May 2012

Investor Presentation

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 Managing Director

Brian Sisko

SVP and General Counsel

John E. Shave III

VP, Corporate Communications and Business Development

Steve Zarrilli

SVP and CFO

Prime Response

Online Software

International

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The Company We Keep

Alliances & Syndication Partnerships

Technology & Life Sciences Advisory Boards

SFE Board of Directors

JA3 Partners

77

Safeguard Today

88

Safeguard Positioning

99

Go To Market Strategy

Growth Financing Typically Deploy 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

$138M 13x

$36M 3x

$208M** 3x

* Includes amounts held in escrow as of March 31, 2012 which are deemed likely to be realized during 2012, if any, but not unearned milestones / earnouts, 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

1212

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

• 1000+ Eye Care Professionals Signed On

• SFE Deployed Capital Beginning 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 Five Acquisitions since mid-2009

• 2011 Revenue Increased 40% YoY to ~$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

• Named #1 Demand-Side Platform Vendor by Forrester Research

• Strong Growth Continues

• 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

* Aggregate revenue guidance for 2012 and prior years, presented above, reflects revenue on a net basis. 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.

16 Partner Companies Today

25 Board Seats Across 16 Companies

15 Companies Generating Revenue

4 Companies EBITDA Positive

1 Company Filed NDA

Deployed $177M in Current Partner Companies

Realized $635M Since January 2006

Strong Partner Company Satisfaction

Aggregate Revenue*

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Financial Highlights

• Net Cash, Cash Equivalents and Marketable Securities

– $188.5M at 3/31/12 vs. $211.9M at 12/31/11

• Q1’12 Primary Uses of Cash = $25.9M

• 2012 Projected Uses of Cash = $100M to $150M

– Capital Deployment into New Partner Companies

– Follow-on Funding for Current Partner Companies and Penn Mezzanine Participations

– Corporate Expenses

– Platform Expansion

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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

Investor PresentationMay 2012