Investor PresentationDecember 2011

22

Forward Looking Statements

Statements contained in this presentation that are not historical facts are forward looking statements which involve certain risks and uncertainties including, but not limited to, risks associated with the uncertainty of managing rapidly changing technologies, limited access to capital, competition, the ability to attract and retain qualified employees, our ability to execute our strategy, the uncertainty of the future performance of our partner companies, acquisitions and dispositions of additional partner companies, the inability to manage growth, government regulation and legal liabilities and the effect of economic conditions in the business sectors in which our partner companies operate, negative media coverage and other uncertainties as described in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K.

Safeguard does not assume any obligation to update any forward looking statements or other information contained in this presentation.

33

The Safeguard Difference (NYSE: SFE)

SIGNIFICANTLY UNDERVALUED

44

Why Own Safeguard?

Full Value Yet to be Realized

Ownership Stakes in Exciting Partner Companies

Top Performance of Proven Team

Financial Strength, Flexibility and Liquidity

Strong Alignment of Interests

55

Experienced Team

Peter J. Boni

President and CEO

Jim Datin

EVP and ManagingDirector, Deal Teams

Brian Sisko

SVP and General Council

John E. Shave III

VP, Corporate Communications and Business Development

Steve Zarrilli

SVP & CFO

Prime Response

Online Software

International

66

The Company We Keep

Alliances & Syndication Partnerships

Technology & Life Sciences Advisory Boards

SFE Board of Directors

77

Safeguard Today

88

Safeguard Positioning

99

Go To Market Strategy

Growth Financing Up to $25M Generally Primary Shareholder Realize Value

GROWTH DRIVERS

• Maturity

• Migration

• Convergence

• Compliance

• Cost Containment

CRITERIA

• Management

• Market

• Model

• Momentum

• Moat

1010

Attractive Sectors

* Represents % of Capital Deployed in Current Partner Companies.

1111

Acquired By Proceeds*Cash-on-Cash

Return

$36M 4x

$146M 14x

$36M 3x

$208M** 3x

* Includes Amounts Held in Escrow, if any, but not Earnout, where Applicable.** Proceeds include $61M from Sale of CLRT Shares during Q3’09.

*** Based on achievement of difficult earnout provisions.

Return Potential Could Approach 8x***

Market Cap Increased 5x

Recent Success Stories

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Revenue Stages

1313

Case Study: SFE Stake 25%

• Medical Technology Company

• Developed and is Commercializing emPower!

• emPower! Most Significant Change in Eyeglasses Since Bifocal in 1784

• 100M Bifocals and Progressive Lenses Sold Per Year

• Every 1% Penetration = $400M in Revenue for PixelOptics

• 1000+ Eye Care Professionals Signed On

• SFE Deployed Capital in April 2011

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Case Study: SFE Stake 40%

• Top 10 Provider of Medical Billing and Practice Management Services

• U.S. Market Opportunity Exceeds $4B Annually

• <20% Physician Practices Outsource Billing and Practice Management

• Gaining Meaningful Scale via Organic Growth and Strategic Acquisitions

• Completed Four Acquisitions since mid-2009

• 2011 Revenue Expected to Exceed $40M

• Inc.5000 Three Consecutive Years; Ranked #10 Fastest Growing Co. in NJ

• Safeguard Deployed $15.3M since November 2006

Market for AHS' Services Approx. $4B - $8B1

1 Billing and Practice Management Service Market (Falcon Capital): $8.0B; Total RCM Market (Wallingford Capital/HBMA, 2007): $4.75 B; Top 10 Billing cos.: $1.0B

1515

Case Study: SFE Stake 22%

• Provides Enterprise-Class Technology and Services to Advertisers/Agencies

• ‘Bloomberg’ Terminal: Media Buying Platform

• Recognized Industry Leader

• 2011 U.S. Online Advertising Forecast to Grow 20% to $31B

• Revenues Increased 150% from 2009; $100M Current Run Rate

• Expanding Domestic, International Operations

• Strong Client Roster – All Agency Groups, Dozens of Fortune 500

• SFE Deployed $16.9M since July 2009

1616

Safeguard Partner Companies

* Revenue figures utilized for certain companies pertain

to periods prior to Safeguard’s involvement with said companies and based solely on information provided to Safeguard by such companies. Safeguard reports the revenue of its equity method and cost method partner companies on a one-quarter lag basis. Aggregate revenue excludes revenue for Medivo.

14 Partner Companies Today

23 Board Seats Across 14 Companies

11 Companies Generating Revenue

3 Companies EBITDA Positive

2 Companies Filed NDA

Deployed $174M in Current Partner Companies

Realized $632M Since January 2006 (2.4x CoC)

Strong Partner Company Satisfaction

Aggregate Revenues*

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Financial Highlights

$280M in Cash, Cash Equivalents and Marketable Securities*

– Excluding $18.7M of Cash Held in Escrow

2011 Projected Uses of Cash = $100M to $150M

– Capital Deployment into New Partner Companies

– Follow-on Funding for Current Partner Companies

– Repayment of Senior Convertible Debentures

– Platform Expansion

– Corporate Expenses

* As of 9/30/11

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Strategy for Growth

Build Value in Current Holdings

Realize Some Valuable Exits

Replenish The Holdings with Winners

Expand the Platform

1919

Why Own Safeguard?

Full Value Yet to be Realized

Ownership Stakes in Exciting Partner Companies

Top Performance of Proven Team

Financial Strength, Flexibility and Liquidity

Strong Alignment of Interests

2020

The Safeguard Difference (NYSE: SFE)

SIGNIFICANTLY UNDERVALUED

December 2011

Investor Presentation