation and final report Transport companies 18 12 Favorable 2 No Favorable and final report Service suppliers (warehouse, courier services, analytical labs, etc.) 25 21 Favorable 1 No Favorable Rest pending evaluation and final report Others (Grifols Engineering, GWWO,Kiro) Service suppliers (engineering firms, transport companies, etc.) 35 35 Favorable TOTAL 38 422 384 Favorable 5 Not Favorable and final report

GRIFOLS, S.A. AND SUBSIDIARY COMPANIES Consolidated Directors’ Report The audits conducted on raw material and service providers focus on the quality and safety of the products and services supplied. Some Grifols companies require their suppliers to have environmental certifications such as ISO 14000 (for environmental management systems) ad OSHAS (for occupational health and safety management). Plasma as a raw material Plasma is the main raw material used by the Bioscience Division. The generosity of donors allows the company to produce life-saving medications for patients. Grifols only uses plasma from qualified donors collected in centers that have been approved by the competent health authorities. Donors undergo annual medical exams and routine health screenings before every donation. Eighteen (18) analyses certify the safety and quality of the plasma collected. Grifols does not discriminate on the basis of race, gender or socioeconomic status. The company only accepts healthy donors who are committed to the donation process, have proof of a permanent local residence and meet rigorous health and safety criteria. CONSUMER RELATIONS: PATIENTS AND HEALTHCARE PROFESSIONALS The manufacture of medicines and medical devices is regulated. Rigorous legislation, both in Europe and globally, ensures proper patient protection. Furthermore, the company is exceptionally transparent with regard to its interactions with healthcare professionals and healthcare organizations. Safety and health measures Grifols has a pharmacovigilance system to monitor adverse reactions from the administration of its plasma - derived medicines and a surveillance system to control adverse reactions arising from the use of its medical devices. All activities and requirements of the Pharmacovigilance System and Medical Device Surveillance System are described in Grifols Standardized Operating Procedures, which are periodically updated to adapt to current legislation. Grifols also conducts periodic internal audits on both systems as part of its quality-control compliance framework. These systems are subject to external inspections by the competent health authorities. Breakdown of its application by division: TYPE OF PRODUCT SYSTEM SURVEILLANCE SYSTEM Pharmacovigilance system for medications Pharmacovigilance encompasses all activities related to the detection, evaluation, understanding and prevention of adverse effects or other problems arising from the use of medicinal products. Grifols has a robust and consolidated pharmacovigilance system. Each division has a manager responsible for establishing and maintaining the system. In this role, they also guarantee 24/7 availability to attend health inspections requested by the competent authorities and respond to issues regarding the safety of Grifols’ medicines or pharmacovigilance. Grifols complies with all applicable legislation 39 DIVISION / AREA PHARMACOVIGILANCE MEDICAL DEVICE Bios cience Diagnos tic Hos pital Medicines ApplicableNot applicable Medical devicesNot applicableApplicable Medicines and m edical devices ApplicableApplicable

GRIFOLS, S.A. AND SUBSIDIARY COMPANIES Consolidated Directors’ Report Surveillance System for Medical Devices Manufacturers of medical devices are required to establish and maintain procedures to identify and monitor any adverse effects resulting from the use of these products. The divisions subject to this system each have a trained professional or technical director in charge of its maintenance. Grifols Medical Device Surveillance Systems complies with all legislation in force. Grifols does not outsource its core Pharmacovigilance or Medical Device Surveillance activities to third parties. Labels and package leaflets The information contained in product leaflets and labels complies with the standards and regulations applicable in each country where Grifols’ products are marketed, including EU Medicines Directive 2001/83/EC and the U.S. 21 CFR Chapter 1, Subchapters C, D, F. The possible adverse effects and contraindications described in the leaflets are based on data obtained from clinical studies conducted prior to the product’s commercialization. These studies are approved and evaluated by the competent health authorities. For medical devices, the information contained in the leaflets and labels is established in accordance with the standards and regulations applicable in each country. The labeling and prospectus also include any mitigating effects identified by risk analyses, carried out in accordance with the application of risk management to medical devices (EN ISO 14971: 2012 Medical Devices), or those requirements communicated by health authorities following the review of the product licensing process. Claims system Grifols’ three divisions have claims systems established to register and review all notifications received from healthcare centers, patients and users with consumer appraisals regarding possible defects in product quality. In each division, a trained professional or technical director is appointed to evaluate all claims received, including carrying out the appropriate inquiries and implementing corrective and preventative measures, if necessary. DISTRIBUTED *Ratio not applicable for the type of product manufactured by the Diagnostic Division. 40 DIVISION / AREA CLAIMS RECEIVED / NO. OF UNITS PRODUCTS Bios cience Divis ion (Medicines ) 1 claim for every 34,592 units dis tributed Hos pital Divis ion (Medicines ) 1 claim for every 1,831,402 units dis tributed Hos pital Divis ion (Medical Devices ) 1 claim for every 84,087 units dis tributed Diagnos tic Divis ion (Medical Devices ) N/A*

GRIFOLS, S.A. AND SUBSIDIARY COMPANIES Consolidated Directors’ Report Product Recall System Each division has a Product Recall System to address confirmed critical defects in the quality or safety of products. The trained individual or technical director is responsible for managing the product withdrawal, including relevant communication with healthcare authorities. The claims and product withdrawal systems are outlined in the Standard Operating Procedures. The company internally audits them to verify their effectiveness and adaptation to current legislation. In addition, they are inspected by the competent health authorities. Transparency in interactions with healthcare professionals Interactions between the healthcare sector and healthcare professionals have an undeniably positive impact to advance patient care and research, creating tangible value and furthering the efforts of everyone involved. Grifols voluntarily adopted the European Federation of Pharmaceutical Industries and Associations (EFPIA) Disclosure Code in 2015. In 2018, for the third consecutive year, the company disclosed all payments and other transfers of value made in 2017 to healthcare professionals and organizations in 33 European countries, including Spain. Grifols publishes a Methodology Note, as well as the country-specific reports on transfers of value made by Grifols to healthcare professionals and organizations during 201718. Transfers of value made in 2018 will be published on Grifols’ website on July 1, 2019: www.grifols.com. Although the EFPIA Code applies to medicines, Grifols voluntarily decided to extend this transparency initiative to transfers unrelated to medicines and to its three divisions: Bioscience, Diagnostic and Hospital. In the U.S., the PPS Act or Open Payment Program Law obliges manufacturers of biological products and medical devices to disclose all the information related to payments and transfers of value made to certain professionals and organizations, including doctors and health professionals and university hospitals. Grifols applies this transparency policy in the U.S.19 as stipulated by the competent authority (Centers for Medicaid and Medicare Services, or CMS). In addition to the U.S. and Europe, the company plans to implement transparency initiatives in other countries, including Australia and Japan. COMMUNITY CONTRIBUTIONS AND SPONSORSHIP “Educate, advocate, engage and support” are the four values that underline Grifols’ social engagement, which extends to its diverse stakeholders, including patients, donor communities, medical and scientific communities, clients, employees and local communities. In 2018, the company allocated EUR 33.3 million toward community outreach initiatives including EUR 2.1 million to the Ebola Project. In line with Grifols’ commitment to patients and patient organizations, the company develops and actively promotes educational, awareness and patient-protection programs and services. It also supports patient advocacy groups through product-donation programs and facilitating access to its treatments. These collaborations adhere to the principles of transparency and country-specific regulations, which define the types of information that must be publicly disclosed. In 2018, Grifols donated 25 million international units (IU) of factor VIII to the WFH Humanitarian Aid Program as part of its commitment to donate 140 million IU over a five-year timeframe. The donation will 18 Information available at https://www.grifols.com/documents/51507592/51526521/methodology-note-en-2017.pdf/17101a4c-0cf8-4567-be5c-638d5a8ac852 19 Information on transfer of value to healthcare professional in the U.S. in conformity with the Open Payments Program is available at www.cms.gov/OpenPayments/index.html according to local regulations 41

GRIFOLS, S.A. AND SUBSIDIARY COMPANIES Consolidated Directors’ Report provide an average of 10,300 doses to treat 6,000 patients every year until 2021 in emerging markets, where access to adequate treatment is frequently lacking or non-existent. Grifols’ commitment to plasma donors extends to the communities where its centers are located. Plasma centers create added value for communities by generating employment, contributing taxes and stimulating the local economy. Grifols organizes community engagement events and gives back through charitable donations and volunteer programs. The active involvement of Grifols’ workforces in supporting local communities has been extremely significant. Collectively, Grifols’ employees have participated in hundreds of initiatives, including collecting supplies for U.S. schools, organizing Open Days and supporting communities affected by Hurricane Florence in North Caroline. The company also channels its social commitment through its two foundations: Víctor Grífols i Lucas Foundation and the Probitas Foundation. Detailed information on the scope of Grifols’ social engagement initiatives is available on the corporate website in the Corporate Responsibility Report: www.grifols.com Grifols is member in the following industry associations20: • FENIN: Federación Española de Empresas de Tecnología Sanitaria • MedTech Europe: European Trade Association representing the medical technology industries, Diagnosis and Medical Devices manufacturers. • EURORDIS: non-profit alliance of 826 rare disease patient organisations from 70 countries that work together to improve the lives of the 30 million people living with a rare disease in Europe. • The United States-Spain Council: an organization in which the US and Spanish leaders promote stronger ties between two countries • EUCOPE: Trade Association representing Small to Medium-Sized Companies Active in Pharmaceuticals & Medical Technologies in Europe • PPTA: Plasma Protein Therapeutics Association • ASEBIO: Asociación Española de Bioempresas • American Chamber of Commerce in Spain • AEF: Asociación Española de Farmacología • AES: Asociación de la Economía de la Salud • SESPAS: Sociedad Española de Salud Pública y Administración Sanitaria • SEFH: Sociedad Española de Farmacia Hospitalaria • SIGRE: Sistema Integrado de Gestión de Residuos de la Industria Farmacéutica • ISPE: International Society for Pharmaceutical Engineering • WHC: Wildlife Habitat Council • ESI: Environmental Stewardship Initiative of the North Carolina Department of Environmental and Natural Resources • ACS: American Chemical Society • Farmafluid: Asociación Española de Laboratorios Farmacéuticos de Fluidoterapia y Nutrición Parenteral • National Health Council (EEUU) • Biotechnology Innovation Organization (BIO) • AENE: Asociación Española de Fabricantes y Distribuidores de Productos de Nutrición Enteral • SENPE: Sociedad Española de Nutrición Parenteral y Enteral 20 It includes the most relevant organizations in which Grifols is a member. 42

GRIFOLS, S.A. AND SUBSIDIARY COMPANIES Consolidated Directors’ Report VALUE GENERATION: CREATION AND DISTRIBUTION Grifols focuses its strategy on long-term profit and value creation. Toward this end, the company strives to create wealth for its various stakeholder groups by generating stable employment opportunities, promoting research, fostering the economic development in regions where it operates, and gaining the trust of stakeholders and investors to guarantee sustainable growth in line with its overriding mission to improve the health of patients. Grifols’ value creation in 2018 reached EUR 4,501.2 million, a 4% increase over the previous year. Nineteen percent (21%) of the value generated was allocated to its global talent pool, which grew by 15% in 2018 to 21,230 employees. Resources channeled to innovation totaled EUR 197.5 million and represent 5% to total generated value, while community investments totaled more than EUR 33,3 million. This figure includes research awards, educational programs and scholarships to promote global research; donations to foundations and NGOs; and a range of social outreach activities aimed at patients and local communities. The company contributed EUR 624.3 million in taxes, which represents 16% of total value generated. The following tables offer an overview of Grifols’ creation and distribution of economic value. As a whole, they highlight the company’s efforts to ethically and responsibly manage its resources in strict compliance with the legislation in the countries where it operates: Ninety percent (90%) of Grifols’ generated value in 2018 was distributed by the company: * Direct taxes, indirect taxes and taxes collected on behalf of third parties in Spain and the U.S. These include employee income taxes and taxes on shareholder dividends, among others. ** Innovation investments exclude personnel costs recorded in the “Worker retributions” section. *** Payments to financial creditors include interest and capital. **** Net dividend paid. 43 Thousands of euros Amount % over total Rem unerations Tax contributions * Financial creditors *** Dividends **** Com m unity inves tm ents Innovation** Purchas e of raw m aterials and others 849.421.1% 624.315.5% 360.29.0% 242.66.0% 33.30.8% 197.54.9% 1,716.542.7% TOTAL 4,023.8 Thousands of euros 2018 Value generated Value dis tributed Value retained 4,501.2 4,023.8 477.4

GRIFOLS, S.A. AND SUBSIDIARY COMPANIES Consolidated Directors’ Report 2018 FISCAL OVERVIEW: CONTRIBUTIONS, PRINCIPLES AND BEST PRACTICES Tax contributions Grifols upholds its commitment to contributing toward economic, social and industrial development through rigorous compliance with the tax laws in force in each jurisdiction and in line with OECD Guidelines for Multinational Enterprises. Its diverse operations generate direct and collected taxes that are paid to tax authorities. The company’s direct tax contributions for the 2018 fiscal year totaled approximately EUR 372 million. This amount includes direct taxes such as corporate income tax, social security payments and taxes on products and services, as well as environmental taxes, which are paid in the countries where Grifols operates. Grifols also contributes by collecting taxes derived from its operations on behalf of governmental authorities. In 2018, the company withhold EUR 252.2 million in third-party taxes, which were paid to the corresponding governmental authorities in the U.S. and Spain. These amounts primarily include income taxes and dividend taxes. Value added tax (VAT) and other taxes are not included in the tax contribution for 2018. The principles that underpin the group’s tax strategy are manifest in its contributions. Tax contribution by region Grifols is taxed on the profits generated in the territories where it operates. Spain and the United States account for approximately 70% of the group’s global revenues and the main industrial and R+D+i complexes are mainly located in these countries. * After-tax profits in 2018 excluding dividends. ** Net tax payable related to fiscal year 2018. In Spain, during fiscal year 2018, EUR 24 million were refunded as a result of anticipated tax payments above the net tax payable corresponding to previous years. Grifols Fiscal Policy - Business decisions are tied to the payment of required taxes in all jurisdictions where the Group operates. For Grifols, tax compliance is a core element of its Corporate Social Responsibility policy, as well as a pillar of its economic contribution and social commitment. - Grifols has no operations in territories qualified as tax havens. Its commercial operations with third parties based in such territories, or any others, are carried out as part of its ordinary industrial or commercial activity. - In line with international taxation principles and recommendations by the OECD Committee on Tax Matters, Grifols rejects artificially shifting results to such territories or taking advantage of the information opacity that these territories may offer. Transparency in tax-related matters is a cornerstone of Grifols’ tax policy. - Grifols’ system of internal information and control procedures significantly mitigates fiscal risk. 44 Thousands of euros Profit* Taxes paid** Spain United States Ireland Res t of the world 9.71.8 462.3102.7 40.314.7 25.08.7

GRIFOLS, S.A. AND SUBSIDIARY COMPANIES Consolidated Directors’ Report - Grifols’ tax policy is guided by a reasonable and prudent interpretation of the tax regulations in force in each jurisdiction. The company consults with reputable independent tax advisors before making business decisions that could have a tax impact. - - Grifols follows a transfer pricing policy for all operations with related parties that aligns with the principles of the main competent international organizations. This policy is reviewed on an annual basis. - Grifols understands and supports tax contributions that adequately correlate with the structure and location of its activities, resources, human resources, and materials and business risks assumed. - Grifols does not use artificial structures unrelated to its activity to reduce the tax burden or for profit shifting. - Grifols fosters a cooperative and fluid relationship with tax authorities based on respect for the law, trust, good faith, reciprocity and cooperation. - Grifols collaborates with the competent tax authorities to detect fraud and seek solutions to address fraudulent fiscal practices that may arise in markets where the company operates. - In alignment with its commitment to transparency, Grifols does its utmost to provide complete information and documentation requested by tax administrations in the shortest timeframe possible. On October 26, 2018, the Board of Directors of Grifols adhered to the Code of Good Tax Practices. PUBLIC GRANTS The grants received in Spain correspond mainly to initiatives related to the training of workers. BASESFORTHEPREPARATIONOFTHENON-FINANCIALINFORMATION STATEMENT In compliance with Law 11/2018, of December 28, regarding non -financial information a nd diversity, Grifols includes its Non-Financial Information Statement (EINF, for its initials in Spanish) in the Consolidated Management Report for the period January 1 to December 31, 2018. This EINF has been prepared taking into account the standards of the Global Reporting Initiative (GRI). For this, Grifols has defined its content taking into account the inclusion of stakeholders, the context of sustainability and the principles of materiality and completeness. In order to examine Grifols' most sign ificant non-financial aspects, the company performs an annual materiality analysis to identify the most relevant non -financial risks and issues which could impact its stakeholders. The detail on the followed methodology and the results of the materiality a nalysis are included annually in Grifols' Corporate Responsibility Report. The topics cited by Law 11/2018 of December 28 regarding non-financial information and diversity which the company has identified as material are outlined in the following table. For the purposes of this consolidated EINF, Grifols S.A. and all its subsidiaries are considered as "Grifols". The reporting scope coincides with that of the financial statement and the consolidated management report taking into account the following consid erations: 45 Thousands of euros Subsidies Spain United States Res t of the world 448.0 1,624.0 603.0

GRIFOLS, S.A. AND SUBSIDIARY COMPANIES Consolidated Directors’ Report - Due to the complexity and global distribution of Grifols’ business operations, the scope of some of the non-financial indicators may differ from the established standard. In cases in which reported indicators have exceptions to the scope, these have been adequately identified and reasoned in each case. The selected and reported indicators cover, at least, 90% of the scope. - In the section related to environmental issues, all the quantitative data reported by Grifols represents both its production and commercial activity, except for the commercial subsidiaries with less than 10 employees and the acquisitions done after August 2018. The non-financial indicators selected by Grifols comply with the principles of comparability, materiality, relevance and reliability and the information is accurate, comparable and verified by an independent provider of verification services. The independent assurance report, which includes the objectives and scope of the process, as well as the review procedures used a nd their conclusions, is attached as an annex to this report. 46

GRIFOLS, S.A. AND SUBSIDIARY COMPANIES Consolidated Directors’ Report Inde x of conte nts re quire d by Law 11/2018, of De ce m be r 28, re garding non-financial inform ation and dive rs ity. GRI 102-6 GRI 102-6 GRI 103 GRI 305-7 GRI 306-2 GRI 302-4 GRI 305-2 GRI 403-2 (2016) GRI 102-41 GRI 404-1 GRI 102-17 GRI 102-17 GRI 103 GRI 103 GRI 416-1 GRI 201-4 * In the case in which the GRI standard or GRI specific content does not cover the entire Law 11/2018 requirement, the reporting criteria selected b y Grifols has b een followed in order to comply with the provisions of the aforementioned Law. 47 Law 11/2018 conte nts M ate riality Place m e nt in this re port As s urance on law 11/2018 conte nts Re porting fram e w ork * General inf ormation Brief description of the group's business model (business environment and organization) Material Grif ols’ Business Model GRI 102-2 Geographic presence Material Geographic presence GRI 102-3 GRI 102-4 Objectives and strategies of the organization Material Grif ols’ Business Model GRI 103 Main f actors and trends that may af f ect its f uture evolution Material Risks and uncertainties GRI 102-15 Environmental issues Management approach Material Grif ols' General f ramew ork f or environmental action GRI 103 Environmental management Material Grif ols' General f ramew ork f or environmental action Evolution and action lines in 2018 GRI 103 Pollution Material Emissions GRI 305-6 Circular economy and w aste prevention and management Material Waste Sustainable use of resources GRI 306-1 Sustainable use of resources Material Sustainable use of resources GRI 301-1 GRI 302-1 GRI 303-1 (2016) Climate change Material Emissions Climate change GRI 201-2 GRI 305-1 GRI 305-3 GRI 305-5 Protection of biodiversity No material Not reported because it is a non-material topic f or the company. Not applicable (non-material topic) Social and employee related issues Management approach Material Personnel management at Grif ols GRI 103 Employment Material Personnel management at Grif ols Grif ols’ w orkf orce Gender Pay Gap Average w age by category and gender Average w age by age Average retribution of board members and executives by gender Contributions to long-term savings systems Absenteeism GRI 102-8 GRI 103 GRI 201-3 GRI 405-1 GRI 405-2 Work organization Material Work organization and w ork-lif e balance Collective labor relations GRI 103 Health & saf ety Material Health and saf ety GRI 103 GRI 403-2 (2016) GRI 403-3 (2016) Social relations Material Work organization and w ork-lif e balance GRI 103 GRI 102-43 Training Material Prof essional development and training GRI 103 Universal accessibility f or people w ith disabilities Material Diversity includes labor integration of persons w ith disabilities GRI 103 Equality Material Diversity, inclusion, equal opportunity and non-discrimination: core aspects GRI 103 GRI 405-1 GRI 406-1 Respect f or human rights Management approach No material Human Rights GRI 103 Human Rights No material Human Rights GRI 102-16 GRI 103 Fight against corruption and bribery Management approach Material Combatting corruption and bribery GRI 103 Corruption and bribery Material Combatting corruption and bribery Community contributions and sponsorship GRI 102-16 GRI 103 GRI 205-1 Inf ormation related to society Management approach Material Social commitment GRI 103 Company's commitment w ith sustainable development Material Community contributions and sponsorship GRI 102-43 GRI 413-1 Subcontracting and suppliers Material Supplier relations GRI 102-9 Consumers Material Consumer relations: patients and healthcare prof essionals GRI 103 GRI 416-2 Fiscal inf ormation Material Fiscal overview : contributions, principles and best practices 2018 Public grants GRI 103

GRIFOLS, S.A. AND SUBSIDIARY COMPANIES Consolidated Directors’ Report 7.-TREASURY STOCK The operations carried out in 2018 with treasury stock are described in the annual accounts included as an annex to this report. 8.-SUBSEQUENT EVENTS No relevant subsequent events took place after the year-end 2018. 9.-FORESEEABLE DEVELOPMENTS OF THE GROUP Raimon Grífols Roura and Víctor Grífols Deu concluded their second year as co-CEOs, building on the track record of solid growth and consolidation as a diversified and profitable firm. True to its mission, Grifols aspires to grow and evolve as a global company capable of leveraging its wealth of collective knowledge and innovative spirit to improve patient care and support healthcare professionals. To reach this overriding objective, the company centers its efforts on business optimization, globalization, innovation, digitalization, talent development, and outstanding customer service. The company is committed to a path of sustainable growth. The cornerstones of its five-year strategic plan are innovation, to continue developing a differential product portfolio; enhanced customer centricity, to successfully address the evolving needs of global healthcare professionals and patients; global expansion, especially in the U.S. as a key market and emerging markets like China; corporate growth, via organic growth and corporate transactions amid in an increasingly competitive market; a robust human resources strategy focused on employee retention, talent development and on-going training; and promotion of the “One Grifols” philosophy to cultivate the continuous quest for knowledge and innovation through value-creating activities and transversal teams. More details on the trends and opportunities of the company’s diverse business areas and divisions may be found in “Non-Financial Information Statement” as part of the 2018 Consolidated Directors’ Report. 10.-ANNUAL CORPORATE GOVERNANCE REPORT The Grifols 2018 Annual Corporate Governance Report forms part of this Consolidated Directors’ Report. From the date of publication of Grifols’ consolidated financial statements, it is available on Grifols’ corporate website and the Comisión Nacional del Mercado de Valores (Spanish Stock Exchange Commission) website. Section E of the aforementioned report includes an analysis of the company's risk controls and management systems, and section F includes details of the internal control and risk management systems in relation to the financial information issuing process (“SCIIF”). 48

GRIFOLS, S.A. AND SUBSIDIARY COMPANIES Consolidated Directors’ Report ANNEX - NON-GAAP MEASURES RECONCILIATION Reconciliation between recurring and reported Income Statement (1) Relates to the "2017 Recurrent P&L". The details of the non-recurrent item s are disclosed b elow. 49 In thousands of euros NET REVENUES COST OF SALES 2018 4,486,724 (2,437,164) 2017(1) 4,318,073 (2,164,762) % Var 3.9% 12.6% GROSS MARGIN 2,049,560 2,153,311 (4.8%) % Net revenues R&D SG&A OPERATING EXPENSES 45.7% (240,661) (814,775) (1,055,436) 49.9% (223,742) (839,480) (1,063,222) 7.6% (2.9%) (0.7%) OPERATING RESULT (EBIT) 994,124 1,090,089 (8.8%) % Net revenues FINANCIAL RESULT SHARE OF RESULTS OF EQUITY ACCOUNTED INVESTEES 22.2% (257,244) (11,038) 25.2% (269,251) (14,051) (4.5%) (21.4%) PROFIT BEFORE TAX 725,842 806,787 (10.0%) % Net revenues INCOME TAX EXPENSE % of pre-tax income 16.2% (131,436) 18.1% 18.7% (220,236) 27.3% (40.3%) CONSOLIDATED PROFIT 594,406 586,551 1.3% RESULT ATTRIBUTABLE TO NON-CONTROLLING INTERESTS (2,236) (1,386) 61.3% GROUP PROFIT 596,642 587,937 1.5% % Net revenues NON-RECURRING ITEMS Non-recurring items related to the Hologic acquisition Non-recurring items related to the Aradigm assets reassessment Non-recurring items related to the U.S. tax reform and tax related to other non-recurring items 13.3% - - - 13.6% (22,168) (88,897) 185,828 REPORTED GROUP PROFIT 596,642 662,700 (10.0%)

GRIFOLS, S.A. AND SUBSIDIARY COMPANIES Consolidated Directors’ Report Net revenues reported by division at constant currency 50 In thousands of euros REPORTED INTERSEGMENTS NET REVENUES VARIATION DUE TO EXCHANGE RATE EFFECTS 12M 2018 12M 2017 % Var 18.3% (41,154) (34,784) (2,264) REPORTED INTERSEGMENTS NET REVENUES AT CONSTANT CURRENCY(43,418)(34,784)24.8% In thousands of euros REPORTED OTHERS NET REVENUES VARIATION DUE TO EXCHANGE RATE EFFECTS 12M 2018 12M 2017 % Var 22.9% 22,451 18,263 1,226 REPORTED OTHERS NET REVENUES AT CONSTANT CURRENCY23,67718,26329.6% In thousands of euros REPORTED BIO SUPPLIES NET REVENUES VARIATION DUE TO EXCHANGE RATE EFFECTS 12M 2018 12M 2017 % Var 150.0% 167,004 66,791 3,272 REPORTED BIO SUPPLIES NET REVENUES AT CONSTANT CURRENCY170,27666,791154.9% In thousands of euros REPORTED HOSPITAL NET REVENUES VARIATION DUE TO EXCHANGE RATE EFFECTS 12M 2018 12M 2017 % Var 13.1% 119,454 105,649 3,137 REPORTED HOSPITAL NET REVENUES AT CONSTANT CURRENCY122,591105,64916.0% In thousands of euros REPORTED DIAGNOSTIC NET REVENUES VARIATION DUE TO EXCHANGE RATE EFFECTS 12M 2018 12M 2017 % Var (4.1%) 702,265 732,369 35,079 REPORTED DIAGNOSTIC NET REVENUES AT CONSTANT CURRENCY737,344732,3690.7% In thousands of euros REPORTED BIOSCIENCE NET REVENUES VARIATION DUE TO EXCHANGE RATE EFFECTS 12M 2018 12M 2017 % Var 2.5% 3,516,704 3,429,785 186,084 REPORTED BIOSCIENCE NET REVENUES AT CONSTANT CURRENCY3,702,7883,429,7858.0% In thousands of euros REPORTED NET REVENUES VARIATION DUE TO EXCHANGE RATE EFFECTS 12M 2018 4,486,724 226,534 12M 2017 4,318,073 % Var 3.9% NET REVENUES AT CONSTANT CURRENCY4,713,2584,318,0739.2%

GRIFOLS, S.A. AND SUBSIDIARY COMPANIES Consolidated Directors’ Report Net revenues reported by region at constant currency Reconciliation of other figures 51 In m illions of euros except ratio NET FINANCIAL DEBT EBITDA EXCL. NON-RECURRING ITEMS 12M 2018 12M 2017 5,343.1 5,170.4 1,236.0 1,305.6 NET LEVERAGE RATIO4.32 x3.96 x In thousands of euros PP&E ADDITIONS SOFTWARE ADDITIONS INTEREST CAPITALIZED 12M 2018 12M 2017 % Var 240,938 260,347 20,252 19,626 (8,955) (8,839) CAPEX252,235271,134(7.0%) In m illions of euros R&D RECURRENT EXPENSES IN P&L R&D CAPITALIZED R&D DEPRECIATION & AMORTIZATION & WRITE OFFS R&D CAPEX FIXED ASSETS R&D EXTERNAL 12M 2018 240.6 55.4 12M 2017 223.2 43.3 % Var (19.8) (14.7) 4.9 10.3 3.4 11.0 R&D NET INVESTMENT291.4266.29.5% In thousands of euros REPORTED ROW NET REVENUES VARIATION DUE TO EXCHANGE RATE EFFECTS 12M 2018 12M 2017 % Var (3.1%) 712,021 734,585 51,837 ROW NET REVENUES AT CONSTANT CURRENCY763,858734,5854.0% In thousands of euros REPORTED EU NET REVENUES VARIATION DUE TO EXCHANGE RATE EFFECTS 12M 2018 12M 2017 % Var 16.5% 800,274 686,983 1,119 EU NET REVENUES AT CONSTANT CURRENCY801,393686,98316.7% In thousands of euros REPORTED U.S. + CANADA NET REVENUES VARIATION DUE TO EXCHANGE RATE EFFECTS 12M 2018 2,974,429 173,578 12M 2017 2,896,505 % Var 2.7% U.S. + CANADA NET REVENUES AT CONSTANT CURRENCY3,148,0072,896,5058.7%

GRIFOLS, S.A. AND SUBSIDIARY COMPANIES Consolidated Directors’ Report (1) Non-recurring item s related to acquisitions; the Aradigm assets reassessm ent and the U.S. tax reform and tax related to other non-recurring item s in 2017 % Net revenues 27.7% 28.2% 52 In thousands of euros EBIT REPORTED D&A IMPACT OF PLASMA SOLD TO THIRD PARTIES 12M 2018 12M 2017 % Var (0.9%) 994,124 1,003,343 228,609 215,490 (4,323) - EBITDA UNDERLYING1,218,4101,218,833(0.0%) In thousands of euros EBIT REPORTED D&A NON-RECURRING ITEMS(1) 12M 2018 994,124 228,609 13,243 12M 2017 1,003,343 215,490 86,746 % Var EBITDA EXCL. NON-RECURRING ITEMS1,235,9761,305,579(5.3%)

KPMG Asesores, S.L. Torre Realia Plaça d'Europa, 41-43 08908 L'Hospitalet de Llobregat Barcelona Independent Assurance Report on the Consolidated Non-Financial Information Statement of Grifols, S.A. and its Subsidiaries for the year 2018 (Free translation from the original in Spanish. In case of discrepancy, the Spanish language version prevails.) To the shareholders of Grifols, S.A.: Pursuant to article 49 of the Spanish Code of Commerce, we have provided limited assurance on the consolidated Non-Financial Information Statement (hereinafter NFIS) for the year ended 31 December 2018, of Grifols S.A. (hereinafter the Parent Company) and its subsidiaries (hereinafter the Group) which forms part of the Group's 2018 consolidated Directors’ Report. The contents of the consolidated Directors’ Report includes additional information to that required by prevailing mercantile legislation on non-financial information which it is not possible to provide assurance. In this regard, our assurance work was limited only to providing assurance on the information contained in table “Index of contents required by Law 11/2018, of December 28, regarding non-financial information and diversity”. Directors’ responsibilities The Parent Company’s Board of Directors is responsible for the preparation and presentation of the NFIS included in the Group’s Consolidated Directors’ Report. The NFIS has been prepared in accordance with prevailing mercantile legislation and selected Sustainability Reporting Standards of the Global Reporting Initiative (GRI Standards), in accordance with that mentioned for each subject area in table “Index of contents required by Law 11/2018, of December 28, regarding non-financial information and diversity” of said Consolidated Directors’ Report. This responsibility also encompasses the design, implementation and maintenance of internal control deemed necessary to ensure that the NFIS is free from material misstatement, whether due to fraud or error. The Parent Company’s Directors are also responsible for defining, implementing, adapting and maintaining the management systems from which the information necessary for preparing the NFIS was obtained. KPMG Asesores S.L., a limited liability Spanish company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. Paseo de la Castellana, 259C – Torre de Cristal – 28046 Madrid Reg. Mer Madrid, T. 14.972, F. 53, Sec. 8 , H. M -249.480, Inscrip. 1.ª N.I.F. B-82498650

2 Our independence and quality control We have complied with the independence and other ethical requirements of the Code of Ethics for Professional Accountants issued by the International Ethics Standards Board for Accountants (IESBA), which is founded on fundamental principles of integrity, objectivity, professional competence and due care, confidentiality and professional behaviour. Our firm applies International Standard on Quality Control 1 (ISQC1) and accordingly maintains a comprehensive system of quality control including documented policies and procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements. The engagement team was comprised of professionals specialised in reviews of non-financial information and, specifically, in information on economic, social and environmental performance. Our responsibility Our responsibility is to express our conclusions in an independent limited assurance report based on the work performed that refers exclusively to the year 2018. The data for previous years were not subject to the assurance foreseen in the mercantile legislation in force. We conducted our review engagement in accordance with International Standard on Assurance Engagements, “Assurance Engagements other than Audits or Reviews of Historical Financial Information” (ISAE 3000), issued by the International Auditing and Assurance Standards Board (IAASB) of the International Federation of Accountants (IFAC) and with the Performance Guide on assurance engagements on the Non-Financial Information Statement issued by the Spanish Institute of Registered Auditors (ICJCE). The procedures performed in a limited assurance engagement vary in nature and timing from, and are less in extent than for, a reasonable assurance engagement, and consequently, the level of assurance provided is also lower. Our work consisted of making inquiries of management, as well as of the different units and responsible areas of the Group that participated in the preparation of the NFIS, in the review of the processes for compiling and validating the information presented in the NFIS and in the application of certain analytical procedures and sample review testing described below: – Meetings with the Group’s personnel to gain an understanding of the business model, policies and management approaches applied, the principal risks related to these questions and to obtain the information necessary for the external review. – Analysis of the scope, relevance and completeness of the content of the NFIS based on the materiality analysis performed by the Group and described in the section “Bases for the preparation of the non-financial information statement”, and considering the content required in prevailing mercantile legislation. – Analysis of the processes for compiling and validating the data presented in the Non-Financial Information Statement for 2018. – Review of the information relative to the risks, policies and management approaches applied in relation to the material aspects presented in the NFIS.

3 – Corroboration, through sample testing, of the information relative to the content of the NFIS for 2018 and whether it has been adequately compiled based on data provided by internal and external information sources or third party reports. – Procurement of a representation letter from the Directors and management. Conclusion Based on the assurance procedures performed and the evidence obtained, nothing has come to our attention that causes us to believe that the NFIS of Grifols, S.A. and its subsidiaries for the year ended 31 December 2018 has not been prepared, in all material respects, in accordance with prevailing mercantile legislation and the content of the selected GRI Standards, in accordance with that mentioned for each subject area in the table “Index of contents required by Law 11/2018, of December 28, regarding non-financial information and diversity” included in the Consolidated Directors’ Report. Use and distribution This report has been prepared in response to the requirement established in prevailing mercantile legislation in Spain, and thus may not be suitable for other purposes and jurisdictions. KPMG Asesores, S.L. (Signed) Patricia Reverter Guillot 27 February 2019

GRIFOLS, S.A. AND SUBSIDIARIES (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails) At their meeting held on 22 February 2019, pursuant to legal requirements, the Directors of Grifols, S.A. authorised for issue the consolidated annual accounts and consolidated directors’ report for the period from 1 January 2018 to 31 December 2018. The consolidated annual certification. accounts comprise the documents that precede this Victor Grifols Roura (signed) President – Board member Víctor Grifols Deu (signed) Chief Executive Officer Raimon Grifols Roura (signed) Chief Executive Officer Carina Szpilka Lázaro (signed) Board member Tomás Dagà Gelabert (signed) Board member Thomas Glanzmann (signed) Vice-Chairman Iñigo Sánchez-Asiaín Mardone (*) Board member Anna Veiga Lluch Luis Isasi Fernández de Bobadilla (signed) Board member (signed) Board member Steven F. Mayer Belen Villalonga Morenés (signed) Board member Marla E. Salmon (signed) Board member (signed) Board member Ramón Riera Roca Nuria Martín Barnés (signed) Board Member (signed) Secretary to the Board (*) Absent on a business trip, attended the meeting by conference call and did not express any disconformity with the documentation.

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:  February 28, 2019