#1niyogin November 09, 2023 To BSE Limited Phiroze Jeejeebhoy Towers Dalal Street, Fort Mumbai-400001 BSE Scrip Code: 538772 Subject: Dear Sir/Ma'am, Investor Presentation – Q2 & H1 FY24 Pursuant to Regulation 30 (6) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (the "SEBI Listing Regulations") read with Part A of Schedule III of the SEBI Listing Regulations, we are enclosing herewith the Investors' Presentation for Q2 & H1 FY24. Pursuant to Regulation 46 (2) (o) of the SEBI Listing Regulations, the aforesaid information is also being made available on the website of the Company i.e. www.niyogin.com Yours truly, For Niyogin Fintech Limited Neha Vishnu Agarwal Digitally signed by Neha Vishnu Agarwal Date: 2023.11.09 20:50:54+05'30' Neha Agarwal Company Secretary & Compliance Officer Encl: a/a Niyogin Fintech Limited (CIN L65910TN1988PLC131102) Regd. office: M.I.G 944, Ground Floor, TNHB Colony, 1st Main road, Velachery, Chennai, Tamil Nadu - 600042 Corporate office: Neelkanth Corporate IT Park, 311/312, 3rd Floor, Kirol Road, Vidyavihar (w), Mumbai - 400086 Chennai Tel: 044 47210437 | Mumbai Tel: 022 62514646 | email: [email protected] | Website: www.niyogin.com#2Niyogin Fintech Limited Investor Presentation Q2 & H1 FY24#3Executive Summary Key financial updates of the quarter 1 Consolidated revenue (ex-device sales) grew 4.8% sequentially in Q2FY24. 2 Our adj. EBITDA (Ex-ESOP) loss stood at INR 8.2 Crores for Q2FY24. 3 5 Outstanding loan book grew by 15.2% QoQ and stood at INR 135.3 Crores as of Q2FY24. Gross Take rates at 32 bps and Net Take rates at 5 bps; both declined sequentially Received INR 20 Crores out of the INR 80 Crores raised through convertible warrants. CO 6 Long Term Loan assigned a rating of BBB-/Stable from CRISIL. 02 22#4Executive Summary Key milestones achieved during the quarter 1 Q2FY24 GTV* stood at INR 11,562.7 Crores an increase of 16.9% sequentially. Monthly Transaction GTV stood at ~INR 4000 Crores in October 2023. 2 BaaS partners and CA partners stood at 845 and 5,478 respectively in Q2FY24. Business Updates 1 Appointed Mr. Hitesh Jain as the Chief Risk Officer to grow the lending business. 2 On boarded 3 new partners on the NiyoBlu platform. 3 iSU went live with BBPS & Corporate BC Program with India Post Payment Bank. *GTV-Gross Transaction Value 03#5Quarterly Highlights#6Building scale.. Operating metrics continue to demonstrate strong growth trajectory iServeU partners Q2FY24 Q2FY23 845 21% 701 (#) GTV and Consol. Revenue growth trajectory GTV (in INR '000 Cr.) GTV QoQ growth (%) Consol. NFL Revenue (ex-- device sales) in INR Cr. 17% 70% 47.2 65% 45.0 20% # of Transaction (in Cr.) ■ ATS in INR 32.7 2,753 26.9 2,943 24.7 4,159 4,062 3,822 2.9 3.5 5.8 9.9 11.6 0.8 0.9 1.4 3.4 4.2 Q2FY23 Q3FY23 Q4FY23 Q1FY24 Q2FY24 Q2FY23 Q3FY23 Q4FY23 Q1FY24 Q2FY24 The average ticket size (ATS) has contracted in line with industry trend. ATS was impacted by the release of state sponsored DBT this quarter The revenue has remained flattish despite sequential growth in GTV as take rates contracted and the revenue for UPI related services were realized with delay in the month of September. We expect this delayed revenue to be recognized in Q3FY24 05 95#7Take Rates Takes rates impacted by change in UPI related commercials Partner-wise GTV Contribution vs Take Rate Enterprise (%) ■ Retail (%)■ Gross Take Rate¹ (bps) - Net Take Rate² (bps)= 56 54 42 37% 36 32 40% 38% 73% 81% 11 10 9 5 5 19% 27% 60% 62% 63% Q2FY23 Q3FY23 Q4FY23 Q1FY24 Q2FY24 • • Contribution from enterprise segment continues to scale up as large partner networks gain traction. Owing to change in regulations UPI processing partner was changed mid- quarter. The new commercials have adversely impacted UPI product economics driving net product take rate from <10 bps to > 4 bps. These take rates also do not account for the revenue booked against UPI related services rendered for the month of September. UPI commercials impacted as we shifted partners; we expect these margins to remain subdued for the next two quarters. Note: 1) Gross Take Rate = Gross Income (ex-device sales) / GTV; 2) Net Take Rate = Net Income (ex-device sales) / GTV, wherein Net Income = Gross Income - Merchant/Partner payout 06 90#8Product-wise Break-up of GTV 12% Q1 FY24 9% 8% 29% 43% 1 9% Q2 FY24 10% 8% 31% GTV (INR Cr.) 9,893.0 11,562.7 Cash-out AePS ■ DMT M-ATM ■ Others* 43% Despite a robust increase in UPI volumes, volume of cash withdrawal products i.e., M-ATM and AePS increased Note: *Others includes contribution from products like UPI, BBPS, Aadhar Pay, POS. 10 07#9Building network strength... A healthy scale up of Finance professional partner network and Fintech partnerships has translated into robust lead flow into the platform Niyogin partners (#) 5,051 9% 5,478 LTD Loans successfully processed through NFL network # 19,223 347% I I I 4,299 I I Q2FY23 Q2FY24 I Q2FY23 Q2FY24 I 08 80#10Path to profitability.. Adj. EBITDA (Ex-ESOP) gap widened due to one-off adjustments this quarter Adjusted EBITDA (EX-ESOP) (6.8) (6.2) (7.7) (8.3) (0.6) (2.3) ■Non-GAAP PBT (4.3) (6.2) (in INR Cr.) 1 (8.2) Provisioning for unrealized receivables in the subsidiary of INR 3.2 Crores. 2 Decline in take rates and delayed realization of part revenue. 3 (10.1) Q2FY23 Q3FY23 Q4FY23 Q1FY24 Q2FY24 Incremental provisioning in lending book of INR 74.6 lacs. 60 09#11Lending strategy Scaling the book while managing opex and risk Large MSME Opportunity Differentiated Business Model Scale Onboarding new lending partners Distribution Channel Scale up from existing partners FY24 Focus → Build a high- quality book → Improved unit economics Managing Risk Deals structured to ensure strong risk participation from partners Tech enabled cost efficiency Strengthen team and processes Focus on building a strong LOS, LMS and reporting systems Enable multi-product, multi partner integration 10#12Building the Ecosystem Serving diverse set of customers CA Channel: Metro & Tier 1/2 Branches Ecosystem (SCF) 立 Co-Lending mm Partnership & Alliances Cashflow: GST, Banking & Liquid income assessment Collateral: Receivables and FLDG from Anchor Cashflow: GST & Banking Collateral: FLDG Cashflow: Liquid income assessment Collateral: FLDG from partner Cashflow: Banking & liquid income assessment Rs 0.25cr- 15cr Customer Turnover Unsecured: Rs 6L Average ticket size Rs 100cr Min. Customer Turnover SCF: Rs 10 cr Average ticket size Rs 30K Average ticket size <Rs 1 cr Customer Turnover <Rs 50L Customer Turnover Rs 75K Average ticket size AUM Mix: 20% AUM Mix: 35% AUM Mix: 30% AUM Mix: 15% Tenor: 36M Tenor: 12M Tenor: 7 days- 36M* Tenor: 12M Note: *The range is wide on account of varied partnerships.#13Managing Risk Moving towards predictive risk models with sharp learning curves > STAGE 1 1. Credit Bureau scrubbing Fully automated 2. Cashflow analysis ►Bank statement + GST statement analysis 3. Physical verification and telephonic verification STAGE 2 ➤ Build proprietary risk models for each acquisition channel Differentiated information through CA channel ► Co-create lending models with fintech partners Fintech partnerships contributed >50% of monthly case volumes STAGE 3 ► Move to scorecard based lending. The models have a sharp learning curve as they benefit from high volume of cases being generated through fintech alliances and Niyogin platform Stage 1 & 2 have been executed#14Collection Process Employed robust recovery mechanisms *for CA channel only > 95% cases* have NACH mandate Customer specific reminders Before due date Call + reminders for upcoming instalments Identify habitually undisciplined borrowers and convert them to automated payment mandates Stage 1 Repeat previous steps Mobilize internal recovery Stage 2 team for collection efforts with active reminder Stage 3 Internal recovery team & External team intensify engagement for recovery process#15Marquee partnerships Building a strong partner network Piramal Finance Consistently expanding our Partner network Godrej HOUSING FINANCE Lending Partner TATA CAPITAL P POONAWALLA FINCORP IDFC FIRST Bank ADITYA BIRLA L&T Finance B BAJAJ FINSERV □ IIFL FINANCE HDFC BANK Lending Business Insurance Partner KhataBook FINANCE Capital Trust फ़टाकPAY digit Ckotak life Payment NSDL Ckotak Kotak Mahindra Bank AXIS BANK Wealth Management SHRIRAM Mutual Fund Investdirect BANKIT बैंक इट SEND SPEND | LEND | INVEST soch kotak Wealth Management India Post Payments Bank Aapka bank, aapke dwaar, New partnership on boarded in Q2FY24 14#16Consolidated Financial Snapshot - Quarterly Loss gap widened on account of one-off events and product specific commercials impacted by change in regulation Consolidated Profit & Loss YOY Statement (INR Cr) Q2FY24 Q2FY23 Change (%) Q1FY24 QoQ Change (%) ~91% ↑ YOY Revenue (ex-device sales) 47.2 24.7 91.1% 45.0 4.8% Revenue (ex-device sales) growth was driven due expansion in GTV Total Income 47.4 26.5 79.2% 45.5 4.1% Expenses 55.6 33.2 67.2% 49.9 11.4% Adjusted EBITDA (ex-ESOP) (8.2) (6.8) NM (4.3) NM Reported Pre-Tax Profit/(Loss) (A) (11.2) (9.9) NM (7.2) NM Adj. EBITDA (Ex-ESOP) loss gap widened due to decline in take rates on account of delay in realization of and revenue incremental part provisioning in subsidiary and lending book. Depreciation and Amortization 2.0 1.5 29.6% 1.9 3.1% ESOP (B) 1.1 1.6 (35.0)% 0.9 15.9% Non-GAAP PBT (C) = (A) + (B) (10.1) (8.3) NM (6.2) NM Consolidated Balance Sheet Excerpt (INR Cr) Sep'23 June'23 QoQ (%) Gross Loan Book Cash & Cash Equivalents 135.3 115.4 117.5 15.2% 89.9 28.4% ~15%↑ QoQ Loan book growth remained steady as we continued to ramp up the lending business. 15#17Consolidated Financial Snapshot - Half Yearly Revenue continues to improve driven by significant pick-up in GTV Consolidated Profit & Loss Statement (INR Cr) H1FY24 H1FY23 YoY Change (%) Revenue (ex-device sales) Total Income Expenses 92.2 49.0 88.2% 92.9 538.9 72.5% 105.5 64.4 63.8% Adjusted EBITDA (ex-ESOP) (12.5) (10.5) NM Reported Pre-Tax Profit/(Loss) (A) (18.3) (16.1) NM Depreciation and Amortization 3.9 2.8 35.6% ESOP (B) 2.0 2.8 (29.4)% Non-GAAP PBT (C) = (A) + (B) (16.4) (13.3) NM 16#18Shareholding Pattern Supported by investors who believe our growth potential Top Institutions Strategic India Equity Fund Think India Opportunities Master Fund Others (30.0%) Vikasa India EIF I Fund Carmignac Portfolio Shareholding Pattern Institutional Investors (30.4%) Founders (39.6%) Niyogin has received INR 20 Crores out of the INR 80 Crores raised through convertible warrants in July'23. Note: As of September 30, 2023 17#19Our Positioning#20Where do we Stand? Comparing ourselves with market participants API Stack Payments Deposit Lending Investments Credit Underwriting Sourcing Source: Disclosed data of publicly listed companies Niyogin Payments Banks Payment Service Other API Players Providers × × ㄨ 19#21Our Right to Win#22Investment Rationale Building the "Neobank" platform infrastructure to power MSMEs Ch Unique - API infrastructure provider with lending capability • Go To partner for financial inclusion use cases Well-integrated hook product to higher margin product journey • Strong cross-sell synergies among subsidiaries Large addressable market Tech-centric model Delivering impact Public Listed, • • • 63 Mn+ MSMEs* and 89 Mn rural retailers~ AePS Transactions value to touch 6.4 Lakh Cr by FY25 (exp 3- yr CAGR @ 23%)~ DMT to touch *3.4 Lakh Cr by FY25 (exp 5-yr CAGR @11%)~ A scalable tech platform powered by our own switching capabilities and with a partner-led distribution model across India gives us: • Gol^ focus on financial inclusion . provides significant Ability to process transactions at low cost Low CAC market access Fee/ commission-led revenue Opportunity for transaction-led credit Profit with purpose enterprise to drive financial inclusion through our: • Rural reach • Accessibility to banking services Partner model enabling income augmentation • Strong Board, Management & Investor support BSE Listed and professionally managed Received a BBB- /Stable rating from CRISIL Well aligned interests of management & stakeholders via ESOPs. High pedigree institutional shareholders support tailwinds Well Capitalized. Steadily moving towards Profitability Source: *Gol MSME 2023 Report; "Disclosed data of publicly listed companies; ^Government of India 21#23Business Model Adopting a Differentiated Approach towards the delivery of financial services niyogin moneyfront isu | Powering ambitions. Powering growth.#24Organization Structure Leveraging through our subsidiaries Our Subsidiaries isu 51% niyogin moneyfront 60% Our Facilitators API/SDKS NBFC License NiyoBlu Platform Product/ Services Banking as a Service Unsecured Business Loan Lead Sourcing Wealth Tech Stack + Wealth Advisory Our Stack Financial Inclusion Stack (AePS, M-ATM, DMT) Other payment & Cards Stack (Prepaid Cards, Agency Banking Solution) Others (Neo - Banking Stack) 23 23#25API Infrastructure Provider Understanding iServe U's Business Model#26Market Opportunity India, a primarily cash-driven economy Cash in Circulation increased post-COVID.. 1 15% (as a % of GDP*) 20% FY19 FY23 Deeper geographies still prefers cash .. Limited presence of banks Lack of digital literacy Connectivity issues M-ATM Devices deployed by banks 0.1 Cr 1 As on Sep 2023 (past 2-yr CAGR @ 51%) Growing adoption of financial inclusion IndiaStack Note: *GDP at constant prices. Source: 1. RBI, CMIE, 2. Disclosed data of publicly listed companies AePS Transaction Value *6.4 Lakh Cr 2 By FY25 (exp 3-yr CAGR @ 23%) DMT Transaction Value 3.4 Lakh Cr 2 By FY25 (exp 5-yr CAGR @ 11%) 25 25#27Our Customers Serving various customers through our BaaS offerings isu Transaction originated Fees Transaction authenticated ISU Customers Fintech BC Agency Banks • • 50,000+ Banking access points 5 Cr.+ Account holders Acting as a TSP1 to the said Bank Offerings to their network - M-ATM, AePS, IMPS, Account opening, CMS, BBPS, Train ticket booking ~790,000 Agents • 738 Districts • Acting as a TSP1 to the Enterprises Offerings to their network - M-ATM, AePS, Kiosk Banking Solution, Lending & Insurance CRM, UPI, BBPS, Domestic Money Remittance Neo-Banking Tech stack for New Age Fintechs BBPS/UPI/IMPS/Pre-paid cards stack for digital banking Collection solutions for EMI payment through UPI and Aadhar Pay 1 Technical Service Provider 26 26#28The Value Chain How ISU powers last mile financial inclusion isu III ISU Customers, Banks BC Agencies Fintechs SHOP SHOP 2012 SHOP SHOP SHOP On board retail touchpoint Retail touch points like Kirana Store /BC Agent/ Bank Mitra Network Service customers of banks and other financial service providers B Retail Individual ISU infrastructure layer power transactions by empowering retail touchpoints of Banks, BC Agencies and other Fintechs to service retail individuals in need of banking services ↑ ↑ ↑ ↑ ↑ ↑ ↑ ↑ ISU Support layer ↑ ↑ ↑ ↑ ↑ ↑ 227 27#29Transaction & Revenue Flow (1/2) Understanding our Cash to Digital & Digital to Cash loop using M-ATM & AePS Cash Withdrawal/ Deposit Individual Delivers service SHOP SHOP isu SHOP Commission Commission BC Agency / BC Agent Commission Transaction initiated Pekk Requests confirmation iSU Platform + Device Confirms Transaction 圆 iSU Platform + Device Authenticates transaction Bank I Service Loop I Revenue Loop I 28 28#30Transaction & Revenue Flow (2/2) Understanding our money transfer loop using DMT Money Transfer request SHOP I I I Individual Fee I I Fee I I I I I Transaction initiated isu 圆 Requests confirmation Bank iSU Platform + Device I I Fee I I Money Deposited Individual I Service Loop I Revenue Loop I 29 29#31Our Products Built a comprehensive stack with a recurring revenue model Revenue Model Financial Inclusion Stack Other payment & Cards Stack Others Transaction- Micro-ATM Prepaid Cards led Aadhaar Enabled Payment System(AePS) Revenue Domestic Money BBPS Transfer (DMT) Recharge POS Subscription Agency Banking Solution Neo-banking CRM Solution 30 30#32Lender to MSMEs Understanding Niyogin Fintech Limited's Business Model#33Market Opportunity MSME lending the next frontier for growth Backbone of the Indian Economy 6.3 Cr+ MSMEs in India 1 ~30% Contribution to India's GDP 2 ~40% Contribution to Exports ~11 Cr employment opportunities created 4 MSME sector is credit starved ~Rs. 20 Lakh Cr² of overall credit gap in the MSME sector Low credit access; working capital is the primary concern Poised for growth through Government support Continued implementation of reforms like GST and JAM Trinity 3 . Push for Make in India Source/Note: 1. Gol MSME 2023 Report, 2. (Forty Sixth Report of the Standing Committee of Finance (17th Lok Sabha on March '22), 3. Goods & Service Tax, Jan Dhan Aadhaar Mobile, 4. Disclosed data of publicly listed companies 32 32#34Business Model Overview of Niyogin's lending and Niyoblu's distribution business I Interest Income + Non- Interest income + Fees (For loans underwritten on NFL's books) I I I SHOP SHOP 012012 SHOP SHOP 012014 MSMES Commission passed onto the lead originator Our Target Customers Finance Professional Network Fintech 1 NiyoBlu Platform niyogin (Credit) moneyfront (Investment Advisory) 25+ Financial Institutions Co-lending with partners (Credit & other financial services) Distribution Platform Sourcing Fee 2 Credit & Other Financial Services 1 We partner with Finance professionals through NiyoBlu Platform and Fintechs 2 for low CAC reach MSMEs are afforded access to a wide range of financial services through institutional partners of NiyoBlu platform Service Loop Revenue Loop 33#35Our Team & Journey#36Board of Directors Amit Rajpal NON-EXECUTIVE CHAIRMAN, CO-FOUNDER CEO - Marshall Wace Asia; Ex-Morgan Stanley Gaurav Patankar NON-EXECUTIVE DIRECTOR, CO-FOUNDER Ex-BNY Mellon, Lockheed Martin Tashwinder Singh MANAGING DIRECTOR, CHIEF EXECUTIVE OFFICER Ex-Citigroup, KKR Subhasri Sriram INDEPENDENT DIRECTOR Director - TVS Electronics; Ex-Shriram City Union Finance Eric Wetlaufer INDEPENDENT DIRECTOR Director TMX group; Ex-CPPIB; Fidelity Kapil Kapoor INDEPENDENT DIRECTOR Chairman-InfoEdge India; Ex-Nestle; ex-Global COO, Timex Ashby H.B. Monk INDEPENDENT DIRECTOR Senior Research Engineer, School of Engineering, Stanford University; Co-founder-Long Game Savings 35 55#37Management Tashwinder Singh CHIEF EXECUTIVE OFFICER Abhishek Thakkar CHIEF FINANCIAL OFFICER Debiprasad Sarangi CHIEF EXECUTIVE OFFICER, iServeU Mohit Gang CHIEF EXECUTIVE OFFICER, MoneyFront Pankaj Chaudhary CHIEF BUSINESS OFFICER, Niyogin Ex-Citigroup, KKR Neha Agarwal COMPLIANCE OFFICER Ex-Avendus Capital, Aegis Logistics, Deloitte Ex-iCash Card Ex-HSBC, Citi Noorallah Charania CHIEF OPERATING OFFICER Salima Charania MARKETING HEAD Trivenika Avasthi INVESTOR RELATIONS OFFICER Ex-Essel Infraprojects Ex-Aditya Birla Group, RBS, HDFC Bank Ex-Times Professional learning Ex-L&T, Yes Bank, Equirus Capital Ex-KKR, Citigroup, EY Hitesh Jain CHIEF RISK OFFICER Ex-Kotak Mahindra Bank, Jana Small Finance Bank, EnKash Sonal Patni CHIEF TECHNOLOGY OFFICER Ex-SMEcorner, Avaya, Cognizant, Tech Mahindra 36 36#382017 Acquired M3 Global Finance, a BSE listed NBFC4, and renamed Niyogin Fintech Ltd Our Journey How did we get here? Acquired 50.01% in Moneyfront, a digital platform, adding Wealth Tech to its product stack 2019 Acquired 51.00% in iServeU, a INR 3,900 Cr GTV platform SaaS based B2B product went live under Wealth Tech 2021 2020 2022 Revenues crossed INR 100 Cr. iSU • Announced the 3-year Hyper growth plan Initiated and scaled transaction-led credit Upgraded DMT product & BBPS agent institution Expanded product use cases - Aadhar Pay for Collections & POS for M-ATM Key wins - NSDL Payments Bank 2024 Received a BBB-/Stable rating from CRISIL Raised capital of INR 235 Cr from institutional investors 2018 Initiated business with the Credit segment offering small ticket unsecured business loans (UBL) Focus on market access through CA network Note: All years are Financial Years iSU • 378K+ touchpoints 2023 Key wins - India Post iSU Payments Bank, PSU Bank (first PSU as client) • 722K+ touchpoints Touched INR ~15k Cr. M-ATM Switch went Live with NPCI Monthly GTV crossed the INR 1k Cr. mark in September • GTV 37#39Disclaimer This presentation has been prepared by Niyogin Fintech Limited (the “Company”) solely for your information and for your use. This presentation is for information purpose only and should not be deemed to constitute or form part of any offer or invitation or inducement to sell or issue any securities, or any solicitation of any offer to purchase or subscribe for any securities of the Company, nor shall it or any part of it or the Fact of its distribution form the basis of, or be relied upon in connection with, any contract or commitment, therefore. The financial information in this presentation may have been reclassified and reformatted for the purposes of this presentation. You may also refer to the financial statements of the Company before making any decision on the basis of this information. This presentation contains statements that may not be based on historical information or facts but that may constitute forward- looking statements. These forward-looking statements include descriptions regarding the intent, belief or current expectations of the Company or its directors and officers with respect to the results of operations and financial condition of the Company. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and actual results may differ from those in such forward-looking statements as a result of various factors and assumptions which the Company presently believes to be reasonable, but these assumptions may prove to be incorrect. Any opinion, estimate or projection constitutes a judgment as of the date of this presentation, and there can be no assurance that future results or events will be consistent with any such opinion, estimate or projection. The Company does not undertake to revise any forward-looking statement that may be made from time to time by or on behalf of the Company. No representation, warranty, guarantee or undertaking, express or implied, is or will be made as to, and no reliance should be placed on, the accuracy, completeness, correctness or fairness of the information, estimates, projections and opinions contained in this presentation. Potential investors must make their own assessment of the relevance, accuracy and adequacy of the information contained in this presentation and must make such independent investigation as they may consider necessary or appropriate for such purpose. This presentation does not constitute and should not be considered as a recommendation by the Company that any investor should subscribe for, purchase or sell any of Company's securities. By viewing this presentation, you acknowledge that you will be solely responsible for your own assessment of the market and the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the business of the Company. None of the Company, their affiliates, agents or advisors,, promoters or any other persons that may participate in any offering of any securities of the Company shall have any responsibility or liability whatsoever for any loss howsoever arising from this presentation or its contents or otherwise arising in connection therewith.#40THANK YOU