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|   | Except      in the event of a tender or exchange offer as hereinafter provided, or in      the case of fractional shares received in any stock dividend, stock split      or other recapitalization or as is necessary to make any distribution or      payment from the Trust Fund, or unless expressly provided by ERISA, the      Trustee shall have no power or duty to sell, tender, exchange or otherwise      dispose of any of the stock held in the Fund (the securities held in such      fund to constitute Company Stock within the meaning of Section 1.10 of the      Plan).  In the event that a tender or exchange offer is made for      all or any portion of the stock held in the Company Stock Fund, the      Trustee shall tender or exchange such shares only upon receipt of and in      accordance with the directions of the Administrator.  All      property received in exchange for such Company Stock so tendered shall be      held by the Trustee in the Fund subject to the terms and conditions of      this Trust Agreement, which agreement shall be deemed amended to permit      the holding of such property within suchFund. |
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|   | CLECO      CORPORATION                                                                                                                                                                           |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                             |
|   | By:  /s/ Gregory L.      Nesbitt                          |
|   |                                                                                                                                                                                             |
|   | Its:  Chairman and Chief Executive      Officer                                                                                                                                        |

|   | UMB      BANK, N.A.                                                                                                                                                                                                                  |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                 |
|   | By:  /s/ William A.      Hann                                             |
|   |                                                                                                                                                                                                                                 |
|   | Its:  Senior Vice      President                                                         |
|   |                                                                                                                                                                                                                                 |
|   | Date:  March 17,      1999                                 |

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