#1CLECO Connecting Louisiana's future. Cleco Power LLC Fixed Income Investor Presentation September 2021#2Cautionary Statement Statements in this presentation include "forward-looking statements" about future events, circumstances and results within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, both as amended by the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact included in this presentation, including, without limitation, statements containing the words "may," "might," "will," "should," "could," "anticipate,” “estimate,” “expect,” “predict," "project," "future", “potential,” “intend,” “seek to,” “plan,” "assume," "believe," "target," "forecast," "goal," "objective," "continue" or the negative of such terms or other variations thereof and similar expressions, are statements that could be deemed forward-looking statements. These statements are based on the current expectations of management of Cleco Power LLC ("Cleco Power"). Although Cleco Power believes that the expectations reflected in such forward-looking statements are reasonable, such forward-looking statements are based on numerous assumptions (some of which may prove to be incorrect) and are subject to risks and uncertainties that could cause the actual results and events in future periods to differ materially from Cleco Power's expectations and those expressed or implied by these forward-looking statements because of a number of risks, uncertainties and other factors, all of which could have material adverse effects on future results, performance or achievements of Cleco Power. Therefore, forward-looking statements are not guarantees or assurances of future performance, and actual results could differ materially from those indicated by the forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on any forward-looking statements. Factors that may cause results to differ materially from those described in the forward-looking statements are set forth in Cleco Power's Annual Report on Form 10-K for the fiscal year ended December 31, 2020 under the headings "Cautionary Note Regarding Forward-Looking Statements," Part I, Item 1A, "Risk Factors," and Part II, Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations," and in subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. All written and oral forward-looking statements attributable to Cleco Power or persons acting on its behalf are expressly qualified in their entirety by these factors. The forward-looking statements represent Cleco Power's views as of the date on which such statements were made and Cleco Power undertakes no obligation to update any forward-looking statements, whether as a result of changes in actual results, change in assumptions, or other factors affecting such statements. CLECO Connecting Louisiana's future. 2#3Presenters Kristin Guillory Chief Financial Officer Vincent Sipowicz Vice President and Treasurer • • • • Assumed current leadership role in July 2021 Previously served as President of Cleco Cajun, an unregulated subsidiary of Cleco Corporate Holdings, from 2019 to 2021 Prior to her role with Cleco Cajun, served as Cleco's Treasurer from 2018 to 2019 and Assistant Treasurer from 2013 to 2018 Previously served in various finance roles after joining Cleco in August 2004 Guillory is a Certified Public Accountant and a Chartered Financial Analyst Joined Cleco as Vice President and Treasurer in May 2020 Prior experience includes 17 years with The AES Corporation where he was most recently Director, Investor Relations from 2015 to 2020 Prior to leading Investor Relations he served in Treasury as Director, Corporate Finance from 2012- 2015 • Roles at The AES Corporation earlier in his career included Financial Planning and Analysis, Strategy, and Corporate Finance CLECO Connecting Louisiana's future. 3#4Executive Summary Stable Financial Profile Constructive Regulatory Environment Regulated utility with stable cash flow and operating profile Senior unsecured ratings A3; stable/BBB+; negative/BBB+; stable (1) Rate Case Settlement Drives Revenue Stability Through 2024 • • Includes riders for investment and cost recovery and increased equity capitalization; new rates effective July 1, 2021 Provides incentive for cost reduction with ability to earn up to 10.2% ROE (2) Next rate case effective date is expected July 2024 Storm Cost Securitization Enables Expedited Cost Recovery Attractive Investment Pipeline Transition Away from Fossil Fuels • Interim storm cost relief recovery commenced June 1, 2021 • Application filed for securitization of hurricane and winter storm restoration costs on August 5, 2021 Winter Storm Fuel and Purchased Power Costs Fully Recoverable • . • • • Currently being recovered through Fuel Adjustment Clause Pipeline of investment opportunities to ensure high-quality customer service Active program to ensure that investments in utility infrastructure benefit customers while maintaining affordable rates Ended mining at sites supplying Dolet Hills lignite plant; intent to retire Dolet Hills Power Station by year end 2021 Coordinating Integrated Resource Plan with the Louisiana Public Service Commission ("LPSC") with potential for expanding renewable footprint CLECO Connecting Louisiana's future. (1) (2) Cleco Power generates steady, stable cash flow in a constructive regulatory environment A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revisions or withdrawal at any time Rate case settlement incorporates ability to earn up to 10.0% ROE prior to customer sharing and 10.2% with customer sharing. See slide 7 for more information on the new Formula Rate Plan#5Corporate Structure Cleco Partners L.P.(¹) Cleco Group LLC Cleco Corporate Holdings LLC ("Cleco Holdings") Cleco Power LLC Vertically Integrated Regulated Utility Total Debt: $1.50 billion (2)(3)(4) A3/BBB+/BBB+ Cleco Cajun LLC Wholesale Provider • Key Cleco Power Commitments from the 2016 Merger and 2019 Cleco Cajun Acquisition by Cleco Holdings Separate books and records No Cleco Holdings recourse to Cleco Power assets ⚫ No obligations unrelated to Cleco Power in jurisdictional rates Non-consolidation legal opinion ⚫ No liability for another entity's obligations No cross-subsidization of non-Cleco Power activity Independent director not on Cleco Holdings' board ⚫ LPSC oversight of affiliate transactions ⚫ Distributions require investment grade rating ⚫ at two agencies and a minimum 48% Equity Layer Cleco Power is solidly ring-fenced with key corporate separateness provisions and restrictions on the ability to make distributions CLECO (2) (3) (1) Structural overview reflects principal legal entities but may not reflect all legal entities in the organizational structure Source: Cleco Power Form 10-Q for the quarter ended 6/30/2021; excludes amounts drawn on Cleco Power's revolving credit facility Reflects notional value of debt and senior unsecured ratings 5 Connecting Louisiana's future. (4) A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time#6Overview of Cleco Power Pineville • . • • • • • Vertically integrated regulated electric utility serving ~290,000 (¹) Louisiana customers with over 13,000 miles of transmission and distribution infrastructure Fully upgraded Advanced Metering Infrastructure (AMI) technology in place • Continuous "smart grid" technology investment improves service restoration State-of-the-art IT solutions supporting customer, financial, and work management with Enterprise Resource Planning Serves over 150,000 customers in LA and MS through wholesale contracts 10 generating units across 5 parishes provide geographic diversity; fuel diversity provides cost stability for customers (2) Generation serves both retail and wholesale demand; 2020 peak demand of 2,536 MW Current capacity length has potential to accommodate load growth with existing fleet Successful in proactive franchise renewals; no franchise expirations until April 2022 Revenue anchored by nearly 50% of total sales to Residential customers Electricity Sold(1) Total Electricity Sold: 11,216 GWh Shreveport Dolet Hills Brame Energy Center Nesbitt Unit 1 Rodemacher Unit 2 Madison Unit 3 Lake Charles Coughlin Baton Rouge Acadia Regulated Generation Retail Service Territory Wholesale Territory DEMCO³ Covington New Orleans Teche Electricity Sales Revenue (1) Fuel Mix(1) Total Base Revenue: $654 million Other Retail 1% Wholesale 26% Residential 32% Wholesale 9% Industrial 13% Other Retail 2% Total Generation: 11,801 GWh Renewables 2% Lignite 3% Pet Coke 20% Coal 9% Residential 47% Industrial 18% Commercial 23% Commercial 29% Natural Gas 66% Cleco Power is a vertically integrated utility with a strong regulatory framework and diverse fuel mix (1) Cleco Power Form 10-K for the fiscal year ended 12/31/2020 CLECO (2) See Appendix for roster of generation assets (3) Connecting Louisiana's future. In August 2021, DEMCO informed Cleco Power that it was not selected as a provider of load after their power supply and services agreement expires in 2024#7Regulatory Update New Formula Rate Plan (FRP) • • . Settlement approved by LPSC; new rates effective July 1, 2021 Key components of the settlement: • Target ROE of 9.5%; ability to earn up to 10.0% before sharing and 10.2% with sharing Capital structure of 52%/48% Equity/Debt; equity capitalization increased to 52% from previous 51% Full recovery of all rate base investments Next rate case effective date is expected July 2024 Dolet Hills Power Station and Mine Retirement Storm Restoration Cost Securitization • Interim recovery of $16 million per year of hurricane storm restoration costs commenced June 1, 2021 Application for securitization of $342 million of storm restoration and associated securitization costs, including creation of a $100 million storm reserve, filed August 5, 2021 • Planned retirement of Dolet Hills Power Station in December 2021 • Anticipate regulatory filing to request recovery of plant and related mine closure costs through securitization Winter Storm Fuel and Purchased Power Cost Recovery • • Recovery of $50 million of fuel and purchased power costs associated with winter storms Uri and Viola commenced in May 2021 Full recovery expected over 12 months Regulatory Model Continues to Reflect Constructive Design Rider mechanisms for cost recovery Ability to earn on major projects with minimal regulatory lag ✓ ROE bands with sharing mechanism Fuel Cost Recovery with two month lag Environmental Cost Recovery Blanket Financing Authority Formula Rate Plan provides regulatory rate-making clarity for Cleco Power CLECO Connecting Louisiana's future. 7#8ESG Strategy Vision is to be the Leading Energy Company in Louisiana • • • • • Environmental Vision to transition away from coal- fired and fossil fuel generation Coordinating Integrated Resource Plan with LPSC with potential for expanding renewable footprint Intent to retire Dolet Hills Power Station lignite plant at end of 2021 Net zero carbon St. Mary Clean Energy Center online $7 million in annual recoverable spending for the energy efficiency program Largest investor committed to managing portfolio companies to target net zero carbon emissions by 2040 • Social Near top-decile safety performance Strong talent development program aimed at organizational stability Diversity and Inclusion Council and an Employee Resource Group champion issues for under-represented groups Diversity Scholars Program and Power of a Promise Scholarship program educates and employs under- represented groups Continuing to recruit from historically black colleges Long history of philanthropy and Louisiana economic development; $14 million contributed since 2016 $1 million contribution to Louisiana community colleges Top-quartile JD Power ranking(¹) Annual review by GRESB(3) • • • Governance (2) Financial Code of Conduct applies to principal executive officer, financial officer, accounting officer, and treasurer Ethics, Conflict of Interest, and Related Policies applicable to all employees Boards of Managers has independent chair and compensation committee Risk Management Policy drives recurring strategic review, evaluation and ranking of risks Boards of Managers has dedicated ESG oversight responsibility Cybersecurity reviewed under DOE's Cybersecurity Capability Maturity Model Cross functional team finalizing formal ESG strategy, including establishing emissions reductions targets and milestones, for disclosure by year end Most recently ranked 5th in ranking of mid sized utilities, or top-quartile according to the JD Power 2020 Electric Utility Residential Customer Satisfaction Study Cleco's Governance Guidelines, Code of Conduct, Ethics Guide, Conflicts of Interest and Related Policies, and the charters of the Boards of Managers' Audit, Leadership, Development and Compensation, Business Planning and Budget Review, Governance and Public Affairs, and Asset Management committees are available on Cleco's website 1) 2) 3) Global Real Estate Sustainability Benchmark Connecting Louisiana's future. CLECO 8#9CLECO CLECO Connecting Louisiana's future. Credit and Liquidity Overview CLECO#10Key Credit Highlights 1 Vertically integrated, regulated utility 2 Constructive regulatory model 3 Historical cost recovery through securitization with enabling legislation 4 Improving credit metrics profile 5 Credit protection from holding company with strong ring-fencing provisions 6 Vision to transition away from fossil fuel generation CLECO Connecting Louisiana's future. Commitment to maintaining strong investment grade ratings at Cleco Power 110#11Liquidity and Credit Ratings Cleco Power Available Liquidity(1) (in $ millions) 6/30/2021 8/31/2021 Cleco Power Cash and Equivalents $20.8 Credit Facility Capacity $300.0 $47.5 $300.0 Less: Amount Drawn $160.0 $245.0 Available Credit Facility $140.0 $55.0 Total Cleco Power Liquidity $160.8 $102.5 Cleco Holdings Cash and Liquidity(2) $232.6 $248.4 Total Combined Available Liquidity(3) $393.4 $350.9 Bank Facilities Successfully Refinanced May 2021 $125 million term loan extended three years to 2024; $300 million revolving credit facility extended 5 years to 2026 Revolving Credit Facility Draw and Storm Cost Recovery Cleco Power's revolving credit facility initially drawn primarily as a result of costs associated with 2020 hurricanes and 2021 winter storms $50 million of winter storm fuel and purchased power costs recovery started May 2021; full recovery over twelve months Revolving Credit Facility Draw for Dolet Hills Power Station Fuel Expense Credit Ratings (4) As of 8/31/2021 Moody's S&P Fitch A3 BBB+ BBB+ . Cleco Power Outlook Stable Negative Stable • Cleco Power revolving credit facility draw after 6/30/2021 to meet Dolet Hills Power Station (DHPS) fuel purchases associated with mine closure and pending retirement of DHPS; minimal residual DHPS fuel purchases remain A portion of DHPS fuel cost recovered through the Fuel Adjustment Clause in 2H21/1H22 Regulatory process to recover balance of DHPS closure and retirement costs is underway Cleco Holdings and Cleco Power have approximately $350 million of liquidity (1) Excludes Restricted Cash; intra-quarter balances reflect primary balances in core bank and investment accounts (2) Includes Cleco Cajun, excludes Cleco Power; reflects $175 million credit facility with no outstanding draw and cash on hand CLECO (3) Cleco Holdings liquidity is available to Cleco Power, but Cleco Holdings is not an obligor on Cleco Power's debt Connecting Louisiana's future. (4) Senior unsecured ratings. A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time 11#12Debt Maturities $1,200 $1,100 $1,000 $900 $800 $700 $600 $500 $400 $300 $200 $100 $- Cleco Power Debt Maturities as of 6/30/20211,2 (in $ millions) $125 Variable(3) + $300 L+1.250% $50 $100 3.17% $25 3.08% $130 3.47% $200 3.57% $75 $50 3.68% 4.33% 2.94% ■Cleco Power Senior Notes and GO Zone Bonds Cleco Power Revolving Credit Facility $295 6.50% $50 4.25% $250 + 6.00% $50 2.50% $100 5.12% 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 CLECO Connecting Louisiana's future. Debt Maturities • Excludes amounts drawn on the revolving credit facility • $125 million term loan was refinanced in 2Q21 resulting in extending the maturity to May 2024 from June 2022 Series A GO Zone Bonds, $50 million at 2.50% due 2038, include a mandatory tender in 2025 1) Cleco Power public filings 2) Credit facility reflects capacity and does not reflect amount drawn 3) Cleco Power term loan 12#13CLECO CLECO Connecting Louisiana's future. Appendix CLECO#14Cleco Power Fleet Summary Regulated Generation Fleet • Brame Energy Center Coughlin Teche St. Mary Clean Energy Nesbitt Rodemacher Madison Acadia Unit 6 Unit 7 Unit 3 Unit 4 Dolet Hills Center Location Lena, LA Lena, LA Lena, LA Eunice, LA St. Landry, LA St. Landry, LA Baldwin, LA Baldwin, LA Mansfield, LA Franklin, LA COD 1975 1982 2010 2002 2000 2000 1971 2011 1986 2019 Ownership 100% 30% 100% 100% 100% 100% 100% 100% 50% 100% Net Capacity (MW) 413 149(1) 623 549 248 474 331 34 318(2) 47 Primary Fuel Natural Gas Coal Petcoke/Coal Natural Gas Natural Gas Natural Gas Natural Gas Natural Gas Lignite Waste Heat Total net capacity of 3,186 MW (3,360 MW rated) with full dispatch capability in MISO-South; previously announced the intent to retire the Dolet Hills Power Station by year end 2021 • Full fleet serves both retail and wholesale load at Cleco Power • • All plants are environmentally compliant with NOx controls, FGD scrubbers, particulate controls, and Mercury controls, as applicable Over 60% of capacity built since 2000 • Teche Unit 4 black start capability improves system reliability Source: Cleco Power public filings 1) CLECO 2) Connecting Louisiana's future. Represents Cleco Power's 30% ownership interest in the capacity of Rodemacher, a 523 MW generating unit Represents Cleco Power's 50% ownership interest in Dolet Hills, a 650 MW generating unit COD: Commercial operation date 14#15CLECO CLECO Connecting Louisiana's future. CLECO