Patrick J. Sullivan, President & CEO March 7, 2016 Raymond James 37 th Annual Institutional Conference

Patrick J. Sullivan, President & CEO March 7, 2016 Raymond James 37 th Annual Institutional Conference

Forward Looking Statement This presentation may contain forward-looking statements concerning Insulet's expectations, anticipations, intentions, beliefs or strategies regarding the future. These forward-looking statements are based on current expectations and beliefs concerning future developments and their potential effects on Insulet. There can be no assurance that future developments affecting Insulet will be those that it has anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond its control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements, and other risks and uncertainties described in its Annual Report on Form 10-K, which was filed with the Securities and Exchange Commission on February 29, 2016 in the section entitled "Risk Factors," and in its other filings from time to time with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should any of its assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Insulet undertakes no obligation to publicly update or revise any forward-looking statements. 2

Agenda 1 Company Overview 2 3 OmniPod: Diabetes Compelling Opportunity to Address the Global Diabetes Epidemic OmniPod: Drug Delivery A Unique Platform for Growth 4 Financials 5 Summary 3

Company Overview Market Product TAM ($) US Diabetes Type 1 Type 2 1 OmniPod System $6B Int l Diabetes Type 1 Type 2 OmniPod System $17B Drug Delivery Intelligent Drug Delivery OmniPod Delivery Platform $11B 1. Refers to insulin-dependent type 2 patients. 4

One Technology Platform Enormous Potential OmniPod Innovative and differentiated insulin delivery system for growing worldwide diabetes epidemic Drug Delivery Proven technology tailored for delivery of non-insulin therapeutics for pharma and biotech companies 5

Diabetes: A Growing Global Epidemic $23B Global Opportunity 1 Insulin-Dependent Addressable Patients 3.0M 3.3M 3.0M 3.4M 4.0M 5.0M North America W. Europe Asia Pacific 4 4 6 3 2 1 Type 2 Type 1 2 3 2 1 Type 2 Type 1 4 2 Type 2 Type 1 0 0 0 Significant Opportunity Globally, an estimated 95% of insulin dependent patients are still on injections (70-85% in developed economies) ~70% of OmniPod new patients come from Multiple Daily Injections (MDI) 1. www.jdrf.org, IDF Diabetes Atlas, and internal analyses. 2. Refers to insulin-dependent type 2 patients. 6

Worldwide Expansion by the Numbers 1 >10 Countries in 2015 +7 Countries planned in 2016 4% Share of US type 1 market 1-2% Share of Int l type 1 market 10% OmniPod type 2 2 users 1. Insulet internal analysis, International Diabetes Federation. Numbers are approximate. 2. Refers to insulin-dependent type 2 patients. 7

OmniPod Significantly Reduces Burden of MDI Injections Required Per Pod (Average of 4.5/day) 1 vs. OmniPod : 1 MDI: 14 Based on recent clinical data: Compared to MDI, Continuous Subcutaneous Insulin Infusion (CSII) was associated with 27% reduced risk of all-cause mortality, 42% reduced risk of fatal Cardiovascular Disease (CVD), and 45% reduced risk of fatal coronary heart disease 2 A recent pediatric study highlights 0.5% lower A1c for those using CSII compared to MDI 3 1. Insulet internal data 2. Steineck I, Cederholm J, Eliassonet B et al. Insulin Pump Therapy, Multiple Daily Injections, and Cardiovascular Mortality in 18,168 People with Type 1 Diabetes: Observational Study. BMJ 2015;350:h3234. 3. Sherr, Hermann, Campbell et al. Use of Insulin Pump Therapy in Children and Adolescents with Type 1 Diabetes and its Impact on Metabolic Control: Comparison of Results from Three Large, Transatlantic Paediatric Registries. Diabetologia. DOI 10.1007/s00125-015-3790-6. 8

Fewer Components with OmniPod The OmniPod System Conventional Insulin Pump out 5 10 of users say they would not be using a pump if not for OmniPod vs. out 9 10 of users prefer OmniPod to their previous therapy out 9 10 of users say OmniPod makes living with diabetes easier Discreet, tubeless Pod technology appropriate for all patient types Auto-cannula insertion allows patients to never handle the insertion needle Maximum 3-day wear facilitates site rotation to promote skin integrity 9

Clear Value Proposition for All Customers Patients Freedom and discretion Quality of life and ease of use Physicians Improved clinical and quality of life outcomes Usability and ease of training Payers Demonstrated healthcare economic value through better outcomes 10

Unlocking the Power of the Pod Concentrated Insulins for T1D and Insulin Dependent T2D Patients Partnership with Eli Lilly on U200 and U500 Digital Insulet Significantly improves data management for physicians and patients Mobile app provides pump and CGM historical trends Continuous Glucose Monitoring (CGM) Integration and Artificial Pancreas Developing bluetooth solution to share pump and CGM data on mobile app Pod form factor enables differentiated solution for artificial pancreas Drug Delivery Partnerships with drug companies to utilize unique Pod design for non-insulin therapies Ferring Amgen 11

Changes in the Drug Delivery Environment Value is Shifting to Biologics 100 1.0 0.8 80 WW Sales, Indexed to 2006 Rx and OTC Pharmaceuticals Delivery Challenges are Changing Total Drug Market (%) 0.6 60 0.4 40 0.2 20 Bio-Pharmaceuticals Much larger molecules Higher volume and viscosity Existing solutions are insufficient, leading to poor compliance OmniPod is uniquely positioned 0.0 0 2006 2013 2020 Source: EvaluatePharma (1 JUN 2014) 2006 Combined Sales $568B.

Unmet Needs in Injectable Drug Delivery Insulet Addressable Market ~$11B 1 DELIVERY NEEDS Intelligent Standard Pre-Filled Syringes & Autoinjectors OmniPod Drug Delivery System (DDS) Large Volume Bolus Injectors Large Volume OmniPod DDS Small VOLUME Large Intelligent Pump features compliance monitoring, variable dosing, time-dependent dosing, occlusion sensing, alarm sensing, communication 1. Markets and Markets Drug Delivery Technologies Market Global Forecast to 2017. Represents value of all injection devices sold for use with drugs. 13

Drug Delivery Today and Tomorrow Current Products Future Products Bluetooth Ferring Amgen Drug Delivery System Drug Delivery Pod 5mL Reservoir Remote Patient Monitoring Enhanced Connectivity 14

Financials (Excluding Neighborhood Diabetes $) 1 $400 $350 $340M $300 $250 $261M +30 % Revenue ($M) $200 $150 $100 $50 Drug Delivery OmniPod $- $0 2015 2016 2016 Revenue Guidance = $330M - $350M 2 1. Sold in February 2016. 2. As provided on February 25, 2016 investor conference call. 15

Insulet s Right to Win The Right Technology Delivering the Right Product Highly differentiated insulin delivery system with recurring revenue stream Provides patients with convenience, compliance, and control Platform for significant growth in both Diabetes and Drug Delivery A Winning Strategy Delivering an Innovative Approach Compelling clinical data supports strong value proposition for key stakeholders Leveraging OmniPod platform for delivery of non-insulin therapeutics Improving the lives of OmniPod users, while driving growth and shareholder value Highly Talented and Experienced Team Building executive strength throughout the organization Developing global scale to establish a worldwide capability in technology development & scalable manufacturing operations 16