This document summarizes Diplomat Pharmacy's business and growth opportunities: - Diplomat is the largest independent specialty pharmacy with a national footprint and over $2 billion in revenue. - It has a highly experienced management team and differentiated business model focused solely on specialty pharmacy. - The specialty pharmacy industry is growing rapidly due to new drug launches and a shift to pharmacy benefits, and Diplomat is well-positioned to capitalize on this through its scale and relationships. - Diplomat has multiple avenues for long-term growth including expanding in oncology/immunology, gaining more exclusive contracts, strategic acquisitions, and operational efficiencies.

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.
JP Morgan Healthcare Conference
January 12, 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. 1
Industry and Market Data
Certain information contained in this presentation concerning our industry and the markets in which we operate is based on information
from publicly available independent industry and research organizations and other third-party sources, and management estimates.
Management estimates are derived from publicly available information released by independent industry and research analysts and third-
party sources, as well as data from our internal research, and are based on assumptions made by us upon reviewing such data and our
knowledge of such industry and markets, which we believe to be reasonable. We believe the data from these third-party sources is reliable.
In addition, projections, assumptions and estimates of the future performance of the industry in which we operate and our future
performance are necessarily subject to uncertainty and risk due to a variety of factors, as discussed in Diplomat’s reports filed with the
Securities and Exchange Commission. These and other factors could cause results to differ materially from those expressed in the
estimates made by these third-party sources.
Forward-Looking Statements
This presentation contains forward-looking statements. The 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
risks and uncertainties, many of which are beyond our control, that could cause our actual results to differ materially from those forecasted
or indicated by such forward-looking statements. These risks are set forth in Diplomat’s reports filed with the Securities and Exchange
Commission. Diplomat assumes no obligation to publicly update such forward-looking statements, which are made as of the date hereof or
the earlier date specified herein, whether as a result of new information, future developments or otherwise.
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.
Legal Disclosure

3. 2
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

4. 3
Diplomat: Largest independent specialty pharmacy
 Founded: 1975; Headquarters: Flint, MI
 Employees: ~1,000
 LTM 9/30/14 revenue: ~$2.0 billion
 Diversified base of marquee partners
Diplomat at a glance
Express Scripts
28%
CVS Health
25%
Walgreens
10%
>2%
Omnicare
<2%
Avella
1%
Others
32%
FY 2013A market share ($63 billion total market size) (1)
Exceptional above market revenue growth
$27 $58
$167
$271
$377
$578
$772
$1,127
$1,515
2005 2006 2007 2008 2009 2010 2011 2012 2013
Scaled business: National footprint
National Distribution Center
Diplomat locations
Corporate Office
Ontario, CA
Ft. Lauderdale, FL
Enfield, CT
Springfield, MA
GLDC
Flint, MI
Chicago, IL
Raleigh, NC
($ in millions)
(1) Source: 2013 – 2014 Economic Report on Retail, Mail and Specialty Pharmacies, Drug Channel Institute.

5. 4
• Management has an average of over 25 years of pharmacy and specialty pharmacy experience
• Diplomat team includes 70+ licensed pharmacists
Highly experienced and incentivized management team
with proven track record
Name Title
Years of
Experience Prior Experience
Phil Hagerman, R.Ph. Co-Founder & CEO
40
Sean Whelan, CPA Chief Financial Officer 21
Gary Kadlec, R.Ph. President 43
Bill Wallace, MD EVP of Strategy 31
Jeff Rowe, R.Ph. EVP of Operations 36
Atheer Kaddis, Pharm.D SVP of Sales/Business Development 23

6. 5
Recent Developments
 Completed initial public offering – October 9, 2014
 Issued 15.33 million shares at $13 per share, including 11 million primary shares and 4.3
million secondary shares
 Third Quarter Results - November 10, 2014
 Revenues of $595.5 million increased 49% compared to a year ago
 Adjusted EBITDA of $10.6 million increased 94% compared to a year ago
 Fourth Quarter Developments
 New drug distribution agreements
- Viekira Pak (ombitasvir/paritaprevir/ritonavir tablets; dasabuvir tablets) - hepatitis C
- Jakafi (ruxolitinib) - polycythemia vera
- Xalkori (crizotinib) - lung cancer – limited distribution
- Bosulif (bosutinib) – leukemia – limited distribution
- Inlyta (axitinib) - kidney cancer – limited distribution
- Sutent (sunitinib) – renal, gastrointestinal & pancreatic cancer – limited distribution
- Harvoni (ledipasvir/sofosbuvir) – hepatitis C
- Esbriet (pirfenidone) – idiopathic pulmonary fibrosis (IPF)– limited distribution
- Otezla (apremilast) – psoriasis – limited distribution
 Appointed Kenneth Klepper to Board of Directors

7. Journey of a specialty patient
6
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

8. 7
Diplomat is well-positioned in high growth specialty
pharmacy industry
 Industry growth of 15% per year from
2005-2013
 Strong pipeline ensures new drug launches
each year
 New opportunities emerging to treat orphan
disease states
 Limited distribution drugs are a growing trend
 Small biotech companies emerging as a major
growth driver
 Drugs are increasingly moving from medical
benefit to pharmacy benefit
High growth Specialty Pharmacy industry Diplomat's leading market position
 65%+ CAGR 2005-2013
 Diplomat well diversified across multiple specialty
therapeutic categories
 Diplomat’s high touch model ideal for serving
unique patient populations
 Diplomat has access to many limited distribution
drugs; 10 of our top 25 drugs are in limited
distribution
 Diplomat works closely, and early in the drug
development process, with emerging biotech
 Represents additional revenue opportunity for
Diplomat to accelerate growth
Diplomat is the only pure-play publicly traded specialty pharmacy

9. 8
Specialty spend under pharmacy benefit to more than
double(2)
Specialty pharmacy industry is poised for
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 a PSG Company January 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

10. Limited distribution a central and growing theme
in Specialty
9
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 70+ limited distribution drugs 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 has exposure to the pharma / biotech drug pipeline, without the binary risk
DPLO EXCLUSIVE DPLO EXCLUSIVEDPLO LARGEST OF 5 DPLO LARGEST OF 4
Limited:
Traditional: Manufacturer
Manufacturer
Multiple Wholesalers 65,000 Pharmacies Patient
One/few pharmacies Patient

11. 10
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
 Singularly focused
on specialty
 High-touch model
 Flexible and nimble
 Entrepreneurial
culture
 National reach
 Scalable
infrastructure

12. 11
Diplomat is unmatched in its relationships with all key
constituents
PAYORS
PHYSICIANS +
HEALTH SYSTEMS
RETAILERS +
HOSPITALS
BIOTECHNOLOGY +
PHARMACEUTICAL
MANUFACTURERS
PATIENTS

13. 12
Multiple avenues to drive strong long-term growth
Selectively pursue
strategic acquisitions
Continue to gain share
in core therapeutic areas
Expand exclusive / preferred
managed lives under contract
Grow high margin businesses
Drive operational efficiencies

14. $32
$44
2011 2013
$54
$63
2011 2013
13
 Oncology and Immunology drugs
currently comprise over 40% of
the biologics pipeline
 Over 3,000 oncology and
immunology drugs in global drug
development
 Oncology / Immunology drugs
accounted for over 70% of
Diplomat’s revenues in 2013
Continue to gain share in high-growth Oncology and
Immunology markets
Source: Evaluate Pharma and company presentations.
(1) Includes all indications as defined by EvaluatePharma under Immunology excluding Multiple Sclerosis.
($ in billions)
US Oncology revenue
US Immunology revenue(1)
Diplomat ’11-’13 CAGR
44%
32%
Large and high growth Oncology and Immunology
are Diplomat's power alley
Significant growth expected to continue in
the future

15. 14
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 the 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 pharmacies
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

16. 15
Grow high margin businesses
 Continued expansion into specialty infusion market
 Recent acquisitions (MedPro and AHF) had
significantly higher margins
− 20%+ gross margins
 Overall market expected to grow at over 10%(1)
 New generics finally coming to specialty
− Temodar and Xeloda have come to market
− Copaxone is coming off patent soon
 Biosimilars are around the corner
(1) Source: CVS Health investor presentation dated 12/8/13.
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

17. 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

18. 17
Strategic investments creating operational efficiencies
 550,000 square foot facility in Flint, MI
− Currently at ~40% capacity
 Minimal incremental capital
expenditures needed to execute
growth initiatives
− Significant capital and infrastructure
investments completed
 Centralized infrastructure to efficiently
dispense across all 50 states
 Advanced distribution center allows
for nationwide shipment
 Centralized clinical call center helps
deliver localized services on a national
scale
National footprint
Significant
operating leverage
Substantial capacity and technology-focused infrastructure creates significant operating
leverage and profitability per script upside
National Distribution Center
Diplomat locations
Corporate Office
Ontario, CA
Ft. Lauderdale, FL
Enfield, CT
Springfield, MA
GLDC
Flint, MI
Chicago, IL
Raleigh, NC

19. 18
Selectively pursue strategic acquisitions
 Enhance our competitive position through disciplined strategic acquisitions
 Build upon recent experience of two strategically important acquisitions
(MedPro and AHF)
 Focus on higher margin opportunities:
− Specialty infusion
− New therapeutic categories
− Services / technology businesses

20. 19
Outstanding financial profile

21. 20
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

22. 21
Third Quarter Results
(1) Based on dispensed scripts only.
(2) Gross profit / net sales (i.e., based on dispensed and serviced scripts).
$399
$596
3Q13A 3Q14A
Revenue
EBITDA
margin
1.4%
$5.5
$10.6
3Q13A 3Q14A
Adjusted EBITDA
$118
$185
3Q13A 3Q14A
Gross Profit /Script
($ in millions) ($ in millions)
1.8%6.7%5.8%
(1)
Gross
margin
(2)

23. 22
Strong historical financial performance
Gross Profit / Script (1)
2009 – First Nine Months Of 2014
(1) Based on dispensed scripts only.
(2) Gross profit / net sales (i.e., based on dispensed and serviced scripts).
$63 $71
$93 $97
$115
2009A 2010A 2011A 2012A 2013A
% growth 12% 19%32% 4%
First Nine
Months of
2013
First Nine
Months of
2014
% margin 7.1% 5.9%7.3% 6.2%8.1% 5.8% 6.2%
Several factors drive growth in our Gross Profit / Script(1):
 Continued mix shift towards higher price, higher profit drugs
 Favorable pricing trends
(2)
$112
$161
Gross margin expansion opportunities:
 Recent acquisitions with higher gross margins (%)
 Specialty generics
 Grow retail / health systems platform

24. 23
Strong historical financial performance (cont’d)
Adjusted EBITDA
2009 –
First Nine Months Of 2014
Total Revenue
2009 –
First Nine Months Of 2014
$6 $8
$15
$11
$19
27% 96% (28%) 75%
1.6% 1.3% 2.0% 1.0% 1.3%
2009A 2010A 2011A 2012A 2013A
% margin
% growth
($ in millions)
$377
$578
$772
$1,127
$1,515
53% 34% 46% 34%
2009A 2010A 2011A 2012A 2013A
% growth
($ in millions)
First Nine
Months of
2013
First Nine
Months of
2014
$1,603
$13
$25
First Nine
Months of
2013
First Nine
Months of
2014
1.2% 1.5%
Infrastructure investments including
IT, facilities and personnel
 Volume, price and mix all driving superior revenue growth
 Key investments driving operating leverage
$1,103

25. 24
Significant financial flexibility
Actual
($ in millions)
Note: Assumes $200 million IPO with split of 75% primary / 25% secondary and a 6.75% gross spread.
Cash $16
Total debt $20
Drawn revolver
($120 capacity)
$77
Pro forma for IPO proceeds
$50
–
–
As of September 30, 2014

26. 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
Proven leadership team aligned with shareholders
Key takeaways
25

27. 26
Appendix

28. 27
Balanced payor mix and diversified therapeutic mix
Government,
41%
Exclusive /
Preferred,
34%
Patient pay,
3%
Commercial,
22%
(FY 2013A)
(13mm
managed
lives)
Open
network
Open
network
Revenue mix by payor type
(FY 2013A)
Revenue mix by therapeutic category
Oncology
49%
Immunology
25%
Multiple
Sclerosis
11%
Other
15%

29. 28
Summary historical financials
Calendar year ending December 31, 9 months ended,
($ in millions) 2009A 2010A 2011A 2012A 2013A 9/30/2013 9/30/2014
Total Revenue $377 $578 $772 $1,127 $1,515 $1,103 $1,603
% growth 53% 34% 46% 34% 45%
Gross Profit $31 $41 $57 $69 $89 $64 $99
% growth 34% 38% 23% 28% 56%
% margin 8.1% 7.1% 7.3% 6.2% 5.9% 5.8% 6.2%
Adjusted EBITDA $6 $8 $15 $11 $19 $13 $25
% growth 27% 96% (28%) 75% 87%
% margin 1.6% 1.3% 2.0% 1.0% 1.3% 1.2% 1.5%

30. Reconciliation of Net income and Adjusted EBITDA
29
9 months ended September 30, Calendar year ending December 31,
($ in millions) 2014A 2013A 2013A 2012A 2011A 2010A 2009A
Net income $7.9 $6.5 ($26.1) ($2.6) $9.2 ($7.8) ($4.2)
Depreciation & Amortization 5.3 2.8 3.9 3.8 3.1 2.2 1.9
Interest Expense 1.6 1.5 2.0 1.1 0.6 0.5 0.8
Tax Expense 7.0 - - - - - -
EBITDA $21.8 $10.8 ($20.2) $2.3 $12.8 ($5.2) ($1.5)
Stock Option Comp Expense 1.8 0.7 0.9 0.9 1.4 0.8 0.4
Change in fair value of redeemable common shares (7.9) - 34.3 6.6 - 10.7 7.0
Restructring and impairment charges - 0.1 1.0 0.4 0.4 1.5 -
Equity Loss of non-consolidated entity 1.1 0.6 1.1 0.3 0.1 - -
Severance and related fees 0.4 0.1 0.2 0.4 0.7 - -
Merger & acquisition related fees 1.8 0.3 0.7 - - - -
Private company expenses 0.2 0.1 0.2 - - - -
Tax credits (0.4) - - (0.1) (0.6) - -
Other Items 5.9 0.5 0.7 0.1 0.2 (0.0) 0.1
Adjusted EBITDA $24.7 $13.2 $19.0 $10.9 $15.1 $7.7 $6.1
Note: Detailed footnotes on the following page.