----

----

----

| Section 1. | Formation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 1      |
|------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |
| Section 2. | Principal Place of Business                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 1      |
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |
| Section 3. | Other Business of Members                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 1      |
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |
| Section 4. | Accounting and Reports for the Company                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 1      |
| a.         | Records and Accounting                                                                                                                                                             | 1      |
| b.         | Access to Records                                                                                                                                                                  | 1      |
| c.         | Outside Consultants                                                                                                                                                                | 1      |
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |
| Section 5. | Membership Interests and Capital Accounts                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 2      |
| a.         | Membership Interests and Organization                                                                                                                                              | 2      |
| b.         | Admission of Additional Members                                                                                                                                                    | 2      |
| c.         | Certificates for Membership Interest                                                                                                                                               | 2      |
| d.         | Addition to or Withdrawal of Capital Contributions                                                                                                                                 | 2      |
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |
| Section 6. | Member Meetings                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 2      |
| a.         | Place of Holding Meetings                                                                                                                                                          | 2      |
| b.         | Quorum                                                                                                                                                                             | 2      |
| c.         | Adjournments                                                                                                                                                                       | 2      |
| d.         | Annual Meeting                                                                                                                                                                     | 2      |
| e.         | Special Meetings                                                                                                                                                                   | 3      |
| f.         | Conduct of Meetings                                                                                                                                                                | 3      |
| g.         | Voting                                                                                                                                                                             | 4      |
| h.         | Proxies                                                                                                                                                                            | 4      |
| i.         | Notice                                                                                                                                                                             | 5      |
| j.         | Consents                                                                                                                                                                           | 5      |
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |
| Section 7. | Management and Control of the Company                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 5      |
| a.         | Management of the Company by Managers                                                                                                                                              | 5      |
| b.         | Classification                                                                                                                                                                     | 5      |
| c.         | Nominations                                                                                                                                                                        | 5      |
| d.         | Qualifications; Declaration of Vacancy                                                                                                                                             | 5      |
| e.         | Removal                                                                                                                                                                            | 6      |
| f.         | Powers                                                                                                                                                                             | 7      |
| g.         | Filling of Vacancies                                                                                                                                                               | 7      |
| h.         | Annual and Regular Meetings                                                                                                                                                        | 7      |
| i.         | Special Meetings                                                                                                                                                                   | 8      |
| j.         | Place of Meetings; Telephone Meetings                                                                                                                                              | 8      |
| k.         | Quorum                                                                                                                                                                             | 8      |
| l.         | Compensation                                                                                                                                                                       | 8      |
| m.         | Committees                                                                                                                                                                         | 8      |
| n.         | Consents                                                                                                                                                                           | 8      |
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |
| Section 8. | Officers                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 9      |
| a.         | Election, Tenure and Compensation                                                                                                                                                  | 9      |
| b.         | Powers and Duties of the Chairman of the Board of Managers                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 9      |

----

| c.          | Powers and Duties of President                                                                                                                                                                | 9      |
|-------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| d.          | Powers and Duties of Vice President                                                                                                                                                           | 9      |
| e.          | Power and Duties of Secretary                                                                                                                                                                 | 9      |
| f.          | Powers and Duties of Treasurer                                                                                                                                                                | 10     |
| g.          | Delegation of Duties                                                                                                                                                                          | 10     |
| h.          | Removal                                                                                                                                                                                       | 10     |
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |
| Section 9.  | Committees                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 10     |
| a.          | Executive, Audit, Compensation and Nominating/Governance Committees                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 10     |
| b.          | Powers and Duties of the Executive Committee                                                                                                                                                  | 10     |
| c.          | Powers and Duties of the Audit Committee                                                                                                                                                      | 10     |
| d.          | Powers and Duties of the Compensation Committee                                                                                                                                               | 11     |
| d.(1)       | Powers and Duties of the Nominating/Governance Committee                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 11     |
| e.          | Meetings                                                                                                                                                                                      | 11     |
| f.          | Compensation                                                                                                                                                                                  | 11     |
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |
| Section 10. | Profits or Losses                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 11     |
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |
| Section 11. | Distributions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 11     |
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |
| Section 12. | Dissolution                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 11     |
| a.          | Events Causing Dissolution                                                                                                                                                                    | 11     |
| b.          | Winding Up the Company                                                                                                                                                                        | 12     |
| c.          | Gains or Losses in Winding Up                                                                                                                                                                 | 12     |
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |
| Section 13. | Indemnity                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | 12     |
| a.          | Right to Indemnification – General                                                                                                                                                      | 12     |
| b.          | Certain Provisions Respecting Indemnification for and Advancement of Expenses                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 12     |
| c.          | Procedure for Determination of Entitlement to Indemnification                                                                                                                                 | 13     |
| d.          | Presumptions and Effect of Certain Proceedings                                                                                                                                                | 14     |
| e.          | Right of Claimant to Bring Suit                                                                                                                                                               | 14     |
| f.          | Non-Exclusivity and Survival of Rights                                                                                                                                                        | 15     |
| g.          | Definitions                                                                                                                                                                                   | 16     |
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |
| Section 14. | Notices                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 17     |
| a.          | Manner of Giving Notice                                                                                                                                                                       | 17     |
| b.          | Waiver of Notice                                                                                                                                                                              | 17     |
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |
| Section 15. | General Provisions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 17     |
| a.          | Choice of Law                                                                                                                                                                                 | 17     |
| b.          | Binding Effect                                                                                                                                                                                | 17     |
| c.          | Gender and Plurality                                                                                                                                                                          | 17     |
| d.          | Captions                                                                                                                                                                                      | 17     |
| e.          | Severability                                                                                                                                                                                  | 17     |
| f.          | Integration                                                                                                                                                                                   | 18     |

----

----

----

----

|   | (1) | Determine the Membership Interests outstanding and the voting power of each, the Membership Interests represented at the meeting, the existence of quorum, and the authenticity, validity and effect of proxies; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3)        | Hear and determine all challenges and questions in any way arising in connection with the right to vote; |
|------------------------------------------|----------------------------------------------------------------------------------------------------------|

|   | (5) | Report to the board of managers the results based on the information assembled by the inspectors; and |
|--------|-----|-------------------------------------------------------------------------------------------------------|

|   | (6) | Do any other acts that may be proper to conduct the election or vote with fairness to the Members. |
|--------|-----|----------------------------------------------------------------------------------------------------|

----

----

----

----

----

----

----

|   | (i) | The filing of an affidavit in accordance with Section 1335.1 of the LaLLCL; or |
|--------|-----|--------------------------------------------------------------------------------|

|   | (ii) | The entry of a judicial decree of dissolution under Section 1335 of the LaLLCL. |
|--------|------|---------------------------------------------------------------------------------|

----

----

----

----

----

----

----

| COMPANY: | CLECO POWER LLC                                                                             |
|----------|---------------------------------------------------------------------------------------------|
|     |                                                                                        |
|     | By:           /s/ Michael H. Madison |
|     |                                                                                        |
|     | Name:  Michael H. Madison                                                         |
|     | Title:     Manager & CEO                                            |

| MEMBER: | CLECO CORPORATION                                                                           |
|---------|---------------------------------------------------------------------------------------------|
|    |                                                                                        |
|    | By:           /s/ Michael H. Madison |
|    |                                                                                        |
|    | Name:  Michael H. Madison                                                         |
|    | Title:     Director, President & CEO                                |

----

| Member            | Membership Interest | Cash Contribution                       |
|-------------------|---------------------|-----------------------------------------|
| Cleco Corporation | 100%                |      $1,000.00 |

----

----