VRAY ViewRay Inc

The Shares held by the Reporting Persons were acquired for investment purposes in the ordinary course of the Reporting Persons’ investment activities.

On January 13, 2017, Puissance Cross-Border Opportunities and certain other shareholders of the Issuer (collectively, the “Investors”) entered into a stockholder’s agreement (the “Stockholder’s Agreement”) with the Issuer pursuant to which, among other things, Puissance Cross-Border Opportunities nominated for election one member and such member was appointed to the Issuer’s Board of Directors (the “Investor Designee”) and was granted certain registration rights with respect to the 6,842,975 Shares . Mr. Wang, one of the Reporting Persons, is the Investor Designee. The foregoing summary of the Stockholder’s Agreement is not intended to be complete and is qualified in its entirety by reference to the full text of the Stockholder’s Agreement, a copy of which is attached as Exhibit D to the Schedule 13D filed by the Reporting Persons on January 18, 2017, and is incorporated herein by reference. In addition, the Issuer granted Mr. Wang options to purchase 19,556 shares in connection with Mr. Wang's appointment to the Issuer's Board of Directors.

The Reporting Persons intend to closely evaluate the performance of the Issuer, including, but not limited to, its share price, business, assets, operations, financial condition, capital structure, management's performance and prospects of the Issuer. In addition, the Reporting Persons reserve the right to, without limitation, acquire additional Shares, dispose of all or some of the Shares they currently hold from time to time, in each case in open market or private transactions, block sales or purchases or otherwise, or may continue to hold the Shares. Further, the Reporting Persons reserve the right to revise their plans or intentions and to take any and all actions that they may deem appropriate to maximize the value of their investment in the Issuer in light of their general investment policies, market conditions, and subsequent developments affecting the Issuer. The Reporting Persons further reserve the right to act in concert with any other shareholders of the Issuer, or other persons, for a common purpose should it determine to do so, and/or to recommend courses of action to the Issuer's management, the Issuer's Board of Directors, the Issuer's shareholders and others.

The Reporting Persons have no plans or proposals as of the date of this filing which, other than as set forth above, relate to, or would result in, any of the actions enumerated in clauses (a) through (j) of Item 4 of Schedule 13D.

As of the date hereof, Puissance Cross-Border Opportunities may be deemed to be the beneficial owner of 6,842,975 Shares, constituting 10.1% of the Shares, based upon 67,653,772 Shares outstanding as of the date hereof. Puissance Cross-Border Opportunities has the sole power to vote or direct the vote of 0 Shares and the shared power to vote or direct the vote of 6,842,975 Shares. Puissance Cross-Border Opportunities has the sole power to dispose or direct the disposition of 0 Shares and the shared power to dispose or direct the disposition of 6,842,975 Shares.

As of the date hereof, Puissance GP may be deemed to be the beneficial owner of 6,842,975 Shares, constituting 10.1% of the Shares, based upon 67,653,772 Shares outstanding as of the date hereof. Puissance GP has the sole power to vote or direct the vote of 0 Shares and the shared power to vote or direct the vote of 6,842,975 Shares. Puissance GP has the sole power to dispose or direct the disposition of 0 Shares and the shared power to dispose or direct the disposition of 6,842,975 Shares.

As of the date hereof, Puissance Capital Management may be deemed to be the beneficial owner of 6,842,975 Shares, constituting 10.1% of the Shares, based upon 67,653,772 Shares outstanding as of the date hereof. Puissance Capital Management has the sole power to vote or direct the vote of 0 Shares and the shared power to vote or direct the vote of 6,842,975 Shares. Puissance Capital Management has the sole power to dispose or direct the disposition of 0 Shares and the shared power to dispose or direct the disposition of 6,842,975 Shares.

As of the date hereof, Puissance Capital Management GP may be deemed to be the beneficial owner of 6,842,975 Shares, constituting 10.1% of the Shares, based upon 67,653,772 Shares outstanding as of the date hereof. Puissance Capital Management GP has the sole power to vote or direct the vote of 0 Shares and the shared power to vote or direct the vote of 6,842,975 Shares. Puissance Capital Management GP has the sole power to dispose or direct the disposition of 0 Shares and the shared power to dispose or direct the disposition of 6,842,975 Shares.

As of the date hereof, Mr. Wang may be deemed to be the beneficial owner of 6,862,531 Shares, constituting 10.1% of the Shares, based upon 67,653,772 Shares outstanding as of the date hereof, adjusted for certain options held by Mr. Wang. Mr. Wang has the sole power to vote or direct the vote of 19,556 Shares and the shared power to vote or direct the vote of 6,842,975 Shares. Mr. Wang has the sole power to dispose or direct the disposition of 19,556 Shares and the shared power to dispose or direct the disposition of 6,842,975 Shares.

The Issuer’s total Shares outstanding figure is based on discussions with the Issuer.

The Reporting Persons have not transacted in the Shares during the past sixty days.

By: Puissance Capital Fund (GP) LLC , its general partner

Name: Theodore Wang

Title: Managing Member

Puissance Capital Fund (GP) LLC *

By: / s/ Theodore Wang

Name: Theodore Wang

Title: Managing Member

Puissance Capital Management LP*

By: Puissance Capital Management (GP) LLC, its general partner

By: / s/ Theodore Wang

Name: Theodore Wang

Title: Managing Member

Puissance Capital Management (GP) LLC*

By: / s/ Theodore Wang

Name: Theodore Wang

Title: Managing Member

Theodore Wang*

By: / s/ Theodore Wang

By: Puissance Capital Fund (GP) LLC , its general partner

Name: Theodore Wang

Title: Managing Member

Puissance Capital Fund (GP) LLC

By: / s/ Theodore Wang

Name: Theodore Wang

Title: Managing Member

Puissance Capital Management LP

By: Puissance Capital Management (GP) LLC, its general partner

By: / s/ Theodore Wang

Name: Theodore Wang

Title: Managing Member

Puissance Capital Management (GP) LLC

By: / s/ Theodore Wang

Name: Theodore Wang

Title: Managing Member

Theodore Wang*

By: / s/ Theodore Wang