- The document is a presentation by Opower, a cloud software company serving utilities, discussing its business operations and financial outlook. - It notes Opower's sustained revenue growth since 2010, leadership position in the energy efficiency market, and large total addressable market of $11 billion. - The presentation provides Opower's long-term financial targets, including gross margin of 68-72% and adjusted EBITDA margins of 20-24%, and discusses its strong backlog and revenue visibility through contracted clients.

1. 1Q1 2016

2. 2
Safe Harbor Statement
This presentation contains forward-looking statements. All statements other than statements of historical facts contained
in this presentation, including statements regarding future results of the operations and financial position of Opower, Inc.
( Opower or the Company ), including financial targets, business strategy, and plans and objectives for future
operations, are forward-looking statements. Opower has based these forward-looking statements largely on its estimates
of its financial results and its current expectations and projections about future events and financial trends that it believes
may affect its financial condition, results of operations, business strategy, short-term and long-term business operations
and objectives, and financial needs as of the date of this presentation. These forward-looking statements are subject to a
number of risks, uncertainties and assumptions, including those described under the heading Risk Factors in Opower’s
most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the SEC ) and any
subsequently-filed quarterly reports on Form 10-Q and current reports on Form 8-K. Moreover, Opower operates in a very
competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for Opower s
management to predict all risks, nor can Opower assess the impact of all factors on its business or the extent to which any
factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking
statements Opower may make. In light of these risks, uncertainties and assumptions, the forward-looking events and
circumstances discussed in this presentation may not occur and actual results could differ materially and adversely from
those anticipated or implied in the forward-looking statements.
You should not rely upon forward-looking statements as predictions of future events. Although Opower believes that the
expectations reflected in the forward-looking statements are reasonable, Opower cannot guarantee that the future results,
levels of activity, performance or events and circumstances reflected in the forward-looking statements will be achieved or
occur. Moreover, neither Opower nor any other person assumes responsibility for the accuracy and completeness of the
forward-looking statements. Except as required by law, Opower undertakes no obligation to update publicly any forward-
looking statements for any reason after the date of this presentation, to conform these statements to actual results or to
changes in Opower s expectations.
In addition to U.S. GAAP financials, this presentation includes certain non-GAAP financial measures. These non-GAAP
measures are in addition to, not a substitute for or superior to, measures of financial performance prepared in accordance
with U.S. GAAP. A reconciliation of non-GAAP measures to GAAP measures is contained in the Appendix.

3. 3
Investor Overview
Cloud software for utilities
Unrivaled market leader
Tech and data advantage
Huge expansion potential
utility
clients100 meter
reads500B+consumer
endpoints60M+ addressable
market$11B
2010 2011 2012 2013 2014 2015 2016 E
$11M
$29M
$52M
$89M
Non
Recurring
Recurring
$128M
$149M
SUSTAINED REVENUE GROWTH
$161M
Note: 100 clients and 60M endpoints under contract as of 12/31/15. 500B meter reads as of 10/1/15. $161M is the midpoint 2016 guidance.

4. 4
DEMAND MANAGEMENT CUSTOMER CARE
LIGHTING REBATES LOAD CONTROL PAPER BILLS CALL CENTERS
#1 SOURCE OF SPENDING IN EACH CATEGORY
Utility Status Quo is Pre-Internet

5. 5
Opower Enterprise Platform
DEMAND MANAGEMENT CUSTOMER CARE
ENERGY
EFFICIENCY
DEMAND
RESPONSE
DIGITAL
ENGAGEMENT
BILL
ADVISOR
PERSONALIZATION
ANALYTICS
CALL
CENTER
OUTAGE
MANAGEMENT
CUSTOMER
DATA
METER
DATA
PARCEL
DATA
WEATHER
DATA
DEMOGRAPHIC
DATA

6. 6
$2.2 Trillion Utility Industry in Transition
0
0.2
0.4
0.6
0.8
1
1.2
1.4
1.6
1.8
Telecom Banking Airlines Utilities
Digitaladoption
HUGE OPPORTUNITY FOR
DIGITAL TRANSFORMATION
Source: Bain & Company, Leading a Digical Transformation
http://www.bain.com/publications/articles/leading-a-digical-transformation.aspx
INCREASED SPENDING ON
DEMAND MANAGEMENT
0
2
4
6
8
10
12
2008 2014
$B/year
Demand
Response
Energy
Efficiency
Source: US and Canada from the Consortium for Energy Efficiency
http://library.cee1.org/content/2014-state-efficiency-program-industry

7. 7
Energy Efficiency Market and Funding
MANDATED COMPLIANCE COST RECOVERY
states with mandated
energy efficiency
of US electricity consumption
covered by mandates
Efficiency programs are
cost neutral for utilities
Surcharge covers program
cost and lost revenue
24
55%
Source: http://aceee.org/topics/energy-efficiency-resource-standard-eers
and http://www.eia.gov/electricity/data/eia861/zip/f8612013.zip
Source: https://www.bge.com/myaccount/billsrates/Pages/Understanding-My-Bill.aspx

8. 8
Unique in the Competitive Landscape
Traditional ERP
• Opower integrates with Oracle and SAP
• ERP solutions not designed for digital engagement
Demand Management
• C3: Pivoting away from energy
• Tendril: Efficiency for one large client
Customer Care
• Smart Utility Systems: Custom-built solutions
• Aclara: Low cost web portal
Smart Meter
• Upstream providers of data
• Some analytics and customer engagement
Enterprise Platform
• Purpose built to serve utilities with an integrated suite
• Unique expertise in analytics and behavioral science
System
Integrators

9. 9
$11B Total Addressable Market
Note: Based on Opower estimates.
49%
29%
22%
ENERGY
EFFICIENCY
CUSTOMER
CARE
DEMAND
RESPONSE

10. 10
Huge Expansion Potential
Note: Endpoints under contract as of 12/31/15.
710 MILLION
ADDRESSABLE ENDPOINTS
>150M END[POMTS
SERVED BY OUR CLIENTS
CATEGORY ENDPOINTS
DEMAND
MANAGEMENT
18 million
CUSTOMER
CARE
60 million

11. 11
Revenue Expansion Across Product Lines
Energy Efficiency Demand Response Digital Engagement Bill Advisor
ENTRY 2010 2013 2015 TODAY
EAST
COAST
UTILITY
$5.1M $12.3M $20.6M
WEST
COAST
UTILITY
$2.3M $10.4M $12.8M
EAST
COAST
UTILITY
$0.3M $6.1M $8.8M

12. 12
Select Opower Clients
2015
2014
2013
2012
2011
2010
2009
2008
2007
DOMESTIC INTERNATIONAL
Note: 100 utility clients under contract as of 12/31/15.
100 UTILITY CLIENTS ON 4 CONTINENTS

13. 13
Strong Backlog and Revenue Visibility
$480 MILLION TOTAL BACKLOG
35 MONTH WEIGHTED AVERAGE CONTRACT LENGTH
Note: Backlog as of 12/31/15. Weighted average contract length based on new contracts signed in 2015. Renewal is expected in
2016 but not yet signed. Incremental is planned in 2016 but not yet sold. $157M - $165M is published revenue guidance for 2016.
Total under
contract in 2016
$145M
2016
REVENUE
Deferred
revenue
Unbilled under
contract
in 2016
Under contract
in out years
$73M $72M $332M
Incremental
TOTAL
BACKLOG
$12M - $20M
2016 Revenue
$157M - $165M
Renewal

14. 14
-20%
-10%
0%
10%
20%
30%
40%
Sequentialgrowth
Q1 Q2 Q3 Q4 Q1
RESULT OF LARGER CONTRACTS AND NEGOTIATED BILLING SCHEDULES
2014
2015
estimate
Deferred Revenue Seasonality

15. 15
Unique Billing Terms, Q4 Concentration
Large Expansion
annual billing
Renewal + Expansion
quarterly billing
Renewal
semi-annual billing
Renewal + Expansion
annual billing
4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17
4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17
4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17
4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17
Contract signing quarter
Note: Opower contracts tend to have significant variation in billing terms, timing and cadence. This chart highlights general trends
across deal types, but each transaction may be different. Billing schedules and revenue recognition are further explained on page 22.

16. 16
Large Renewals Secured
TERM 6 years 3-6 years 5 years
SIGNED Q2 2015 Q2, Q3, Q4 2015 Q1 2016
ENDPOINTS 5+ million 3+ million 6+ million
STATES CA NY, MA, RI IL, MD, PA
SOLUTIONS
DEMAND MANAGEMENT
CUSTOMER CARE

17. 17
2012 2013 2014 2015
Long-term
targets
Gross Margin 62% 64% 67% 64% 68 - 72%
S&M 42% 36% 41% 36% 24 - 28%
R&D 34% 32% 31% 31% 16 - 18%
G&A 8% 8% 10% 10% 8 - 10%
Adjusted EBITDA (18%) (7%) (10%) (6%) 20 - 24%
Notes: Non-GAAP percentages exclude stock based compensation. During the first quarter of 2014, the Company updated its
methodology for allocating certain general and administrative costs to more closely align these costs to the functional departments
consuming the related services. Percentages above reflect the new methodology. Expenses include allocations of Depreciation and
Amortization including capitalized software. D&A was 3.1%, 4.2%, 5.6% and 7.6% in 2012, 2013, 2014 and 2015, respectively, and is
expected to be 3-5% of revenue over the long-term.
Long Term Financial Targets

18. 18
Investor Overview
Cloud software for utilities
Unrivaled market leader
Tech and data advantage
Huge expansion potential
utility
clients100 meter
reads500B+consumer
endpoints60M+ addressable
market$11B
2010 2011 2012 2013 2014 2015 2016 E
$11M
$29M
$52M
$89M
Non
Recurring
Recurring
$128M
$149M
SUSTAINED REVENUE GROWTH
$161M
Note: 100 clients and 60M endpoints under contract as of 12/31/15. 500B meter reads as of 10/1/15. $161M is the midpoint 2016 guidance.

19. Appendix

20. 20
Management Team
RICK JUNEJA
Senior Vice President
Customer Success
JEREMY KIRSCH
Executive Vice President
and General Manager
Worldwide Sales
DANIEL YATES
Chief Executive Officer, Founder
and Director
ALEX LASKEY
President, Founder
and Director
SENIOR MANAGEMENT
INDEPENDENT BOARD MEMBERS
MARK
MCLAUGHLIN
MARCUS
RYU
THOMAS KRAMER
Chief Financial Officer
MICHAEL SACHSE
Executive Vice President
and Chief Marketing Officer
DEEP
NISHAR
JON
SAKODA
GENE
RIECHERS
MARCELLA BUTLER
Senior Vice President
People

21. 21
Revenue Recognition: $5M Contract
-
200,000
400,000
600,000
800,000
1,000,000
Q1 Q3 Q5 Q7 Q9 Q11 Q13 Q15 Q17 Q19 Q21 Q23
-
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
Q1 Q3 Q5 Q7 Q9 Q11 Q13 Q15 Q17 Q19 Q21 Q23
Recognized
Revenue
Billings
Deferred
Revenue
Backlog
Note: Actual billing schedule from a 6-year contract announced in 2015.
$
$

22. 22
Note: During the first quarter of 2014, the Company updated its methodology for allocating certain general and administrative costs to more
closely align these costs to the functional departments consuming the related services. The table above reflects the new methodology.
$ Millions 2012 2013 2014 2015
Net Income (Loss) ($12.3) ($14.2) ($42.0) ($44.9)
Provision for Income Taxes $0.0 $0.0 $0.0 $0.4
Other (Income) Expense,
Including Interest ($0.1) $0.3 $1.0 $1.1
Depreciation and Amortization $1.6 $3.8 $7.2 $11.3
Stock-Based Compensation $1.2 $3.6 $20.4 $22.6
Adjusted EBITDA ($9.5) ($6.4) ($13.2) ($9.5)
Adjusted EBITDA,
Percentage of Revenue (18%) (7%) (10%) (6%)
Appendix A: Reconciliation of Adjusted EBITDA

23. 23
$ Thousands 2012 2013 2014 2015
Gross profit, as reported $32,176 $56,611 $84,314 $92,628
Add back: Stock-based compensation $144 $204 $1,354 $2,250
Gross profit, non-GAAP $32,320 $56,815 $85,668 $94,878
Gross margin, non-GAAP 62% 64% 67% 64%
Sales and marketing, as reported $22,458 $33,116 $61,267 $62,940
Less: Stock-based compensation $527 $1,487 $8,932 $9,178
Sales and marketing, non-GAAP $21,931 $31,629 $52,335 $53,762
As percentage of revenue, non-GAAP 42% 36% 41% 36%
Research and development, as reported $18,006 $29,496 $45,999 $54,095
Less: Stock-based compensation $468 $960 $5,623 $7,418
Research and development, non-GAAP $17,538 $28,536 $40,376 $46,677
As percentage of revenue, non-GAAP 34% 32% 31% 31%
General and administrative, as reported $4,071 $7,816 $17,844 $18,988
Less: Stock-based compensation $48 $974 $4,473 $3,712
General and administrative, non-GAAP $4,023 $6,842 $13,371 $15,276
As percentage of revenue, non-GAAP 8% 8% 10% 10%
Note: During the first quarter of 2014, the Company updated its methodology for allocating certain general and administrative costs to more
closely align these costs to the functional departments consuming the related services. The table above reflects the new methodology.
Appendix B: Non-GAAP Reconciliation