new

1. August 2014
These materials may not be used or relied upon for any purpose other than as specifically contemplated by a written agreement with Credit Suisse AG or its Affiliates (hereafter “Credit Suisse”).
Confidential
Diplomat Pharmacy, Inc.
April 2015
STRENGTH
I am a mother.
I am a long distance swimmer.
I have Multiple Sclerosis.
I am not defined by my illness.
I know The Diplomat Difference.
Vicki
Bellingham, Washington

2. Confidential
1
This presentation may contain “forward-looking” statements that involve risks, uncertainties and assumptions. If the risks or uncertainties ever materialize
or the assumptions prove incorrect, our results may differ materially from those expressed or implied by such forward-looking statements. All statements
other than statements of historical fact could be deemed forward-looking, including, but not limited to, any projections of financial information; any
statements about historical results that may suggest trends for our business and results of operations; any statements of the plans, strategies and
objectives of management for future operations; any statements of expectation or belief regarding future events, health care developments, or specialty
pharmaceutical industry market sizes, shares, trends or growth; and any statements of assumptions underlying any of the foregoing.
Any forward-looking statements contained in this presentation are based on management's good-faith belief and reasonable judgment based on current
information, and these statements are qualified by important factors, many of which are beyond our control, that could cause our actual results to differ
materially from those in the forward-looking statements, including changes in global, regional or local economic, business, competitive, market,
regulatory and other factors, many of which are beyond our control, including but not limited to the following risks related to our business: our ability to
adapt to changes or trends within the specialty pharmacy industry; significant and increasing pricing pressure from third-party payors, our relationships
with key pharmaceutical manufacturers; our limited history with integrating acquisitions; and the effects of competition. These and other risks and
uncertainties associated with our business are described in the prospectus for our proposed follow-on offering, including under the heading “Risk
Factors.” We assume no obligation and do not intend to update these forward-looking statements.
In addition to U.S. GAAP financials, this presentation includes certain non-GAAP financial measures. These historical and forward-looking non-GAAP
measures are in addition to, not a substitute for or superior to, measures of financial performance prepared in accordance with GAAP. A reconciliation
between GAAP and non-GAAP measures is included in the appendix to this presentation.
The issuer has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (SEC) for the offering to which this
communication relates. The registration statement has not yet become effective. Shares of the issuer’s common stock may not be sold nor may offers to
buy be accepted prior to the time the registration statement becomes effective. Before you invest, you should read the prospectus in that registration
statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. This presentation
should be read in conjunction with the prospectus included in that registration statement and the other documents the issuer has filed with the SEC.
You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, copies of the prospectus related to the
offering may be obtained, when available, from Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, One Madison Avenue, New
York, NY 10010, by telephone at (800) 221-1037, by facsimile at (212) 325-8057, or by email at newyork.prospectus@credit-suisse.com; or from
Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014.
Diplomat is a registered trademark of Diplomat Pharmacy, Inc. This presentation also contains additional trademarks and service marks of ours and of
other companies. We do not intend our use or display of other companies’ trademarks or service marks to imply a relationship with, or endorsement or
sponsorship of us by, these other companies.
Important note

3. Confidential
Diplomat continues to deliver on the growth drivers
stated in the IPO
 Ongoing IT and process improvements
 60bps margin expansion y-o-y
 Maintaining balanced mix of payors
 Successful renewals of key contracts
 49% y-o-y revenue growth relative to industry
growth in the ~25% area
 7 new limited distribution drug contracts
2
(1) Based on $412mm revenues in Q4 2013 and $612mm revenues in Q4 2014.
(2) Based on 6.1% gross margin in Q4 2013 and 6.7% gross margin in Q4 2014.
(1)
(2)
 5 incremental limited
distribution drugs

4. Confidential
3
Diplomat’s base business continues to gain momentum…
 Specialty pharmacy market grew 24%
from $63bn in 2013 to $78bn in 2014
 Specialty drug approvals comprised
~50%+ of all FDA drug approvals in
2014
 3,000+ oncology and immunology drugs
in global drug development
 Increased prevalence of limited
distribution panels
 Biosimilars launch in U.S.
Improving trends across specialty
pharmacy…
…driving key milestones and
achievements at Diplomat
 Diplomat grew revenues by 46% from
2013 to 2014
 10 new drug contracts since IPO
 7 of which are limited
distribution drugs
Oncology
Hepatitis C
Dermatology and
Respiratory

5. Confidential
4
…with strong financial performance since the IPO
(1) Based on dispensed scripts only.
(2) Gross profit / net sales (i.e., based on dispensed and serviced scripts).
Revenue
EBITDA
margin
1.4%
Adjusted EBITDA
$126
$187
4Q13A 4Q14A
Gross Profit /Script
($ in millions) ($ in millions)
1.7%6.7%6.1%
(1)
Gross
margin
(2)

6. Confidential
BioRx creates compelling strategic value for Diplomat
5
 $350 million acquisition announced in February 2015
− Leading specialty pharmacy and infusion services company focused on ultra-
orphan and rare chronic diseases
− 2014 revenue of ~$227 million and EBITDA of ~$23 million
− ~10% EBITDA margins and implied ~11.5x trailing EBITDA multiple
− Expected close in early April
 Expected to be accretive to EPS in first full year post closing
Transaction
summary
 Benefits Diplomat’s primary constituents:
− Broadens patient offerings
− Meets Pharma’s demand for multi-channel reach
− Addresses Payors’ desires to shift site of care to a lower cost setting
 Affirms Diplomat’s leadership position in specialty infusion
 Adds 5 new limited distribution drugs to DPLO
 Creates both revenue and cost synergy opportunities
 Improves margin profile
 Expands potential for additional disease states and therapeutic categories
Strategic
rationale
(1) Includes $35mm of contingent earnout.
(2) Purchase price adjusted for $50mm of future tax benefit and $35mm of contingent earnout.
(1)
(2)

7. Confidential
6
Key investment highlights
Unique competitive position with differentiated business
model
Outstanding financial profile
Highly experienced and incentivized management team
Taking share in high growth specialty pharmacy sector
Multiple avenues to drive strong long term growth

8. Confidential
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Company overview

9. Confidential
8
Diplomat: Largest independent specialty pharmacy
 Founded: 1975; Headquarters: Flint, MI
 Employees: ~1,000
 FY 2014 revenue: ~$2.2 billion
 Diversified base of marquee partners
Diplomat at a glance
CVS Health
26%
Express Scripts
19%
Walgreens
11%3%
OptumRx 3%
Avella 1%
Others
37%
Market share ($78 billion total market size) (1)
Exceptional above market revenue growth
$27 $58
$167
$271 $377
$578
$772
$1,127
$1,515
$2,215
$-
$500
$1,000
$1,500
$2,000
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Scaled business: National footprint
($ in millions)
(1) Source: 2014 – 2015 Economic Report on Retail, Mail and Specialty Pharmacies, Drug
Channel Institute.
National Distribution Center
Diplomat locations
Corporate Office
Ft. Lauderdale, FL
GLDC
Flint, MI
Carlsbad, CA
Chicago, IL
Springfield, MA
Raleigh, NC
Ontario, CA
Scottsdale, AZ
BioRx locations
Savage, MN
Urbandale, IA
Greensboro, NC
Cincinnati, OH
Woburn, MA
Enfield, CT

10. Confidential
Journey of a specialty patient
9
Patient
Physician
Payor
Patient
Patient visits
physician
Payor approves script
Diplomat monitors adherence and
collects data for manufacturers
Diplomat
dispenses drug
Diplomat provides:
Benefit verification
Prior authorization
Clinical intervention
Physician
writes script
Patient
receives
drugs

11. Confidential
10
Specialty spend under pharmacy benefit to more than
double(2)
Specialty pharmacy industry continues to show
exceptional growth
Specialty share of spend growing dramatically(1)
Specialty continues to dominate top 10 drug spend(3)
Source:
(1) Specialty Drug Trend Across the Pharmacy and Medical Benefit – Artemetrx 2013.
(2) 2013-2014 Economic Report on Retail, Mail and Specialty Pharmacies.
(3) Pembroke Consulting analysis of World Preview 2014, Outlook to 2020, EvaluatePharma.
 6 out of top 10  9 out of top 10
2013A 2020E
70%
30%
42%58% 50%50% Traditional
58%
Diplomat 2%
$51 million
$118 billion
2012A 2018E
Traditional
2012A 2015E 2018E
$51 billion
Specialty

12. Confidential
Limited distribution a central and growing theme in Specialty
11
Benefits to DiplomatBenefits to biotech / pharma
 Completely eliminate or reduce
reliance on wholesaler
 Real-time clinical data
 Commercialization assistance
 Improves appropriate utilization
 Barrier to entry
 Deeper, and earlier, partnerships with
pharma / biotech
 Increased value proposition to payors
 Market share opportunity
Other key limited distribution drugs
Oncology
®
MS
Portfolio of over 80 limited distribution drugs, comprising approximately 40% of revenue in 2014,
and well positioned for disproportionate growth from future drug approvals
Recent unique oncology limited panels…Diplomat exclusive or semi-exclusive
Oncology expertise
Launched April 2011 2012
What is limited distribution?
 Targeted channel strategy
 Provides certain specialty pharmacies
with exclusive or preferred
dispensing rights to certain drugs
 Fast-growing trend
(2013) (2014)(2012) (2014)
Diplomat is an opportunity to invest in pharma / biotech drug pipeline, without the binary risk
Traditional:
Limited:
Manufacturer Multiple Wholesalers 65,000 Pharmacies Patient
Manufacturer One/few pharmacies Patient
DPLO EXCLUSIVE DPLO LARGEST OF 5 DPLO LARGEST OF 4 DPLO EXCLUSIVE

13. Confidential
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Unique competitive position
LARGE PBM / RETAIL
PHARMACY
SMALLER SPECIALTY
PHARMACIES
 Diversification
distracts from
specialty pharmacy
 Less flexible / less
nimble
 Limited scale
 Most focused on one
or a few disease
states
 Fragmented market
 Consolidation
opportunity for
Diplomat
 Singularly focused
on specialty
 High-touch model
 Flexible and nimble
 Entrepreneurial
culture
 National reach
 Scalable
infrastructure

14. Confidential
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 Over 3,000 oncology and immunology
drugs in global drug development
 Oncology / Immunology drugs accounted
for ~70% of Diplomat’s revenues in 2014
 Addition of 7 new limited distribution
drugs across these areas since the IPO
 Rapidly growing Hepatitis C franchise –
additions of Viekira Pak and Harvoni
since the IPO
Multiple avenues for future growth
Continue to gain share in core therapeutic areas
Source: EvaluatePharma and company presentations.
(1) Includes all indications as defined by EvaluatePharma under Immunology excluding
Multiple Sclerosis.
($ in billions)
US Oncology revenue
US Immunology revenue(1)
Diplomat ’11-’14 CAGR
45%
27%
Large and high growth Oncology and Immunology
are Diplomat's power alley
Significant growth expected to continue in
the future
1

15. Confidential
14
Multiple avenues for future growth
Growing payor relationships
 Higher patient enrollment
 Increased incidence of chronic
disease
 Personalized medicine
 Health exchanges
 Improved management of drugs
under medical benefit
 Pay for performance
 STAR ratings
 Population health management
Health
Plans
PBMs
Employers
Unions
Diplomat addresses growing unmet
customer needs
ACOs
 Payor / provider coordination
 Clinical data exchange
 Opportunity to expand the medical
benefit
Case study: Priority Health
Background
 Priority Health is a 600K member health plan in
Michigan
 One of 8 specialty pharmacies working with
Priority 8 years back
Diplomat Difference
 High-touch customized programs
 Proprietary access to limited distribution drugs
 High patient adherence rates (over 90%)
 Cost containment programs (e.g., channel
management, formulary management and waste
minimization)
Results
 Diplomat named Priority’s sole specialty
pharmacy partner
− Displaced previous specialty pharmacy partners
− January 2015 renewal for 4 more years
Strong historical growth in exclusive / preferred managed lives from 5 million to 13 million from
2009 to 2014 (20%+ CAGR), and our payor pipeline has never been stronger
State of
Michigan
2

16. Confidential
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Multiple avenues for future growth
Grow high margin businesses
 Continued expansion into specialty infusion market
 Recently announced acquisition of BioRx has
significantly higher margins
− 29% gross margin and ~10% EBITDA margin
 New generics finally coming to specialty
− Temodar and Xeloda have come to market
− Copaxone is coming off patent soon
 Emerging biosimilars opportunity expands
addressable market for Diplomat
Grow high margin
specialty infusion
business
Specialty generics and
biosimilars
New drug launches
creating product
preferencing
 Competition in specialty space expected to create
discount and rebate opportunities
 Creates new data and service fees with pharma for
high margin revenue
Hepatitis C
Oncology
3

17. Confidential
Multiple avenues for future growth
Unique strategic partnerships with leading retailers and health systems
16
Benefits to Diplomat
Needs / benefits for retail /
health systems
Diplomat’s retail and health system partners
 Traditional drug trend low to mid
single digit growth
 Participate in high growth
specialty without having to build
expensive infrastructure
internally
 One stop shop for patients /
consumers
 Improve portfolio of wellness
solutions
 High margin business
 Leverage infrastructure
 Improved value proposition
with pharma
 Pharmacy of choice for limited
distribution drugs
How does Diplomat support retail
and health system partners?
 Fee-for-service offering
− Clinical and administrative
support services
− Patient engagement
− Adherence programs
− Integrated with retailers’
dispensing platforms
− Private label programs
Recent wins
Strong pipeline of future opportunities
4

18. Confidential
17
Multiple avenues for future growth
Selectively pursue strategic acquisitions
 Near-term focus on integrating BioRx
− Build upon recent experience of two strategically important acquisitions
(MedPro and AHF)
 Enhance our competitive position through disciplined strategic acquisitions
− Focus on higher margin opportunities
− New therapeutic / geographic expansion opportunities
− Services / technology businesses
5

19. Confidential
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Outstanding financial profile

20. Confidential
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Revenue
Payors
Distributors /
pharmaceutical
manufacturers
Patient
Diplomat
COGS
Physical drug movement
$ flows
How we make money and grow profitability
(Illustrative example)
How we make money
Drug mix and positive pricing trends are tremendous profit tailwinds for Diplomat
Positive pricing trends
Specialty
Specialty Specialty Specialty Drug C
Traditional Drug Drug A Drug B Drug C (10% price incr.)
Revenue $100 $2,000 $10,000 $20,000 $22,000
Gross Profit ($) $10 $100 $400 $600 $660
Gross Margin (%) 10% 5% 4% 3% 3%
Diplomat mix shift movement over time
Our core
focus
$167
Diplomat’s 2014 Average

21. Confidential
20
Strong financial performance…
Adjusted EBITDA
2010 – 2014
Total Revenue
2010 – 2014
$8
$15
$11
$19
$35
96% (28%) 75% 86%
1.3% 2.0% 1.0% 1.3% 1.8%
2010A 2011A 2012A 2013A 2014A
% margin
% growth
($ in millions)
$578
$772
$1,127
$1,515
$2,215
34% 46% 34% 46%
2010A 2011A 2012A 2013A 2014A
% growth
($ in millions)
$412
Q4 '13 Q4 '14
$612
$6
$11
Q4 '13 Q4 '14
1.4% 1.7%
Infrastructure investments including IT,
facilities and personnel
 Volume, price and mix all driving superior revenue growth
 Natural operating leverage and acquisitions driving EBITDA growth and
margin expansion
53%
27%
Note: Historical financials are not pro forma for BioRx acquisition.

22. Confidential
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… with continued growth in profitability
Gross Profit / Script (1)
2010 – 2014
Note: Financials are not pro forma for BioRx acquisition.
(1) Based on dispensed scripts only.
(2) Gross profit / net sales (i.e., based on dispensed and serviced scripts).
$71
$93 $97
$116
$167
2010A 2011A 2012A 2013A 2014A
% growth 12% 20%31% 4%
% margin 7.1% 5.9%7.3% 6.2%
Several factors drive growth in our Gross Profit / Script(1):
 Continued mix shift towards higher price, higher profit drugs (including acquisitions)
 Favorable pricing trends
(2)
Gross margin expansion opportunities:
 Recent acquisitions with higher gross margins (%)
 Fee-for-service opportunities with pharmaceutical manufacturers
 Specialty generics and biosimilars
44%
6.3%
Q4 '13 Q4 '14
6.1% 6.7%
$187
$126

23. Confidential
22
Capitalization summary (as of December 31, 2014)
Pro forma for BioRx
acquisition(1)($ in millions)
Cash $11
Total debt $210
Pro forma as adjusted
for this offering(2)
$11
$129
Shareholder’s equity $263 $344
(1) BioRx acquisition financing includes $210mm in debt and $105mm equity issuance.
(2) Proceeds from equity offering assumes 4.4mm primary shares offered at an offering price of $27.89
per share, net of underwriters’ fees. Also assumes that the Company will use approximately $35mm of
net primary proceeds from this offering to redeem options from certain existing optionholders.
Actual
$18
-
$164

24. Confidential
Premier asset in healthcare’s fastest growing segment
Unique competitive position with sole focus on Specialty
Well-positioned to capitalize on multiple industry tailwinds
Powerful momentum and plenty of runway
Deep pipeline of strategic acquisition opportunities
Proven leadership team aligned with shareholders
Key takeaways
23

25. Confidential
24
Appendix

26. Confidential
25
Diversified therapeutic mix
(FY 2014A)
Revenue mix by therapeutic category
Oncology
48%
Immunology
20%
Multiple
Sclerosis
10%
Other
22%

27. Confidential
Reconciliation of Net income (loss) and Adjusted EBITDA
26
(1)
Calendar year ending December 31,
($ in millions) 2014A 2013A 2012A 2011A 2010A
Net income (loss) $4.8 ($26.1) ($2.6) $9.2 ($7.8)
Depreciation & Amortization 8.1 3.9 3.8 3.1 2.2
Interest Expense 2.5 2.0 1.1 0.6 0.5
Tax Expense 4.7 - - - -
EBITDA $20.1 ($20.2) $2.3 $12.8 ($5.2)
Share-based compensation expense 2.9 0.9 0.9 1.4 0.8
Change in fair value of redeemable common shares (9.1) 34.3 6.6 - 10.7
Restructring and impairment charges - 1.0 0.4 0.4 1.5
Equity loss and impairment of of non-consolidated entities 6.2 1.1 0.3 0.1 -
Severance and related fees 0.4 0.2 0.4 0.7 -
Contingent consideration and merger & acquisition related fees 7.2 0.7 - - -
Private company expenses 0.2 0.2 - - -
Other taxes and credits 1.0 - (0.1) (0.6) -
Termination of existing stock redemption agreement 4.8 - - - -
Other Items 1.4 0.7 0.1 0.2 (0.0)
Adjusted EBITDA $35.2 $19.0 $10.9 $15.1 $7.7
(2)
(3)
(4)
(5)
(6)
(7)
(8)
Note: Financials are not pro forma for BioRx acquisition.
Detailed footnotes on the following page.

28. Confidential
Reconciliation of Net income (loss) and Adjusted EBITDA
27
1) Share-based compensation expense relates to director and employee share-based awards.
(2) Restructuring and impairment charges reflect decreases in the fair market value of non-core property and assets, or actual losses on disposal of
such assets. 2013 charges primarily relate to the $932 write-down of our former Swartz Creek, Michigan headquarters facility to its fair value, after
we vacated it in favor of our present Flint, Michigan facility. 2012 charges primarily relate to our write-down of an externally purchased software
package we no longer utilize, as well as sales of Company-owned vehicles. 2011 charges include expense associated with the closure of our former
Cleveland, Ohio facility, the move of our Chicago, Illinois area facility, and sales of Company-owned vehicles.
(3) During the fourth quarter of 2014, we reassessed the recoverability of our investment in our non-consolidated entity, Ageology. Based upon this
assessment, we determined that a full impairment of $4,869 was warranted, primarily due to updated projections of continuing losses into the
foreseeable future. The remaining amounts in 2014, 2013 and 2012 represents our share of losses recognized by Ageology, using the equity method
of accounting. We first invested in Ageology, an anti-aging physician network dedicated to nutrition, fitness and hormones, in October 2011, in
connection with its formation.
(4) Employee severance and related fees primarily relates to severance for former management.
(5) Fees and expenses directly related to merger and acquisition activities, including our acquisitions of AHF and MedPro and the impact of changes
in the fair value of related contingent consideration liabilities.
(6) Primarily includes philanthropic activities performed at the direction of our majority shareholder.
(7) Represents (a) various tax credits received from the state of Michigan for facility improvement and employee hiring initiatives, (b) the one-time
costs associated with converting from an S-Corporation to a C-Corporation, and (c) a 2014 charge of $1,825 related to non-income tax obligations.
(8) Includes other expenses, predominantly IT operating leases. These operating leases were initiated, in lieu of purchases or capital leases for a
subset of our IT spend, for a short period of time in 2013 and 2014 for liquidity purposes. We have since discontinued the practice of leasing IT
equipment. The cost of purchased IT equipment is reflected in depreciation and amortization.