X0206 3 2012-07-25 0 0001386858 HYPERION THERAPEUTICS INC HPTX 0001436021 Panorama Capital, L.P. 2440 SAND HILL ROAD, SUITE 302 MENLO PARK CA 94025 0 0 1 0 Series C-2 Preferred Stock Common Stock 831410 D Common Stock Warrant (right to buy) 4.08 2021-04-01 Common Stock 68986 D Preferred Stock Warrant (right to buy) 9.62 2018-10-25 Series C-2 Convertible Preferred Stock 29615 D Preferred Stock Warrant (right to buy) 9.62 2019-02-07 Series C-2 Convertible Preferred Stock 29615 D The reported securities are convertible at any time, in whole or in part, at the option of the Reporting Person, have no expiration date, and will convert into shares of common stock immediately prior to the closing of the Issuer's initial public offering. Panorama Capital, L.P. ("Panorama") and Panorama Capital Management, LLC ("PCM") are deemed to be a "group" for the purpose of Section 13(d) of the Securities Exchange Act of 1934, as amended. PCM is the general partner of Panorama and the Managing Members of PCM, Christopher J. Albinson, Rodney A. Ferguson, Shahan D. Soghikian, and Damion Wicker, have sole voting and dispositive powers with respect to the securities held by Panorama. The warrants are not currently exercisable. Immediately prior to the closing of the Issuer's initial public offering, the warrants will automatically net exercise by their terms, which allows the Reporting Person to pay the exercise price of the warrant by forfeiting a portion of the exercised warrant shares with a value equal to the aggregate exercise price. The warrants terminate if they are not exercised prior to the closing of the Issuer's initial public offering. The warrants are not currently exercisable. Immediately prior to the closing of the Issuer's initial public offering, the warrants will automatically net exercise by their terms, which allows the Reporting Person to pay the exercise price of the warrant by forfeiting a portion of the exercised warrant shares with a value equal to the aggregate exercise price. The shares of Series C-2 Convertible Preferred Stock issuable upon exercise of the warrants will convert into shares of common stock upon the closing of the Issuer's initial public offering. The warrants terminate if they are not exercised prior to the closing of the Issuer's initial public offering. /s/ Laura A. Berezin, Attorney-in-Fact 2012-07-25