13D Filing: Horton Capital Management, LLC and Safeguard Scientifics Inc (SFE)

(c)       Schedule
A attached to this Schedule 13D and incorporated herein by reference lists all transaction in the shares of Common Stock effected
by the Reporting Persons during the past sixty days.

(d)       No
person other than the Reporting Persons is known to have the right to receive, or the power to direct the receipt of dividends
from, or proceeds from the sale of, the Shares.

(e)       Not
applicable.

The responses to
Items 3, 4, and 5 of this Schedule 13D are incorporated herein by reference.

On January 29, 2018,
the Reporting Persons entered into a Joint Filing Agreement pursuant to which they agreed to the joint filing on behalf of each
of them of statements on Schedule 13D with respect to the securities of the Issuer to the extent required by applicable law. The
Joint Filing Agreement is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Other than as described
herein, there are no contracts, arrangements, understandings or relationships among the Reporting Persons, or between the Reporting
Persons and any other person, with respect to the securities of the Issuer.

Exhibit 99.1 Joint
Filing Agreement, dated January 29, 2018.

Exhibit 99.2 Letter
to the Chairman of the Issuer, dated January 29, 2018.