VALHI INC /DE/ — Director's Dealing 2003

Dec 18, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: VALHI INC /DE/ (vhi)
CIK: 0000059255
Period of Report: 2003-12-15

Reporting Person: SIMMONS HAROLD C (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-12-15	Common stock, $0.01 par value per share	J	57000	—	Acquired	3703200	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common stock, $0.01 par value per share	92739554	Indirect
Common stock, $0.01 par value per share	10891009	Indirect
Common stock, $0.01 par value per share	439400	Indirect
Common stock, $0.01 par value per share	3383	Direct

Footnotes

F1: On December 15, 2003, Contran Corporation sold 100,000 6 5/8% Convertible Preferred Securities, Beneficial Unsecured Convertible Securities, liquidation preference $50 per security, which represent undivided beneficial ownership interests in the assets of TIMET Capital Trust I, a Delaware statutory business trust, in exchange for 57,000 shares of the common stock of Valhi, Inc. and $982,840.

F2: Directly held by Contran Corporation. See the Additional Information filed as an exhibit to this statement for a description of the relationship.

F3: Directly held by Valhi Group, Inc. See the Additional Information filed as an exhibit to this statement for a description of the relationship.

F4: Directly held by National City Lines, Inc. See the Additional Information filed as an exhibit to this statement for a description of the relationship.

F5: Directly held by Contran Deferred Compensation Trust No. 2. See the Additional Information filed as an exhibit to this statement for a description of the relationship.