August 2014

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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.

VickiBellingham, Washington

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 futureperformance 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 theestimates 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

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

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.

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 & CEO40

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

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

Journey of a specialty patient

6

Patient

Physician

Payor

Patient

Patient visits physician

Payorapproves

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

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

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

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

10

Unique competitive position

LARGE PBM / RETAILPHARMACY

SMALLER SPECIALTYPHARMACIES

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

11

Diplomat is unmatched in its relationships with all key constituents

PAYORS

PHYSICIANS +HEALTH SYSTEMS

RETAILERS +HOSPITALS

BIOTECHNOLOGY +PHARMACEUTICALMANUFACTURERS

PATIENTS

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

$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

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

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

Unique strategic partnerships with leading retailers and health systems

16

Benefits to DiplomatNeeds / 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

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

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

19

Outstanding financial profile

20

RevenuePayors

Distributors / pharmaceutical manufacturers

Patient

DiplomatCOGS

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

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

EBITDAmargin

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)

Grossmargin

(2)

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

23

Strong historical financial performance (cont’d)

Adjusted EBITDA2009 –First Nine Months Of 2014

Total Revenue2009 –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

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

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

26

Appendix

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%

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%

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.