Kevin Waters Senior Vice President, Chief Financial Officer 1

Kevin Waters Senior Vice President, Chief Financial Officer 1 May 20, 2016

3 $ millions +22% +18% Key Metrics Significant growth: fiscal year 2015 vs. fiscal year 2013 +22% growth FY 15/ 13 Gross orders drive backlog +18% growth FY 15/ 13 Backlog drives revenue $ millions $219 $263 $268 FY'13 FY'14 FY'15 Gross Orders $317 $365 $375 FY'13 FY'14 FY'15 Backlog

4 Actual results; FY15 EBITDA currency adjusted; $12 million as reported $ millions +20% Key Metrics Significant growth: fiscal year 2015 vs. fiscal year 2013 +20% growth FY 15/ 13 Significant revenue growth +79 million FY 15/ 13 Has led to significant improvement in our cash generation $316 $369 $380 FY'13 FY'14 FY'15 Revenue ($56) $13 $23 FY'13 FY'14 FY'15 aEBITDA + $79 Million

5 Fiscal Year 2015 Full-Year Actual 2016 9 Months YTD* 2016 Full-Year Guidance 2016 Guidance vs. 2015 Actual** Gross Orders $268 $188 $280 - $290 +6% Backlog $375 $371 ~ $405 +8% Revenue $380 $304 $395 - $405 +5% aEBITDA $12 $20 $25 - $30 +129% *Actual results **YOY growth calculated at mid-range of guidance $ millions Key Metrics Recent results and guidance: significant growth relative to market

6 Represents the mid-point of FY 16 guidance Gross Orders Driving future revenue growth $ millions 9% annual growth (CAGR) Increased order momentum driving future revenue Gross orders $219 $263 $268 $285 FY'13 FY'14 FY'15 FY'16

7 Represents forecasted ending backlog for FY 16 at mid-point of guidance Backlog Driving future revenue growth $ millions 9% annual growth (CAGR) Declining age-outs as a percentage of backlog Seeing previously aged out orders aging back in Backlog $317 $365 $375 $405 FY'13 FY'14 FY'15 FY'16

8 FY 16 data based on guidance $ millions Revenue Improving financial performance: FY2013 to FY2016 guidance $179 $196 $201 $205 $137 $174 $179 $195 FY'13 FY'14 FY'15 FY'16 Services Products FY 13 FY 15 CAGR: +8% $316 $369 $380 $400

9 FY 16 data based on trailing 12-months as of Q3 FY 16 Gross Margin Improving financial performance: FY 13 to FY 16 guidance 30.9% 38.7% 38.3% 39.9% 25.6% 34.1% 35.4% 36.9% 37.8% 43.8% 41.5% 43.0% FY'13 FY'14 FY'15 FY'16 Total GM Service GM Product GM

10 Strong Financial Discipline Leading to improved financial performance: revs, OpEx and aEBITDA FY 15 data based on constant currency as compared to FY 14 due to significant currency impact on aEBITDA in FY 15 FY 16 data represents the mid-point of guidance as adjusted for the one-time $7.9M impact of Cowealth legal fees ^FY 16 data represents the mid-point of guidance ^^FY 16 data represents the trailing 12-month as of Q3 FY 16 aEBITDA $ millions Revenue and OpEx FY 14 FY 13 FY 15 FY 16 FY 14 FY 13 FY 15* FY 16^^ $178 $161 $165 $165 $316 $369 $380 $ 400^ OPEX Revenue $(56) $13 $23 $36

11 $ millions Improving Cash Flow Forecasted first year of positive cash flow in the Company s history Represents annual change in cash and short term investments excluding any capital raised for the year FY 15 ended the year with higher level of receivables and inventory than FY 14 ^FY 16 data represents year-to-date change for the 9-months ended 3/31/16 adjusted for the one-time payment of $5.5M in Cowealth legal fees FY 13 FY 15 FY 14 Q3 YTD FY 16^ ($80) ($3) ($28) $11 CASH GENERATION

12 Improving cash position strengthens our capital structure Accuray announced straight debt financing on January 12, 2016 Raised $70M straight debt Retired $63M of the $100M August 2016 convertible notes Full retirement of August 2016 notes eliminates the potential issuance of approximately 10.6M shares Shares Weighted Average Shares Outstanding YTD 3/31/16 80.3 M 2016 Convertible Notes (potential dilution) $100M principle, $9.46 conversion price 10.6 M Shareholder Dilution Avoided 13% Balance Sheet Improving capital structure: our approach to the August 2016 converts

13 Conversion Price $9.47 $5.33 N/A We intend to utilize current cash, in conjunction with exploring additional debt refinancing, to settle the existing debt obligations. $ millions Balance Sheet Today An improved capital structure $150M in cash, cash equivalents and investments as of Q3 FY 16 and growing $36.6 $115 $70 $- $20.0 $40.0 $60.0 $80.0 $100.0 $120.0 $140.0 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 Jan-21 Debt Maturities 3.75% '16 3.50% '18 & Series A Secured Term Loan '21

Revenue Gross Margin Operating Income EBITDA 14 Where we were: represents FY 2013 financials LTM ^Mid point of guidance A Path to Profitability Where we were, where we are and where we are heading Past Present Future Goals 100% 31% (26%) (18%) 100% 40% (1%)* 7%^ 100% ~45% 10% + 15% +