Investor Presentaiton

Cleco 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

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