<SEC-DOCUMENT>0000059255-21-000036.txt : 20210407
<SEC-HEADER>0000059255-21-000036.hdr.sgml : 20210407
<ACCEPTANCE-DATETIME>20210407161827
ACCESSION NUMBER:		0000059255-21-000036
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20210407
DATE AS OF CHANGE:		20210407

FILER:

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

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-05467
		FILM NUMBER:		21812324

	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>DEFA14A
<SEQUENCE>1
<FILENAME>vhidefa14a210527.htm
<DESCRIPTION>VALHI, INC. NOTICE
<TEXT>
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          <div style="font-size: 10pt; font-weight: bold;">
            <div style="font-weight: bold;">UNITED STATES</div>
            <div style="font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
            <div style="margin-bottom: 6pt; font-weight: bold;">Washington, D.C.&#160;&#160; 20549</div>
            <div style="font-size: 18pt; font-weight: bold;">SCHEDULE 14A</div>
            <div style="margin-top: 6pt;">Proxy Statement Pursuant to Section&#160;14(a) of the</div>
            <div>Securities Exchange Act of 1934</div>
            <div><br>
            </div>
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                    <div style="text-align: justify;">Filed by Registrant:</div>
                  </td>
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                    <div style="text-align: justify; font-family: Wingdings;">&#253;</div>
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                    <div style="text-align: justify;">Filed by a Party other than the Registrant:</div>
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                    <div style="text-align: justify;">&#9723;</div>
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            <div style="margin-top: 6pt;"><br>
            </div>
            <div style="text-align: justify; margin-top: 4pt; margin-bottom: 4pt;">Check the appropriate box:</div>
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                    <div style="text-align: justify; font-size: 12pt;">&#9723;</div>
                  </td>
                  <td style="width: 93.48%; vertical-align: top;">
                    <div style="text-align: justify;">Preliminary Proxy Statement</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 6.52%; vertical-align: top;">
                    <div style="text-align: justify; font-size: 12pt;">&#9723;</div>
                  </td>
                  <td style="width: 93.48%; vertical-align: top;">
                    <div style="text-align: justify; font-weight: bold;">Confidential, for Use of the Commission Only (as permitted by Rule&#160;14a&#8209;6(e)(2))</div>
                  </td>
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                    <div style="text-align: justify; font-size: 12pt;">&#9723;</div>
                  </td>
                  <td style="width: 93.48%; vertical-align: top;">
                    <div style="text-align: justify;">Definitive Proxy Statement</div>
                  </td>
                </tr>
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                    <div style="text-align: justify; font-family: Wingdings; font-size: 12pt;">&#253;</div>
                  </td>
                  <td style="width: 93.48%; vertical-align: top;">
                    <div style="text-align: justify;">Definitive Additional Materials</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 6.52%; vertical-align: top;">
                    <div style="text-align: justify; font-size: 12pt;">&#9723;</div>
                  </td>
                  <td style="width: 93.48%; vertical-align: top;">
                    <div style="text-align: justify;">Soliciting Material Pursuant to &#167; 240.14a-12</div>
                  </td>
                </tr>

            </table>
            <div style="margin-top: 4pt; margin-bottom: 4pt;"><br>
            </div>
            <div style="font-size: 14pt; font-variant: small-caps; font-weight: bold;">Valhi, Inc.</div>
            <div>
              <div>(Name of Registrant as Specified in Its Charter)</div>
            </div>
            <div style="margin-top: 6pt;"><br>
            </div>
            <div>
              <div>(Name of Person(s) Filing Proxy Statement, if other than the Registrant)</div>
            </div>
            <div style="text-align: justify; margin-top: 6pt; margin-bottom: 6pt;">Payment of Filing Fee (Check the appropriate box):</div>
            <div style="text-align: justify; margin-bottom: 6pt;">
              <div>
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                      <td style="width: 36pt; vertical-align: top; align: right; font-family: Wingdings; font-size: 12pt;">&#253;</td>
                      <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div>No fee required.</div>
                      </td>
                    </tr>

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

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                      <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt;">&#9723;</td>
                      <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div>Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0&#8209;11.</div>
                      </td>
                    </tr>

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                      <td style="width: 36pt; vertical-align: top; align: right;">1)</td>
                      <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div>Title of each class of securities to which transaction applies:</div>
                      </td>
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                </table>
              </div>
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              <div><br>
              </div>
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                      <td style="width: 36pt; vertical-align: top; align: right;">2)</td>
                      <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div>Aggregate number of securities to which transaction applies:</div>
                      </td>
                    </tr>

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              </div>
            </div>
            <div>
              <div><br>
              </div>
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                      <td style="width: 36pt; vertical-align: top; align: right;">3)</td>
                      <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div>Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule&#160;0&#8209;11 (set forth the amount on which the filing fee is calculated and state how it was determined):</div>
                      </td>
                    </tr>

                </table>
              </div>
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              <div><br>
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                      <td style="width: 36pt; vertical-align: top; align: right;">4)</td>
                      <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div>Proposed maximum aggregate value of transaction:</div>
                      </td>
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              <div><br>
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                      <td style="width: 36pt; vertical-align: top; align: right;">5)</td>
                      <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div>Total fee paid:</div>
                      </td>
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              <div><br>
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                      <td style="width: 36pt; vertical-align: top; align: right; font-size: 12pt;">&#9723;</td>
                      <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div>Fee paid previously with preliminary materials.</div>
                      </td>
                    </tr>

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              </div>
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              <div>
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                      <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div>Check box if any part of the fee is offset as provided by Exchange Act Rule&#160;0-11(a)(2) and identify the filing for which the offsetting fee was paid previously.&#160; Identify the previous filing by registration statement number, or
                          the Form or Schedule and the date of its filing.</div>
                      </td>
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                      <td style="width: 36pt; vertical-align: top; align: right;">1)</td>
                      <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div>Amount Previously Paid:</div>
                      </td>
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              <div><br>
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                      <td style="width: 36pt; vertical-align: top; align: right;">2)</td>
                      <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div>Form, Schedule or Registration Statement No.:</div>
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              <div><br>
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                      <td style="width: 36pt; vertical-align: top; align: right;">3)</td>
                      <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div>Filing Party:</div>
                      </td>
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              </div>
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              <div><br>
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                      <div style="margin-left: 36pt;">4)</div>
                    </td>
                    <td style="width: auto; vertical-align: top;">
                      <div style="text-align: justify;">Date Filed:</div>
                    </td>
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        <div style="font-size: 14pt; font-weight: bold; color: #231f20; text-align: center; margin-left: 20.1pt; margin-top: 2.75pt; margin-right: 19.05pt;"> <br>
        </div>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
        <br>
        <div style="font-size: 14pt; font-weight: bold; color: #231f20; text-align: center; margin-left: 20.1pt; margin-top: 2.75pt; margin-right: 19.05pt;">Important Notice Regarding the Internet Availability of Proxy Materials for the</div>
        <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%">

            <tr>
              <td style="WIDTH: 100%; VERTICAL-ALIGN: top">&#160;</td>
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        <div style="font-size: 14pt; font-weight: bold; color: #231f20; text-align: center; margin-left: 80.45pt; margin-right: 79.4pt;">Annual Meeting of Stockholders to be held on May 27, 2021</div>
        <div style="color: #231f20; text-align: center; margin-left: 124pt; margin-top: 0.15pt; margin-right: 123pt;">5430 LBJ Freeway, Suite 350, Dallas, Texas 75240-2620</div>
      </div>
      <div><img src="valhilogo.jpg"> </div>
      <div style="MARGIN-TOP: 0.15pt">
        <div><br>
        </div>
        <div style="MARGIN-TOP: 0.15pt"><br>
        </div>
        <div style="font-size: 14pt; font-weight: bold; color: #231f20; margin-left: 5.4pt;">
          <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%">

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                <td style="WIDTH: 43.74%; VERTICAL-ALIGN: top">
                  <div style="font-weight: bold; color: #000000; text-align: left; margin-right: 36.5pt;">
                    <div style="text-align: justify;">IMPORTANT ANNUAL MEETING INFORMAITON<br>
                    </div>
                  </div>
                  <div style="font-weight: bold; color: #000000; text-align: left; margin-right: 36.5pt;"> <br>
                  </div>
                  <div style="font-weight: bold; color: #000000; text-align: left; margin-right: 36.5pt;"><br>
                  </div>
                  <div style="font-weight: bold; color: #000000; text-align: left; margin-right: 36.5pt;"><br>
                  </div>
                </td>
                <td style="WIDTH: 56.26%; VERTICAL-ALIGN: top">
                  <div style="font-weight: bold; color: #231f20; text-align: justify; margin-right: 3.45pt;">This communication presents only an overview of the more complete proxy materials that are available to you on the Internet. We encourage you to
                    access and review all of the important information contained in the proxy materials before voting.</div>
                  <div style="font-weight: bold; color: #231f20; text-align: justify; margin-right: 3.65pt;">The Notice of Annual Meeting and Proxy Statement and 2020 Annual Report to Stockholders are available at:</div>
                  <div style="font-weight: bold; color: #231f20; text-align: justify; margin-right: 58pt;"><u>http://www.viewproxy.com/Valhi/2021</u>.</div>
                  <div style="font-weight: bold; color: #231f20; text-align: justify; margin-right: 3.5pt;">If you want to receive a paper or e-mail copy of these documents, you must request one. There is no charge to you for requesting a copy. Please make
                    your request for a copy as instructed below on or before May 19, 2021 to facilitate timely delivery.</div>
                  <div style="font-weight: bold; color: #231f20; text-align: justify; margin-right: 3.45pt;">Important information regarding the Internet availability of the Company's proxy materials, instructions for accessing your proxy materials and
                    voting online and instructions for requesting paper or e-mail copies of your proxy materials are provided on the reverse side of this Notice.</div>
                  <div>&#160;</div>
                </td>
              </tr>

          </table>
        </div>
        <div style="font-size: 14pt; font-weight: bold; color: #231f20; margin-left: 5.4pt;">&#160;</div>
        <div style="font-weight: bold; color: rgb(35, 31, 32); margin-left: 37.95pt; margin-top: 1.55pt; text-align: center;">STOCKHOLDERS ARE CORDIALLY INVITED TO ATTEND THE ANNUAL MEETING AND VOTE IN PERSON.<br>
        </div>
        <br>
      </div>
      <div>
        <div style="color: #231f20; text-align: justify; margin-left: 12.5pt; margin-top: 1.55pt; margin-right: 357.95pt;">To the Stockholders of Valhi, Inc.:</div>
        <div style="font-weight: bold; color: #231f20; text-align: justify; margin-left: 12.5pt; margin-top: 4.5pt; margin-right: 9.85pt;">Notice is hereby given that the&#160; Annual Meeting of Stockholders of Valhi, Inc. will be held on May 27, 2021 at Three
          Lincoln Centre Conference Center, 5430 LBJ Freeway, Suite 350, Dallas,Texas 75240-2620 for the following purposes:</div>
        <div style="MARGIN-TOP: 0.2pt"><br>
        </div>
        <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%">

            <tr>
              <td style="WIDTH: 3.42%; VERTICAL-ALIGN: top">
                <div style="color: #231f20; text-align: left; margin-left: 2pt;">&#160;</div>
              </td>
              <td style="WIDTH: 25.88%; VERTICAL-ALIGN: top">
                <div style="color: #231f20; text-align: left; margin-left: 5.25pt;">&#160;&#160;&#160;&#160;1.&#160;&#160;&#160;&#160;&#160; Director Nominees:</div>
              </td>
              <td colspan="3" style="WIDTH: 70.7%; VERTICAL-ALIGN: top">&#160;</td>
            </tr>
            <tr>
              <td style="WIDTH: 3.42%; VERTICAL-ALIGN: top">&#160;</td>
              <td style="WIDTH: 25.88%; VERTICAL-ALIGN: top">
                <div style="color: #231f20; text-align: left; margin-left: 5.25pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 01 Thomas E. Barry</div>
              </td>
              <td style="WIDTH: 24.3%; VERTICAL-ALIGN: top">
                <div style="color: #231f20; text-align: left; margin-left: 6.55pt;">02 Loretta J. Feehan</div>
              </td>
              <td style="WIDTH: 25.06%; VERTICAL-ALIGN: top">
                <div style="color: #231f20; text-align: left; margin-left: 6.7pt;">03 Robert D. Graham</div>
              </td>
              <td style="WIDTH: 21.34%; VERTICAL-ALIGN: top">
                <div style="color: #231f20; text-align: left; margin-left: 7.55pt;">04 Terri L. Herrington</div>
              </td>
            </tr>
            <tr>
              <td style="WIDTH: 3.42%; VERTICAL-ALIGN: top">&#160;</td>
              <td style="WIDTH: 25.88%; VERTICAL-ALIGN: top">
                <div style="color: #231f20; text-align: left; margin-left: 5.25pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 05 W. Hayden McIlroy</div>
              </td>
              <td style="WIDTH: 24.3%; VERTICAL-ALIGN: top">
                <div style="color: #231f20; text-align: left; margin-left: 6.55pt;">06 Mary A. Tidlund</div>
              </td>
              <td style="WIDTH: 25.06%; VERTICAL-ALIGN: top"><br>
              </td>
              <td style="WIDTH: 21.34%; VERTICAL-ALIGN: top"><br>
              </td>
            </tr>

        </table>
        <div style="margin-left: 36.5pt;"><font style="color: #231f20;">2.</font><font style="FONT-SIZE: 1px; WIDTH: 17.5pt; DISPLAY: inline-block">&#160;</font><font style="color: #231f20;">Nonbinding advisory vote approving named executive officer
            compensation.</font></div>
        <div style="margin-left: 36.5pt; margin-top: 4.65pt;"><font style="color: #231f20;">3.</font><font style="FONT-SIZE: 1px; WIDTH: 17.5pt; DISPLAY: inline-block">&#160;</font><font style="color: #231f20;">Approval of the 2021 Non-Employee Director Stock
            Plan.</font></div>
        <div style="margin-left: 36.5pt; margin-top: 4.65pt;"><font style="color: #231f20;">4.</font><font style="FONT-SIZE: 1px; WIDTH: 17.5pt; DISPLAY: inline-block">&#160;</font><font style="color: #231f20;">In their discretion, the proxies are authorized to
            vote upon such other business as may properly come before the</font></div>
        <div style="MARGIN-TOP: 0.15pt">
          <div style="color: #231f20; margin-left: 54.5pt;">Meeting and any adjournment or postponement thereof.</div>
        </div>
        <div style="font-weight: bold; color: rgb(35, 31, 32); margin-left: 117.2pt; text-align: center;">The Board recommends a vote <font style="font-variant: normal; font-weight: bold; color: rgb(35, 31, 32); font-style: normal;">FOR</font> all
          nominees listed and <font style="font-variant: normal; font-weight: bold; color: rgb(35, 31, 32); font-style: normal;">FOR</font> Proposals 2 and 3.</div>
        <div style="MARGIN-TOP: 0.3pt"><br>
        </div>
        <br>
        <div><br>
        </div>
        <div style="color: #231f20; text-align: center; margin-left: 18.4pt; margin-top: 1.7pt; margin-right: 18.6pt;">The Securities and Exchange Commission rules permit us to make our proxy materials available to our stockholders via the Internet.</div>
        <div style="MARGIN-TOP: 0.7pt"><br>
        </div>
        <div style="font-weight: bold; color: #231f20; text-align: center; margin-left: 11.55pt; margin-right: 11.65pt;">Proxy materials for this annual meeting and future meetings may be requested by one of the following methods:</div>
        <div style="MARGIN-TOP: 0.3pt"><br>
          <div style="font-weight: bold; color: #ffffff; text-align: center; margin-left: 49.4pt;">INTERNET TELEPHONE</div>
          <div style="font-weight: bold; color: #ffffff; text-align: center; margin-left: 63.75pt; margin-right: 12.35pt;">E-MAIL</div>
          <div>
            <div>
              <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%">

                  <tr>
                    <td style="WIDTH: 22.32%; VERTICAL-ALIGN: top">
                      <div style="font-weight: bold; color: #000000; text-align: left; margin-right: 36.5pt;">INTERNET</div>
                    </td>
                    <td style="WIDTH: 77.68%; VERTICAL-ALIGN: top">
                      <div style="color: #231f20; text-align: left; margin-right: 9.7pt;">To view your proxy materials online, go to <u>http://www.viewproxy.com/Valhi/2021</u>. Have the 11 digit control number available when you access the website and
                        follow the instructions.</div>
                      <div>&#160;</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="WIDTH: 22.32%; VERTICAL-ALIGN: top">
                      <div style="font-weight: bold; color: #000000; text-align: left; margin-right: 36.5pt;">TELEPHONE</div>
                    </td>
                    <td style="WIDTH: 77.68%; VERTICAL-ALIGN: top">
                      <div style="TEXT-ALIGN: left"><font style="font-weight: bold; color: #231f20;">877-777-2857&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-weight: bold; color: #231f20;">TOLL FREE</font></div>
                      <div>&#160;</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="WIDTH: 22.32%; VERTICAL-ALIGN: top">
                      <div style="font-weight: bold; color: #000000; text-align: left; margin-right: 36.5pt;">E-MAIL</div>
                    </td>
                    <td style="WIDTH: 77.68%; VERTICAL-ALIGN: top">
                      <div style="color: #231f20; text-align: left;">requests@viewproxy.com</div>
                      <div style="color: #231f20; text-align: left;">* If requesting material by e-mail, please send a blank e-mail with the company name and your</div>
                      <div style="color: #231f20; text-align: left; margin-left: 5.9pt; margin-right: 8.65pt;">11 digit control number (located below) in the subject line. No other requests, instructions or other inquiries should be included with your
                        e-mail requesting proxy materials.</div>
                      <div>&#160;</div>
                    </td>
                  </tr>

              </table>
              <br>
            </div>
            <div style="MARGIN-TOP: 0.2pt"><br>
            </div>
            <div style="text-align: center;">You must use the 11 digit control number located in the box below. </div>
            <div style="font-weight: bold; color: #231f20; margin-left: 104.15pt;">&#160;</div>
          </div>
        </div>
      </div>
      <div>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%">

            <tr>
              <td style="WIDTH: 28.42%; VERTICAL-ALIGN: top">&#160;</td>
              <td style="WIDTH: 6.75%; VERTICAL-ALIGN: top">&#160;</td>
              <td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 23.55%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid">
                <div style="font-weight: bold; color: #231f20; text-align: center;">CONTROL NO.</div>
              </td>
              <td style="WIDTH: 2.68%; VERTICAL-ALIGN: top">&#160;</td>
              <td style="WIDTH: 38.6%; VERTICAL-ALIGN: top">&#160;</td>
            </tr>
            <tr>
              <td style="WIDTH: 28.42%; VERTICAL-ALIGN: top">&#160;</td>
              <td style="WIDTH: 6.75%; VERTICAL-ALIGN: top">&#160;</td>
              <td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 23.55%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid">
                <div>&#160;</div>
                <div>&#160;</div>
              </td>
              <td style="WIDTH: 2.68%; VERTICAL-ALIGN: top">&#160;</td>
              <td style="WIDTH: 38.6%; VERTICAL-ALIGN: top">&#160;</td>
            </tr>

        </table>
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        <br>
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          <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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      <div style="TEXT-ALIGN: center">
        <div><img src="valhilogo.jpg"></div>
      </div>
      <div style="font-size: 14pt; font-weight: bold; color: #231f20; text-align: center; margin-left: 178.05pt; margin-top: 1.35pt; margin-right: 178.4pt;">&#160;</div>
      <div style="color: #231f20; text-align: center; margin-left: 112pt; margin-top: 3.55pt; margin-right: 111pt;">5430 LBJ Freeway, Suite 1700, Dallas, Texas 75240-2620</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="MARGIN-TOP: 0.2pt"><br>
      </div>
      <div>
        <div style="color: #231f20; text-align: center; margin-left: 100.2pt; margin-right: 98.25pt;">The following proxy materials are available to you to review at:</div>
        <div style="color: #231f20; text-align: center; margin-left: 131.15pt; margin-top: 0.2pt; margin-right: 129.199pt;">http://www.viewproxy.com/Valhi/2021</div>
        <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%">

            <tr>
              <td style="WIDTH: 39.22%; VERTICAL-ALIGN: top">&#160;</td>
              <td style="WIDTH: 60.78%; VERTICAL-ALIGN: top">
                <div style="MARGIN-TOP: 0.2pt; TEXT-INDENT: 18pt"><font style="font-family: Symbol, serif; color: #000000;">&#183;</font><font style="FONT-SIZE: 1px; WIDTH: 9pt; DISPLAY: inline-block">&#160;</font><font style="color: #000000;">2020 Annual Report</font></div>
                <div style="MARGIN-TOP: 0.2pt; TEXT-INDENT: 18pt"><font style="font-family: Symbol, serif; color: #000000;">&#183;</font><font style="FONT-SIZE: 1px; WIDTH: 9pt; DISPLAY: inline-block">&#160;</font><font style="color: #000000;">Notice of Annual
                    Meeting and Proxy Statement</font></div>
              </td>
            </tr>

        </table>
        <div style="MARGIN-TOP: 0.2pt"><br>
        </div>
        <br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="MARGIN-TOP: 0.2pt"><br>
      </div>
      <div style="font-weight: bold; color: #231f20; text-align: center; margin-left: 129.3pt; margin-right: 128.3pt;"><u>ACCESSING YOUR PROXY MATERIALS ONLINE</u></div>
      <div style="MARGIN-TOP: 0.2pt"><br>
      </div>
      <div style="color: #231f20; text-align: center; margin-left: 95.45pt; margin-right: 94.4pt;">Have this notice available when you request a paper copy of the </div>
      <div style="color: #231f20; text-align: center; margin-left: 95.45pt; margin-right: 94.4pt;">proxy materials or to vote your proxy electronically.</div>
      <div style="MARGIN-TOP: 0.5pt"><br>
      </div>
      <div style="color: #231f20; text-align: center; margin-left: 42.35pt; margin-right: 41.35pt;">You must reference your control number to vote by Internet or request a hard copy.</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="MARGIN-TOP: 0.2pt"><br>
      </div>
      <div style="font-weight: bold; color: #231f20; text-align: center; margin-left: 61.95pt; margin-right: 60.95pt;">You May Vote Your Proxy When You View The Material On The Internet.</div>
      <div style="font-weight: bold; color: #231f20; text-align: center; margin-left: 84.05pt; margin-top: 0.2pt; margin-right: 83.05pt;">You Will Be Asked To Follow The Prompts To Vote Your Shares.</div>
      <div style="MARGIN-TOP: 0.2pt"><br>
      </div>
      <div style="color: #231f20; text-align: center; margin-left: 24.7pt; margin-right: 22.75pt;">Your electronic vote authorizes the named proxies to vote your shares in the same manner </div>
      <div style="color: #231f20; text-align: center; margin-left: 24.7pt; margin-right: 22.75pt;">as if you marked, signed, dated and returned the proxy card.</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="MARGIN-TOP: 0.9pt"><br>
      </div>
      <div style="font-weight: bold; color: #231f20; text-align: center; margin-left: 3.3pt; margin-right: 2.25pt;">Internet and telephone voting is available through 11:59 P.M. Eastern Daylight Time on May 26, 2021.</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="MARGIN-TOP: 0.4pt"><br>
      </div>
      <div style="font-weight: bold; color: #231f20; text-align: center; margin-left: 98pt; margin-right: 97pt;"><u>REQUESTING A PAPER COPY OF THE PROXY MATERIALS</u></div>
      <div style="MARGIN-TOP: 0.2pt"><br>
      </div>
      <div style="color: #231f20; text-align: center; margin-left: 135.4pt; margin-right: 134.35pt;">By telephone please call <font style="font-weight: bold;">1-877-777-2857 </font>toll free </div>
      <div style="color: #231f20; text-align: center; margin-left: 135.4pt; margin-right: 134.35pt;">or</div>
      <div style="color: #231f20; text-align: center; margin-left: 86.15pt; margin-right: 85.15pt;">By logging onto http://www.viewproxy.com/Valhi/2021</div>
      <div style="color: #231f20; text-align: center; margin-left: 262.65pt; margin-top: 4.2pt; margin-right: 261.649pt;">or</div>
      <div style="color: #231f20; text-align: center; margin-left: 165.8pt; margin-top: 0.2pt; margin-right: 164.8pt;">By email at: requests@viewproxy.com</div>
      <div style="MARGIN-TOP: 0.2pt"><br>
      </div>
      <div style="color: #231f20; text-align: center; margin-left: 37.5pt; margin-right: 36.5pt;">Please include the company name and your control number in the e-mail subject line.</div>
      <br>
      &#160; <br>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
