This document summarizes Diplomat Pharmacy's growth strategy and financial outlook. It discusses how specialty drugs are an increasing portion of healthcare spending and how Diplomat is positioned as the largest independent specialty pharmacy. The summary also notes Diplomat's expansion into PBM services, specialty infusion, and focus on managing costs and delivering personalized care to patients. Financially, Diplomat expects continued revenue growth between $5.5-5.9 billion in 2018 and adjusted EBITDA between $164-170 million, reflecting investments to capitalize on specialty drug market opportunities.

1. 1
Copyright © 2018 by Diplomat Pharmacy Inc. Diplomat is a registered trademark of Diplomat Pharmacy Inc. All rights reserved.
May 2018
Investing in Growth

2. 2
Advances in healthcare bring promise and
complexity. As a result, drug spend is shifting
toward specialized—and expensive—treatments.
We are the largest
specialty pharmacy
service provider not
owned by a payer.
Manage chronic
home infusion for
patients nationwide.
Deliver PBM services to small
and midsize payers, focusing
on clinical expertise and bending
the cost curve for payers.
Proprietary of Diplomat Pharmacy Inc.
Diplomat:
A Better
Way to Do
Healthcare

3. Growing
With
Purpose
INVESTMENT RATIONALE
FOR 2018
3Proprietary of Diplomat Pharmacy Inc.
Targeting the fastest-growing
category of specialty drug spend
Expanding services to payers
with PBM and infusion solutions
Positioned to capitalize on
growth in biosimilars and
specialty generic launches
We focus on the
patient and delivering
personalized care.

4. 20171
The Growing
Specialty
Market
4
Specialty drugs
as % of pharmacy
industry revenues
20212
Proprietary of Diplomat Pharmacy Inc.
Specialty spend is
expected to increase.
Diplomat is capitalizing
on the market.
43% 55%1. IQVIA, National Sales Perspectives,
March 2018
2. IQVIA Institute for Human Data
Science, “Medicines Use and
Spending in the U.S.,” May 2017.
$200B
$330B
SPECIALTY PHARMACY

5. Better Patient
Access—
Now and in
the Future
SPECIALTY PHARMACY
5Proprietary of Diplomat Pharmacy Inc.
The drug pipeline is
growing exactly where
our expertise lies.
Rapid Growth in
the Oncology Market2
1. IQVIA Institute for Human Data
Science, “Medicines Use and Spending
in the U.S.: Review of 2017 and Outlook
to 2022,” April 2018. Includes programs
in Phase 2 through Registered with
activity in the past three years.
2. Barclays Research, EvaluatePharma,
January 2017.
3. IQVIA Institute for Human Data
Science, “Medicines Use and Spending
in the U.S.: Review of 2017 and Outlook
to 2022,” April 2018.
115+
DIPLOMAT LDD
PORTFOLIO
2017A3
$51B
2021E
$86B
ONCOLOGY
PIPELINE1
29%
REMAINING
DRUG PIPELINE

6. Long-Term
Growth: New
and Existing
Treatments
SPECIALTY PHARMACY
Limited-distribution drugs,
expanded indications,
and additional patient
populations all contribute
to exceptional growth.
Expected
Patient
Population
Drug
Approval
Date
Expanded
Indication
6Proprietary of Diplomat Pharmacy Inc.

7. MANAGING COST
7Proprietary of Diplomat Pharmacy Inc.
Driving Down
Cost of Care
Providers and payers
work with Diplomat by
choice—not because of
restricted formularies.
In early 2018, Diplomat
increased the number of
drugs included in split-fill
programs by 78 percent.
50%
POTENTIAL
SAVINGS PER
PATIENT ON
SPLIT-FILL
PROGRAM

8. SPECIALTY INFUSION
8Proprietary of Diplomat Pharmacy Inc.
Specialty
Infusion: Still
Outperforming
the Market
We’re deepening
relationships with patients
and their caregivers for
these long-term
opportunities.
1. Elizabeth Odom et al., “Inpatient Care
versus Subacute Care for Long Term
Intravenous Antibiotics: Cost from the Patient
Perspective,” American Journal of Hospital
Medicine, July 2016. Based on per-day cost
of inpatient care including room and nursing.
$200
$400
$600
$800
$1000
Hospital1
Home or Alternate Site
$950
$100
PER VISIT
PER VISIT
OUR FOCUS
Specialty infusion care in the home setting to reduce the cost to patients.

9. 9Proprietary of Diplomat Pharmacy Inc.
The pharmacy benefit
manager market
represents significant
growth opportunities
for Diplomat.
We’re focusing on middle-market
opportunities, where alternative
solutions are rare.
With 2.5% market share, we have
significant room to grow.
CastiaRx:
Smart Benefit
Management
MIDDLE-MARKET PBM
Growth
Opportunity
39%
Not controlled
by the “Big 3”

10. Innovative
Care Using
Next-Level
Technology
INNOVATIVE CARE
Partners choose us for
our unique ability to
guide patients and their
care team using the
data at our fingertips.
Proprietary of Diplomat Pharmacy Inc.

11. 11
Financial Profile
Atul Kavthekar, CFO

12. Positioned
to Deliver
Sustained
Growth
FINANCIAL HIGHLIGHTS
Our earlier investments
provide the foundation
for growth in 2018.
12Proprietary of Diplomat Pharmacy Inc.
2013A 2014A 2015A 2016A 2017A 2018E
Total Revenue
BILLIONS
$1.5
$2.2
$3.4
$4.4
$4.5
$5.5–5.9
CAGR 31%

13. 2018 Q1
Results
FINANCIAL HIGHLIGHTS
13Proprietary of Diplomat Pharmacy Inc.
TOTAL REVENUE GROSS MARGIN
$1.3B 8.2%
ADJUSTED EBITDA
$40M
ADJUSTED EPS
$0.20
CASH FLOW FROM OPERATIONS
$49M
SPECIALTY REVENUE GROSS MARGIN
$1.2B 8.1%
PBM REVENUE GROSS MARGIN
$0.2B 9.2%A reconciliation of Adjusted EPS, a non-GAAP measure, to
EPS as prepared in accordance with GAAP can be found
below.
A reconciliation of Adjusted EBITDA, a non-GAAP measure,
to net income (loss) attributable to Diplomat can be found
below.

14. 2018 Full Year
Outlook Reflects
Continued
Growth
FINANCIAL HIGHLIGHTS
14Proprietary of Diplomat Pharmacy Inc.
TOTAL REVENUE IN THE RANGE OF
$5.5–5.9B Investing for long-term
growth and operational
efficiencyADJUSTED EBITDA IN THE RANGE OF
$164–170M
Stable margins with
potential upsideADJUSTED EPS IN THE RANGE OF
$0.87–0.97
Deleveraging to 2–3x
adjusted EBITDA in 2019
CASH FLOW FROM OPERATIONS
$115–130MA reconciliation of Adjusted EPS, a non-GAAP measure, to
EPS as prepared in accordance with GAAP can be found
below.
A reconciliation of Adjusted EBITDA, a non-GAAP measure,
to net income (loss) attributable to Diplomat can be found
below.

15. Growing
With
Purpose
INVESTMENT RATIONALE
FOR 2018
15Proprietary of Diplomat Pharmacy Inc.
Targeting the fastest-growing
category of specialty drug spend
Expanding services to payers
with PBM and infusion solutions
Positioned to capitalize on
growth in biosimilars and
specialty generic launches
We focus on the
patient and delivering
personalized care.

16. Q1 Reconciliation
of GAAP to
Adjusted EBITDA
and Adjusted
EPS
RECONCILIATION
Adjusted EBITDA: The table below presents a reconciliation of net (loss) income attributable to Diplomat Pharmacy, Inc. to
Adjusted EBITDA for the periods indicated.
Adjusted EPS (diluted): Below is a reconciliation of net (loss) income attributable to Diplomat Pharmacy, Inc. per diluted
share to Adjusted EPS for the periods indicated.
1
27 percent tax rate used for the three months ended March 31, 2018; 32 percent used in the prior year period.

17. 2018 Full Year
Guidance: GAAP
to Non-GAAP
Reconciliation
RECONCILIATION
The tables present a reconciliation of net income
attributable to Diplomat Pharmacy, Inc. to Adjusted
EBITDA and net income attributable to Diplomat
Pharmacy, Inc. per diluted share to Adjusted EPS for
the year ended December 31, 2018.
1
Assumes a tax rate of 24 and 27 percent, for the low- and high-end, respectively.
1
Assumes a tax rate of 27 percent for adjustments

18. DISCLAIMERS NON-GAAP INFORMATION
Adjusted EPS adds back, net of income taxes, the impact of all merger and
acquisition related expenses, including amortization of intangible assets, the
change in fair value of contingent consideration, as well as transaction-related
costs. We exclude merger and acquisition-related expenses from Adjusted EPS
because we believe the amount of such expenses in any specific period may
not directly correlate to the underlying performance of our business operations
and such expenses can vary significantly between periods as a result of new
acquisitions, full amortization of previously acquired intangible assets, or
ultimate realization of contingent consideration. Investors should note that
acquisitions, once consummated, contribute to revenue in the periods presented
as well as future periods and should also note that amortization and contingent
consideration expenses may recur in future periods. A reconciliation of Adjusted
EPS, a non-GAAP measure, to EPS as prepared in accordance with accounting
principles generally accepted in the United States (“GAAP”) can be found
above.
We define Adjusted EBITDA as net income (loss) attributable to Diplomat before
interest expense, income taxes, depreciation and amortization, share-based
compensation, change in fair value of contingent consideration and other
merger and acquisition-related expenses, restructuring and impairment charges,
and certain other items that we do not consider indicative of our ongoing
operating performance (which are itemized above in the reconciliation to net
income (loss) attributable to Diplomat). Adjusted EBITDA is not in accordance
with, or an alternative to, GAAP. In addition, this non‑GAAP measure is not
based on any comprehensive set of accounting rules or principles. You should
be aware that in the future we may incur expenses that are the same as or
similar to some of the adjustments in the presentation, and we do not infer that
our future results will be unaffected by unusual or non-recurring items.
We consider Adjusted EBITDA and Adjusted EPS to be supplemental measures
of our operating performance. We present Adjusted EBITDA and Adjusted EPS
because they are used by our Board of Directors and management to evaluate
our operating performance. Adjusted EBITDA is also used as a factor in
determining incentive compensation, for budgetary planning and forecasting
overall financial and operational expectations, for identifying underlying trends,
and for evaluating the effectiveness of our business strategies. Further, we
believe they assist us, as well as investors, in comparing performance from
period-to-period on a consistent basis. Other companies in our industry may
calculate Adjusted EBITDA and Adjusted EPS differently than we do and these
calculations may not be comparable to our Adjusted EBITDA and Adjusted EPS
metrics. A reconciliation of Adjusted EBITDA, a non-GAAP measure, to net
income (loss) attributable to Diplomat can be found above.
FORWARD-LOOKING STATEMENTS
This presentation contains forward-looking statements made pursuant
to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements give current
expectations or forecasts of future events or our future financial or
operating performance and include Diplomat’s expectations regarding
revenues, Adjusted EBITDA, Adjusted EPS, operating cash flow,
reduction of our debt burden, market share, growth trends within the
industry and drug pipeline, the expected benefits and performance of
acquisitions and growth strategies. The forward-looking statements in
this presentation are based on management’s good-faith belief and
reasonable judgment based on current information. 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. For a discussion of such risks and uncertainties, including
but not limited to risks related to: our ability to adapt to changes or
trends within the specialty pharmacy industry; competition within the
prescription benefit management marketplace, and an inability to
effectively differentiate our products and services from those of our
competitors; our ability to expand the number of specialty drugs we
dispense and related services; client losses and/or the failure to win
new business; maintaining existing patients; fluctuations in operating
results; and debt service obligations, review Diplomat's filings with the
Securities and Exchange Commission, including “Risk Factors” in
Diplomat’s Annual Report on Form 10-K for the year ended Dec. 31,
2017, and in subsequent reports filed with or furnished to the
Securities and Exchange Commission. Except as may be required by
any applicable laws, 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.
INDUSTRY AND MARKET DATA
Certain information in this presentation concerning our industry and
the markets in which we operate is derived from publicly available
information released by third-party sources, including independent
industry and research organizations, and management estimates.
Management estimates are derived from publicly available information
released by independent industry and research analysts and other
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.
Proprietary of Diplomat Pharmacy Inc.

19. 19Copyright © 2018 by Diplomat Pharmacy Inc. Diplomat is a registered trademark of Diplomat Pharmacy Inc. All rights reserved.