This document discusses Diplomat Pharmacy, a specialty pharmacy company. It provides an overview of the company, including its leadership, growth strategy through acquisitions, financial performance, and outlook. The specialty pharmacy industry is growing significantly due to increasing specialty drug utilization and limited distribution drugs. Diplomat aims to continue taking market share as the largest independent specialty pharmacy through its focus on specialty drugs and services.

1. Diplomat.is/more
I’m Jay.
I have chronic lymphocytic leukemia.
I’m a retired submarine commander,
a father, a husband, an avid woodcarver.
I bike 20 miles a day.
I know the Diplomat Difference.
Copyright © 2015 by Diplomat Pharmacy Inc. Diplomat is a registered
trademark of Diplomat Pharmacy Inc. All rights reserved.
JP Morgan Healthcare Conference
Investor Presentation
January 2017

2. Confidential
1
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, cost-saving efforts, and
expectations regarding acquisitions. 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 and uncertainties include: 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; bad publicity about, or market withdrawal of, specialty drugs we dispense; a significant increase in
competition from a variety of companies in the health care industry; our ability to expand the number of specialty drugs we dispense
and related services; maintaining existing patients; revenue concentration of the top specialty drugs we dispense; our ability to
maintain relationships with a specified wholesaler and pharmaceutical manufacturer; increasing consolidation in the healthcare
industry; managing our growth effectively; our ability to estimate the impact of DIR fees amid considerable uncertainty due to current
regulatory efforts and current and future payor disputes; limited experience with acquisitions and our ability to recognize the expected
benefits therefrom on a timely basis or at all; and the additional factors set forth in "Risk Factors" in Diplomat’s Annual Report on
Form 10-K for the year ended December 31, 2015 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.
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.
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
Investment Highlights
• Specialty Pharmacy industry is a growth market
• Drug development pipeline remains robust
− Oncology is the largest and fastest growing segment of the Diplomat portfolio
• Limited distribution growing in importance
• Diplomat is unique within the specialty pharmacy industry
• Taking market share as the largest independent specialty pharmacy
• Access to ~100 limited distribution drugs
• Significant progress in building out the platform since the IPO (Oct. 9, 2014)
• Expanded access to limited distribution drugs; ~ 30 new LDs
• Completed three strategic acquisitions which broadened service offerings, deepened therapeutic
expertise, and improved geographic footprint
• Strong financial performance
• Five-year revenue CAGR of 42% & EBITDA CAGR of 65%
• Diversified revenue and profitability streams
• Modest balance sheet leverage – ample dry powder
• Experienced senior management team
• CEO founded Diplomat 40+ years ago
• Leadership team has broad ranging experience across the industry
2
(1) CAGR based on 2010-2015 results
(1)

4. Confidential
3
Diplomat at a glance
 Founded: 1975; Headquarters: Flint, MI
 Employees: ~1,900
 2016E revenue: ~$4.5 billion
 Diversified base of marquee partners
Corporate Overview
CVS Health/
Omnicare
33%
Express Scripts
25%
Walgreens
10%
3%
OptumRx/
Catamaran
8%
Avella 1%
Others
20%
2015 Market share ($98 billion total market size) (1)
Exceptional above market revenue growth
Scaled business: National footprint
($ in millions)
Source:
(1) 2015 – 2016 Economic Report on Retail, Mail and Specialty Pharmacies, Drug Channel
Institute
(2) Based on low-end of management’s estimate range for FY 2016
(2)
Pharmacy Locations
Arizona
California
Connecticut
Florida
Illinois
Iowa
Maryland
Massachusetts
Michigan
Minnesota
North Carolina
Ohio
Pennsylvania
Texas
(2)
$27 $58 $167 $271 $377
$578
$772
$1,127
$1,515
$2,215
$3,367
$4,400
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016E

5. Confidential
4
Diplomat’s revenue and profits come from multiple industry sectors
DIR fees primarily affect core specialty pharmacy sector only
Complementary Opportunities Minimize Payor/PBM Risk,
AND Mitigate Risk of Inflation Abatement
Other Services
 Envoy Health – HUB and other services
 Retail Specialty Network
 Hospital Specialty Network
 340(b)
 PAP
 All services enhance DPLO’s relevance in
healthcare
Specialty Infusion
 Subset of specialty pharmacy
 Many similar characteristics
(chronic, high cost, etc.)
 Few differentiators (nursing
component, more medical billing)
 Higher margin business
 Unique/separate payor networks
 Payor-driven site of care transition
opportunities
Core Specialty Pharmacy
(orals and self-injectables)
 Oncology dominance
 Limited distribution expertise
 Outpacing industry revenue growth organically
 Mix shift driving revenue and profit growth
 Price inflation a very small component of
revenue
 Serving open, preferred, narrow, and exclusive
payor networks
 Increase focus on direct contracts with payors
Pharmaceutical Manufacturer Services
 Discounts, rebates, services, data fees
 High margin
 Not dependent on payers or price inflation
 Making progress, but significant upside
opportunity remains
Revenue Source:
Payers
Revenue Source:
Pharma & Others
Financial Impact:
Higher Revenue,
Lower Margin
Financial Impact:
Lower Revenue,
Higher Margin

6. Confidential
Growing list of services across the specialty pharmacy eco-system
EnvoyHealth Services
5
Payors Partners
Call Center
Support
Specialty PBM
Services
Clinical Trials
Technology
Solutions
Higher Margin
Services
Medical
Management
Specialty Pharmacy Services
HUB/PAP/
Wholesale Distribution
Utilization
Management
The continued growth and expansion of small biotech
companies creates a dramatic and growing marketplace
Branding
Services Educational
Services
TM

7. Confidential
Diplomat controls the 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. Confidential
7
Specialty spend under pharmacy benefit to grow ~5x(1)
Specialty pharmacy industry continues to show
exceptional growth
Specialty share of spend growing dramatically(1)
Specialty continues to dominate top 10 drug spend(1)
Source:
(1) The 2016 Economic Report on Retail, Mail, and Specialty Pharmacies – January 2016
 7 out of top 10  9 out of top 10
2014A 2020E
85%
15%
27%
73%
44%
56%
Diplomat 2%
$41 billion $212 billion
2010A 2020E
Traditional
2010A 2015E 2020E
Specialty

9. Confidential
Limited distribution a central and growing theme in specialty
8
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
Portfolio of ~100 limited distribution drugs, comprising approximately 45%
of revenue in 2015, and well positioned for disproportionate growth from
future drug approvals
Recent unique limited panels…Diplomat exclusive or semi-exclusive
What is limited distribution?
 Targeted channel strategy
 Provides certain specialty
pharmacies with exclusive or
preferred dispensing rights to
certain drugs
 Fast-growing trend
(2013)(2012) (2015)
Traditional:
Limited:
Manufacturer Multiple Wholesalers 65,000 Pharmacies Patient
Manufacturer One/few pharmacies Patient
DPLO EXCLUSIVE DPLO LARGEST OF 4 DPLO 1 of 4
(2016)
DPLO 1 of 4

10. Confidential
9
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
Acquired
Feb 2016
Acquired
2013-2016
Acquired
Sept 2016

11. Confidential
10
DIR (Direct and Indirect Remuneration) Fees
• Term used by CMS to address price concessions that
ultimately impact the prescription drug costs of Medicare Part D
plans, but are not captured at the point of sale
 Some PBMs use DIR as a “catch-all” term to encompass a number of different
types of fees
• Final 2014 Part D rule established a new definition of
“negotiated price”, effective in 2016, to include all pharmacy
price concessions which can be reasonably determined at point
of sale
 Some Plans / PBMs restructured programs for 2016, to make it more difficult
for their DIR fees to be “reasonably determined” in anticipation of this
legislation
 Some PBMs assert that DIR fees cannot be determined at the point of sale as
the performance against certain quality measurements are not known at the
time of adjudication

12. Confidential
Legal and Regulatory Strategies for combating DIR fees
• Proposed legislative – already in House and Senate to
prevent DIR Fees being implemented in current fashion
• Multiple Industry stakeholders reviewing other legislative
options
• Direct discussion with CMS to control PBM interpretations of
DIR language
• Legal Challenges being reviewed by multiple SP groups and
stakeholders
11

13. Confidential
Growth Strategy
• Expansion of direct contracts with payors not affected by DIR
fees
• Contracting with manufacturer partners to insure the highest
service levels for patients, physicians and health plans
• Grow our service offering
• Continue to pursue M&A opportunities in areas unaffected by
DIR
12

14. Confidential
13
Future M&A criteria
When considering acquisitions, we look for targets that will potentially benefit Diplomat in one
or more of the following ways:
 Expand into new therapeutic areas and/or geographic regions
 Enhance clinical capabilities to improve competitive advantage
 Access to Limited Distribution drugs
 Access to new/expanded specialty prescriber base
 Accelerate our higher margin business opportunities
 Bring new services and technologies under our umbrella
 Makes DPLO better, not just bigger

15. Confidential
14
Financial profile

16. Confidential
Traditional Drug Specialty Drug A Specialty Drug B Specialty Drug C Specialty Drug B
(10% price incr.)
Revenue $100 $3,700 $10,000 $27,000 $11,000
Gross Profit ($) $10 $185 $400 $810 $440
Gross Margin (%) 10% 5% 4% 3% 4%
15
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
Inflation
Impact
Diplomat mix shift movement over time
Our core
focus
$305
Diplomat’s 3Q’16 Average*
(AWP – Y%)
(WAC – X%)
Note AWP = WAC x 1.20
(1)
(1)
Example:
AWP $11,905 - 16% = $10,000 Revenue
WAC $9,921 - 3% = $9,600 COGS
$400 Gross Profit
4% Gross Margin
*Normalized to remove Q1 and Q2 DIR fees from Q3 results

17. Confidential
16
Normalized Third Quarter 2016 Results
(1) Based on dispensed scripts only.
(2) Gross profit / net sales (i.e., based on dispensed and serviced scripts).
(3) 3Q15 Adjusted EBITDA benefited from one time pharma dollars and reversal of 2Q 2015 bad debt
expense
Revenue
Adjusted
EBITDA
margin
3.5%
Adjusted EBITDAGross Profit /Script
($ in millions) ($ in millions)
2.2%7.0%8.0%
(1)
Gross
margin
(2)
$947
$1,185
3Q15A 3Q16
$33
$27
3Q15A 3Q16
$301
$305
3Q15A 3Q16
(3)

18. Confidential
$2,380
$3,265
First Nine Months
of 2015
First Nine Months
of 2016
$67
$81
First Nine
Months of 2015
First Nine
Months of 2016
$8
$15
$11
$19
$35
96% (28%) 75% 85% 170%
1.3% 2.0% 1.0% 1.3% 2.8%
2010A 2011A 2012A 2013A 2014A 2015A
Strong long-term financial performance…
Adjusted EBITDA
2010 –
First Nine Months of 2016
Total Revenue
2010 –
First Nine Months of 2016
% margin
% growth
($ in millions)
$578
$772
$1,127
$1,515
$2,215
34% 46% 34% 46% 52%
2010A 2011A 2012A 2013A 2014A 2015A
% growth
($ in millions)
Pre-IPO infrastructure investments
 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 any acquisitions.
1.6%
$3,367
$95
2.8% 2.5%

19. Confidential
$269
$319
First Nine Months
of 2015
First Nine Months
of 2016
18
… with continued growth in profitability
Gross Profit / Script (1)
2010 –
First Nine Months of 2016
Note: Financials are not pro forma for acquisitions.
(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 2015A
% 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 (%)
 Pharma $$ opportunities
 Specialty generics and biosimilars (longer term)
44%
6.3%
68%
7.8%
$280
7.8% 7.4%

20. Confidential
19
Components of Quarterly Revenue Growth
($ in millions)
QuarterlyRevenue
• Price inflation has
comprised 5-6% of
revenue over the last 5
quarters
 No meaningful change
to date
• Chronic disease
expertise provides an
annuity-like revenue
base
 Limited distribution
leadership and rich
drug pipeline driving
revenue growth from
new drugs

21. Confidential
20
Annual Revenue by Drug Year Launch
$-
$500
$1,000
$1,500
$2,000
$2,500
$3,000
$3,500
$4,000
2013 2014 2015
2015
2014
2013
2012
2011
2006 - 2010
2001 - 2005
1996 - 2000
1995 and Prior
$1.5B
$2.2B
$3.3B
5%
21%
2%
18%
3%
16%
95%
$1.4B
77%
$1.7B
63%
$2.1B
• Drugs across all launch years
continue to grow substantially
over time
 2012 and prior drugs
have grown ~50% from
2013 to 2015
• 2015 a record year for FDA
approval of specialty drugs, yet
2015 launch drugs contributed
less than 3% of 2015 revenue
 Will ramp up dramatically
in 2016 and beyond
• Pipeline remains an important
element of near-term and long-
term growth; existing drugs will
also contribute meaningfully

22. Confidential
21
Balance Sheet / Cash Flow snapshot
($ in millions)
(1) Includes $6mm in cash-based contingent consideration
(2) ProForma to include 12 months of TNH
2016 2015
Cash $17 $28
Total Debt $154 $119
(1)
Shareholders’ equity $613 $516
Net Debt/ProForma TTM EBITDA(2) ~1.2x ~.8x
Cash Flow From Operations (period ended) $31 $29
December 31,September 30,

23. Confidential
22
Appendix

24. Confidential
23
Revenue by Therapeutic Class
($ in millions)
2015
% of
Total 2014 2013
Oncology 1,432,091$ 43% 1,068,751$ 736,987$
Hepatitis 520,771 15% <10% <10%
Immunology 510,708 15% 438,145 378,685
Infusion 374,884 11% <10% <10%
Multiple Sclerosis <10% N/A 226,805 169,470
Other (none greater than 10% in the period) 528,177 16% 481,255 229,997
3,366,631$ 2,214,956$ 1,515,139$
Limited distribution drug % of total 45% 44% 40%

25. Confidential
2016 Normalized Income Statement
24
(millions)
Reported Normalized (1)
Reported Normalized(1)
Reported Normalized (1)
Revenue 995,870$ 1,088,506$ 1,181,173$
994,169$ 1,086,174$ 1,185,206$
Gross Profit 79,238$ 83,270$ 78,512$
77,537$ 80,938$ 82,545$
Gross Margin 8.0% 7.6% 6.6%
7.8% 7.5% 7.0%
Adj EBITDA 29,019$ 29,643$ 22,614$
27,318$ 27,311$ 26,647$
Adj EBITDA Margin 2.9% 2.7% 1.9%
2.7% 2.5% 2.2%
332$ 339$ 289$
325$ 329$ 305$
1Q 2016 2Q 2016 3Q 2016
Gross Profit/
Prescription Dispensed
(1)
Adjustments: 1Q 2015 2Q 2015 3Q 2015 FY
DIR fees (1,701)$ (2,332)$ 4,033$ -$
• DIR fees have a minor impact on revenues, but all drop to the
bottom line
• Going forward we anticipate DIR fees of $5-$6 million in 4Q16
and approximately $20-$30 million in 2017

26. Confidential
Recent Acquisitions
25
Acquired
Company
Consideration Rationale Other
June 1, 2016
• $75M gross purchase price
• $65M cash, $10M stock
• ~8.0x CY 2015 EBITDA
• Oncology focused specialty pharmacy; 22 LDs
• Strengthens Diplomat’s footprint in key geographic markets
(California and Texas)
• Revenue synergy opportunities
• Promising proprietary technology; some components of TNH’s portal
can be leveraged across Diplomat’s platform
• Lack of
auction/marketed
process
• Founder/owner led
• Management all on
board at DPLO
June 19, 2015
• $87M gross purchase price*
• $77M cash*, $10M stock
• ~4.2x CY 2014 EBITDA
• Hep C dominance in Mid Atlantic
• Hep C is a fast growing and highly profitable disease state
• Proprietary technology (HealthTrac) with applicability across
Diplomat’s Hep C platform
• Proven management team
• 50 year old company, run by 2nd generation pharmacist
• No marketed sales process – Diplomat had a one-off look
• Lack of
auction/marketed
process
• Founder/owner led
• Management all on
board at DPLO
April 1, 2015
• $272M adjusted purchase price*
(~$50M tax benefit)
• $217M cash*, $105M stock
• ~11.8x CY 2014 EBITDA
• One year earnout of 1.35M
shares (all stock)
• Adds significant scale to specialty infusion business
• Provides ability to compete for national contracts
• Increases exposure to higher margin businesses
• Addition of new disease states, therapeutic categories & 5 new LD’s
• Lack of
auction/marketed
process
• Founder/owner led
• Management all on
board at DPLO
June 27, 2014
• $68.5 million gross purchase
price*
• $52M cash upfront, $12M stock
• ~8x CY 2013 EBITDA
• Two year earnout max. $11.5M
(all cash)
• Strong management team
• Strong therapy mix: IVIG and Hemophilia
• Favorable geographic footprint
• Lack of
auction/marketed
process
• Founder/owner led
• Management all on
board at DPLO
* Value includes closing working capital adjustments

27. Confidential
Calendar year ending December 31,
($ in millions) 3Q'16A 3Q'15A 2015A 2014A 2013A 2012A 2011A 2010A
Net income (loss) attributable to Diplomat $5.4 $16.0 $25.8 $4.8 ($26.1) ($2.6) $9.2 ($7.8)
Depreciation & Amortization $13.7 $9.9 $30.8 $8.1 $3.9 $3.8 $3.1 $2.2
Interest Expense $1.8 $1.5 $5.2 $2.5 $2.0 $1.1 $0.6 $0.5
Income tax expense ($3.2) $9.8 $16.2 $4.7 - - - -
EBITDA $17.7 $37.2 $78.1 $20.1 ($20.2) $2.3 $12.8 ($5.2)
Share-based compensations expense $1.4 $1.3 $4.0 $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
Termination of existing stock redemption agreement - - - $4.8 - - - -
Employer payroll taxes - option repurchases $0.1 $0.3 $1.6 - - - - -
Restructuring and impairment charges $2.5 - $0.2 - $1.0 $0.4 $0.4 $1.5
Equity loss of non-consolidated entity - - - $6.2 $1.1 $0.3 $0.1 -
Severance and related fees $0.1 $0.1 $0.5 $0.4 $0.2 $0.4 $0.7 -
Merger and acquisition related expenses $0.4 ($6.3) $9.2 $7.2 $0.7 - - -
Private company expenses - - - $0.2 $0.2 - - -
Tax credits and other - - - $1.0 - ($0.1) ($0.6) -
Other items $0.4 $0.4 $1.5 $1.4 $0.7 $0.1 $0.2 ($0.0)
Adjusted EBITDA $22.6 $33.0 $95.0 $35.2 $19.0 $10.9 $15.1 $7.7
Reconciliation of Net income (loss) and Adjusted EBITDA
26
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
Note: Financials are not pro forma for acquisitions.
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. Q3 2016 charge primarily related to the full impairment of the definite-lived intangible assets associated with Primrose
Healthcare LLC. 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, 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 option redemption payroll taxes and IT operating leases. 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.