<SEC-DOCUMENT>0000059255-12-000210.txt : 20120809
<SEC-HEADER>0000059255-12-000210.hdr.sgml : 20120809
<ACCEPTANCE-DATETIME>20120809154620
ACCESSION NUMBER:		0000059255-12-000210
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20120809
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20120809
DATE AS OF CHANGE:		20120809

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			VALHI INC /DE/
		CENTRAL INDEX KEY:			0000059255
		STANDARD INDUSTRIAL CLASSIFICATION:	INDUSTRIAL INORGANIC CHEMICALS [2810]
		IRS NUMBER:				870110150
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-48391
		FILM NUMBER:		121020270

	BUSINESS ADDRESS:	
		STREET 1:		5430 LBJ FRWY
		STREET 2:		STE 1700
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75240
		BUSINESS PHONE:		9722331700

	MAIL ADDRESS:	
		STREET 1:		THREE LINCOLN CENTER
		STREET 2:		5430 LBJ FREEWAY SUITE 1700
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75240

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LLC CORP
		DATE OF NAME CHANGE:	19870329

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LIBERTY LOAN CORP
		DATE OF NAME CHANGE:	19800414
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>vhiform8k0612.htm
<DESCRIPTION>VALHI, INC. FORM 8-K DATED AUGUST 9, 2012
<TEXT>
<html>
<head>
    <title>vhiform8k0612.htm</title>
    <!--Licensed to: Contran-->
    <!--Document Created using EDGARizer 2020 5.4.1.0-->
    <!--Copyright 1995 - 2009 Thomson Reuters. All rights reserved.-->
</head>
<body bgcolor="#ffffff" style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">
<br>
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">UNITED STATES</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">SECURITIES AND EXCHANGE COMMISSION</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Washington, D.C.&#160;&#160;&#160;20549</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt; FONT-WEIGHT: bold">FORM 8-K</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">CURRENT REPORT</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Date of Report (Date of the earliest event reported)</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">August 9, 2012</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 18pt; FONT-WEIGHT: bold">Valhi, Inc.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(Exact name of registrant as specified in its charter)</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="top" width="27%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Delaware</font></div>
</td>
<td valign="top" width="27%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1-5467</font></div>
</td>
<td colspan="2" valign="top" width="27%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">87-0110150</font></div>
</td>
</tr><tr>
<td valign="top" width="27%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(State or other jurisdiction of incorporation)</font></div>
</td>
<td valign="top" width="27%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(Commission</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">File Number)</font></div>
</td>
<td colspan="2" valign="top" width="27%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(IRS Employer</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Identification No.)</font></div>
</td>
</tr><tr>
<td valign="top" width="27%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="27%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td colspan="2" valign="top" width="27%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="27%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="27%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td colspan="2" valign="top" width="27%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td colspan="3" valign="top" width="53%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">5430 LBJ Freeway, Suite 1700, Dallas, Texas</font></div>
</td>
<td valign="top" width="26%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">75240-2697</font></div>
</td>
</tr><tr>
<td colspan="3" valign="top" width="53%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(Address of principal executive offices)</font></div>
</td>
<td valign="top" width="26%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(Zip Code)</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Registrant&#8217;s telephone number, including area code</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(972) 233-1700</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="top" width="19%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="42%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="19%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="19%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="42%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(Former name or former address, if changed since last report.)</font></div>
</td>
<td valign="top" width="19%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2):</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="top" width="5%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt" face="Wingdings">o</font></div>
</td>
<td valign="middle" width="74%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></div>
</td>
</tr><tr>
<td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="middle" width="74%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="5%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt" face="Wingdings">&#168;</font></div>
</td>
<td valign="middle" width="74%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></div>
</td>
</tr><tr>
<td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="middle" width="74%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="5%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt" face="Wingdings">&#168;</font></div>
</td>
<td valign="middle" width="74%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></div>
</td>
</tr><tr>
<td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="middle" width="74%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="5%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt" face="Wingdings">&#168;</font></div>
</td>
<td valign="middle" width="74%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<br>
<div id="PGBRK" style="TEXT-INDENT: 0pt; WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<br>
<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 81pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Item 2.02</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Results of Operations and Financial Condition.</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The registrant hereby furnishes the information set forth in its press release entitled &#8220;Valhi Reports Second Quarter 2012 Results&#8221; that the registrant issued on August 9, 2012, a copy of which is attached hereto as Exhibit 99.1 and incorporated herein by reference.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The press release the registrant furnishes as Exhibit 99.1 to this current report is not deemed &#8220;filed&#8221; for purposes of section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section.&#160;&#160;Registration statements or other documents filed with the U.S. Securities and Exchange Commission shall not incorporate this information by reference, except as otherwise expressly stated in such filing.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Item 7.01&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Regulation FD Disclosures.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The registrant hereby furnishes the information set forth in its press release entitled &#8220;Valhi Declares Quarterly Dividend&#8221; that the registrant also issued on August 9, 2012, a copy of which is attached hereto as Exhibit 99.2 and incorporated herein by reference.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The press release the registrant furnishes as Exhibit 99.2 to this current report is not &#8220;filed&#8221; for purposes of section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section.&#160;&#160;Registration statements or other documents filed with the U.S. Securities and Exchange Commission shall not incorporate this information by reference, except as otherwise expressly stated in such filing.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 72pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Item 9.01</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Financial Statements and Exhibits.</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="top" width="5%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(d)</font></div>
</td>
<td valign="top" width="14%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Exhibits</font></div>
</td>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="57%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="14%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="57%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="14%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Item No.</font></div>
</div>
</td>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="57%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Description</font></div>
</div>
</td>
</tr><tr>
<td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="14%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="57%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="14%" style="TEXT-ALIGN: center">
<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">99.1*</font></div>
</td>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="57%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Press release dated August 9, 2012 entitled &#8220;Valhi Reports Second Quarter 2012 Results&#8221; and issued by the registrant.</font></div>
</td>
</tr><tr>
<td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="14%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="57%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="14%" style="TEXT-ALIGN: center">
<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">99.2*</font></div>
</td>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="57%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Press release dated August 9, 2012 entitled &#8220;Valhi Declares Quarterly Dividend&#8221; and issued by the registrant.</font></div>
</td>
</tr></table>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 72pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td>&#160;</td>
</tr></table>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">*</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Filed herewith</font></div>
</td>
</tr></table>
</div>

<br>
<div id="PGBRK" style="TEXT-INDENT: 0pt; WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<br>
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">SIGNATURE</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="top" width="40%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Valhi, Inc.</font></div>
</td>
</tr><tr>
<td valign="top" width="40%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(Registrant)</font></div>
</td>
</tr><tr>
<td valign="top" width="40%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="40%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="40%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="40%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="40%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="40%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="40%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="40%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="40%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="40%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">By:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline">/s/ Gregory M. Swalwell</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
</td>
</tr><tr>
<td valign="top" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Date:&#160;&#160;August 9, 2012</font></div>
</td>
<td valign="top" width="40%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Gregory M. Swalwell</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Vice President and Controller</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<br>
<div id="PGBRK" style="TEXT-INDENT: 0pt; WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<br>
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">INDEX TO EXHIBITS</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="14%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Item No.</font></div>
</div>
</td>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="57%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Description</font></div>
</div>
</td>
</tr><tr>
<td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="14%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="57%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="14%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">99.1*</font></div>
</td>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="57%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Press release dated August 9, 2012 entitled &#8220;Valhi Reports Second Quarter 2012 Results&#8221; and issued by the registrant.</font></div>
</td>
</tr><tr>
<td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="14%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="57%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="5%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="left" valign="top" width="14%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">99.2*</font></div>
</td>
<td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="57%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Press release dated August 9, 2012 entitled &#8220;Valhi Declares Quarterly Dividend&#8221; and issued by the registrant.</font></div>
</td>
</tr></table>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 72pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td>&#160;</td>
</tr></table>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">*</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Filed herewith</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<br>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit991.htm
<DESCRIPTION>VALHI REPORTS SECOND QUARTER 2012 RESULTS
<TEXT>
<html>
<head>
    <title>exhibit991.htm</title>
    <!--Licensed to: Contran-->
    <!--Document Created using EDGARizer 2020 5.4.1.0-->
    <!--Copyright 1995 - 2009 Thomson Reuters. All rights reserved.-->
</head>
<body bgcolor="#ffffff" style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">
<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block"><img src="valhilogopr.jpg" alt=""></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">VALHI REPORTS SECOND QUARTER 2012 RESULTS</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>DALLAS, TEXAS . . August 9, 2012.&#160;&#160;Valhi, Inc. (NYSE: VHI) reported net income attributable to Valhi stockholders of $44.4 million, or $.13 per diluted share, in the second quarter of 2012 compared to $52.4 million, or $.15 per diluted share, in the second quarter of 2011.&#160;&#160;For the first six months of 2012, Valhi reported net income attributable to Valhi stockholders of $133.3 million, or $.39 per diluted share, compared to $90.4 million, or $.26 per diluted share, in the first six months of 2011. Changes in reported net income attributable to Valhi stockholders are primarily due to changes in operating results in the Company&#8217;s Chemicals Segment.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>The Chemicals Segment&#8217;s net sales of $545.3 million in the second quarter of 2012 were $7.7 million, or 1%, higher than in the second quarter of 2011.&#160;&#160;&#160;Net sales of $1,106.6 million in the first six months of 2012 were $148.6 million, or 16%, higher than in the first six months of 2011.&#160;&#160;Net sales increased in the second quarter and first six months of 2012 primarily due to higher average TiO<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: sub">2</font> selling prices partially offset by lower sales volumes and the negative impact of fluctuations in currency exchange rates.&#160;&#160;The Chemicals Segment&#8217;s average TiO<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: sub">2</font> selling prices increased 24% in the second quarter of 2012 as compared to the second quarter of 2011, and increased 28% in the first six months of the year.&#160;&#160;The Chemicals Segment&#8217;s average TiO<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: sub">2</font> selling prices at the end of the second quarter of 2012 were comparable to the end of the first quarter of 2012.&#160;&#160;TiO<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: sub">2 </font>sales volumes in the second quarter and first six months of 2012 were approximately 16% and 7% lower, respectively, than in the comparable periods of 2011 due to lower customer demand, primarily in the European and export markets.&#160;&#160;Fluctuations in currency exchange rates also impacted net sales, decreasing net sales by approximately $27 million in the second quarter and approximately $36 million in the first six months of 2012.&#160;&#160;The table at the end of this press release shows how each of these items impacted the overall increase in sales.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>The Chemicals Segment&#8217;s operating income in the second quarter of 2012 was $112.4 million compared to $145.9 million in the second quarter of 2011.&#160;&#160;Operating income declined in the second quarter of 2012 due to higher raw materials costs and lower sales and production volumes, partially offset by higher average selling prices.&#160;&#160;&#160;For the year-to-date period, the Chemicals Segment&#8217;s operating income was $323.7 million compared to $249.4 million in the first six months of 2011.&#160;&#160;Operating income for the year-to-date 2012 period increased due to higher TiO<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: sub">2</font> selling prices partially offset by higher raw materials costs and lower sales and production volumes.&#160;&#160;&#160;The Chemicals Segment&#8217;s TiO<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: sub">2</font> production volumes were 17% lower in the second quarter of 2012 as compared to the second quarter of 2011, and were 6% lower in the year-to-date period.&#160;&#160;During the second quarter of 2012, the Chemicals Segment operated its facilities at approximately 86% of practical capacity in order to align production and inventory levels with decreased demand.&#160;&#160;Operating income comparisons were also impacted by the effects of fluctuations in currency exchange rates, which decreased operating income approximately $1 million in the second quarter and decreased operating income by approximately $3 million in the year-to-date period.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>The Component Products Segment&#8217;s net sales increased by $2.4 million in the second quarter of 2012 and $3.1 million in the first six months of 2012 compared to the same periods of 2011.&#160;&#160;The increase in sales is primarily <font style="FONT-STYLE: italic; DISPLAY: inline">due the </font>impact of new ergonomics healthcare product line sales of $1.1 million in the second quarter of 2012 and $2.3 million in the first six months of 2012 relating to the July 2011 acquisition of an ergonomics component products business, and<font style="FONT-STYLE: italic; DISPLAY: inline"> also to a growth in demand from customers across the security products and marine products reporting units resulting from</font><font style="FONT-STYLE: italic; DISPLAY: inline"> improving</font> economic conditions in North America.&#160;&#160;&#160;The Component Products Segment&#8217;s operating income was $3.9 million in the second quarter of 2012 compared to $3.1 million in the same period of 2011.&#160;&#160;Operating income in the 2011 period was negatively impacted by $.8 million in facility consolidation expenses.&#160;&#160;&#160;The Component Products operating income was $6.8 million in the first six months of 2012 compared to $11.9 million in the same period of 2011.&#160;&#160;Year-to-date operating income in 2011 was favorably impacted by a $7.5 million patent litigation settlement gain in the first quarter ($2.4 million, or $.01 per diluted share, net of tax and noncontrolling interest) partially offset by $1.8 million in facility consolidation expenses incurred during the period.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>The Waste Management Segment&#8217;s sales increased in the second quarter and first six months of 2012 as it accepted limited shipments for storage until it could be disposed of once the new facilities are fully operational.&#160;&#160;The low-level (&#8220;LLRW&#8221;) disposal license authorizing both Compact and Federal Waste disposal activities was signed in September 2009.&#160;&#160;&#160;Construction of the Compact and Federal LLRW disposal facilities began in January 2011.&#160; Construction of the Compact LLRW site was substantially complete in November 2011, and the Federal LLRW site was substantially complete in February 2012.&#160; The Compact LLRW site was fully certified and operational in April 2012, and we expect the Federal LLRW site to be fully certified and operational in the third quarter of 2012.&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>&#160;Insurance recoveries relate to amounts NL received from certain of its former insurance carriers, and relate principally to the recovery of prior lead pigment and asbestos litigation defense costs incurred by NL. The Company recognized a $14.7 million gain in the second quarter of 2012 ($7.8 million, or $.02 per diluted share, net of income taxes and noncontrolling interest) related to the third and final closing of a settlement agreement associated with certain real property NL formerly owned. General corporate expenses were 45% lower at $9.2 million in the second quarter of 2012 compared to $16.8 million in the same period in 2011, primarily due to lower environmental remediation and related expense recognized in the second quarter of 2012.&#160;&#160;Corporate expenses were 26% higher at $29.5 million in the first six months of 2012 compared to the same period in 2011, primarily due to higher environmental remediation and related expense recognized in the first quarter of 2012.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>As previously reported, in March 2011 the Chemicals Segment redeemed &#8364;80 million principal amount of its Senior Secured Notes at the redemption price of 102.167% of the principal amount. The Company&#8217;s results in the first quarter of 2011 include an aggregate $3.3 million charge ($1.7 million, net of tax and noncontrolling interest) associated with the early extinguishment of such Senior Notes.&#160;&#160;In June 2012, the Chemicals Segment entered into a new $400 million term loan, and used a portion of the net proceeds to redeem the remaining &#8364;279.2 million principal amount outstanding.&#160;&#160;As a result, the Company recognized a second quarter 2012 charge of $7.2 million ($3.7 million or $.01 per share net of income tax and noncontrolling interest benefit) associated with the early extinguishment of such remaining Senior Notes.&#160;&#160;Interest expense decreased to $13.5 million in the second quarter of 2012 from $17.2 million in the second quarter of 2011 primarily due to the net effects of the March 2011 prepayment and open market purchases of a portion of the Senior Notes made in the third and fourth quarters of 2011.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>The Company&#8217;s effective income tax rate varies from the U.S. statutory federal income tax rate in the second quarters of 2012 and 2011.&#160;&#160;The changes in our income tax provision in 2012 are primarily due to changes in operating income as well as the litigation settlement gain recognized in the second quarter of 2012.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 30pt"></font>In May 2012, we implemented a 3-for-1 split of our common stock in the form of a stock dividend.&#160;&#160;We have adjusted all share and per-share disclosures for all periods presented in this press release to give effect to the stock split.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 30pt"></font>The statements in this press release relating to matters that are not historical facts are forward-looking statements that represent management's beliefs and assumptions based on currently available information.&#160;&#160;Although the Company believes the expectations reflected in such forward-looking statements are reasonable, it cannot give any assurances that these expectations will be correct.&#160;&#160;Such statements by their nature involve substantial risks and uncertainties that could significantly impact expected results, and actual future results could differ materially from those predicted. While it is not possible to identify all factors, the Company continues to face many risks and uncertainties.&#160;&#160;Among the factors that could cause our actual future results to differ materially include, but are not limited to, the following:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 18pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Future supply and demand for our products;</font></div>
</td>
</tr></table>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 18pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The extent of the dependence of certain of our businesses on certain market sectors;</font></div>
</td>
</tr></table>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 18pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The cyclicality of certain of our businesses (such as Kronos&#8217; titanium dioxide pigment (&#8220;TiO<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: sub">2</font>&#8221;) operations);</font></div>
</td>
</tr></table>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 18pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Customer inventory levels;</font></div>
</td>
</tr></table>
</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif">&#183;&#160;&#160;</font></div>
</td>
<td>
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Changes in raw material and other operating costs (such as energy, ore and steel costs) and our ability to pass those costs on to our customers or offset them with reductions in other operating costs;</font></div>
</td>
</tr></table>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 18pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Changes in the availability of raw materials (such as ore);</font></div>
</td>
</tr></table>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 18pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">General global economic and political conditions (such as changes in the level of gross domestic product in various regions of the world and the impact of such changes on demand for, among other things, TiO<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: sub">2 </font>and component products);</font></div>
</td>
</tr></table>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 18pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Competitive products and prices, including increased competition from low-cost manufacturing sources (such as China);</font></div>
</td>
</tr></table>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 18pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Possible disruption of our business or increases in the cost of doing business resulting from terrorist activities or global conflicts;</font></div>
</td>
</tr></table>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 18pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Customer and competitor strategies;</font></div>
</td>
</tr></table>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 18pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The impact of pricing and production decisions;</font></div>
</td>
</tr></table>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 18pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Competitive technology positions;</font></div>
</td>
</tr></table>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 18pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The introduction of trade barriers;</font></div>
</td>
</tr></table>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 18pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The ability of our subsidiaries to pay us dividends;</font></div>
</td>
</tr></table>
</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif">&#183;&#160;&#160;</font></div>
</td>
<td>
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The impact of current or future government regulations (including employee healthcare benefit related regulations);</font></div>
</td>
</tr></table>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 18pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Uncertainties associated with new product development and the development of new product features;</font></div>
</td>
</tr></table>
</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif">&#183;&#160;&#160;</font></div>
</td>
<td>
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Fluctuations in currency exchange rates (such as changes in the exchange rate between the U.S. dollar and each of the euro, the Norwegian krone, the Canadian dollar and the New Taiwan dollar) or possible disruptions to our business resulting from potential instability resulting from uncertainties associated with the euro;</font></div>
</td>
</tr></table>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 18pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Operating interruptions (including, but not limited to, labor disputes, leaks, natural disasters, fires, explosions, unscheduled or unplanned downtime and transportation interruptions);</font></div>
</td>
</tr></table>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 18pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The timing and amounts of insurance recoveries;</font></div>
</td>
</tr></table>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 18pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Our ability to renew, amend, refinance or establish credit facilities;</font></div>
</td>
</tr></table>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 18pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Our ability to maintain sufficient liquidity;</font></div>
</td>
</tr></table>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 18pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The ultimate outcome of income tax audits, tax settlement initiatives or other tax matters;</font></div>
</td>
</tr></table>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 18pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Our ultimate ability to utilize income tax attributes or changes in income tax rates related to such attributes, the benefits of which have been recognized under the more-likely-than-not recognition criteria (such as Kronos&#8217; ability to utilize its German net operating loss carryforwards);</font></div>
</td>
</tr></table>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 18pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Environmental matters (such as those requiring compliance with emission and discharge standards for existing and new facilities, or new developments regarding environmental remediation at sites related to our former operations);</font></div>
</td>
</tr></table>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 18pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Government laws and regulations and possible changes therein (such as changes in government regulations which might impose various obligations on former manufacturers of lead pigment and lead-based paint, including NL, with respect to asserted health concerns associated with the use of such products);</font></div>
</td>
</tr></table>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 18pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The ultimate resolution of pending litigation (such as NL's lead pigment litigation, environmental and other litigation and Kronos&#8217; class action litigation);</font></div>
</td>
</tr></table>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 18pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Our ability to comply with covenants contained in our revolving bank credit facilities;</font></div>
</td>
</tr></table>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 18pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Our ability to complete, obtain approval of and comply with the conditions of our licenses and permits (such as approval by the Texas Commission on Environmental Quality of license conditions of WCS&#8217;s LLRW disposal license including its financial assurance provisions);</font></div>
</td>
</tr></table>
</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif">&#183;&#160;&#160;</font></div>
</td>
<td>
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Our ability to successfully overturn any currently-pending or possible future challenge to WCS&#8217; operating licenses and permits; and</font></div>
</td>
</tr></table>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 18pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Possible future litigation.</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Should one or more of these risks materialize (or the consequences of such development worsen), or should the underlying assumptions prove incorrect, actual results could differ materially from those currently forecasted or expected.&#160;&#160;We disclaim any intention or obligation to update or revise any forward-looking statement whether as a result of changes in information, future events or otherwise.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Valhi, Inc. is engaged in the titanium dioxide pigments, component products (security products, furniture components and high performance marine components) and waste management industries.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">* * * * *</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<br>
<div id="PGBRK" style="TEXT-INDENT: 0pt; WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div style="WIDTH: 100%" align="left">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>
</div>

<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<br>
<div>
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="top" width="39%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">VALHI, INC. AND SUBSIDIARIES</font></div>
</td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="9%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="9%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="39%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">CONDENSED SUMMARY OF OPERATIONS</font></div>
</td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="9%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="9%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="39%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(In millions, except earnings per share)</font></div>
</td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="9%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="9%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="39%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="9%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="9%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="39%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td colspan="3" valign="top" width="19%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Three months ended</font></div>
</td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td colspan="3" valign="top" width="21%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Six months ended</font></div>
</td>
</tr><tr>
<td valign="top" width="39%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td colspan="3" valign="top" width="8%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">June 30,</font></div>
</td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td colspan="3" valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">June 30,</font></div>
</td>
</tr><tr>
<td valign="top" width="39%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2011</font></div>
</td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2012</font></div>
</td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2011</font></div>
</td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2012</font></div>
</td>
</tr><tr>
<td valign="top" width="39%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td colspan="2" valign="top" width="11%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(unaudited)</font></div>
</td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="9%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="9%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="39%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="9%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="9%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="39%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Net sales</font></div>
</td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="9%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="9%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="39%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;Chemicals</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;$&#160;&#160;537.6</font></div>
</td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;$&#160;&#160;545.3</font></div>
</td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="9%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;$&#160;&#160;&#160;958.0</font></div>
</td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="9%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;$&#160;&#160;1,106.6</font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="39%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;Component products</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;35.2</font></div>
</td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;&#160;&#160;&#160;&#160;&#160;37.6</font></div>
</td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="9%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;70.0</font></div>
</td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="9%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;73.1</font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="39%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;Waste management</font></div>
</td>
<td align="right" valign="top" width="8%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;.3</font></font></div>
</td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="8%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;.9</font></font></div>
</td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;.8</font></font></div>
</td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;2.0</font></font></div>
</td>
</tr><tr>
<td valign="top" width="39%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="9%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="9%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="39%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Total net sales</font></div>
</td>
<td align="right" valign="top" width="8%" style="BORDER-BOTTOM: black 4px double">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline">&#160;$&#160;&#160;573.1</font></font></div>
</td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="8%" style="BORDER-BOTTOM: black 4px double">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline">&#160;$&#160;&#160;583.8</font></font></div>
</td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="9%" style="BORDER-BOTTOM: black 4px double">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline">&#160;$ 1,028.8</font></font></div>
</td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="9%" style="BORDER-BOTTOM: black 4px double">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline">&#160;$&#160;&#160;1,181.7</font></font></div>
</td>
</tr><tr>
<td valign="top" width="39%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="9%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="9%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="39%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Operating income (loss)</font></div>
</td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="9%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="9%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="39%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;Chemicals</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;$&#160;&#160;145.9</font></div>
</td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;$&#160;&#160;112.4</font></div>
</td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="9%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;$&#160;&#160;&#160;249.4</font></div>
</td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="9%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;$&#160;&#160;&#160;&#160;&#160;323.7</font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="39%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;Component products</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;3.1</font></div>
</td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;3.9</font></div>
</td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="9%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;11.9</font></div>
</td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="9%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;6.8</font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="39%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;Waste management</font></div>
</td>
<td align="right" valign="top" width="8%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;(9.2)</font></font></div>
</td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="8%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline">&#160;&#160;&#160;&#160;&#160;(11.3)</font></font></div>
</td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;(18.2)</font></font></div>
</td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(20.9)</font></font></div>
</td>
</tr><tr>
<td valign="top" width="39%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="9%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="9%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="39%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Total operating income</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;139.8</font></div>
</td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;&#160;&#160;&#160;&#160;105.0</font></div>
</td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="9%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;243.1</font></div>
</td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="9%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;&#160;&#160;&#160;&#160;&#160;&#160;309.6</font></div>
</td>
</tr><tr>
<td valign="top" width="39%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="9%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="9%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="39%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Equity in earnings of investee</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(.1)</font></div>
</td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(.1)</font></div>
</td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="9%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(.2)</font></div>
</td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="9%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;-</font></div>
</td>
</tr><tr>
<td valign="top" width="39%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="9%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="9%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="39%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">General corporate items, net:</font></div>
</td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="9%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="9%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="39%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;Securities earnings</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;7.4</font></div>
</td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;7.1</font></div>
</td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="9%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;14.8</font></div>
</td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="9%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;14.2</font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="39%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;Insurance recoveries</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;.1</font></div>
</td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;.3</font></div>
</td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="9%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;.5</font></div>
</td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="9%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1.4</font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="39%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;Litigation settlement gain</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;-</font></div>
</td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;&#160;&#160;&#160;&#160;&#160;14.7</font></div>
</td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="9%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;-</font></div>
</td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="9%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;14.7</font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="39%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;General expenses, net</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;(16.8)</font></div>
</td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;&#160;&#160;&#160;&#160;&#160;&#160;(9.2)</font></div>
</td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="9%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;(23.4)</font></div>
</td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="9%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(29.5)</font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="39%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;Loss on the prepayment of debt</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;-</font></div>
</td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;&#160;&#160;&#160;&#160;&#160;&#160;(7.2)</font></div>
</td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="9%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(3.3)</font></div>
</td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="9%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(7.2)</font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="39%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Interest expense</font></div>
</td>
<td align="right" valign="top" width="8%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline">&#160;&#160;&#160;&#160;&#160;(15.9)</font></font></div>
</td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="8%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline">&#160;&#160;&#160;&#160;&#160;(14.4)</font></font></div>
</td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;(33.1)</font></font></div>
</td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(27.9)</font></font></div>
</td>
</tr><tr>
<td valign="top" width="39%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="9%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="9%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="39%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Income before income taxes</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;114.5</font></div>
</td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;&#160;&#160;&#160;&#160;&#160;96.2</font></div>
</td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="9%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;198.4</font></div>
</td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="9%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;&#160;&#160;&#160;&#160;&#160;&#160;275.3</font></div>
</td>
</tr><tr>
<td valign="top" width="39%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="9%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="9%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="39%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Provision for income taxes</font></div>
</td>
<td align="right" valign="top" width="8%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline">&#160;&#160;&#160;&#160;&#160;&#160;41.6</font></font></div>
</td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="8%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline">&#160;&#160;&#160;&#160;&#160;&#160;34.6</font></font></div>
</td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;72.3</font></font></div>
</td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;94.2</font></font></div>
</td>
</tr><tr>
<td valign="top" width="39%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="9%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="9%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="39%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Net income</font></div>
</td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;72.9</font></div>
</td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="8%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;&#160;&#160;&#160;&#160;&#160;61.6</font></div>
</td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="9%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;126.1</font></div>
</td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="9%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;&#160;&#160;&#160;&#160;&#160;&#160;181.1</font></div>
</td>
</tr><tr>
<td valign="top" width="39%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="9%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="9%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="39%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Noncontrolling interest in net income</font></div>
</td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="9%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="9%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="39%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;&#160;of subsidiaries</font></div>
</td>
<td align="right" valign="top" width="8%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline">&#160;&#160;&#160;&#160;&#160;&#160;20.5</font></font></div>
</td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="8%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline">&#160;&#160;&#160;&#160;&#160;&#160;17.2</font></font></div>
</td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;35.7</font></font></div>
</td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;47.8</font></font></div>
</td>
</tr><tr>
<td valign="top" width="39%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="9%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="9%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="39%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Net income attributable to Valhi</font></div>
</td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="9%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="9%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="39%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;stockholders</font></div>
</td>
<td align="right" valign="top" width="8%" style="BORDER-BOTTOM: black 4px double">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline">&#160;$&#160;&#160;&#160;&#160;52.4</font></font></div>
</td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="8%" style="BORDER-BOTTOM: black 4px double">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline">&#160;$&#160;&#160;&#160;&#160;44.4</font></font></div>
</td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="9%" style="BORDER-BOTTOM: black 4px double">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline">&#160;$&#160;&#160;&#160;&#160;&#160;90.4</font></font></div>
</td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="9%" style="BORDER-BOTTOM: black 4px double">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline">&#160;$&#160;&#160;&#160;&#160;&#160;133.3</font></font></div>
</td>
</tr><tr>
<td valign="top" width="39%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="9%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="9%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="39%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Basic and diluted earnings attributable to</font></div>
</td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="9%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="9%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="39%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;&#160;Valhi stockholders per share</font></div>
</td>
<td align="right" valign="top" width="8%" style="BORDER-BOTTOM: black 4px double">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline">&#160;$&#160;&#160;&#160;&#160;&#160;.15</font></font></div>
</td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="8%" style="BORDER-BOTTOM: black 4px double">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline">&#160;$&#160;&#160;&#160;&#160;&#160;.13</font></font></div>
</td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="9%" style="BORDER-BOTTOM: black 4px double">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline">&#160;$&#160;&#160;&#160;&#160;&#160;&#160;&#160;.26</font></font></div>
</td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="9%" style="BORDER-BOTTOM: black 4px double">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline">&#160;$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;.39</font></font></div>
</td>
</tr><tr>
<td valign="top" width="39%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="9%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="9%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="39%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Basic and diluted weighted average shares</font></div>
</td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="9%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="9%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="39%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;&#160;outstanding</font></div>
</td>
<td align="right" valign="top" width="8%" style="BORDER-BOTTOM: black 4px double">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline">&#160;&#160;&#160;&#160;&#160;341.9</font></font></div>
</td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="8%" style="BORDER-BOTTOM: black 4px double">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline">&#160;&#160;&#160;&#160;&#160;342.0</font></font></div>
</td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="9%" style="BORDER-BOTTOM: black 4px double">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline">&#160;&#160;&#160;&#160;&#160;&#160;342.2</font></font></div>
</td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="9%" style="BORDER-BOTTOM: black 4px double">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;342.0</font></font></div>
</td>
</tr><tr>
<td valign="top" width="39%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="9%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="9%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr></table>
</div>

<br>
<div id="PGBRK" style="TEXT-INDENT: 0pt; WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<br>
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><br>
<div>
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="top" width="37%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">VALHI, INC. AND SUBSIDIARIES</font></div>
</td>
<td valign="top" width="15%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="15%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td align="left" colspan="5" valign="top" width="73%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">IMPACT OF PERCENTAGE CHANGE IN CHEMICAL SEGMENT'S NET SALES</font></div>
</td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="37%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></div>
</td>
<td valign="top" width="15%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="15%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="37%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="15%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="15%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="37%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="15%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="15%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="37%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td colspan="2" valign="top" width="19%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Three months ended</font></div>
</td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="15%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Six months ended</font></div>
</td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="37%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="15%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">June 30,</font></div>
</td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td colspan="2" valign="top" width="18%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">June 30,</font></div>
</td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="37%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="15%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2012 vs. 2011</font></div>
</td>
<td valign="top" width="3%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="15%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2012 vs. 2011</font></div>
</td>
<td valign="top" width="3%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="37%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="15%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(unaudited)</font></div>
</td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="15%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="37%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="15%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="15%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="37%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Percentage change in TiO<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: sub">2</font> sales :</font></div>
</td>
<td valign="top" width="15%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="15%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="37%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;TiO<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: sub">2</font> product pricing</font></div>
</td>
<td align="right" valign="top" width="15%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">24</font></div>
</td>
<td align="left" valign="top" width="3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></div>
</td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="15%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">28</font></div>
</td>
<td align="left" valign="top" width="3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="37%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;TiO<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: sub">2</font> sales volumes</font></div>
</td>
<td align="right" valign="top" width="15%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(16)</font></div>
</td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="15%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(7)</font></div>
</td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="37%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;TiO<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: sub">2</font> product mix</font></div>
</td>
<td align="right" valign="top" width="15%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(2)</font></div>
</td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="15%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(1)</font></div>
</td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="37%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;Changes in currency exchange rates</font></div>
</td>
<td align="right" valign="top" width="15%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline">(5)</font></font></div>
</td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="15%" style="BORDER-BOTTOM: black 2px solid">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline">(4)</font></font></div>
</td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td valign="top" width="37%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="15%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="15%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="37%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Total</font></div>
</td>
<td align="right" valign="top" width="15%" style="BORDER-BOTTOM: black 4px double">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline">1</font></font></div>
</td>
<td align="left" valign="top" width="3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></div>
</td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td align="right" valign="top" width="15%" style="BORDER-BOTTOM: black 4px double">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline">16</font></font></div>
</td>
<td align="left" valign="top" width="3%">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></div>
</td>
</tr><tr>
<td valign="top" width="37%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="15%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="15%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
<td valign="top" width="3%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
</tr></table>
</div>
</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div style="WIDTH: 100%" align="left">&#160;</div>

<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<br>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>exhibit992.htm
<DESCRIPTION>VALHI DECLARES QUARTERLY DIVIDEND
<TEXT>
<html>
<head>
    <title>exhibit992.htm</title>
    <!--Licensed to: Contran-->
    <!--Document Created using EDGARizer 2020 5.4.1.0-->
    <!--Copyright 1995 - 2009 Thomson Reuters. All rights reserved.-->
</head>
<body bgcolor="#ffffff" style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">
<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>

<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block"><img src="valhilogopr.jpg" alt=""><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">VALHI DECLARES QUARTERLY DIVIDEND</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">DALLAS, TEXAS . . . August 9, 2012 . . . Valhi, Inc. (NYSE:&#160;&#160;VHI) announced today that its board of directors has declared a regular quarterly dividend of five cents ($0.05) per share on its common stock, payable on September 27, 2012 to stockholders of record at the close of business on September 7, 2012.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Valhi, Inc. is engaged in the titanium dioxide products, component products (security products, furniture components and performance marine components) and waste management industries.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">* * * * *</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<br>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>valhilogopr.jpg
<TEXT>
begin 644 valhilogopr.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_X0!F17AI9@``34T`*@````@`!`$:``4`
M```!````/@$;``4````!````1@$H``,````!``(```$Q``(````0````3@``
M``````!@`````0```&`````!4&%I;G0N3D54('8U+C`P`/_;`$,``@$!`@$!
M`@("`@("`@(#!0,#`P,#!@0$`P4'!@<'!P8'!P@)"PD("`H(!P<*#0H*"PP,
M#`P'"0X/#0P."PP,#/_;`$,!`@("`P,#!@,#!@P(!P@,#`P,#`P,#`P,#`P,
M#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#/_``!$(`-$"
MR0,!(@`"$0$#$0'_Q``?```!!0$!`0$!`0```````````0(#!`4&!P@)"@O_
MQ`"U$``"`0,#`@0#!04$!````7T!`@,`!!$%$B$Q008346$'(G$4,H&1H0@C
M0K'!%5+1\"0S8G*""0H6%Q@9&B4F)R@I*C0U-C<X.3I#1$5&1TA)2E-45597
M6%E:8V1E9F=H:6IS='5V=WAY>H.$A8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJ
MLK.TM;:WN+FZPL/$Q<;'R,G*TM/4U=;7V-G:X>+CY.7FY^CIZO'R\_3U]O?X
M^?K_Q``?`0`#`0$!`0$!`0$!`````````0(#!`4&!P@)"@O_Q`"U$0`"`0($
M!`,$!P4$!``!`G<``0(#$00%(3$&$D%1!V%Q$R(R@0@40I&AL<$)(S-2\!5B
M<M$*%B0TX27Q%Q@9&B8G*"DJ-38W.#DZ0T1%1D=(24I35%565UA96F-D969G
M:&EJ<W1U=G=X>7J"@X2%AH>(B8J2DY25EI>8F9JBHZ2EIJ>HJ:JRL[2UMK>X
MN;K"P\3%QL?(R<K2T]35UM?8V=KBX^3EYN?HZ>KR\_3U]O?X^?K_V@`,`P$`
M`A$#$0`_`/W\HJ/)+8.<"F^89`0V5`[TTA-I-)]2:BHP^&"YP!^M-,A((;*@
M=ZF3LKB4KW:Z$U%,P=HPV*1R`V23FJ0^9=22BFJ`>ASF@@CH3^=3<$QU%1JV
M>Y'XTI8$X)R:$[["YNX^BHPP9@RMD4`$;N3@4)]QWW\B2BHDDW#A@<>AI3C=
MG)R>U"D@3)**BWGJ1G'H:<&(&3G)[55F)2N[(?13=X7J3CWJ,SJ2077'UH46
MQJ_8FHJ)2LG`;)]CFG[3@`$C%#5MP;'44Q6!P0Q(I#)R>HQ^5($[[$E%54E;
M<J`DJP^]4H)5%).2!3L3S6LWVN2T4`Y`/K12+3"BBB@`HHHH`****`"BBB@`
MHHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"B
MBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`***
M*`"BBB@`HHHH`****`"BBB@`HHHH`8,JN6.,5\E?\%D_"GC/Q%_P3I^(NI>!
M/%FO>$O%/@^P/B2TU73=>O-(FBCLCYUT#):LI<R6:W"K%(#$97C+!-@D3ZX(
M!X(R*CEMXS&_R*2PQTZXZ5I1GRRYGJ;X.NZ%:%1)-)[,_D5/_!2']HA@`/CW
M\:<_]COJ?_QZOIK_`()"?\%3_B]X7_X*+_#?3O&_Q4^)WBSPGXMU!?#=]I6H
MZ[/JL,CWG[BV(CNY&"^7>-`S2H5E$22`,^_RI/EC]M_]FZ3]D+]L+XC?#66"
M^@M_".N3V]@;R:.>XEL&"SV4TKQ@1[I;6:"1@!E2Y!CC(\L>2;S@J2=HSQGC
MD<_GBOK%3IU*?NQ1_3E?*<!F6`3A3C'VBT:BM+KT/[40<[0#@'FOE'_@K'_P
M4HTW_@FQ^S+?^)!)H]]X[UDFR\):'?3.IU2?<B/,P3YC!`L@ED/[M3^[B\Q'
MFB)U_P!F_P#X*'^#O'?_``3F\+?'[QIXDTK0]!E\.Q:AXBOUBFM;.RO8SY%Y
M!%'+F5@MVDD4:KYC2841F3>A?^<K_@IE^W9J_P#P4/\`VO->^(6H@P:1'YFD
M>&;1K:.!['2HYIC;Q2&-Y`TK"4RR,)'R\KA"(A&J^!@\%SU[36Q^)\)<*SQ^
M8.EB(VIT_B\W_*O,PA_P4A_:'/)^/7QH)_['?4__`(]7JW[&7QK_`&K?VW?V
MC/#_`(!\+?''X[$ZE=!M4O[?Q=J<\>C:>)$6>_EW3QH$BC<L`TB>8P2-,221
MJ_R(R*0&Z[EX&=N><9(P206X&/FK[O\`VB/#EO\`\$F/V2K[X.H?#=W^T)\7
M;7SOB#J&EW4\E[X#T7%O/:Z$)HV$9:X8>9<!7&Z%@DD<\;VTY]RO&GS<L8H_
M9\YI8>G&&%PU*/M)[+ECLMY/39+[W9=1?^"@/_!:GXH?$GQU'X*^$GQ?^(FG
M?"?P3;V6FZ-JT5X]EK_B-K6#R);^_OD83RO/(7D`W1I(GE%X4E)8?.G_``\A
M_:(`(/QZ^-)/_8[ZG_\`'J\7\QWR2S'.,Y/H,#\@2/QH)&,#DUO3H02UBCOP
M/#^"PU+V<:<7YN*=_P`#^A/_`(-O?^"E?B+]KCX3>+/`/Q&\97OBGXA>#+B*
MZL7U$VJ7-QHS0P0J%9&\ZZ>&>.3S9Y5+$W4!>1C(,?J"#E?I7\N'_!"O]IR;
M]F/_`(*=_#BX>6ZCTGQG<?\`"(:G;6L,4KW$=\ZQV\?[WE8X[\6LC.K+)LA;
M!?/ER?U&!@,G.0:^:S2CR54XK1GX+QUD\,!F;5-6C)77ZKY,_%K_`(.=?VY_
M''P>^-OPO\"_#SQS\1/!.IV.C7>O:Q)H6JW6F07L%U,D5LK&"5#))&;*[W!_
MN"167[S%/R['_!2']H@$AOCU\:#C_J=]3_\`CU=/_P`%;/C_`&7[3O\`P4@^
M+OC/339'2KC6VTS3Y[2[6\M[NWLX(;&*ZBF4!66X%OYZC&U1,`'<`/7@7AWP
MUJ'C/7=/T?2=.NM5U;59H[6QLK.!I[F^EE;;''%&I#2L78*-I':O=PM&,:/O
MQ1^R<-9-AL+E=%5J<7+EYGS17K;8_I`_X-U/$/Q#\:_\$[X?%_Q$\;ZYXWNO
M%WB*_O\`2;O5]:N-3O+:RB*6(@=YLE0+BSN654+HPD#]79$^_P#?DD`C/:O.
M?V8_@Y+^SY^S?X#\!&_;5CX*\/6&@_;FA,/VTVMM';B?9E]F[9NQDC)KTC`0
M#(&:^9KR4JCDC^=\VQ"KXRI4BDHR>B70XCX_?%ZR^`GP/\7>.=5COKK2O!VC
MW>M7D-FB/<2PVL+S2K$'9%,A5&`#.!P.1R:_E*_X>,?M#%-Y^/7QFR?^IUU/
M/_HZOW?_`.#D;]HO4O@K_P`$P=4T_3%OH[GXD:W:>%#=VM\]I)9PNLMU,&"K
MND26*TEMY(CL!6Y<$[00?YNI5'F8`^6O;RFA&4.>2/UOPQR:E/!U<37@IW?*
MKJ_S_$_43_@WY^/_`,=_VE?^"E>@VNM?&'XA>(_"?A72-1UG6-+USQ7J-W:W
MT7D"TC41.S))(L]W!(%D"J%C=A\ZK7]!K,54DG``_I7\N'_!)7_@J=IW_!+'
MQ7XUUN3X6V/Q`UKQ5;6ME;WDNJKIEQI-O"\KS0I(UM*P25S"SJ"`QMXB<E%Q
M]:_&W_@ZUU;XM?!GQ?X6TGX0W_A#5/$&C7FF66NV'CEFN-)FF@DA2[C*V<3*
MT;,KJ5((8`@@@5CC<#.=7W(V1YW%G".88W-6\%02IZ:II+[CYD_X*5?\%4OB
MU\0_VZ_BEJ7@+XO?$+PWX,M=;ETS1[3P]XVO!I<EO:QQVJW5N89$B*W)B:Y`
M"[1]HX=Q^\I/^":'[7G[1OQZ_P""@/P;\+0_&+XM^(+?4O%-C=:CI]WXWOC;
MW6G6\BW5X'6:8JZK;P3,T9!\Q49,'?@_$F_;$BJ"-K%N..<YS7Z-_P#!M]X!
MT71_VI_B#\9O%-F(O!WP.\%7FKW>IAY';1[N=64.;>,^;*WV*/5!M6.1<#IY
MGE$>C5IQIT-8JY]UFV7X3+\FDU33E&"C\*NY/2^W?0PO^"Q'_!1CXHV__!2C
MXKV?PX^-/Q-TCPGHVI0:3!::1XFU+3[2VN[:UAMKN-(1*J($N89PQ10&<,_.
M[<?!?AW^V]^T]\5/B%H/A/0/CC\9KSQ%XIU*#2--MF\?7\(N+N65(HXB\LR!
M09'`S7B_Q&^(>L?%KQ_KWBGQ#>+?>(?$VH7&K:E=>7%%]HNII6FF<QQ`*A+L
M0$'R\FOK3_@@=^SU'^T%_P`%0OA]%<:.VJZ+X*:7Q7J12Z^SK8BT0O:7&1(&
MD1-0>RQ&N_>0I8&(2@TZ<(4&W%:%UL#A,NRAU'3BW"GUBM7]Q_4'#GRDR<G`
MIU"_=%%?),_FIL****0@HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`***
M*`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH
M`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`
MHHHH`*#T.>E%!Z&@#\%/^#K#]EL>#_C_`.`/B]IED$T_QCISZ!JLEMIGE)%>
MVSF2*6XN!Q)/<6\WEK&^U@FG$*77(C_)-N&-?T]_\%Z_V:[?]IC_`()G?$*%
M8K+^U?`UM_PF&G37,LT26SV(:6X(V'YF>R-U$$?*[IE)V8#C^8<*C1`E@&%?
M4Y97C+#V;U/Z(\-<Q>+RM47K*FSUD?MH?$AOV0;3X'KXDOHOAQ#K$^MMI\4T
MC-<LZQOY#DGBVBFB:X6&/:AGGEDD#/L:+R42D2%AD;NOO2X#H0TA()SCU.<U
M[Y_P37_86UG_`(*$_M8Z+X`TQ3#HT(35O$MZ;A;9[32$F2.YD@=A(&G82QK"
MH1@7D4G"*T@Z^:$%S7L?65I8;+*+JR2C%^\_.7<]V_X)7_"+1?V6OAIK/[8W
MQ2T2\O/"_P`/[F.#P!HDRVT*^.]>E\R)6B:=B?+LV+.6AB=E='D1G>RDC?XV
M^,OQF\4?M#?%#6_&GC77+SQ#XK\0W!N[^_NV0O*XQQL7B-415CCB7"(JA5``
M`KZ(_P""L?[=.C_M?_%SP_X6\"*;7X(_!_3HO#O@*S>S>WE%N(+>*2XEDF+3
MR&4P($$C*PBAA#1I*TQ;Y/9%W?(X&/?TY_G6="C*3YY'GY%A:M7FS+$K][4T
M2?V8K9+S>[\_0]`_9=_9H\3_`+8/[0'AKX:>#(;"7Q'XKNGM[;[9<?9H(1&C
M332NYS\D4*2.RQ[I"J'8DC;17W%_P7__`."7_A?]@:T^#6I?#_3[Z+PE=Z/-
MX;OI);++3:A;S&?[9>7H`22ZNDN9L1;8P([%S%MCB"1_`7PH^,_C#X%>()]7
M\$>,/$W@W5KFW-I+>Z'JD^G7$L)96\II(65BFY%.TG&5!QP*^P_@#\;_`!I^
MW[^PU^T/\,OB'XP\3>.O$'@'1X/BKX6O_$NK3W@T,:83%J0,KNT[/)9W`2."
M3?#YGFMF.0L]3B(U.?G4M#ASNCCZ.+I8[VB]C&R<;ZN^E^VE[_>?"X#/$QR0
MO/';D8/Y@"OZ:OAU_P`%/98_^"(=I^T5J5ZLWB&P\&LLMQJUCB'4/$,+'3AO
MAM2-L%QJ2#&WRML<RDB+D)_,EM&!\PY[5[]X0_;@UKP=_P`$X?&GP`M'%KI_
MBKQCI_B6>2*W1A<P+!NN+::21RX)GM-,EC$2!CY5SF7:1%4XK#.JHIK87%_#
M_P#:GL)<NL)*^N\7;F1X&&_T<`=5;/T.<YK[`_X(4_LTS_M,?\%-/AU:BVO6
MTGP7=-XRU2XM9XH'MH[+:]L["0'?&UXUI$R1_O"LS'.`TD?QYR.G2NF^%7QI
M\9_`KQ%+J_@?Q;XG\&ZM<0-:RWNAZI/IUQ)"S*S1M)"RL4+1H2I."44]A7;7
MH2E#EAH?09IA:F)P<Z%%\LW'E3Z(_LNCB2,8"J"0,\<FE9<G)(`K^10?\%'?
MVALX/Q]^-&/^QVU/_P"/5[A_P39_;"_:-^.7_!0'X/>%H?C)\7/$-M?>*+&[
MU#3KKQO>M;7>G6\BW5V)%EE*NJV\$S-&<^8JLF#OP?G993-+FYD?B^.\,<9A
MJ$J\Z\/=UZGT-_P=<_'NP\>_M0?#OX=V?V.YG\`:+=ZA>7$%ZMQ(LU_)%_HL
MT"@&%HX[*"7+,2RW:G8``[_E)PR@D$EAP,[3UQG&"2"W``YKZ`_X*G?'H?M/
M_P#!0;XP>-6N=#N[2]\03Z=I]SI4FZSO;&SQ8VDX;>^_S+>WCDWHX1R^]0JG
M%='_`,$7?@-J7[1/_!2[X2Z7IC7D$7AS68?%>HW<5DUXEK;Z<5NSYP4CRTGE
M2.W65CA6NU(WL`C^K1:I8?4_3<GIK)\BA*:MRT^9Z[O<T/A__P`$,OVKOB?X
M1M==TCX,:U;6%Z)#&-5U&PTFY&',;!K6[FBN(R6#,HD5?E*]L5P_[5__``2\
M^.G[$W@"Q\5?%+P,WA70[_4$TJ*X;6;"]<W4D4L@CV6TSG'EQ.<X_AK^LXVJ
M^4B$#"\].E?@Y_P=6_M0GQS^T#X"^$NGWY>Q\':=-KNIQVVI^<DM[=?NHH[B
MU3`CE@@B+*[DL8]28!`K%I.3!YC5JU;/0^*X;XWS7-,QCA%"/(]]UI]Y^2KJ
M0^!WK]+_`-FK'['?_!O!\8_'KLOAWQ1^T!XB3PCHE[D78UW3D/DO;!!YD=MB
M(:\-TBQR;OXL^3N_-%BI5LG)'2OTO_X+8$?LM_L1_LI?LWP!=!U+0?#G_"6^
M+]`S]J\C495"FZ^T_O-V;J;6AMBE>/#'Y<>3CNQCYIQIKJ?;<1M5,1AL%?2<
M^9]N6&K3]6?F@BD3!02`,#\N1^M?L]_P:7_L\K-JOQ:^*UYI)!@%IX2T?5!=
M@]1]KU"`0!_O#.F.9)$_V8R,2`_C&518RP;+U_31_P`&_'P"/P!_X)@>`VGT
ME])UGQP9_%FH(;K[0UZ+N;_0[D`22)"KV"61,:8V?Q#S?,8XYG44:#Y7N>1X
ME8WZKE+H7UJ2_#L?=8Z"B@=!17RR/Y["BBB@`HHHH`****`"BBB@`HHHH`**
M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH
MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@
M`HHHH`****`"BBB@`HHHH`*#T-1@`QG!(S7YT_\`!=__`(*Q_$G_`()D2?"]
M/`.C>#]47QK_`&K]M.NVEU=>5]E^Q>68Q#/#@'[2^XG?C:F!R:NE3<Y<J.O`
M8*KBZT:%%:L_0;Q3X5TOQMX;O]'UK3['5-*U>WDM+VRNX$GM[R%U*/%)&P*N
MC*2I5@002#Q7QFO_``;K?L?[CGX2L1Z?\)3K7_R97YAC_@["_:,P,^$_@H<?
M]0?4O_EA2_\`$6%^T9_T*?P4_P#!/J7_`,L*[X8+$1TBS[?#<&9]0NJ-2,;]
MJB7ZGZ<2_P#!NM^R"W*?"<@#_J:=:/\`[>5Z5\)O^"4_P)^"GP4\;?#GPIX'
M&A>%/B"<>(X[+6]1CO=6CV!?)DNQ/]J\H+O'DB3RRLLHVXFD#?CY_P`18/[1
M>,?\(E\$\?\`8'U+_P"6%)_Q%??M%!@?^$1^"61W_L;4L_\`IP_SFM)8;$R5
MI,UK<*<1U8^SG5C*/9U4_P!3]._^(=?]C]9`Z_"4C.>?^$IUH'GK_P`OG<4K
M_P#!NO\`L?OPGPE=2/\`J:=:_P#DROS$'_!V#^T6.GA+X)\?]0?4O_EA2_\`
M$6%^T9_T*?P3_P#!/J7_`,L*%A\5>ZE^):X8XFT:KJZ_Z>K_`#/TY/\`P;J_
ML@GD?"<X_P"QIUK_`.3*ZWX`?\$9OV;?V5_BOHGC[P)\/%T/Q3H'FC3[X^(-
M3N5@\Z![=@(Y[AXF!AED7YE.#C'."/R9_P"(L+]HS_H4_@I_X)]2_P#EA2?\
M18'[1>X-_P`(E\$]P[_V/J6?_3A["AT,6U9O\2:O"G$=6/+4K1?_`'%7^9^G
MC?\`!NK^R!SCX2L/^YIUK_Y,H_XAU_V0MNW_`(5.^TYX_P"$IUK')!/_`"^=
MR`?J*_,3_B+"_:,_Z%/X*'_N#ZE_\L*/^(L/]HSI_P`(G\$\?]@?4O\`Y84U
MA\5W_$M<,\3K:NO_``:O\S].3_P;K_L??]$FD_\`"IUK_P"3*/\`B'7_`&/S
MQ_PJ:3G_`*FG6O\`Y,K\Q?\`B*__`&B_^A2^"?\`X)]2_P#EA1_Q%?\`[1?_
M`$*7P3_\$^I?_+"CV&+_`)OQ+_U;XH_Z"?\`RJO\S].O^(=;]D`<'X3,3_V-
M.M?_`"976?L^_P#!&C]F_P#96^+.C^/O`GP]&A^*=#,OV&^.OZG<K"9H'@?]
MW/</$^8II!\RGDCO@C\FO^(L+]HS_H4_@I_X)]2_^6%)_P`18'[18;</"7P3
MW#O_`&/J6?\`TX>PI2H8MJUS*?"O$=2,H5*T6G_T]7^9^GK?\&Z_['['(^$K
M@'M_PE.M$=O^GSV'Y5Z/^R5_P2F^!'[#_P`1[KQ3\+_!)\,Z_>Z>VE2W7]M:
MA>B:V:2*9D"7,\J<M#%EP`W!YZU^/?\`Q%A?M&#IX3^"@_[@^I?_`"PH/_!V
M!^T600?"7P3(_P"P-J7_`,L*F6&Q<E:3(J<)<13A[.=6+6UG56WWG]#:C(()
M!%?)G[0G_!&C]F_]JWXMZW\0/'OP^&N^*]?\I=0O_P"W]3MA.(($@0&."X6)
M0L448^51SN[DD_DQ_P`18?[1G_0I_!0?]P?4O_EA2?\`$6!^T6&+?\(E\$]Q
MXS_8^I9[_P#40]S^=9PP.)AK%HPPW!&>4)^THSA%]U4BOU/TX/\`P;L?LA':
M%^$Q)4_,/^$IUK_Y,KTG]K/_`()4?`C]N'XA67BGXG^"3XEU[3].72(KK^VM
M0LQ#:K++,J;+:>).'ED(<C=R.>!7X_?\18/[1>2?^$2^">3_`-0?4O\`Y84@
M_P"#K_\`:*`P/"/P3QU_Y`VI?_+"M7A\6[-O5&\N$^(Y3C.56+:O;]ZNOS^\
M_3UO^#=;]C_<,?"5@/\`L:=:_P#DROK+X7?#G1OA#\.-`\)^'+0V.@>&-/M]
M*TZT\R2;[/;0Q+#$@>0EWVH`"[$L<<D]:_!+_B+"_:,_Z%/X*?\`@GU+_P"6
M%-/_``=?_M%$DGPC\$R3_P!0;4O_`)85,\'B):2=S/$<&Y_7Y56J1DEWJ)_J
M?T.CH**_GD_XBP_VC?\`H5/@K_X*-2_^6%'_`!%A_M&_]"I\%?\`P4:E_P#+
M"L_[.K'+_P`0^S;O3_\`!D3^ANBOYY/^(L/]HW_H5/@K_P""C4O_`)84?\18
M?[1O_0J?!7_P4:E_\L*/[.K!_P`0^S;_`*=_^#(G]#=%?SR?\18?[1O_`$*G
MP5_\%&I?_+"C_B+#_:-_Z%3X*_\`@HU+_P"6%']G5@_XA]FW_3O_`,&1/Z&Z
M*_GD_P"(L/\`:-_Z%3X*_P#@HU+_`.6%'_$6'^T;_P!"I\%?_!1J7_RPH_LZ
ML'_$/LV_Z=_^#(G]#=%?SR?\18?[1O\`T*GP5_\`!1J7_P`L*/\`B+#_`&C?
M^A4^"O\`X*-2_P#EA1_9U8/^(?9M_P!._P#P9$_H;HK^>3_B+#_:-_Z%3X*_
M^"C4O_EA1_Q%A_M&_P#0J?!7_P`%&I?_`"PH_LZL'_$/LV_Z=_\`@R)_0W17
M\\G_`!%A_M&_]"I\%?\`P4:E_P#+"C_B+#_:-_Z%3X*_^"C4O_EA1_9U8/\`
MB'V;?].__!D3^ANBOYY/^(L/]HW_`*%3X*_^"C4O_EA1_P`18?[1O_0J?!7_
M`,%&I?\`RPH_LZL'_$/LV_Z=_P#@R)_0W17\\G_$6'^T;_T*GP5_\%&I?_+"
MC_B+#_:-_P"A4^"O_@HU+_Y84?V=6#_B'V;?].__``9$_H;HK^>3_B+#_:-_
MZ%3X*_\`@HU+_P"6%'_$6'^T;_T*GP5_\%&I?_+"C^SJP?\`$/LV_P"G?_@R
M)_0W17\\G_$6'^T;_P!"I\%?_!1J7_RPH_XBP_VC?^A4^"O_`(*-2_\`EA1_
M9U8/^(?9M_T[_P#!D3^ANBOYY/\`B+#_`&C?^A4^"O\`X*-2_P#EA1_Q%A_M
M&_\`0J?!7_P4:E_\L*/[.K!_Q#[-O^G?_@R)_0W17\\G_$6'^T;_`-"I\%?_
M``4:E_\`+"C_`(BP_P!HW_H5/@K_`."C4O\`Y84?V=6#_B'V;?\`3O\`\&1/
MZ&Z*_GD_XBP_VC?^A4^"O_@HU+_Y84?\18?[1O\`T*GP5_\`!1J7_P`L*/[.
MK!_Q#[-O^G?_`(,B?T-T5_/)_P`18?[1O_0J?!7_`,%&I?\`RPH_XBP_VC?^
MA4^"O_@HU+_Y84?V=6#_`(A]FW_3O_P9$_H;HK^>3_B+#_:-_P"A4^"O_@HU
M+_Y84?\`$6'^T;_T*GP5_P#!1J7_`,L*/[.K!_Q#[-O^G?\`X,B?T-T5_/)_
MQ%A_M&_]"I\%?_!1J7_RPH_XBP_VC?\`H5/@K_X*-2_^6%']G5@_XA]FW_3O
M_P`&1/Z&Z*_GD_XBP_VC?^A4^"O_`(*-2_\`EA1_Q%A_M&_]"I\%?_!1J7_R
MPH_LZL'_`!#[-O\`IW_X,B?T-T5_/)_Q%A_M&_\`0J?!7_P4:E_\L*/^(L/]
MHW_H5/@K_P""C4O_`)84?V=6#_B'V;?]._\`P9$_H;HK^>3_`(BP_P!HW_H5
M/@K_`."C4O\`Y84?\18?[1O_`$*GP5_\%&I?_+"C^SJP?\0^S;_IW_X,B?T-
MT5_/)_Q%A_M&_P#0J?!7_P`%&I?_`"PH_P"(L/\`:-_Z%3X*_P#@HU+_`.6%
M']G5@_XA]FW_`$[_`/!D3^ANBOYY/^(L/]HW_H5/@K_X*-2_^6%'_$6'^T;_
M`-"I\%?_``4:E_\`+"C^SJP?\0^S;_IW_P"#(G]#=%?SR?\`$6'^T;_T*GP5
M_P#!1J7_`,L*/^(L/]HW_H5/@K_X*-2_^6%']G5@_P"(?9M_T[_\&1/Z&Z*_
MGD_XBP_VC?\`H5/@K_X*-2_^6%'_`!%A_M&_]"I\%?\`P4:E_P#+"C^SJP?\
M0^S;_IW_`.#(G]#=%?SR?\18?[1O_0J?!7_P4:E_\L*/^(L/]HW_`*%3X*_^
M"C4O_EA1_9U8/^(?9M_T[_\`!D3^ANBOYY/^(L/]HW_H5/@K_P""C4O_`)84
M?\18?[1O_0J?!7_P4:E_\L*/[.K!_P`0^S;_`*=_^#(G]#=%?SR?\18?[1O_
M`$*GP5_\%&I?_+"C_B+#_:-_Z%3X*_\`@HU+_P"6%']G5@_XA]FW_3O_`,&1
M/Z&Z*_GD_P"(L/\`:-_Z%3X*_P#@HU+_`.6%'_$6'^T;_P!"I\%?_!1J7_RP
MH_LZL'_$/LV_Z=_^#(G]#=%?SR?\18?[1O\`T*GP5_\`!1J7_P`L*/\`B+#_
M`&C?^A4^"O\`X*-2_P#EA1_9U8/^(?9M_P!._P#P9$_H;HK^>3_B+#_:-_Z%
M3X*_^"C4O_EA1_Q%A_M&_P#0J?!7_P`%&I?_`"PH_LZL'_$/LV_Z=_\`@R)_
M0W17\\G_`!%A_M&_]"I\%?\`P4:E_P#+"C_B+#_:-_Z%3X*_^"C4O_EA1_9U
M8/\`B'V;?].__!D3^ANBOYY/^(L/]HW_`*%3X*_^"C4O_EA1_P`18G[1H_YE
M/X*G'_4(U+_Y84/+JPGX?YLE?]W_`.#(G]#=%)$Q:-21@D`FEKA9\2QF1QTQ
M5>6SCNG(DB1AZXJUM&`,<"EP.F*:E;5$KF5FG:Q7%E&`!A11]CC]%JQCVHQ[
M4N:7<OVD^Y7^QQ^BT?8X_1:L8]J,>U'-+N'M)]RO]CC]%H^QQ^BU8Q[48]J.
M:7</:3[E?[''Z+1]CC]%JQCVHQ[4<TNX>TGW*_V./T6C[''Z+5C'M1CVHYI=
MP]I/N5_L<?HM'V./T6K&/:C'M1S2[A[2?<K_`&./T6C[''Z+5C'M1CVHYI=P
M]I/N5_L<?HM'V./T6K&/:C'M1S2[A[2?<K_8X_1:/L<?HM6,>U&/:CFEW#VD
M^Y7^QQ^BT?8X_1:L8]J,>U'-+N'M)]RO]CC]%H^QQ^BU8Q[48]J.:7</:3[E
M?[''Z+1]CC]%JQCVHQ[4<TNX>TGW*_V./T6C[''Z+5C'M1CVHYI=P]I/N5_L
M<?HM'V./T6K&/:C'M1S2[A[2?<K_`&./T6J3H$`((8,P`P<DG'8`'(Z'KG!/
MI6KCVKXT_P""ZW[,G@?]IG_@E_\`&$^-]%;7G^'GA;6?&OA\?;+BU_L[5;/2
M;\6]T?)9?,""5_DDW1/_`!*:.:7<:J3[GUO<*L6[)*`,`#CO^O!X`P,Y-(Z!
M`""&#,`,'))QV`!R.AZYP3Z5_(_X9A_96_X=1_#+_A7H\?-^W\/%4*Z?_P`(
MI_;`O?M7]L7'V57#?Z,<VC6^S^SS]J%T;3C'VBOWK_X*2?LQ/^T]_P`$'-6'
M[0^AMKGQ-^'?PLG\:7I^VBW:P\6VGAZY$MS_`*!(D,GEW$EQ^[`>!@1\I&*.
M:7</:S[GZ`_8T]%_(U5\L?9]^],==W&,?>^F,<=>G.:_EW_88B_X)=0?\$R=
M*/Q\376_:`&EZP-7.AKXB.J^=]KNA9?9<'^R!<?9C;;/.(A$A3SL_O,_K'_P
M;W_`KXN>,?\`@CKJ?PM_:>T#Q?!I>KWFI^%-'T/Q3YECJ2>%9+6&W%HX5DO(
MD5_MZ1B39(L'E^65A$!4YI=P]I/N?I?]C3T7\C5-$#@DD*%8@Y."#CN"!@=3
MUS@#UK^3OP[I?[&_['W[07[;&D?&#X5_\+#OO`/C_P#L;X3>"O\`A(]<TD75
MI#J]_;7T7]H6F\`06HM9-]V69Q#A26=\_O=_P1E_X)B^*O\`@DWIGQ<^',?B
M3P]XH^$VO>*(_$_@B[;S8_$<7G6L<%Q!J("_9R$6WM5B>`*9&2=V2-9%BB%*
M7</:S[GVJFR5,@KD8Y##CJ,=3D]O3(/I3K/9<1Y+(Q)((!&5.3P<$_=(*G!Z
M@U_-U^W_``:#X$_X*+_M,^(O^"@?P.^/7C;P%X@U2;P_\*?'F@R26]IX5M0]
MW+I]KI^V:#3I_,LIEN2LDCLD]I,)8)99;EE_7#_@@9X4^'GPY_X)_KH?P@^-
M2_&[X5Z;XHU<>&+J;1UTN_\`"]G),)3I=XC>7++.DLLMPTTT4#2I>(R1QPF%
M2<TNX>UGW/M--DJ9!7(QR&''48ZG)[>F0?2G6>RXCR61B200",J<G@X)^Z05
M.#U!K^;K]O\`@T'P)_P47_:9\1?\%`_@=\>O&W@+Q!JDWA_X4^/-!DDM[3PK
M:A[N73[73]LT&G3^993+<E9)'9)[282P2RRW++^N'_!`SPI\//AS_P`$_P!=
M#^$'QJ7XW?"O3?%&KCPQ=3:.NEW_`(7LY)A*=+O$;RY99TEEEN&FFB@:5+Q&
M2..$PJ3FEW#VL^Y]P_8X_1:3[&GHOY&K./:OYA?'?[+?["_[&W_!?WXY_#7X
M[:$GAO\`9]\->%K'_A&]--[K]TT&K3V>C7'$MF[W;Y66_)\US&NXC@J@!S2[
MB52?<_IG,8WE1M!7J"#_`).>W3OZ4V':T;G.2I.[H0AX^7DCKU&1T(K\)_\`
M@D!X8\,67_!=$:W^PQIWQ-B_8]U#09++XAZA>V]V/#%UJ,-A,\4-M+J(%PTD
M=Q<:<51S]K5YKTJ/L;$G*_X.F/V8O@=\*?\`@H[^R_\`$GQEHC66D?%7Q4Z?
M%C4A>Z@_]IZ5I[:%;D^7$Y:$QV3S#_1`KMPW+X-'-+N/VL^Y^]LVU8T.<%B-
MO0!SS\O!/3!)P.@-.$8WA25);H`#_D8[]>WK7X9?\$K_`/@GY\-_VDOVLO!_
M[5/[&WA_0/AIX9^#'Q1U;P)K&C^(]>U;5[#QIX>^R*DFO63SQBYM-0DL]2?9
M:3$PAE@8LACE6;Z8_P"#K_\`9@\$?%;_`()4>+/B7KN@OJ/C3X4-:?\`",:B
M+^YC_LP7^L:9;W?[I&$,OF0C!\Y6\LCY<&CFEW#VM3N?IFB!P22%"L0<G!!Q
MW!`P.IZYP!ZTB;)4R"N1CD,..HQU.3V],@^E?)7_``0S_9C\$_LO?\$P/A$/
M`VB'1A\0O"VC>,_$)^V7%U_:.K7NCV7VBYS([^47,<0$<6V)0ORJ":^!O^#T
M+]F#P*W[,/@+XT?V+_Q<J/Q38>"O[5^VW`4Z2;35[W[-Y`;R,F?]YOV^;CY=
MV#BCFEW#VL^Y^V%PJQ;LDH`P`.._Z\'@#`SDU<^QQ^BU_/5\!?V`?V?/^"B/
M[1GB;Q/^P-X>T#P%XF_97\3>%O$V@:[XGUK7[_PY\21<%KJ2"\L[N/[;8"UN
M;&1%>%F,X\U63$B2Q?O_`.,_&>F^`_"6J:[K.JZ?H^C:);37E_?7ERL%M901
MJ6>:65_EC5$5BQ;@8R:.:7<'4GW+AM@2@7+*RG.#G/OQWZ="!R?:K7V./T6O
MYS/^"<G[0WC;X"_\%R?A+\?/B+8>(-!T/]O+2M9VKXCTZ_N7T6.^UFYCTK2K
M.Z('V@H;'02LWE+$EGJ4)\F.+9,?V/\`^"R4GQG;_@FG\7T^`3^(F^*0TJ(Z
M6=""_P!K+$+BW^VBV!Y^TFR^UE/)(FW%/(4S%"#FEW%[2?<^F+A5BW9)0!@`
M<=_UX/`&!G)I'0(`00P9@!@Y)..P`.1T/7."?2OY>/@!X3_8]CU;X3>#O%5K
M\7/V%OVN?AD-+N;OQ/XGTR75?#MWKD=U8O!=7EG?2;X1,@^U*LB65K"+F4R2
MS1QQB3]T_P#@N9^S-X'_`&G_`/@E[\7CXZT(:VWP\\*ZWXTT`_;;BT^PZM9Z
M3>_9KDB)T+E/,?\`=R%HR"-P84<TNX_:S[GV!]C3T7\C52)%<)NY5\X(X!Z<
M=<Y/)&.,5_+7_P`$W?V8?V/OV\_@O\"OV?HO"MZG[27Q7M?%2>)/'MEK.JPR
M>`;FP-U?Z9(;"<?V?J,=S:0QQ/%$\9CC5B9(YG5E_HL_X)P?!3QY^SG^PS\+
MOAU\3I_"-YXQ\!:!#X>GN/#4EPVF2V]H#;6CH;A5E,K6BPM*60`S&0J%4J`<
MTNX*K/N>Z?8X_1:/L<?HM6,>U&/:CFEW%[2?<K_8X_1:/L<?HM6,>U&/:CFE
MW#VD^Y7^QQ^BT?8X_1:L8]J,>U'-+N'M)]RO]CC]%H^QQ^BU8Q[48]J.:7</
M:3[E?[''Z+1]CC]%JQCVHQ[4<TNX>TGW*_V./T6C[''Z+5C'M1CVHYI=P]I/
MN5_L<?HM'V./T6K&/:C'M1S2[A[2?<K_`&./T6C[''Z+5C'M1CVHYI=P]I/N
M5_L<?HM'V./T6K&/:C'M1S2[A[2?<K_8X_1:/L<?HM6,>U&/:CFEW#VD^Y7^
MQQ^BT?8X_1:L8]J,>U'-+N'M)]RO]CC]%H^QQ^BU8Q[48]J.:7</:3[E?[''
MZ+1]CC]%JQCVHQ[4<TNX>TGW*_V./T6C[''Z+5C'M1CVHYI=P]I/N5_L<?HM
M`LXP0<+Q[58Q[4?A1S2[A[2?<!P`/2BBBD2%%1D<`$GCO40N/,DVA6P.XJE%
M]#.56,;<VERS13-Q]31N/J:SYX]R[,?13-Q]31N/J:.>/<+,?13-Q]31N/J:
M.>/<+,?13-Q]31N/J:.>/<+,?13-Q]31N/J:.>/<+,?13-Q]31N/J:.>/<+,
M?13-Q]31N/J:.>/<+,?13-Q]31N/J:.>/<+,?13-Q]31N/J:.>/<+,?13-Q]
M31N/J:.>/<+,?13-Q]31N/J:.>/<+,?13-Q]31N/J:.>/<+,?13-Q]31N/J:
M.>/<+,?13-Q]31N/J:.>/<+,?7RK_P`%@;+XK>+?V#?'7@SX0_"\_%3Q+\2M
M*U'PA<V7_"1V>B+HEK?:==Q/J9ENB$E$4AB7R`\;-YV<@*:^I]Q]33#&I()5
M21@=/0Y'ZT<\>X69^?W_``;R?"3XZ_LJ_L,:;\%_C-\'3\-A\-A)_8VL_P#"
M4Z?K?_"4->W^H7D^+>T9Q:^1YL2?/(?-$ORXVD5Z[_P6`LOBMXL_8+\=^"_A
M#\+S\4_$?Q+TG4/!US8_\)'9Z(NBVE[IUW"^I&6Z(CF$4AB7R`\;-YV<@*:^
MI2`000"&ZCUI#&I()521@=/0Y'ZT^>/<+,_"+X1?\$%?BI^VM_P29T#X"?&3
MX:GX*_$G]GP7UU\-O%S^+K36K#Q)-JM[=WE]:7EK9-*;:W`2SB,I,DBLJ2)N
M"36TWZ$_\$]_C[^V!J?[)WBD?M`_`>QL/BOX%T$?V')9^+]+6+XG7PCN&\HK
M;M)#IDC-%:QN[L8C+<.Z+$BF)/M4J#U4&D$*"1G"(';&3CDXZ?E1SQ[A9GX#
M?`S]AK]JKPAXP_:S_P"%D_L)#XG^#/VK?%%MXEU/P^/C7H^B#2?L^J7NHQP?
M:;>1I)2)KJ,!U\K`A&>'('Z#?\$P_AA^TEXT_:T^-_QW_:8\*V/PXU#Q;::9
MX3\#^#M.\2Q7\6EZ):2W<Y%P+61K6ZE:6\3;<RDSB4W@1+:"94?[TVC<&VC<
M._?_`#R:01JIR%4$G=T[XQGZXHYX]PLS\G[G2?V\?V7/VO?VAO#Z_!Q?VOOV
M;?B=JMYJ.A67B3QMI&E'2H[Y5>;3H5O;BX;^SXHY)K)K66+RF\A9(UA626.;
MT#_@@;_P3-\;?L2ZO\?/B3X^\,:!\+[_`./'BM=4T[X<:7<6]Y!X(TZWN[^6
MVMS<VQ6W=L7I"1PJ$CB@C/#2-%%^D(0*20J@GK05#8RH..?TQ1SQ[A9GY/7.
MD_MX_LN?M>_M#>'U^#B_M??LV_$[5;S4="LO$GC;2-*.E1WRJ\VG0K>W%PW]
MGQ1R3636LL7E-Y"R1K"LDL<WH'_!`W_@F;XV_8EU?X^?$GQ]X8T#X7W_`,>/
M%:ZIIWPXTNXM[R#P1IUO=W\MM;FYMBMN[8O2$CA4)'%!&>&D:*+](0@4DA5!
M/6@J&QE0<<_IBCGCW"S):_#OX2?LC_M6?$+_`(+#?%;XV?%']D,V7PU_:2\*
MV_PS\7:-_P`+5T9SX?TFYBTJRO+P3P2":Y/DV$C"*%(G;S@J2!EW']P=Q]33
M=@)R57.<_CC&?RI<\>X69^1W_!-;]AW]J7_@BM^U;K_PJ^'W@G3_`(W_`+*'
MC[Q!::Q!KMUK^GZ-J_@J2>6&"YN;@,1)=2P6L"F6**-HYQ#`\+VSO/;FC_P6
MU_9T_:K_`&I_^"BOP#\6_#?]G,>*?!?[,_BF'Q)I^K_\)]H]@?&GFOI-[-!]
MGN)$DL2DMC+"79)=^?,QMPI_7_8O!VKD9[>O6A5"J```%Z`=!3YX]PLS\;YO
MV=/VL/C]X]T#X>Z/^RI8?LP?"#Q]\7H/BI\8-8/Q>M_$&H>(+F.]M;^1[6>U
MD6[T]Y)+*,J;-4(F6V*R6L:W#O\`1_\`P<.?"3XZ_M6?L,:C\&/@U\'3\21\
M2%C_`+9UD^*=/T7_`(1<V6H6%[!FWNV077GF*5?DD'E^42V=PK]`0@&,*HQD
M_F<G]:``````%Z#THYX]PLS\;_"7PB_;H_:`^#O[,?[.'B/X!V'P8^$?P\N?
M"T'CWQ6/B-87NHZ]9:$;295M6T^7[5822S6:NKVP:59?(/GQ1K*[=E_P<X?L
MI?M&_P#!0[X8>%?A!\(?@JWC+POI6JV7C"Z\7CQCI6GK;W:0ZC:-IGV&[DAD
M)$5Q#/YXD*GS`N,@D?J]L&6.U<L<GW/'^`_*C8,@E5R*7/'N%F?B_P#M3?#C
M]M+]I'0OB_I'P\_8NT+X#^,/VG'TOP[\2O'>K?%K3?$UN^D06K:>%^QH<6^V
MVF9'DMX7D$+2,L;S&.6+ZK_X+8>#_P!H?5OV%YO@K^S7\,K_`,<R>/\`0+KP
MOJ_B&_\`&5G'=>'+'=:1/'*=68O?RWUM)=P&5IO.0_O2YD(-?>H10P(500,`
MXY`X_P`!^5`4!@0H!&>>_/6GSQ[A9GX`_MX_\$-O'7P^F^"^N?L?_L=#X=?$
MO15T3QWJGBL_%6#6/^$9U:$3RS:";35+HV]SY%PEI+]L1?*<H$"[7:OT[_:J
M\,_M`_ML_P#!([QG9Z7HGB']GC]H#6]*FN=,TG1?%<-]J%A=V=_Y]M:1ZI:R
M6\*_;HK:*-I5D"PK>L'#"-P?L,`#&`!CI[4;1QP..GMQBCGCW"S/P_\`VNO@
M7^W-_P`%-/V&=%^#7QA_8[\!/\22UIIT/QBO_&V@`:`#?V<L]_'90++<0>=;
M6J1W"VCYD_>%(L;+8?;O[9WP!^*_P,_X(VZ?\`?@]X`/QP\37'@"+X5W,W]M
MV?AC[-:'0Y;!M8Q=LR,4=(B+429_??ZSY<U]QJ@4DA5!)R<=S0`!T`%'/'N%
MF?AG^Q9^SU^U_P#L>_LT?!7PY/\`L%Z?XM^*/[/EIXDB\">,K[XR:3;VVG7.
MLRW3S2RZ=#<*EQ&$G1&C>4DK&SI)"SDC])_^"/W[._Q(_9K_`&&M#TWXOW9O
M_BYXGU75/%OC+9J)N[>+4M4OYKZ6..-?]'MMJS()8K14M_/\^1`YD,LOU,HV
MC```]J0(!T51U_7K2YX]PLR6BF;CZFC<?4T<\>X68^BF;CZFC<?4T<\>X68^
MBF;CZFC<?4T<\>X68^BF;CZFC<?4T<\>X68^BF;CZFC<?4T<\>X68^BF;CZF
MC<?4T<\>X68^BF;CZFC<?4T<\>X68^BF;CZFC<?4T<\>X68^BF;CZFC<?4T<
M\>X68^BF;CZFC<?4T<\>X68^BF;CZFC<?4T<\>X68^BF;CZFC<?4T<\>X68^
MBF;CZFC<?4T<\>X68^BF;CZFC<?4T<\>X68^BF;CZF@,>.:.>/<+,?10**H8
MU>A)QFOSG_X+P?\`!6#XE_\`!,>;X7IX"T;P?J:^-?[5^VG7;2YN?*^R_8_+
M*"&>'`/VE]Q._&U,#DU^C6!TP.:BFLH;C[\2-]16E&:C/FDKH[<NQ%*A7C4K
M0YXKH^I_/3_Q%A_M%_\`0H_!3_P4:G_\L*/^(L/]HO\`Z%'X*?\`@HU/_P"6
M%?T+?8(?^>2?E1]@A_YY)^5=GUJC_P`^SZS_`%DR7_H6P_\``I'\]/\`Q%A_
MM%_]"C\%/_!1J?\`\L*/^(L/]HO_`*%'X*?^"C4__EA7]"WV"'_GDGY4?8(?
M^>2?E1]:H_\`/L?^LF2_]"R'_@4C^>G_`(BP_P!HO_H4?@I_X*-3_P#EA1_Q
M%A_M%_\`0H_!3_P4:G_\L*_H6^P0_P#/)/RH^P0_\\D_*CZU1_Y]A_K)DO\`
MT+(?^!2/YZ?^(L/]HO\`Z%'X*?\`@HU/_P"6%'_$6'^T7_T*/P4_\%&I_P#R
MPK^A;[!#_P`\D_*C[!#_`,\D_*CZU1_Y]A_K)DO_`$+(?^!2/YZ?^(L/]HO_
M`*%'X*?^"C4__EA1_P`18?[1?_0H_!3_`,%&I_\`RPK^A;[!#_SR3\J/L$/_
M`#R3\J/K5'_GV'^LF2_]"R'_`(%(_GI_XBP_VB_^A1^"G_@HU/\`^6%'_$6'
M^T7_`-"C\%/_``4:G_\`+"OZ%OL$/_/)/RH^P0_\\D_*CZU1_P"?8?ZR9+_T
M+(?^!2/YZ?\`B+#_`&B_^A1^"G_@HU/_`.6%'_$6'^T7_P!"C\%/_!1J?_RP
MK^A;[!#_`,\D_*C[!#_SR3\J/K5'_GV'^LF2_P#0LA_X%(_GI_XBP_VB_P#H
M4?@I_P""C4__`)84?\18?[1?_0H_!3_P4:G_`/+"OZ%OL$/_`#R3\J/L$/\`
MSR3\J/K5'_GV'^LF2_\`0LA_X%(_GI_XBP_VB_\`H4?@I_X*-3_^6%'_`!%A
M_M%_]"C\%/\`P4:G_P#+"OZ%OL$/_/)/RH^P0_\`/)/RH^M4?^?8?ZR9+_T+
M(?\`@4C^>G_B+#_:+_Z%'X*?^"C4_P#Y84?\18?[1?\`T*/P4_\`!1J?_P`L
M*_H6^P0_\\D_*C[!#_SR3\J/K5'_`)]A_K)DO_0LA_X%(_GI_P"(L/\`:+_Z
M%'X*?^"C4_\`Y84?\18?[1?_`$*/P4_\%&I__+"OZ%OL$/\`SR3\J/L$/_/)
M/RH^M4?^?8?ZR9+_`-"R'_@4C^>G_B+#_:+_`.A1^"G_`(*-3_\`EA1_Q%A_
MM%_]"C\%/_!1J?\`\L*_H6^P0_\`/)/RH^P0_P#/)/RH^M4?^?8?ZR9+_P!"
MR'_@4C^>G_B+#_:+_P"A1^"G_@HU/_Y84?\`$6'^T7_T*/P4_P#!1J?_`,L*
M_H6^P0_\\D_*C[!#_P`\D_*CZU1_Y]A_K)DO_0LA_P"!2/YZ?^(L/]HO_H4?
M@I_X*-3_`/EA1_Q%A_M%_P#0H_!3_P`%&I__`"PK^A;[!#_SR3\J/L$/_/)/
MRH^M4?\`GV'^LF2_]"R'_@4C^>G_`(BP_P!HO_H4?@I_X*-3_P#EA1_Q%A_M
M%_\`0H_!3_P4:G_\L*_H6^P0_P#/)/RH^P0_\\D_*CZU1_Y]A_K)DO\`T+(?
M^!2/YZ?^(L/]HO\`Z%'X*?\`@HU/_P"6%'_$6'^T7_T*/P4_\%&I_P#RPK^A
M;[!#_P`\D_*C[!#_`,\D_*CZU1_Y]A_K)DO_`$+(?^!2/YZ?^(L/]HO_`*%'
MX*?^"C4__EA1_P`18?[1?_0H_!3_`,%&I_\`RPK^A;[!#_SR3\J/L$/_`#R3
M\J/K5'_GV'^LF2_]"R'_`(%(_GI_XBP_VB_^A1^"G_@HU/\`^6%'_$6'^T7_
M`-"C\%/_``4:G_\`+"OZ%OL$/_/)/RH^P0_\\D_*CZU1_P"?8?ZR9+_T+(?^
M!2/YZ?\`B+#_`&B_^A1^"G_@HU/_`.6%'_$6'^T7_P!"C\%/_!1J?_RPK^A;
M[!#_`,\D_*C[!#_SR3\J/K5'_GV'^LF2_P#0LA_X%(_GI_XBP_VB_P#H4?@I
M_P""C4__`)84?\18?[1?_0H_!3_P4:G_`/+"OZ%OL$/_`#R3\J/L$/\`SR3\
MJ/K5'_GV'^LF2_\`0LA_X%(_GI_XBP_VB_\`H4?@I_X*-3_^6%'_`!%A_M%_
M]"C\%/\`P4:G_P#+"OZ%OL$/_/)/RH^P0_\`/)/RH^M4?^?8?ZR9+_T+(?\`
M@4C^>G_B+#_:+_Z%'X*?^"C4_P#Y84?\18?[1?\`T*/P4_\`!1J?_P`L*_H6
M^P0_\\D_*C[!#_SR3\J/K5'_`)]A_K)DO_0LA_X%(_GI_P"(L/\`:+_Z%'X*
M?^"C4_\`Y84?\18?[1?_`$*/P4_\%&I__+"OZ%OL$/\`SR3\J/L$/_/)/RH^
MM4?^?8?ZR9+_`-"R'_@4C^>G_B+#_:+_`.A1^"G_`(*-3_\`EA1_Q%A_M%_]
M"C\%/_!1J?\`\L*_H6^P0_\`/)/RH^P0_P#/)/RH^M4?^?8?ZR9+_P!"R'_@
M4C^>G_B+#_:+_P"A1^"G_@HU/_Y84?\`$6'^T7_T*/P4_P#!1J?_`,L*_H6^
MP0_\\D_*C[!#_P`\D_*CZU1_Y]A_K)DO_0LA_P"!2/YZ?^(L/]HO_H4?@I_X
M*-3_`/EA1_Q%A_M%_P#0H_!3_P`%&I__`"PK^A;[!#_SR3\J/L$/_/)/RH^M
M4?\`GV'^LF2_]"R'_@4C^>G_`(BP_P!HO_H4?@I_X*-3_P#EA1_Q%A_M%_\`
M0H_!3_P4:G_\L*_H6^P0_P#/)/RH^P0_\\D_*CZU1_Y]A_K)DO\`T+(?^!2/
MYZ?^(L/]HO\`Z%'X*?\`@HU/_P"6%'_$6'^T7_T*/P4_\%&I_P#RPK^A;[!#
M_P`\D_*C[!#_`,\D_*CZU1_Y]A_K)DO_`$+(?^!2/YZ?^(L/]HO_`*%'X*?^
M"C4__EA1_P`18?[1?_0H_!3_`,%&I_\`RPK^A;[!#_SR3\J/L$/_`#R3\J/K
M5'_GV'^LF2_]"R'_`(%(_GI_XBP_VB_^A1^"G_@HU/\`^6%'_$6'^T7_`-"C
M\%/_``4:G_\`+"OZ%OL$/_/)/RH^P0_\\D_*CZU1_P"?8?ZR9+_T+(?^!2/Y
MZ?\`B+#_`&B_^A1^"G_@HU/_`.6%'_$6'^T7_P!"C\%/_!1J?_RPK^A;[!#_
M`,\D_*C[!#_SR3\J/K5'_GV'^LF2_P#0LA_X%(_GI_XBP_VB_P#H4?@I_P""
MC4__`)84?\18?[1?_0H_!3_P4:G_`/+"OZ%OL$/_`#R3\J/L$/\`SR3\J/K5
M'_GV'^LF2_\`0LA_X%(_GI_XBP_VB_\`H4?@I_X*-3_^6%'_`!%A_M%_]"C\
M%/\`P4:G_P#+"OZ%OL$/_/)/RH^P0_\`/)/RH^M4?^?8?ZR9+_T+(?\`@4C^
M>G_B+#_:+_Z%'X*?^"C4_P#Y84?\18?[1?\`T*/P4_\`!1J?_P`L*_H6^P0_
M\\D_*C[!#_SR3\J/K5'_`)]A_K)DO_0LA_X%(_GI_P"(L/\`:+_Z%'X*?^"C
M4_\`Y84?\18?[1?_`$*/P4_\%&I__+"OZ%OL$/\`SR3\J/L$/_/)/RH^M4?^
M?8?ZR9+_`-"R'_@4C^>G_B+#_:+_`.A1^"G_`(*-3_\`EA1_Q%A_M%_]"C\%
M/_!1J?\`\L*_H6^P0_\`/)/RH^P0_P#/)/RH^M4?^?8?ZR9+_P!"R'_@4C^>
MG_B+#_:+_P"A1^"G_@HU/_Y84?\`$6'^T7_T*/P4_P#!1J?_`,L*_H6^P0_\
M\D_*C[!#_P`\D_*CZU1_Y]A_K)DO_0LA_P"!2/YZ?^(L/]HO_H4?@I_X*-3_
M`/EA1_Q%A_M%_P#0H_!3_P`%&I__`"PK^A;[!#_SR3\J/L$/_/)/RH^M4?\`
MGV'^LF2_]"R'_@4C^>G_`(BP_P!HO_H4?@I_X*-3_P#EA1_Q%A_M%_\`0H_!
M3_P4:G_\L*_H6^P0_P#/)/RH^P0_\\D_*CZU1_Y]A_K)DO\`T+(?^!2/YZ?^
M(L/]HO\`Z%'X*?\`@HU/_P"6%'_$6'^T7_T*/P4_\%&I_P#RPK^A;[!#_P`\
MD_*C[!#_`,\D_*CZU1_Y]A_K)DO_`$+(?^!2/YZ?^(L/]HO_`*%'X*?^"C4_
M_EA1_P`18?[1?_0H_!3_`,%&I_\`RPK^A;[!#_SR3\J/L$/_`#R3\J/K5'_G
MV'^LF2_]"R'_`(%(_GI_XBP_VB_^A1^"G_@HU/\`^6%'_$6'^T7_`-"C\%/_
M``4:G_\`+"OZ%OL$/_/)/RH^P0_\\D_*CZU1_P"?8?ZR9+_T+(?^!2/YZ?\`
MB+#_`&B_^A1^"G_@HU/_`.6%'_$6'^T6.?\`A$?@H<?]0C4__EA7]"WV"'_G
MDGY4"QA&,1)Q[4GB:/\`()\29+:W]FP_\"D21,7C5B,$@&EH''`Z"BN%L^';
M"BBBD(****`"OR]_X-I9_BA\5_V,_`WQ5\>:AX@\5?\`"3:7J]J_BC6OC#XB
MU^^U*2'6IHE670;R/^S[0*EOL%Q!,\VV-!M'GRA?U"KG_A=\)?"GP/\``EAX
M6\%>&?#W@_PSI?F?8M(T33H=/L+3S)&ED\N"%5C3=([NVT#+.Q.22:`/QR_9
MB_;5^+VM:9^S)\8Y_B)XPUGX^?&WXZ:C\/?B5\);C4II]&\.:+'--%>VT/A\
M'?ILFDVEE879N,">,WTDEW)/%<!*Y'_@HU^U'\5/"O[?/[7UAX9\<?&#P]J?
MACQ9\*])\#>*(_&5W:>`?A;/J$=JUU<:W9"[^SBPNA'(CO)974/F;Q($:9!)
M^U>C_L\^`/#WQDU;XBZ?X&\'V/Q!UZU6QU/Q/;Z-;1:SJ-NHB"PS7:H)I(P(
M(`%9R`(8^/D7!=?L]>`+W4/&MW/X&\'S7?Q*M8['Q=,^C6S2>*K>.!K>.&_8
MIF[C6!WB59MP".R@!210!T4<[2!-S.5?."#@-T)'7.3R1@XQ7\TW['__``4J
M^.?PU^)7[*WQ0\2?&KQGJ7@#P-\,_P#A*_B9:^)?$6LZG9ZOI=U\0]6\.7%X
M]K&S-=W=O!J%K)$9`=JV$>-_E)$W]*OA;P=I'@;POINAZ)I6FZ/HNC6T=EI^
MGV-LEO:V,$:!(X8HD`6.-4`554``#``%<#X;_8@^"W@W3WM-'^$'PNTJTDT&
MX\*O#9^%;""-M(N+A[F?32JQ`&TEN)))G@_U;R2,Y4LQ)`/P$T']M[]I&Y_X
M)Z?\%!?&7BSXN>,+7Q:]G\,/&_A^70_%6J+:>#H/$E\NIFTTQI)?-LXQ:WL-
MNT<1V[8@FZ1`K/V.J_\`!03]HCX@?M+_`+)O@.Z^*_V8?L]?%+PY\'_BJ/#6
MNZS;2>+]<NO$>J62_;6G<+J=N^F>&X9W>7!,FJ3Y'[UXX/W:\6_LF_"OQ]_P
MF']O?#/X?ZW_`,+"^Q?\)3]O\.V=S_PDOV+'V+[=OC/VG[/M7RO-W>7M&W;B
MM'Q)^SYX!\9:C'>:QX'\'ZM>0Z_;^*HY[S1K:>1-8MX8X+?4@SH2+R*&**-)
M_P#6(D2*K`*``#\[_A)-\3_C5_P7?_:@TJ*_\1>)/!7PNU;P#<VMA>_%[Q'X
M8L?#$5SI*SW#6NE6,4MGJ7FO&9)+>Z\J)F559B)Y"OSE_P`%/?VC?B9\,OC/
M_P`%'/'7AOXF_$_2-:_9_N?A5>>`[:S\8:E%HVA/J"V@O<Z8LXL+B.<`EX[F
M"6,DN2OSMG]?/$G[$7P7\8_&*/XBZQ\(?A?JOQ!AN[:_C\3WGA6QGUE+BV"+
M;S"[:(S"2(11A'#901IM(VC#O$O[$OP8\9_&2+XC:Q\(OAAJWQ"@NK:^C\3W
MGA:QGUF.XM@BV\PNWB,PDB$481@^4$:;2-HP`?-G[=OQ:\5>$/\`@LY^PAX6
MTGQ-XATOPQXP/Q!_M[2+349H+#6_LVA02VWVJ!6$<_E2$O'Y@;8Q)7!.:^$O
MV1O^"KGCOQI_P5:\.?%G4?$GQ0?X%_'WXC>)/AGHWVW2?$`\"1Z8EM80>%KW
M2XY8S;Q:I?7]I>QSDE]@^TL\%N"7K]KO$7PF\*^+_'?AWQ3JWAGP_JGB?P?]
MI_L'5[O3H9[_`$3[3&(KG[+.RF2#S8P$D\LKO4`-D#%8&F_LG_"S1O`OA;PM
M9_#3X?VGAGP-JJ:[X;TB'P]9QV'A_4$DDE2\LX!'Y=O<+)+*XEC"N&E<@Y8D
M@'PY_P`(-=?\1'O_``@__";?&#_A"_\`A2__``L__A'?^%E^(?[+_MW_`(2C
MR?M'V;[;Y7V;R?W?V+;]EV?+Y&.*YW_@D-+\3OC9^V#^T7XKU_4/$?BKPSX'
M^/GC/PO9:EJGQA\1PC0K2!5\BQM_#8BDTNYMX_/&QYID9/,)5!Y$6[])/^%2
M^%/^%I?\)S_PC'A[_A-O[*_L'_A(/[.A_M7^SO.\_P"Q?:=OF_9_._>>5NV;
M_FQGFN/\-_L/_!7P;\89/B'H_P`(/A=I7C^:[N+^3Q-9^%;"#6'N;@.)YS=K
M$)C)*)90[[MS^8^2=QR`?-W_``<<?%GQ5\#_`/@C/\9O%/@KQ-X@\'^)M+_L
M3[%J^B:C-I]_:>9KMA%)Y<\+*Z;HW=&VD95V!X)%?-?P<^/7Q"LOV<_^"ESV
M/B?XH^#]$^'&@W47@[PAXW\6W&I>._`-]#X6EEN[\W4EQ=7(LKFX$<UC-'>R
MQ2?9Y9(A'EG;]5?BC\)O"OQP\"W_`(6\:^&?#_C#PSJGE_;=(UO3H=0L+ORY
M%EC\R"96C?;(B.NX'#(I'(!K/\6?L\?#_P`>^*=3UW7?`W@[6M;UK0)?"FH:
MA?Z-;7-U?:-*YDDTV65T+26;NQ9H&)C9B25)-`'RO_P1#\-^/#^QGX(\8^-8
M]2N[SQYX-\.ZP-7O?BUX@\;7>M-+9&66YEM-2A6#2Y':16:&S:1"792Y$,>Z
ME_P;H?%OQ9\;?^"-OP<\4>,_$WB'QAXCU,:V;S6-;U"?4+^\\O7=0B3S)YF9
MGVQHB+N8X"*!A0*^I/@=^R7\*OV8SJA^&OPR^'WP].M^5_:/_",^';/2?M_E
M;_*\[[/&GF;/,DV[L[=[8QDYP?A=_P`$^/@'\#_'5CXI\%?`_P"$'@_Q-I?F
M?8]7T3P;IVGW]IYD;1R>7/#"KINC=T.TC*NP/!(H`^'?^#::?XG_`!<_8U\#
M?%7QY?\`B+Q./%&DZM:OXGUKXO>(_$%[J4L>M31(DFA7<7]GV>R.#8+F"=I=
ML2_*!<2!?G+]KG_@JYX[\%_\%6O$?Q9T[Q)\4$^!?P"^(WAOX9ZS]BTGQ`?`
MDFF/;7\'BF]U2.*,6\NJ6-_=V4<!!3>/LS)!<`!Z_7_X,?L1?!?]G#Q3<:[\
M//A#\+_`6MW=JUC/J'AWPK8Z7=36[.DC0M+!$C-&7CC8J3@LBG&0,:&I?LG_
M``LUGP+XI\+7GPT^']WX9\<ZJ^N^)-(F\/6<EAX@U!Y(Y7O+R`Q^7<7#211.
M99`SEHD).5!`!^?'_!97Q7\1_"?[3BZY;^,/$/B'X1>%OA==7WB#P3\.OBXW
M@CQ[X5C-Y+)?>-8K96B75+>UMK>.WA@N)I(FN)-HC!:1FP/VUOCUXV_:,^/_
M`/P3IT_X=>)?B#JN@?&GPMXEUN]TK4O']_\`#ZX\50+H%A?6LNJ7>@1MY5Q&
M2\P6VMS$9"\:!8G9J_2;XX_LH?"S]IS^S?\`A97PT\`?$+^QO-&G_P#"3>'K
M35OL/F^7YOE?:(W\O?Y46[;C=Y:9SM&$^./[)WPK_:<_LO\`X65\-/A_\0O[
M#\[^SO\`A)O#UGJW]G^=L\WR?M$;^7O\N/=MQN\M<YVC`!I?";3-1\,_#3PU
MI.I6[6E]IVEVEK=0KKESK8@D$2*4-_=`7-YM((^TS*LLQ4NZJ6-==6;X4\&Z
M/X#\+:;H6AZ5INBZ)HUK'8Z?I]C;);6MC;QH$CABB0!8XU15554``````5I4
M`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`
M4444`%%%%`!1110`4444`%%%%`!1110`5\5_\%O_`-H#QI\#/V9O`T'AKQ#J
M/@7PY\0/B/H?@KQUXVL&%O=>"/#=_,\5YJ<5ZX,.GR*1%"MW,I6%IP1ME,;K
M]J5G^+/".D^/?"^IZ'KNEZ=K6B:U:2V&H:??VR7-K?6\J&.6&6)P5DC=&*LC
M`AE)!!!H`^6IH(?V0/A3^TLGP=^(OC#XN?$'P?H#^(;+X=>(_%<_C2[\,:F-
M(>2RM565Y-7\O4'AB<037+AV9C;B(L^[Y#_X)U_M,^-+/]IG]CEO#GQ@\8_&
M@?M.?#;5_%WQ@L-7UX>(;7PQ=6\/VJ'4K2WAPFBQKJMQ=:1Y48CM6%I'"8C<
MP&2OU!^"O[/7@#]FSPK<:%\.O`W@_P``Z)=W;7\^G^'-&MM*M)KAD2-IFB@1
M$:0I'&I<C)6-1G"C!\.?V>?`'P>\4^)]=\(^!O!_A76_&UW]O\1:AI&C6UC=
M:]<[Y7\^[EB16N)-\TS;Y"S9ED.<L<@'X;?\-V_'S3?VI?\`A%[OQC\0)_!.
ML_M]?\(UI6KVVJZBWV+3[2\\J^\/7LYE\I-/FAN[![.Q5=C_`&75"R_NH\_<
M?_!<VQU/PWX@_9=UG0_&?Q0\+WGCGXY^%?A[KJ^'?'FLZ+::AHMU+>/<V[P6
M=U'`KNRJ/M`07&T*N_"C'VO_`,,H?"S.?^%:>`,_\)5_PG7_`"+UI_R,/_09
M_P!7_P`A#_IZ_P!=_MUO>/?A)X4^*IT0^*/#'A[Q(?#6JP:[I']J:=#>?V5J
M$&[R+RW\Q6\JXCW-LE3#KN.",F@#\K_^"]WQ]\=:)XV^%/[-'P7\2?&^QU?3
M_!6O^.-:N/A\_B#4_%L*6.EW%GX>2:\M_.EGM+S52(;EIV>0LD+R2P;A+)N^
M+_\`@HAXD_;F\`?L`"+Q=JG@GX7?M+WEU!\2/$WA6:]\.RQ:]IUH)(O#MKJ+
M.);..[U6&[ML1/\`:+F.UV07!4NS_IG_`,*C\)_\+2_X3G_A&/#W_";?V7_8
M?_"0?V=#_:O]G^=]H^Q_:=OF_9_._>^5NV;_`)L;N:P?^&3OA8/@6?A</AI\
M/_\`A69_YE+_`(1ZS_L+_CX^U?\`'EY?D?\`'Q^^^Y_K/G^]S0!YC\#/@QX*
M\1_`7QK\.]&^,WQ!^)^@Z=XKO[*]O/\`A8ES-KGA.Y2Y2X?1#J]A)'J,?V:0
MJI6ZGDN5BD*22-$50?%7_!)_XU_$+P]_P0`TCXYVOQ3T)OBSXE\\7WB?XZ?$
M#6;SPG`8/$5S91_:&FN7%F#;'RQ]F6+S9_LX?=7ZA?"_X3>%?@?X'L/#'@KP
MSX>\'^&M+\S[%I.B:=#I]C:>9(TLGEPPJJ)ND=W;:!EG8G))-8'_``R?\+/^
M%&+\+_\`A6GP_P#^%:+T\)?\(]9_V$/](^T_\>7E^1_Q\?OON?ZSY_O<T`=_
M1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%
M%?#7P\_;8\=:D?#WA.]\3:"/%GP9TOQ7J'Q6U36[B#2;*\_L;S=,TUM6VP-_
M85OK1F3789E5O+MM.E2%;N$R3*`?<M%?$_PI_P""B_B3X_>)OA);Q:/J7@/4
MIOB[>>!/&>DW-C?+'>1Q^"M4UR%8?[3L;&^2,L=.E+R6=HV^&11YD#++<<#\
M"?\`@I=\4(OV7/V?7^*.CV</BGXLZ#X.U_3==\,>(8KJ36[>XUOPQIFI2W\,
MVE10V+R-X@MY/L]JLX=&NHXKBU9()6`/T6HJBCN\TP+N%!&,')/!YP#G'3I@
MY![8KX)_8A_X*?\`Q*^(OP`\!>)?%W@[0]8\,6I\"^%_$WBF'Q*\>NWVN>(=
M%\/SQW,>DIIXM1:B[\06RR?Z8C+''-*D;E4BD`/T$HKP+X#_`+8=]\;OBEJ^
MDMX=L=(T![K7[/0KX^((9M1U&30-6&CZHUQIQ6.2",7A7R9+>2YB,3!KA[.1
MX89O;XYVD";F<J^<$'`;H2.N<GDC!QB@"]1110`4444`%%%%`!1110`4444`
M%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4
M444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`445\[_P#!3/XJ
M>+OA%^R5=:MX$U/Q#IWB.\\4>%M&MYM"ATZ?5'BO_$6F6$\5I_:*M9?:)+>Y
ME2,W(\L-(K$C;D`'T117Q-\%OVS?B-X9\&7'A74;'4O&'Q+OOB0_@+P_I?C6
M_L=%U/3W_P"$;3Q"ZZ_=Z/;7%@LGV5+N2!],M[E#%-IT4VRX^UR0\G'_`,%2
M?B1;?$GXJ>+(_!^@ZE\-/A%X#MM9\;:1-XD:VO\`0;O3=;\7:;K<FDE=/<ZH
M9?[!;R%NI;!66"W)$!GF\H`_06BOC;3OVUOB+\.?VFOC!;>(-&T/7_A-X>^*
M7AWP)9:DFMO!KFC2ZMI/AM+>&'3UL?)NK<:CJXEDGEOEE6*>;"/Y$,<O?_LL
M?MTO^U'\2-3\,V_AAM'U'PAI<DOB=WU3SK>UOTU[5M$%O9D1`W4!N=!U5_/D
M^SMY8LCY),\RVP!]%45\->.OCK\3/"WQN^*_BNW^)7B&3P_X'^-'@SX=6/@R
M73-*.AR6&L0>$X+N265;3^T#.LFO7<\;+>HJR10@H\2O$_VNCN\TP+N%!&,'
M)/!YP#G'3I@Y![8H`O45\3?L(_M'?$7QUXF^!FH^*/&>I>)[7]H3X277Q+O-
M,O;&PM[7PE?1OH#)9Z8;:&*;[&4UN==M[)>3XM+8B4,)C/YG^UA^T+\>OV<O
MBGXATR+X@?$'Q#!\'O@SX?\`%>MZ[INB>&;3PQ/JGF:\E[JOB"UN8VU-;"<Z
M5$[6VB,TZ0QW*P@3-$9`#]):*^1_!/[;GC3XC?$KP(+_`,,6?AKPKXG^+?B'
MX?:5/IOBA;V[U=-(M/%$4\VH6TVFHMO$T^AQ21QVMRSEI8RTP2.2&YY+X:_\
M%==;^,G[-FK^/O#_`,(/$=D;G5/"5KX17Q"^IZ'IFOVWB35;?3;%Y+VYTT8N
M(/M"S7*64-_;(LD'DW=T9&,0!]RT5Y'^S)\?]:^,MMXUTSQ-X?L?#7B_X=>(
M1X<UVRTW5)-3TTW#6%EJ43VUW+!;R2Q&TU"UWL]O$5E$RJ'54DD]<H`****`
M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*^!]._;0\0_`WQ/\`
M&KX@>+?@!\,O#-YX=\9^%?`WC'6O!'B*]US7O$MY?2:!':R&*/0H;B^2UL->
M4QINDF:2!H(HU$BRC[XKX5_9X^)/P7_;?\"?';QGI&I:_IGP\L_BGIWC36_&
M5UK^@OHMYJ/AB72U+VTMM<7#V^GA/#MC<2&]2%Y+>^\Z)A'(C1@'9>!_C%^R
MU^SG\*_#&I>$?`NF>$]*G\9RVNE^'O#GPFU"#7+'Q$^D322,VBVE@;^UO6TA
M)G,DEM&S6<J-N\F6,OU=M\3/V==1UZ;PZUKX!LK?X-Z;(MO+J/A]+#1]#L-+
MN+62Z&FWDT2VLD.G7EA8"X%E(ZV-S:VZS>5+'&J^+M\7?A4^A0?M#V>A_&R^
MTB+XC:]\1=:)T>.SB\-?V)HT_@S4K[4(K@1RPVD=K`9UL`6U61RQ2VD$$]M#
MD>&/V:/V>O#O[<WQ:\*1^']=EA^,_P#:_@+Q.XT71+?2KS6-6L!X@U'2?[4@
M@3Q$\\VF^=?[YKA[!$E\F.6*:&WMX0#ZL_9N\2?#SXBP^,/%G@1+ZWN/%OB`
M7GBBWU2SOM+U)-373[&S5;NPODCN+.0V-M8%(WBA$D303*&6X#OYG\-_B1\.
M;;]F236;3X:>`/">@0_%*W\&Q:2+=8[!KG3?%<'A?3;X+;6CXG4:?I\EJIBV
MPM#9Q_:(8HA<17OV4/A)X)_X)_\`BG2O@?H9O;J[\=0:UXZAO!X;\/Z':Q+9
MOHUA/&\6D6=C"TK-J%IL8P2.ZK*&FPD48\'?1_#G@OXX^-/A_J6J?M&7OPPT
M7XOZ1<WEW<KX2'A30?%FI:_I/BVS@A\F,:Y+'+J&I65J2Z31*M_*&DC6(7,(
M!]$_!7]I'X'^+/VCO%<'A+2QI7CSQ3J]SH.KZ_+X'O\`1(/%FHZ,US:2V:ZM
M-:QVVIW%JMM=JL,4\[B.UN751%%(R:/PV_;"^"NG_"'4+CPKK&G:9X.\`V]C
M9V]E9:'=6T+64[&WTQ])M5@5[^TO'4V]C)8I+!=R(8K4S,I0X-K\&/`/PY_:
M`^$WPY6X\62ZW8>(/&OQGT2Y\RV:V:YGN9[;4;>X8*'\L/XPD,*(@(6W7S)3
ML(E\P/PG\.?#_P`97G[,^B>'_C[XVTW2M)\)ZM8ZO9ZQH2:5\)=-@U2[70!;
MQW=Q;M+]AN=)EN/,>TO[FY2"%+M[U%BA`!Z?J'_!3WP#:>)X1)/?V/A2P\%^
M)_&/B/4M1TZ_T[4_"ZZ&^C&:WNM*N+5+R-Y+;6([E1)$C^0D,BQR)=1N/3/@
MO^T[X5_:'348O#=QXCL[[1GA-]IOB#P]J7AW5+6*4N(;@V>HV]O<&WE,4Z)-
ML\N1X)UC=GAD5/E/3?@1^S+\;/`_B'69?VBM-\=/\6;;7_A5JOB^+Q?H3R^)
MM3\16>CV\ENGV6%+,:HMCHNFQ6T%M`@*1L[P3O(\K?36B6'@/1?VT?$][%XM
ML!\4O$_@W28KOPR^IV_VI=&TZ]U$P7R6I7[0(S<:K/&TW^K+)$@PRON`,;X)
M?M0^-OC7\1;RXL/`%@OPNC\0:UX7M]=C\2!]9AO-)OKJPNI;O39+9(HK5[NQ
MN8XG@O;B5EEM6:WC#S?9TNO^"C7PD_X5UKWBV/Q/J-YH?AVZTZVG-GX?U.XN
M;Y=0NDM=.N[*VC@,]_9WEPQCMKNT26VN=DOE22^6^WG?A#X,^&_@;X@+XG\/
M_''49O!E]>)XLTWPM%XETU?#JW7B6]NE@U!'AC6\NDU"^N;XP17-U-9R3S'R
M(@]O;BW\B_8__8O_`&6_"_P8\1-\*?B;X0U+X;WOC/PH(;SP[<^&!::=J.D:
MQ:7NE:4VHV-FD]X\EQ)9P@:A<W=W()UQ,)YVD<`]=\&?\%-_!GQ1_:Y\%_"?
MP]8>+;N[\4Z%K&L7EW=^&-9TN;0)K&2P\NRO+>YM$:UDF@O3-FY,+(AL3L*Z
ME9/)J^&O^"GOP;\5_#/0?&5MXEUZV\->)BTNF7FH^$-:T]I;18K>5]5:*XM8
MY%TB..\M#+J;JME%]HCWSKN&*WAG]D;P8W[:>M?%OP[XWU^7Q98ZMJ,/B32+
M.\T^YT])-0T;P];/97,30&XB`MM$T>Z79-'('DW$O!-Y0\)_:4_8H^"_CJ3X
M(_`"\T'X@>(+WX)>%=-T2U\1VWAK0?$Q\,:1?@:;9MJ%KJMG<P2_;KC1MK7%
ME82/:BQE>62RM))FD`/T&HKS#XD?M0^$/AG\*]4\6W'B70;RQTT:G!#&FM:?
M:G4+S3HKN:\LXYKJ>&W$\*Z?>;Q).BQ"UN#*Z+%(ZX?PT_;M^&7Q8\3?&33=
M*\8:'$?@1JQTKQC/<:K;?9]+*V4=U)<.R2-Y<$>^>!WF\O9-87:$*86-`'M=
M%<A/\8O#:_#%O'*^)]!;P3_9?]MCQ`-1A&DII_D^;]M-UN,7V?R_W@ESLV98
MG:,CR.V_X*$Z9X@_94E^,'AWP-\0/$'ABSU36;"_MYDTSPY?Z1!I5Y>6EY?W
M::S>V<=K;I+8R$K-(MPBR)YD*;90@!]%T5\Z#_@HGX;L]4\$66K>&?'VA7/B
MG3-!U;58]0TR.VE\#KKUTUCH]MJD+2^<+BYOHYK39;I<"&6%WG\F+;(>A_9=
M_;7\,?M8/>C0++Q'IBQ:5IWB;3O[4@B3^VM"U/[1_9NL0^5))LM[K[)=;(;C
MR;J+R&\ZWAW1;P#VJBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*
M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`KQ
M#]L37/#,7A'P[H?Q`\">'O'/PZ\:^*-.\-^(8M;MXKNST_[3*T>GW$EG)%+]
MJ#ZO_9ELJJ/W1OEG;9';N]>WUXA^VM+X8\3_``OL?A]XC.OFX^+.I+X7T)M"
M2)-7L-0$,U^FH6DTO[NVN=.ALIM2CF;]Y&]@#"DMP887`/(_!GQ(^"7B'POK
M_P`'M3^&WPA\.?`313XIGM[/5;2WAT*_L_#U]I2:K?-ISV:6=K!;ZU>7T4IN
M)$826$=Q$D\5P9(-'4M2_92UOPKX1^(]U\.O"-YJ/@"ZM/"GABVF^%UQ)XN\
M,W-HAN[73++2#8'5K:6&#_3(X([=2EKF[5!`/-KR[1?#_P`)?$]H/A[8>"/B
M]\3!X5\!>,OAS9VJ7>E6D_Q7LY=9TG3_`!;=FXENK9UOX-1@@%U<W4E@]Q+=
M7,]L+G>KQX?QIC^&O[1W_!.KPWXE^)>D_'[QCHMSJFH?$"[\3^)-)\/:Y<^%
M[+3TET^XUR:`QR^')-/.G,Q@@L;:Y:[AN?MUI:W-P);M0#Z+_:&M/@Y\&?A5
MXW_:RT'X9_#'QIXR\*>"M0\9V'BO3].L1JFN06^DRNGE:LL4DGE36JK$)E:0
M>6^`'7Y:\Q_8M_:\\"?!SX#7_BOQ?JVO^*O$/C_Q])IESXF\-P7/CZW^(NL+
MH\4B7.E3:+I=NEW!!I>GI9RO;Z=;1Q3Z1=QR*\B23S^M^+_A[X-\3?"Z7]D?
M69O$.FZ?XL^%UYI%C>VEI8637^E10PZ7>M;);0K;6T]LMY9L4^R16_\`IL7D
MHRQ3Q04O'7Q?\'_%+]H'P]:>)-$^)N@:E\(;C6/'?AN;^Q&:'QDMC87.B:FU
MI9Q++?SQ6YUL*B&&"2Y>:VDM#=P$LP`VPU[]F2]_:=\4^/#HOPQL_BAX*M;R
M^U?QSJ/AF&QNTM[&$6-_/!K<\$:W,=DA%G>M;SRK9.ZP7'DL0AW_``9^T]X'
MU;7M!N?#6A7OA]_BGXRFT2^;Q)X2UCPIJ>JWT.@W%XUPEO>6"274@M--@B$L
MXAA\J!D6X=X([9_E?P;;?";]F;Q[\8OC)H7@[XO?#WQ%J":];_$:WM?"?A2X
MOOACYZ66MZAK5UJPAEENBL5[9WZ62ZCJ)9;DQP6#BS:"U]ZT/]D'X6_L1_!C
MP-<7GB3Q!;:'\(_%4WB[3W%O9VXO-0O=/O='CL[?3--LX[91,NI/'%9Z9:0O
M<7;HX6:YGF,X!ROPX_;;_9Y^%/[3&L1>!?`^F^&[/QYH6J^,_$'CG3?`][I4
M7C&>VU/2[:U%G,+%!XBDO9]<<P2V4MPSRRQ+&LQO(BV]\8OBU^R[XF\<?#?X
MA>*O`6G>/?'>IVMQ>>%=5L_A/J/BCQ+I*Z5>0BY&+;3Y[RPEL[^\C5XY4A>"
MYE="B2K(J_,OQ9^`?PPG_8M^'/Q$O_#W[1?Q;^"_B'X;6^F>#O"D:>#9(_A[
MIM[=:!J&E6*6MUY$^IW?VC3=*@M[:>75C<O;&"9+EKC9/[S^SGX?^&'[.7[3
M_P`/?AWI">+9[WX;6NO?#C3M831-%TC09-5UB.R\4W6E26FFV]MLO%T^P@NT
MGAM(K/RI)$>:6[8K0!W_`,$OVD?AC\7/VMM9^&'A;PAIUU:>"]!TWXH:)XFL
MM#EDT>\NM?EU19[VRNEMQ:L\T<SR"[AG<W7V_4%!S;W6/6_#W[)GPK\):QXA
MU'2?AG\/M,U#Q=JMMKNNW-IX=LX)M:U&VN3=V][<NL8,]Q%<DSI+(6=)274A
MN:^8O^"8>D?#C4/$MAJ'P[U?XFV-CX>^$7A'POIVG>(ETTVOB?PK!)J+>'O$
M:-!&TJ27`_M4&*26WD`!\^RA/E&OMV@#/T7PCI/AO4=6O-.TO3K"[U^[6_U.
M>VMDBDU&Y6"*W$\S*`9)!!!!$';+!(8USM10-"BB@`HHHH`****`"BBB@`HH
MHH`****`"BBB@`HHHH`****`"BBB@`KX7T/X-_#_`/:G\9?&3X?:M^TUH7CG
MXE^(-(TKPSKL'A"YT:'7M-T70=4NI$AU+3V-W;SSRW&HW5MJ!DMHK.>*=;<V
M,"LXD^Z*^%?@'\#_`(CW7Q6\!Z#J_P`.=<\,Z5\,OC/XY^),_B34-3TB;2]>
ML-5E\4K9QV26MY-=BX==>M)66Y@@58[><&3>L<<@`OBK_@F9+X5_9NLO!/BO
MXYC4M.G\?:KKW]M^+/#6D"]TV\U[5I9(+C1IX%MFT_7X;F]86=^A=4N;^<K9
MN'M;>T],\-_LH:;XP_:BD^)ND>.]-UCPS%XTN?&3:7:6\<]Q%XHMM$?PC<J;
MQ9O+^Q0V<;QR6?D^?'>1,YNMH-M7SQ\*_P!FK]HN[TWX@>%_$WAS7X_"MKX^
M^'/B#PU9ZKXM?7MHL/%\=[K<MOJ&HZO?7US!'86EDZO.NG^=Y9,>F6L[RK*E
MQ^S?^T1\-_BO\.]0\%:!K]E$/BIKNHZY<67BQY[+^PK_`,?ZA?SO<Z<^K6VG
M1!]'OGD29;'5+N1IS$RZ=+:03.`?57[1'[._CWQW\>_!7Q"^'GC?PEX3UKPA
MH6M>'I8?$/A&Y\0VMY;ZE/I4[,J0:C8O&\;Z4G):3(G;IBO`OCU^QOX$^!/[
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MEO?K#-IEK!`\44#010R).;N9C.+OBK]A+P%\1/VT[CXQ^*_#_A#QCKMIH.@Z
M3X?36/#MM=WGA>?3K[5+Q;^TNI=S0R2R7\/,2*5-BIR_'E^;?\%5OAY^T!XW
M;P/=_!?5O$%I8:1]O?4X/#\,,VJIJ+?93IM\L,^LZ3;W$%LJWHDMKJXGMII+
MB`2Z?=)F2V/BU\'?CCXJ_;D\3:EIW_"0WOP/U'PM=:9;:!_PFMQH3S^*GT]T
M75_M5J[7-GI+6C+8>7`6>+4/].33F8+J%`'/_&3_`(([P_%C]EKX*?#R#QZT
M5]\)/`,OPUN+N[@U>#2O$FE7%K86UXEQ;:7JVG7!,KZ7;'R9+N6`*TJ/#,QC
MEB[VV_X)T1V?_!0-OCG;>*S>:?=:L?$=UH&H#6)1;ZK_`&"-"%S:)#J4.G0D
MV2(A:XTVZN"))QYX$D(@\&\&?"W]IM?V#/%?A?7=)^+J>(#X]C'AJTT[5+1-
M4&A_V?:NPO+A_%_VXVXU`7I'E>)/M>_[,A'V$/9'[W^%>BWOACX9^'=,U&W>
MQU#3=,M+6XA&M7.NF&5(E5T-_=*MS>`,&'VF95EE!,CJKL30!\B_L_?L^?!&
M_P#^"BWB36O"GQB\`^*_$WAC5]8UV3P!INKP7&J>&+TO)')-.%NVG'V>^UOQ
M<["6$*6\3K&VQ;"RV>7:?X!^''AO]F7]JOXH:[^T!IO[0/P^^+'A^S^'NM:M
MX<\6Z;#=:5"9M1B;=J6JZN^CP7C#Q`LA@A-A91LJ&WLD^T)`?JRZ^"GBCQK\
M7?C;XJUW2&DOKC2D\&_#Y/\`A(9=)MY-*.GPW=Q/%>6OG7>FSW>JW,\4]S`J
MR>5HVFR"`M;1R3>*^$?A5\5/@5^RQIVC^"OA%XM32]+\910>`M!N]4T/6_%W
MPA\-C1/L<T]O-J6H264UU]H74HK8'4+A8+;6(=T<L%N^FD`]N^!_@7Q3^RE\
M!OAQ8:UKGP_LKG5O%=WJ?Q%NKN]DBLFU#7;J_O)K?1W=4)\S7]1M8;9+CYVM
M9&3+SE-V=\8O@WH7[47[6^A7.F_$3P@=9^#-WI]WK.CVEA97GBGPNTKK>0K:
M7D<BW6DIJ442P7L4\<Z7]C$(HQ;AI97\&_:]_8O^+'BW2?@9;_"SX9^#S\/_
M`(0VO@V3PWX1\1^-Y+'4O"M]9Z[IES<O<A;:^MIY+?3K"*TCNX;OSX8;S6=B
MWYN8XCW7P$_98^)O@+]HJ]O6L;'PU%X.MOB6NE>(=2:&_P!,UFZ\6>)[37K"
M2WM8;B.YDCLX;9X[R.X-H3*56WDF3-P@!R/[1_\`P3Y/QNU_5/@;!\>O`.B:
M3</XR\>:?X3F\/BY\8V__"3V6OZ;<7\DHU.-9;&*_P#$=VT>+*/(BMX#,9%>
M63JOB?\`LX^$OCMX"_:HN'^-O@]?"'B'QIIWB?4;[2KAK>3X<ZUX?L]($L.I
M:A;Z@DBQH^C6$\T<9L;BW1K@"XC+Q3P]%X8\#^-]9_;9TZ3QM\+-070_"=Y%
MK-AXR\.0Z/I^@:[K[Z`+"\U^_B;47U59%MY9]*M[0Q3+%$/-EN+H-;O8>/?L
MM?L5_%3X<?L6ZKX#\9>&K_Q1J7@?0/!NBZ#>M>:'8>([B]\/733B72KRWA%M
M/IEI(EM=Z1;ZRJ32W#W<=_Y4$Y8`'M_[/_Q4^$'_``3X_99\!Z/XS^-GPATK
M3O$_V_7=(URZ\2-IUCXH^V737\]];2ZMJE[<W.YKZ-WE-Y-O:?=\JNBKT4W[
M$+7/[*NK_#"3Q2TECX@\?WWBW5)FTX&#4M/O?%LNO7NC3P>9B6VN+>>;392^
M4DCFD9HF1FA/F'PT_90^(5C^R/\`#GX7>)8-1U?2O&'Q(UOQ!\1GOKJR_M1=
M"O-3UG7TM+U;95LIWN;IM,T_48+6.:VDBO=0BB7R"LZ?;6T9S@9ZT`?.7QR_
M8:/QI_:%M_&8\4OI6F:DWAG_`(2+2VTSSI[[_A&]9GUK2/L=QYD8MO\`3;B0
M7)DBN?/@"+']E<><5_8D_8C_`.&089FD\4/XG:Q\*Z%\/]"":6;$V?AW0C??
MV<ET#++]HO\`_B877GW<7DPS8A,=K#M;S/HL1*O15'X4;1Z#KGI0`M%%%`!1
M110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%
M%`!1110`4444`%%%%`!1110`4444`%%%%`!7B/[4GPSUWQ;X^^"7B/1[,7T'
MPZ\?'6]2M8YX89Y+.YT35=(,D7G.D;&!]3BG=2X)AMYO+$DOEP2>W4BQJA8J
MJJ6.3@8R<8_D!0!\B>,_^";-WXK^+_Q;^(5KXWT[PSX\\?>"M;\':%XJT+PO
M;Z;XBTM-3^S,MQ?WMM+&^IRV#6-HE@46V>""%T>6YE?[578_M'?LF>*?&K?#
M.R^&GB7P!X&\)_#I_.C\+:QX)FUG0KJXA-J-+G6"TU&PV?V?Y#F"%GD@5Y(9
M1$L]I:R1_16Q>3M'/M2&%&8,44LHP#CD#TH`\2\1_#;7/$7[?/@SQ@MHUKX:
M\'>`]=T.6[GGB#:A>:MJ.D3I';QAS(P@31I#,TJ1@_:[7RS.3-Y&%\*_V7OB
M/X+^*?Q3UO5_BAH&J0_$-KR.SU/3/![6OBC0HO/D_LRV%[<WMU920:=;S3)%
M`NGQQ23/)<2JTMQ=M<?11B0HRE%*MP1C@TIB4L"54E>AQR*`/B6X_P""4-Q<
M?`JS\#)XS\'Z+:R^(;C6I++0O`D%CHOA=Y;>&W6[\*VC7,DOA_5;?R'N+>Z2
MZG2.[O\`4KAK>5IHTM_JOP]\,]/\+^//$GB."X\0O?\`BA[8W<=[KM]=6,'D
MQ[%^S6<TC6UGE>7-M&GG/\TFYAFNO\I<YVKG`'3TZ4!0,8`&/:@#YS^'?[#1
M\&_`']G'X=W'BDZOI/P&_LG^T(Y-,_T;Q=_9FC7%A:K+$9"L0BOFM=0CW>;Y
M<UA`5Q(J3+*?V'<_M<#XBGQ03X>7Q7_PL`:-_9W^FCQ#_P`(Y_PC6[[9YFW^
MS_[-&?LGV;S?M7[W[5Y?^C5]#[1D'`R/:C:,8P,8QTH`^=/V)/V)#^R#!.TO
MBA_$YLO"NA?#[0PFEFQ-IX=T+[<-.2Z!EE^T7_\`Q,+KS[N+R89L0F.UA"MY
MGT92;1Z#KGI2T`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`444
M4`%%%%`!7Y5?M`_'/XEZ?_P2O_9^\>Z)X^U1OB/XL^'$WBNTL+_7M3T>3Q/X
MROK"UO[:2UG@AEBO[U+N6[2U\+2@6=^EVZ+$L.G(D?ZJUQWPE^&>A_!KP'9>
M&O#.GC2M`TLRK96,<TCQ6$32LZP0B0D1PQAO+B@3$5O&L4$2I%&B@`^5;6+1
M/A_^T'^T]\2)OB'\2_!?@;X4^'[C1]<GE\5ZIKT=AJ=S8P:[J&K6^F7SWME&
MEI97&F"R2WMHP'?4XGMI8?LU<EI_QE,G_!(;]H'X@>`OB@?$$?A72M:\5>$!
MIOCX>+K_`,"36&F17MKIU]K*W5RU_/\`:8A>3PSRSP*M[)8[[JQCC>;]!PBC
M!"@$>U<?\6/AIHGQC\!7_AKQ+I_]J:!JYC6_L'FE2+4(EE1V@G$9`EADV^7+
M`^8KB,R0RJ\4C*0#YF_X*G?&GPK\.#X%T#5_C&GPB\7>)SJ$_AK4[_Q9#X9T
M+3)X/LPDUN^>1X_[16Q\Z,1:0TDD%])=JEQ`T"->6.#^T-\3;W0_^"@=MI.D
M_$#Q[IMS+IEV=<M=$FN]9UG2-.CT*]G62U\,M8FT>P6[6VFCUQ([^XDU1UTG
MRWAE:"#[F,2'JBGG/3OC&?RH6%$)(1`2`#@#G'2@#XY_X)V_&S7;_P"#6J2Z
M=9^(/B9X<N/'R:+I%SH/C!/%^D:/ITFGV<EQ=VWB'59X+O7-/BO'NC).4>XA
MN)+FSB@>*Q20[7PWT7Q3K_[>W[0?A#QAXW\1:YX>UKP'X8OK&QL9I=$MO#L-
MYJ/BJS9+(PR+-!<&WM;4RW:S>?+-'YB-#&MO;0?5IC4@@JI!Z\=:!$H.0J@C
M/;UZT`?FOX'U6/PQ^QI\'O%_B+XB>/\`PY\'OC7\0)/%'B34]8^(>KQ2^%/"
MEYH.H3:'9RZY<7;WVG%[BTT$W`2_VMJ%Y<6\<C6]S'"U6Q^._P`6KO7O@/-X
MW\1^+]&^)VI>"_A3>:9H,OFZ1)KVIW^M20>.@^EQ^7%?26NEK%+<12V\@TI'
M6XC%F[F4_IEY2YSM7.,=/\^IH\I<YVKG.>G?UH`&C5V!*J2.A(Y'3_`?E2&%
M#C**<9QQZ]:=10`FQ=V[:-WKCG_/)I/*3CY%X]O\^@IU%`"-$KE2RJ2IR"1G
M!QC-`C4$D*H)Z\>^?YTM%`#5A1"2J*I)SP,<XQG\N*=110`4444`%%%%`!11
M10`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%
M`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`
M%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4
MWRD(P44CZ4ZB@`IOE(!@(H'TIU%`!1110`4444`%%%%`!1110`4444`%%%%`
M!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%
M%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`44
M44`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!111
M0`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`
M!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%
M%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`44
M44`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!111
(0`4444`?_]D_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
