 Cleco Presentation November 2009 Reliable. Resilient. Ready for the future. Filed Pursuant to Rule 433 Registration Statement No. 333-162773 November 9, 2009 |
 2 The Issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Issuer has filed with the SEC for more complete information about the Issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the Issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling Calyon Securities (USA) Inc. toll-free at 866- 807-6030 or KeyBanc Capital Markets Inc. toll-free at 866-227-6479. Forward-Looking Statements This presentation contains forward-looking statements about future results and circumstances with respect to which there are many risks and uncertainties. Although the company believes that expectations reflected in such forward-looking statements are based on reasonable assumptions, we can give no assurances that these expectations will prove to be correct or that other benefits anticipated in the forward-looking statements will be achieved. For a discussion of risk factors and other factors that may cause the company’s actual results to differ materially from those contemplated in its forward-looking statements, please refer to the Prospectus dated October 30, 2009 and the accompanying Prospectus Supplement, as well as the company’s filings with the SEC, including its 2008 Annual Report on Form 10-K and its most recent Quarterly Report on Form 10-Q. |
 3 Offering Summary Add-on to Cleco Power’s 6.50% Senior Notes due 2035 Issuer: Cleco Power LLC Ratings: Baa2 / BBB (stable / stable) Type: Senior Unsecured Notes Coupon: 6.50% Maturity: December 1, 2035 Size: $145 million (total size will be $295 million after this offering) CUSIP: 185508AE8 Bookrunners: Calyon and KeyBanc Capital Markets Billing & Delivering: KeyBanc Capital Markets |
 4 Corporate Structure Cleco Corporation (Holding Company) Cleco Power Regulated Electric Utility Cleco Midstream Wholesale Energy Business (Primary Subsidiaries) |
 5 Growing Generation Capacity Cleco Power to acquire 580 MWs (Power Block 1) Acquisition will fill Cleco Power capacity shortfall Cleco Power to assume operating responsibility Transaction valued at approximately $300 million Awaiting final approval from LPSC and FERC Closing expected in the first quarter of 2010 Pending Transaction |
 6 Regulated Electric Utility Business Overview Profile: Generation, transmission and distribution assets 276,000 customers in 23 parishes Power owns 1,350 MW of generation capacity Strengths/Attributes: Reliable service High customer satisfaction Strategic Objectives: Diversify fuel sources/build balanced portfolio Reduce dependence on external power sources Pursue reliability projects Pursue renewable projects STRATEGY: Grow through regulated investments that benefit customers and shareholders Dolet Hills Rodemacher Teche |
 7 Sales (in Million kWh) Breakdown *For the ninth months ended September 30, 2009 Other includes: Other Retail, Sales for Resale and Unbilled Residential 40.4% Industrial 23.5% Commercial 27.0% Other 9.1% Residential Industrial Commercial Other |
 8 Rate case approval marks beginning of NEW ERA at CLECO POWER Regulators unanimously approved rate case Oct. 14, 2009 New rates effective day after Rodemacher 3 begins commercial operation Target return on equity of 10.7% 100% of earnings between 10.7% and 11.3% retained 40% of earnings between 11.3% and 12.3% retained All earnings over 12.3% returned to customers 51% equity balance |
 9 Rate case approval marks beginning of NEW ERA at CLECO POWER (cont.) Formula rate plan Term of four years Future large capital projects • Acadiana Load Pocket (ALP) transmission project • 50% acquisition of Acadia as a result of 2007 long-term RFP Unique because long-term fuel savings from Rodemacher 3 and return of customer-supplied financing should offset base rate increase and reduce average customer’s bill |
 10 Rodemacher 3 expected to be COMPLETE BY YEAR END Rodemacher Power Station with Unit 3 Financial Highlights: $1 billion rate base investment $971 million in expenditures (including AFUDC) as of Sept. 30, 2009 Technical Highlights: 600-MW solid-fuel unit Circulating fluidized-bed technology Petroleum coke primary fuel source Capable of burning biomass Positive impact on Louisiana’s economy |
 11 2010 Estimate¹ Natural Gas & Oil = 57% Coal, Lignite & Petcoke = 43% 1 Based on owned capacity of approximately 2,539 MWs. Data includes capacity from Rodemacher 3 (600 MWs) and the pending acquisition of Acadia (580 MWs). Installed Capacity Cleco will have one of the region’s most COMPETITIVE GENERATION PORTFOLIOS Oct. 08 Nov. 08 Dec. 08 Jan. 09 Feb. 09 Mar. 09 Apr. 09 May 09 Jun. 09 Jul. 09 Aug. 09 Sept. 09 Peak (MWs) |
 12 Executing investment growth INITIATIVES IN OUR REGULATED UTILITY Long-term RFP Investment 50% of Acadia Plant $300 million $150 million Selected 580 MWs from Acadia Spending 2009 - 2012 ALP Transmission Investment Rodemacher 3 Investment $937 million current rate base Estimate >95% Complete* $1,000 million *As of September 2009, Shaw Contractors, Inc. estimates construction is more than 95% complete. |
 13 Transmission project is NEXT MAJOR INVESTMENT Project Need and Approvals: No regional transmission organization Transmission constraints are an ongoing problem LPSC and SPP have approved based on need to improve electric service reliability Project Description: Upgrade transmission in south Louisiana service territory Total project estimated at $250 million Cleco’s investment roughly $150 million 2010 2009 2011 2012 $10 $50 (millions) |
 14 $275 $240 Credit Facility Available: $ 35 Cash and Cash Equivalents: Total Liquidity (as of Sept. 30, 2009) (millions) Cleco Power has STRONG LIQUIDITY POSITION |
 15 SMART financing plan based on Cleco’s CONSERVATIVE RISK PROFILE Moody’s Rating Baa2, Stable Outlook Standard & Poor’s Rating BBB, Stable Outlook Commitment to maintain investment grade rating Target a balanced capital structure Utilize cash flow from current investments for future growth |
 16 Cleco’s story: WE’RE A LEADING LOUISIANA UTILITY Major growth includes: Rodemacher 3 Increased rate base 580 MWs of additional efficient generating capacity ALP transmission project Future cash flow offers long-term growth Experienced management team Strong regulatory relationship Investment grade credit rating |