VALHI INC /DE/ — Director's Dealing 2003

Sep 30, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: VALHI INC /DE/ (VHI)
CIK: 0000059255
Period of Report: 2003-09-29

Reporting Person: CONTRAN CORP (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-09-29	Common Stock $.01 par value	P	200	$11.28	Acquired	3635900	Direct
2003-09-29	Common Stock $.01 par value	P	4800	$11.3	Acquired	3640700	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock $.01 par value	439400	Indirect
Common Stock $.01 par value	10891009	Indirect
Common Stock $.01 par value	92739554	Indirect

Footnotes

F1: Directly held by the Contran Deferred Compensation Trust No. 2. See the additional information filed as an exhibit to this statement for a description of the relationship.

F2: Directly held by National City Lines, Inc. 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.