VALHI INC /DE/ — Director's Dealing 2003

Aug 19, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: VALHI INC /DE/ (VHI)
CIK: 0000059255
Period of Report: 2003-08-15

Reporting Person: CONTRAN CORP (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-08-15	Common Stock $.01 par value	P	200	$11.12	Acquired	3514100	Direct
2003-08-15	Common Stock $.01 par value	P	1400	$11.04	Acquired	3515500	Direct
2003-08-15	Common Stock $.01 par value	P	1000	$11.15	Acquired	3516500	Direct
2003-08-15	Common Stock $.01 par value	P	1200	$11.25	Acquired	3517700	Direct
2003-08-15	Common Stock $.01 par value	P	1400	$11.29	Acquired	3519100	Direct
2003-08-15	Common Stock $.01 par value	P	600	$11.26	Acquired	3519700	Direct
2003-08-15	Common Stock $.01 par value	P	100	$11.3	Acquired	3519800	Direct
2003-08-15	Common Stock $.01 par value	P	2400	$11	Acquired	3522200	Direct
2003-08-15	Common Stock $.01 par value	P	1000	$11.37	Acquired	3523200	Direct
2003-08-15	Common Stock $.01 par value	P	1000	$11.4	Acquired	3524200	Direct
2003-08-15	Common Stock $.01 par value	P	800	$11.44	Acquired	3525000	Direct
2003-08-15	Common Stock $.01 par value	P	1100	$11.6	Acquired	3526100	Direct
2003-08-15	Common Stock $.01 par value	P	3300	$11.7	Acquired	3529400	Direct
2003-08-15	Common Stock $.01 par value	P	700	$11.69	Acquired	3530100	Direct
2003-08-15	Common Stock $.01 par value	P	100	$11.49	Acquired	3530200	Direct
2003-08-15	Common Stock $.01 par value	P	17900	$11.5	Acquired	3548100	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.