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. William Blair Growth Stock Conference June 10, 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

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

Confidential

Diplomat continues to deliver on key growth drivers

30bps margin

expansion y-o-y

Focused on growing

our specialty infusion platform

34% y-o-y

revenue growth relative to industry growth in the ~25% area

4 new limited

distribution drug contracts in 1Q’15

2

(1) Based on $466mm revenues in Q1 2014 and $625mm revenues in Q1 2015.(2) Based on 6.3% gross margin in Q1 2014 and 6.6% gross margin in Q1 2015.

(1)

(2)

5 incremental limited

distribution drugs

Strong financial position to pursue

strategic acquisitions

Continue to Gain Share

in Core Therapeutic Areas

GrowHigh Margin

Businesses

Selectively Pursue Strategic

Acquisitions

Confidential

3

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 launch in U.S.

Improving trends across specialty pharmacy…

…driving key milestones and achievements at Diplomat

Diplomat grew revenues by 34% from 1Q’14 to 1Q’15

Recent new drug contracts

The majority of which are limited distribution drugs

Oncology

Hepatitis C

Dermatology and Respiratory

Confidential

4

…with strong financial performance

(1) Based on dispensed scripts only.(2) Gross profit / net sales (i.e., based on dispensed and serviced scripts).

Revenue

EBITDAmargin

1.8%

Adjusted EBITDAGross Profit /Script($ in millions) ($ in millions)

1.8%6.6%6.3%

(1)

Grossmargin

(2)

Confidential

5

Company overview

Confidential

6

Diplomat: Largest independent specialty pharmacy

Founded: 1975; Headquarters: Flint, MI

Employees: ~1,500

FY 2014 revenue: ~$2.2 billion

Diversified base of marquee partners

Diplomat at a glance

CVS Health/Omnicare

33%

Express Scripts25%

Walgreens10%

3%

OptumRx/Catamaran

8%

Avella 1%

Others20%

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

National Distribution Center

Diplomat locations

Corporate Office

Ft. Lauderdale, FL

GLDC

Flint, MI

Carlsbad, CA

Chicago, IL

Springfield, MA

Raleigh, NC

Ontario, CA

Scottsdale, AZ

BioRx locations

Savage, MN

Urbandale, IA

Greensboro, NC

Cincinnati, OH

Woburn, MA

Enfield, CT

(2)

Confidential

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

Confidential

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 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

Confidential

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

Confidential

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

Consolidation opportunity for Diplomat

Singularly focused on specialty

High-touch model

Flexible and nimble

Entrepreneurial culture

National reach

Scalable infrastructure

Confidential

11

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 7 new limited distribution drugs across these areas since the IPO

Rapidly growing Hepatitis C franchise –additions of Viekira Pak and Harvonisince 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

Confidential

12

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

New generics finally coming to specialty

− Temodar and Xeloda have come to market

− Copaxone is coming off patent soon

Emerging biosimilars opportunity expands addressable market for Diplomat

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

Confidential

Unique strategic partnerships with leading retailers and health systems

13

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

Confidential

14

Selectively pursue strategic acquisitions

Near-term focus on integrating BioRx

− Build upon recent experience of two strategically important acquisitions (MedPro and AHF)

Enhance our competitive position through disciplined strategic acquisitions

− Focus on higher margin opportunities

− New therapeutic / geographic expansion opportunities

− Services / technology businesses

Confidential

15

Outstanding financial profile

Confidential

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%

16

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

Diplomat mix shift movement over time

Our core focus

$205

Diplomat’s 1Q’15 Average

Confidential

17

Strong financial performance…

Adjusted EBITDA2010 –First Three Months of 2015

Total Revenue2010 –First Three Months of 2015

$8$15

$11

$19

$35

96% (28%) 75% 86%

1.3% 2.0% 1.0% 1.3% 1.8%

2010A 2011A 2012A 2013A 2014A

% margin

% growth

($ in millions)

$578$772

$1,127$1,515

$2,215

34% 46% 34% 46%

2010A 2011A 2012A 2013A 2014A

% growth

($ in millions)

$625

1.8% 1.8%

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.

Confidential

18

… with continued growth in profitability

Gross Profit / Script (1)

2010 –First Three 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 opportunities with pharmaceutical manufacturers

Specialty generics and biosimilars

44%

6.3% 6.3% 6.6%

$205

$153

Confidential

19

Capitalization summary (as of March 31, 2015)

Pro forma for BioRx acquisition(1) and amended credit

facility(2)($ in millions)

Cash $65

Total debt $120

Shareholders’ equity $451

Actual

$162

-

$325

(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.

Confidential

20

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

Confidential

21

Appendix

Confidential

22

Diversified therapeutic mix

(FY 2014A)

Revenue mix by therapeutic category

Oncology

48%

Immunology

20%

Multiple

Sclerosis

10%

Other

22%

Confidential

Calendar year ending December 31,

($ in millions) 1Q'15 1Q'14 2014A 2013A 2012A 2011A 2010A

Net income (loss) $2.9 $1.7 $4.8 ($26.1) ($2.6) $9.2 ($7.8)

Depreciation & Amortization $2.8 $1.3 $8.1 $3.9 $3.8 $3.1 $2.2

Interest Expense $0.3 $0.5 $2.5 $2.0 $1.1 $0.6 $0.5

Income tax expense $2.0 $3.8 $4.7 - - - -

EBITDA $7.9 $7.3 $20.1 ($20.2) $2.3 $12.8 ($5.2)

Share-based compensations expense $0.6 $0.3 $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 $0.6 -

Restructuring and impairment charges $0.2 - - $1.0 $0.4 $0.4 $1.5

Equity loss of non-consolidated entity - $0.4 $6.2 $1.1 $0.3 $0.1 -

Severance and related fees $0.2 $0.2 $0.4 $0.2 $0.4 $0.7 -

Merger and acquisition related expenses $1.4 $0.1 $7.2 $0.7 - - -

Private company expenses - $0.1 $0.2 $0.2

Tax credits and other - ($0.5) $1.0 - ($0.1) ($0.6) -

Other items $0.4 $0.3 $1.4 $0.7 $0.1 $0.2 ($0.0)

Adjusted EBITDA $11.2 $8.2 $35.2 $19.0 $10.9 $15.1 $7.7

Reconciliation of Net income (loss) and Adjusted EBITDA

23

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

Note: Financials are not pro forma for BioRx acquisition.Detailed footnotes on the following page.

Confidential

Reconciliation of Net income (loss) and Adjusted EBITDA

24

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, including our acquisitions of AHF and MedPro 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.