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. April 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.

Vicki Bellingham, Washington

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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. The issuer has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (SEC) for the offering to which this communication relates. The registration statement has not yet become effective. Shares of the issuer’s common stock may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. This presentation should be read in conjunction with the prospectus included in that registration statement and the other documents the issuer has filed with the SEC. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, copies of the prospectus related to the offering may be obtained, when available, from Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, One Madison Avenue, New York, NY 10010, by telephone at (800) 221-1037, by facsimile at (212) 325-8057, or by email at newyork.prospectus@credit-suisse.com; or from Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014. 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 the growth drivers stated in the IPO

Ongoing IT and process improvements

60bps margin expansion y-o-y

Maintaining balanced mix of payors Successful renewals of key contracts

49% y-o-y revenue growth relative to industry

growth in the ~25% area

7 new limited distribution drug contracts

2

(1) Based on $412mm revenues in Q4 2013 and $612mm revenues in Q4 2014. (2) Based on 6.1% gross margin in Q4 2013 and 6.7% gross margin in Q4 2014.

(1)

(2)

5 incremental limited

distribution drugs

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Diplomat’s base business continues to gain momentum…

Industry growth of 15% per year

Strong pipeline ensures new drug launches each year

New opportunities emerging to treat orphan disease states

Limited distribution drugs are a growing trend

Large pharma continues to focus on specialty drugs

Small biotech companies emerging as a major growth driver

Drugs are increasingly moving from medical benefit to pharmacy benefit

Specialty pharmacy continues to be a very attractive market

Diplomat is in a leading position to benefit from this strong 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 46% from 2013 to 2014

10 new drug contracts since IPO

7 of which are limited distribution drugs

Respiratory

Dermatology

Oncology

Oncology

Oncology

Hepatitis C

Immunology

Oncology

Oncology

Oncology

Oncology Oncology

Hepatitis C

Dermatology and Respiratory

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…with strong financial performance since the IPO

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

Revenue

EBITDA margin

1.4%

Adjusted EBITDA

$126

$187

4Q13A 4Q14A

Gross Profit /Script ($ in millions) ($ in millions)

1.7% 6.7% 6.1%

(1)

Gross margin

(2)

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BioRx creates compelling strategic value for Diplomat

5

• Benefits Diplomat’s primary constituents:

- Broadens patient offerings

- Meets Pharma’s demand for multi-channel reach

- Addresses Payors’ desires to shift site of care to a lower cost setting

• Adds significant scale to our specialty infusion business

- Diplomat is now one of the nation’s top specialty infusion providers

• Provides ability to compete for national contracts

• Offers both revenue and cost synergies

• Increases exposure to higher margin businesses

• Potential for addition of new disease states & therapeutic categories

$350 million acquisition announced in February 2015

− Leading specialty pharmacy and infusion services company focused on ultra-orphan and rare chronic diseases

− 2014 revenue of ~$227 million and EBITDA of ~$23 million

− ~10% EBITDA margins and implied ~11.5x trailing EBITDA multiple

− Expected close in early April

Expected to be accretive to EPS in first full year post closing

Transaction summary

Benefits Diplomat’s primary constituents:

− Broadens patient offerings

− Meets Pharma’s demand for multi-channel reach

− Addresses Payors’ desires to shift site of care to a lower cost setting

Affirms Diplomat’s leadership position in specialty infusion

Adds 5 new limited distribution drugs to DPLO

Creates both revenue and cost synergy opportunities

Improves margin profile

Expands potential for additional disease states and therapeutic categories

Strategic rationale

(1) Includes $35mm of contingent earnout. (2) Purchase price adjusted for $50mm of future tax benefit and $35mm of contingent earnout.

(1)

(2)

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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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Company overview

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8

Diplomat: Largest independent specialty pharmacy

Founded: 1975; Headquarters: Flint, MI

Employees: ~1,000

FY 2014 revenue: ~$2.2 billion

Diversified base of marquee partners

Diplomat at a glance

CVS Health26%

Express Scripts19%

Walgreens11%3%

OptumRx 3%

Avella 1%

Others37%

Market share ($78 billion total market size) (1)

Exceptional above market revenue growth

$27 $58$167

$271 $377

$578

$772

$1,127

$1,515

$2,215

$-

$500

$1,000

$1,500

$2,000

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Scaled business: National footprint

($ in millions)

(1) Source: 2014 – 2015 Economic Report on Retail, Mail and Specialty Pharmacies, Drug Channel Institute.

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

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Journey of a specialty patient

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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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10

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

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Limited distribution a central and growing theme in Specialty

11

Benefits to Diplomat Benefits 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 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

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 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 7 new limited distribution drugs across these areas since the IPO

Rapidly growing Hepatitis C franchise – additions of Viekira Pak and Harvoni since the IPO

Multiple avenues for future growth 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

Diplomat achieved a 58% CAGR in Oncology from ’06-’13

Diplomat achieved a 79% CAGR in Immunology from ’06-’13

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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Multiple avenues for future growth Growing payor relationships

Projected higher proportion of higher priced and higher gross profit ($) drugs which have lower gross margin (%)

Positive result for Diplomat - profit $s increase given the higher price of these drugs but margins decline as a result

Payor pricing pressure is also included as a modest negative to gross margin %

Mix

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 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 pharmacy partners

− January 2015 renewal for 4 more years

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

2

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Multiple avenues for future growth 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

3

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Multiple avenues for future growth Unique strategic partnerships with leading retailers and health systems

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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

4

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Multiple avenues for future growth 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

• Specialty pharmacy focused on hemophilia and Ig

• 2013 revenue $83mm

• 2013 gross profit $16.8mm (20% margin)

• Specialty pharmacy focused on hemophilia

• 9 months ended 9/30/13 revenue $22mm

• 9 months ended 9/30/13 gross profit $4.9mm (23% margin)

Revenue: $22mm (9 months ended 9/30/13)

$83mm (2013)

Gross profit: $4.9mm (9 months ended 9/30/13)

$16.8mm (2013)

5

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Outstanding financial profile

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Revenue Payors

Distributors / pharmaceutical manufacturers

Patient

Diplomat COGS

Diplomat is essentially a spread business

On average…

− Diplomat sells (gets reimbursed by payors) at AWP – 15%

= 0.85*(AWP)

= (1.2 WAC)*(0.85)

=1.02*WAC =

Diplomat buys @ WAC – 3.3%

= 0.97*WAC =

Gross Profit = (Reimbursements) – (Buying Price)

= –

= 1.02*WAC – 0.97*WAC

= ~5% (WAC)

Physical drug movement

$ flows

How we make money and grow profitability (Illustrative example)

How we make money

Gross profit $ is the backbone of

profitability

Drug mix and positive pricing trends are tremendous profit tailwinds for Diplomat

Manufacturer price increases

Continued shift from lower profit retail non-specialty to higher profit specialty

Higher price, higher profit pipeline of new drugs vs. existing specialty mix

Manufacturer price increases have positively impacted Diplomat's revenue and profit

− Spread model allows Diplomat generally to pass all or portion of price increases on to payors

− AWP / WAC relationship (AWP = WAC x 1.20)

− Profit increase exacerbated by any material inventory stock build

− Profit $ increase, while margins flat to moderately down over time

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

$167

Diplomat’s 2014 Average

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20

Strong financial performance…

Adjusted EBITDA 2010 – 2014

Total Revenue 2010 – 2014

$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)

$412

Q4 '13 Q4 '14

$612

$6

$11

Q4 '13 Q4 '14

1.4% 1.7%

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 BioRx acquisition.

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… with continued growth in profitability

Gross Profit / Script (1)

2010 – 2014

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%

Q4 '13 Q4 '14

6.1% 6.7%

$187

$126

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Capitalization summary (as of December 31, 2014)

Pro forma for BioRx acquisition(1)

($ in millions)

Cash $11

Total debt $210

Pro forma as adjusted for this offering(2)

$11

$129

Shareholder’s equity $263 $344

(1) BioRx acquisition financing includes $210mm in debt and $105mm equity issuance. (2) Proceeds from equity offering assumes 4.4mm primary shares offered at an offering price of $27.89

per share, net of underwriters’ fees. Also assumes that the Company will use approximately $35mm of net primary proceeds from this offering to redeem options from certain existing optionholders.

Actual

$18

-

$164

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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

Deep pipeline of strategic acquisition opportunities

Proven leadership team aligned with shareholders

Key takeaways

23

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Appendix

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Diversified therapeutic mix

Government,

41%

Exclusive /

Preferred,

34%

Patient pay,

3%

Commercial,

22%

(FY 2014A)

Revenue mix by therapeutic category

Oncology

48%

Immunology

20%

Multiple

Sclerosis

10%

Other

22%

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Reconciliation of Net income (loss) and Adjusted EBITDA

26

(1)

Calendar year ending December 31,

($ in millions) 2014A 2013A 2012A 2011A 2010A

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

Depreciation & Amortization 8.1 3.9 3.8 3.1 2.2

Interest Expense 2.5 2.0 1.1 0.6 0.5

Tax Expense 4.7 - - - -

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

Share-based compensation expense 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

Restructring and impairment charges - 1.0 0.4 0.4 1.5

Equity loss and impairment of of non-consolidated entities 6.2 1.1 0.3 0.1 -

Severance and related fees 0.4 0.2 0.4 0.7 -

Contingent consideration and merger & acquisition related fees 7.2 0.7 - - -

Private company expenses 0.2 0.2 - - -

Other taxes and credits 1.0 - (0.1) (0.6) -

Termination of existing stock redemption agreement 4.8 - - - -

Other Items 1.4 0.7 0.1 0.2 (0.0)

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

(2)

(3)

(4)

(5)

(6)

(7)

(8)

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

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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. 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.