<SEC-DOCUMENT>0000024240-19-000013.txt : 20190425
<SEC-HEADER>0000024240-19-000013.hdr.sgml : 20190425

<ACCEPTANCE-DATETIME>20190311162925

<PRIVATE-TO-PUBLIC>

ACCESSION NUMBER:		0000024240-19-000013

CONFORMED SUBMISSION TYPE:	S-3

PUBLIC DOCUMENT COUNT:		7

FILED AS OF DATE:		20190311

DATE AS OF CHANGE:		20190328


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:		S-3

		SEC ACT:		1933 Act

		SEC FILE NUMBER:	333-230189

		FILM NUMBER:		19672636



	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>S-3
<SEQUENCE>1
<FILENAME>forms3valhi.htm
<DESCRIPTION>VALHI, INC. FORM S-3
<TEXT>
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    <div style="text-align: center; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: bold;">As filed with the Securities and Exchange Commission on March 11, 2019</div>
    <div style="text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">REGISTRATION NO. 333-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
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    <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">UNITED STATES</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Washington, D.C. 20549</font></div>
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    <div style="text-align: center; margin-top: 2.25pt;"><font style="font-size: 14pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">FORM S-3</font></div>
    <div style="text-align: center;"><font style="font-size: 14pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">&#160;</font><font style="font-size: 14pt;">REGISTRATION




          STATEMENT UNDER THE SECURITIES ACT OF 1933</font></font></div>
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    <div style="text-align: center; margin-top: 2.25pt;"><font style="font-size: 14pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">VALHI, INC.</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">(Exact name of registrant as specified in its charter)</font></div>
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      <div style="text-align: center; margin-right: 216pt; margin-left: 216pt; margin-top: 2.25pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">&#160;</font></div>
    </div>
    <div style="text-align: left;"><font style="font-family: &quot;Times New Roman&quot;,serif; font-size: 2.5pt;">&#160;</font></div>
    <table cellspacing="0" cellpadding="0" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; width: 100%;" id="z9891b0e34b104b36b09a302cd8a67e1b">

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          <td style="width: 50%; vertical-align: middle;">&#160;</td>
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            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Delaware</font></div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">87-0110150</font></div>
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            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">(State or other jurisdiction of</font></div>
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">incorporation or organization)</font></div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">(I.R.S. Employer</font></div>
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Identification Number)</font></div>
          </td>
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    </table>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Three Lincoln Centre</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">5430 LBJ Freeway, Suite 1700</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Dallas, Texas&#160; 75240-2697</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">(972) 233-1700</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">&#160;(Address, including zip code, and telephone number, including area code, of registrant&#8217;s principal executive
        offices)</font></div>
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      <div style="text-align: center; margin-right: 216pt; margin-left: 216pt; margin-top: 2.25pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">&#160;</font></div>
    </div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Andrew B. Nace</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Executive Vice President, General Counsel and Secretary</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Valhi, Inc.</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Three Lincoln Centre</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">5430 LBJ Freeway, Suite 1700</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Dallas, Texas&#160; 75240-2697</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">(972) 233-1700</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">&#160;(Name, address, including zip code, and telephone number, including area code, of agent for service)</font></div>
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      <div style="text-align: center; margin-right: 216pt; margin-left: 216pt; margin-top: 2.25pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">&#160;</font></div>
    </div>
    <div style="text-align: center; margin-top: 2.25pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-style: italic;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;
          font-weight: bold;">Copy to:</font></font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Don M. Glendenning</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Eugene W. McDermott, Jr.</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Locke Lord LLP</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">2200 Ross Avenue</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Suite 2800</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Dallas, TX 75201</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">(214) 740-8000</font></div>
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      <div style="text-align: center; margin-right: 216pt; margin-left: 216pt; margin-top: 2.25pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">&#160;</font></div>
    </div>
    <div style="margin-top: 2.25pt;"><br>
    </div>
    <div style="text-align: left; text-indent: 18.35pt; margin-top: 2.25pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;
          font-weight: bold;">Approximate date of commencement of proposed sale to the public: </font>&#160;<font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">From time to time after the effective date of this registration
          statement.</font></font></div>
    <div style="text-align: left; text-indent: 18.35pt; margin-top: 2.25pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">If the only securities being registered on this form are being offered pursuant to dividend or
        interest reinvestment plans, please check the following box.&#160;&#160;<font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">&#9744;</font></font></div>
    <div style="text-align: left; text-indent: 18.35pt; margin-top: 2.25pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">If any of the securities being registered on this form are to be offered on a delayed or
        continuous basis pursuant to Rule&#160;415 under the Securities Act of 1933, other than securities offered only in connection with dividend or interest reinvestment plans, check the following box.&#160;&#160;<font style="font-size: 10pt; font-family: &quot;Times
          New Roman&quot;,Times,serif;">&#9746;</font></font></div>
    <div style="text-align: left; text-indent: 18.35pt; margin-top: 2.25pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">If this form is filed to register additional securities for an offering pursuant to
        Rule&#160;462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.&#160;&#160;<font style="font-size: 10pt; font-family:
          &quot;Times New Roman&quot;,Times,serif;">&#9744;</font></font></div>
    <div style="text-align: left; text-indent: 18.35pt; margin-top: 2.25pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">If this form is a post-effective amendment filed pursuant to Rule&#160;462(c) under the Securities
        Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.&#160;&#160;<font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">&#9744;</font></font></div>
    <div style="text-align: left; text-indent: 18.35pt; margin-top: 2.25pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">If this form is a registration statement pursuant to General Instruction I.D. or a
        post-effective amendment thereto that shall become effective upon filing with the Commission pursuant to Rule&#160;462(e) under the Securities Act, check the following box.&#160;&#160;<font style="font-size: 10pt; font-family: &quot;Times New
          Roman&quot;,Times,serif;">&#9744;</font></font></div>
    <div style="text-align: left; text-indent: 18.35pt; margin-top: 2.25pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">If this form is a post-effective amendment to a registration statement pursuant to General
        Instruction I.D. filed to register additional securities or additional classes of securities pursuant to Rule&#160;413(b) under the Securities Act, check the following box.&#160;&#160;<font style="font-size: 10pt; font-family: &quot;Times New
          Roman&quot;,Times,serif;">&#9744;</font></font></div>
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    </div>
    <div style="text-align: left; text-indent: 18.35pt; margin-bottom: 6pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Indicate by check mark<font style="font-size: 10pt; font-family: &quot;Times New
          Roman&quot;,Times,serif; font-weight: bold;">&#160;</font>whether the registrant is a large accelerated filer, an accelerated filer, a non&#8209;accelerated filer, a smaller reporting company, or an emerging growth company.&#160; See the definitions of &#8220;large
        accelerated filer,&#8221; &#8220;accelerated filer,&#8221; &#8220;smaller reporting company&#8221; and &#8220;emerging growth company&#8221; in Rule 12b-2 of the Exchange Act.</font></div>
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      <div style="margin-bottom: 6pt;"><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z4e2f958c7e954ec9918d482bca281cf7" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 20.55%; vertical-align: middle;">
              <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Large accelerated filer</div>
            </td>
            <td style="width: 3.92%; vertical-align: middle;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#9744;</font></div>
            </td>
            <td style="width: 39.25%; vertical-align: middle;">&#160;</td>
            <td style="width: 27.17%; vertical-align: middle;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Accelerated filer</font></div>
            </td>
            <td style="width: 9.12%; vertical-align: middle;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: Wingdings;">&#253;</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 20.55%; vertical-align: middle;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Non-accelerated filer</font></div>
            </td>
            <td style="width: 3.92%; vertical-align: middle;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#9744;</font></div>
            </td>
            <td style="width: 39.25%; vertical-align: middle;">&#160;</td>
            <td style="width: 27.17%; vertical-align: middle;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Smaller reporting company</font></div>
            </td>
            <td style="width: 9.12%; vertical-align: middle;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#9744;</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 20.55%; vertical-align: middle;">&#160;</td>
            <td style="width: 3.92%; vertical-align: middle;">&#160;</td>
            <td style="width: 39.25%; vertical-align: middle;">&#160;</td>
            <td style="width: 27.17%; vertical-align: middle;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Emerging growth company</font></div>
            </td>
            <td style="width: 9.12%; vertical-align: middle;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#9744;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: left; margin-top: 2.25pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"> <br>
      </font></div>
    <div style="text-align: left; margin-top: 2.25pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended
        transition period for complying with any new or revised financial accounting standards provided pursuance to Section 7(a)(2)(B) of the Securities Act.<font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">&#9744;</font></font></div>
    <div>
      <div><br>
      </div>
    </div>
    <div style="text-align: center; margin-top: 6pt; margin-bottom: 6pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">CALCULATION OF REGISTRATION FEE</font></div>
    <table cellspacing="0" cellpadding="0" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; width: 100%;" id="zf8bf4f03cac648d99aadb001687f86bf">

        <tr>
          <td style="width: 24.93%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Title of Each Class of Securities to be Registered</font></div>
          </td>
          <td style="width: 15.22%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Amount to be Registered</font></div>
          </td>
          <td style="width: 20.6%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Proposed Maximum Offering Price Per Share (1)</font></div>
          </td>
          <td style="width: 21.49%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Proposed Maximum Aggregate Offering Price (1)</font></div>
          </td>
          <td style="width: 17.76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Amount of Registration Fee</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.93%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Common Stock, $.01 par value per share</font></div>
          </td>
          <td style="width: 15.22%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">14,372,970 shares (2)</font></div>
          </td>
          <td style="width: 20.6%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">$3.85</font></div>
          </td>
          <td style="width: 21.49%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">$55,335,935</font></div>
          </td>
          <td style="width: 17.76%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">$6,707</font></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: left;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7f5cc640956e412d98a15de5b8949faf">

            <tr>
              <td style="width: 36pt; vertical-align: top;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">(1)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Estimated solely for the purpose of calculating the amount of the registration fee pursuant to Rule&#160;457(c) of the Securities Act. The price per share
                    and aggregate offering price are based upon the average of the high and low asked prices of the registrant&#8217;s common stock on March 4, 2019, as reported on the New York Stock Exchange.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left;">
      <div>
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              <td style="width: 36pt; vertical-align: top;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">(2)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">In accordance with Rule&#160;416 under the Securities Act, we are also registering an indeterminate number of additional shares of common stock that may be
                    issued from time to time as a result of stock splits, stock dividends and similar events.</font></div>
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      </div>
    </div>
    <div style="text-align: left; text-indent: 18.35pt; margin-top: 2.25pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">The registrant hereby amends this registration statement on such date or
        dates as may be necessary to delay its effective date until the registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with section 8(a) of the securities
        act of 1933 or until the registration statement shall become effective on such date as the commission, acting pursuant to said section 8(a), may determine.</font></div>
    <div>
      <div><br>
      </div>
      <div style="text-align: center; margin-top: 2.25pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">&#160;</font></div>
    </div>
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    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">The information in this prospectus is not complete and may be changed. The selling stockholders may not sell these
        securities until the registration statement filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and is not soliciting an offer to buy these securities in any state where the offer
        or sale is not permitted.</font></div>
    <div><br>
    </div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">SUBJECT TO COMPLETION, DATED MARCH 11, 2019</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">&#160;</font></div>
    <div style="text-align: left; margin-top: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">PROSPECTUS</font></div>
    <div style="text-align: center; margin-top: 9pt;"><font style="font-size: 18pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">VALHI, INC.</font></div>
    <div style="text-align: center; margin-top: 9pt;"><font style="font-size: 14pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">14,372,970 Shares</font></div>
    <div style="text-align: center; margin-top: 9pt;"><font style="font-size: 14pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">COMMON STOCK</font></div>
    <div>
      <div><br>
      </div>
      <div style="text-align: center; margin-right: 216pt; margin-left: 216pt; margin-top: 18pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">&#160;</font></div>
    </div>
    <div style="text-align: left; text-indent: 24.5pt; margin-top: 18pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">This prospectus relates to the resale, from time to time, of up to 14,372,970&#160;shares of our
        common stock, $.01 par value, by our majority-owned subsidiary NL Industries, Inc. (&#8220;NL&#8221;) and by NL&#8217;s wholly -owned subsidiary NL Environmental Management Services, Inc. We will not receive any proceeds from the sale of the shares of common stock
        by the selling stockholders. The selling stockholders have agreed to reimburse us for our expenses of registration of the common stock offered hereby.</font></div>
    <div style="text-align: left; text-indent: 24.5pt; margin-top: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">One or both selling stockholders may offer shares of our common stock, from time to time, in a
        number of different ways and at varying prices. For more information on possible methods of offer and sale by the selling stockholders, you should refer to the section of this prospectus entitled &#8220;Plan of Distribution.&#8221;</font></div>
    <div style="text-align: left; text-indent: 24.5pt; margin-top: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Our common stock trades on the New York Stock Exchange (the &#8220;NYSE&#8221;) under the symbol &#8220;VHI.&#8221;&#160; On
        March 8, 2019, the last reported sale price of our common stock on the NYSE was <font style="background-color: rgb(255, 255, 255); font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: normal; color: rgb(0, 0, 0);
          font-style: normal; font-variant: normal; text-transform: none;">$4.04</font> per share.</font></div>
    <div style="margin-top: 9pt;"><br>
    </div>
    <div style="text-align: left; margin-top: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">INVESTING IN THESE SECURITIES INVOLVES CERTAIN RISKS. YOU SHOULD CAREFULLY REVIEW THE RISKS AND
        UNCERTAINTIES REFERENCED UNDER THE HEADING &#8220;RISK FACTORS&#8221; IN THIS PROSPECTUS AS WELL AS THOSE IN ANY SIMILAR SECTION CONTAINED IN ANY APPLICABLE PROSPECTUS SUPPLEMENT OR FREE WRITING PROSPECTUS, AND IN THE OTHER DOCUMENTS THAT ARE INCORPORATED BY
        REFERENCE INTO THIS PROSPECTUS OR ANY APPLICABLE PROSPECTUS SUPPLEMENT.</font></div>
    <div style="margin-top: 9pt;"><br>
    </div>
    <div style="text-align: left; text-indent: 24.5pt; margin-top: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Neither the Securities and Exchange Commission nor any state securities
        commission has approved or disapproved of these securities or determined if this prospectus or any accompanying prospectus supplement is truthful or complete. Any representation to the contrary is a criminal offense.</font></div>
    <div style="text-align: center; margin-top: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">_______________</font></div>
    <div style="margin-top: 9pt;"><br>
    </div>
    <div style="text-align: center; margin-top: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">The date of this prospectus is &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;, 2019</font></div>
    <div><br>
    </div>
    <div><br>
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    <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">TABLE OF CONTENTS</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">&#160;</font></div>
    <table cellspacing="0" cellpadding="0" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; width: 100%;" id="z544093fbfe424ae2b8f4bbeb13fe45bc">

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          <td style="width: 92.42%; vertical-align: middle;">&#160;</td>
          <td style="width: 7.58%; vertical-align: middle;">&#160;</td>
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          <td style="width: 92.42%; vertical-align: bottom;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">&#160;</font></div>
          </td>
          <td style="width: 7.58%; vertical-align: bottom;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Page</font></font></div>
            <div>
              <div>&#160;</div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">&#160;</font></div>
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            <div style="text-align: left; text-indent: -12pt; margin-left: 12pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">About this Prospectus</font><font style="display: inline-block; text-indent: 0px;
                font-size: 1px; width: 429pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
          </td>
          <td style="width: 7.58%; vertical-align: bottom;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">1</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 26pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
          </td>
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            <div style="text-align: left; text-indent: -12pt; margin-left: 12pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Valhi, Inc.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px;
                width: 429pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
          </td>
          <td style="width: 7.58%; vertical-align: bottom;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">1</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 26pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 92.42%; vertical-align: top;">
            <div style="text-align: left; text-indent: -12pt; margin-left: 12pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Risk Factors</font><font style="display: inline-block; text-indent: 0px; font-size: 1px;
                width: 429pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
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          <td style="width: 7.58%; vertical-align: bottom;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">2</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 26pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
          </td>
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          <td style="width: 92.42%; vertical-align: top;">
            <div style="text-align: left; text-indent: -12pt; margin-left: 12pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Forward-Looking Statements</font><font style="display: inline-block; text-indent: 0px;
                font-size: 1px; width: 429pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
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          <td style="width: 7.58%; vertical-align: bottom;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">3</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 26pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
          </td>
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            <div style="text-align: left; text-indent: -12pt; margin-left: 12pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Use of Proceeds</font><font style="display: inline-block; text-indent: 0px; font-size:
                1px; width: 429pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
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          <td style="width: 7.58%; vertical-align: bottom;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">3</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 26pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
          </td>
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            <div style="text-align: left; text-indent: -12pt; margin-left: 12pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Selling Stockholders</font><font style="display: inline-block; text-indent: 0px;
                font-size: 1px; width: 429pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
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          <td style="width: 7.58%; vertical-align: bottom;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">3</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 26pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
          </td>
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            <div style="text-align: left; text-indent: -12pt; margin-left: 12pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Plan of Distribution</font><font style="display: inline-block; text-indent: 0px;
                font-size: 1px; width: 429pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
          </td>
          <td style="width: 7.58%; vertical-align: bottom;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">6</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 26pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
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            <div style="text-align: left; text-indent: -12pt; margin-left: 12pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Legal Matters</font><font style="display: inline-block; text-indent: 0px; font-size: 1px;
                width: 429pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">7</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 26pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
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            <div style="text-align: left; text-indent: -12pt; margin-left: 12pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Experts</font><font style="display: inline-block; text-indent: 0px; font-size: 1px;
                width: 429pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">7</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 26pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
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            <div style="text-align: left; text-indent: -12pt; margin-left: 12pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Where You Can Find More Information</font><font style="display: inline-block;
                text-indent: 0px; font-size: 1px; width: 429pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">7</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 26pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
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            <div style="text-align: left; text-indent: -12pt; margin-left: 12pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Incorporation of Certain Information By Reference</font><font style="display:
                inline-block; text-indent: 0px; font-size: 1px; width: 429pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
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          <td style="width: 7.58%; vertical-align: bottom;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">8</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 26pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
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    </table>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">&#160;</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"> <br>
      </font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"> <br>
      </font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"> <br>
      </font></div>
    <div style="text-align: center;">i<font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><br>
      </font></div>
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    <!--PROfilePageNumberReset%Num%1%%%-->
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">ABOUT THIS PROSPECTUS</font></div>
    <div style="text-align: left; text-indent: 24.5pt; margin-top: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">This prospectus relates to the resale, from time to time, of up to 14,372,970 shares of our common
        stock by our majority-owned subsidiary NL Industries, Inc. and by NL&#8217;s wholly-owned subsidiary NL Environmental Management Services, Inc.</font></div>
    <div style="text-align: left; text-indent: 24.5pt; margin-top: 12pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">This prospectus is part of a shelf registration statement that we filed with
        the Securities and Exchange Commission, or the SEC, utilizing a &#8220;shelf&#8221; registration process. Under this shelf registration process, the selling stockholders may offer and sell, from time to time, a total of 14,372,970 shares of our common stock
        under this shelf registration statement. This prospectus provides you with a general description of the common stock the selling stockholders may offer. We may provide a prospectus supplement containing specific information about the terms of a
        particular offering by the selling stockholders. We may also authorize one or more free writing prospectuses to be provided to you that may contain material information relating to these offerings. Each such prospectus supplement and any related
        free writing prospectus that we may authorize to be provided to you may also add, update or change information contained in this prospectus or in documents incorporated by reference into this prospectus. To the extent the information in any
        prospectus supplement is inconsistent with this prospectus, you should rely on the prospectus supplement. You should read this prospectus, any prospectus supplement and any related free writing prospectus, together with the information incorporated
        by reference as described under the headings &#8220;Where You Can Find More Information&#8221; and &#8220;Incorporation of Certain Information by Reference.&#8221;</font></div>
    <div style="text-align: left; text-indent: 24.5pt; margin-top: 12pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">You should rely only on the information we have provided or incorporated by
        reference in this prospectus, any prospectus supplement and any related free writing prospectus that we may authorize to be provided to you. We have not authorized anyone to provide you with information different from that contained or incorporated
        by reference in this prospectus. No dealer, salesperson or other person is authorized to give any information or to represent anything not contained or incorporated by reference in this prospectus. You must not rely on any unauthorized information
        or representation. This prospectus is an offer to sell only the securities offered hereby, but only under circumstances and in jurisdictions where it is lawful to do so. You should assume that the information in this prospectus, any prospectus
        supplement or related free writing prospectus is accurate only as of the date on the front of the document and that any information we have incorporated by reference is accurate only as of the date of the document incorporated by reference,
        regardless of the time of delivery of this prospectus or any sale of a security.</font></div>
    <div style="text-align: left; text-indent: 24.5pt; margin-top: 12pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">This prospectus contains summaries of certain provisions contained in some
        of the documents described herein, but reference is made to the actual documents for complete information. All of the summaries are qualified in their entirety by reference to the actual documents. Copies of some of the documents referred to herein
        have been filed, will be filed or will be incorporated by reference as exhibits to the registration statement of which this prospectus is a part, and you may obtain copies of those documents as described below under the heading &#8220;Where You Can Find
        More Information.&#8221; If any contract, agreement or other document is filed or incorporated by reference as an exhibit to the registration statement of which this prospectus is a part, you should read the exhibit for a more complete understanding of
        the document or matter involved. The representations, warranties and covenants contained in any agreement that we have filed or incorporated by reference as an exhibit to the registration statement of which this prospectus is a part <font style="background-color: rgb(255, 255, 255); font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">were made solely for purposes of such agreements and as of specific dates, were solely for the benefit of the parties to such
          agreements, may be subject to limitations agreed upon by the contracting parties, including being qualified by confidential disclosures made for the purposes of allocating contractual risk between the parties to such agreements instead of
          establishing these matters as facts, and may be subject to standards of materiality applicable to the contracting parties that differ from those applicable to holders of our common stock.&#160; Holders of our common stock are not third-party
          beneficiaries under such agreements and should not rely on the representations, warranties and covenants or any descriptions thereof as characterizations of the actual state of facts or condition of us and our subsidiaries. Moreover, information
          concerning the subject matter of the representations and warranties may change after the date of such agreements, which subsequent information may or may not be fully reflected in our public disclosures.</font></font></div>
    <div style="text-align: left; text-indent: 24.5pt; margin-top: 12pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Unless otherwise indicated, the terms &#8220;Valhi, Inc.,&#8221; &#8220;Valhi,&#8221; &#8220;the Company,&#8221;
        &#8220;we,&#8221; &#8220;our&#8221; and &#8220;us&#8221; are used in this prospectus to refer to Valhi, Inc., and not to any one or more of our consolidated subsidiaries or to all of them taken as a whole.</font></div>
    <div style="text-align: center; margin-top: 12pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">VALHI, INC.</font></div>
    <div style="text-align: left; text-indent: 24.5pt; margin-top: 12pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">We are primarily a holding company. We operate through our wholly-owned and
        majority-owned subsidiaries, including NL, Kronos Worldwide, Inc. (&#8220;Kronos Worldwide&#8221;) and CompX International Inc. (&#8220;CompX&#8221;).&#160;&#160; Kronos Worldwide (NYSE: KRO), NL (NYSE: NL) and CompX (NYSE American: CIX) each file periodic reports with the SEC.</font></div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 8pt; font-weight: normal; font-style: normal;">1</font></div>
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    <!--PROfilePageNumberReset%Num%2%%%-->
    <div style="text-align: left; text-indent: 24.5pt; margin-top: 12pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Our principal executive offices are located at Three Lincoln Center 5430 LBJ
        Freeway, Suite 1700, Dallas, Texas 75240. Our telephone number is (972) 233-1700. We maintain a worldwide website at www.valhi.net. We are incorporated in the State of Delaware.</font></div>
    <div style="text-align: center; margin-top: 18pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">RISK FACTORS</font></div>
    <div><br>
    </div>
    <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">An investment in our securities
          involves a high degree of risk. Before you decide whether to purchase any of our securities, in addition to the other information, documents or reports included in or incorporated by reference into this prospectus and any accompanying prospectus
          supplement or other offering materials, you should carefully consider the risk factors below and the risk factors in the section entitled &#8220;Risk Factors&#8221; in any prospectus supplement as well as in our most recent annual report on Form 10-K and any
          subsequent quarterly reports on Form 10-Q or current reports on Form 8-K, which are incorporated by reference into this prospectus and any prospectus supplement, as the same may be amended, supplemented or superseded from time to time by our
          filings under the Securities Exchange Act of 1934, as amended, or the Exchange Act. For more information please see the section entitled &#8220;Incorporation by Reference.&#8221; </font>The risks described in these documents are not the only ones we face,
        but those that we consider to be material. There may be other unknown or unpredictable economic, business, competitive, legal, regulatory or other factors that could have material adverse effects on our future results. Past financial performance
        may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results or trends in future periods. If any of these risks actually occurs, our business, financial condition, results of operations or
        cash flow could be seriously harmed. This could cause the trading price of our common stock to decline, resulting in a loss of all or part of your investment. Please also read carefully the section below entitled &#8220;Forward-Looking Statements.&#8221;</font></div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Risks Related to This Offering</font></div>
    <div><br>
    </div>
    <div style="text-align: left; margin-top: 0.4pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold; font-style: italic;">Sales of our common stock by the selling stockholders will dilute existing
        stockholders&#8217; proportionate voting power and their proportionate share of our earnings, and may cause our stock price to decline.</font></div>
    <div><br>
    </div>
    <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">The shares of our common stock being registered under the registration statement of which this prospectus is a part
        are held by majority-owned subsidiaries of ours, and pursuant to Delaware law we treat these shares of our common stock as treasury stock for voting purposes.&#160;&#160; For financial reporting purposes, only our proportional interest (<font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-style: italic;">i.e.</font>, based on our 83% ownership interest of NL) in the shares of our common stock being registered under this registration statement is
        treated as treasury stock.&#160; As a result, our common shares outstanding for voting purposes differs from those outstanding for financial reporting purposes.</font></div>
    <div><br>
    </div>
    <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">As of March 8, 2019, we had
          339,185,449 shares of common stock outstanding for voting purposes, and such number of shares excludes the shares being registered under the registration statement of which this prospectus is a part. Assuming that all of the shares being
          registered under the registration statement of which this prospectus is a part are sold, there would be </font>353,558,419<font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">&#160;shares of common stock outstanding
          for voting purposes.&#160; As of March 8, 2019, approximately 28.8 million shares of our outstanding common stock were held by stockholders who are not affiliates of us. If sold into the public markets, the shares being registered under the
          registration statement of which this prospectus is a part would represent a significant portion of our public float following such sale (approximately 33%). In addition, approximately 11.9 million of the shares of our common stock being
          registered under the registration statement of which this prospectus is a part (representing our proportional interest in such shares) are currently excluded from the calculation of earnings per share because they are not considered outstanding
          for financial reporting purposes, and upon the sale of such shares, the number of shares used in the calculation of earnings per share would be increased.&#160; Sales of substantial amounts of our common stock in the public market by the selling
          stockholders, or the perception that those sales may occur, could cause the market price of our common stock to decline. In addition, the sale of these shares could impair our ability to raise capital through the sale of additional common stock.</font></font></div>
    <div><br>
    </div>
    <div style="text-align: left; margin-top: 0.4pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold; font-style: italic;">Purchasers may be unable to sell their common shares at or above their
        purchase price, and our stock price may be volatile.</font></div>
    <div style="background-color: rgb(255, 255, 255);">
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">&#160;</font></div>
    </div>
    <div style="background-color: rgb(255, 255, 255);">
      <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Even if all of the shares being registered under the registration statement of which this prospectus is a part are
          sold into the public markets, most of our shares will be held by one of our parent companies and we will have relatively few common shares outstanding in the public float.&#160; During the three months ended February 28, 2019, the average daily
          trading volume for our common stock as reported by the NYSE was approximately 345,000 shares.&#160;&#160;A more active market for our common stock may not develop or may not be sustained.&#160;&#160;The market price of our common stock could be subject to
          significant fluctuations, and you may not be able to resell your shares at or above your purchase price.</font></div>
    </div>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 8pt; font-weight: normal; font-style: normal;">2</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
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    </div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">FORWARD-LOOKING STATEMENTS</font></div>
    <div><br>
    </div>
    <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">This prospectus, any accompanying prospectus supplement and the documents we incorporate by reference include
        &#8220;forward-looking statements&#8221; within the meaning of Section&#160;27A of the Securities Act, and Section&#160;21E of the Exchange Act. Statements included in this prospectus, any accompanying prospectus supplement and the documents we incorporate by reference
        that are not historical facts (including any statements concerning plans and objectives of management for future operations or economic performance, or assumptions or forecasts related thereto), are forward-looking statements. These statements can
        be identified by the use of forward-looking terminology including &#8220;forecast,&#8221; &#8220;may,&#8221; &#8220;believe,&#8221; &#8220;will,&#8221; &#8220;expect,&#8221; &#8220;anticipate,&#8221; &#8220;estimate,&#8221; &#8220;continue&#8221; or other similar words. These statements discuss future expectations, contain projections of
        results of operations or of financial condition or state other &#8220;forward-looking&#8221; information. We and our representatives may from time to time make other oral or written statements that are also forward-looking statements.</font></div>
    <div><br>
    </div>
    <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">These forward-looking statements are made based upon management&#8217;s current plans, expectations, estimates, assumptions
        and beliefs concerning future events impacting us and therefore involve a number of risks and uncertainties. We caution that forward-looking statements are not guarantees and that actual results could differ materially from those expressed or
        implied in the forward-looking statements.</font></div>
    <div><br>
    </div>
    <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Because these forward-looking
          statements involve risks and uncertainties, actual results could differ materially from those expressed or implied by these forward-looking statements for a number of important reasons, including, but not limited to, the matters discussed under
          &#8220;Risk Factors&#8221; and elsewhere in this prospectus, any accompanying prospectus supplement and the documents we incorporate by reference herein. If one or more of these risks or uncertainties materialize (or the consequences of such a development
          changes), or should underlying assumptions prove incorrect, actual outcomes may vary materially and adversely from those forecasted or expected. </font>We caution you not to place undue reliance on our forward-looking statements. <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">We undertake no responsibility to update forward-looking statements for changes related to these or any other factors that may occur subsequent to this filing for any
          reason.</font></font></div>
    <div style="text-align: center; margin-top: 18pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">USE OF PROCEEDS</font></div>
    <div style="text-align: left; text-indent: 24.5pt; margin-top: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">We will not receive any proceeds from the sale of the common stock offered by the selling
        stockholders pursuant to this prospectus.</font></div>
    <div style="text-align: center; margin-top: 18pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">SELLING STOCKHOLDERS</font></div>
    <div style="text-align: left; text-indent: 24.5pt; margin-top: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Our majority-owned subsidiary NL Industries, Inc. and NL&#8217;s wholly-owned subsidiary NL
        Environmental Management Services, Inc. (&#8220;NLEMS&#8221;) acquired their shares of our common stock in open market purchases prior to 2010 (with most purchases made prior to 1995) or in connection with the merger of Tremont Corporation into us in 2003.&#160; NL
        had acquired its ownership in Tremont Corporation in open market purchases prior to 2000.&#160; We are registering these shares of our common stock in order to permit the selling stockholders to offer the shares for resale from time to time. NL has
        requested that we register the resale of these shares by the selling stockholders, and we have agreed to do so in exchange for the selling stockholders&#8217; agreement to reimburse us for our expenses of registration of the common stock offered hereby.</font></div>
    <div><br>
    </div>
    <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">As noted above, the 14,372,970
          shares of our common stock being registered under the registration statement of which this prospectus is a part are held by majority owned subsidiaries of ours, and pursuant to Delaware law we treat these shares of our common stock as treasury
          stock for voting purposes.&#160;&#160; Kronos Worldwide also owns 1,724,916 shares of our common stock, and pursuant to Delaware law we also treat these shares of our common stock as treasury stock for voting purposes.&#160;&#160; </font>For voting purposes per
        Delaware law, 339,185,449 shares of our common stock were issued and outstanding as of March 8, 2019<font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">, and such number of shares excludes the shares being
          registered under the registration statement of which this prospectus is a part as well as the shares of our common stock held by Kronos Worldwide</font>.&#160; Upon sales by the selling stockholders of our common stock under this prospectus to
        purchasers who are not our subsidiaries, the shares sold will become issued and outstanding shares for all purposes.&#160; The shares of our common stock owned by Kronos Worldwide are not being registered for sale under the registration statement of
        which this prospectus is a part.</font></div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 8pt; font-weight: normal; font-style: normal;">3</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
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    </div>
    <div style="text-align: left; text-indent: 24.5pt; margin-top: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">The following table sets forth the number of shares of our common stock owned directly by the
        selling stockholders immediately prior to the offering for resale of any of the shares of our common stock being registered by the registration statement of which this prospectus is a part; the number of such shares that may be offered for resale
        by the selling stockholders under this prospectus; and the number and percent of shares of our common stock to be directly owned by each selling stockholder after the offering for resale of the shares being registered by the registration statement
        of which this prospectus is a part, assuming all of the shares are sold by the selling stockholders and that the selling stockholders do not acquire any other shares of our common stock prior to the assumed sales.</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">&#160;</font></div>
    <table cellspacing="0" cellpadding="0" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; width: 100%;" id="za14f4fdf7e4b4d93851ea5e5ca1cfd92">

        <tr>
          <td style="width: 17.58%; vertical-align: middle;">&#160;</td>
          <td colspan="2" style="width: 13.94%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="width: 12.09%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="width: 18.14%; vertical-align: middle;">&#160;</td>
          <td colspan="2" style="width: 17.45%; vertical-align: middle;">&#160;</td>
          <td colspan="2" style="width: 20.11%; vertical-align: middle;">&#160;</td>
          <td style="width: 0.4%; vertical-align: top;">&#160;</td>
          <td style="width: 0.3%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td colspan="2" style="width: 21.26%; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td colspan="2" style="width: 17.14%; vertical-align: bottom; padding-bottom: 2px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">&#160;</font></div>
          </td>
          <td colspan="2" style="width: 10.67%; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td colspan="2" style="width: 20.4%; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td colspan="4" style="width: 30.23%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">
                  Shares&#160;of&#160;Common&#160;Stock&#160;</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><br>
                </font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Owned Directly After the Shares are Sold</font> <br>
              </font></div>
          </td>
          <td style="width: 0.3%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td colspan="2" style="width: 21.26%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>
              <div style="text-align: left; margin-right: 13.6pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Selling Stockholder</font></div>
            </div>
          </td>
          <td colspan="2" style="width: 17.14%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>
              <div style="text-align: center; margin-right: 8.85pt; margin-left: 8.9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Number&#160;of&#160;Shares<font style="font-size: 10pt;"><br>
                  </font>Owned Directly Prior to the Registration</font></div>
            </div>
          </td>
          <td colspan="2" style="width: 10.67%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>
              <div style="text-align: center; margin-right: 5.95pt; margin-left: 4.6pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Percentage of Outstanding Stock (1)</font></div>
            </div>
          </td>
          <td colspan="2" style="width: 20.4%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>
              <div style="text-align: center; margin-right: 7.75pt; margin-left: 7.55pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Number&#160;of&#160;Shares<font style="font-size: 10pt;"><br>
                  </font>Covered by this Registration Statement</font></div>
            </div>
          </td>
          <td colspan="2" style="width: 15.01%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Number</font>&#160;</font></div>
            </div>
          </td>
          <td colspan="3" style="width: 15.52%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Percent</font>&#160;</font></div>
            </div>
          </td>
        </tr>
        <tr>
          <td colspan="2" style="width: 21.26%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">NL Industries, Inc.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt;" id="TRGRRTFtoHTMLTab">&#160;</font></font></div>
          </td>
          <td colspan="2" style="width: 17.14%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">10,814,370</font></div>
          </td>
          <td colspan="2" style="width: 10.67%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: left; text-indent: 15.4pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">3.1%</font></div>
          </td>
          <td colspan="2" style="width: 20.4%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">10,814,370</font></div>
          </td>
          <td colspan="2" style="width: 15.01%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">-0-</font></div>
          </td>
          <td colspan="3" style="width: 15.52%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">-0-</font></div>
          </td>
        </tr>
        <tr>
          <td colspan="2" style="width: 21.26%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: left; text-indent: -12pt; margin-left: 12pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">NL Environmental Management Services, Inc.</font></div>
          </td>
          <td colspan="2" style="width: 17.14%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">3,558,600</font></div>
          </td>
          <td colspan="2" style="width: 10.67%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: left; text-indent: 15.4pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">1.0%</font></div>
          </td>
          <td colspan="2" style="width: 20.4%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">3,558,600</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 67.35pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
          </td>
          <td colspan="2" style="width: 15.01%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">-0-</font></div>
          </td>
          <td colspan="3" style="width: 15.52%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">-0-</font></div>
          </td>
        </tr>

    </table>
    <div style="text-align: left; margin-bottom: 6pt;"><u><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 108pt;" id="TRGRRTFtoHTMLTab">&#160;</font><br>
      </u></div>
    <div style="text-align: left; margin-bottom: 6pt;"><u>&#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; </u><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 108pt;" id="TRGRRTFtoHTMLTab"><br>
      </font></div>
    <div style="text-align: left;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3d6cf94987c94169b720334855e5a54f">

            <tr>
              <td style="width: 36pt; vertical-align: top;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">&#160;(1)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">As described elsewhere in this prospectus, the 14,372,970 shares of our common stock registered for sale hereunder are not considered outstanding for
                    Delaware law voting purposes. The shares will be considered outstanding for all purposes if and when they are sold to purchasers who are not our subsidiaries. For purposes of this table only, the percentage ownership shown is based on
                    353,558,419 shares of our common stock deemed outstanding, which is the sum of 339,185,449 (the number of shares of our common stock outstanding for Delaware voting purposes as of March 8, 2019) and 14,372,970 (the number of shares of
                    our common stock being registered by the registration statement of which this prospectus is a part, which shares are assumed sold by the selling stockholders to purchasers who are not our subsidiaries).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; text-indent: 24.5pt; margin-top: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">As set forth in the table below, NL and NLEMS and certain related entities and persons may be
        deemed to beneficially own additional shares of our common stock.&#160; The table below sets forth information regarding beneficial ownership of our common stock by such related entities and persons.&#160; Beneficial ownership as reported in the table below
        has been determined in accordance with Rule 13d-3 under the Exchange Act, and is not necessarily indicative of beneficial ownership for any other purpose.</font></div>
    <table cellspacing="0" cellpadding="0" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; width: 100%;" id="z92a7fa5c125445f9ad1de8c583a84435">

        <tr>
          <td style="width: 38%; vertical-align: bottom;">&#160;</td>
          <td style="width: 23%; vertical-align: top;">&#160;</td>
          <td colspan="3" style="width: 39%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>
              <div style="text-align: center; margin-left: 0.95pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Beneficial Ownership of Shares of Common Stock After the Shares Being Registered
                  pursuant to the Registration Statement to which this Prospectus is a part are Sold</font></div>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 38%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>
              <div style="text-align: left; margin-right: 9.9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Name of Beneficial Owner</font></div>
            </div>
          </td>
          <td style="width: 23%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>
              <div style="text-align: center; margin-right: 2.45pt; margin-left: 2.45pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Number of Shares Beneficially Owned Prior to the Registration
                  (1)</font></div>
            </div>
          </td>
          <td colspan="2" style="width: 25%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>
              <div style="text-align: center; margin-right: 5.4pt; margin-left: 5.4pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Number (1)</font></div>
            </div>
          </td>
          <td style="width: 14%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>
              <div style="text-align: center; margin-right: 5.4pt; margin-left: 5.4pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;
                    font-weight: bold;">Percent (2)</font></font></div>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 38%; vertical-align: top;">&#160;</td>
          <td style="width: 23%; vertical-align: top;">&#160;</td>
          <td style="width: 18%; vertical-align: middle;">&#160;</td>
          <td style="width: 7%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: left; text-indent: -8.65pt; margin-left: 8.65pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Harold C. Simmons Family Trust No. 2; Lisa K. Simmons and Serena Simmons Connelly as
                co-trustees</font></div>
          </td>
          <td style="width: 23%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center;">
            <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">310,346,282<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt;" id="TRGRRTFtoHTMLTab">&#160;</font>(3)(4)</font></div>
          </td>
          <td style="width: 18%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; margin-right: 6.95pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">310,346,282</font></div>
          </td>
          <td style="width: 7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">(3)</font></div>
          </td>
          <td style="width: 14%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center;">
            <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">87.78%</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 38%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 23%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 18%; vertical-align: middle; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 7%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 14%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 38%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: left; text-indent: -8.65pt; margin-left: 8.65pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Serena Simmons Connelly</font></div>
          </td>
          <td style="width: 23%; vertical-align: middle; background-color: rgb(204, 238, 255); text-align: center;">
            <div style="margin-right: 2.45pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 56,136</font></div>
          </td>
          <td style="width: 18%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; margin-right: 6.95pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">56,136</font></div>
          </td>
          <td style="width: 7%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">(3)</font></div>
          </td>
          <td style="width: 14%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">*</font></div>
          </td>
        </tr>

    </table>
    <div style="text-align: left; margin-bottom: 6pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 108pt;" id="TRGRRTFtoHTMLTab">&#160;</font><br>
    </div>
    <div style="text-align: left; margin-bottom: 6pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 108pt;" id="TRGRRTFtoHTMLTab"> <br>
      </font></div>
    <div style="text-align: left; margin-bottom: 6pt;"><u>&#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; </u><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 108pt;" id="TRGRRTFtoHTMLTab"><br>
      </font></div>
    <div style="text-align: left; margin-bottom: 6pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">*</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Less than 1%.</font></div>
    <br>
    <div style="text-align: left; margin-bottom: 6pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zba8a24649ab94f3898294f29dba85634">

            <tr>
              <td style="width: 36pt; vertical-align: top; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt;">&#160;(1)</td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">The shares reported as beneficially owned in this table do not include shares of our common stock that are owned by NL, NLEMS and Kronos Worldwide, as
                    discussed above, since those shares are not deemed outstanding for the purposes of calculating beneficial ownership percentages for the purposes of Section 13 of the Exchange Act, nor for Delaware voting purposes. Accordingly, the
                    number of shares reflected in this table is not affected by the assumed sale of shares by the selling stockholders.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 6pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z02d7cae01cad4257a0391858f49a46c8">

            <tr>
              <td style="width: 36pt; vertical-align: top;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">(2)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">The percentage ownership is based on 353,558,419 shares outstanding, which is the sum of 339,185,449 (the number of shares of our common stock
                    outstanding for Delaware voting purposes as of March 8, 2019) and 14,372,970 (the number of shares being registered by the registration statement of which this prospectus is a part, which shares are assumed sold by the selling
                    stockholders, and which once sold to purchasers who are not our subsidiaries will be issued and outstanding for all purposes).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 6pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z32b6ed31287446d5b2f7082cf23fa163">

            <tr>
              <td style="width: 36pt; vertical-align: top;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">&#160;(3)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">The following terms used in this table are defined as follows:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; margin-bottom: 6pt; width: 100%;" class="DSPFListTable" id="ze1546a6f02194890b780c368d4e2567f">

          <tr>
            <td style="width: 72pt; vertical-align: top;">
              <div style="text-align: left; margin-left: 54pt; margin-bottom: 6pt;"><font style="font-size: 10pt; font-family: Symbol,serif;">&#183;</font></div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: left; margin-bottom: 6pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">&#8220;Contran&#8221; means Contran Corporation, the parent corporation of our consolidated tax group.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; margin-bottom: 6pt; width: 100%;" class="DSPFListTable" id="z251809c2dae040c0a62e74ef273f67b0">

          <tr>
            <td style="width: 72pt; vertical-align: top;">
              <div style="text-align: left; margin-left: 54pt; margin-bottom: 6pt;"><font style="font-size: 10pt; font-family: Symbol,serif;">&#183;</font></div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: left; margin-bottom: 6pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">&#8220;Dixie Rice&#8221; means Dixie Rice Agricultural L.L.C., one of our parent companies.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 8pt; font-weight: normal; font-style: normal;">4</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;"></div>
    </div>
    <div style="margin-bottom: 6pt;"><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; margin-bottom: 6pt; width: 100%;" class="DSPFListTable" id="zead4a5ecc46946219a32f1dc713e0d58">

          <tr>
            <td style="width: 72pt; vertical-align: top;">
              <div style="text-align: left; margin-left: 54pt; margin-bottom: 6pt;"><font style="font-size: 10pt; font-family: Symbol,serif;">&#183;</font></div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: left; margin-bottom: 6pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">&#8220;Family Trust&#8221; means the Harold C. Simmons Family Trust No.&#160;2, of which Serena Simmons Connelly and Lisa
                  K. Simmons are co-trustees.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; margin-bottom: 6pt; width: 100%;" class="DSPFListTable" id="z64e9a264cea2428ea95bf98384bd07ff">

          <tr>
            <td style="width: 72pt; vertical-align: top;">
              <div style="text-align: left; margin-left: 54pt; margin-bottom: 6pt;"><font style="font-size: 10pt; font-family: Symbol,serif;">&#183;</font></div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: left; margin-bottom: 6pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">&#8220;NLKW&#8221; means NLKW Holding, LLC, a wholly-owned subsidiary of NL, which holds a significant equity interest
                  in Kronos Worldwide.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: left; text-indent: 0pt; margin-left: 36pt; margin-bottom: 6pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">All of Contran&#8217;s outstanding voting stock is held by the Family Trust or is
        held directly by Lisa K. Simmons and Serena Simmons Connelly or entities related to them.&#160; As co-trustees of the Family Trust, each of Ms. Simmons and Ms. Connelly has the shared power to vote and direct the disposition of the shares of Contran
        stock held by the Family Trust, and Ms. Simmons and Ms. Connelly each has the power to vote and direct the disposition of the shares held directly by them and the entities related to them.&#160; Ms. Simmons and Ms. Connelly are sisters and also serve as
        the co-chairs of the board of directors of Contran.</font></div>
    <div style="text-align: left; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Contran is the sole owner of 100% of our outstanding shares of non-voting preferred stock.&#160;
        Contran is also the holder of the sole membership interest of Dixie Rice and may be deemed to control Dixie Rice.</font></div>
    <div style="text-align: left; margin-left: 36pt; margin-bottom: 6pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Ms. Simmons and Ms. Connelly directly hold, or are related to the following person or entities
        that directly hold, the following percentages of the outstanding shares of NL common stock:</font></div>
    <table cellspacing="0" cellpadding="0" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; width: 100%;" id="z5d158564f8974ea183c2e2eb90581784">

        <tr>
          <td style="width: 78.39%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Valhi<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt;" id="TRGRRTFtoHTMLTab">&#160;</font></font></div>
          </td>
          <td style="width: 21.61%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: left; margin-left: 12.6pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">82.9%</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 78.39%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Kronos Worldwide<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt;" id="TRGRRTFtoHTMLTab">&#160;</font></font></div>
          </td>
          <td style="width: 21.61%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: left; margin-left: 12.6pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Less than 1%</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 78.39%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Serena Simmons Connelly<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt;" id="TRGRRTFtoHTMLTab">&#160;</font></font></div>
          </td>
          <td style="width: 21.61%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: left; margin-left: 12.6pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Less than 1%</font></div>
          </td>
        </tr>

    </table>
    <div style="text-align: left; margin-left: 36pt; margin-bottom: 6pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"> <br>
      </font></div>
    <div style="text-align: left; margin-left: 36pt; margin-bottom: 6pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Ms. Simmons and Ms. Connelly directly hold, or are related to the following entities that
        directly hold, the following percentages of the outstanding shares of Kronos Worldwide common stock:</font></div>
    <table cellspacing="0" cellpadding="0" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; width: 100%;" id="z26648f04bed04cfd9872634587e65e6d">

        <tr>
          <td style="width: 79.99%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Valhi<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt;" id="TRGRRTFtoHTMLTab">&#160;</font></font></div>
          </td>
          <td style="width: 20.01%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: left; margin-left: 8.1pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">50.0%</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 79.99%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">NLKW<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt;" id="TRGRRTFtoHTMLTab">&#160;</font></font></div>
          </td>
          <td style="width: 20.01%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: left; margin-left: 8.1pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">30.4%</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 79.99%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Contran<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt;" id="TRGRRTFtoHTMLTab">&#160;</font></font></div>
          </td>
          <td style="width: 20.01%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: left; margin-left: 8.1pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Less than 1%</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 79.99%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Serena Simmons Connelley<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt;" id="TRGRRTFtoHTMLTab">&#160;</font></font></div>
          </td>
          <td style="width: 20.01%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: left; margin-left: 8.1pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Less than 1%</font></div>
          </td>
        </tr>

    </table>
    <div style="text-align: left; margin-left: 36pt; margin-bottom: 6pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"> <br>
      </font></div>
    <div style="text-align: left; margin-left: 36pt; margin-bottom: 6pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">By virtue of the stock ownership in each of Dixie Rice and Contran, the role of Ms. Simmons and
        Ms. Connelly as co-trustees of the Family Trust, Ms. Simmons and Ms. Connelly being beneficiaries of the Family Trust, the direct holdings of Contran voting stock by each of Ms. Simmons and Ms. Connelly and entities related to them, and the
        positions as co-chairs of the Contran board by each of Ms. Simmons and Ms. Connelly, in each case as <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">described above:</font></font></div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; margin-bottom: 6pt; width: 100%;" class="DSPFListTable" id="z245ee80b19a64254a3c87022adc96530">

          <tr>
            <td style="width: 72pt; vertical-align: top;">
              <div style="text-align: left; margin-left: 54pt; margin-bottom: 6pt;"><font style="font-size: 10pt; font-family: Symbol,serif;">&#183;</font></div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: left; margin-bottom: 6pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Ms. Simmons and Ms. Connelly may be deemed to control the Family Trust;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; margin-bottom: 6pt; width: 100%;" class="DSPFListTable" id="za175b1024de545d4bc45f7781615628f">

          <tr>
            <td style="width: 72pt; vertical-align: top;">
              <div style="text-align: left; margin-left: 54pt; margin-bottom: 6pt;"><font style="font-size: 10pt; font-family: Symbol,serif;">&#183;</font></div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: left; margin-bottom: 6pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Ms. Simmons and Ms. Connelly may be deemed to control each of Contran, Dixie Rice, NL, Kronos Worldwide,
                  CompX and us; and</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; margin-bottom: 6pt; width: 100%;" class="DSPFListTable" id="ze2a023dfc48e42319ba1143940144454">

          <tr>
            <td style="width: 72pt; vertical-align: top;">
              <div style="text-align: left; margin-left: 54pt; margin-bottom: 6pt;"><font style="font-size: 10pt; font-family: Symbol,serif;">&#183;</font></div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: left; margin-bottom: 6pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Ms. Simmons and Ms.
                    Connelly, Contran, Dixie Rice, NL and Kronos Worldwide and we may be deemed to possess indirect beneficial ownership of shares of common stock directly held by such entities</font>, including any shares of our common stock.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: left; margin-left: 36pt; margin-bottom: 6pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Except for the 56,136 shares of our common stock she holds directly or through a trust for which
        she is sole trustee and sole beneficiary, Ms. Connelly disclaims beneficial ownership of all shares of our common stock, except to the extent of her pecuniary interest in such shares, if any. Ms. Simmons disclaims beneficial ownership of all shares
        of our common stock except to the extent of her pecuniary interest in such shares, if any.</font></div>
    <div style="text-align: left; margin-bottom: 6pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z82abc2ce386943c4a2930dad1827f8e4">

            <tr>
              <td style="width: 36pt; vertical-align: top;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">(4)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">The shares attributable to the Family Trust and co-trustees consist of the <font style="font-size: 10pt; font-family: &quot;Times New
                      Roman&quot;,Times,serif;">310,346,282 </font>shares of our common stock held directly by Dixie Rice.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; text-indent: 24.5pt; margin-top: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Although we have assumed for purposes of the two tables above that the selling stockholders will
        sell all of the shares offered by this prospectus, all decisions regarding the timing and amount of any sales of shares are solely at the discretion of the selling stockholders, who may offer from time to time all or some of their shares covered
        under this prospectus, or in another permitted manner.&#160; NL and NLEMS have represented to us that there are currently no agreements, arrangements or understandings with respect to the sale of any of the shares of common stock covered by the
        registration statement of which this prospectus is a part. Accordingly, no assurances can be given as to the actual number of shares that will be sold by the selling stockholders or that will be held by the selling stockholders after completion of
        the sales.</font></div>
    <div style="text-align: left; text-indent: 24.5pt; margin-top: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Other than as disclosed in this prospectus or in the documents incorporated herein by reference,
        none of the selling stockholders has, or within the past three years has had, any position, office or other material relationship with us or, insofar as we are aware, any of our affiliates.&#160; Information concerning the selling stockholders may
        change from time to time and changed information will be presented in a supplement to this prospectus if and when necessary and required. Each of the selling stockholders has represented to us that it is not, nor is it affiliated with, a
        broker-dealer.</font></div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 8pt; font-weight: normal; font-style: normal;">5</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">&#160;</font></div>
    <div style="text-align: center;"><br>
    </div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">PLAN OF DISTRIBUTION</font></div>
    <div><br>
    </div>
    <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">We are registering the shares to permit the resale of the shares by selling stockholders from time to time after the
        date of this prospectus. Selling stockholders may sell all or a portion of the shares from time to time directly or through one or more underwriters, broker-dealers or agents. If the shares are sold through underwriters or broker-dealers, such
        selling stockholders will be responsible for underwriting discounts or commissions or agents&#8217; commissions. The shares may be sold in one or more transactions at fixed prices, prevailing market prices determined at the time of the sale, varying
        prices determined at the time of sale or negotiated prices (in each case as determined by the selling stockholders). These sales may be effected:</font></div>
    <div style="text-align: left; text-indent: 72pt;"><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z59cd9563270342f296365fc040eb4260">

          <tr>
            <td style="width: 36pt; vertical-align: top;">
              <div style="text-align: left; margin-left: 18pt;"><font style="font-size: 10pt; font-family: Symbol,serif;">&#183;</font></div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">through the NYSE or on any other national securities exchange or quotation service on which the shares may be listed or quoted
                  at the time of sale;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z50f1ef8df6bc4f708507e6ed764b041b">

          <tr>
            <td style="width: 36pt; vertical-align: top;">
              <div style="text-align: left; margin-left: 18pt;"><font style="font-size: 10pt; font-family: Symbol,serif;">&#183;</font></div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">in the over-the-counter market;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3e5acea1042f42a3989becbab9a10eb6">

          <tr>
            <td style="width: 36pt; vertical-align: top;">
              <div style="text-align: left; margin-left: 18pt;"><font style="font-size: 10pt; font-family: Symbol,serif;">&#183;</font></div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">in transactions otherwise than on these exchanges or systems or in the over-the-counter market;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3fd0349259614061b4010094e5908558">

          <tr>
            <td style="width: 36pt; vertical-align: top;">
              <div style="text-align: left; margin-left: 18pt;"><font style="font-size: 10pt; font-family: Symbol,serif;">&#183;</font></div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">in underwritten transactions through an underwriter on a firm commitment or best efforts basis;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z35f6d090b8c24055817ea999ad32787a">

          <tr>
            <td style="width: 36pt; vertical-align: top;">
              <div style="text-align: left; margin-left: 18pt;"><font style="font-size: 10pt; font-family: Symbol,serif;">&#183;</font></div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">in ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze1b9124b1cf74a49871158361b909663">

          <tr>
            <td style="width: 36pt; vertical-align: top;">
              <div style="text-align: left; margin-left: 18pt;"><font style="font-size: 10pt; font-family: Symbol,serif;">&#183;</font></div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">in block trades (which may involve crosses) in which the broker-dealer will attempt to sell the shares as agent but may
                  position and resell a portion of the block as principal to facilitate the transaction;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5b8b542146cd46779f90ea0fca5f84f8">

          <tr>
            <td style="width: 36pt; vertical-align: top;">
              <div style="text-align: left; margin-left: 18pt;"><font style="font-size: 10pt; font-family: Symbol,serif;">&#183;</font></div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">in purchases by a broker-dealer as principal and resale by the broker-dealer for its account;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z19f1b563a1564667920f0f3858671c0c">

          <tr>
            <td style="width: 36pt; vertical-align: top;">
              <div style="text-align: left; margin-left: 18pt;"><font style="font-size: 10pt; font-family: Symbol,serif;">&#183;</font></div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">in privately negotiated transactions;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4feefabd70184d81b960712ffd5a0e50">

          <tr>
            <td style="width: 36pt; vertical-align: top;">
              <div style="text-align: left; margin-left: 18pt;"><font style="font-size: 10pt; font-family: Symbol,serif;">&#183;</font></div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">where broker-dealers may agree with selling stockholders to sell a specified number of shares at a stipulated price per share;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zea470fab659042c39259c93e9917c8da">

          <tr>
            <td style="width: 36pt; vertical-align: top;">
              <div style="text-align: left; margin-left: 18pt;"><font style="font-size: 10pt; font-family: Symbol,serif;">&#183;</font></div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">&#8220;at the market&#8221; or through market makers or into an existing market for the shares;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc14bc392da2c44b1b542c0b2b84feb7e">

          <tr>
            <td style="width: 36pt; vertical-align: top;">
              <div style="text-align: left; margin-left: 18pt;"><font style="font-size: 10pt; font-family: Symbol,serif;">&#183;</font></div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">through any other method permitted pursuant to applicable law; and</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc4a7ca10e6aa44a996301922939b15ab">

          <tr>
            <td style="width: 36pt; vertical-align: top;">
              <div style="text-align: left; margin-left: 18pt;"><font style="font-size: 10pt; font-family: Symbol,serif;">&#183;</font></div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">through any combination of any such methods of sale.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">If a selling stockholder effects such transactions by selling shares of our common stock to or through underwriters,
        broker-dealers or agents, such underwriters, broker-dealers or agents may receive commissions in the form of discounts, concessions or commissions from such selling stockholder or commissions from purchasers of the shares for whom they may act as
        agent or to whom they may sell as principal (which discounts, concessions or commissions as to particular underwriters, broker-dealers or agents may be in excess of those customary in the types of transactions involved).</font></div>
    <div><br>
    </div>
    <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">&#160;In connection with sales of our common stock or otherwise, selling stockholders may enter into hedging transactions
        with broker-dealers, which may in turn engage in short sales of the shares in the course of hedging the positions they assume.</font></div>
    <div><br>
    </div>
    <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Selling stockholders and any broker-dealer participating in the sale of the shares may be deemed to be &#8220;underwriters&#8221;
        within the meaning of the Securities Act, and any commissions paid to, or any discounts or concessions allowed to, any such broker-dealer may be deemed to be underwriting commissions or discounts under the Securities Act. At the time a particular
        offering of the shares is made, a prospectus supplement may be distributed setting forth the aggregate amount of the shares being offered and the terms of the offering, including the name or names of any broker-dealers or agents, any discounts,
        commissions and other terms constituting compensation from selling stockholders and any discounts, commissions or concessions allowed or re-allowed or paid to broker-dealers. Underwriters are subject to certain statutory liabilities including, but
        not limited to, sections 11, 12 and 17 under the Securities Act. The selling stockholders may indemnify any broker-dealer that participates in transactions involving the sale of the shares against certain liabilities, including liabilities arising
        under the Securities Act.</font></div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 8pt; font-weight: normal; font-style: normal;">6</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">There can be no assurance that any selling stockholder will sell any or all of the shares of our common stock
        registered pursuant to the registration statement of which this prospectus forms a part.</font></div>
    <div><br>
    </div>
    <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Selling stockholders and any other person participating in the sale of the shares may be subject to applicable
        provisions of the Exchange Act and the rules and regulations thereunder, including, without limitation, Regulation M of the Exchange Act, which may limit the timing of purchases and sales of any of the shares by selling stockholders and any other
        participating person. Regulation M may also restrict the ability of any person engaged in the distribution of the shares to engage in market-making activities with respect to the shares. All of the foregoing may affect the marketability of the
        shares of common stock and the ability of any person or entity to engage in market-making activities with respect to such shares.</font></div>
    <div><br>
    </div>
    <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Once sold under the registration statement of which this prospectus forms a part, the shares sold thereunder will be
        freely tradable in the hands of persons other than our affiliates.</font></div>
    <div><br>
    </div>
    <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Selling stockholders may directly solicit offers to purchase shares. In this case, no underwriters or agents would be
        involved.</font></div>
    <div><br>
    </div>
    <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">To the extent required to supplement the information contained in this prospectus, the place and time of delivery for
        the shares described in this prospectus may be set forth in an applicable prospectus supplement.</font></div>
    <div><br>
    </div>
    <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">In compliance with the guidelines of the Financial Industry Regulatory Authority, Inc., or FINRA, the aggregate
        maximum discount, commission or agency fees or other items constituting underwriting compensation to be received by any FINRA member or independent broker-dealer will not exceed 8% of the proceeds from any sales made pursuant to this prospectus and
        any applicable prospectus supplement.</font></div>
    <div><br>
    </div>
    <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Underwriters, dealers and agents may engage in transactions with, or perform services for, us in the ordinary course
        of business.</font></div>
    <div><br>
    </div>
    <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">In connection with the sale of the shares, certain underwriters may engage in transactions that stabilize, maintain
        or otherwise affect the price of the shares. Specifically, underwriters may overallot an offering, creating a short position. In addition, underwriters may bid for, and purchase, the shares in the open market to cover short positions or to
        stabilize the price of the shares. Any of these activities may stabilize or maintain the market price of the shares above independent market levels. Underwriters will not be required to engage in these activities and may end any of these activities
        at any time.</font></div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">&#160;</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">LEGAL MATTERS</font></div>
    <div style="text-align: left; text-indent: 24.5pt; margin-top: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">The validity of the common stock offered in this prospectus will be passed upon for us by Jane R.
        Grimm, our vice president, associate general counsel and assistant secretary. If certain legal matters in connection with an offering of the common stock made by this prospectus and a related prospectus supplement are passed on by counsel for the
        underwriters of such offering, that counsel will be named in the applicable prospectus supplement related to that offering.</font></div>
    <div style="text-align: center; margin-top: 18pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">EXPERTS</font></div>
    <div style="text-align: left; text-indent: 24.5pt; margin-top: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">The financial statements and management&#8217;s assessment of the effectiveness of internal control over
        financial reporting (which is included in Management&#8217;s Report on Internal Control over Financial Reporting) incorporated in this prospectus by reference to the Annual Report on Form 10-K for the year ended December 31, 2018 have been so
        incorporated in reliance on the report of PricewaterhouseCoopers LLP, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting.</font></div>
    <div style="text-align: center; margin-top: 18pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">WHERE YOU CAN FIND MORE INFORMATION</font></div>
    <div><br>
    </div>
    <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">This prospectus is part of a registration statement that we have filed with the SEC under the Securities Act of 1933,
        as amended, or the Securities Act. The registration statement, including the attached exhibits, contains additional relevant information about us. The rules and regulations of the SEC allow us to omit some information included in the registration
        statement from this prospectus.</font></div>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 8pt; font-weight: normal; font-style: normal;">7</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
    </div>
    <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">In addition, we file annual, quarterly and other reports and other information with the SEC. Our SEC filings are
        available on the SEC&#8217;s web site at www.sec.gov. We also make available free of charge on our website, at www.valhi.net, all materials that we file electronically with the SEC, including our annual reports on Form&#160;10-K, quarterly reports on
        Form&#160;10-Q, current reports on Form&#160;8-K, Section&#160;16 reports and amendments to these reports as soon as reasonably practicable after such materials are electronically filed with, or furnished to, the SEC. Information contained on our website or any
        other website is not incorporated by reference into this prospectus and does not constitute a part of this prospectus.</font></div>
    <div><br>
    </div>
    <div style="text-align: center; margin-top: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">INCORPORATION OF CERTAIN INFORMATION BY REFERENCE</font></div>
    <div><br>
    </div>
    <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">&#160;</font><font style="font-size:
          10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">The SEC allows us to &#8220;incorporate by reference&#8221; into this prospectus the information we have filed with the SEC. This means that we can disclose important information to you without
          actually including the specific information in this prospectus by referring you to other documents filed separately with the SEC. These other documents contain important information about us, our financial condition and results of operations. The
          information incorporated by reference is an important part of this prospectus. Information that we file later with the SEC will automatically update and supersede the information that is either contained, or incorporated by reference, in this
          prospectus, and will be considered to be a part of this prospectus from the date those documents are filed.</font></font></div>
    <div><br>
    </div>
    <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">We have filed with the SEC and incorporate by reference in this prospectus the documents listed below:</font></div>
    <div><br>
    </div>
    <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">&#8226;</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">our annual report on Form 10-K for the year ended December 31, 2018, as filed on March 11, 2019; and</font></div>
    <div><br>
    </div>
    <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">&#8226;</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">the description of our capital stock contained in our current report on Form 8-K filed with the SEC on<font style="display: inline-block; text-indent: 0px; font-size:
          1px; width: 12pt;" id="TRGRRTFtoHTMLTab">&#160;</font>March 11, 2019, and any subsequent amendments and reports filed to update such description.</font></div>
    <div><br>
    </div>
    <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">We also incorporate by reference all additional documents that we file with the SEC under Sections&#160;13(a), 13(c), 14
        or 15(d) of the Exchange Act, that are made after the filing of the registration statement of which this prospectus is a part, as well as between the date of this prospectus and the termination of any offering of shares offered by this prospectus.
        We are not, however, incorporating, in each case, any documents or information that we are deemed to furnish and not file in accordance with SEC rules.</font></div>
    <div><br>
    </div>
    <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">You may obtain any of the documents incorporated by reference into this prospectus from the SEC through its web site
        at the address provided above. You also may request a copy of any document incorporated by reference into this prospectus (including exhibits to those documents specifically incorporated by reference into this document), at no cost, by visiting our
        internet website at www.valhi.net, or by writing or calling us at the following address:</font></div>
    <div><br>
    </div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Valhi, Inc.</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Three Lincoln Centre</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">&#160;5430 LBJ Freeway, Suite 1700</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Dallas, Texas 75240-2697</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Attention: Corporate Secretary</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Telephone: (</font>972) 233-1700</font></div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 8pt; font-weight: normal; font-style: normal;">8</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;"></div>
    </div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">PART II</font></div>
    <div style="text-align: center; margin-top: 4.5pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">INFORMATION NOT REQUIRED IN PROSPECTUS</font></div>
    <div><br>
    </div>
    <div style="text-align: left;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4612477e51d34138810976846a5cf271">

            <tr>
              <td><br>
              </td>
              <td style="width: 72.05pt; vertical-align: top;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">ITEM&#160;14.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">OTHER EXPENSES OF ISSUANCE AND DISTRIBUTION</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">The following table itemizes the expenses incurred by Valhi in connection with the registration of the shares being
        registered hereunder. All amounts shown are estimates except the SEC registration fee. NL and NLEMS have agreed to reimburse us for the costs identified below.&#160;</font></div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z3f8a2701624240a5b73704a8b72cbb24" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%;">
            <div style="text-align: left; text-indent: -12pt; margin-left: 12pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">SEC registration fee</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block;
                text-indent: 0px; font-size: 1px; width: 328pt;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">6,707</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%;">
            <div style="text-align: left; text-indent: -12pt; margin-left: 12pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Legal fees and expenses</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block;
                text-indent: 0px; font-size: 1px; width: 328pt;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">20,000</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%;">
            <div style="text-align: left; text-indent: -12pt; margin-left: 12pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Accounting fees and expenses</font><font id="TRGRRTFtoHTMLTab" style="display:
                inline-block; text-indent: 0px; font-size: 1px; width: 328pt;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">5,000</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 2px;">
            <div style="text-align: left; text-indent: -12pt; margin-left: 12pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Miscellaneous</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block;
                text-indent: 0px; font-size: 1px; width: 328pt;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">10,000</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%;">
            <div style="text-align: left;"><font style="font-family: &quot;Times New Roman&quot;,serif; font-size: 1pt;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">41,707</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: left;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1a1a04f4f8f0469091e8d51f4b9d1dea">

            <tr>
              <td><br>
              </td>
              <td style="width: 72.05pt; vertical-align: top;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">ITEM&#160;15.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">INDEMNIFICATION OF DIRECTORS AND OFFICERS</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Delaware General Corporation Law, our third amended and restated certificate of incorporation,
        and our amended and restated bylaws contain provisions relating to the limitation of liability and indemnification of our directors and officers.</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Our certificate of incorporation provides that our directors are not personally liable to us or
        our stockholders for monetary damages for breach of their fiduciary duties as directors, except for such liability as is expressly not subject to limitation under Delaware corporate law, as the same exists or may be amended to further limit or
        eliminate such liability.&#160; Existing Delaware law permits the elimination or limitation of directors&#8217; personal liability to us or our stockholders for monetary damages for breach of their fiduciary duties as directors, except liability for:</font></div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; margin-bottom: 12pt; width: 100%;" class="DSPFListTable" id="zf3e7a5e2d3184c168aaf32e671ee0186">

          <tr>
            <td style="width: 72pt; vertical-align: top;">
              <div style="text-align: left; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: Symbol,serif;">&#183;</font></div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: left; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">any breach of a director&#8217;s duty of loyalty to us or our stockholders;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; margin-bottom: 12pt; width: 100%;" class="DSPFListTable" id="z9e0747e373604cdda8a384cd8984979a">

          <tr>
            <td style="width: 72pt; vertical-align: top;">
              <div style="text-align: left; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: Symbol,serif;">&#183;</font></div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: left; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">acts or omissions not in good faith or involving intentional misconduct or a knowing violation of law;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; margin-bottom: 12pt; width: 100%;" class="DSPFListTable" id="z8840fba5cc754fc0ae0bdc53199fb6f7">

          <tr>
            <td style="width: 72pt; vertical-align: top;">
              <div style="text-align: left; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: Symbol,serif;">&#183;</font></div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: left; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">any transaction from which a director derived improper personal benefit;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; margin-bottom: 12pt; width: 100%;" class="DSPFListTable" id="z7450f796eb8d4ec28d534d526343b682">

          <tr>
            <td style="width: 72pt; vertical-align: top;">
              <div style="text-align: left; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: Symbol,serif;">&#183;</font></div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: left; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">the unlawful payment of dividends; and</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; margin-bottom: 12pt; width: 100%;" class="DSPFListTable" id="z5977984684944d6c8906b6a612d0c510">

          <tr>
            <td style="width: 72pt; vertical-align: top;">
              <div style="text-align: left; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: Symbol,serif;">&#183;</font></div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: left; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">unlawful stock repurchases or redemptions.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Because of these exculpation provisions, stockholders may be unable to recover monetary damages against directors
        for actions taken by them that constitute negligence or that otherwise violate their fiduciary duties as directors, although it may be possible to obtain injunctive or other equitable relief with respect to such actions.&#160; If equitable remedies are
        not available to stockholders, stockholders may not have an effective remedy against a director in connection with the director&#8217;s conduct.</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Our third amended and restated certificate of incorporation provides that we must, to the
        fullest extent permitted by law, indemnify any and all of our officers and directors, and provides that the provision in the certificate of incorporation does not limit the power of the Company to indemnify and advance expenses as authorized in the
        bylaws of the corporation.</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Our amended and restated bylaws provide as follows:</font></div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; margin-bottom: 12pt; width: 100%;" class="DSPFListTable" id="z9e95803d43014a5fabf4c2157eaaaacd">

          <tr>
            <td style="width: 72pt; vertical-align: top;">
              <div style="text-align: left; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: Symbol,serif;">&#183;</font></div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: left; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">we must indemnify our directors and officers to the fullest extent permitted under Delaware law;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; margin-bottom: 12pt; width: 100%;" class="DSPFListTable" id="z51e5e38b8f6b4be0b0ac04d694f7710a">

          <tr>
            <td style="width: 72pt; vertical-align: top;">
              <div style="text-align: left; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: Symbol,serif;">&#183;</font></div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: left; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">we must advance reasonable expenses (including attorneys&#8217; fees) of a director or officer for an
                  indemnifiable claim upon receipt of a written undertaking by or on behalf of the director or officer to repay such amount if it is ultimately determined that he or she is not entitled to be indemnified by us as authorized in our bylaws;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; margin-bottom: 12pt; width: 100%;" class="DSPFListTable" id="z511e8cfbda324aee875cc098e2b5be48">

          <tr>
            <td style="width: 72pt; vertical-align: top;">
              <div style="text-align: left; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: Symbol,serif;">&#183;</font></div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: left; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">if we receive a claim for indemnification of expenses of an indemnifiable claim and do not pay the claim
                  within 30 days of its receipt, the claimant may bring suit to recover the unpaid amount and, if successful in whole or in part, the claimant will also be entitled to be paid the expenses of prosecuting such claim; and</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; margin-bottom: 12pt; width: 100%;" class="DSPFListTable" id="z67b2a00f32074ecbb4a9986031a94160">

          <tr>
            <td style="width: 72pt; vertical-align: top;">
              <div style="text-align: left; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: Symbol,serif;">&#183;</font></div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: left; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">we may grant rights of indemnification and advancement of expenses to any person who is not at the time
                  our current director or officer.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: left; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">As permitted by Delaware law, we have entered into indemnity agreements with each of our
        directors and executive officers that require us to<font style="background-color: rgb(255, 255, 255); font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"> indemnify such persons from and against all expenses, liabilities or
          other matters arising out of their status as such or their acts, omissions or services rendered by such persons in such capacities or otherwise while serving at the request of the Company in any other capacity, to the fullest extent permitted by
          applicable Delaware law.&#160; The indemnification agreements generally provide our officers and directors with the same level of indemnification rights as currently provided in our governing documents, and sets forth the processes and procedures by
          which such indemnification is provided.</font></font></div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 8pt; font-weight: normal; font-style: normal;">9</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
    </div>
    <div style="text-align: left; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Additionally, we have in effect director and officer liability insurance.</font></div>
    <div style="text-align: left; margin-top: 13.5pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3ee6085941534646b42c26dd3967ca31">

            <tr>
              <td><br>
              </td>
              <td style="width: 72.05pt; vertical-align: top;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">ITEM&#160;16.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">EXHIBITS</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-top: 13.5pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Reference is made to the attached Exhibit Index included below.</font></div>
    <div style="margin-top: 13.5pt;"><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; width: 100%;" id="zb990891f80eb4e31baa5972a794fffa6">

        <tr>
          <td style="width: 13.35%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Exhibit</font></div>
            </div>
          </td>
          <td style="width: 86.65%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Description of Exhibit</font></div>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 13.35%; vertical-align: top;">&#160;</td>
          <td style="width: 86.65%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 13.35%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">4.1</font></div>
          </td>
          <td style="width: 86.65%; vertical-align: middle;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><a href="http://www.sec.gov/Archives/edgar/data/59255/000005925516000208/exhibit31.htm">Third Amended and Restated Certificate
                  of Incorporation of the registrant &#8212; incorporated by reference to Exhibit 3.1 to the registrant&#8217;s Current Report on Form 8-K filed with the SEC on May 31, 2016</a>.</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 13.35%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">4.2</font></div>
          </td>
          <td style="width: 86.65%; vertical-align: middle;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><a href="http://www.sec.gov/Archives/edgar/data/59255/000005925507000117/exhibit31.htm">Amended and Restated Bylaws of the
                  registrant (amended and restated as of November 6, 2007) &#8212; incorporated by reference to Exhibit 3.1 to the registrant&#8217;s Current Report on Form 8-K filed with the SEC on November 6, 2007</a>.</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 13.35%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">4.3*</font></div>
          </td>
          <td style="width: 86.65%; vertical-align: middle;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><a href="exh43.htm">Form of the
                  registrant&#8217;s stock certificate for common stock, par value $0.01 per share</a>.</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 13.35%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">5.1*</font></div>
          </td>
          <td style="width: 86.65%; vertical-align: middle;">
            <div style="text-align: left;"><a href="exh51.htm"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Opinion of
                  Jane R. Grimm</font></a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 13.35%; vertical-align: middle;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">23.1*</font></div>
          </td>
          <td style="width: 86.65%; vertical-align: middle;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><a href="exh51.htm">Consent of
                  Jane R. Grimm (included in Exhibit 5.1)</a>.</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 13.35%; vertical-align: middle;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">23.2*</font></div>
          </td>
          <td style="width: 86.65%; vertical-align: middle;">
            <div style="text-align: left;"><a href="exh232.htm"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Consent of
                  PricewaterhouseCoopers LLP</font></a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 13.35%; vertical-align: middle;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">24.1*</font></div>
          </td>
          <td style="width: 86.65%; vertical-align: middle;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><a href="#POWEROFATTORNEYANDSIGNATU">Power of Attorney (see the initial signature page of this registration statement)</a>.</font></div>
          </td>
        </tr>

    </table>
    <div>
      <div style="margin-bottom: 6pt;"><br>
      </div>
      <div><br>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">*</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Filed with this registration statement.</font></div>
    <div style="text-align: left; margin-top: 13.5pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z117af1c98bb0450e983ea96cc1f02a16">

            <tr>
              <td><br>
              </td>
              <td style="width: 72.05pt; vertical-align: top;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">ITEM&#160;17.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">UNDERTAKINGS</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">The undersigned registrant hereby undertakes:</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">&#160;</font></div>
    <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">(1)&#160;</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">&#160;</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">(i)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">&#160;to include any prospectus required by Section&#160;10(a)(3)&#160;of the Securities Act of 1933;</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">&#160;</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">(ii)&#160;</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">to reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent
        post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities
        offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the
        Commission pursuant to Rule&#160;424(b)&#160;if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the &#8220;Calculation of Registration Fee&#8221; table in the effective
        registration statement;&#160;and</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">&#160;</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">(iii)&#160;</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">to include any material information with respect to the plan of distribution not previously disclosed in the registration statement
        or any material change to such information in the registration statement;</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">&#160;</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-style: italic;">provided, however,</font>&#160;that
        paragraphs (1)(i), (1)(ii)&#160;and (1)(iii)&#160;do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the registrant pursuant to
        Section&#160;13 or 15(d)&#160;of the Securities Exchange Act of 1934 that are incorporated by reference in the registration statement, or is contained in a form of prospectus filed pursuant to Rule&#160;424(b)&#160;that is part of the registration statement.</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">&#160;</font></div>
    <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">(2)&#160;</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration
        statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial<font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-style: italic;"> bona
          fide</font>&#160;offering thereof.</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">&#160;</font></div>
    <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">(3)&#160;</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.</font></div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 8pt; font-weight: normal; font-style: normal;">10</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">&#160;</font></div>
    <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">(4)&#160;</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">That, for the purpose of determining liability under the Securities Act of 1933 to any purchaser:</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">&#160;</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">(i)&#160;</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Each prospectus filed by the registrant pursuant to Rule&#160;424(b)(3)&#160;shall be deemed to be part of the registration statement as of the
        date the filed prospectus was deemed part of and included in the registration statement;&#160;and</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">&#160;</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">(ii)&#160;</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Each prospectus required to be filed pursuant to Rule&#160;424(b)(2), (b)(5), or (b)(7)&#160;as part of a registration statement in reliance on
        Rule&#160;430B relating to an offering made pursuant to Rule&#160;415(a)(1)(i), (vii), or (x)&#160;for the purpose of providing the information required by Section&#160;10(a)&#160;of the Securities Act of 1933 shall be deemed to be part of and included in the registration
        statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule&#160;430B, for liability purposes
        of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that prospectus relates, and the
        offering of such securities at that time shall be deemed to be the initial<font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-style: italic;">&#160;bona fide</font>&#160;offering thereof.<font style="font-size: 10pt;
          font-family: &quot;Times New Roman&quot;,Times,serif; font-style: italic;">&#160; Provided, however,</font>&#160; that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated
        or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement
        that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date.</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">&#160;</font></div>
    <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">(5)&#160;</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">That, for the purpose of determining liability of the registrant under the Securities Act of 1933 to any purchaser in the initial distribution of the securities, the
        undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities
        are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">&#160;</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">(i)&#160;</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to
        Rule&#160;424;</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">&#160;</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">(ii)&#160;</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by
        the undersigned registrant;</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">&#160;</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">(iii)&#160;</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">The portion of any other free writing prospectus relating to the offering containing material information about the undersigned
        registrant or its securities provided by or on behalf of the undersigned registrant;&#160;and</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">&#160;</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-left: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">(iv)&#160;</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">&#160;</font></div>
    <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">(6)&#160;</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">That, for the purpose of determining liability of the registrant under the Securities Act of 1933, each filing of the registrant&#8217;s annual report pursuant to
        Section&#160;13(a)&#160;or Section&#160;15(d)&#160;of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan&#8217;s annual report pursuant to section&#160;15(d)&#160;of the Securities Exchange Act of 1934)&#160;that is incorporated by
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        controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in
        the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the
        registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the
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          <td style="width: 23.54%; vertical-align: top;">&#160;</td>
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          <td style="width: 42.56%; vertical-align: top;">&#160;</td>
          <td style="width: 33.9%; vertical-align: top;">&#160;</td>
          <td style="width: 23.54%; vertical-align: top;">&#160;</td>
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          <td style="width: 23.54%; vertical-align: top;">&#160;</td>
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          <td style="width: 42.56%; vertical-align: top;">&#160;</td>
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          <td style="width: 42.56%; vertical-align: top;">&#160;</td>
          <td style="width: 33.9%; vertical-align: top;">&#160;</td>
          <td style="width: 23.54%; vertical-align: top;">&#160;</td>
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          <td style="width: 42.56%; vertical-align: top;">&#160;</td>
          <td style="width: 33.9%; vertical-align: top;">&#160;</td>
          <td style="width: 23.54%; vertical-align: top;">&#160;</td>
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          <td style="width: 42.56%; vertical-align: top;">&#160;</td>
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          <td style="width: 23.54%; vertical-align: top;">&#160;</td>
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          <td style="width: 42.56%; vertical-align: top;">&#160;</td>
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  <div style="text-align: center;"> <br>
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  <div style="text-align: center;"> <br>
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  <div style="text-align: center;">13<br>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.3
<SEQUENCE>3
<FILENAME>exh43.htm
<DESCRIPTION>FORM OF THE REGISTRANT'S STOCK CERTIFICATE FOR COMMON STOCK
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  <div>&#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;&#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;&#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;&#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; <a name="Exhibit4.3"><!--Anchor--></a>Exhibit
    4.3<br>
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    <table cellspacing="0" cellpadding="0" id="z98b32028455e40eb958df96554b4ba28" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

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          <td style="width: 11.32%; vertical-align: top;">&#160;</td>
          <td style="width: 15.79%; vertical-align: top;">&#160;</td>
          <td style="width: 13.76%; vertical-align: top;" colspan="2">&#160;</td>
          <td style="width: 15.19%; vertical-align: top;">&#160;</td>
          <td style="width: 12.33%; vertical-align: top;" colspan="4">&#160;</td>
          <td style="width: 24.52%; vertical-align: top;" colspan="2">&#160;</td>
          <td style="width: 7.08%; vertical-align: top;">&#160;</td>
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        <tr>
          <td style="width: 11.32%; vertical-align: top;">&#160;</td>
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            <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">COMMON STOCK<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
              </font>&#160;PAR VALUE $.01</div>
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          <td style="width: 13.76%; vertical-align: top;" colspan="2">&#160;</td>
          <td style="width: 15.19%; vertical-align: top;">&#160;</td>
          <td style="width: 12.33%; vertical-align: top;" colspan="4">&#160;</td>
          <td style="width: 24.52%; vertical-align: top;" colspan="2">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">COMMON STOCK</font></div>
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          <td style="width: 7.08%; vertical-align: top;">&#160;</td>
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        <tr>
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            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Certificate Number</font></div>
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          <td style="width: 15.79%; vertical-align: top;">&#160;</td>
          <td style="width: 13.76%; vertical-align: top;" colspan="2">&#160;</td>
          <td style="width: 15.19%; vertical-align: top;">&#160;</td>
          <td style="width: 12.33%; vertical-align: top;" colspan="4">&#160;</td>
          <td style="width: 24.52%; vertical-align: top;" colspan="2">&#160;</td>
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            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Shares</font></div>
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        <tr>
          <td style="width: 11.32%; vertical-align: top; border-bottom: 2px solid #000000;">&#160;</td>
          <td style="width: 15.79%; vertical-align: top;">&#160;</td>
          <td style="width: 13.76%; vertical-align: top;" colspan="2">&#160;</td>
          <td style="width: 15.19%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Valhi, Inc.</font></div>
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          <td style="width: 12.33%; vertical-align: top;" colspan="4">&#160;</td>
          <td style="width: 24.52%; vertical-align: top;" colspan="2">&#160;</td>
          <td style="width: 7.08%; vertical-align: top; border-bottom: 2px solid #000000;">&#160;</td>
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          <td style="width: 11.32%; vertical-align: top;">&#160;</td>
          <td style="width: 15.79%; vertical-align: top;">&#160;</td>
          <td style="width: 13.76%; vertical-align: top;" colspan="2">&#160;</td>
          <td style="width: 15.19%; vertical-align: top;">&#160;</td>
          <td style="width: 12.33%; vertical-align: top;" colspan="4">&#160;</td>
          <td style="width: 24.52%; vertical-align: top;" colspan="2">&#160;</td>
          <td style="width: 7.08%; vertical-align: top;">&#160;</td>
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        <tr>
          <td style="width: 11.32%; vertical-align: top;">&#160;</td>
          <td style="width: 15.79%; vertical-align: top;">&#160;</td>
          <td style="width: 41.28%; vertical-align: top;" colspan="7">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[Valhi, Inc. Logo]</font></div>
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          <td style="width: 24.52%; vertical-align: top;" colspan="2">&#160;</td>
          <td style="width: 7.08%; vertical-align: top;">&#160;</td>
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          <td style="width: 11.32%; vertical-align: top;">&#160;</td>
          <td style="width: 15.79%; vertical-align: top;">&#160;</td>
          <td style="width: 41.28%; vertical-align: top;" colspan="7">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">INCORPORATED UNDER THE LAWS OF THE STATE OF DELAWARE</font></div>
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          <td style="width: 24.52%; vertical-align: top;" colspan="2">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">THIS CERTIFICATE IS TRANSFERABLE IN CITIES DESIGNATED BY THE TRANSFER AGENT, AVAILABLE ONLINE AT</font></div>
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">www.computershare.com</font></div>
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          <td style="width: 7.08%; vertical-align: top;">&#160;</td>
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          <td style="width: 11.32%; vertical-align: top;" rowspan="17">&#160;</td>
          <td style="width: 15.79%; vertical-align: top;">&#160;</td>
          <td style="width: 4.86%; vertical-align: top;">&#160;</td>
          <td style="width: 35.54%; vertical-align: top;" colspan="5">&#160;</td>
          <td style="width: 1.97%; vertical-align: top;" colspan="2">&#160;</td>
          <td style="width: 23.44%; vertical-align: top;">&#160;</td>
          <td style="width: 7.08%; vertical-align: top;" rowspan="5">&#160;</td>
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          <td style="width: 15.79%; vertical-align: top;">&#160;</td>
          <td style="width: 4.86%; vertical-align: top;">&#160;</td>
          <td style="width: 35.54%; vertical-align: top;" colspan="5">&#160;</td>
          <td style="width: 1.97%; vertical-align: top;" colspan="2">&#160;</td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">SEE REVERSE FOR CERTAIN DEFINITIONS</font></div>
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          <td style="width: 15.79%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">THIS CERTIFIES THAT</font></div>
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          <td style="width: 4.86%; vertical-align: top;">&#160;</td>
          <td style="width: 35.54%; vertical-align: top;" colspan="5">&#160;</td>
          <td style="width: 1.97%; vertical-align: top;" colspan="2">&#160;</td>
          <td style="width: 23.44%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">CUSIP 918905 10 0</font></div>
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          <td style="width: 15.79%; vertical-align: top;">&#160;</td>
          <td style="width: 4.86%; vertical-align: top;">&#160;</td>
          <td style="width: 35.54%; vertical-align: top;" colspan="5">&#160;</td>
          <td style="width: 1.97%; vertical-align: top;" colspan="2">&#160;</td>
          <td style="width: 23.44%; vertical-align: top;">&#160;</td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">is the owner of</font></div>
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          <td style="width: 4.86%; vertical-align: top;">&#160;</td>
          <td style="width: 35.54%; vertical-align: top;" colspan="5">&#160;</td>
          <td style="width: 1.97%; vertical-align: top;" colspan="2">&#160;</td>
          <td style="width: 23.44%; vertical-align: top;">&#160;</td>
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        <tr>
          <td style="width: 15.79%; vertical-align: top;">&#160;</td>
          <td style="width: 13.76%; vertical-align: top;" colspan="2">&#160;</td>
          <td style="width: 15.19%; vertical-align: top;">&#160;</td>
          <td style="width: 12.33%; vertical-align: top;" colspan="4">&#160;</td>
          <td style="width: 24.52%; vertical-align: top;" colspan="2">&#160;</td>
          <td style="width: 7.08%; vertical-align: top;" rowspan="5">&#160;</td>
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          <td style="width: 81.6%; vertical-align: top;" colspan="10">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">FULLY PAID AND NON-ASSESSABLE SHARES OF COMMON STOCK OF</font></div>
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          <td style="width: 81.6%; vertical-align: top;" colspan="10">
            <div>&#160;</div>
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Valhi, Inc. (hereinafter called the &#8220;Corporation&#8221;), transferable on the books of the Corporation by the holder hereof in person or by
                duly authorized attorney upon surrender of this certificate properly endorsed.&#160; This certificate is not valid unless countersigned by the Transfer Agent and Registrar.</font></div>
            <div>&#160;</div>
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Witness the facsimile seal of the Corporation and the facsimile signatures of its duly authorized officers.</font></div>
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          <td style="width: 15.79%; vertical-align: top;">&#160;</td>
          <td style="width: 13.76%; vertical-align: top;" colspan="2">&#160;</td>
          <td style="width: 15.19%; vertical-align: top;">&#160;</td>
          <td style="width: 12.33%; vertical-align: top;" colspan="4">&#160;</td>
          <td style="width: 24.52%; vertical-align: top;" colspan="2">&#160;</td>
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          <td style="width: 15.79%; vertical-align: top;">&#160;</td>
          <td style="width: 13.76%; vertical-align: top;" colspan="2">&#160;</td>
          <td style="width: 15.19%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[Valhi, Inc.</font></div>
          </td>
          <td style="width: 12.33%; vertical-align: top;" colspan="4">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Dated<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt">&#160;</font></font></div>
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          <td style="width: 24.52%; vertical-align: top;" colspan="2">&#160;</td>
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          <td style="width: 29.56%; vertical-align: top;" colspan="3">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[Facsimile Signature]</font></div>
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Chief Executive Officer</font></div>
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          <td style="width: 15.19%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Corporate Seal</font></div>
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          <td style="width: 36.85%; vertical-align: top;" colspan="6">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">COUNTERSIGNED AND REGISTERED</font></div>
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">COMPUTERSHARE TRUST COMPANY, N.A.</font></div>
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">TRANSFER AGENT AND REGISTRAR</font></div>
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          <td style="width: 7.08%; vertical-align: top;">&#160;</td>
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          <td style="width: 29.56%; vertical-align: top;" colspan="3">&#160;</td>
          <td style="width: 15.19%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Delaware]</font></div>
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          <td style="width: 36.85%; vertical-align: top;" colspan="6">&#160;</td>
          <td style="width: 7.08%; vertical-align: top;">&#160;</td>
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        <tr>
          <td style="width: 15.79%; vertical-align: top;">&#160;</td>
          <td style="width: 13.76%; vertical-align: top;" colspan="2">&#160;</td>
          <td style="width: 15.19%; vertical-align: top;">&#160;</td>
          <td style="width: 12.33%; vertical-align: top;" colspan="4">&#160;</td>
          <td style="width: 24.52%; vertical-align: top;" colspan="2">&#160;</td>
          <td style="width: 7.08%; vertical-align: top;">&#160;</td>
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          <td style="width: 29.56%; vertical-align: top;" colspan="3">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[Facsimile Signature]</font></div>
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          <td style="width: 20.64%; vertical-align: top;" colspan="2">&#160;</td>
          <td style="width: 31.41%; vertical-align: top;" colspan="5">&#160;</td>
          <td style="width: 7.08%; vertical-align: top;">&#160;</td>
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          <td style="width: 29.56%; vertical-align: top;" colspan="3">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Secretary</font></div>
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          <td style="width: 23.64%; vertical-align: top;" colspan="3">&#160;</td>
          <td style="width: 28.41%; vertical-align: top;" colspan="4">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">BY:&#160; [Facsimile Signature]</font></div>
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          <td style="width: 7.08%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 15.79%; vertical-align: top;">&#160;</td>
          <td style="width: 13.76%; vertical-align: top;" colspan="2">&#160;</td>
          <td style="width: 15.19%; vertical-align: top;">&#160;</td>
          <td style="width: 36.85%; vertical-align: top;" colspan="6">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">AUTHORIZED SIGNATURE</font></div>
          </td>
          <td style="width: 7.08%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 15.79%; vertical-align: top;">&#160;</td>
          <td style="width: 28.96%; vertical-align: top;" colspan="3">&#160;</td>
          <td style="width: 12.33%; vertical-align: top;" colspan="4">&#160;</td>
          <td style="width: 24.52%; vertical-align: top;" colspan="2">&#160;</td>
          <td style="width: 7.08%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 11.32%; vertical-align: top;">&#160;</td>
          <td style="width: 15.79%; vertical-align: top;">&#160;</td>
          <td style="width: 28.96%; vertical-align: top;" colspan="3">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">SECURITY INSTRUCTIONS ON REVERSE</font></div>
          </td>
          <td style="width: 12.33%; vertical-align: top;" colspan="4">&#160;</td>
          <td style="width: 24.52%; vertical-align: top;" colspan="2">&#160;</td>
          <td style="width: 7.08%; vertical-align: top;">&#160;</td>
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    <div style="text-align: left; margin-bottom: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">VALHI, INC.</font></div>
    <div style="text-align: justify; margin-right: 4.9pt; margin-top: 0.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">THE CORPORATION WILL FURNISH WITHOUT CHARGE TO EACH STOCKHOLDER WHO SO REQUESTS, A SUMMARY OF THE
        POWERS, DESIGNATIONS, PREFERENCES AND RELATIVE, PARTICIPATING, OPTIONAL OR OTHER SPECIAL RIGHTS OF EACH CLASS OF STOCK OF THE CORPORATION AND THE QUALIFICATIONS, LIMITATIONS OR RESTRICTIONS OF SUCH PREFERENCES AND RIGHTS, AND THE VARIATIONS IN
        RIGHTS, PREFERENCES AND LIMITATIONS DETERMINED FOR EACH SERIES, WHICH ARE FIXED BY THE CERTIFICATE OF INCORPORATION OF THE CORPORATION, AS AMENDED, AND THE RESOLUTIONS OF THE BOARD OF DIRECTORS OF THE CORPORATION, AND THE AUTHORITY OF THE BOARD OF
        DIRECTORS TO DETERMINE VARIATIONS FOR FUTURE SERIES. SUCH REQUEST MAY BE MADE TO THE OFFICE OF THE SECRETARY OF THE CORPORATION OR TO THE TRANSFER AGENT. THE BOARD OF DIRECTORS MAY REQUIRE THE OWNER OF A LOST OR DESTROYED STOCK CERTIFICATE, OR HIS
        LEGAL REPRESENTATIVES, TO GIVE THE CORPORATION A BOND TO INDEMNIFY IT AND ITS TRANSFER AGENTS AND REGISTRARS AGAINST ANY CLAIM THAT MAY BE MADE AGAINST THEM ON ACCOUNT OF THE ALLEGED LOSS OR DESTRUCTION OF ANY SUCH CERTIFICATE.</font></div>
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    <div style="text-align: left; margin-top: 0.55pt; margin-bottom: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The following abbreviations, when used in the inscription on the face of this certificate, shall be
        construed as though they were written out in full according to applicable laws or regulations:</font></div>
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        <tr>
          <td style="width: 10.14%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">TEN COM</font></div>
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          <td style="width: 4.17%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8212;</font></div>
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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">as tenants in common</font></div>
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          <td style="width: 2.5%; vertical-align: top;">&#160;</td>
          <td style="width: 19.12%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">UNIF GIFT MIN ACT</font></div>
          </td>
          <td style="width: 4.17%; vertical-align: top;" colspan="2">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8212;</font></div>
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          <td style="width: 30.8%; vertical-align: top;" colspan="2">
            <div style="text-align: justify; text-indent: 21.6pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Custodian</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px;
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">TEN ENT</font></div>
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          <td style="width: 4.17%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8212;</font></div>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">as tenants by the entireties</font></div>
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          <td style="width: 2.5%; vertical-align: top;">&#160;</td>
          <td style="width: 19.12%; vertical-align: top;">&#160;</td>
          <td style="width: 4.17%; vertical-align: top;" colspan="2">&#160;</td>
          <td style="width: 30.8%; vertical-align: top;" colspan="2">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(Cust)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 76.6pt">&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(Minor)</font></div>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">JT TEN</font></div>
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          <td style="width: 4.17%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8212;</font></div>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">as joint tenants with right of survivorship and not as tenants in common</font></div>
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          <td style="width: 2.5%; vertical-align: top;">&#160;</td>
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    <div style="text-align: left; margin-right: 270.85pt; margin-top: 5.55pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Notice: The signature to this assignment must correspond with the name as written upon the face of
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    <div style="text-align: left; margin-top: 0.3pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Signature(s) Guaranteed: Medallion Guarantee Stamp</font></div>
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        we have processed as you requested. If you did not specify a cost basis calculation method, then we have defaulted to the first in, first out (FIFO) method. Please consult your tax advisor if you need additional information about cost basis.</font></div>
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    <div><br>
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    <div><br>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>4
<FILENAME>exh51.htm
<DESCRIPTION>OPINION OF JANE R. GRIMM
<TEXT>
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    <title></title>
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    <div><br>
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      <table cellspacing="0" cellpadding="0" id="z944a9e3cd32e48239cb0941e562f702c" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 27.49%; vertical-align: middle;">
              <div style="text-align: left;"><img width="119" height="72" src="image0.jpg"></div>
            </td>
            <td style="width: 45.19%; vertical-align: top;">
              <div>&#160;</div>
              <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 18pt; font-variant: small-caps; font-weight: bold;">Valhi, Inc.</div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-variant: small-caps;">Three Lincoln Centre</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-variant: small-caps;">5430 LBJ Freeway, Suite 1700</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-variant: small-caps;">Dallas, Texas&#160;&#160; 75240-2697</font></div>
            </td>
            <td style="width: 27.31%; vertical-align: top;">
              <div style="text-align: right; margin-right: 8.15pt; margin-left: 39.6pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><a name="Exhibit5.1"><!--Anchor--></a>Exhibit 5.1</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: center; margin-top: 6pt; margin-bottom: 6pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">March 11, 2019</div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Valhi, Inc.</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Three Lincoln Centre</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5430 LBJ Freeway, Suite 1700</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Dallas, Texas&#160; 75240-2697</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Ladies and Gentlemen:</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">I am Vice President, Associate General Counsel and Assistant Secretary of Valhi, Inc., a Delaware corporation (the &#8220;Company&#8221;), and am an
        employee of Contran Corporation, a Delaware corporation that is an indirect parent corporation of the Company.&#160;&#160; I am rendering my opinion in connection with the filing by the Company with the Securities and Exchange Commission of a Registration
        Statement on Form S-3 (the &#8220;Registration Statement&#8221;) for the purpose of registering under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;), the sale from time to time of up to 14,372,970 shares of common stock, par value $0.01 per
        share, of the Company by the selling stockholders named in the Registration Statement (the &#8220;Securities&#8221;).</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">I have been provided with a copy of the Registration Statement and the prospectus (the &#8220;Prospectus&#8221;) forming a part thereof. I have examined
        the Registration Statement, the Prospectus and originals or copies of such documents, corporate records, certificates of public officials and other instruments as I have deemed necessary or advisable for the purpose of rendering this opinion.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In rendering the opinion expressed herein, I have, without independent inquiry or investigation, assumed that (i) all documents submitted to
        me as originals are authentic and complete, (ii) all documents submitted to me as copies conform to authentic, complete originals, (iii) all documents filed as exhibits to the Registration Statement that have not been executed will conform to the
        forms thereof, (iv) all signatures on all documents that I reviewed are genuine, (v) all natural persons executing documents had and have the legal capacity to do so, (vi) all statements in certificates of public officials and officers of the
        Company that I reviewed were and are accurate and (vii) all representations made by the Company as to matters of fact in the documents that I reviewed were and are accurate.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Based upon the foregoing, and subject to the additional assumptions and qualifications set forth below, I am of the opinion that the issuance
        of the Securities was duly authorized and the Securities are validly issued, fully paid and non-assessable.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">I am a member of the Bar of the State of Texas, and the foregoing opinion is limited to the General Corporation Law of the State of Delaware.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">I hereby consent to the filing of this opinion as an exhibit to the Registration Statement referred to above and further consent to the
        reference to my name under the caption &#8220;Legal Matters&#8221; in the Prospectus. In giving this consent, I do not admit that I am in the category of persons whose consent is required under Section 7 of the Securities Act.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Very truly yours,</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">/s/ Jane R. Grimm</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Jane R. Grimm</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Vice President, Associate General Counsel</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">and Assistant Secretary</font></div>
    <div><br>
    </div>
    <div><br>
    </div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>5
<FILENAME>exh232.htm
<DESCRIPTION>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM DATED MARCH 11, 2019
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Contran
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  <div>
    <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"><a name="Exhibit23.2"><!--Anchor--></a>Exhibit 23.2</font></div>
    <div style="text-align: center; margin-top: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</font></div>
    <div><br>
    </div>
    <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We hereby consent to the incorporation by reference in this Registration Statement on Form S-3 of Valhi, Inc. of our report
        dated March 11, 2019 relating to the financial statements and the effectiveness of internal control over financial reporting, which appears in Valhi, Inc.&#8217;s Annual Report on Form 10&#8209;K for the year ended December 31, 2018.&#160; We also consent to the
        reference to us under the heading &#8220;Experts&#8221; in such Registration Statement.</font></div>
    <div><br>
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    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">PricewaterhouseCoopers LLP</font></div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Dallas, Texas<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
        </font>March 11, 2019</font></div>
    <div><br>
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<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>8
<FILENAME>filename8.htm
<TEXT>
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    <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">March 11, 2019</div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Securities and Exchange Commission</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Division of Corporation Finance</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">100 F Street, N.E.</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Washington, DC 20549</font></div>
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    <div style="text-align: left; margin-bottom: 11.9pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Re:</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px;
        width: 36pt">&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Valhi, Inc. &#8211; Registration Statement on Form S-3</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Ladies and Gentlemen:</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">On behalf of Valhi, Inc., a Delaware corporation (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman',
          Times, serif;"><u>Company</u></font>&#8221;), we hereby transmit via EDGAR for filing with the Securities and Exchange Commission the above-referenced Registration Statement.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We note that the company incorporates by reference into the Registration Statement its annual report on Form 10-K for
        the year ended December 31, 2018, which in turn incorporates information from the Company&#8217;s proxy statement which has not yet been filed.&#160; The Company understands that you will not be able to declare the Registration Statement effective until such
        time as the complete disclosure required by Form 10-K has been filed.&#160; The Company will either amend the 10-K to include Part III information or file the proxy statement prior to requesting the effectiveness of the Registration Statement.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Please do not hesitate to contact the undersigned at (401) 276-6471 if you have any questions.</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Very truly yours,</font></div>
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    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">LOCKE LORD LLP</font></div>
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    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">By:&#160; <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>/s/ Eugene W. McDermott, Jr.</u></font></font></div>
    <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Eugene W. McDermott, Jr.</font></div>
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