Diplomat is a specialty pharmacy company that provides concierge services and clinical support to patients. It has experienced strong growth in recent years, with revenues increasing 49% from the second quarter of 2014 to 2015. Diplomat focuses on growing its higher margin specialty infusion and manufacturer services businesses. It also seeks to gain market share in core therapeutic areas like oncology and hepatitis C through new drug approvals and acquisitions of other specialty pharmacies. Diplomat's financial performance has been outstanding, with revenue and adjusted EBITDA growing significantly each year and margins expanding.

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.
Investor Presentation
September 2015

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.
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

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Diplomat continues to deliver on key growth drivers
 310bps margin
expansion y-o-y
 Focused on growing
our specialty
infusion
platform
organically
 Manufacturer
Services
 49% y-o-y revenue
growth relative to
industry growth of
~20%
 Continued
new limited distribution
drug contracts won in
2015
2
(1) Based on $542mm revenues in Q2 2014 and $808mm revenues in Q2 2015.
(2) Based on 5.5% gross margin in Q2 2014 and 8.6% gross margin in Q2 2015.
(1)
(2)
 Strong
financial
position to
pursue additional
strategic acquisitions
 5 incremental limited
distribution drugs
Continue
to Gain Share
in Core Therapeutic Areas
Grow
High Margin
Businesses
Selectively
Pursue Strategic
Acquisitions
 Hep C and
Technology

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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 launching in U.S.
Improving trends across specialty
pharmacy…
…driving key milestones and
achievements at Diplomat
 Diplomat grew revenues by 49% from
2Q’14 to 2Q’15
 Recent new drug contracts
 The majority of which are
limited distribution drugs
Oncology
Hepatitis C
Cystic Fibrosis
Other

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…with strong financial performance
(1) Based on dispensed scripts only.
(2) Gross profit / net sales (i.e., based on dispensed and serviced scripts).
Revenue
EBITDA
margin
1.1%
Adjusted EBITDAGross Profit /Script
($ in millions) ($ in millions)
2.8%8.6%5.5%
(1)
Gross
margin
(2)
310 bps expansion 170 bps expansion

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Company overview

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Diplomat: Largest independent specialty pharmacy
 Founded: 1975; Headquarters: Flint, MI
 Employees: ~1,550
 FY 2014 revenue: ~$2.2 billion
 Diversified base of marquee partners
Diplomat at a glance
CVS Health/
Omnicare
33%
Express Scripts
25%
Walgreens
10%
3%
OptumRx/
Catamaran
8%
Avella 1%
Others
20%
2014 Market share ($78 billion total market size) (1)
Exceptional above market revenue growth
Scaled business: National footprint
($ in millions)
(1) Source: 2014 – 2015 Economic Report on Retail, Mail and Specialty Pharmacies, Drug
Channel Institute and Morgan Stanley Research
(2) Based on mid-point of management’s estimate range for FY 2015
(2)
Pharmacy Locations
Arizona
California
Connecticut
Florida
Illinois
Iowa
Massachusetts
Michigan
Minnesota
North Carolina
Ohio
Pennsylvania

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Journey of a specialty patient
7
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

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8
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 2015, Outlook to 2020, EvaluatePharma.
 7 out of top 10  9 out of top 10
2014A 2020E
70%
30%
42%58% 50%50% Traditional
58%
Diplomat 2%
$51 million
$118 billion
2012A 2018E
Traditional
2012A 2015E 2018E
$51 billion
Specialty

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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
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
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

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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

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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 several new limited
distribution drugs across these areas
since the IPO
 Rapidly growing Hepatitis C franchise –
additions of Viekira Pak and Harvoni, and
acquisition of Burman’s, since the IPO
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

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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
Grow high margin
specialty infusion
business
New drug launches
creating product
preferencing
 Competition in specialty space creates discount and
rebate opportunities
 Creates new data and service fees with pharma for
high margin revenue
Hepatitis C
Oncology
 New generics finally coming to specialty
− Oncology: Temodar and Xeloda
− Multiple Sclerosis: Copaxone
 Emerging biosimilars opportunity expands
addressable market for Diplomat (longer term)
Specialty generics and
biosimilars

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Unique strategic partnerships with leading retailers and
health systems
13
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

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Recent Acquisitions
14
Acquired Company Consideration Rationale Other
June 19, 2015
• $94M gross purchase price*
• $84M cash*, $10M stock
• ~4.5x 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 $35M (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
December 16, 2013
• $13.4 million gross purchase price*
• $12M cash upfront
• ~6x CY 2013 EBITDA
• Two year earnout max. $2M (all
cash)
• First DPLO acquisition
• More than doubled hemophilia/specialty infusion business
• High margins
• Lack of
auction/marketed
process
• Management all on
board at DPLO
* Value includes closing working capital adjustments

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

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Outstanding financial profile

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Traditional Drug Specialty Drug A Specialty Drug B Specialty Drug C Specialty Drug C
(10% price incr.)
Revenue $100 $3,000 $12,000 $30,000 $33,000
Gross Profit ($) $10 $150 $480 $900 $990
Gross Margin (%) 10% 5% 4% 3% 3%
17
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
Diplomat mix shift movement over time
Our core
focus
$289
Diplomat’s 2Q’15 Average
(AWP – Y%)
(WAC – X%)
Note AWP = WAC x 1.20
(1)
(1)

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$8
$15
$11
$19
$35
96% (28%) 75% 86%
1.3% 2.0% 1.0% 1.3%
2010A 2011A 2012A 2013A 2014A
First Six Months
of 2014
First Six Months
of 2015
18
Strong financial performance…
Adjusted EBITDA
2010 –
First Six Months of 2015
Total Revenue
2010 –
First Six Months of 2015
% margin
% growth
($ in millions)
$578
$772
$1,127
$1,515
$2,215
34% 46% 34% 46%
2010A 2011A 2012A 2013A 2014A
% growth
($ in millions)
1.4% 2.4%
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 any acquisitions.
$1,433
$1,007
$14
$34
1.6%

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… with continued growth in profitability
Gross Profit / Script (1)
2010 –
First Six Months of 2015
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/rebate opportunities with pharmaceutical manufacturers
 Specialty generics and biosimilars (longer term)
44%
6.3% 5.9% 7.7%
$250
$148

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Balance Sheet summary (as of June 30, 2015)
(1) Acquired BioRx on April 1, 2015 for an acquisition price of $384mm ($217mm in cash, $126mm equity
issuance and contingent consideration fair valued at $41mm).
(2) Amended existing credit facility on April 1, 2015, inclusive of a five-year, $120mm term loan.
($ in millions) Actual
Cash $17
Total Debt $191
Shareholders’ equity $473
Net Debt/Pro Forma EBITDA <2x
 Modest leverage
 Ample dry powder for the right opportunities

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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

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22
Appendix

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

25. Confidential
Calendar year ending December 31,
($ in millions) 2Q'15 2Q'14 2014A 2013A 2012A 2011A 2010A
Net income (loss) $3.4 $1.7 $4.8 ($26.1) ($2.6) $9.2 ($7.8)
Depreciation & Amortization $8.1 $1.2 $8.1 $3.9 $3.8 $3.1 $2.2
Interest Expense $1.9 $0.4 $2.5 $2.0 $1.1 $0.6 $0.5
Income tax expense $2.3 $0.7 $4.7 - - - -
EBITDA $15.6 $4.0 $20.1 ($20.2) $2.3 $12.8 ($5.2)
Share-based compensations expense $0.7 $0.9 $2.9 $0.9 $0.9 $1.4 $0.8
Change in fair value of redeemable common shares ($0.9) ($9.1) $34.3 $6.6 $10.7
Termination of existing stock redemption agreement $4.8
Employer payroll taxes - option repurchases $0.6 -
Restructuring and impairment charges - - - $1.0 $0.4 $0.4 $1.5
Equity loss of non-consolidated entity - $0.3 $6.2 $1.1 $0.3 $0.1 -
Severance and related fees $0.1 $0.0 $0.4 $0.2 $0.4 $0.7 -
Merger and acquisition related expenses $5.3 $1.1 $7.2 $0.7 - - -
Private company expenses - - $0.2 $0.2
Tax credits and other - $0.1 $1.0 - ($0.1) ($0.6) -
Other items $0.4 $0.4 $1.4 $0.7 $0.1 $0.2 ($0.0)
Adjusted EBITDA $22.7 $5.9 $35.2 $19.0 $10.9 $15.1 $7.7
Reconciliation of Net income (loss) and Adjusted EBITDA
24
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
Note: Financials are not pro forma for BioRx acquisition.
Detailed footnotes on the following page.

26. Confidential
Reconciliation of Net income (loss) and Adjusted EBITDA
25
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, 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.