<SEC-DOCUMENT>0000024240-19-000046.txt : 20190509
<SEC-HEADER>0000024240-19-000046.hdr.sgml : 20190509
<ACCEPTANCE-DATETIME>20190509162553
ACCESSION NUMBER:		0000024240-19-000046
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20190509
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20190509
DATE AS OF CHANGE:		20190509

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:		19810942

	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>vhi8k190509.htm
<DESCRIPTION>VALHI, INC. FORM 8K DATED MAY 9, 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: 12pt; margin-bottom: 6pt;"><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;">May 9, 2019</font></div>
    <div style="text-align: center;"><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>
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          <td style="width: 33.33%; 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: 33.33%; 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>
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          <td colspan="2" style="width: 33.33%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">87-0110150</font></div>
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        </tr>
        <tr>
          <td style="width: 33.33%; 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: 33.33%; 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 colspan="2" style="width: 33.33%; vertical-align: top;">
            <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: 33.33%; vertical-align: top;">&#160;</td>
          <td style="width: 33.33%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="width: 33.33%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 33.33%; vertical-align: top;">&#160;</td>
          <td style="width: 33.33%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="width: 33.33%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td colspan="3" style="width: 66.92%; vertical-align: top;">
            <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>
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            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">75240-2620</font></div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="width: 66.92%; vertical-align: top;">
            <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;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(972) 233-1700</font></div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="z460a444752af453fb67054fade66b757">

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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 colspan="3" style="width: 100%; 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>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-top: 6pt; margin-bottom: 6pt;"><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" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="za4ae671422ac45c9ba9d4c73dea60cdb">

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          <td style="width: 6.77%; 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: 93.23%; 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: 6.77%; vertical-align: top;">&#160;</td>
          <td style="width: 93.23%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 6.77%; 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: 93.23%; 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: 6.77%; vertical-align: top;">&#160;</td>
          <td style="width: 93.23%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 6.77%; 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: 93.23%; 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: 6.77%; vertical-align: top;">&#160;</td>
          <td style="width: 93.23%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 6.77%; 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: 93.23%; 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 style="background-color: #FFFFFF;">
      <div><br>
      </div>
    </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 style="text-align: right;"><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>
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      <div><br>
      </div>
      <div style="text-align: left; margin-top: 6pt;"><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>
    <div style="text-align: justify; margin-top: 9pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Securities registered pursuant to Section 12(b) of the Act:</font></div>
    <div><br>
    </div>
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          <td style="width: 37.99%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Title of each class</font></div>
          </td>
          <td style="width: 1%; vertical-align: bottom;">&#160;</td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Trading</font></div>
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Symbol(s)</font></div>
          </td>
          <td style="width: 1%; vertical-align: bottom;">&#160;</td>
          <td style="width: 45%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Name of each exchange on which registered</font></div>
          </td>
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        <tr>
          <td style="width: 37.99%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Common stock</font></div>
          </td>
          <td style="width: 1%; vertical-align: bottom;">&#160;</td>
          <td style="width: 15%; vertical-align: bottom;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">VHI</font></div>
          </td>
          <td style="width: 1%; vertical-align: bottom;">&#160;</td>
          <td style="width: 45%; vertical-align: bottom;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">NYSE</font></div>
          </td>
        </tr>

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    <div style="background-color: #FFFFFF;">
      <div><br>
      </div>
    </div>
    <div><br>
    </div>
    <div><br>
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      <div>
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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>

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      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">
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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 7.01</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;">Regulation FD Disclosure.</font></div>
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    </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 hereby furnishes the information set forth in its press release issued on May 9, 2019, a copy of which is
        attached hereto as Exhibit 99.1 and incorporated herein by reference.</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 information, including the exhibit, the registrant furnishes in this report is not deemed &#8220;filed&#8221; for purposes of
        section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section.&#160; 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><br>
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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>
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    <div><br>
    </div>
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          <td style="width: 5.83%; 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: 19.74%; 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: 2.82%; vertical-align: top;">&#160;</td>
          <td style="width: 71.62%; vertical-align: top;">&#160;</td>
        </tr>
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          <td style="width: 5.83%; vertical-align: top;">&#160;</td>
          <td style="width: 19.74%; vertical-align: top;">&#160;</td>
          <td style="width: 2.82%; vertical-align: top;">&#160;</td>
          <td style="width: 71.62%; vertical-align: top;">&#160;</td>
        </tr>
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          <td style="width: 5.83%; vertical-align: top;">&#160;</td>
          <td style="width: 19.74%; 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: 2.82%; vertical-align: top;">&#160;</td>
          <td style="width: 71.62%; 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;">Exhibit Index</font></div>
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          </td>
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        <tr>
          <td style="width: 5.83%; vertical-align: top;">&#160;</td>
          <td style="width: 19.74%; vertical-align: top;">&#160;</td>
          <td style="width: 2.82%; vertical-align: top;">&#160;</td>
          <td style="width: 71.62%; vertical-align: top;">&#160;</td>
        </tr>
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          <td style="width: 5.83%; vertical-align: top;">&#160;</td>
          <td style="width: 19.74%; 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: 2.82%; vertical-align: top;">&#160;</td>
          <td style="width: 71.62%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><a href="exh991.htm">Press release
                  dated May 9, 2019 issued by the registrant</a>.</font></div>
          </td>
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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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          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; 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: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(Registrant)</font></div>
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          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
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          <td style="width: 50%; vertical-align: top;">&#160;</td>
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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">By:</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 26.1pt" id="TRGRRTFtoHTMLTab">&#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></div>
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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Date:&#160; May 9, 2019</font></div>
          </td>
          <td style="width: 50%; 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,</font></div>
            <div style="text-align: justify; margin-left: 26.1pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Executive Vice President, Chief Financial Officer&#160;and Chief Accounting Officer</font></div>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
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<DESCRIPTION>VALHI REPORTS FIRST QUARTER 2019 RESULTS, DATED MAY 9, 2019
<TEXT>
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    <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><a name="VALHIREPORTSFIRSTQUARTER2"><!--Anchor--></a>VALHI REPORTS FIRST QUARTER 2019 RESULTS</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;">DALLAS, TEXAS . . May 9, 2019.&#160; Valhi, Inc. (NYSE: VHI) reported net income from continuing operations attributable to
        Valhi stockholders of $18.2 million, or $.05 per diluted share, in the first quarter of 2019 compared to $51.7 million, or $.15 per diluted share, in the first quarter of 2018.&#160;&#160; Net income from continuing operations attributable to Valhi
        stockholders decreased primarily due to lower operating results in the Company&#8217;s Chemicals Segment in 2019.</font></div>
    <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;">The Chemicals Segment&#8217;s net sales of $436.5 million in the first quarter of 2019 were $6.1 million, or 1%, higher than in
        the first quarter of 2018.&#160; The Chemicals Segment&#8217;s net sales increased in the first quarter of 2019 as compared to the same period in 2018 due to the net effect of lower average TiO<sub style="vertical-align: bottom; line-height: 1; font-size: smaller;">2</sub> selling prices and higher 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 8% lower in the first quarter of 2019 as compared to the first quarter of 2018.&#160; The Chemicals Segment&#8217;s average TiO<sub style="vertical-align: bottom; line-height: 1; font-size: smaller;">2</sub> selling prices at the end of the first quarter of 2019
        were 4% lower than at the end of 2018 with lower prices in the European, North American and Latin American markets, partially offset by higher prices in the export market.&#160; TiO<sub style="vertical-align: bottom; line-height: 1; font-size: smaller;">2 </sub>sales volumes in the first quarter of 2019 were 15% higher
        as compared to the first quarter sales volumes of 2018 due to higher sales in all major markets.&#160; Fluctuations in currency exchange rates (primarily the euro) also affected net sales comparisons, decreasing net sales by approximately $15 million in
        the first quarter of 2019 as compared to the first quarter of 2018.&#160; The table at the end of this press release shows how each of these items impacted net sales.</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 Chemicals Segment&#8217;s operating income in the first quarter of 2019 was $52.8 million as compared to $110.6 million in
        the first quarter of 2018.&#160; The Chemicals Segment&#8217;s operating income decreased in the first quarter of 2019 as the unfavorable effect of lower average TiO<sub style="vertical-align: bottom; line-height: 1; font-size: smaller;">2 </sub>selling prices and higher raw materials (primarily third-party feedstock ore)
        and other production costs more than offset the favorable impact of higher sales and production volumes.&#160; The Chemicals Segment&#8217;s TiO<sub style="vertical-align: bottom; line-height: 1; font-size: smaller;">2</sub> production volumes were 1% higher in the first quarter of 2019 as compared to the first quarter of
        2018.&#160; The Chemicals Segment operated its production facilities at average practical capacity utilization rates of 95% and 97% in the first quarter of 2018 and 2019, respectively.&#160; Fluctuations in currency exchange rates also affected segment
        profit comparisons, which increased operating income by approximately $8 million in the first quarter of 2019 as compared to the first quarter of 2018.</font></div>
    <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;">The Component Products Segment&#8217;s net sales in the first quarter of 2019 increased as compared to 2018 primarily due to
        higher marine component sales, primarily surf pipes and wake enhancement systems to an original equipment boat manufacturer and to a lesser extent higher security products sales volumes to existing government security customers.&#160; The Component
        Products Segment&#8217;s operating income was comparable in the first quarter of 2019 and the same period of 2018 as the benefit of higher sales was offset by increased labor rates and medical costs at security products reporting unit as well as a less
        favorable customer and product mix at marine components reporting unit.</font></div>
    <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;">The Real Estate Management and Development Segment had first quarter 2019 sales of $11.9 million, including $9.5 million
        in revenue on sales of land held for development, compared to the first quarter of 2018 sales of $7.2 million, including $5.8 million in sales of land held for development.&#160;&#160; The Real Estate Management and Development Segment had operating income
        of $3.2 million in the first quarter of 2019 compared to $3.8 million in the first quarter of 2018.&#160; 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; Operating income also includes $1.1 million in
        the first quarter in 2019 and $3.1 million in the first quarter of 2018 of income related to the recognition of tax increment reimbursement note receivables.</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;">Corporate expenses decreased to $7.9 million in the first quarter of 2019 compared to $14.0 million in the first quarter
        of 2018 primarily due to lower environmental remediation and related costs and litigation and related costs in 2019 compared to 2018.<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font>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 ($9.6 million, or $.03 per diluted share, net of income taxes and noncontrolling interest).</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;">As previously reported, on January 26, 2018 we sold 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 first quarter of 2018 consists principally of a pre-tax gain on the disposal of this Segment of $58.4 million ($38.2 million, or $.11 per
        diluted share, net of income taxes).</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 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><br>
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              <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>
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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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              <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>
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              <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>
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                  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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              <div style="text-align: justify; margin-top: 6pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Possible disruption of our business or increases in the cost of doing business resulting from terrorist activities
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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 competitor strategies;</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 accounting and manufacturing software systems (such as the
                  Chemicals Segment&#8217;s new enterprise resource planning system);</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 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;">Potential consolidation of our customers;</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 pricing and production decisions;</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 introduction of trade barriers;</font></div>
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          <tr>
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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 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: 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;">Uncertainties associated with new product development and the development of new product features;</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;">Fluctuations in currency exchange rates (such as changes in the exchange rate between the U.S. dollar and each of
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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: 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;">Decisions to sell operating assets other than in the ordinary course of business;</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 timing and amounts of insurance recoveries;</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;">Our ability to renew, amend, refinance or establish credit facilities;</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;">Our ability to maintain sufficient liquidity;</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 outcome of income tax audits, tax settlement initiatives or other tax matters, including future tax
                  reform;</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;">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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          <tr>
            <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;">Environmental matters (such as those requiring compliance with emission and discharge standards for existing and
                  new facilities, or new developments regarding environmental remediation at sites related to our former operations);</font></div>
            </td>
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          <tr>
            <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>
            </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;">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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          <tr>
            <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>
            </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 ultimate resolution of pending litigation (such as NL&#8217;s lead pigment litigation, environmental and other
                  litigation);</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>
            </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;">Our ability to comply with covenants contained in our revolving bank credit facilities;</font></div>
            </td>
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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>
            </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;">Our ability to complete and comply with the conditions of our licenses and permits;</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>
            </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;">Changes in real estate values and construction costs in Henderson, Nevada;</font></div>
            </td>
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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>
            </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;">Water levels in Lake Mead; and</font></div>
            </td>
          </tr>

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          <tr>
            <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;">Possible future litigation.</font></div>
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    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
      </font></div>
    <div style="text-align: justify;"><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>
    <div><br>
    </div>
    <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), and real estate management and development industries.</font></div>
    <div><br>
    </div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">* * * * *</font></div>
    <div><br>
    </div>
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      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">Paage 3of 6</font></div>
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        <tr>
          <td style="width: 100%; vertical-align: bottom; background-color: #FFFFFF;" colspan="9">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">VALHI, INC. AND SUBSIDIARIES</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: bottom; background-color: #FFFFFF;" colspan="9">
            <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>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: bottom; background-color: #FFFFFF;" colspan="9">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(In millions, except earnings per share)</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 64.49%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 11.34%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 4.38%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 11.26%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 4.42%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 64.49%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 30.11%; vertical-align: bottom; background-color: #FFFFFF;" colspan="6">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Three months ended</font></div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 4.42%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 64.49%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 30.11%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="6">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">March 31,</font></div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 4.42%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 64.49%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 12.43%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="2">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2018</font></div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 4.38%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 12.32%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="2">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2019</font></div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 4.42%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 64.49%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-weight: normal;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Net sales</font></div>
          </td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 29.03%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="5">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(unaudited)</font></div>
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          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 4.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 64.49%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-weight: normal;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">&#160;&#160;&#160;&#160;Chemicals</font></div>
          </td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-weight: normal;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">$</font></div>
          </td>
          <td style="width: 11.34%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-weight: normal;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">430.4</font></div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 4.38%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">$</font></div>
          </td>
          <td style="width: 11.26%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">436.5</font></div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 4.42%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 64.49%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-weight: normal;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">&#160;&#160;&#160;&#160;Component products</font></div>
          </td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-weight: normal;">&#160;</td>
          <td style="width: 11.34%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-weight: normal;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">28.4</font></div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 4.38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11.26%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">31.2</font></div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 4.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 64.49%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-weight: normal;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">&#160;&#160;&#160;&#160;Real estate management and development</font></div>
          </td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0); font-weight: normal;">&#160;</td>
          <td style="width: 11.34%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0); font-weight: normal;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">7.2</font></div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 4.38%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 11.26%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">11.9</font></div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 4.42%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 64.49%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-weight: normal;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-weight: normal;">&#160;</td>
          <td style="width: 11.34%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-weight: normal;">&#160;</td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 4.38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11.26%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 4.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 64.49%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-weight: normal;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-style: italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Total net sales</font></div>
          </td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 4px double rgb(0, 0, 0); font-weight: normal;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">$</font></div>
          </td>
          <td style="width: 11.34%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 4px double rgb(0, 0, 0); font-weight: normal;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">466.0</font></div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 4.38%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 4px double;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">$</font></div>
          </td>
          <td style="width: 11.26%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 4px double;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">479.6</font></div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 4.42%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 64.49%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-weight: normal;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-weight: normal;">&#160;</td>
          <td style="width: 11.34%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-weight: normal;">&#160;</td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 4.38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11.26%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 4.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 64.49%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-weight: normal;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Operating income</font></div>
          </td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-weight: normal;">&#160;</td>
          <td style="width: 11.34%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-weight: normal;">&#160;</td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 4.38%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 11.26%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 4.42%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 64.49%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-weight: normal;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-weight: normal;">&#160;</td>
          <td style="width: 11.34%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-weight: normal;">&#160;</td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 4.38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11.26%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 4.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 64.49%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-weight: normal;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">&#160;&#160;&#160;&#160;Chemicals</font></div>
          </td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-weight: normal;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">$</font></div>
          </td>
          <td style="width: 11.34%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-weight: normal;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">110.6</font></div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 4.38%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">$</font></div>
          </td>
          <td style="width: 11.26%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">52.8</font></div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 4.42%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 64.49%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-weight: normal;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">&#160;&#160;&#160;&#160;Component products</font></div>
          </td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-weight: normal;">&#160;</td>
          <td style="width: 11.34%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-weight: normal;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">4.4</font></div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 4.38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11.26%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">4.4</font></div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 4.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 64.49%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-weight: normal;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">&#160;&#160;&#160;&#160;Real estate management and development</font></div>
          </td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0); font-weight: normal;">&#160;</td>
          <td style="width: 11.34%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0); font-weight: normal;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">3.8</font></div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 4.38%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 11.26%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">3.2</font></div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 4.42%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 64.49%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-weight: normal;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-weight: normal;">&#160;</td>
          <td style="width: 11.34%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-weight: normal;">&#160;</td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 4.38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11.26%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 4.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 64.49%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-weight: normal;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-style: italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Total operating income</font></div>
          </td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-weight: normal;">&#160;</td>
          <td style="width: 11.34%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-weight: normal;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">118.8</font></div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 4.38%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 11.26%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">60.4</font></div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 4.42%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 64.49%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-weight: normal;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-weight: normal;">&#160;</td>
          <td style="width: 11.34%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-weight: normal;">&#160;</td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 4.38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11.26%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 4.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 64.49%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-weight: normal;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">General corporate items:</font></div>
          </td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-weight: normal;">&#160;</td>
          <td style="width: 11.34%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-weight: normal;">&#160;</td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 4.38%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 11.26%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 4.42%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 64.49%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-weight: normal;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">&#160;&#160;&#160;&#160;Securities earnings</font></div>
          </td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-weight: normal;">&#160;</td>
          <td style="width: 11.34%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-weight: normal;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">8.3</font></div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 4.38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11.26%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">3.1</font></div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 4.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 64.49%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-weight: normal;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">&#160;&#160;&#160;&#160;Insurance recoveries</font></div>
          </td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-weight: normal;">&#160;</td>
          <td style="width: 11.34%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-weight: normal;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">.2</font></div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 4.38%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
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          <td style="width: 0.98%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 4.42%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
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          <td style="width: 64.49%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-weight: normal;">
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          <td style="width: 1.08%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-weight: normal;">&#160;</td>
          <td style="width: 11.34%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-weight: normal;">
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          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 4.38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
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          <td style="width: 4.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
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          <td style="width: 1.08%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-weight: normal;">&#160;</td>
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          <td style="width: 4.38%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 11.26%; vertical-align: bottom; background-color: #FFFFFF;">
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          <td style="width: 0.98%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 4.42%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
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          <td style="width: 64.49%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-weight: normal;">
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          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
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          <td style="width: 4.38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11.26%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
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          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
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          <td style="width: 4.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
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          <td style="width: 64.49%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-weight: normal;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">&#160;&#160;&#160;&#160;General expenses, net</font></div>
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          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 11.34%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-weight: normal;">
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          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-weight: normal;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">)</font></div>
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          <td style="width: 4.38%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 11.26%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(7.9</font></div>
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          <td style="width: 0.98%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
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          <td style="width: 4.42%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
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          <td style="width: 64.49%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-weight: normal;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Interest expense</font></div>
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          <td style="width: 1.08%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 11.34%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); font-weight: normal;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">(15.4</font></div>
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          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-weight: normal;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">)</font></div>
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          <td style="width: 4.38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 11.26%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(10.3</font></div>
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          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
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          <td style="width: 4.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
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          <td style="width: 64.49%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-weight: normal;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 11.34%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-weight: normal;">&#160;</td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-weight: normal;">&#160;</td>
          <td style="width: 4.38%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 11.26%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 4.42%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
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        <tr>
          <td style="width: 64.49%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-weight: normal;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11.34%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-weight: normal;">&#160;</td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-weight: normal;">&#160;</td>
          <td style="width: 4.38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11.26%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 4.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
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          <td style="width: 64.49%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-weight: normal;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,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 style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 11.34%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-weight: normal;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">106.4</font></div>
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          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-weight: normal;">&#160;</td>
          <td style="width: 4.38%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 11.26%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">42.6</font></div>
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          <td style="width: 0.98%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 4.42%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
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          <td style="width: 64.49%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-weight: normal;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11.34%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-weight: normal;">&#160;</td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-weight: normal;">&#160;</td>
          <td style="width: 4.38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11.26%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 4.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
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          <td style="width: 64.49%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-weight: normal;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Income tax expense</font></div>
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          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 11.34%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0); font-weight: normal;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">36.2</font></div>
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          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-weight: normal;">&#160;</td>
          <td style="width: 4.38%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 11.26%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
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          <td style="width: 0.98%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 4.42%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
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        <tr>
          <td style="width: 64.49%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-weight: normal;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11.34%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-weight: normal;">&#160;</td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-weight: normal;">&#160;</td>
          <td style="width: 4.38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11.26%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 4.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
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          <td style="width: 64.49%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-weight: normal;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,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 style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 11.34%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-weight: normal;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">70.2</font></div>
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          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-weight: normal;">&#160;</td>
          <td style="width: 4.38%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 11.26%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">28.4</font></div>
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          <td style="width: 0.98%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 4.42%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 64.49%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-weight: normal;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11.34%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-weight: normal;">&#160;</td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-weight: normal;">&#160;</td>
          <td style="width: 4.38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11.26%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 4.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-style: italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Income from discontinued operations</font></div>
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          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
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          <td style="width: 4.38%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 11.26%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
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          <td style="width: 0.98%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 4.42%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
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        <tr>
          <td style="width: 64.49%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-weight: normal;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11.34%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 4.38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11.26%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 4.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
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          <td style="width: 0.98%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 4.38%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
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          <td style="width: 0.98%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 4.42%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
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          <td style="width: 64.49%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-weight: normal;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11.34%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-weight: normal;">&#160;</td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 4.38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11.26%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 4.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
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        <tr>
          <td style="width: 64.49%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-weight: normal;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Noncontrolling interest in net income</font></div>
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          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 11.34%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-weight: normal;">&#160;</td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 4.38%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 11.26%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 4.42%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
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        <tr>
          <td style="width: 64.49%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-weight: normal;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">&#160;&#160;of subsidiaries</font></div>
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          <td style="width: 1.08%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 11.34%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); font-weight: normal;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">18.5</font></div>
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          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 4.38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 11.26%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">10.2</font></div>
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          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 4.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
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        <tr>
          <td style="width: 64.49%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-weight: normal;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 11.34%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-weight: normal;">&#160;</td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 4.38%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 11.26%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 4.42%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 64.49%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-weight: normal;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11.34%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-weight: normal;">&#160;</td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 4.38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11.26%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 4.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
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        <tr>
          <td style="width: 64.49%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-weight: normal;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-style: italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Net income attributable to Valhi stockholders</font></div>
          </td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 4px double rgb(0, 0, 0); font-weight: normal;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">$</font></div>
          </td>
          <td style="width: 11.34%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 4px double rgb(0, 0, 0); font-weight: normal;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">89.3</font></div>
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          <td style="width: 0.98%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 4.38%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 4px double;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">$</font></div>
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          <td style="width: 11.26%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 4px double;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">18.2</font></div>
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          <td style="width: 0.98%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 4.42%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
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        <tr>
          <td style="width: 64.49%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-weight: normal;">&#160;</td>
          <td style="width: 1.08%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11.34%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 4.38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.06%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11.26%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 4.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
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    </div>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">Paage 4of 6</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; font-weight: bold;">VALHI, INC. AND SUBSIDIARIES</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: bottom; background-color: #FFFFFF;" colspan="9">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">CONDENSED SUMMARY OF INCOME (Continued)</font></div>
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          <td style="width: 100%; vertical-align: bottom; background-color: #FFFFFF;" colspan="9">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(In millions, except earnings per share)</font></div>
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        <tr>
          <td style="width: 64.49%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.07%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 11.34%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 4.38%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.07%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 11.26%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 4.42%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
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          <td style="width: 64.49%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 30.11%; vertical-align: bottom; background-color: #FFFFFF;" colspan="6">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Three months ended</font></div>
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          <td style="width: 0.98%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 4.42%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
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        <tr>
          <td style="width: 64.49%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 30.11%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="6">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">March 31,</font></div>
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          <td style="width: 0.98%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 4.42%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 64.49%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 12.42%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="2">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2018</font></div>
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          <td style="width: 0.98%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 4.38%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 12.33%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="2">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2019</font></div>
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          <td style="width: 0.98%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 4.42%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
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        <tr>
          <td style="width: 64.49%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.07%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 29.04%; vertical-align: bottom; background-color: #FFFFFF;" colspan="5">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(unaudited)</font></div>
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          <td style="width: 0.98%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 4.42%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
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        <tr>
          <td style="width: 64.49%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-weight: normal;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Amounts attributable to Valhi stockholders:</font></div>
          </td>
          <td style="width: 1.07%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11.34%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 4.38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.07%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11.26%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 4.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
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        <tr>
          <td style="width: 64.49%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-weight: normal;">&#160;</td>
          <td style="width: 1.07%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 11.34%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 4.38%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.07%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 11.26%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 4.42%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
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        <tr>
          <td style="width: 64.49%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-weight: normal;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Income from continuing operations</font></div>
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          <td style="width: 1.07%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-weight: normal;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">$</font></div>
          </td>
          <td style="width: 11.34%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-weight: normal;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">51.7</font></div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 4.38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.07%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">$</font></div>
          </td>
          <td style="width: 11.26%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">18.2</font></div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 4.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 64.49%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-weight: normal;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Income from discontinued operations</font></div>
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          <td style="width: 1.07%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0); font-weight: normal;">&#160;</td>
          <td style="width: 11.34%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0); font-weight: normal;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">37.6</font></div>
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          <td style="width: 0.98%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 4.38%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.07%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 11.26%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">-</font></div>
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          <td style="width: 0.98%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 4.42%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 64.49%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-weight: normal;">&#160;</td>
          <td style="width: 1.07%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-weight: normal;">&#160;</td>
          <td style="width: 11.34%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-weight: normal;">&#160;</td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 4.38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.07%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11.26%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 4.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 64.49%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-weight: normal;">&#160;</td>
          <td style="width: 1.07%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-weight: normal;">&#160;</td>
          <td style="width: 11.34%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-weight: normal;">&#160;</td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 4.38%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.07%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 11.26%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 4.42%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
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        <tr>
          <td style="width: 64.49%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-weight: normal;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-style: italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Net income attributable to Valhi stockholders</font></div>
          </td>
          <td style="width: 1.07%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); font-weight: normal;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">$</font></div>
          </td>
          <td style="width: 11.34%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); font-weight: normal;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">89.3</font></div>
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          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 4.38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.07%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">$</font></div>
          </td>
          <td style="width: 11.26%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">18.2</font></div>
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          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 4.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 64.49%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-weight: normal;">&#160;</td>
          <td style="width: 1.07%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-weight: normal;">&#160;</td>
          <td style="width: 11.34%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-weight: normal;">&#160;</td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 4.38%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.07%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 11.26%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
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          <td style="width: 4.38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
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          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">$</font></div>
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          <td style="width: 4.38%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.07%; vertical-align: bottom; background-color: #FFFFFF;">
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          <td style="width: 4.42%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
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        <tr>
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          <td style="width: 4.38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
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          <td style="width: 4.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
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          <td style="width: 64.49%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-weight: normal;">&#160;</td>
          <td style="width: 1.07%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-weight: normal;">&#160;</td>
          <td style="width: 11.34%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-weight: normal;">&#160;</td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 4.38%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.07%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 11.26%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 4.42%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,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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          <td style="width: 1.07%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); font-weight: normal;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">$</font></div>
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          <td style="width: 11.34%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); font-weight: normal;">
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          <td style="width: 4.38%; vertical-align: bottom; 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-weight: bold;">$</font></div>
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          <td style="width: 4.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
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          <td style="width: 64.49%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-weight: normal;">&#160;</td>
          <td style="width: 1.07%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-weight: normal;">&#160;</td>
          <td style="width: 11.34%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-weight: normal;">&#160;</td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 4.38%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.07%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 11.26%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 4.42%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
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          <td style="width: 1.07%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-weight: normal;">&#160;</td>
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          <td style="width: 1.07%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 11.34%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 4.38%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1.07%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 11.26%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: #FFFFFF;">&#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;">VALHI, INC. AND SUBSIDIARIES</font></div>
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          <td style="width: 100%; vertical-align: bottom; background-color: #FFFFFF;" colspan="6">&#160;</td>
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          <td style="width: 18.03%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 7.1%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 13.44%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
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          <td style="width: 18.03%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 7.1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 13.44%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
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          <td style="width: 1%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 7.1%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(8</font></div>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">%</font></div>
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            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">15</font></div>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
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          <td style="width: 13.44%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
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          <td style="width: 18.03%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 7.1%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 13.44%; vertical-align: bottom; background-color: #FFFFFF;">&#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;">%</font></div>
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          <td style="width: 1%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 7.1%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td style="width: 13.44%; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
