Mr. Ron Hochstein reports

URANIUM PARTICIPATION CORPORATION REPORTS NET ASSET VALUE AT FEBRUARY 28, 2015

Uranium Participation Corp.'s estimated net asset value at Feb. 28, 2015, was $732.6-million or $6.27 per share. As at Feb. 28, 2015, UPC's investment portfolio consisted of what is shown in the associated table.

                             INVESTMENT PORTFOLIO
                (in thousands of dollars, except quantity amounts)   
                               
                                                       Quantity            Fair value
Investments in uranium
Uranium oxide in concentrates (U3O8)               9,308,739 lb              $451,181
Uranium hexafluoride (UF6)                        2,003,471 KgU               264,149
                                                                              715,329
U3O8 market value per pound
In Canadian dollars                                                             48.47
In United States dollars                                                        38.75
UF6 market value per KgU
In Canadian dollars                                                            131.85
In United States dollars                                                       105.41

During February, 2015, UPC purchased 40,000 pounds U3O8 at an average price of $36.25 (U.S.) per pound U3O8.

On Feb. 28, 2015, UPC completed its commitment to sell the conversion component of 50,000 kgU as UF6. To facilitate the sale of the conversion components, UPC received 130,643 pounds of U3O8 and cash consideration of $357,500 (U.S.).