Investor Presentaiton

Executive 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

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