Code of Ethics

Background
Grifols, S.A. is a Spanish holding company dedicated to research and innovation in healthcare. Grifols, S.A. head the Grifols group of companies located throughout the world. Grifols focuses its activities on the research, development, manufacture and sales of products derived from plasma (haemoderivatives), products for fluid therapy (serums), enteral clinical nutrition, reagents, instruments for clinical analysis and medical equipment. All of the company’s products and services are focused in the field of human health, primarily in hospital applications. The Grifols group of companies commercializes its products in more than 70 countries. Its historical roots go back over 60 years.

Since its inception in 1940, what is today Grifols, S.A. has always been ruled by an unwritten philosophy or spirit of ethics that places the safety and efficacy of its products as its foremost priority. The company has never given priority in its decisions to economic criteria but rather to producing and distributing the highest quality products for the patients, consumers and healthcare providers we serve.

Over the past several years, Grifols, S.A. has undergone a process of significant growth, both as to the number of individuals working for the company and a greater presence in the international market through the incorporation of subsidiaries in several countries.

As a result of this growth and with the goal of never loosing or compromising our corporate philosophy, this Code of Ethics has been drafted to
govern employees and others working for the Grifols group. This Code must be viewed as a general framework of basic principles only and not limiting in any way, since it is not possible to develop, in writing, all the ethical criteria that must rule the activities of the company.

While this Code should govern the behavior of all employees of the company, it will be specifically subscribed to by certain individuals whose
decisions have more of a direct effect on the activities of the company.

Declaration
The signatories of this Code of Ethics hereby agree to follow, in all their professional activities, the following guiding principles of ethics. In applying these principles, as a general rule, the appropriateness of any practice or activity should be guided by common sense and good judgment.

Moreover, it is acknowledged that Grifols, S.A. and the undersigned have always tried to act according to the unwritten ethical philosophy described above.

Code of Ethics
A. Regarding products manufactured and distributed by Grifols, S.A.

1. The members of the Executive Committee, Managing Directors, Technical Directors, Project Managers, Area or Branch office Managers,
Directors of Manufacturing and Quality Control/Assurance, and all Sales and Marketing Staff, hereafter referred to as "Executives", have the obligation to know the products that the Company manufactures and distributes and are conscious and aware that these products may have some risks for patients that receive them.

2. The risk that the products of the Company may have is sometimes unknown, not only to the Company and its Executives, but also to the scientific community.

3. The Company and the Executives commit themselves to use all their efforts and knowledge to reduce to the minimum the possible risks of the
products, as well as to disclose their existence.

4. This commitment will always have priority over any other interests or economic issues, whether related to the Company or to the Executives.

5. The Executive states that he/she has never received from the Shareholders or from the members of the Board of Directors any pressure or
recommendation to give priority to the economic interests of the Company over any issue related to the safety of the products.

6. The preceding notwithstanding, both the Company and the Executive agree with the medical community that the products manufactured by
the Company may be vital for treating certain diseases and that the parties involved in the treatment must determine the risks and benefits for the patient to whom the products are prescribed.

7. The Company and the Executive commit themselves to utilize the most advanced technologies in an effort to provide the safest and most
efficacious products available.

8. The Executive acknowledges that he/she is aware of the Laws and Regulations related to both civil and criminal responsibility concerning the
manufacturing and sale of pharmaceutical products and specifically laws concerning civil responsibility for damages caused by faulty products.

9. The Executive takes the commitment to not only comply with the laws in force but also to inform the Board of Directors of the Company of any
irregularity that may come to their attention.



Code of Ethics
B. Regarding the Company

1. The Executive declares that, to the best of his/her knowledge, the Company has always observed certain ethical principles, both in manufacturing and technical areas and in the handling of economic and commercial issues.

2. Each and every Executive accepts the responsibility and obligation of complying and ensuring that others comply with the ethical principles of the Company, as well as to transmit these ethical principles to the individuals for whom they are responsible or whom they supervise.

3. The Executive acknowledges that he/she has never been pressed and/or advised by the Shareholders or by the Board of Directors of the Company to infringe any Law or the ethical principles identified above.

4. The Executive commits to inform the Chief Executive Officer and/or the Board of Directors of Grifols, S.A. of any situation which, as a result of action or omission, is considered to infringe any law or the ethical principles identified above.

Each and every Executive accepts that failure to comply with any of the ethical principles of Grifols, S.A. will be cause for immediate termination.

The Code of Ethics was originally approved by the board of Directors of Grupo Grifols, S.A., in a meeting held on the 21st day of January, 1998 and extended for use in Grifols, S.A., Grifols Biologicals Inc. and Grifols USA, Inc. in a meeting of the Board of Directors of Probitas Pharma S.A. held on the 17th day of September, 2003.

The original of the Code is kept by the Secretary of the Board of Directors.

On behalf of Grifols, S.A. and the members of the Board.

 

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