Discloses >7.7% Grifols Position

Exercises statutory right to fill a currently vacant Board Seat

Recognized pharma industry leader Paul Herendeen to represent interests of all shareholders

Flat Footed LLC (“Flat Footed”), together with Mason Capital Management LLC (“Mason”) and Sachem Head Capital Management LP (“Sachem Head”) (together, the “Investor Group”) manage a combined investment representing 7.72% of Grifols, S.A. (“Grifols”) class A shares. The Investor Group today sent a letter to the Grifols Board of Directors, which is included as Annex A.

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The Investor Group is impressed by the significant value that Grifols provides to patients and healthcare providers through its leading biopharmaceutical portfolio. Grifols operates in an attractive growth industry. However, minority investors have seen significant shareholder value destruction due to actions taken by the Grifols Board of Directors over time.

As shareholders owning 7.72% of the company’s common shares, the Investor Group is exercising our statutory right by grouping 7.69% of its shares to designate a Director to fill a currently vacant Grifols Board seat. We are doing so with the goal of maximizing shareholder value and improving corporate governance, for all shareholders.

Given the Company’s attractive growth profile, potential for improved free cash flow, and ongoing deleveraging, we believe that the Company’s shares are currently undervalued. Accordingly, while we appreciate the rationale of improving Grifols’ operational and financial performance in the private market, we feel strongly that any takeover should be consummated at a price that is fair for all shareholders and accounts for the current market valuation disconnect.

We have partnered with recognized pharma industry leader Paul Herendeen, who will serve as a representative of the Investor Group and will advocate on behalf of all shareholders. Paul has significant relevant experience with Chairman, Chief Financial Officer, and Board Member roles at leading global pharmaceutical companies including Zoetis, Bausch Health, Endo, and Elanco.

About Paul S. Herendeen

Herendeen is the Chairman of Endo, Inc. and a Board Member of Elanco Animal Health, Inc. Herendeen served as Advisor to the Chairman and Chief Executive Officer at Bausch Health Companies Inc. Prior to that, he was EVP and CFO of Bausch Health. Before joining Bausch Health, he served as EVP and CFO of Zoetis Inc. Prior to that time, Herendeen served as CFO at Warner Chilcott, a specialty pharmaceuticals company. He rejoined Warner Chilcott after four years as EVP and CFO of MedPointe. Herendeen previously worked as a Principal Investor at Dominion Income Management and Cornerstone Partners and spent the early part of his career in banking and public accounting, holding various positions with the investment banking group of Oppenheimer & Company, the capital markets group of Continental Bank Corporation and as a senior auditor with Arthur Andersen & Company.

Herendeen holds a bachelor's degree from Boston College and earned a MBA from the University of Virginia's Darden School of Business.

Note to Editors:

About Flat Footed

Flat Footed is an investment manager founded in 2016 by Marc Andersen and Paul Carpenter. The firm is a special situation, value-oriented investment manager focused on leveraged, asset-heavy companies with complex capital structures.

About Mason Capital Management

Mason Capital is an investment manager founded in 2000 by Kenneth Garschina and Michael Martino. The firm specializes in companies undergoing significant strategic, financial, or structural changes.

About Sachem Head Capital Management

Sachem Head is an investment manager founded in 2012 by Scott D. Ferguson. The firm employs a concentrated, value-oriented investment strategy and is primarily focused on equity investments in North America and Europe.

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