<SEC-DOCUMENT>0000024240-19-000012.txt : 20190311
<SEC-HEADER>0000024240-19-000012.hdr.sgml : 20190311
<ACCEPTANCE-DATETIME>20190311162332
ACCESSION NUMBER:		0000024240-19-000012
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20190311
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20190311
DATE AS OF CHANGE:		20190311

FILER:

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

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-48391
		FILM NUMBER:		19672597

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

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LIBERTY LOAN CORP
		DATE OF NAME CHANGE:	19800414
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>8k190311.htm
<DESCRIPTION>VALHI, INC. FORM 8-K DATED MARCH 11, 2019
<TEXT>
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    <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">UNITED STATES</div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Washington, D.C.&#160;&#160; 20549</font></div>
    <div style="text-align: center; margin-top: 24pt; margin-bottom: 12pt;"><font style="font-size: 14pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">FORM 8-K</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">CURRENT REPORT</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934</font></div>
    <div><br>
    </div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Date of Report (Date of the earliest event reported)</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">March 11, 2019</font></div>
    <div style="text-align: center; margin-top: 18pt;"><font style="font-size: 18pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-variant: small-caps;">Valhi, Inc.</font></div>
    <div style="text-align: center; margin-bottom: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(Exact name of registrant as specified in its charter)</font></div>
    <table cellspacing="0" cellpadding="0" id="z4036b43c73b74e61b7448eb41e97d6aa" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

        <tr>
          <td style="width: 33.35%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Delaware</font></div>
          </td>
          <td style="width: 33.32%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1-5467</font></div>
          </td>
          <td style="width: 33.32%; vertical-align: top;" colspan="2">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">87-0110150</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 33.35%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(State or other jurisdiction of incorporation)</font></div>
          </td>
          <td style="width: 33.32%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(Commission</font></div>
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">File Number)</font></div>
          </td>
          <td style="width: 33.32%; vertical-align: top;" colspan="2">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(IRS Employer</font></div>
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Identification No.)</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 33.35%; vertical-align: top;">&#160;</td>
          <td style="width: 33.32%; vertical-align: top;">&#160;</td>
          <td style="width: 33.32%; vertical-align: top;" colspan="2">&#160;</td>
        </tr>
        <tr>
          <td style="width: 33.35%; vertical-align: top;">&#160;</td>
          <td style="width: 33.32%; vertical-align: top;">&#160;</td>
          <td style="width: 33.32%; vertical-align: top;" colspan="2">&#160;</td>
        </tr>
        <tr>
          <td style="width: 66.92%; vertical-align: top;" colspan="3">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">5430 LBJ Freeway, Suite 1700, Dallas, Texas</font></div>
          </td>
          <td style="width: 33.08%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">75240-2697</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 66.92%; vertical-align: top;" colspan="3">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(Address of principal executive offices)</font></div>
          </td>
          <td style="width: 33.08%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(Zip Code)</font></div>
          </td>
        </tr>

    </table>
    <div style="text-align: center; margin-top: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Registrant&#8217;s telephone number, including area code</font></div>
    <div style="text-align: center; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(972) 233-1700</font></div>
    <table cellspacing="0" cellpadding="0" id="z18461b02be2a4304a11efbbef07a86f3" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

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          <td style="width: 23.65%; vertical-align: top;">&#160;</td>
          <td style="width: 52.68%; vertical-align: top; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 23.66%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 23.65%; vertical-align: top;">&#160;</td>
          <td style="width: 52.68%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(Former name or former address, if changed since last report.)</font></div>
          </td>
          <td style="width: 23.66%; vertical-align: top;">&#160;</td>
        </tr>

    </table>
    <div style="text-align: justify; margin-top: 24pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
        filing obligation of the registrant under any of the following provisions (see General Instruction A.2):</font></div>
    <table cellspacing="0" cellpadding="0" id="ze90b99c6503a486b9843187b19192e05" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

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          <td style="width: 6.87%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 14pt; font-family: 'Times New Roman', Times, serif;">&#9744;</font></div>
          </td>
          <td style="width: 93.13%; vertical-align: middle;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 6.87%; vertical-align: top;">&#160;</td>
          <td style="width: 93.13%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 6.87%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 14pt; font-family: 'Times New Roman', Times, serif;">&#9744;</font></div>
          </td>
          <td style="width: 93.13%; vertical-align: middle;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 6.87%; vertical-align: top;">&#160;</td>
          <td style="width: 93.13%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 6.87%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 14pt; font-family: 'Times New Roman', Times, serif;">&#9744;</font></div>
          </td>
          <td style="width: 93.13%; vertical-align: middle;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 6.87%; vertical-align: top;">&#160;</td>
          <td style="width: 93.13%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 6.87%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 14pt; font-family: 'Times New Roman', Times, serif;">&#9744;</font></div>
          </td>
          <td style="width: 93.13%; vertical-align: middle;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="background-color: #FFFFFF;">
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17&#160;CFR
          &#167;230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR &#167;240.12b-2).</font></div>
    </div>
    <div style="background-color: #FFFFFF;">
      <div><br>
      </div>
      <div style="text-align: right; margin-top: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Emerging growth company&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#9744;</font></font></div>
    </div>
    <div style="background-color: #FFFFFF;">
      <div><br>
      </div>
      <div style="text-align: left; margin-top: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', 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 pursuant to Section&#160;13(a) of the Exchange Act.&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#9744;</font></font></div>
    </div>
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      <div>
        <table cellspacing="0" cellpadding="0" id="zbcac97d58c3e4ca69c1e18e5b3e5c7af" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

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              <td style="width: 72pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Item 2.02</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Results of Operations and Financial Condition.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="background-color: #FFFFFF;">
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The registrant hereby furnishes the information set forth in its press release entitled "Valhi Reports Fourth Quarter
          2018 Results" that the registrant issued on March 11, 2019, a copy of which is attached hereto as Exhibit 99.1 and incorporated herein by reference.</font></div>
    </div>
    <div style="background-color: #FFFFFF;">
      <div><br>
      </div>
    </div>
    <div style="background-color: #FFFFFF;">
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The press release the registrant furnishes as Exhibit 99.1 to this current report is not deemed "filed" for purposes of
          section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section.&#160; Registration statements or other documents filed with the U.S. Securities and Exchange Commission shall not incorporate this
          information by reference, except as otherwise expressly stated in such filing.</font></div>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zc05bb92c8e8e40dca58d35d93d7b655f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

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              <td style="width: 72pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Item 8.01</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Other Events.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The registrant is also filing this current report to revise and update the description of its capital stock.&#160; Such
        description is set forth in Exhibit 99.2 to this current report and is incorporated herein by reference.</font></div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zc203d0d2dd5a42a9a22a745606217bc3" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

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              <td style="width: 72pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Item 9.01</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Financial Statements and Exhibits.</font></div>
              </td>
            </tr>

        </table>
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    </div>
    <div><br>
    </div>
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        <tr>
          <td style="width: 5.94%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(d)</font></div>
          </td>
          <td style="width: 19.87%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Exhibits</font></div>
          </td>
          <td style="width: 2.86%; vertical-align: top;">&#160;</td>
          <td style="width: 71.32%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 5.94%; vertical-align: top;">&#160;</td>
          <td style="width: 19.87%; vertical-align: top;">&#160;</td>
          <td style="width: 2.86%; vertical-align: top;">&#160;</td>
          <td style="width: 71.32%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 5.94%; vertical-align: top;">&#160;</td>
          <td style="width: 19.87%; vertical-align: top; border-bottom: 2px solid #000000;">
            <div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Item No.</font></div>
            </div>
          </td>
          <td style="width: 2.86%; vertical-align: top;">&#160;</td>
          <td style="width: 71.32%; vertical-align: top; border-bottom: 2px solid #000000;">
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              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Exhibit Index</font></div>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.94%; vertical-align: top;">&#160;</td>
          <td style="width: 19.87%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">99.1</font></div>
          </td>
          <td style="width: 2.86%; vertical-align: top;">&#160;</td>
          <td style="width: 71.32%; vertical-align: top;">
            <div style="text-align: justify;"><a href="exh991.htm"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Press release
                  dated March 11, 2019 entitled &#8220;Valhi Reports Fourth Quarter 2019 Results&#8221; and issued by the registrant</font></a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.94%; vertical-align: top;">&#160;</td>
          <td style="width: 19.87%; vertical-align: top;">&#160;</td>
          <td style="width: 2.86%; vertical-align: top;">&#160;</td>
          <td style="width: 71.32%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 5.94%; vertical-align: top;">&#160;</td>
          <td style="width: 19.87%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">99.2</font></div>
          </td>
          <td style="width: 2.86%; vertical-align: top;">&#160;</td>
          <td style="width: 71.32%; vertical-align: top;">
            <div style="text-align: justify;"><a href="exh992.htm"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Description of
                  the Registrant&#8217;s Capital Stock</font></a></div>
          </td>
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    </table>
    <div><br>
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    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">SIGNATURE</font></div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be
        signed on its behalf by the undersigned hereunto duly authorized.</font></div>
    <div><br>
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    <table cellspacing="0" cellpadding="0" id="zf3fbfb07d32d4df9a94b3d0f79bb0ccd" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

        <tr>
          <td style="width: 49.81%; vertical-align: top;">&#160;</td>
          <td style="width: 50.19%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-variant: small-caps;">Valhi, Inc.</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 49.81%; vertical-align: top;">&#160;</td>
          <td style="width: 50.19%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(Registrant)</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 49.81%; vertical-align: top;">&#160;</td>
          <td style="width: 50.19%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 49.81%; vertical-align: top;">&#160;</td>
          <td style="width: 50.19%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 49.81%; vertical-align: top;">&#160;</td>
          <td style="width: 50.19%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 49.81%; vertical-align: top;">&#160;</td>
          <td style="width: 50.19%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 49.81%; vertical-align: top;">&#160;</td>
          <td style="width: 50.19%; vertical-align: top; border-bottom: 2px solid black;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">By:</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 26.1pt">&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">/s/ Gregory M. Swalwell</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block;
                  text-indent: 0px; font-size: 1px; width: 12pt">&#160;</font></font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 49.81%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Date:&#160; March 11, 2019</font></div>
          </td>
          <td style="width: 50.19%; vertical-align: top;">
            <div style="text-align: justify; margin-left: 26.1pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Gregory M. Swalwell, Executive Vice President, Chief Financial Officer and Chief Accounting
                Officer</font></div>
          </td>
        </tr>

    </table>
    <br>
  </div>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exh991.htm
<DESCRIPTION>PRESS RELEASE DATED MARCH 11, 2019 ENTITLED "VALHI REPORTS FOURTH QUARTER 2019 RESULTS" AND ISSUED BY THE REGISTRANT
<TEXT>
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    <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><a name="VALHIREPORTSFOURTHQUARTER"><!--Anchor--></a>VALHI REPORTS FOURTH QUARTER 2018 RESULTS</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">DALLAS, TEXAS . . March 11, 2019.&#160; Valhi, Inc. (NYSE: VHI) reported net income from continuing operations attributable to
        Valhi stockholders of $22.3 million, or $.07 per diluted share, in the fourth quarter of 2018 compared to $141.1 million, or $.41 per diluted share, in the fourth quarter of 2017.&#160;&#160; Valhi reported net income from continuing operations attributable
        to Valhi stockholders of $228.1 million, or $.67 per diluted share, in the full year of 2018 compared to $316.7 million, or $.93 per diluted share in the full year of 2017.&#160; Net income from continuing operations attributable to Valhi stockholders
        decreased from the 2017 periods primarily due to the net effects of a second quarter 2018 litigation settlement charge related to NL, lower operating results from our Chemicals Segment in both the fourth quarter and full year of 2018 and various
        income tax expense (benefit) items in both 2017 and 2018 as discussed below.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Chemicals Segment&#8217;s net sales of $349.4 million in the fourth quarter of 2018 were $103.9 million, or 23%, lower than
        in the fourth quarter of 2017.&#160; The Chemicals Segment&#8217;s net sales of $1.7 billion in the full year of 2018 were $67.1 million, or 4%, lower than in the full year of 2017.&#160; The Chemicals Segment&#8217;s net sales decreased in the fourth quarter of 2018
        compared to the same period in 2017 due to the unfavorable effects of lower average TiO<sub style="vertical-align: bottom; line-height: 1; font-size: smaller;">2</sub> selling prices and lower sales volumes.&#160; The Chemicals Segment&#8217;s net sales decreased in the full year of 2018 compared to the full year of 2017 due
        to the net effect of higher average selling prices and lower sales volumes.&#160; The Chemicals Segment&#8217;s average TiO<sub style="vertical-align: bottom; line-height: 1; font-size: smaller;">2</sub> selling prices were 2% lower in the fourth quarter of 2018 as compared to the fourth quarter of 2017 and were 13% higher in
        the full year of 2018 as compared to 2017.&#160; The Chemicals Segment&#8217;s average selling prices at the end of the fourth quarter of 2018 were 4% lower than at the end of the third quarter of 2018 and were 3% lower than at the end of 2017. Lower prices
        in the European, Latin American and export markets were partially offset by higher prices in North America at the end of 2018 as compared to the end of 2017.&#160; TiO<sub style="vertical-align: bottom; line-height: 1; font-size: smaller;">2 </sub>sales volumes in the fourth quarter of 2018 were 22% lower as compared
        to the record fourth quarter sales volumes of 2017 primarily due to lower sales in the European and export markets reflecting the effects of reduced shipments as customer inventory levels continued to return to more normal levels partially offset
        by higher sales in the North American market. The sales volumes in the full year of 2018 were 16% lower than the same period in 2017 primarily due to a combination of factors including (i) lower sales in all major markets resulting from a
        controlled ramp-up in January 2018 as the Chemicals Segment brought the second phase of its new global enterprise resource planning system online; (ii) inventory management to assure adequate supply to our customers during the spring and summer
        necessitated by the lower production volumes in the first three months of the year (as discussed below); (iii) product availability in the second quarter; and (iv) customer inventory level changes in the second, third and fourth quarters as
        discussed above.&#160; Fluctuations in currency exchange rates (primarily the euro) decreased net sales by approximately $4 million in the fourth quarter of 2018 and increased net sales by approximately $49 million in the full year of 2018 as compared
        to the same periods in 2017.&#160; The table at the end of this press release shows how each of these items impacted the overall change in net sales.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Chemicals Segment&#8217;s operating income in the fourth quarter of 2018 was $47.7 million as compared to $123.8 million in
        the fourth quarter of 2017.&#160; For the full year of 2018, the Chemicals Segment&#8217;s operating income was $342.9 million as compared to $358.5 million in 2017.&#160; The Chemicals Segment&#8217;s operating income decreased in the fourth quarter of 2018 compared to
        the 2017 period primarily due to the unfavorable effects of lower average TiO<sub style="vertical-align: bottom; line-height: 1; font-size: smaller;">2 </sub>selling prices, lower sales and production volumes and higher raw materials and other production costs.&#160; The Chemicals Segment&#8217;s operating income decreased
        in the full year of 2018 compared to the full year of 2017 primarily due to the net impact of higher average TiO<sub style="vertical-align: bottom; line-height: 1; font-size: smaller;">2 </sub>selling prices, lower sales and production volumes and higher raw materials and other production costs.&#160; The Chemicals
        Segment&#8217;s TiO<sub style="vertical-align: bottom; line-height: 1; font-size: smaller;">2</sub> production volumes were 8% lower in the fourth quarter and 7% lower in the full year of 2018 as compared to the same periods in 2017.&#160; The Chemicals Segment&#8217;s production facilities operated at 95% of average practical
        capacity utilization rates in 2018 (95%, 97%, 92% and 95% in the first, second, third and fourth quarters of 2018, respectively) compared to full practical capacity utilization rates for the comparable periods in 2017.&#160; The decrease in TiO<sub style="vertical-align: bottom; line-height: 1; font-size: smaller;">2 </sub>production


        volumes in the 2018 periods compared to the production volumes in the comparable 2017 periods was primarily due to increased maintenance activities at certain facilities in 2018, and the implementation of a productivity-enhancing improvement
        project at the Chemicals Segment&#8217;s Belgian facility in the first quarter of 2018.&#160; Fluctuations in currency exchange rates also affected operating income comparisons, which increased segment profit by approximately $7 million in the fourth quarter
        of 2018 and by approximately $33 million in the full year of 2018 as compared to the same periods in 2017.</font></div>
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    <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Component Products Segment&#8217;s net sales increased 9% in the fourth quarter of 2018 and 6% in the full year of 2018
        compared to the respective periods of 2017.&#160; The Component Products Segment&#8217;s net sales increased over both the comparable 2017 periods <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">primarily due to </font>higher
        marine component sales volumes to manufacturers of ski/waterboard boats and larger center-console boats, and to a lesser extent higher security products sales to certain markets, particularly transportation and office furniture<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">.&#160; </font>The Component Products Segment&#8217;s operating income was comparable in the fourth quarter of 2018 to the fourth quarter of 2017.&#160;&#160; For the full year of 2018, Component
        Products Segment&#8217;s operating income increased primarily due to improved fixed cost leverage facilitated by higher production volumes for both security products and marine components.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Real Estate Management and Development Segment had fourth quarter 2018 sales of $11.9 million, including $9.0 million
        in revenue on sales of land held for development, compared to sales of $17.5 million in the fourth quarter of 2017, including $15.4 million in sales of land held for development.&#160;&#160; For the full year of 2018 the Real Estate Management and
        Development Segment had sales of $40.0 million, including $31.7 million in revenue on sales of land held for development, compared to sales of $38.4 million in the full year of 2017, including $29.9 million in sales of land held for development.&#160;
        The Real Estate Management and Development Segment had operating income in the fourth quarter of 2018 of $2.1 million, a decrease of $1.4 million compared to operating income of $3.5 million in the 2017 period, consistent with lower land sales
        revenues due to relative changes in the amount of development activities in the fourth quarter of 2018.&#160; The Real Estate Management and Development Segment had operating income of $10.0 million in the full year of 2018 compared to $6.6 million in
        the same period of 2017 also due to relative changes in the amount of development activities for the full year of 2018. Land sales revenue is generally recognized over time based on costs inputs, and land sales revenues are dependent on spending
        for development activities as we balance development requirements with home builder outputs during the year.&#160;&#160; Land sales revenues are also impacted by the relative timing of when new land parcel sales are closed.&#160; &#160; Operating income in the full
        year of 2018 also includes $3.1 million of income in the first quarter related to the recognition of tax increment reimbursement note receivables.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Corporate expenses were 20% higher in the fourth quarter of 2018 compared to the fourth quarter of 2017,
        primarily due to higher administrative costs and litigation fees and related costs in 2018, offset in part by lower environmental remediation and related costs in 2018.&#160; Corporate expenses were 22% higher in the full year of 2018 compared to the
        same period in 2017, primarily due to higher administrative costs and litigation fees and related costs, somewhat offset by lower environmental remediation and related costs in 2018 compared to 2017. In May 2018, NL entered into a settlement
        agreement in the Santa Clara County, California ligation under which, as supplemented, we recognized a pre-tax $62 million ($40.7 million or $.12 per diluted share net of income taxes and noncontrolling interest) litigation settlement expense in
        the second quarter of 2018.&#160; The settlement agreement is subject to a number of conditions.&#160; Beginning in January 2018 as a result of the adoption of ASU 2016-01, we began recognizing the changes in fair value with respect to shares of Valhi common
        stock held by subsidiaries attributable to the noncontrolling interest in our results of operations, and such changes in fair value aggregated a $1.0 million unrealized loss in the fourth quarter and a $12.2 million unrealized loss in the full year
        2018. <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In the first quarter of 2018 we sold two parcels of land not used in our operating activities for an aggregate pre-tax gain of $12.5 million ($9.5 million, or $.03
          per diluted share, net of income taxes and noncontrolling interest).&#160; In the third quarter of 2018 we recognized a pre-tax securities transaction gain of $12.5 million ($9.9 million, or $.03 per diluted share, net of income taxes) related to the
          sale of our interest in the Amalgamated Sugar Company LLC.</font></font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In September 2017, the Chemicals Segment voluntarily prepaid and terminated its term loan indebtedness using a portion of
        the proceeds from the September 2017 issuance by Kronos International, Inc., its wholly-owned subsidiary, of &#8364;400 million principal amount of 3.75% Senior Secured Notes due September 2025.&#160; The Company's results in the third quarter of 2017 include
        a pre-tax charge of $7.1 million ($.01 per diluted share, net of tax and noncontrolling interest) related to such prepayment.</font></div>
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    <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company&#8217;s income tax benefit in 2018 includes a third quarter net benefit of $112 million ($.33 per diluted share)
        related to the recognition of a non-cash deferred income tax benefit related to Valhi&#8217;s investment in Kronos and a fourth quarter charge of $4.0 million ($.01 per diluted share) related to a current cash income tax expense on global intangible
        low-tax income.</font></div>
    <div><br>
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    <div style="background-color: #FFFFFF;">
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      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-top: 3pt; margin-bottom: 3pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company&#8217;s income tax benefit in 2017 includes (i) a non-cash deferred income
          tax benefit of $186.7 million ($.32 per diluted share) as a result of the reversal of the deferred income tax asset valuation allowances associated with the Chemicals Segment&#8217;s German and Belgian operations ($16.3 million or $.03 per diluted
          share in the fourth quarter), (ii) a fourth quarter non-cash deferred income tax benefit of $18.7 million ($.03 per diluted share) as a result of the reversal of a deferred income tax asset valuation allowance related to certain U.S. deferred
          income tax assets of one of the Chemicals Segment&#8217;s&#160; non-U.S. subsidiaries (which subsidiary is treated as a dual resident for U.S. income tax purposes), (iii) a fourth quarter provisional current income tax expense of $76.2 million ($.13 per
          diluted share) as a result of the Tax Cuts and Jobs Act (2017 Tax Act) enacted on December 22, 2017 for the one-time repatriation tax imposed on the post-1986 undistributed earnings of the Chemicals Segment&#8217;s non-U.S. subsidiaries, (iv) a fourth
          quarter non-cash deferred income tax benefit of $77.1 million ($.22 per diluted share) related to the revaluation of our net deferred income tax liability resulting from the reduction in the U.S. federal corporate income tax rate enacted as part
          of the 2017 Tax Act, (v) an aggregate income tax benefit of $11.8 million ($.02 per diluted share) related to the execution and finalization of an Advance Pricing Agreement between Canada and Germany, mostly in the third quarter, and (vi) a
          fourth quarter provisional non-cash deferred income tax expense of $5.3 million ($.01 per diluted share) related to a change in our conclusions regarding our permanent reinvestment assertion with respect to the post&#8211;1986 undistributed earnings of
          the Chemicals Segment&#8217;s European subsidiaries.</font></div>
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    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">As previously reported, on January 26, 2018 we completed the sale of our Waste Management Segment, the results of
        operations of which have been reclassified to discontinued operations for all periods presented.&#160; Discontinued operations in the full year of 2018 consists principally of a first quarter pre-tax gain on the disposal of this Segment of $58.5 million
        ($34.7 million, or $.10 per diluted share, net of income taxes).</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The statements in this press release relating to matters that are not historical facts are forward-looking statements that
        represent management's beliefs and assumptions based on currently available information.&#160; Although the Company believes the expectations reflected in such forward-looking statements are reasonable, it cannot give any assurances that these
        expectations will be correct.&#160; Such statements by their nature involve substantial risks and uncertainties that could significantly impact expected results, and actual future results could differ materially from those predicted. While it is not
        possible to identify all factors, the Company continues to face many risks and uncertainties.&#160; Among the factors that could cause our actual future results to differ materially include, but are not limited to, the following:</font></div>
    <div style="text-align: justify; text-indent: 36pt;">
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                <div style="text-align: left; margin-left: 24.5pt; margin-top: 6pt; font-family: Symbol, serif; font-size: 10pt;">&#183;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-top: 6pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Future supply and demand for our products;</font></div>
              </td>
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      <div>
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              </td>
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                <div style="text-align: justify; margin-top: 6pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The extent of the dependence of certain of our businesses on certain market sectors;</font></div>
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        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" id="z7de78cb6aa7b4db3a10abde31b455bdd" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; width: 100%;">

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                <div style="text-align: left; margin-left: 24.5pt; margin-top: 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: justify; margin-top: 6pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The cyclicality of certain of our businesses (such as Kronos&#8217; TiO<sub style="vertical-align: bottom; line-height: 1; font-size: smaller;">2</sub> operations);</font></div>
              </td>
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                <div style="text-align: left; margin-left: 24.5pt; margin-top: 6pt;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></div>
              </td>
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                <div style="text-align: justify; margin-top: 6pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Customer and producer inventory levels;</font></div>
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      <div>
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                <div style="text-align: left; margin-left: 24.5pt; margin-top: 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: justify; margin-top: 6pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Unexpected or earlier-than-expected industry capacity expansion (such as the TiO<sub style="vertical-align: bottom; line-height: 1; font-size: smaller;">2</sub> industry);</font></div>
              </td>
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        </table>
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        <table cellspacing="0" cellpadding="0" id="z26430c6b4ec94d088a1931e5508b1d6c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; width: 100%;">

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                <div style="text-align: left; margin-left: 24.5pt; margin-top: 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: justify; margin-top: 6pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Changes in raw material and other operating costs (such as ore, zinc, brass, aluminum, steel and energy costs)
                    and our ability to pass those costs on to our customers or offset them with reductions in other operating costs;</font></div>
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        </table>
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        <table cellspacing="0" cellpadding="0" id="z433ca19125854d539079b2d6dec713c1" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; width: 100%;">

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                <div style="text-align: left; margin-left: 24.5pt; margin-top: 6pt;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></div>
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                <div style="text-align: justify; margin-top: 6pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Changes in the availability of raw materials (such as ore);</font></div>
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        <table cellspacing="0" cellpadding="0" id="z6a83e77663014f5b8cfb2ed7da57f8e5" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; width: 100%;">

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                <div style="text-align: left; margin-left: 24.5pt; margin-top: 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: justify; margin-top: 6pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">General global economic and political conditions (such as changes in the level of gross domestic product in
                    various regions of the world and the impact of such changes on demand for, among other things, TiO<sub style="vertical-align: bottom; line-height: 1; font-size: smaller;">2 </sub>and component products);</font></div>
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        </table>
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                <div style="text-align: left; margin-left: 24.5pt; margin-top: 6pt;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></div>
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                <div style="text-align: justify; margin-top: 6pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Competitive products and prices and substitute products, including increased competition from low-cost
                    manufacturing sources (such as China);</font></div>
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                <div style="text-align: justify; margin-top: 6pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Potential difficulties in integrating future acquisitions;</font></div>
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                <div style="text-align: justify; margin-top: 6pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Potential difficulties in upgrading or implementing new accounting and manufacturing software systems (such as
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                <div style="text-align: justify; margin-top: 6pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Potential consolidation of our competitors;</font></div>
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                <div style="text-align: justify; margin-top: 6pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Competitive technology positions;</font></div>
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                <div style="text-align: justify; margin-top: 6pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Our ability to protect or defend intellectual property rights;</font></div>
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                <div style="text-align: justify; margin-top: 6pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The ability of our subsidiaries to pay us dividends;</font></div>
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                <div style="text-align: justify; margin-top: 6pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The impact of current or future government regulations (including employee healthcare benefit related
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                <div style="text-align: justify; margin-top: 6pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Uncertainties associated with new product development and the development of new product features;</font></div>
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                <div style="text-align: justify; margin-top: 6pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Operating interruptions (including, but not limited to, labor disputes, leaks, natural disasters, fires,
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                <div style="text-align: justify; margin-top: 6pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Decisions to sell operating assets other than in the ordinary course of business;</font></div>
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                <div style="text-align: justify; margin-top: 6pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The timing and amounts of insurance recoveries;</font></div>
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                <div style="text-align: justify; margin-top: 6pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Our ability to renew, amend, refinance or establish credit facilities;</font></div>
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                <div style="text-align: justify; margin-top: 6pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Our ability to maintain sufficient liquidity;</font></div>
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                <div style="text-align: justify; margin-top: 6pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The ultimate outcome of income tax audits, tax settlement initiatives or other tax matters, including future tax
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                <div style="text-align: justify; margin-top: 6pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Our ultimate ability to utilize income tax attributes, the benefits of which may or may not presently have been
                    recognized under the more-likely-than-not recognition criteria;</font></div>
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                <div style="text-align: left; margin-left: 24.5pt; margin-top: 6pt;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></div>
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                <div style="text-align: justify; margin-top: 6pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Environmental matters (such as those requiring compliance with emission and discharge standards for existing and
                    new facilities, or new developments regarding environmental remediation at sites related to our former operations);</font></div>
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                <div style="text-align: left; margin-left: 24.5pt; margin-top: 6pt;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></div>
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                <div style="text-align: justify; margin-top: 6pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Government laws and regulations and possible changes therein (such as changes in government regulations which
                    might impose various obligations on former manufacturers of lead pigment and lead-based paint, including NL, with respect to asserted health concerns associated with the use of such products) including new environmental health and
                    safety regulations;</font></div>
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                <div style="text-align: left; margin-left: 24.5pt; margin-top: 6pt;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></div>
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                <div style="text-align: justify; margin-top: 6pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The ultimate resolution of pending litigation (such as NL&#8217;s lead pigment litigation, environmental and other
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                <div style="text-align: left; margin-left: 24.5pt; margin-top: 6pt;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></div>
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                <div style="text-align: justify; margin-top: 6pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Our ability to comply with covenants contained in our revolving bank credit facilities;</font></div>
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              <td style="width: 49pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 24.5pt; margin-top: 6pt;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></div>
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                <div style="text-align: justify; margin-top: 6pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Our ability to complete and comply with the conditions of our licenses and permits;</font></div>
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                <div style="text-align: left; margin-left: 24.5pt; margin-top: 6pt;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></div>
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                <div style="text-align: justify; margin-top: 6pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Changes in real estate values and construction costs in Henderson, Nevada;</font></div>
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              <td style="width: 49pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 24.5pt; margin-top: 6pt;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></div>
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              <td style="width: auto; vertical-align: top;">
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                <div style="text-align: left; margin-left: 24.5pt; margin-top: 6pt;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></div>
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                <div style="text-align: justify; margin-top: 6pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Possible future litigation.</font></div>
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      <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> </font></div>
    <br>
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    <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Should one or more of these risks materialize (or the consequences of such development worsen), or should the underlying
        assumptions prove incorrect, actual results could differ materially from those currently forecasted or expected.&#160; We disclaim any intention or obligation to update or revise any forward-looking statement whether as a result of changes in
        information, future events or otherwise.</font></div>
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    <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Valhi, Inc. is engaged in the titanium dioxide pigments, component products (security products and high performance marine
        components), waste management, and real estate management and development industries.</font></div>
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          <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">CONDENSED SUMMARY OF INCOME</font></div>
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          <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,729.0</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">38.4</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">40.0</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 4px; background-color: #CCEEFF;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Total net sales</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">495.9</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">$</font></div>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">388.7</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,879.4</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">$</font></div>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1,820.1</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Operating income</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;&#160;&#160;Chemicals</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">123.8</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">$</font></div>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">47.7</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">358.5</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">$</font></div>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">342.9</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;&#160;&#160;Component products</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2.7</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2.9</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">15.2</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">17.8</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;&#160;&#160;Real estate management and development</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3.5</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2.1</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">6.6</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7.9</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">29.5</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;&#160;&#160;Insurance recoveries</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">.2</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">.4</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.3</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">12.5</font></div>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;&#160;Other components of net periodic pension and OPEB expense</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(4.8</font></div>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(3.3</font></div>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(17.7</font></div>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(12.2</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
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        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;&#160;Litigation settlement expense</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">-</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
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        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;&#160;Loss on prepayment of debt</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">-</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(7.1</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">-</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;&#160;General expenses, net</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(8.3</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(10.0</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(34.7</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(42.4</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: #FFFFFF;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Interest expense</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(14.7</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(10.3</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(58.9</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(55.7</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Income from continuing
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">110.3</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">30.9</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">291.8</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">236.2</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Income tax expense (benefit)</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(52.5</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2.5</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(30.7</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Net income from continuing operations</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">162.8</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">28.4</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">411.8</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">266.9</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: #CCEEFF;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Income (loss) from discontinued operations</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(1.0</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(4.6</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(109.2</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">34.1</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Net income</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">161.8</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">23.8</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">302.6</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">301.0</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Noncontrolling interest in net income</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">6.1</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">95.1</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">38.8</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Net income attributable to Valhi stockholders</font></div>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">140.1</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">$</font></div>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">17.7</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">207.5</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">$</font></div>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">262.2</font></div>
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            <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &amp;quot; font-weight: bold;">VALHI, INC. AND SUBSIDIARIES</font></div>
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          <td valign="bottom" nowrap="nowrap" style="font-style: normal; text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; font-style: normal;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="font-style: normal; text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; font-style: normal;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="font-style: normal; text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
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            <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &amp;quot; font-weight: bold;">CONDENSED SUMMARY OF INCOME (Continued)</font></div>
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          <td valign="bottom" style="font-style: normal; vertical-align: bottom;" colspan="1">&#160;</td>
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          <td valign="bottom" style="font-style: normal; vertical-align: bottom;" colspan="1">&#160;</td>
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          <td valign="bottom" style="font-style: normal; vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; font-style: normal;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="font-style: normal; text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; font-style: normal;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="font-style: normal; text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; font-style: normal;">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; font-style: normal;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="font-style: normal; text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; font-style: normal;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="font-style: normal; text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; font-style: normal;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="font-style: normal; text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; font-style: normal;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="font-style: normal; text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; font-style: normal;">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom;" colspan="1">&#160;</td>
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          <td valign="bottom" style="font-style: normal; vertical-align: bottom;" colspan="1">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; font-style: normal; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" style="font-style: normal; text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
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          <td valign="bottom" style="font-style: normal; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
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            <div style="text-align: center; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &amp;quot; font-weight: bold;"> 2017</font></div>
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          <td valign="bottom" nowrap="nowrap" style="font-style: normal; text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; font-style: normal; border-bottom: #000000 solid 2px;" colspan="2">
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          <td valign="bottom" nowrap="nowrap" style="font-style: normal; text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; font-style: normal; border-bottom: #000000 solid 2px;" colspan="2">
            <div style="text-align: center; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &amp;quot; font-weight: bold;"> 2017</font></div>
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          <td valign="bottom" nowrap="nowrap" style="font-style: normal; text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; font-style: normal; border-bottom: #000000 solid 2px;" colspan="2">
            <div style="text-align: center; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &amp;quot; font-weight: bold;"> 2018</font></div>
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          <td valign="bottom" nowrap="nowrap" style="font-style: normal; text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
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          <td valign="bottom" style="font-style: normal; vertical-align: bottom;" colspan="1">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" style="font-style: normal; text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; font-style: normal;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="font-style: normal; text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; font-style: normal;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="font-style: normal; text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; font-style: normal;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="font-style: normal; text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; font-style: normal;">
            <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &amp;quot;">Amounts attributable to Valhi stockholders:</font></div>
          </td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; font-style: normal;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="font-style: normal; text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; font-style: normal;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="font-style: normal; text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; font-style: normal;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="font-style: normal; text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; font-style: normal;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="font-style: normal; text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; font-style: normal;">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; font-style: normal;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="font-style: normal; text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; font-style: normal;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="font-style: normal; text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; font-style: normal;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="font-style: normal; text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; font-style: normal;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="font-style: normal; text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; font-style: normal; width: 52%; background-color: #CCEEFF;">
            <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &amp;quot;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Income from continuing operations</font></div>
          </td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: &amp;quot;">$</font></div>
          </td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: &amp;quot;">141.1</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: &amp;quot; font-weight: bold;">$</font></div>
          </td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: &amp;quot; font-weight: bold;">22.3</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: &amp;quot;">$</font></div>
          </td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: &amp;quot;">316.7</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: &amp;quot; font-weight: bold;">$</font></div>
          </td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: &amp;quot; font-weight: bold;">228.1</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; font-style: normal; width: 52%; padding-bottom: 2px; background-color: #FFFFFF;">
            <div style="text-align: center; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &amp;quot;">Income (loss) from discontinued operations</font></div>
          </td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: &amp;quot;">(1.0</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: &amp;quot;">)</font></div>
          </td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: &amp;quot; font-weight: bold;">(4.6</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: &amp;quot; font-weight: bold;">)</font></div>
          </td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: &amp;quot;">(109.2</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: &amp;quot;">)</font></div>
          </td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: &amp;quot; font-weight: bold;">34.1</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; font-style: normal; width: 52%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; font-style: normal; width: 52%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; font-style: normal; width: 52%; padding-bottom: 4px; background-color: #CCEEFF;">
            <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &amp;quot;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Net income attributable to Valhi stockholders</font></div>
          </td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: &amp;quot;">$</font></div>
          </td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: &amp;quot;">140.1</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: &amp;quot; font-weight: bold;">$</font></div>
          </td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: &amp;quot; font-weight: bold;">17.7</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: &amp;quot;">$</font></div>
          </td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: &amp;quot;">207.5</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: &amp;quot; font-weight: bold;">$</font></div>
          </td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: &amp;quot; font-weight: bold;">262.2</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; font-style: normal; width: 52%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; font-style: normal; width: 52%; background-color: #CCEEFF;">
            <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &amp;quot;">Basic and diluted net income per share</font></div>
          </td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &amp;quot;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Income from continuing operations</font></div>
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          <td valign="bottom" style="font-style: normal; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: &amp;quot;">$</font></div>
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          <td valign="bottom" style="font-style: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: &amp;quot;">0.41</font></div>
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          <td valign="bottom" nowrap="nowrap" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: &amp;quot; font-weight: bold;">$</font></div>
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            <div><font style="font-size: 10pt; font-family: &amp;quot; font-weight: bold;">0.07</font></div>
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          <td valign="bottom" nowrap="nowrap" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: &amp;quot;">$</font></div>
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            <div><font style="font-size: 10pt; font-family: &amp;quot;">0.93</font></div>
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          <td valign="bottom" nowrap="nowrap" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: &amp;quot; font-weight: bold;">$</font></div>
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            <div><font style="font-size: 10pt; font-family: &amp;quot; font-weight: bold;">0.67</font></div>
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          <td valign="bottom" nowrap="nowrap" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; font-style: normal; width: 52%; padding-bottom: 2px; background-color: #CCEEFF;">
            <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &amp;quot;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Income (loss) from discontinued operations</font></div>
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          <td valign="bottom" style="font-style: normal; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: &amp;quot;">-</font></div>
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          <td valign="bottom" nowrap="nowrap" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: &amp;quot; font-weight: bold;">(0.01</font></div>
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          <td valign="bottom" nowrap="nowrap" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: &amp;quot; font-weight: bold;">)</font></div>
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          <td valign="bottom" style="font-style: normal; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: &amp;quot;">(0.32</font></div>
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          <td valign="bottom" nowrap="nowrap" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: &amp;quot;">)</font></div>
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          <td valign="bottom" style="font-style: normal; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: &amp;quot; font-weight: bold;">0.10</font></div>
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          <td valign="bottom" nowrap="nowrap" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
        </tr>
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          <td valign="bottom" style="vertical-align: bottom; font-style: normal; width: 52%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &amp;quot;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Net income attributable to Valhi stockholders</font></div>
          </td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: &amp;quot;">$</font></div>
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          <td valign="bottom" style="font-style: normal; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: &amp;quot;">0.41</font></div>
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          <td valign="bottom" nowrap="nowrap" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: &amp;quot; font-weight: bold;">$</font></div>
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          <td valign="bottom" style="font-style: normal; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: &amp;quot; font-weight: bold;">0.06</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: &amp;quot;">$</font></div>
          </td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: &amp;quot;">0.61</font></div>
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          <td valign="bottom" nowrap="nowrap" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: &amp;quot; font-weight: bold;">$</font></div>
          </td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: &amp;quot; font-weight: bold;">0.77</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; font-style: normal; width: 52%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &amp;quot;">&#160;&#160;Basic and diluted weighted average shares outstanding</font></div>
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          <td valign="bottom" style="font-style: normal; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: &amp;quot;">342.0</font></div>
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          <td valign="bottom" nowrap="nowrap" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: &amp;quot; font-weight: bold;">342.1</font></div>
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          <td valign="bottom" nowrap="nowrap" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: &amp;quot;">342.0</font></div>
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          <td valign="bottom" nowrap="nowrap" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: &amp;quot; font-weight: bold;">342.0</font></div>
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          <td valign="bottom" nowrap="nowrap" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; font-style: normal; width: 52%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="font-style: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="font-style: normal; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td style="width: 12.34%; vertical-align: top;">&#160;</td>
            <td style="width: 6.22%; vertical-align: top;">&#160;</td>
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            <td style="width: 3.74%; vertical-align: top;">&#160;</td>
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            <td style="width: 9.29%; vertical-align: top;">&#160;</td>
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            <td style="width: 9.28%; vertical-align: top;">&#160;</td>
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            <td style="width: 6.22%; vertical-align: top;">&#160;</td>
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            <td style="width: 9.18%; vertical-align: top;">&#160;</td>
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            <td style="width: 9.29%; vertical-align: top;">&#160;</td>
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            <td style="width: 40.66%; vertical-align: top;">&#160;</td>
            <td style="width: 12.34%; vertical-align: top;">&#160;</td>
            <td style="width: 6.22%; vertical-align: top;">&#160;</td>
            <td style="width: 9.18%; vertical-align: top;">&#160;</td>
            <td style="width: 3.74%; vertical-align: top;">&#160;</td>
            <td style="width: 9.29%; vertical-align: top;">&#160;</td>
            <td style="width: 9.29%; vertical-align: top;">&#160;</td>
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            <td style="width: 40.66%; vertical-align: top;">&#160;</td>
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            <td style="width: 40.66%; vertical-align: top;">&#160;</td>
            <td style="width: 12.34%; vertical-align: top;">&#160;</td>
            <td style="width: 6.22%; vertical-align: top;">&#160;</td>
            <td style="width: 9.18%; vertical-align: top;">&#160;</td>
            <td style="width: 3.74%; vertical-align: top;">&#160;</td>
            <td style="width: 9.29%; vertical-align: top;">&#160;</td>
            <td style="width: 9.29%; vertical-align: top;">&#160;</td>
            <td style="width: 9.28%; vertical-align: top;">&#160;</td>
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            <td style="width: 40.66%; vertical-align: top;">&#160;</td>
            <td style="width: 12.34%; vertical-align: top;">&#160;</td>
            <td style="width: 6.22%; vertical-align: top;">&#160;</td>
            <td style="width: 9.18%; vertical-align: top;">&#160;</td>
            <td style="width: 3.74%; vertical-align: top;">&#160;</td>
            <td style="width: 9.29%; vertical-align: top;">&#160;</td>
            <td style="width: 9.29%; vertical-align: top;">&#160;</td>
            <td style="width: 9.28%; vertical-align: top;">&#160;</td>
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          <tr>
            <td style="width: 40.66%; vertical-align: top; background-color: rgb(204, 238, 255);">
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            <td style="width: 12.34%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 6.22%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 9.18%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 3.74%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 9.29%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 9.29%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 9.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
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            <td style="width: 6.22%; vertical-align: top; background-color: rgb(255, 255, 255);">
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            <td style="width: 9.18%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">%</font></div>
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            <td style="width: 3.74%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 9.29%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 9.29%; vertical-align: top; background-color: rgb(255, 255, 255);">
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">%</font></div>
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          <tr>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;&#160;&#160;&#160;&#160;TiO<sub style="vertical-align: bottom; line-height: 1; font-size: smaller;">2</sub> sales volumes</font></div>
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            <td style="width: 12.34%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 6.22%; vertical-align: top; background-color: rgb(204, 238, 255);">
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            <td style="width: 3.74%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 9.29%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
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            <td style="width: 40.66%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;&#160;&#160;&#160;&#160;TiO<sub style="vertical-align: bottom; line-height: 1; font-size: smaller;">2</sub> product mix</font></div>
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            <td style="width: 12.34%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 6.22%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2</font></div>
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            <td style="width: 9.18%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 3.74%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 9.29%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 9.29%; vertical-align: top; background-color: rgb(255, 255, 255);">
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            <td style="width: 9.28%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;&#160;&#160;&#160;&#160;Changes in currency exchange rates</font></div>
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              <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(1)</font></div>
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            <td style="width: 3.74%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 9.29%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
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              <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3</font></div>
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            <td style="width: 9.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
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            <td style="width: 40.66%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 12.34%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 6.22%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 9.18%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 3.74%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 9.29%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 9.29%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 9.28%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
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            <td style="width: 12.34%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">%</font></div>
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            <td style="width: 9.29%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">%</font></div>
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            <td style="width: 40.66%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 12.34%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 6.22%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 9.18%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 3.74%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 9.29%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 9.29%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>exh992.htm
<DESCRIPTION>DESCRIPTION OF THE REGISTRANT'S CAPITAL STOCK
<TEXT>
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    <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><a name="Exhibit99.2"><!--Anchor--></a>Exhibit 99.2</font></div>
    <div><br>
    </div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Valhi, Inc.</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Description of Capital Stock</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">March 11, 2019</font></div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 24.5pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">General</font></div>
    <div style="text-align: justify; text-indent: 24.5pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Our third amended and restated certificate of incorporation authorizes the issuance of 505,000,000
        shares of all classes of stock, consisting of 500,000,000 shares of common stock, $.01 par value per share, and 5,000,000 shares of preferred stock, $.01 par value per share.</font></div>
    <div style="text-align: justify; margin-left: 24.5pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Common Stock</font></div>
    <div style="text-align: justify; text-indent: 24.5pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Common

          Stock Outstanding</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">.</font>&#160; As of March 8, 2019, there were 339,185,449 shares of our common stock issued and outstanding for voting purposes.&#160;
        In addition to those shares of our common stock, as of March 8, 2019 there were another 16,097,886 shares of our common stock issued and owned by majority-owned subsidiaries of ours; pursuant to Delaware law, we treat those shares as treasury stock
        for voting purposes.&#160; The outstanding shares of our common stock are duly authorized, validly issued, fully paid and nonassessable.</font></div>
    <div style="text-align: justify; text-indent: 24.5pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Voting

          Rights.</font>&#160; Each holder of our common stock is entitled to one vote for each share of our common stock held of record on the applicable record date on all matters submitted to a vote of our stockholders, except as described above regarding
        shares owned by majority-owned subsidiaries.</font></div>
    <div style="text-align: justify; text-indent: 24.5pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Dividend

          Rights</font>.&#160; Holders of our common stock, including majority-owned subsidiaries holding our stock, are entitled to receive such dividends as may be declared from time to time by our board of directors out of funds legally available for
        dividends, subject to any preferential dividend rights granted to the holders of any outstanding shares of preferred stock.</font></div>
    <div style="text-align: justify; text-indent: 24.5pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Rights

          upon Liquidation</font>.&#160; Holders of our common stock are entitled to share pro rata, upon our liquidation, dissolution or winding up, in all remaining assets available for distribution to stockholders after payment of or provision for our
        liabilities and the liquidation preference of any outstanding preferred stock of ours at that time.</font></div>
    <div style="text-align: justify; text-indent: 24.5pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">No
          Preemptive Rights</font>.&#160; Holders of our common stock have no preemptive rights to purchase, subscribe for or otherwise acquire any unissued or treasury shares of our common stock or any of our other securities.</font></div>
    <div style="text-align: justify; margin-left: 24.5pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Preferred Stock</font></div>
    <div style="text-align: justify; text-indent: 24.5pt; margin-bottom: 6pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Preferred

          Stock Outstanding</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">.</font>&#160; As of March 8, 2019, we have designated and issued 5,000 shares of 6% Series A preferred stock, par value $0.01 per
        share.&#160; All of our shares of Series A preferred stock are held by Contran Corporation, one of our parent companies.&#160; Each share of Series A preferred stock:</font></div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 6pt; width: 100%;" class="DSPFListTable">

          <tr>
            <td style="width: 72pt; vertical-align: top; align: right;">
              <div style="text-align: left; margin-left: 36pt; 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: 'Times New Roman', Times, serif;">entitles its holder to:</font></div>
            </td>
          </tr>

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

          <tr>
            <td style="width: 108pt; vertical-align: top; align: right;">
              <div style="text-align: left; margin-left: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">o</font></div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">upon our liquidation, dissolution or winding up of our affairs, to receive a liquidation preference of $133,466.75 per share of
                  Series A preferred stock, which is referred to as the liquidation preference, plus an amount equal to any declared and unpaid dividends (and only to the extent declared and unpaid) for the full or partial dividend period in which the
                  liquidation, dissolution or winding up occurs, before any distribution of assets is made to holders of our common stock;</font></div>
            </td>
          </tr>

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

          <tr>
            <td style="width: 108pt; vertical-align: top; align: right;">
              <div style="text-align: left; margin-left: 72pt; margin-bottom: 6pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">o</font></div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; margin-bottom: 6pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">receive, only when and as authorized and declared by our board of directors, cash dividends at the annual rate
                  of 6% of the per share liquidation preference, which dividends are&#160; payable quarterly in arrears and do not accrue or accumulate under any circumstances;</font></div>
            </td>
          </tr>

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

          <tr>
            <td style="width: 72pt; vertical-align: top; align: right;">
              <div style="text-align: left; margin-left: 36pt; margin-top: 6pt; 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-top: 6pt; margin-bottom: 6pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">does not entitle its holder&#160; to:</font></div>
            </td>
          </tr>

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

          <tr>
            <td style="width: 108pt; vertical-align: top; align: right;">
              <div style="text-align: left; margin-left: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">o</font></div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a preferential dividend right that is senior to our common stock;</font></div>
            </td>
          </tr>

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

          <tr>
            <td style="width: 108pt; vertical-align: top; align: right;">
              <div style="text-align: left; margin-left: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">o</font></div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">except in limited circumstances, any voting rights; and</font></div>
            </td>
          </tr>

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

          <tr>
            <td style="width: 108pt; vertical-align: top; align: right;">
              <div style="text-align: left; margin-left: 72pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">o</font></div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">redemption or conversion rights or maturity date or protections provided by a sinking fund.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 24.5pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">This description of our 6% Series A preferred stock is qualified in its entirety the actual terms
        of such preferred stock outlined in our third amended and restated certificate of incorporation, included as exhibit 3.1 to our Current Report on Form 8-K dated May 27, 2016 and filed on May 31, 2016.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Blank

          Check Preferred Stock</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">.</font>&#160; Under our third amended and restated certificate of incorporation, our board of directors has the authority,
        without stockholder approval, to create one or more classes or series within a class of preferred stock, to issue shares of preferred stock in such class or series up to the maximum number of shares of the relevant class or series of preferred
        stock authorized, and to determine the preferences, rights, privileges and restrictions of any such class or series, including the dividend rights, voting rights, the rights and terms of redemption, the rights and terms of conversion, liquidation
        preferences, the number of shares constituting any such class or series and the designation of such class or series. Acting under this authority, our board of directors could create and issue a class or series of preferred stock with rights,
        privileges or restrictions, and adopt a stockholder rights plan, having the effect of discriminating against an existing or prospective holder of securities as a result of such stockholder beneficially owning or commencing a tender offer for a
        substantial amount of our common stock.&#160; One of the effects of authorized but unissued and unreserved shares of preferred stock may be to issue shares of preferred stock with rights superior to our common stock.&#160; Another of the effects of
        authorized but unissued and unreserved shares of capital stock may be to render more difficult or discourage an attempt by a potential acquirer to obtain control of us by means of a merger, tender offer, proxy contest or otherwise, and thereby
        protect the continuity of our management. The issuance of such shares of capital stock may have the effect of delaying, deferring or preventing a change in control of us without any further action by our stockholders.&#160; However, since we are a
        majority-owned subsidiary of our parent companies, it would be difficult for an unrelated party to obtain control of us without the cooperation of our controlling stockholder.&#160; We have no present intention to adopt a stockholder rights plan, but
        could do so without stockholder approval at any future time.</font></div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
