#1CLECO Connecting Louisiana's future. Cleco Corporate Holdings LLC Investor Presentation November 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 Corporate Holdings LLC ("Cleco”). Although Cleco 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'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. 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'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 or persons acting on its behalf are expressly qualified in their entirety by these factors. The forward-looking statements represent Cleco's views as of the date on which such statements were made and Cleco 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#3Executive Summary Vertically integrated, single state, rate regulated utility combined with a heavily contracted unregulated subsidiary produces stable, sustainable cash flow Stable Financial Profile Constructive Regulatory Environment Heavily Contracted Unregulated Subsidiary Attractive Investment Pipeline Approximately 75% of net cash generated from stable, rate regulated utility Balance of cash generated by heavily contracted unregulated operations Rate Case Settlement Drives Revenue Stability Through 2024 • Includes riders for investment and cost recovery; includes increased equity capitalization Provides incentive for cost reduction with ability to earn up to 10.2% ROE(¹) Storm Cost Securitization Enables Expedited Cost Recovery • • Interim storm cost relief recovery commenced June 1, 2021 Securitization of storm cost recovery proceeding underway; interim financing in place Winter Storm Fuel and Purchased Power Costs Fully Recoverable . • Currently being recovered through Fuel Adjustment Clause Bulk of Cleco Cajun output under contract through April 2025; re-contracting efforts underway Pipeline of investment to ensure high-quality customer service while maintaining affordable rates • Ended mining at Dolet Hills Power Station; intent to retire plant by year end 2021 • Transition Away from Fossil Fuels Coordinating Integrated Resource Plan with the Louisiana Public Service Commission ("LPSC") with potential for expanding renewable footprint • Teche 3 slated for retirement(2) • Commitment to end solid fuel use at Big Cajun II Unit 1 by 2025; Sterlington plant retired (3) Cleco generates steady, stable cash flow in a constructive regulatory environment (1) Rate case settlement incorporates ability to earn up to 10.0% ROE prior to customer sharing and 10.2% with customer sharing Teche 3 slated to retire by year end 2022 CLECO (2) Connecting Louisiana's future. (3) Retired year end 2020 3#4ESG Strategy Cleco's Vision: 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 Decarbonization Underway • • • • • Dolet Hills Power Station lignite plant slated to retire at year end 2021 Teche 3 slated to retire (1) Net zero carbon St. Mary Clean Energy Center plant online $7 MM in annual recoverable spending for the energy efficiency program Commitment to end solid fuel use at Cleco Cajun Big Cajun II Unit 1 by April 2025 Retired Cleco Cajun's Sterlington Plant year end 2020 Cleco's largest investor committed to managing portfolio companies to target net zero carbon emissions by 2040 CLECO 1) 2) 3) Connecting Louisiana's future. 4) Social Internal Initiatives . 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 and Power of a Promise scholarships educates and employs under-represented groups External Initiatives • Cleco continues to recruit from historically black colleges Long history of philanthropy and Louisiana economic development; $14 MM contributed since 2016 $1 MM contribution to Louisiana community colleges Top-quartile JD Power ranking(2) Annual review by GRESB(4) • • • • • Governance (3) Financial Code of Conduct applies to executive officer, financial officer, principal accounting officer, and treasurer Ethics, Conflict of Interest, and Related Polices applicable to all employees Boards of Managers has independent chair and compensation committee Enterprise 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 Established ESG Steering Committee Cross functional team finalizing formal ESG strategy, including establishing emissions reductions targets and milestones; initial disclosure expected by year end Teche 3 slated to retire by year end 2022 Most recently ranked 5th in ranking of mid sized utilities, or top-quartile 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 Global Real Estate Sustainability Benchmark#5CLECO CLECO Connecting Louisiana's future. Cleco Power LLC Vertically Integrated Regulated Utility CLECO#6Overview of Cleco Power • . • • • • • • 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 (1) 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 Residential customers comprising nearly 50% of total sales Electricity Sold(2) Total Electricity Sold: 11,216 GWh Electricity Sales Revenue(2) Total Base Revenue: $654 million Shreveport Dolet Hills Brame Energy Center Nesbitt Unit 1 Rodemacher Unit 2 Madison Unit 3 Lake Charles Pineville Regulated Generation Retail Service Territory Wholesale Territory Coughlin (3) DEMCO Baton Rouge Covington Acadia Fuel Mix(2) New Orleans Teche Total Generation: 11,801 GWh Lignite Other Retail 1% Wholesale 26% Residential 32% Industrial 18% Commercial 23% Other Retail 2% Renewables 2% 3% Pet Coke 20% Coal 9% Wholesale 9% Industrial 13% Residential 47% Commercial 29% Natural Gas 66% Cleco Power is a vertically integrated utility with a strong regulatory framework and diverse fuel mix (1) See Appendix for roster of generation assets CLECO (2) Cleco Power Form 10-K for the fiscal year ended 12/31/2020 (3) Connecting Louisiana's future. In August 2021, DEMCO informed Cleco Power that it was not selected as wholesale supplier after its power supply and services agreement expires in 2024 6#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 51% previously • Full recovery of all rate base investments • Next rate case effective date is expected July 2024 Dolet Hills Power Station and Mine Retirement 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 Storm Restoration Cost Securitization Interim recovery of $16 million per year of hurricane storm restoration costs commenced June 1, 2021 • Initial 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 • Supplemental testimony filed September 28, 2021 to increase securitization amount to $442 million by creating an additional $100 million storm reserve to address Hurricane Ida storm restoration costs (estimated $85-95 million) Winter Storm Fuel and Purchased Power Cost Recovery • • Fuel clause 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 through April 2022 Rider mechanisms for cost recovery ✓ Ability to earn on major projects with minimal regulatory lag ROE bands with sharing mechanism Regulatory Model Continues to Reflect Constructive Design ✓ Fuel Cost Recovery with two month lag ✓ Environmental Cost Recovery ✓ Blanket Financing Authority CLECO Connecting Louisiana's future. Formula Rate Plan provides regulatory rate-making clarity for Cleco Power 7#8Risk Mitigation to Facilitate Growth Key 2020 and 2021 Accomplishments Establishing Storm Reserves 1 Seeking to establish $100 million storm reserve to address future storm restoration costs 4 Requested an additional $100 million storm reserve to address Hurricane Ida storm 2 restoration costs Executed Bridge Financing Issued $325 million of 2023 Floating Rate Senior Notes (FRNs) callable on or after March 15, 2022 Proceeds used for general corporate purposes including repaying revolving credit facility balances and funding prospective Hurricane Ida storm restoration costs Anticipate retiring FRNs upon completion of storm restoration cost securitization Deferral of Distributions сл 5 Managing Customer Affordability Closely managing customer affordability given storm restoration costs and anticipated Dolet Hills Power Station cost recovery • Cost savings initiative launched and executed in 2021 Well Funded Pension Plan • No projected required pension plan contributions through 2025 3 • Owner distributions from 2020-2021 YTD delayed initially to manage uncertainty of pandemic and subsequently to fund storm restoration costs 6 CLECO Connecting Louisiana's future. Responding to Non-Renewal of DEMCO Contract • Intervened at LPSC; alternate selection is higher risk for DEMCO customers • Pursuing potential load replacement; alternate recovery mechanism through retail rates Significant steps taken to strengthen Cleco Power's financial position, protect from future storm risks, and manage customer affordability, all of which facilitate continued investment and growth 8#9Cleco Cajun LLC Wholesale Provider with Long-term Contracts CLECO CLECO Connecting Louisiana's future. CLECO#10Portfolio Summary Contracted Load 12 contracts totaling approximately 2,100 MW • Co-op contracts comprise 90% of total contracted capacity Includes 50 MW contract with local utility Contracts are certified by the LPSC; costs are passed through to the Co-op's respective customers Cleco Cajun Fleet and Service Territory • Serves approximately 300,000 end-use customers Backed by Generation (1) 2,116 MW of generating capacity in Louisiana . Locations provide geographic diversity within the region • Fleet provides fuel diversity through environmentally compliant coal-fired and natural gas-fired capacity Owns the 1,263 MW Cottonwood Combined Cycle Gas Turbine in Texas • Fully leased to NRG Energy through May 2025 for an annual fixed payment of $40 million in addition to payments for property taxes and a Long-Term Service Agreement Service Territory Big Cajun I Big Cajun II Bayou Cove Cottonwood NRG Energy operates and maintains the facility 95% of capacity contracted through April 2025 with LPSC regulated counterparties CLECO Connecting Louisiana's future. (1) Cleco public filings; reflects rated capacity 10#11Contracted Load Attractive Profile of Existing Contracts Beauregard Claiborne Contract Expiration · 2025 2025 Concordia 2025 Jeff Davis 2025 Point Coupee 2025 SLECA 2025 SLEMCO 2025 WST Northeast SWEPCO CLECO Connecting Louisiana's future. Cooperatives Utility 2025 2024 2026 Beyond 2025 • • Multiple RFPs are underway for Louisiana Co-ops to procure long-term supply Received notice of two RFPs (~1 GW) in which Cleco Cajun was not selected . • Cleco Cajun has intervened in the certification process In addition, Cleco Cajun is actively evaluating other opportunities to market its generation beyond 2025 Cleco Cajun is in active negotiations with Co-ops running third RFP process to provide long-term, full- requirements solution Diverse long-term contracted load provides strong and stable cash flow through 2025; active process underway to evaluate opportunities to market uncontracted generation beyond 2025 11#12CLECO CLECO Connecting Louisiana's future. Credit and Liquidity Overview CLECO#13Key Credit Highlights CLECO Connecting Louisiana's future. 1 Vertically integrated, regulated utility 6 2 Constructive regulatory model 3 Historical cost recovery through securitization with enabling legislation 4 Heavily contracted unregulated subsidiary 5 Improving credit metrics profile Vision to transition away from fossil fuel generation Commitment to maintaining investment grade ratings 13#14Cleco Structural Overview Cleco Partners L.P.(1) Cleco Group LLC Cleco Corporate Holdings LLC Total Debt: $1.616 billion(2) Baa3/BBB-/BBB- Cleco Power LLC Vertically Integrated Regulated Utility Total Debt: $1.825 billion (2) A3/BBB+/BBB+ Cleco Power Key Ring-Fencing Provisions(3) Separate books and records ⚫ No Cleco Holdings recourse to Cleco Power assets ⚫ No obligation 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 to Cleco Holdings require two Investment Grade ratings (at Cleco Power) and a minimum 48% equity to capital ratio • Cleco Cajun LLC Wholesale Power Supplier Not an issuing entity Cleco Cajun Key Acquisition Commitments (3) Merger commitments to LPSC remain enforceable; no further investment outside Cleco Power without LPSC approval Acquisition debt limited to $400 million; no further debt issuances at or on behalf of Cleco Cajun without LPSC approval Acquisition debt repayment by December 31, 2024 (which is prior to power sales contract expirations) • Minimum annual debt payments of ~$67 million • Proceeds from sale of Cleco Cajun assets must repay outstanding acquisition debt, subject to certain conditions Corporate Distribution Restrictions (3) Distributions to Cleco Group require one Investment Grade rating (at Cleco Holdings) and Debt/EBITDA ≤ 6.5x Structural overview reflects principal legal entities but may not reflect all legal entities in the organizational structure Cleco public filings as of 9/30/2021; reflects notional value of debt and senior unsecured ratings (1) CLECO (2) Connecting Louisiana's future. (3) Key commitments from the 2016 merger and/or 2019 Cleco Cajun acquisition by Cleco Holdings 14#15Liquidity and Credit Ratings Available Liquidity As of 09/30/2021 in $ millions Cleco Holdings (1) Cleco Credit Ratings(3) Cash and Equivalents $116.9 $156.3 Power(2) Consolidated $273.2 As of 11/01/2021 Moody's S&P Fitch Cleco Holdings Baa3 BBB- BBB- Credit Facility Capacity $175.0 $300.0 Outlook Stable Stable Stable Less: Amount Drawn $0.0 $0.0 Available Credit Facility $175.0 $300.0 $475.0 Cleco Power A3 BBB+ BBB+ Total Liquidity $291.9 $456.3 $748.2 Outlook Stable Negative Stable Bank Facilities Successfully Refinanced May 2021 • Cleco Holdings and Cleco Power extended their respective revolving credit facilities five years to 2026 and term loans three years to 2024 Full Revolving Credit Facility Capacity Available After Issuance of Floating Rate Notes • Cleco Power issued $325 million of Floating Rate Senior Note maturing June 15, 2023 and callable at par on or after March 15, 2022; proceeds were used for general corporate purposes including repaying outstanding Cleco Power revolving credit facility balances as well as funding prospective Hurricane Ida storm restoration costs Cleco Power intends to use proceeds from its pending storm restoration cost securitization to retire the Floating Rate Notes Source: Cleco public filings Cleco Holdings and Cleco Power maintain robust liquidity (1) Including Cleco Cajun, excluding Cleco Power; Credit Facility matures 2026, commitment fee of 0.275% and rate of L+1.625% Excludes Restricted Cash, Credit Facility matures 2026, commitment fee of 0.150% and rate of L+1.250% Senior Unsecured Ratings CLECO (2) Connecting Louisiana's future. (3) 15#16Millions Debt Maturities Cleco Holdings Cleco Power Debt Maturities as of 9/30/2021 $700 $130 3.47% $600 $100 3.08% $50 3.17% $500 $400 $325 $125 Variable $535 3.74% Variable $300 3.38% $295 6.50% $250 $300 6.00% $165 3.25% $266 Variable $200 3.57% $200 $50 4.25% $100 $25 2.94% $75 3.68% $50 4.33% $50 2.50% $- $100 5.12% $350 4.97% 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 Debt Maturities • • Cleco Power's $300 million revolving credit facility matures in 2026; Cleco Holdings $175 million revolving credit facility also matures in 2026 (no outstanding borrowings on either facility at 9/30/21) Series A GO Zone Bonds, $50 million at 2.50% due 2038, include a mandatory tender offer in 2025 Commitment associated with the acquisition of Cleco Cajun to reduce indebtedness at Cleco Holdings by at least $67 million annually through 2024 CLECO Connecting Louisiana's future. Source: Cleco public filings 16#17CLECO CLECO Connecting Louisiana's future. Appendix CLECO#18Cleco Power Fleet Summary Regulated Generation Fleet Brame Energy Center Coughlin Slated to Teche Slated to Nesbitt Rodemacher Madison Acadia Unit 6 Unit 7 Retire Unit 3 Unit 4 Retire Dolet Hills: St. Mary Clean Energy 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 413 149(1) 623 549 248 474 331 34 318(2) 47 (MW) Primary Fuel Natural Gas Coal Petcoke/Coal Natural Gas Natural Gas Natural Gas Natural Gas: Natural Gas Lignite Waste Heat Portfolio Attributes • Total net capacity of 3,186 MW (3,360 MW rated) with full dispatch capability in MISO-South 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 Scheduled Asset Retirements • Dolet Hills Power Station slated to retire by year end 2021 Teche 3 slated to retire by year end 2022 Source: Cleco Power public filings 1) 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 CLECO 2) Connecting Louisiana's future. 18#19Cleco Cajun Fleet Summary Big Cajun II Big Cajun I Unit 1 Unit 2 Unit 3 Steam Peaking Bayou Cove Leased to NRG Energy Through May 2025 Cottonwood Location New Roads, LA New Roads, LA New Roads, LA Jarreau, LA Jarreau, LA Jennings, LA Deweyville, TX COD 1981 1982 1983 1972 2001 2002 2003 Ownership 100% 100% 58% 100% 100% 100% 100% Net Capacity 537 579 323 (1) 185 (MW) 178 219 (2) 1,165 Primary Fuel Туре PRB Coal Natural Gas PRB Coal Natural Gas Natural Gas Natural Gas Natural Gas Technology (3) ST ST ST ST CT CT CCGT Heat Rate 10,115 10,226 9,949 10,953 11,380 11,690 7,450 2014-2016 Avg. Capacity Factor 52.1% 46.1% 60.6% 1.0% 1.8% 4.8% 51.8% Portfolio Attributes All units can dispatch into MISO-South with guaranteed transmission to Cleco Cajun contract load Environmentally compliant with current regulations Scheduled Asset Retirements Big Cajun II Unit 1 subject to conversion or retirement in 2025 CLECO Connecting Louisiana's future. Source: Cleco public filings (1) Represents Cleco Cajun's 58% ownership interest in Big Cajun II Unit 3 ~ 588 MW of rated capacity (2) Represents Cleco Cajun's 225 MW ownership interest in the capacity of Bayou Cove, a ~300 MW generating unit (3) ST Steam Turbine, CT - Combustion Turbine, CCGT - Combined cycle gas turbine COD: Commercial operation date 199 19#20CLECO CLECO Connecting Louisiana's future. CLECO