X0306 4 2012-07-31 0001386858 HYPERION THERAPEUTICS INC HPTX 0001436021 Panorama Capital, L.P. 2440 SAND HILL ROAD, SUITE 302 MENLO PARK CA 94025 0 0 1 0 Common Stock 2012-07-31 4 C 0 831410 A 831410 D Common Stock 2012-07-31 4 X 0 68986 A 900396 D Common Stock 2012-07-31 4 J 0 28147 D 872249 D Common Stock 2012-07-31 4 C 0 1125 A 873374 D Common Stock 2012-07-31 4 C 0 1125 A 874499 D Common Stock 2012-07-31 4 C 0 239015 A 1113514 D Common Stock 2012-07-31 4 C 0 99361 A 1212875 D Common Stock 2012-07-31 4 C 0 97722 A 1310597 D Common Stock 2012-07-31 4 P 0 550000 10.00 A 1860597 D Series C-2 Preferred Stock 2012-07-31 4 C 0 831410 0 D Common Stock 831410 0 D Warrant to Purchase Common Stock 4.08 2012-07-31 4 X 0 68986 0 D Common Stock 68986 0 D Warrant to Purchase Preferred Stock 9.62 2012-07-31 4 X 0 29615 0 D Series C-2 Preferred Stock 29615 0 D Series C-2 Preferred Stock 2012-07-31 4 X 0 29615 0 A Common Stock 29615 29615 D Series C-2 Preferred Stock 2012-07-31 4 J 0 28490 10.00 D Common Stock 28490 1125 D Series C-2 Preferred Stock 2012-07-31 4 C 0 1125 0 D Common Stock 1125 0 D Warrant to Purchase Preferred Stock 9.62 2012-07-31 4 X 0 29615 0 D Series C-2 Preferred Stock 29615 0 D Series C-2 Preferred Stock 2012-07-31 4 X 0 29615 0 A Common Stock 29615 29615 D Series C-2 Preferred Stock 2012-07-31 4 J 0 28490 10.00 D Common Stock 28490 1125 D Series C-2 Preferred Stock 2012-07-31 4 C 0 1125 0 D Common Stock 1125 0 D Convertible Promissory Note 10.00 2012-07-31 4 C 0 2212659.00 0 D Common Stock 239015 0 D Convertible Promissory Note 10.00 2012-07-31 4 C 0 949897.00 0 D Common Stock 99361 0 D Convertible Promissory Note 10.00 2012-07-31 4 C 0 949897.00 0 D Common Stock 97722 0 D 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. Immediately prior to the closing of the Issuer's initial public offering of its common stock, each share of convertible preferred stock automatically converted into one share of common stock. The convertible preferred stock had no expiration date. Immediately prior to the closing, the warrants automatically net exercised by their terms, which allowed the holder to pay the exercise price of the warrants by forfeiting a portion of the exercised warrant shares with a value equal to the aggregate exercise price. Immediately prior to the closing, the warrants automatically net exercised by their terms into Series C-2 preferred stock, which allowed the holder to pay the exercise price of the warrants by forfeiting a portion of the exercised warrant shares with a value equal to the aggregate exercise price. The convertible preferred stock had no expiration date. Notes and accrued interest in the aggregate of $2,390,157 converted automatically immediately prior to the closing of the Issuer's initial public offering into shares of common stock at a conversion price of $10.00 per share, which is the initial public offering price per share. Notes and accrued interest in the aggregate of $993,619 converted automatically immediately prior to the closing of the Issuer's initial public offering into shares of common stock at a conversion price of $10.00 per share, which is the initial public offering price per share. Notes and accrued interest in the aggregate of $977,223 converted automatically immediately prior to the closing of the Issuer's initial public offering into shares of common stock at a conversion price of $10.00 per share, which is the initial public offering price per share. These shares reflect the net exercise of the common stock warrant pursuant to its terms into 40,839 shares of the Issuer's common stock. These shares reflect the net exercise of the preferred stock warrant pursuant to its terms into 1,125 shares of the Issuer's Series C-2 preferred stock. These shares reflect the net exercise of the preferred stock warrant pursuant to its terms into 1,125 shares of the Issuer's Series C-2 preferred stock. /s/ Laura A. Berezin, Attorney-in-Fact 2012-08-01