Raymond James Toronto Uranium Forum March 27, 2014

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Cautionary Statements This presentation contains certain forward-looking statements and forward-looking information that are based on the current internal expectations, estimates, projections, assumptions and beliefs of Uranium Participation Corporation (“Uranium Participation Corp.” or the “Corporation”). Forwardlooking statements generally can be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “plan”, “should”, “believe” or “continue” or the negative thereof or variations thereon or similar terminology. By their very nature, forwardlooking statements involve numerous factors, assumptions and estimates. A variety of factors, many of which are beyond the control of Uranium Participation Corp., may cause actual results to differ materially from the expectations expressed in the forward-looking statement. These factors include, but are not limited to, volatility and sensitivity to market prices for uranium, demands for nuclear power and the impact of change in foreign currency exchange. Additional information about the material factors or assumptions on which forward-looking information is based and the material risk factors that may affect actual results is contained in the Corporation’s Annual Information Form dated May 2, 2013, included under “Risk Factors”. These and other factors should be considered carefully, and readers are cautioned not to place undue reliance on these forward-looking statements. Although management reviews the reasonableness of its assumptions and estimates, unusual and unanticipated events may occur which render them inaccurate. Under such circumstances, future performance may differ materially from those expressed or implied by the forward-looking statements. Except where required under applicable securities legislation, Uranium Participation Corp. does not undertake to update any forward-looking information statement.

Fuel Cycle Contracting  Uranium purchases  Conversion services  Enrichment  Fuel Fabrication

Uranium Purchase Contracts  Two traditional markets  Spot  Long Term  With  divergence of long-term and spot price  entrance of financial players  low interest costs  A new mid-term market arose 4

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Uranium Price (‘04 – ‘14)

Uranium Price (US$/lb. U3O8)

$140.00 $120.00 $100.00 $80.00 $60.00 $40.00 $20.00 $0.00 05

06

07

08

09

10

11

12

13

14

$55.00

$35.00

Mar-14 Dec-14 Sep-15 Jun-16 Mar-17 Dec-17 Sep-18 Jun-19 Mar-20 Dec-20 Sep-21 Jun-22 Mar-23 Dec-23 Sep-24 Jun-25 Mar-26 Dec-26 Sep-27 Jun-28 Mar-29

Uranium Price (US$/lb.)

Uranium Market Segments $70.00

$65.00

$60.00

Spot

$50.00

$45.00 Long Term

$40.00

Mid Term

$30.00

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Long Term Contracting Volume (‘90 – ’13) 275.0 © UxC

250.0

M lbs. U3O8e

225.0 200.0 175.0 150.0 125.0 100.0 75.0 50.0 25.0 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 U.S. Utilities

Non-U.S. Utilities

Source: Uranium Market Outlook, Q1 2014

1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Volume U3O8e (M lbs.)

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Spot Market Volume (‘90 – ’13) 60.00 © UxC

50.00

40.00

30.00

20.00

10.00

-

U3O8 UF6 EUP

Source: Uranium Market Outlook, Q1 2014

Spot Market Transactions  For delivery from 1 to 6 months  

Buyers: U-41% / T-54% / P-5% Sellers: U-0% / T-65% / P-35%

 Average transaction size 150,000 to 175,000 lbs. 

In 2013 319 transactions totaling 50.4 million lbs.

 Location can be factor  Quoted price based on confidential survey of market

transactions

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Licensed Storage Facilities Cameco

Eurodif

USEC

Comurhex ConverDyn

Mid Term Transactions  Primary players – Goldman Sachs and Deutsche

Bank  Driven by spot and long term spread and low cost of

money  Typical duration 1 – 3 years starting 1 to 3 years out  Quoted price typically based on cost of carrying

inventory

Long Term Contracts  Begin further out and run for a longer period  Long term quoted price pertains more to the marginal

cost of production  Components of contracts   

Annual volume, volume flexibility and term Location specified annually Price

Long Term Contract – Price  Various combinations 

Simplest – Base escalated



Combination  



Base and spot price Fixed price, base escalated and spot price

Floors and ceilings

Utility Buying Strategy  Mix of terms to match inventory goals  Mix of form of uranium plus other contracts

such as conversion and/or enrichment 

Enrichment can be a substitute for uranium purchases

 Supplier Risk Diversity

Uranium Supply  Production concentrated in hands of mega-producers  9 producers represent ~90% of world production

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2013 Uranium Production by Company VostGOK 1.6% Navoi Mining 4.1%

Other 8.8%

AREVA 16.7%

© UxC

CNNC/CGNPC 4.8%

Paladin Energy 5.2% Kazatomprom 16.0% BHP Billiton 5.9%

Rio/ERA 9.3%

ARMZ/U1 13.0%

Cameco 14.5%

Uranium Supply  Production concentrated in hands of mega-producers  9 producers represent ~90% of world production  Increasing Geopolitical risk  

Threat to existing and planned production in Niger Kazakh and African production accounted for 55% of global production in 2012

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2013 Production by Country U.S. 2.7%

China Malawi 2.6% 1.9%

Other 4.3%

Kazakhstan 36.5%

© UxC Uzbekistan 4.1% Russia 4.9%

Namibia 7.7%

Niger 8.0%

Australia 12.0%

Canada 15.4%

What does the current contracting cycle indicate?

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Near Term Uncovered Demand 250.0

Lbs. U3O8 (million)

© UxC

200.0 150.0

177 M lbs. Non-U.S. Utilities U.S. Utilities

100.0 50.0 -

Source: Uranium Market Outlook, Q1 2014

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UPC SNAPSHOT

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Investment Strategy  At least 85% of net proceeds of any equity

offering is invested in uranium  Primary objective is to achieve appreciation in

the value of its uranium holdings  Investment strategy is to buy and hold and

not to actively speculate on short-term prices

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Investment Portfolio - 02/28/14 (All figures are CDN$ 000s except per/unit costs) Investments in Uranium: U3O8 – 7,826,811 lbs

MARKET COST $ 376,859 $307,721

UF6 – 2,153,471 KgU

$ 353,357 $232,1251

TOTAL:

$730,216 $539,846

U3O8 average cost and market value per pound: In CAD $ 48.15 In USD $ 44.01 UF6 average cost and market value per KgU: In CAD $ 164.09 In USD $ 152.26

$ 39.322 $ 35.50 $109.642 $99.00

1) Includes a Cdn$4.0 million fair value adjustment for inventory held

at USEC. 1) Converted at the February 28, 2014 exchange rate of $1.1075.

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Net Asset Value Since Inception (M Cdn$s) $1,000 $800 $600 $400 $200 $0

(As of February 28, 2014)

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Premium (Discount) to NAV 60.0% 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% -10.0% -20.0% -30.0% -40.0%

(As of February 28, 2014)

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Share Price & Spot Price $160.00

$18.00

(000s lbs U3O8)

$140.00

$16.00

SHARE PRICE

$14.00

$120.00

$12.00

$100.00

$10.00

$80.00

$8.00

$60.00

$6.00

$40.00

$4.00

UXCO SPOT PRICE

$20.00 $0.00

2006

2007

2008

2009

2010

$2.00 2011

2012

January 2006 - February 2014

(As of February 28, 2014)

2013

2014

$-

Active Participant  Equity financing raised Cdn$54 million  At that time money raised at a +10% premium

to NAV  Funds available to purchase uranium in the

spot market at prices accretive to shareholders  UPC becoming a more active participant

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Corporate Information

TSX:U

Ron Hochstein (President)

116.9 M

Jim Anderson (C.F.O.)

$689.7 M

Dick McCoy (Chairman)

Exchange Shares Outstanding Market Cap.

Paul Bennett (Director)

(as of February 28, 2014)

Jeff Kennedy (Director)

Net Asset Value

$602.9 M

Garth MacRae (Director)

$5.16

Tom Hayslett (Director)

NAV/Share (as of February 28, 2014) Cash

$64.6 M

Liquidity (3 mos. avg)

660,000

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Thank you