<SEC-DOCUMENT>0000059255-20-000017.txt : 20200312
<SEC-HEADER>0000059255-20-000017.hdr.sgml : 20200312
<ACCEPTANCE-DATETIME>20200312161740
ACCESSION NUMBER:		0000059255-20-000017
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20200312
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20200312
DATE AS OF CHANGE:		20200312

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:		20709001

	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:			75240-2620

	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>vhi8k200312.htm
<DESCRIPTION>VALHI, INC. FORM 8-K DATED MARCH 12, 2020
<TEXT>
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    <div style="text-align: center; font-weight: bold;">UNITED STATES</div>
    <div style="text-align: center; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
    <div style="text-align: center; font-weight: bold;">Washington, D.C.&#160;&#160; 20549</div>
    <div style="text-align: center; margin-top: 24pt; margin-bottom: 12pt; font-size: 14pt; font-weight: bold;">FORM 8-K</div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">CURRENT REPORT</div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934</div>
    <div><br>
    </div>
    <div style="text-align: center;">Date of Report (Date of the earliest event reported)</div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">March 12, 2020</div>
    <div style="text-align: center; margin-top: 18pt; font-size: 18pt; font-variant: small-caps; font-weight: bold;">Valhi, Inc.</div>
    <div style="text-align: center; margin-bottom: 18pt;">(Exact name of registrant as specified in its charter)</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="zb68204166623461280a06774c6fd0919">

        <tr>
          <td style="width: 33.33%; vertical-align: top;">
            <div style="text-align: center; font-size: 12pt; font-weight: bold;">Delaware</div>
          </td>
          <td style="width: 33.33%; vertical-align: top;">
            <div style="text-align: center; font-size: 12pt; font-weight: bold;">1-5467</div>
          </td>
          <td colspan="2" style="width: 33.33%; vertical-align: top;">
            <div style="text-align: center; font-size: 12pt; font-weight: bold;">87-0110150</div>
          </td>
        </tr>
        <tr>
          <td style="width: 33.33%; vertical-align: top;">
            <div style="text-align: center;">(State or other jurisdiction of incorporation)</div>
          </td>
          <td style="width: 33.33%; vertical-align: top;">
            <div style="text-align: center;">(Commission</div>
            <div style="text-align: center;">File Number)</div>
          </td>
          <td colspan="2" style="width: 33.33%; vertical-align: top;">
            <div style="text-align: center;">(IRS Employer</div>
            <div style="text-align: center;">Identification No.)</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-size: 12pt; font-weight: bold;">5430 LBJ Freeway, Suite 1700, Dallas, Texas</div>
          </td>
          <td style="width: 33.08%; vertical-align: top;">
            <div style="text-align: center; font-size: 12pt; font-weight: bold;">75240-2620</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="width: 66.92%; vertical-align: top;">
            <div style="text-align: center;">(Address of principal executive offices)</div>
          </td>
          <td style="width: 33.08%; vertical-align: top;">
            <div style="text-align: center;">(Zip Code)</div>
          </td>
        </tr>

    </table>
    <div style="text-align: center; margin-top: 4pt;">Registrant&#8217;s telephone number, including area code</div>
    <div style="text-align: center; margin-bottom: 6pt; font-size: 12pt; font-weight: bold;">(972) 233-1700</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="zb8f22f1ad1e2454e937d74afa9bc9ee4">

        <tr>
          <td style="width: 23.68%; vertical-align: top;">&#160;</td>
          <td style="width: 52.63%; vertical-align: top; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 23.68%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 23.68%; vertical-align: top;">&#160;</td>
          <td style="width: 52.63%; vertical-align: top;">
            <div style="text-align: center;">(Former name or former address, if changed since last report.)</div>
          </td>
          <td style="width: 23.68%; vertical-align: top;">&#160;</td>
        </tr>

    </table>
    <div style="text-align: justify; margin-top: 6pt; margin-bottom: 6pt;">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):</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z42bf0d1b0a954b52a26f04774419c547">

        <tr>
          <td style="width: 6.77%; vertical-align: top;">
            <div style="text-align: center; font-size: 14pt;">&#9633;</div>
          </td>
          <td style="width: 93.23%; vertical-align: middle;">
            <div style="text-align: justify;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</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-size: 14pt;">&#9723;</div>
          </td>
          <td style="width: 93.23%; vertical-align: middle;">
            <div style="text-align: justify;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</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-size: 14pt;">&#9723;</div>
          </td>
          <td style="width: 93.23%; vertical-align: middle;">
            <div style="text-align: justify;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</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-size: 14pt;">&#9723;</div>
          </td>
          <td style="width: 93.23%; vertical-align: middle;">
            <div style="text-align: justify;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-top: 12pt;">Securities registered pursuant to Section 12(b) of the Act:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="zebe3c08e5aff442b907e497d90ed08bd">

        <tr>
          <td style="width: 37.99%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">Title of each class</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-size: 8pt; font-weight: bold;">Trading</div>
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">Symbol(s)</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-size: 8pt; font-weight: bold;">Name of each exchange on which registered</div>
          </td>
        </tr>
        <tr>
          <td style="width: 37.99%; vertical-align: top;">
            <div style="text-align: center; font-size: 8pt;">Common stock</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;">&#160;</td>
          <td style="width: 15%; vertical-align: bottom;">
            <div style="text-align: center; font-size: 8pt;">VHI</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;">&#160;</td>
          <td style="width: 45%; vertical-align: bottom;">
            <div style="text-align: center; font-size: 8pt;">NYSE</div>
          </td>
        </tr>

    </table>
    <div style="background-color: #FFFFFF;">
      <div><br>
      </div>
    </div>
    <div style="background-color: #FFFFFF;">
      <div>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).</div>
    </div>
    <div style="background-color: #FFFFFF;">
      <div><br>
      </div>
      <div style="text-align: right; margin-top: 12pt;">Emerging growth company&#160;&#160;&#9744;</div>
    </div>
    <div style="background-color: #FFFFFF;">
      <div><br>
      </div>
      <div style="margin-top: 12pt;">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;&#9744;</div>
    </div>
    <div><br>
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    <div style="text-align: justify; text-indent: -72pt; margin-left: 72pt; font-size: 12pt; font-weight: bold;">Item 2.02<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt" id="TRGRRTFtoHTMLTab">&#160;</font>Results of Operations
      and Financial Condition.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
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            <tr>
              <td style="width: 72pt; vertical-align: top; align: right; font-size: 12pt; font-weight: bold;">Item 7.01</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-size: 12pt; font-weight: bold;">Regulation FD Disclosure.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-size: 12pt;">The registrant hereby furnishes the information set forth in its press release issued on March 12, 2020, a copy of which is attached hereto as Exhibit 99.1 and incorporated herein by
      reference.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-size: 12pt;">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.</div>
    <div><br>
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    <div style="text-align: justify;">
      <div>
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            <tr>
              <td style="width: 72pt; vertical-align: top; align: right; font-size: 12pt; font-weight: bold;">Item 9.01</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-size: 12pt; font-weight: bold;">Financial Statements and Exhibits.</div>
              </td>
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          <td style="width: 5.83%; vertical-align: top;">
            <div style="text-align: justify; font-size: 12pt;">(d)</div>
          </td>
          <td style="width: 19.74%; vertical-align: top;">
            <div style="text-align: justify; font-size: 12pt;">Exhibits</div>
          </td>
          <td style="width: 2.82%; vertical-align: top;">&#160;</td>
          <td style="width: 71.62%; vertical-align: top;">&#160;</td>
        </tr>
        <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; border-bottom: 2px solid #000000;">
            <div>
              <div style="text-align: center; font-size: 12pt; font-weight: bold;">Item No.</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-size: 12pt; font-weight: bold;">Exhibit Index</div>
            </div>
          </td>
        </tr>
        <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>
        <tr>
          <td style="width: 5.83%; vertical-align: top;">&#160;</td>
          <td style="width: 19.74%; vertical-align: top;">
            <div style="text-align: center; font-size: 12pt;">99.1</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-size: 12pt;"><a href="exh991.htm">Press release dated March 12, 2020 issued by the registrant.</a></div>
          </td>
        </tr>

    </table>
    <div><br>
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    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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    <div style="text-align: center; font-size: 12pt; font-weight: bold;">SIGNATURE</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-size: 12pt;">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.</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-size: 12pt; font-variant: small-caps; font-weight: bold;">Valhi, Inc.</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-size: 12pt;">(Registrant)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top; border-bottom: 2px solid black;">
            <div style="text-align: justify;"><font style="font-size: 12pt;">By:</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 26.1pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;">/s/ James W. Brown</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: justify; font-size: 12pt;">Date:&#160; March 12, 2020</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: justify; margin-left: 26.1pt; font-size: 12pt; font-style: italic;">James W. Brown,</div>
            <div style="text-align: justify; margin-left: 26.1pt; font-size: 12pt; font-style: italic;">Senior Vice President and</div>
            <div style="text-align: justify; text-indent: 26.1pt; font-size: 12pt; font-style: italic;">&#160;Chief Financial Officer&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>

    </table>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exh991.htm
<DESCRIPTION>VALHI REPORTS FOURTH QUARTER 2019 RESULTS DATED MARCH 12, 2020
<TEXT>
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    <div style="text-align: center;"><a name="VALHIREPORTSFOURTHQUARTER"><!--Anchor--></a>VALHI REPORTS FOURTH QUARTER 2019 RESULTS</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">DALLAS, TEXAS . . March 12, 2020.&#160; Valhi, Inc. (NYSE: VHI) reported net income from continuing operations attributable to Valhi stockholders of $10.8 million, or $.03 per diluted share, in the fourth
      quarter of 2019 compared to $22.3 million, or $.07 per diluted share, in the fourth quarter of 2018.&#160;&#160; Valhi reported net income from continuing operations attributable to Valhi stockholders of $49.2 million, or $.14 per diluted share for the full
      year of 2019 compared to $228.1 million, or $.67 per diluted share in the full year of 2018.&#160; Net income from continuing operations attributable to Valhi stockholders decreased from the 2018 periods primarily due to the net effects of lower operating
      results from our Chemicals Segment in both the fourth quarter and full year of 2019, various income tax expense (benefit) items recognized in 2018, as discussed below, and lower litigation settlement expense at NL in 2019 as compared to 2018.</div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>The Chemicals Segment&#8217;s net sales of $372.7 million in the fourth quarter of 2019 were
      $23.3 million, or 7%, higher than in the fourth quarter of 2018.&#160; The Chemicals Segment&#8217;s net sales of $1.7 billion in the full year of 2019 were $69.3 million, or 4%, higher than in the full year of 2018.&#160; The Chemicals Segment&#8217;s net sales increased
      in 2019 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 3% lower in the fourth quarter of 2019 as compared to the fourth quarter of
      2018 and 6% lower in the full year of 2019 as compared to 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 2019 were 1% lower than at the end of the third quarter of 2019 and 1% lower than at the end of 2018.&#160; TiO<sub style="vertical-align: bottom; line-height: 1; font-size: smaller;">2
      </sub>sales volumes were 14% higher in the fourth quarter of 2019 as compared to the fourth quarter of 2018 due to higher sales in the European and export markets partially offset by lower sales in the North American and Latin American markets. TiO<sub style="vertical-align: bottom; line-height: 1; font-size: smaller;">2</sub>
      sales volumes in the full year of 2019 were 15% higher as compared to the full year of 2018 primarily due to higher sales in the European, North American and export markets, with the European market experiencing the most significant increase.&#160;
      Fluctuations in currency exchange rates (primarily the euro) also affected net sales comparisons, decreasing our Chemicals Segment&#8217;s net sales by approximately $8 million in the fourth quarter of 2019 and approximately $49 million in the full year of
      2019 as compared to the same periods in 2018.&#160; The table at the end of this press release shows how each of these items impacted net sales.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">The Chemicals Segment&#8217;s operating income in the fourth quarter of 2019 was $20.5 million as compared to $47.7 million in the fourth quarter of 2018.&#160; For the full year of 2019, the Chemicals
      Segment&#8217;s operating income was $160.1 million as compared to $342.9 million in 2018.&#160; The Chemicals Segment&#8217;s operating income decreased in the 2019 periods as the unfavorable effects of lower average TiO<sub style="vertical-align: bottom; line-height: 1; font-size: smaller;">2 </sub>selling prices and higher raw
      materials and other production costs more than offset the favorable impact of higher sales volumes.&#160; The Chemicals Segment&#8217;s TiO<sub style="vertical-align: bottom; line-height: 1; font-size: smaller;">2</sub> production volumes were 4% higher in the fourth quarter of 2019 and 2% higher in the full year of 2019 as
      compared to the same periods in 2018.&#160; The Chemicals Segment&#8217;s production facilities operated at overall average capacity utilization rates of 98% in the full year of 2019 (97% in each of the first, second and third quarters and at full practical
      capacity in the fourth quarter of 2019) compared to 95% in 2018 (95%, 97%, 92% and 95% in the first, second, third and fourth quarters of 2018, respectively).&#160; Fluctuations in currency exchange rates also affected operating income comparisons, which
      decreased operating income by approximately $8 million in the fourth quarter of 2019 and by approximately $3 million in the full year of 2019 as compared to the same periods in 2018.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">The Component Products Segment&#8217;s net sales increased 8% in the fourth quarter of 2019 and 5% in the full year of 2019 compared to the respective periods of 2018.&#160; The Component Products Segment&#8217;s net
      sales increased over both the comparable 2018 periods primarily due to higher marine components sales to the towboat market and to a lesser extent higher security products sales to the government security market.&#160; The Component Products Segment&#8217;s
      operating income increased 21% in the fourth quarter of 2019 as compared to the fourth quarter of 2018 primarily due to the benefit of higher sales and a favorable customer and product mix at security products. For the full year of 2019 the Component
      Products Segment&#8217;s operating income was comparable to 2018 as the benefit of higher marine component sales and favorable medical costs at security products were offset by increased labor rates and associated payroll costs at security products
      resulting from regional pressure on wages for certain skilled labor positions.</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">Page 1 of 7</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
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    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">The Real Estate Management and Development Segment&#8217;s fourth quarter 2019 sales were comparable to the fourth quarter of 2018. For the full year of 2019 the Real Estate Management and Development
      Segment had sales of $42.1 million, including $33.5 million in revenue on sales of land held for development, compared to sales of $40.0 million in the full year of 2018, including $32.3 million in sales of land held for development. 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 output during the year.&#160; Land sales revenues are
      also impacted by the relative timing of when new land parcel sales are closed. The Real Estate Management and Development Segment had operating income in the fourth quarter of 2019 of $1.0 million compared to operating income of $2.1 million in the
      fourth quarter of 2018 and operating income of $14.8 million in the full year of 2019 compared to $10.0 million in the same period of 2018 due to relative changes in the amount of acreage sold in the fourth quarter and full year of 2019 as compared
      to the same periods in 2018.&#160; Operating income in the full year of 2019 also includes $8.8 million of income related to the recognition of tax increment reimbursement note receivables (primarily in the second quarter) compared to $3.1 million of such
      income recognized in the first quarter of 2018.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Corporate expenses were 6% lower in the fourth quarter of 2019 and were 12% lower in the full year of 2019 compared to the same periods in 2018, primarily due to lower litigation and related costs
      and lower environmental remediation and related costs in 2019 compared to 2018.&#160; NL recognized a pre-tax $62.0 million ($40.7 million, or $.12 per diluted share, net of income taxes and noncontrolling interest) settlement expense in 2018 related to a
      litigation settlement agreement.&#160; NL recognized an additional pre-tax $19.3 million ($12.6 million, or $.04 per diluted share, net of income taxes and noncontrolling interest) litigation settlement expense in 2019 for a settlement agreement in the
      same case that was approved by the court in July 2019.&#160; In the first quarter of 2018 we sold two parcels of land not used in our operating activities for an aggregate pre-tax gain of $12.5 million ($9.5 million, or $.03 per diluted share, net of
      income taxes and noncontrolling interest).&#160; In the third quarter of 2019 we sold one parcel of land not used in our operations for a pre-tax gain of $4.4 million ($2.9 million, or $.01 per diluted share, net of income taxes and noncontrolling
      interest). In the third quarter of 2018 we recognized a pre-tax securities transaction gain of $12.5 million ($9.9 million, or $.03 per diluted share, net of income taxes) related to the sale of our interest in the Amalgamated Sugar Company LLC.
      Insurance recoveries aggregated $7.7 million pre-tax ($4.5 million, or $.01 per diluted share, net of income taxes and noncontrolling interest) in 2019, and substantially all of the insurance recoveries recognized by NL in 2019 relates to a new
      settlement NL reached in the second quarter with a single insurance carrier that agreed to reimburse NL for a portion of its past and future litigation defense costs. In addition, in the fourth quarter of 2019 Kronos had an insurance settlement gain
      related to a property damage claim.&#160; In the fourth quarter of 2019 NL recognized a pre-tax gain of $3.0 million ($2.0 million, or $.01 per diluted share, net of income taxes and noncontrolling interest) related to the sale of its insurance and risk
      management business.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">The Company&#8217;s income tax expense in 2019 includes a fourth quarter non-cash deferred income tax expense of $4.7 million ($.01 per diluted share, net of noncontrolling interest) primarily related to
      the revaluation of the net deferred income tax asset in Germany resulting from a decrease in the German trade tax rate and a fourth quarter income tax benefit of $3.0 million ($.01 per diluted share, net of noncontrolling) related to the favorable
      settlement of a prior year tax matter in Germany.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">The Company&#8217;s income tax benefit in 2018 includes a third quarter net benefit of $112 million ($.33 per diluted share) related to the recognition of a non-cash deferred income tax benefit related to
      Valhi&#8217;s investment in Kronos and a fourth quarter charge of $4.0 million ($.01 per diluted share) related to a current cash income tax expense on global intangible low-tax income.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">As previously reported, on January 26, 2018 we completed the sale of our Waste Management Segment, the results of operations of which have been reclassified to discontinued operations for all periods
      presented.&#160; Discontinued operations in the full year of 2018 consists principally of a first quarter pre-tax gain on the disposal of this segment of $58 million ($34.7 million, or $.10 per diluted share, net of income taxes).</div>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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    </div>
    <div style="text-align: justify; text-indent: 36pt;">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:</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2d0d18645df0462b89a0583dbd56c21a">

            <tr>
              <td style="width: 49pt; vertical-align: top; align: right;">
                <div style="margin-left: 24.5pt; margin-top: 6pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-top: 6pt;">Future supply and demand for our products;</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za82eb509c42f45648686aac96e148caa">

            <tr>
              <td style="width: 49pt; vertical-align: top; align: right;">
                <div style="margin-left: 24.5pt; margin-top: 6pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-top: 6pt;">The extent of the dependence of certain of our businesses on certain market sectors;</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z27a70e292f3642e9afd40ab386baedb6">

            <tr>
              <td style="width: 49pt; vertical-align: top; align: right;">
                <div style="margin-left: 24.5pt; margin-top: 6pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-top: 6pt;">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);</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z491f01554f614480b1f8a79d1967be52">

            <tr>
              <td style="width: 49pt; vertical-align: top; align: right;">
                <div style="margin-left: 24.5pt; margin-top: 6pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-top: 6pt;">Customer and producer inventory levels;</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc8a98455e3da418088d57503c2270717">

            <tr>
              <td style="width: 49pt; vertical-align: top; align: right;">
                <div style="margin-left: 24.5pt; margin-top: 6pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-top: 6pt;">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);</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9d98688c65034d4dabd5729cdb6e0776">

            <tr>
              <td style="width: 49pt; vertical-align: top; align: right;">
                <div style="margin-left: 24.5pt; margin-top: 6pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-top: 6pt;">Changes in raw material and other operating costs (such as ore, zinc, brass, aluminum, steel and energy costs);</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z501abce5124844f294440ff2c9199c54">

            <tr>
              <td style="width: 49pt; vertical-align: top; align: right;">
                <div style="margin-left: 24.5pt; margin-top: 6pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-top: 6pt;">Changes in the availability of raw materials (such as ore);</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0b6cad0632294ff382ffd80faa6a964a">

            <tr>
              <td style="width: 49pt; vertical-align: top; align: right;">
                <div style="margin-left: 24.5pt; margin-top: 6pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-top: 6pt;">Competitive products and substitute products;</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z80487516838148c5b2c5130bb04e3edc">

            <tr>
              <td style="width: 49pt; vertical-align: top; align: right;">
                <div style="margin-left: 24.5pt; margin-top: 6pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-top: 6pt;">General global economic and political conditions that harm the worldwide economy, disrupt our supply chain, increase material costs or reduce demand or perceived demand for TiO<sub style="vertical-align: bottom; line-height: 1; font-size: smaller;">2 </sub>and


                  component products<font style="font-size: 12pt;">&#160;</font>(including changes in the level of gross domestic product in various regions of the world, natural disasters, terrorist acts, global conflicts, and public health crises such as the
                  coronavirus);</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze3c7cf4c6759496cb6b0c94584ae5981">

            <tr>
              <td style="width: 49pt; vertical-align: top; align: right;">
                <div style="margin-left: 24.5pt; margin-top: 6pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-top: 6pt;">Competitive products and substitute products;</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9fe4fa43fa4443f5aaa5806aa6ff1b6a">

            <tr>
              <td style="width: 49pt; vertical-align: top; align: right;">
                <div style="margin-left: 24.5pt; margin-top: 6pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-top: 6pt;">Customer and competitor strategies;</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z646ccdd1f9be493586f4b867a8e1a70b">

            <tr>
              <td style="width: 49pt; vertical-align: top; align: right;">
                <div style="margin-left: 24.5pt; margin-top: 6pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-top: 6pt;">Potential difficulties in integrating future acquisitions;</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6fc1a2e951614e369fbbeb5728408843">

            <tr>
              <td style="width: 49pt; vertical-align: top; align: right;">
                <div style="margin-left: 24.5pt; margin-top: 6pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-top: 6pt;">Potential difficulties in upgrading or implementing accounting and manufacturing software systems;</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z15daefdb959f47b3b4bac6c715ab8d05">

            <tr>
              <td style="width: 49pt; vertical-align: top; align: right;">
                <div style="margin-left: 24.5pt; margin-top: 6pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-top: 6pt;">Potential consolidation of our competitors;</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zaf2bf4db91f54ad9a0c04e6bab170b73">

            <tr>
              <td style="width: 49pt; vertical-align: top; align: right;">
                <div style="margin-left: 24.5pt; margin-top: 6pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-top: 6pt;">Potential consolidation of our customers;</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z94234c1cf34641feb03741b11b8ad9c8">

            <tr>
              <td style="width: 49pt; vertical-align: top; align: right;">
                <div style="margin-left: 24.5pt; margin-top: 6pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-top: 6pt;">The impact of pricing and production decisions;</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3cce9a352d7a42bfbcda911054eca0cf">

            <tr>
              <td style="width: 49pt; vertical-align: top; align: right;">
                <div style="margin-left: 24.5pt; margin-top: 6pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-top: 6pt;">Competitive technology positions;</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z91f861996f19448baaf9cbad00df12d4">

            <tr>
              <td style="width: 49pt; vertical-align: top; align: right;">
                <div style="margin-left: 24.5pt; margin-top: 6pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-top: 6pt;">Our ability to protect or defend intellectual property rights;</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z03b9d5a70c8b424d8d5d81f4405017d4">

            <tr>
              <td style="width: 49pt; vertical-align: top; align: right;">
                <div style="margin-left: 24.5pt; margin-top: 6pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-top: 6pt;">The introduction of trade barriers or trade disputes;</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z64c95235d0434dc7835be12cdea642ac">

            <tr>
              <td style="width: 49pt; vertical-align: top; align: right;">
                <div style="margin-left: 24.5pt; margin-top: 6pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-top: 6pt;">The ability of our subsidiaries to pay us dividends;</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
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            <tr>
              <td style="width: 49pt; vertical-align: top; align: right;">
                <div style="margin-left: 24.5pt; margin-top: 6pt;">&#8226;</div>
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              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-top: 6pt;">The impact of current or future government regulations (including employee healthcare benefit related regulations);</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd29fc5b291b6406f93f48608a1c5af1d">

            <tr>
              <td style="width: 49pt; vertical-align: top; align: right;">
                <div style="margin-left: 24.5pt; margin-top: 6pt;">&#8226;</div>
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              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-top: 6pt;">Uncertainties associated with new product development and the development of new product features;</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z382477250e68488b9c5105910994cfd7">

            <tr>
              <td style="width: 49pt; vertical-align: top; align: right;">
                <div style="margin-left: 24.5pt; margin-top: 6pt;">&#8226;</div>
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              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-top: 6pt;">Fluctuations in currency exchange rates (such as changes in the exchange rate between the U.S. dollar and each of the euro, the Norwegian krone and the Canadian dollar) or possible
                  disruptions to our business resulting from potential instability resulting from uncertainties associated with the euro or other currencies;</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
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            <tr>
              <td style="width: 49pt; vertical-align: top; align: right;">
                <div style="margin-left: 24.5pt; margin-top: 6pt;">&#8226;</div>
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                <div style="text-align: justify; margin-top: 6pt;">Operating interruptions (including, but not limited to, labor disputes, leaks, natural disasters, fires, explosions, unscheduled or unplanned downtime, transportation interruptions and
                  cyber-attacks);</div>
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            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za7d968dcb6b24ae299d1e5f425ff6437">

            <tr>
              <td style="width: 49pt; vertical-align: top; align: right;">
                <div style="margin-left: 24.5pt; margin-top: 6pt;">&#8226;</div>
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                <div style="text-align: justify; margin-top: 6pt;">Decisions to sell operating assets other than in the ordinary course of business;</div>
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            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z515369b2de6842e096fe6b30a8864949">

            <tr>
              <td style="width: 49pt; vertical-align: top; align: right;">
                <div style="margin-left: 24.5pt; margin-top: 6pt;">&#8226;</div>
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              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-top: 6pt;">The timing and amounts of insurance recoveries;</div>
              </td>
            </tr>

        </table>
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      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd1c8e5af97a948b5bcbb2587ec1ce4f0">

            <tr>
              <td style="width: 49pt; vertical-align: top; align: right;">
                <div style="margin-left: 24.5pt; margin-top: 6pt;">&#8226;</div>
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              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-top: 6pt;">Our ability to renew, amend, refinance or establish credit facilities;</div>
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            </tr>

        </table>
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              <td style="width: 49pt; vertical-align: top; align: right;">
                <div style="margin-left: 24.5pt; margin-top: 6pt; font-size: 12pt;">&#8226;</div>
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              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-top: 6pt;">Our ability to maintain sufficient liquidity;</div>
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            </tr>

        </table>
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      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <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">Page 3 of 7</font></div>
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      </div>
      <div style="margin-top: 6pt;"><br>
      </div>
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            <tr>
              <td style="width: 49pt; vertical-align: top; align: right;">
                <div style="margin-left: 24.5pt; margin-top: 6pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-top: 6pt;">The ultimate outcome of income tax audits, tax settlement initiatives or other tax matters, including future tax reform;</div>
              </td>
            </tr>

        </table>
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        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z931ecd7175a34454a9fca10021ea5602">

            <tr>
              <td style="width: 49pt; vertical-align: top; align: right;">
                <div style="margin-left: 24.5pt; margin-top: 6pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-top: 6pt;">Our ability to utilize income tax attributes, the benefits of which may or may not have been recognized under the more-likely-than-not recognition criteria;</div>
              </td>
            </tr>

        </table>
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            <tr>
              <td style="width: 49pt; vertical-align: top; align: right;">
                <div style="margin-left: 24.5pt; margin-top: 6pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-top: 6pt;">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);</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
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            <tr>
              <td style="width: 49pt; vertical-align: top; align: right;">
                <div style="margin-left: 24.5pt; margin-top: 6pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-top: 6pt;">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 such as those seeking to limit or classify TiO<sub style="vertical-align: bottom; line-height: 1; font-size: smaller;">2&#160; </sub>or
                  its use;</div>
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            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z78a11c3db69e4d83b090795cddc56555">

            <tr>
              <td style="width: 49pt; vertical-align: top; align: right;">
                <div style="margin-left: 24.5pt; margin-top: 6pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-top: 6pt;">The ultimate resolution of pending litigation (such as NL&#8217;s lead pigment and environmental matters);</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z15c68985678943498158ba3c867b22d9">

            <tr>
              <td style="width: 49pt; vertical-align: top; align: right;">
                <div style="margin-left: 24.5pt; margin-top: 6pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-top: 6pt;">Our ability to comply with covenants contained in our revolving bank credit facilities;</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4c9f265ebb094ba4b640ecc1d360a07f">

            <tr>
              <td style="width: 49pt; vertical-align: top; align: right;">
                <div style="margin-left: 24.5pt; margin-top: 6pt;">&#8226;</div>
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              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-top: 6pt;">Our ability to complete and comply with the conditions of our licenses and permits;</div>
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            </tr>

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      <div>
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            <tr>
              <td style="width: 49pt; vertical-align: top; align: right;">
                <div style="margin-left: 24.5pt; margin-top: 6pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-top: 6pt;">Changes in real estate values and construction costs in Henderson, Nevada;</div>
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            </tr>

        </table>
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            <tr>
              <td style="width: 49pt; vertical-align: top; align: right;">
                <div style="margin-left: 24.5pt; margin-top: 6pt;">&#8226;</div>
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              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-top: 6pt;">Water levels in Lake Mead; and</div>
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            </tr>

        </table>
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            <tr>
              <td style="width: 49pt; vertical-align: top; align: right;">
                <div style="margin-left: 24.5pt; margin-top: 6pt;">&#8226;</div>
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                <div style="text-align: justify; margin-top: 6pt;">Possible future litigation.</div>
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    <div style="text-align: justify; text-indent: 36pt;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">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.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">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.</div>
    <div><br>
    </div>
    <div style="text-align: center;">* * * * *</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <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">Page 4 of 7</font></div>
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    <div><br>
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              <div style="font-weight: bold;">VALHI, INC. AND SUBSIDIARIES</div>
            </td>
            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top;">&#160;</td>
            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top;">&#160;</td>
            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td style="width: 1.16%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td style="width: 8.33%; vertical-align: top;">&#160;</td>
            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top;">&#160;</td>
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              <div style="font-weight: bold;">CONDENSED SUMMARY OF INCOME</div>
            </td>
            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top;">&#160;</td>
            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top;">&#160;</td>
            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td style="width: 1.16%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td style="width: 8.33%; vertical-align: top;">&#160;</td>
            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top;">&#160;</td>
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              <div style="font-weight: bold;">(In millions, except earnings per share)</div>
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            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top;">&#160;</td>
            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top;">&#160;</td>
            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td style="width: 1.16%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td style="width: 8.33%; vertical-align: top;">&#160;</td>
            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 55.96%; vertical-align: top;">&#160;</td>
            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top;">&#160;</td>
            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top;">&#160;</td>
            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td style="width: 1.16%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td style="width: 8.33%; vertical-align: top;">&#160;</td>
            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top;">&#160;</td>
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          <tr>
            <td style="width: 55.96%; vertical-align: top;">&#160;</td>
            <td colspan="7" style="width: 23.25%; vertical-align: top;">
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            <td colspan="5" style="width: 20.79%; vertical-align: top;">
              <div style="text-align: center; font-weight: bold;">Year ended</div>
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            <td style="width: 55.96%; vertical-align: top;">&#160;</td>
            <td colspan="5" style="width: 20.64%; vertical-align: top; border-bottom: #000000 2px solid;">
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            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td style="width: 1.16%; vertical-align: top;">&#160;</td>
            <td colspan="5" style="width: 20.79%; vertical-align: top; border-bottom: #000000 2px solid;">
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            <td style="width: 55.96%; vertical-align: top;">&#160;</td>
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            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; border-bottom: #000000 2px solid;" rowspan="1" colspan="2">
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            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td style="width: 1.16%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; border-bottom: #000000 2px solid;" rowspan="1" colspan="2">
              <div style="text-align: center; font-weight: bold;">2018</div>
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            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; border-bottom: #000000 2px solid;" rowspan="1" colspan="2">
              <div style="text-align: center; font-weight: bold;">2019</div>
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          <tr>
            <td style="width: 55.96%; vertical-align: top;">&#160;</td>
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            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td style="width: 1.16%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td style="width: 8.33%; vertical-align: top;">&#160;</td>
            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 55.96%; vertical-align: top;">&#160;</td>
            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top;">&#160;</td>
            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top;">&#160;</td>
            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td style="width: 1.16%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td style="width: 8.33%; vertical-align: top;">&#160;</td>
            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 55.96%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="font-weight: bold;">Net sales</div>
            </td>
            <td style="width: 1.45%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.45%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.16%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.33%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
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          <tr>
            <td style="width: 55.96%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div>&#160;&#160;&#160;&#160;Chemicals</div>
            </td>
            <td style="width: 1.45%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div>$</div>
            </td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;349.4</div>
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            <td style="width: 1.28%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div style="font-weight: bold;">$</div>
            </td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div style="text-align: right; font-weight: bold;">&#160;&#160;&#160;&#160;372.7</div>
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            <td style="width: 1.45%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.16%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div>$</div>
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            <td style="width: 8.33%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div style="text-align: right;">&#160;&#160;&#160;1,661.9</div>
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            <td style="width: 1.28%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div style="font-weight: bold;">$</div>
            </td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div style="text-align: right; font-weight: bold;">&#160;1,731.2</div>
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          <tr>
            <td style="width: 55.96%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div>&#160;&#160;&#160;&#160;Component products</div>
            </td>
            <td style="width: 1.45%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;27.4</div>
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            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right; font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;29.6</div>
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            <td style="width: 1.45%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.16%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.33%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;118.2</div>
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            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right; font-weight: bold;">&#160;&#160;&#160;&#160;124.2</div>
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          <tr>
            <td colspan="2" style="width: 57.41%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div>&#160;&#160;&#160;&#160;Real estate management and development</div>
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            <td style="width: 8.31%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
              <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;11.9</div>
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            <td style="width: 1.28%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
              <div style="text-align: right; font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;11.8</div>
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            <td style="width: 1.45%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.16%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 8.33%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
              <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;40.0</div>
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            <td style="width: 1.28%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
              <div style="text-align: right; font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;42.1</div>
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          <tr>
            <td style="width: 55.96%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.45%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.45%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.16%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.33%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
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          <tr>
            <td style="width: 55.96%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div style="font-style: italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Total net sales</div>
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            <td style="width: 1.45%; vertical-align: top; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
              <div>$</div>
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            <td style="width: 8.31%; vertical-align: top; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
              <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;388.7</div>
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            <td style="width: 1.28%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
              <div style="font-weight: bold;">$</div>
            </td>
            <td style="width: 8.31%; vertical-align: top; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
              <div style="text-align: right; font-weight: bold;">&#160;&#160;&#160;&#160;414.1</div>
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            <td style="width: 1.45%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.16%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
              <div>$</div>
            </td>
            <td style="width: 8.33%; vertical-align: top; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
              <div style="text-align: right;">&#160;&#160;&#160;1,820.1</div>
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            <td style="width: 1.28%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
              <div style="font-weight: bold;">$</div>
            </td>
            <td style="width: 8.31%; vertical-align: top; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
              <div style="text-align: right; font-weight: bold;">&#160;1,897.5</div>
            </td>
          </tr>
          <tr>
            <td style="width: 55.96%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.45%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.45%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.16%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.33%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
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          <tr>
            <td style="width: 55.96%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div style="font-weight: bold;">Operating income</div>
            </td>
            <td style="width: 1.45%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.45%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.16%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 8.33%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 55.96%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.45%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.45%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.16%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.33%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 55.96%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div>&#160;&#160;&#160;&#160;Chemicals</div>
            </td>
            <td style="width: 1.45%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div>$</div>
            </td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;47.7</div>
            </td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div style="font-weight: bold;">$</div>
            </td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div style="text-align: right; font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;20.5</div>
            </td>
            <td style="width: 1.45%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.16%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div>$</div>
            </td>
            <td style="width: 8.33%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;342.9</div>
            </td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div style="font-weight: bold;">$</div>
            </td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div style="text-align: right; font-weight: bold;">&#160;&#160;&#160;&#160;160.1</div>
            </td>
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          <tr>
            <td style="width: 55.96%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div>&#160;&#160;&#160;&#160;Component products</div>
            </td>
            <td style="width: 1.45%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;2.9</div>
            </td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right; font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;3.5</div>
            </td>
            <td style="width: 1.45%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.16%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.33%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;17.8</div>
            </td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right; font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;17.8</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" style="width: 57.41%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div>&#160;&#160;&#160;&#160;Real estate management and development</div>
            </td>
            <td style="width: 8.31%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
              <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;2.1</div>
            </td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
              <div style="text-align: right; font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1.0</div>
            </td>
            <td style="width: 1.45%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.16%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 8.33%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
              <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;10.0</div>
            </td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
              <div style="text-align: right; font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;14.8</div>
            </td>
          </tr>
          <tr>
            <td style="width: 55.96%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.45%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.45%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.16%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.33%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 55.96%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div style="font-style: italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Total operating income</div>
            </td>
            <td style="width: 1.45%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;52.7</div>
            </td>
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            <td style="width: 1.28%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
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            <td style="width: 1.45%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
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            <td style="width: 1.28%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
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              <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</div>
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            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
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            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">
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            <td style="width: 1.45%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.16%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
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            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
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              <div style="text-align: right; font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;3.0</div>
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              <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</div>
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              <div style="text-align: right; font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</div>
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            <td style="width: 1.43%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div style="text-align: right; font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;4.4</div>
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            <td style="width: 1.16%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
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            <td style="width: 1.43%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
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            <td style="width: 1.45%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.16%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
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            <td style="width: 1.28%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
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            <td style="width: 55.96%; vertical-align: top; background-color: rgb(204, 238, 255);">
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            <td style="width: 1.45%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">
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            <td style="width: 1.16%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
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            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">
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            <td style="width: 1.45%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(255, 255, 255);">
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            <td style="width: 8.31%; vertical-align: top; background-color: rgb(255, 255, 255);">
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            <td style="width: 1.16%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
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            <td style="width: 1.43%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(255, 255, 255);">
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            <td style="width: 8.31%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
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            <td style="width: 8.31%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
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            <td style="width: 8.31%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.45%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.16%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 8.33%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
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            <td style="width: 55.96%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.45%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.45%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.16%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.33%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
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            <td style="width: 1.28%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(255, 255, 255);">
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            <td style="width: 1.45%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.16%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 8.33%; vertical-align: top; background-color: rgb(255, 255, 255);">
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            <td style="width: 1.28%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div style="text-align: right; font-weight: bold;">&#160;&#160;&#160;&#160;104.7</div>
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          <tr>
            <td style="width: 55.96%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.45%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.45%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.16%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.33%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
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          <tr>
            <td style="width: 55.96%; vertical-align: top; background-color: rgb(255, 255, 255);">
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            <td style="width: 1.45%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
              <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;2.5</div>
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            <td style="width: 1.28%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
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            <td style="width: 1.45%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.16%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 8.33%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
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            <td style="width: 1.28%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
              <div style="text-align: right; font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;26.5</div>
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          <tr>
            <td style="width: 55.96%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.45%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.45%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.16%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.33%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
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            <td style="width: 8.31%; vertical-align: top; background-color: rgb(255, 255, 255);">
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            <td style="width: 1.28%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div style="text-align: right; font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;14.4</div>
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            <td style="width: 1.45%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.16%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 8.33%; vertical-align: top; background-color: rgb(255, 255, 255);">
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            <td style="width: 1.28%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div style="text-align: right; font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;78.2</div>
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          <tr>
            <td style="width: 55.96%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.45%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.45%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.16%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.33%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
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            <td colspan="2" style="width: 57.41%; vertical-align: top; background-color: rgb(255, 255, 255);">
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            <td style="width: 8.31%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
              <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;(4.6)</div>
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            <td style="width: 1.28%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
              <div style="text-align: right; font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</div>
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            <td style="width: 1.45%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.16%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 8.33%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
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            <td style="width: 1.28%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
              <div style="text-align: right; font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</div>
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          <tr>
            <td style="width: 55.96%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.45%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.45%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.16%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.33%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
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          <tr>
            <td style="width: 55.96%; vertical-align: top; background-color: rgb(255, 255, 255);">
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            <td style="width: 1.45%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;23.8</div>
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            <td style="width: 1.28%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div style="text-align: right; font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;14.4</div>
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            <td style="width: 1.45%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.16%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 8.33%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;301.0</div>
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            <td style="width: 1.28%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div style="text-align: right; font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;78.2</div>
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          </tr>
          <tr>
            <td style="width: 55.96%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.45%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.45%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.16%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.33%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 55.96%; vertical-align: top; background-color: rgb(255, 255, 255);">
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            <td style="width: 1.45%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.45%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.16%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 8.33%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
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          <tr>
            <td style="width: 55.96%; vertical-align: top; background-color: rgb(204, 238, 255);">
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            <td style="width: 8.31%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;6.1</div>
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            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: right; font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;3.6</div>
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            <td style="width: 1.45%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.16%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.33%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;38.8</div>
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            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: right; font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;29.0</div>
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          <tr>
            <td style="width: 55.96%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.45%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.45%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.16%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 8.33%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 55.96%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.45%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.45%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.16%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.33%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
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          <tr>
            <td style="width: 55.96%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div style="font-style: italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Net income attributable to Valhi stockholders</div>
            </td>
            <td style="width: 1.45%; vertical-align: top; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
              <div>$</div>
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            <td style="width: 8.31%; vertical-align: top; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
              <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;17.7</div>
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            <td style="width: 1.28%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
              <div style="font-weight: bold;">$</div>
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            <td style="width: 8.31%; vertical-align: top; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
              <div style="text-align: right; font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;10.8</div>
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            <td style="width: 1.45%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.16%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
              <div>$</div>
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            <td style="width: 8.33%; vertical-align: top; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
              <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;262.2</div>
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            <td style="width: 1.28%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
              <div style="font-weight: bold;">$</div>
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            <td style="width: 8.31%; vertical-align: top; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
              <div style="text-align: right; font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;49.2</div>
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    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <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">Page 5 of 7</font></div>
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        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div> </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div> </div>
    <div>
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          <tr>
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              <div style="font-weight: bold;">VALHI, INC. AND SUBSIDIARIES</div>
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            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top;">&#160;</td>
            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top;">&#160;</td>
            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td style="width: 1.16%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td style="width: 8.33%; vertical-align: top;">&#160;</td>
            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top;">&#160;</td>
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          <tr>
            <td style="width: 67.01%; vertical-align: top;" colspan="4">
              <div style="font-weight: bold;">CONDENSED SUMMARY OF INCOME (Continued)</div>
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            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top;">&#160;</td>
            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td style="width: 1.16%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td style="width: 8.33%; vertical-align: top;">&#160;</td>
            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top;">&#160;</td>
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            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top;">&#160;</td>
            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top;">&#160;</td>
            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td style="width: 1.16%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td style="width: 8.33%; vertical-align: top;">&#160;</td>
            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 55.96%; vertical-align: top;">&#160;</td>
            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top;">&#160;</td>
            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top;">&#160;</td>
            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td style="width: 1.16%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td style="width: 8.33%; vertical-align: top;">&#160;</td>
            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 55.96%; vertical-align: top;">&#160;</td>
            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td style="width: 23.23%; vertical-align: top;" colspan="7">
              <div style="text-align: center; font-weight: bold;">Three months ended</div>
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            <td style="width: 19.36%; vertical-align: top;" colspan="4">
              <div style="text-align: center; font-weight: bold;">Year ended</div>
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          </tr>
          <tr>
            <td style="width: 55.96%; vertical-align: top;">&#160;</td>
            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td style="width: 19.19%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="4">
              <div style="text-align: center; font-weight: bold;">December 31,</div>
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            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td style="width: 1.16%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td style="width: 19.36%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="4">
              <div style="text-align: center; font-weight: bold;">December 31,</div>
            </td>
          </tr>
          <tr>
            <td style="width: 55.96%; vertical-align: top;">&#160;</td>
            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div style="text-align: center; font-weight: bold;">2018</div>
            </td>
            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div style="text-align: center; font-weight: bold;">2019</div>
            </td>
            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td style="width: 1.16%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td style="width: 8.33%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div style="text-align: center; font-weight: bold;">2018</div>
            </td>
            <td style="width: 1.28%; vertical-align: top;">&#160;</td>
            <td style="width: 1.43%; vertical-align: top;">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; border-bottom: #000000 2px solid;">
              <div style="text-align: center; font-weight: bold;">2019</div>
            </td>
          </tr>
          <tr>
            <td style="width: 55.96%; vertical-align: top;">&#160;</td>
            <td style="width: 1.45%; vertical-align: top;">&#160;</td>
            <td style="width: 20.64%; vertical-align: top;" colspan="5">
              <div style="text-align: center; font-weight: bold;">(unaudited)</div>
            </td>
            <td style="width: 21.95%; vertical-align: top;" colspan="6">&#160;</td>
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          <tr>
            <td style="width: 57.41%; vertical-align: top; background-color: rgb(204, 238, 255);" colspan="2">
              <div>Amounts attributable to Valhi stockholders:</div>
            </td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.45%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.16%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.33%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 55.96%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.45%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.45%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.16%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 8.33%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 55.96%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Income from continuing operations</div>
            </td>
            <td style="width: 1.45%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div>$</div>
            </td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;22.3</div>
            </td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right; font-weight: bold;">$</div>
            </td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right; font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;10.8</div>
            </td>
            <td style="width: 1.45%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.16%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div>$</div>
            </td>
            <td style="width: 8.33%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;228.1</div>
            </td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right; font-weight: bold;">$</div>
            </td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right; font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;49.2</div>
            </td>
          </tr>
          <tr>
            <td style="width: 57.41%; vertical-align: top; background-color: rgb(255, 255, 255);" colspan="2">
              <div>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Income (loss) from discontinued operations</div>
            </td>
            <td style="width: 8.31%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
              <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;(4.6)</div>
            </td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
              <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</div>
            </td>
            <td style="width: 1.45%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.16%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 8.33%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
              <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;34.1</div>
            </td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
              <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</div>
            </td>
          </tr>
          <tr>
            <td style="width: 55.96%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.45%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.45%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.16%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.33%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 55.96%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.45%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.45%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.16%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 8.33%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 55.96%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="font-style: italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Net income attributable to Valhi stockholders</div>
            </td>
            <td style="width: 1.45%; vertical-align: top; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div>$</div>
            </td>
            <td style="width: 8.31%; vertical-align: top; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;17.7</div>
            </td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: right; font-weight: bold;">$</div>
            </td>
            <td style="width: 8.31%; vertical-align: top; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: right; font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;10.8</div>
            </td>
            <td style="width: 1.45%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.16%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div>$</div>
            </td>
            <td style="width: 8.33%; vertical-align: top; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;262.2</div>
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            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: right; font-weight: bold;">$</div>
            </td>
            <td style="width: 8.31%; vertical-align: top; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: right; font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;49.2</div>
            </td>
          </tr>
          <tr>
            <td style="width: 55.96%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.45%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.45%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.16%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 8.33%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
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          <tr>
            <td style="width: 55.96%; vertical-align: top; background-color: rgb(204, 238, 255);">
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            <td style="width: 1.45%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.45%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.16%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.33%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
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          <tr>
            <td style="width: 55.96%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Income from continuing operations</div>
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            <td style="width: 1.45%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div>$</div>
            </td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;.07</div>
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            <td style="width: 1.28%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div style="text-align: right; font-weight: bold;">$</div>
            </td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div style="text-align: right; font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;.03</div>
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            <td style="width: 1.45%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.16%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div>$</div>
            </td>
            <td style="width: 8.33%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;.67</div>
            </td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div style="text-align: right; font-weight: bold;">$</div>
            </td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div style="text-align: right; font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;.14</div>
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          </tr>
          <tr>
            <td style="width: 57.41%; vertical-align: top; background-color: rgb(204, 238, 255);" colspan="2">
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            <td style="width: 8.31%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;(.01)</div>
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            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: right; font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</div>
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            <td style="width: 1.45%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.16%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.33%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;.10</div>
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            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: right; font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</div>
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          <tr>
            <td style="width: 55.96%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.45%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.45%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.16%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 8.33%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
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          <tr>
            <td style="width: 55.96%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="font-style: italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Net income attributable to Valhi stockholders</div>
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            <td style="width: 1.45%; vertical-align: top; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div>$</div>
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            <td style="width: 8.31%; vertical-align: top; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;.06</div>
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            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: right; font-weight: bold;">$</div>
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            <td style="width: 8.31%; vertical-align: top; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: right; font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;.03</div>
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            <td style="width: 1.45%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.16%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div>$</div>
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            <td style="width: 8.33%; vertical-align: top; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;.77</div>
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            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: right; font-weight: bold;">$</div>
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            <td style="width: 8.31%; vertical-align: top; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: right; font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;.14</div>
            </td>
          </tr>
          <tr>
            <td style="width: 55.96%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.45%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.45%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.16%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 8.33%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
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              <div>&#160;&#160;Basic and diluted weighted average shares outstanding</div>
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            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">
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            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right; font-weight: bold;">&#160;&#160;&#160;&#160;342.1</div>
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            <td style="width: 1.45%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.16%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.33%; vertical-align: top; background-color: rgb(204, 238, 255);">
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            <td style="width: 1.28%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 1.43%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 8.31%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right; font-weight: bold;">&#160;&#160;&#160;&#160;342.1</div>
            </td>
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    <div> <br>
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    <div>
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          <tr>
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              <div style="font-weight: bold;">VALHI, INC. AND SUBSIDIARIES</div>
            </td>
            <td style="width: 12.36%; vertical-align: top;">&#160;</td>
            <td style="width: 6.26%; vertical-align: top;">&#160;</td>
            <td style="width: 9.16%; vertical-align: top;">&#160;</td>
            <td style="width: 3.78%; vertical-align: top;">&#160;</td>
            <td style="width: 9.3%; vertical-align: top;">&#160;</td>
            <td style="width: 9.31%; vertical-align: top;">&#160;</td>
            <td style="width: 9.3%; vertical-align: top;">&#160;</td>
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          <tr>
            <td style="width: 68.3%; vertical-align: top;" colspan="4">
              <div style="font-weight: bold;">IMPACT OF PERCENTAGE CHANGE IN CHEMICAL SEGMENT'S NET SALES</div>
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            <td style="width: 3.78%; vertical-align: top;">&#160;</td>
            <td style="width: 9.3%; vertical-align: top;">&#160;</td>
            <td style="width: 9.31%; vertical-align: top;">&#160;</td>
            <td style="width: 9.3%; vertical-align: top;">&#160;</td>
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              <div style="font-weight: bold;">(unaudited)</div>
            </td>
            <td style="width: 12.36%; vertical-align: top;">&#160;</td>
            <td style="width: 6.26%; vertical-align: top;">&#160;</td>
            <td style="width: 9.16%; vertical-align: top;">&#160;</td>
            <td style="width: 3.78%; vertical-align: top;">&#160;</td>
            <td style="width: 9.3%; vertical-align: top;">&#160;</td>
            <td style="width: 9.31%; vertical-align: top;">&#160;</td>
            <td style="width: 9.3%; vertical-align: top;">&#160;</td>
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          <tr>
            <td style="width: 40.53%; vertical-align: top;">&#160;</td>
            <td style="width: 12.36%; vertical-align: top;">&#160;</td>
            <td style="width: 6.26%; vertical-align: top;">&#160;</td>
            <td style="width: 9.16%; vertical-align: top;">&#160;</td>
            <td style="width: 3.78%; vertical-align: top;">&#160;</td>
            <td style="width: 9.3%; vertical-align: top;">&#160;</td>
            <td style="width: 9.31%; vertical-align: top;">&#160;</td>
            <td style="width: 9.3%; vertical-align: top;">&#160;</td>
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          <tr>
            <td style="width: 40.53%; vertical-align: top;">&#160;</td>
            <td style="width: 12.36%; vertical-align: top;">&#160;</td>
            <td style="width: 6.26%; vertical-align: top;">&#160;</td>
            <td style="width: 9.16%; vertical-align: top;">&#160;</td>
            <td style="width: 3.78%; vertical-align: top;">&#160;</td>
            <td style="width: 9.3%; vertical-align: top;">&#160;</td>
            <td style="width: 9.31%; vertical-align: top;">&#160;</td>
            <td style="width: 9.3%; vertical-align: top;">&#160;</td>
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          <tr>
            <td style="width: 40.53%; vertical-align: top;">&#160;</td>
            <td style="width: 27.78%; vertical-align: top;" colspan="3">
              <div style="text-align: center; font-weight: bold;">Three months ended</div>
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            <td style="width: 3.78%; vertical-align: top;">&#160;</td>
            <td style="width: 18.62%; vertical-align: top;" colspan="2">
              <div style="text-align: center; font-weight: bold;">Year ended</div>
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            <td style="width: 9.3%; vertical-align: top;">&#160;</td>
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          <tr>
            <td style="width: 40.53%; vertical-align: top;">&#160;</td>
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            <td style="width: 9.3%; vertical-align: top;">&#160;</td>
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          <tr>
            <td style="width: 40.53%; vertical-align: top;">&#160;</td>
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            <td style="width: 3.78%; vertical-align: top;">&#160;</td>
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            <td style="width: 9.3%; vertical-align: top; border-bottom: #000000 2px solid;">&#160;</td>
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          <tr>
            <td style="width: 40.53%; vertical-align: top;">&#160;</td>
            <td style="width: 12.36%; vertical-align: top;">&#160;</td>
            <td style="width: 6.26%; vertical-align: top;">&#160;</td>
            <td style="width: 9.16%; vertical-align: top;">&#160;</td>
            <td style="width: 3.78%; vertical-align: top;">&#160;</td>
            <td style="width: 9.3%; vertical-align: top;">&#160;</td>
            <td style="width: 9.31%; vertical-align: top;">&#160;</td>
            <td style="width: 9.3%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 40.53%; vertical-align: top;">&#160;</td>
            <td style="width: 12.36%; vertical-align: top;">&#160;</td>
            <td style="width: 6.26%; vertical-align: top;">&#160;</td>
            <td style="width: 9.16%; vertical-align: top;">&#160;</td>
            <td style="width: 3.78%; vertical-align: top;">&#160;</td>
            <td style="width: 9.3%; vertical-align: top;">&#160;</td>
            <td style="width: 9.31%; vertical-align: top;">&#160;</td>
            <td style="width: 9.3%; vertical-align: top;">&#160;</td>
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          <tr>
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              <div>Percentage change in TiO<sub style="vertical-align: bottom; line-height: 1; font-size: smaller;">2</sub> net sales :</div>
            </td>
            <td style="width: 12.36%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 6.26%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 9.16%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 3.78%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 9.3%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 9.31%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 9.3%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
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          <tr>
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              <div>&#160;&#160;&#160;&#160;&#160;&#160;TiO<sub style="vertical-align: bottom; line-height: 1; font-size: smaller;">2</sub> product pricing</div>
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            <td style="width: 12.36%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 6.26%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div style="text-align: right;">(3)</div>
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            <td style="width: 9.16%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div>%</div>
            </td>
            <td style="width: 3.78%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 9.3%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 9.31%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div style="text-align: right;">(6)</div>
            </td>
            <td style="width: 9.3%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div>%</div>
            </td>
          </tr>
          <tr>
            <td style="width: 40.53%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div>&#160;&#160;&#160;&#160;&#160;&#160;TiO<sub style="vertical-align: bottom; line-height: 1; font-size: smaller;">2</sub> sales volumes</div>
            </td>
            <td style="width: 12.36%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 6.26%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right;">14</div>
            </td>
            <td style="width: 9.16%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 3.78%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 9.3%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 9.31%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: right;">15</div>
            </td>
            <td style="width: 9.3%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 40.53%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div>&#160;&#160;&#160;&#160;&#160;&#160;TiO<sub style="vertical-align: bottom; line-height: 1; font-size: smaller;">2</sub> product mix/other</div>
            </td>
            <td style="width: 12.36%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 6.26%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div style="text-align: right;">(2)</div>
            </td>
            <td style="width: 9.16%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 3.78%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 9.3%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 9.31%; vertical-align: top; background-color: rgb(255, 255, 255);">
              <div style="text-align: right;">(2)</div>
            </td>
            <td style="width: 9.3%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 40.53%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div>&#160;&#160;&#160;&#160;&#160;&#160;Changes in currency exchange rates</div>
            </td>
            <td style="width: 12.36%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 6.26%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: right;">(2)</div>
            </td>
            <td style="width: 9.16%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 3.78%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 9.3%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 9.31%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: right;">(3)</div>
            </td>
            <td style="width: 9.3%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 40.53%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 12.36%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 6.26%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 9.16%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 3.78%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 9.3%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 9.31%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 9.3%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 40.53%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Total</div>
            </td>
            <td style="width: 12.36%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 6.26%; vertical-align: top; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: right;">7</div>
            </td>
            <td style="width: 9.16%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div>%</div>
            </td>
            <td style="width: 3.78%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 9.3%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 9.31%; vertical-align: top; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: right;">4</div>
            </td>
            <td style="width: 9.3%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div>%</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <br>
  </div>
  <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">Page 7 of 7</font></div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
