Insider Trades - HIGHLAND MANAGEMENT PARTNERS VII, LLC

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HIGHLAND MANAGEMENT PARTNERS VII, LLC: Declared Holdings
Company/Relationship	Reported	Shares	Ownership
Hyperion Therapeutics, Inc. Beneficial Owner (10% or more) NasdaqGM:HPTX (historical quotes, profile, other insiders)	31-Jul-12	1,327,684	Indirect

Insider & restricted shareholder transactions reported over the last two years
Date Shares Stock Transaction
31-Jul-12 *106,116 HPTX Option Exercise
31-Jul-12 *2,084 HPTX Option Exercise
31-Jul-12 *98,074 HPTX Purchase at $10 per share.
(Cost of $980,740)
31-Jul-12 *1,953,179 HPTX Acquisition (Non Open Market)
31-Jul-12 *43,296 HPTX Disposition (Non Open Market)
31-Jul-12 *1,926 HPTX Purchase at $10 per share.
(Cost of $19,260)
31-Jul-12 *38,360 HPTX Acquisition (Non Open Market)
31-Jul-12 *851 HPTX Disposition (Non Open Market)
25-Jul-12 *2,419 HPTX Statement of Ownership

* Indicates that some (or all) shares are held indirectly (e.g. in a trust, by a spouse, etc.)

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Insider & restricted shareholder transactions reported over the last two years
Date	Shares	Stock	Transaction
31-Jul-12	*106,116	HPTX	Option Exercise
31-Jul-12	*2,084	HPTX	Option Exercise
31-Jul-12	*98,074	HPTX	Purchase at $10 per share. (Cost of $980,740)
31-Jul-12	*1,953,179	HPTX	Acquisition (Non Open Market)
31-Jul-12	*43,296	HPTX	Disposition (Non Open Market)
31-Jul-12	*1,926	HPTX	Purchase at $10 per share. (Cost of $19,260)
31-Jul-12	*38,360	HPTX	Acquisition (Non Open Market)
31-Jul-12	*851	HPTX	Disposition (Non Open Market)
25-Jul-12	*2,419	HPTX	Statement of Ownership