Organovo, Inc.

6275 Nancy Ridge Drive San Diego, CA 92121 Tel: (858) 224-1000 Fax: (858) 550-9948

Dear Organovo Investor, April actually marks the beginning of our new fiscal year, FY2015, which will end on March 31, 2015. It seems like a perfect opportunity to kick off our year with a note to everyone out there choosing to share in Organovos future. I thought this was a great time to share some thoughts with you, and to invite our Scientific Founder to do the same. When we co-founded Organovo in 2007, we knew what the possibilities of the technology were, and that the ability to create cell-based structures in 3D could be powerful. From our earliest days, we had positive results, such as those from our efforts on building human artery conduits (published in the journal Biofabrication). We had to fight to move the company forward and try to raise capital in the depths of an economic downturn. We signed good partnerships and had great angel investors who stood behind us, often adding to their investments, but our spend on R&D was naturally limited. The team members from those days recall how hard we had to work just to keep everything moving and my family certainly recalls the deep sacrifices we made personally to get Organovo off the ground. Nowadays, I sometimes tell the story of what made me leave the comfort of a job at Amgen to risk everything on a startup. When I do, I usually stress that I had to pinch myself, because after I contemplated co-founding a company this unique opportunity materialized. I was introduced to Professor Gabor Forgacs and the 3D bioprinting technology, which we today call NovoGen Bioprinting, which he built with his colleagues using a $5M National Science Foundation grant (for Frontiers in Integrated Biological Research). Fortunately, I had the particular ability to see its potential, having had a specific technical background in a nearby bioengineering endeavor, using polymers to provide sustained release of protein-based drugs. The lessons I had learned from those efforts and the vantage point they had given me into the progress in tissue engineering let me see the specific elegance and applicability of Gabors technology. Today, while the term bioprinting is occasionally used quite broadly, we believe this technology remains the only existing way to use additive manufacturing, the principle at the core of 3D printing, to create a fully cellular living tissue. Today, I am sometimes asked what the most rewarding thing is about Organovos progress. Our growing team here is one of the most rewarding things, and I enjoy watching the teams commitment, its innovations, the staffs excitement, and Organovos softball team. But to me, the most personally satisfying thing is the support we are developing for the importance of 3D as we put our technology into action - in liver, lung, bone, kidney, breast cancer, and the other tissues we are exploring. This data, to me, says that we had good instincts about what this technology could do when we took that early risk. We have already released powerful data in

Copyright 2014, Organovo Holdings, Inc.

3D Liver, and have seen results that simply havent been achieved before. We believe, based on feedback from our collaborators and advisors, that we will build on these early results and be able to show data that clearly demonstrates the superiority of our assay over any existing method. One of the other exciting things is knowing that were still in the early stages of exploring the potential of 3D bioprinting. As I mentioned, in our earlier days our financing was limited, but today our development efforts are accelerating because of the increased R&D investment weve made since the $46M round we raised last August. Were planning to continue investing that money and to continue to grow, expediting our push for commercial success in areas weve already identified and expanding our work into new endeavors. We see opportunities to turn research and development spend into revenues in areas like drug discovery research tools and eventually therapeutic tissues and I hope youll join our April 10 web-based investor conference to learn more about those plans. We have also held several web conferences similar to the upcoming one, open to all, each year since going public. Weve always undertaken to keep you up to speed on our business through our public filings and news releases. The annual, quarterly and Form 8-K reports we file with the Securities and Exchange Commission will continue to be the avenue we use to provide you with material information about the Company, so please continue to read these filings. We also plan to use our website and other communications like this letter to help answer your questions. We look forward to continuing to update you on our progress and efforts. If you ask our early angel investors, I think they would say that they heard a true appreciation for their important role in moving Organovo forward from the start. Today, I thank you for your role everything Ive just described in terms of our expanding activities is made possible by investors like you. We take that very seriously, and we work hard every day to deliver on the promise of our technology for shareholders as well as future patients.
Please find on the next pages a letter from Prof. Gabor Forgacs.

Sincerely,

Keith Murphy Chairman and CEO Organovo Holdings, Inc.

Safe Harbor Statement Any statements contained in this letter that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein are based on current expectations, but are subject to a number of risks and uncertainties. The factors that could cause our actual future results to differ materially from current expectations include, but are not limited to, risks

Copyright 2014, Organovo Holdings, Inc.

and uncertainties relating to the Companys ability to develop, market and sell products based on its technology; the expected benefits and efficacy of the Companys products and technology; the market acceptance of the Companys products; and the Companys business, research, product development, regulatory approval, marketing and distribution plans and strategies. These and other factors are identified and described in more detail in our filings with the SEC, including our prospectus supplement filed with the SEC on November 27, 2013 and our transition report on Form 10-KT filed with the SEC on May 24, 2013 as well as our other filings with the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date that they were made. These cautionary statements should be considered with any written or oral forward-looking statements that we may issue in the future. Except as required by applicable law, including the securities laws of the United States, we do not intend to update any of the forward-looking statements to conform these statements to reflect actual results, later events or circumstances or to reflect the occurrence of unanticipated events.

Copyright 2014, Organovo Holdings, Inc.

Gabor Forgacs
George H. Vineyard Professor of Biological Physics Department of Physics, Biology and Biomedical Engineering University of Missouri, Columbia, MO 65211 http://forgacslab.missouri.edu http://organprint.missouri.edu

UNIVERSITY OF MISSOURI COLUMBIA

Dear Organovo Investor, As someone who has made it the cornerstone of his academic career to develop bioprinting, Im excited about where the technology stands today and its potential into the future. It is pleasing to see that during the two years Organovo has been public it achieved spectacular progress in moving its bioprinting-based technology towards applications in medicine and pharmacology. My perspective on Organovos technology has always been the same: I believe in the combination of bioprinting and the subsequent biological structure formation that relies on the same naturally occurring shape forming processes a developing embryo (the ultimate tissue and organ engineer) uses. Will we be able to bioprint copies of the organs we carry in our body? Perhaps not due to a number of factors in addition to the technology hurdles. However, I believe that Organovos technology can eventually be used to build complex organ structures from the patients own cells, which function as well as if not better than the original ones, even if differing in the details. When describing my scientific activity and Organovos efforts I have spoken at numerous forums (Ted Med, FutureMed, Ideacity and others) on the potential of bioprinting in combination with post-printing structure formation. I enjoy telling the story of Organovo, in whose work I still actively participate. It amazes me to think about its transformation from its humble beginning to its size today. I have great confidence in the skills of Organovos present Research and Development team, some of whom I helped to train in the early days and whose work I still closely follow. Dr. Sharon Presnell is a wonderful leader and an expert when it comes to the biology needed to put the bioprinting techniques and the technology to work in medical applications. I remain one of the companys largest shareholders and look forward to the exciting things Organovo will continue to do.

Gabor Forgacs

Copyright 2014, Organovo Holdings, Inc.