Investor Day November 16, 2016

Insulet Investor Day - November 16, 2016 Welcome Deborah Gordon Vice President, Investor Relations and Corporation Communications

Insulet Investor Day - November 16, 2016 Investor Day Agenda

Welcome Deborah Gordon Opening Remarks Patrick Sullivan Commercial Update Shacey Petrovic Technology Roadmap and Product Innovation Aiman Abdel-Malek, PhD Break (20 minutes) Artificial Lunch Panel Moderator: Patrick Sullivan Panelists: Shacey Petrovic, Dr. Trang Ly, Aiman Abdel-Malek, Richard Spector Manufacturing & Operations Update Charles Alpuche Financial Performance Michael Levitz Closing Comments and Q&A Patrick Sullivan Exhibits

Insulet Investor Day - November 16, 2016 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.

© 2016 Insulet Corporation. Omnipod, the Omnipod logo and Podder are trademarks or registered trademarks of Insulet Corporation. All rights reserved. All other trademarks are the property of their respective owners. The use of third party trademarks does not constitute an endorsement or imply a relationship or other affiliation.

Insulet Investor Day - November 16, 2016 Investor Day November 16, 2016

Insulet Investor Day - November 16, 2016 Opening Remarks Patrick Sullivan Chief Executive Officer and Chairman of the Board

Insulet Investor Day - November 16, 2016 6 The Team

Deborah Gordon Shacey Petrovic Aiman Abdel-Malek, PhD Vice President, Investor President and Senior Vice President, Relations and Corporation Chief Operating Officer Advanced Technology and Engineering Communications

Patrick Sullivan Chief Executive Officer and Chairman of the Board

Dr. Trang Ly Charles Alpuche Michael Levitz Vice President and Senior Vice President, Senior Vice President, Medical Director Global Manufacturing Chief Financial Officer and Operations

Insulet Investor Day - November 16, 2016 7 2021 Targets

$1 Billion in Revenue (20%+ CAGR)

65%+ Gross Margin

Above-Market Profitability

Insulet Investor Day - November 16, 2016 8 Insulet’s Right to Win

OPPORTUNITY

•Large and growing market •Underpenetrated with unique value

PRODUCT PLATFORM •Highly differentiated •Convenience, compliance and control •Multiple applications

PROVEN PERFORMANCE •Sustainable above-market returns •Experienced and talented team •High quality, reliability and decreasing cost

Insulet Investor Day - November 16, 2016 9 Significant Growth Opportunity

4% Share of U.S. type 1 market

1-2% Share of international market

16 Countries today

<1% Share of type 2 diabetes market

2 Non- drugs approved with the Omnipod platform

Insulet internal analysis, International Diabetes Federation. Numbers are approximate. Insulet Investor Day - November 16, 2016 10 One Digital Platform… Many Products Innovating to Simplify Life

Better Control Better Quality Omnipod® Dash Mobile Artificial Today Platform Pancreas of Life

Insulet Investor Day - November 16, 2016 11 Proven Performance Transformation to Sustainable, Above-Market Performance

Accelerate Build Growth Foundation for Performance Transform

2015-2016 2016-2018 2018-2021

• Assemble talented, experienced • Establish technology development team and scalable operations • Launch new products • Transform strategy & execution • Establish unique, innovative R&D and double addressable market • Drive product quality and platforms • Lower cost through U.S. efficient operations • Secure market access and invest automated manufacturing • Divest Neighborhood Diabetes in clinical data and infrastructure

Insulet Investor Day - November 16, 2016 12 Investor Day November 16, 2016

Insulet Investor Day - November 16, 2016 13 Commercial Update Shacey Petrovic President and Chief Operating Officer

Insulet Investor Day - November 16, 2016 14 Differentiated Technology in Growing Market

Sizable, underpenetrated market with attractive tailwinds

Commercial and operational execution driving near-term growth

Innovation and Drug Delivery accelerate medium- and long-term growth

Insulet Investor Day - November 16, 2016 15 Diabetes is a Worldwide Epidemic 365 Million Patients and $490 Billion Spend by 2030

Global Patients Diagnosed1 (in Millions) Global Diabetes Expenditure2 ($ in Billions)

$490 365

$375 171

2000 2030 2010 2030

Global epidemic presents significant unmet need and market opportunity

1. http://www.orgenesis.com/market/market-overview and WHO 2. Economic impact of Diabetes; Ping Zhang; IDF Diabetes Atlas 4th edition Insulet Investor Day - November 16, 2016 16 Omnipod’s Differentiated Platform Simplifies Life

Kelly L.

Reduces burden Simplifies life Improves outcomes

Insulet Investor Day - November 16, 2016 17 Omnipod Significantly Reduces Burden of Multiple Daily Injection (MDI) and Pump Therapy

Fewer Injections Fewer Components 80% of the Market Opportunity (Current Target) 20% of the Market Opportunity

vs. vs.

Omnipod: 1 MDI: 14+ Omnipod Conventional Injections Required Per Pod System (Average of 4.5/day)1 Globally, majority of market relies on inferior, burdensome MDI as primary therapy

1. Insulet internal data Insulet Investor Day - November 16, 2016 18 Omnipod is Strongly Preferred Brand

U.S. Pump Brand Preference by Company 2% 18% Insulet 18% Animas 21% Tandem Roche 41%

U.S. Pediatric Preference by Product U.S. Adult Preference by Product

3% 5% Omnipod MiniMed 530G 15% 19% Omnipod is #1 preferred 32% Omnipod is #2 preferred 18% product in pediatrics MiniMed Paradigm Revel 7% product in adults Animas OneTouch Ping 12% 21% 22% 10% Tandem t:slim 10% 10% Medtronic Other Models 16% Other

Significant opportunity to gain share through product line extensions

Source: dQ&A Diabetes Connections U.S.A. Patient Panel Report, Q3 2016 Insulet Investor Day - November 16, 2016 19 Market Opportunity Doubles in Five Years

GROWTH IN EXISTING MARKET 2020-21 ACCELERATE GROWTH

• Focus on large, growing EU and • U-200 doubles addressable opportunity U.S. MDI opportunity 2018-19 • Focus on Type 1 Diabetes (T1D) • Geographic and product expansion increase Omnipod penetration • Launch of Dash mobile platform INCREASE GROWTH 100K+ Users Today 200K+ Users • Increase in U.S. addressable opportunity with U-500 launch (T2D1) • U.S. market access barriers removed (Medicaid and Medicare) • Artificial Pancreas (AP) launch • Geographic expansion

2016-17

Growing market + improved access + new product launches = 100+% growth

1. Insulin Resistant Insulet Investor Day - November 16, 2016 20 Clinical Evidence Demonstrates Improved Outcomes in Study of ~900 Patients

Efficacy of the Omnipod (OP) Insulin Management System on Glycemic Control Among Patients with T1D Previously Treated with MDI or Continuous Subcutaneous Insulin Infusion (CSII)

16% Reduction in 38% Reduction in Hypoglycemic 0.6 Reduction in HbA1c Total Daily Dose Insulin Units Episodes Per Week Prior MDI Prior CSII

2.6 8.4 -4.8 0.6 8.3 0.5 1.0 ~$1K annual 7.8 7.8 ~$17K for savings for -7.8 inpatient visit2 MDI patients1 1.6

Pre OP Post OP Prior MDI Prior CSII Pre OP Post OP

Omnipod offers significant clinical and economic advantages Source: Layne JE et al. J Diabetes Sci Technol. 2016;10(5):1130 1. Internal analysis 2. Am J Manag Care. 2011;17(10):673-680 Insulet Investor Day - November 16, 2016 21 Clinical Evidence Demonstrates Improved Quality of Life in Study of 1,200 Patients

Impact of the Omnipod Insulin Management System on Quality of Life: A Survey of Current Users

Percent of People with 56% Fewer People Reporting Glycemic Control Improved Quality of Life Moderate or Severe Distress

73 70 • 64% reported an improvement 59% in A1c 54 51 • 43% reported an improvement in A1c ≥0.5 25% • 35% reported fewer episodes of severe Improvements Observed For: Moderate/Severe Distress

Perceived control Diabetes distress Pre OP Post OP Overall well-being Hypoglycemic safety Omnipod simplifies life

Source: Polonsky WH et al. Diabetes Technol Ther. 2016;664-70. Insulet Investor Day - November 16, 2016 22 Clinical Investment Focused on Improved Outcomes, Quality of Life and Innovation

Improved Innovation Clinical Impact Payer Benefits Quality of Life Pathway

Clinically meaningful Improved clinical Improvement in Demonstrate clinical improvement in A1C, outcomes, quality key patient and and quality of life time in range, of life benefits and caregiver reported impact of technology adverse events reduced medical costs outcomes advances (insulin use, ER visits, hospitalizations)

Studies and Publications: Completed In Process • T1D and T2D Publications in JDST • Omnipod Horizon Automated Glucose • In Silico Modelling of Insulin Doses Control System Clinical Study Results and BG (Blood Glucose) Effects • German DPV Registry Analysis • Cook Children’s Medical Center • T1D Glu Community Survey • QoL Survey in Diabetes Technology OP Protocol and Therapeutics • German DPV Registry Analysis Update

Clinical data is key to increased adoption

Insulet Investor Day - November 16, 2016 23 Investing for Growth

Innovation

Concentrated

Market Access

Geographic Expansion

Drug Delivery

Insulet Investor Day - November 16, 2016 24 Introducing the Omnipod Dash System Platform for Future Innovation Innovation

Simplicity of user experience is foundation for innovation

Insulet Investor Day - November 16, 2016 25 Concentrated Insulins Double Omnipod’s Addressable Market Concentrated Insulins

in partnership with

U-2001 Higher Insulin-Requiring Patients U-5002 Severe Insulin-Resistant Patients equivalent to a equivalent to a 400 unit reservoir & 1,000 unit reservoir

2X more concentrated 5X more concentrated than standard U-100 insulin than standard U-100 insulin

Dash platform provides access to additionalOmnipod Dash patient segments

1. For use with Humalog U-200 insulin 2. For use with Humulin U-500 insulin Insulet Investor Day - November 16, 2016 26 Addressing Reservoir Capacity Doubles Omnipod Opportunity Concentrated Insulins

~1.5 Million ~1.7 Million

0.1M 0.2M Daily need: Addressable with: 0.2M

>200 Units U-500 Omnipod System

1.2M 60-200 Units U-200 Omnipod System 1.2M

<60 Units Current Omnipod System

0.3M

T1D T2D

Expanded opportunity leverages existing channel

Sources: Internal Insulet analysis; NIH, CDC, dQ&A, BBC, JDRF Fact Sheet, DDC Diabetes Report Card 2012, T1D Exchange Insulet Investor Day - November 16, 2016 27 Broad Private Payer Access Fuels Continued Growth Increased Efforts Will Expand Coverage Market Access

N = 3.2 Million Focused on Growing U.S. Market Access • Continued dialogue with CMS on Medicare coverage ~30% • Broadening awareness with expanded team of highly skilled market access professionals ~70% • 2016 added 6 Medicaid plans

• Investment in trials and data supports Omnipod value proposition

Current Omnipod/ Access Medicare/Medicaid Expanded Coverage

Unlocking Medicare and Medicaid access accelerates growth

Insulet Investor Day - November 16, 2016 28 Significant Potential in International Market Penetration and Expansion Geographic Expansion

(in millions) Launched Markets (Pre-2016) New in 2016 Future Expansion

3.0 – 3.3 3.0 – 3.4 4.0 – 5.0 North America Western Europe Asia-Pacific Omnipod’s differentiated platform provides growth worldwide

Insulet Investor Day - November 16, 2016 29 Insulet is Celebrating 100,000 Active Global Podders

Insulet Investor Day - November 16, 2016 30 Success with the Neulasta OnPro Kit Drug Delivery Share of U.S. Doses 60%

50%

40%

30%

20%

10%

0% Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 (Est.)

Insulet Investor Day - November 16, 2016 31 Self-injection Devices Expected to See Significant Growth Drug Delivery

Self-injection Devices2 ($ in billions)

$9.8 $8.8 $7.9 $7.1 $6.4

2016 2017 2018 2019 2020

~$10 Billion global opportunity by 20201

1. Markets & Markets: “Drug Delivery Technologies Market” 2. Auto-injectors, pen-injectors, wearable injectors, and needle-free delivery devices Insulet Investor Day - November 16, 2016 32 Significant Unmet Need in Self-injection Devices Drug Delivery

Drug Focused Patient Focused Quantity Pain

Highly viscous, large volume Discontinuation due to: formulations in development • Fear • Frequency of injections • Reactions around the injection site1 Time Misuse

Injection profiles from seconds 84% of patients misuse to hours auto-injectors2

Conventional self-injection devices have significant limitations for the current generation of drugs

The next generation of drugs need patient-focused solutions

1. Reasons for Discontinuation of Subcutaneous Biologic Therapy in the Treatment of Rheumatoid Arthritis: A Patient Perspective 2. Misuse of Medical Devices: A Persistent Problem in Self-Management of Asthma and Allergic Disease Insulet Investor Day - November 16, 2016 33 Insulet’s Drug Delivery Business Innovation Pathway Drug Delivery

Oncology

Digital Cardiovascular for connectivity User experience remote monitoring for ease of use Improved Infertility Adherence Device design for patient Endocrinology preference Other Therapeutic Areas

Insulet Investor Day - November 16, 2016 34 Insulet Delivers 20%+ Revenue CAGR and Grows to $1 Billion

$1B

20%+ CAGR

Drug Delivery $363M1 Omnipod

2016 2021 2016 Revenue Guidance of $362M - 365M1

1. As provided on on our earnings call on November 3, 2016 Insulet Investor Day - November 16, 2016 35 SINCE 2015 SINCE 2009 SINCE 2013 SINCE 2016 I have requested these images so we can rebuild this slide, so not much to do right now, except we can create the text boxes AND we need to incorporate the Withfollowing Omnipod, text so it dominates the slide: With OmniPod I can I Can! (okay to adjust/tweak this existing layout to accommodate)

SINCE 2012 SINCE 2015 SINCE 2014 SINCE 2013 36 Investor Day November 16, 2016

Insulet Investor Day - November 16, 2016 37 Simplifying Life… Insulet’s Technology Roadmap Aiman Abdel-Malek, PhD Senior Vice President, Advanced Technology and Engineering

Insulet Investor Day - November 16, 2016 38 Agenda

Insulet’s Digital Platform Technology Foundation

One Platform... Many Products

Targeted Timeline

Insulet Investor Day - November 16, 2016 39 Simplifying Life Building Insulet’s Digital Platform for the Future

Insulet Investor Day - November 16, 2016 40 Simplifying Life Building Insulet’s Digital Platform for the Future

Quality and Reliability

17M pods expected to be manufactured in 2016 Insulet Investor Day - November 16, 2016 41 Simplifying Life Building Insulet’s Digital Platform for the Future

Quality Mobile and Reliability and Cloud Technology

Pope Benedict XVI Pope Francis

Insulet Investor Day - November 16, 2016 42 Simplifying Life Building Insulet’s Digital Platform for the Future

User Mobile Quality and Experience and Cloud Reliability Technology Design and Data Analytics iPod MP3

Feature Rich Focused Features Complex User Intuitive User Experience Experience

Insulet Investor Day - November 16, 2016 43 Simplifying Life Building Insulet’s Digital Platform for the Future

User Quality Mobile User Experience Quality Mobile Experience and and Design and and Cloud Design and Reliability Cloud and Data Technology AnalyticsReliability Technology Data Analytics

Insulet Investor Day - November 16, 2016 44 Strengthening Our R&D Capabilities

Mechanical Design Electronic Design Mobile, Cloud and Secure User Experience Data Analytics and Manufacturing and Manufacturing Wireless Software Design Excellence

Plan Research

User-Centered Design

Secure Cloud Design Measure Data Analytics Adapt

• >300 years • >250 years • >150 years mobile • >70 years of user • >75 years data engineering experience engineering experience software experience experience (UX) design science experience • Innovative soft cannula • Patented tubeless • Industry experts: • UX industry experts: • Proven predictive insertion system electronic pump drive Qualcomm, Broadcom GE, MIT, Philips analytics experts • Experts in wireless • Reliable platform • Experts in design for security and internet of • Design workshops with • AP algorithm and designs manufacturing things (IoT) over 70 Podders therapy optimization Boston Boston San Diego BillericaBoston Boston

Growing our innovation patent portfolio

Insulet Investor Day - November 16, 2016 45 Quality and Current Omnipod System Reliability Proven Innovative Platform

Key Takeaways

• Patented tubeless insulin delivery with user friendly form factor vs. vs. • Proven reliability; millions tested each year

• Designed for manufacturability built on extensible platform MDI Tethered Tubed Pump Omnipod standard complex simple

Insulet Investor Day - November 16, 2016 46 User Quality Mobile Experience and and Cloud Design and Introducing Omnipod Dash Insulin Management System Reliability Technology Data Analytics One Digital Mobile Platform... Many Products

Secure Cloud Data Analytics

BLE Pod

BLE Blood

PDM User Secondary Display Caregiver Follow (Android Locked-Down Device) Mobile App Mobile App

BLE = Bluetooth Low Energy PDM = Personal Diabetes Manager Insulet Investor Day - November 16, 2016 47 DASH Platform Video

Insulet Investor Day - November 16, 2016 48 User Quality Mobile Experience and and Cloud Design and Omnipod Dash System Mobile Platform Reliability Technology Data Analytics Simple, Secure, Scalable and Smart

SIMPLE SECURE SCALABLE SMART

• Simple touch • Secure BLE • Scalable platform • Smart and screen user Pod and PDM extends to Secure interface designed communication U-200/U-500 cloud data with Podders and leveraging latest concentrated and analytics their caregivers IoT (Internet of insulins and other enabling Things) security drug delivery therapy secondary • Simple innovations applications optimization display of Pod and CGM data on user’s mobile app • Simple “Caregiver Follow” app with cloud alerts and alarms Insulet Investor Day - November 16, 2016 49 User Quality Mobile Experience and and Cloud Design and Insulet’s Horizon Artificial Pancreas Based on the Reliability Technology Data Analytics Omnipod Dash System Mobile Platform

Cloud Server

Dash PDM Data Analytics

All Dash Features PLUS • Same Pod only Caregiver Follow smarter with on-body Mobile App analytics Omnipod Horizon User Secondary CGM Display Mobile App • Hybrid closed loop ensures safe control • Integrate CGM data via secure direct Algorithm Integrated into the Pod connect

CGM = Continuous Glucose Monitoring Insulet Investor Day - November 16, 2016 50 Targeted Timeline

2016 2017 2018 2019 2020

Dash 510K Submission Launch

Eli Lilly Clinical Trial Launch Concentrated U-500 Insulins on Dash Eli Lilly Clinical Trial Launch U-200

FDA IDE 1 Submission Horizon Artificial IDE Clinical Trials Pivotal Trials Pancreas Pre-Pivotal Trials Launch

Insulet Investor Day - November 16, 2016 51 One Digital Platform… Many Products

Secure Cloud Data Analytics On-Body Analytics

Better Control vs. Better Quality MDI Omnipod Omnipod Dash Mobile Artificial Today Platform Pancreas of Life

Insulet Investor Day - November 16, 2016 52 Simplifying Life... A Personal Mission

Insulet Investor Day - November 16, 2016 53 Investor Day November 16, 2016

Insulet Investor Day - November 16, 2016 54 Artificial Pancreas Panel Moderator: Pat Sullivan, Chief Executive Officer and Chairman of the Board

Panelists: Shacey Petrovic, President and Chief Operating Officer Dr. Trang Ly, Vice President and Medical Director Aiman Abdel-Malek, PhD, Senior Vice President of Advanced Technology and Engineering Richard Spector, Insulet Employee and Omnipod User

Insulet Investor Day - November 16, 2016 55 Investor Day November 16, 2016

Insulet Investor Day - November 16, 2016 56 Manufacturing and Supply Chain Operations Update Charles Alpuche Senior Vice President, Global Manufacturing and Supply Chain Operations

Insulet Investor Day - November 16, 2016 57 Manufacturing History

Line 4 Flex China

Lines 2 and 3 Flex China

Line 1 Flex China

Original U.S. Production

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Manufacturing volumes and capacity have continued to increase

Insulet Investor Day - November 16, 2016 58 Manufacturing Improvements

Cumulative Headcount Reduction Key Takeaways

• Increased daily output by >65%

• Reduced total headcount in Flex China by >20%

• More than doubled Pods per employee in Flex China

2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 YE 2016 Target Average Daily Pod Output

Driving productivity with more efficient output

Insulet Investor Day - November 16, 2016 59 Reduce Scrap While Driving Higher Output

Key Takeaways 99% • Improved efficiencies drive reduced scrap Final Yield • Scrap reduction drives improved quality and cost • Improved yields = more reliable and predictable supply chain for our customers

Q1 2016 Q2 2016 Q3 2016 Q4 2016 (Est.) Productivity and reducing scrap driving significant COGS reduction and more consistent quality

Insulet Investor Day - November 16, 2016 60 Reduce Scrap While Driving Higher Output

Key Takeaways 99% • Improved efficiencies drive reduced scrap • Scrap reduction drives improved quality and cost • Improved yields = more reliable and predictable supply chain for our customers

Key Takeaways Pod Cost vs. 2015 Actual • Driving sustainable cost reductions

• Increasing labor productivity -15% • Reducing waste >50%

Q1 2016 Q2 2016 Q3 2016 Q4 2016 (Est.) Productivity and reducing scrap driving significant COGS reduction and more consistent quality

Insulet Investor Day - November 16, 2016 61 Total Manufacturing Savings of ~15% Per Pod

Key Takeaways

• Improved overall manufacturing operations performance driving Manufacturing sustainable cost per Pod Conversion savings and gross margin Yield Components improvements

Dec 2015 Dec 2016 (Est.)

Driving sustainable gross margin improvements

Insulet Investor Day - November 16, 2016 62 Insulet Supply Chain Operations 2016

Sub-Component Supplier

Raw Material Supplier

Process Flex China Customers Manufacturing

Raw Material Sterilization Inventory Supplier Warehouse

Sub-Component Supplier

Raw Material Supplier Decrease inventory handling while increasing speed to market

Insulet Investor Day - November 16, 2016 63 Insulet Supply Chain Operations 2019 & Beyond

Sub-Component Supplier

Raw Material Supplier Process Flex China Manufacturing

Customers Process Raw Material Sterilization Inventory Supplier Insulet U.S. Warehouse Manufacturing

Sub-Component Supplier

Raw Material Supplier Added U.S. manufacturing… Driving continued reduction in total landed cost

1. Total landed cost equals all costs from component suppliers to our distribution center Insulet Investor Day - November 16, 2016 64 Expanding Pod Manufacturing

U.S. MANUFACTURING ACHIEVES RISK MITIGATION & SPEED TO MARKET…

1 2 3 LABOR WAGE INCREASES DISTANCES TRAVELED SUPPLY CHAIN LEAD TIMES

…WHILE FURTHER AUTOMATING TO LOWER TOTAL LANDED COST

1. Total landed cost equals all costs from component suppliers to our distribution center Insulet Investor Day - November 16, 2016 65 China Wage Rate Inflation Normalized vs. U.S.

Key Takeaways 3.3 • Annual labor rate increases of double digits • High indirect support : direct labor ratio • Management rates = U.S. • China averaging 5% labor attrition per month vs. 3% annually in U.S. 1.0 1.3 • Total landed cost from China is similar to U.S. manufacturing cost and is a critical metric that must be considered

2006 2008 2010 2012 2014 2016

China wage inflation quickly closing the gap for total lowest landed cost

1. China wage rate increases based on data from Chinese Ministry of Human Resources and Social Security 2. U.S. wage rate increases assumed at 3% annually Insulet Investor Day - November 16, 2016 66 Reduction in Supply Chain Mileage

Mileage Supplier to Factory Key Takeaways Mileage Factory to U.S. Distribution • Components globally sourced from Opportunity for Mileage Reduction U.S., Europe and Asia

• U.S. production reduces mileage China Manufacturing traveled for average component

50% Reduction

U.S. Manufacturing

Insulet Investor Day - November 16, 2016 67 Reduction in Supply Chain Mileage

Mileage Supplier to Factory Key Takeaways Mileage Factory to U.S. Distribution • Components sourced from U.S., Opportunity for Mileage Reduction Europe and Asia

• U.S. production reduces mileage China Manufacturing traveled for average component

50% • Localized component sourcing will Reduction drive up to an additional 25% reduction… shortening supply chain lead times, reducing inventories and U.S. lowering total cost Manufacturing

Right place, right time, right cost

Insulet Investor Day - November 16, 2016 68 Reduction in Supply Chain Response Time

Production Transit to Lot Qual Key Takeaways of Lot Sterilizer Sterilization Release • Historically air freight all finished goods from China 2016 Flex via air 25 Days Total to U.S.

• Move to ocean freight drives 50% cost reduction and avoids incremental 2017+ Flex via sea Floating Warehouse cost of warehouse infrastructure 61 Days Total • U.S. manufacturing reduces time, cost and 2019+ Insulet U.S. 17 Days Total inventory requirements

Lowering inventory while improving response time to customers

Insulet Investor Day - November 16, 2016 69 Global Manufacturing Strategy

2017 2019

• Continue to improve • First U.S. line operational performance at Flex China • Begin build of redundant • Highly-automated U.S. manufacturing U.S. manufacturing location • Each U.S. line results in: – Up to 70% capacity of total China operation – Up to 90% fewer headcount vs. total China operation

Insulet Investor Day - November 16, 2016 70 Manufacturing Strategy Video

Insulet Investor Day - November 16, 2016 71 Sustainable Cost Per Pod Reduction Opportunities

Key Takeaways

• Continued sustainable cost savings Manufacturing Conversion Yield • Conversion savings through Components improvements in equipment utilization and labor efficiency Manufacturing ~15% Cost Reduction Conversion Components • Components savings by improved Freight contractual agreements and competitive bidding ~15 - 20% Cost Reduction

• Savings by ocean freight and U.S. manufacturing / / 2015 2016 (Est.) 2021 (Est.)

Supply chain will continue to drive significant margin growth in 2017-2021

Insulet Investor Day - November 16, 2016 72 Manufacturing and Supply Chain Operations Leadership

Sr. VP Global Manufacturing 35 Years in Ops & Operations Global Leadership

VP Strategic VP Drug Delivery Sourcing and VP U.S. VP Global VP China Sr. Director Systems Supplier Manufacturing Supply Chain Manufacturing Distribution Manufacturing Ops Development

Years in Ops 12 34 34 25 35 23

VP Manufacturing, Sr Manager, VP Ops, VP VP Ops, VP International and VP Eng, Director Supply Director: R&D, Manufacturing, VP North America North America Roles Dir Continuous Chain Ops Quality & Ops VP PM Manufacturing Manufacturing Improvement

Global U.S., Europe U.S. U.S., Europe, Asia U.S., Europe, Asia U.S., Europe U.S., Canada Exposure

Companies Abbott CMI/Roche, Cytyc PepsiCo, J&J GE, PepsiCo PepsiCo, J&J

We have the right people to deliver results

Insulet Investor Day - November 16, 2016 73 Manufacturing and Operations Summary

Right People LASER FOCUSED TO DELIVER RESULTS Right Product Right Place

Right Time Right Cost

Insulet Investor Day - November 16, 2016 74 Investor Day November 16, 2016

Insulet Investor Day - November 16, 2016 75 Financial Performance Michael Levitz Senior Vice President, Chief Financial Officer

Insulet Investor Day - November 16, 2016 76 Targeting $1 Billion in Revenue

($ in millions) Key Takeaways Target $1 Billion on 20%+ CAGR • Above-market growth (20%+ CAGR) Delivered Growth ('17-'21) of 20%+ • Strong momentum across product lines ('14-'16 CAGR)

• $1 billion target on growth across product lines, each with 20%+ CAGR

• Growth on continued execution, new products and market access $1,000

1 $363 $231 $264 / / 2014 2015 2016 (Est.) 20212021 Target(Est.) U.S. Omnipod Int'l Omnipod Drug Delivery

1. Mid-point of guidance from November 3, 2016 earnings call Insulet Investor Day - November 16, 2016 77 Targeting 65%+ Gross Margin

Other Commercial Opportunities Key Takeaways

Supply Chain • 2015: Raised quality standards Operations Improvements & U.S. Mfg. • 2016: Improved quality and efficiency Supply Chain Operations Product • Clear line of sight to target of 65% Improvements Quality Investment • Margin expansion principally from operations improvements and 6% U.S. automated manufacturing 4% 65% • Other commercial opportunities across 57%1 product lines also improve margins 55% 51%

/ / 2014 2015 2016 (Est.) 2021 (Est.)

1.From guidance on November 3, 2016 earnings call Insulet Investor Day - November 16, 2016 78 Strengthened Balance Sheet Enables Value Creation

Cash and investments of over $2801 million provide sufficient funding

Convertible debt structured with low coupons and staggered maturities • $345 million due 2021, coupon of 1.25% (with conversion price of $58.37) • $67 million due 2019, coupon of 2.00% (with conversion price of $46.51)

Net proceeds of $180 million from September 2016 convertible debt support value creation • Establish U.S. manufacturing operations, with Pod production to begin in 2019 • Opportunity to repurchase a portion of existing higher-cost convertible debt • Investment in inventory for cost reduction opportunities, new products and risk mitigation prior to U.S. plant • Reinvestment in the business

1. As of September 30, 2016 Insulet Investor Day - November 16, 2016 79 Transformation to Sustainable, Above-Market Profitability

2015-2016 2016-2018 2018-2021 Build Foundation for Accelerate Revenue Growth Transform Accelerated Growth and Margin Expansion

• Assembled talented and • Establish U.S. manufacturing • Launch new products on mobile experienced leadership • Strengthen technical capabilities platform that leverage form factor and double the addressable market • Transformed commercial execution • Introduce innovative R&D platforms • Increased quality and efficiency • Secure market access and invest • U.S. automated manufacturing • Divested Neighborhood Diabetes in clinical data and infrastructure lowers product cost

Continue ~20% CAGR on execution CAGR accelerates on new products Accelerated to 20%+ CAGR Revenue and market access and market access

Expand annually on operations Accelerate to 65%+ on automation Approaching 60% gross margin Gross Margin improvements while building U.S. plant and commercial opportunities

Operating Breakeven 2H16; profitability within EBIT positive in 2018 and continue Margin accelerates to above-market Profitability our control on level of investments higher investments for future growth profitability as investments normalize

Insulet Investor Day - November 16, 2016 80 Investor Day November 16, 2016

Insulet Investor Day - November 16, 2016 81 Closing Remarks Patrick Sullivan Chief Executive Officer and Chairman of the Board

Insulet Investor Day - November 16, 2016 82 Q&A

Insulet Investor Day - November 16, 2016 83 Investor Meeting November 16, 2016

Insulet Investor Day - November 16, 2016 84