<SEC-DOCUMENT>0000059255-18-000039.txt : 20180404
<SEC-HEADER>0000059255-18-000039.hdr.sgml : 20180404
<ACCEPTANCE-DATETIME>20180404161956
ACCESSION NUMBER:		0000059255-18-000039
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20180404
DATE AS OF CHANGE:		20180404
EFFECTIVENESS DATE:		20180404

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:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-48391
		FILM NUMBER:		18737426

	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>
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<TYPE>DEFA14A
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<DESCRIPTION>VALHI, INC. SCHEDULE 14A DEFINITIVE ADDITIONAL MATERIALS
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">UNITED STATES</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">SECURITIES AND EXCHANGE COMMISSION</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">Washington, D.C.&#160;&#160; 20549</div>

<div style="FONT-SIZE: 18pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">SCHEDULE 14A</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; MARGIN-TOP: 6pt">Proxy Statement Pursuant to Section&#160;14(a) of the</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Securities Exchange Act of 1934</div>

<div style="TEXT-ALIGN: justify; MARGIN-TOP: 6pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Filed by Registrant:</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 180pt; DISPLAY: inline-block">&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">&#253;</font></div>

<div style="TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Filed by a Party other than the Registrant:&#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><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#9744;</font></div>

<div style="MARGIN-BOTTOM: 4pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-TOP: 4pt">Check the appropriate box:</div>

<div style="TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#9744;</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 36pt; DISPLAY: inline-block">&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Preliminary Proxy Statement</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Confidential, for Use of the Commission Only (as permitted by Rule&#160;14a&#8209;6(e)(2))</div>
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<div style="TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#9744;</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 36pt; DISPLAY: inline-block">&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Definitive Proxy Statement</font></div>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Wingdings; WIDTH: 35.1pt; VERTICAL-ALIGN: top; align: right">&#253;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Definitive Additional Materials</div>
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<div style="MARGIN-BOTTOM: 6pt; TEXT-ALIGN: justify">
<table id="z9e5139aaa6f84dffb904dc2148e248c3" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">&#9744;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Soliciting Material Pursuant to &#167; 240.14a-12</div>
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<div style="FONT-SIZE: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: center">Valhi, Inc.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">(Name of Registrant as Specified in Its Charter)</div>

<div style="MARGIN-TOP: 6pt"><br>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">(Name of Person(s) Filing Proxy Statement, if other than the Registrant)</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-TOP: 6pt">Payment of Filing Fee (Check the appropriate box):</div>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Wingdings; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">&#253;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">No fee required.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0&#8209;11.</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">1)</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Title of each class of securities to which transaction applies:</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">2)</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Aggregate number of securities to which transaction applies:</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">3)</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule&#160;0&#8209;11 (set forth the amount on which the filing fee is calculated and state how it was determined):</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">4)</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Proposed maximum aggregate value of transaction:</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">5)</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Total fee paid:</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Fee paid previously with preliminary materials.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Check box if any part of the fee is offset as provided by Exchange Act Rule&#160;0-11(a)(2) and identify the filing for which the offsetting fee was paid previously.&#160; Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">1)</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Amount Previously Paid:</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">2)</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Form, Schedule or Registration Statement No.:</div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">3)</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Filing Party:</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 36pt">4)</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Date Filed:</div>
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<div style="FONT-SIZE: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #231f20; TEXT-ALIGN: center; MARGIN-LEFT: 20.1pt; MARGIN-TOP: 2.75pt; MARGIN-RIGHT: 19.05pt">Important Notice Regarding the Internet Availability of Proxy Materials for the</div>

<table id="zc8ca3707e9dd4af58b247797083087db" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<div style="FONT-SIZE: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #231f20; TEXT-ALIGN: center; MARGIN-LEFT: 80.45pt; MARGIN-RIGHT: 79.4pt">Annual Meeting of Stockholders to be held on May 24, 2018</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #231f20; TEXT-ALIGN: center; MARGIN-LEFT: 124pt; MARGIN-TOP: 0.15pt; MARGIN-RIGHT: 123pt">5430 LBJ Freeway, Suite 1700, Dallas, Texas 75240-2697</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; MARGIN-RIGHT: 36.5pt">VALHI, INC.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #231f20; TEXT-ALIGN: justify; MARGIN-RIGHT: 3.45pt">This communication presents only an overview of the more complete proxy materials that are available to you on the Internet. We encourage you to access and review all of the important information contained in the proxy materials before voting.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #231f20; TEXT-ALIGN: justify; MARGIN-RIGHT: 3.65pt">The Notice of Annual Meeting and Proxy Statement and 2017 Annual Report to Stockholders are available at:</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #231f20; TEXT-ALIGN: justify; MARGIN-RIGHT: 58pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>http://www.viewproxy.com/Valhi/2018</u></font>.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #231f20; TEXT-ALIGN: justify; MARGIN-RIGHT: 3.5pt">If you want to receive a paper or e-mail copy of these documents, you must request one. There is no charge to you for requesting a copy. Please make your request for a copy as instructed below on or before May 16, 2018 to facilitate timely delivery.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #231f20; TEXT-ALIGN: justify; MARGIN-RIGHT: 3.45pt">Important information regarding the Internet availability of the Company's proxy materials, instructions for accessing your proxy materials and voting online and instructions for requesting paper or e-mail copies of your proxy materials are provided on the reverse side of this Notice.</div>

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<div style="FONT-SIZE: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #231f20; TEXT-ALIGN: left; MARGIN-LEFT: 5.4pt">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #231f20; TEXT-ALIGN: left; MARGIN-LEFT: 37.95pt; MARGIN-TOP: 1.55pt">STOCKHOLDERS ARE CORDIALLY INVITED TO ATTEND THE ANNUAL MEETING AND VOTE IN PERSON.</div>

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<div style="FONT-SIZE: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #231f20; TEXT-ALIGN: left; MARGIN-LEFT: 5.4pt"><br>
 &#160;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #231f20; TEXT-ALIGN: justify; MARGIN-LEFT: 12.5pt; MARGIN-TOP: 1.55pt; MARGIN-RIGHT: 357.95pt">To the Stockholders of Valhi, Inc.:</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #231f20; TEXT-ALIGN: justify; MARGIN-LEFT: 12.5pt; MARGIN-TOP: 4.5pt; MARGIN-RIGHT: 9.85pt">Notice is hereby given that the&#160; Annual Meeting of Stockholders of Kronos Worldwide, Inc. will be held on May 24, 2018 at Valhi, Inc.'s corporate offices at Three Lincoln Centre, 5430 LBJ Freeway, Suite 1700, Dallas,Texas 75240-2697 for the following purposes:</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #231f20; TEXT-ALIGN: left; MARGIN-LEFT: 5.25pt">&#160;&#160;&#160;&#160;1.&#160;&#160;&#160;&#160;&#160; Director Nominees:</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #231f20; TEXT-ALIGN: left; MARGIN-LEFT: 5.25pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 01 Thomas E. Barry</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #231f20; TEXT-ALIGN: left; MARGIN-LEFT: 6.55pt">02 Loretta J. Feehan</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #231f20; TEXT-ALIGN: left; MARGIN-LEFT: 6.7pt">03 Robert D. Graham</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #231f20; TEXT-ALIGN: left; MARGIN-LEFT: 7.55pt">04 Terri L. Herrington</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #231f20; TEXT-ALIGN: left; MARGIN-LEFT: 5.25pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 05 W. Hayden McIlroy</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #231f20; TEXT-ALIGN: left; MARGIN-LEFT: 6.55pt">06 Mary A. Tidlund</div>
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<div style="TEXT-ALIGN: left; MARGIN-LEFT: 36.5pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #231f20">2.</font><font style="FONT-SIZE: 1px; WIDTH: 17.5pt; DISPLAY: inline-block">&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #231f20">Nonbinding advisory vote approving named executive officer compensation.</font></div>

<div style="TEXT-ALIGN: left; MARGIN-LEFT: 36.5pt; MARGIN-TOP: 4.65pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #231f20">3.</font><font style="FONT-SIZE: 1px; WIDTH: 17.5pt; DISPLAY: inline-block">&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #231f20">In their discretion, the proxies are authorized to vote upon such other business as may properly come before the</font></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #231f20; TEXT-ALIGN: left; MARGIN-LEFT: 54.5pt">Meeting and any adjournment or postponement thereof.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #231f20; TEXT-ALIGN: left; MARGIN-LEFT: 117.2pt">The Board recommends a vote <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; FONT-WEIGHT: bold; COLOR: #231f20; FONT-STYLE: normal">FOR</font> all nominees listed and <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; FONT-WEIGHT: bold; COLOR: #231f20; FONT-STYLE: normal">FOR</font> Proposal 2.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #231f20; TEXT-ALIGN: center; MARGIN-LEFT: 11.55pt; MARGIN-RIGHT: 11.65pt">Proxy materials for this annual meeting and future meetings may be requested by one of the following methods:</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #ffffff; TEXT-ALIGN: center; MARGIN-LEFT: 49.4pt">INTERNET TELEPHONE</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #231f20; TEXT-ALIGN: left; MARGIN-RIGHT: 9.7pt">To view your proxy materials online, go to <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>http://www.viewproxy.com/Valhi/2018</u></font>. Have the 11 digit control number available when you access the website and follow the instructions.</div>

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<div style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #231f20">877-777-2857&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #231f20">TOLL FREE</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; MARGIN-RIGHT: 36.5pt">E-MAIL</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #231f20; TEXT-ALIGN: left">requests@viewproxy.com</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #231f20; TEXT-ALIGN: left">* If requesting material by e-mail, please send a blank e-mail with the company name and your</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #231f20; TEXT-ALIGN: left; MARGIN-LEFT: 5.9pt; MARGIN-RIGHT: 8.65pt">11 digit control number (located below) in the subject line. No other requests, instructions or other inquiries should be included with your e-mail requesting proxy materials.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #231f20; TEXT-ALIGN: left; MARGIN-LEFT: 104.15pt">You must use the 11 digit control number located in the box below.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #231f20; TEXT-ALIGN: left; MARGIN-LEFT: 104.15pt">&#160;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #231f20; TEXT-ALIGN: center">CONTROL NO.</div>
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<div style="FONT-SIZE: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #231f20; TEXT-ALIGN: center; MARGIN-LEFT: 178.05pt; MARGIN-TOP: 1.35pt; MARGIN-RIGHT: 178.4pt">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #231f20; TEXT-ALIGN: center; MARGIN-LEFT: 112pt; MARGIN-TOP: 3.55pt; MARGIN-RIGHT: 111pt">5430 LBJ Freeway, Suite 1700, Dallas, Texas 75240-2697</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #231f20; TEXT-ALIGN: center; MARGIN-LEFT: 100.2pt; MARGIN-RIGHT: 98.25pt">The following proxy materials are available to you to review at:</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #231f20; TEXT-ALIGN: center; MARGIN-LEFT: 131.15pt; MARGIN-TOP: 0.2pt; MARGIN-RIGHT: 129.199pt">http://www.viewproxy.com/Valhi/2018</div>

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<div style="MARGIN-TOP: 0.2pt; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; COLOR: #000000">&#183;</font><font style="FONT-SIZE: 1px; WIDTH: 9pt; DISPLAY: inline-block">&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">2017 Annual Report</font></div>

<div style="MARGIN-TOP: 0.2pt; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; COLOR: #000000">&#183;</font><font style="FONT-SIZE: 1px; WIDTH: 9pt; DISPLAY: inline-block">&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">Notice of Annual Meeting and Proxy Statement</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #231f20; TEXT-ALIGN: center; MARGIN-LEFT: 129.3pt; MARGIN-RIGHT: 128.3pt"><u>ACCESSING YOUR PROXY MATERIALS ONLINE</u></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #231f20; TEXT-ALIGN: center; MARGIN-LEFT: 95.45pt; MARGIN-RIGHT: 94.4pt">Have this notice available when you request a paper copy of the </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #231f20; TEXT-ALIGN: center; MARGIN-LEFT: 95.45pt; MARGIN-RIGHT: 94.4pt">proxy materials or to vote your proxy electronically.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #231f20; TEXT-ALIGN: center; MARGIN-LEFT: 42.35pt; MARGIN-RIGHT: 41.35pt">You must reference your control number to vote by Internet or request a hard copy.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #231f20; TEXT-ALIGN: center; MARGIN-LEFT: 61.95pt; MARGIN-RIGHT: 60.95pt">You May Vote Your Proxy When You View The Material On The Internet.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #231f20; TEXT-ALIGN: center; MARGIN-LEFT: 84.05pt; MARGIN-TOP: 0.2pt; MARGIN-RIGHT: 83.05pt">You Will Be Asked To Follow The Prompts To Vote Your Shares.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #231f20; TEXT-ALIGN: center; MARGIN-LEFT: 24.7pt; MARGIN-RIGHT: 22.75pt">Your electronic vote authorizes the named proxies to vote your shares in the same manner </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #231f20; TEXT-ALIGN: center; MARGIN-LEFT: 24.7pt; MARGIN-RIGHT: 22.75pt">as if you marked, signed, dated and returned the proxy card.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #231f20; TEXT-ALIGN: center; MARGIN-LEFT: 3.3pt; MARGIN-RIGHT: 2.25pt">Internet and telephone voting is available through 11:59 P.M. Eastern Daylight Time on May 23, 2018.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #231f20; TEXT-ALIGN: center; MARGIN-LEFT: 98pt; MARGIN-RIGHT: 97pt"><u>REQUESTING A PAPER COPY OF THE PROXY MATERIALS</u></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #231f20; TEXT-ALIGN: center; MARGIN-LEFT: 135.4pt; MARGIN-RIGHT: 134.35pt">By telephone please call <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">1-877-777-2857 </font>toll free </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #231f20; TEXT-ALIGN: center; MARGIN-LEFT: 135.4pt; MARGIN-RIGHT: 134.35pt">or</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #231f20; TEXT-ALIGN: center; MARGIN-LEFT: 86.15pt; MARGIN-RIGHT: 85.15pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">By logging onto </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">http://www.viewproxy.com/Valhi/2018</font></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #231f20; TEXT-ALIGN: center; MARGIN-LEFT: 262.65pt; MARGIN-TOP: 4.2pt; MARGIN-RIGHT: 261.649pt">or</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #231f20; TEXT-ALIGN: center; MARGIN-LEFT: 165.8pt; MARGIN-TOP: 0.2pt; MARGIN-RIGHT: 164.8pt">By email at: <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">requests@viewproxy.com</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #231f20; TEXT-ALIGN: center; MARGIN-LEFT: 37.5pt; MARGIN-RIGHT: 36.5pt">Please include the company name and your control number in the e-mail subject line.</div>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
