VALHI INC /DE/ — Director's Dealing 2018

May 17, 2018

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: VALHI INC /DE/ (VHI)
CIK: 0000059255
Period of Report: 2018-05-07

Reporting Person: Harold C. Simmons Family Trust No. 2 (10% Owner)
Reporting Person: Simmons Lisa K (10% Owner)
Reporting Person: CONNELLY SERENA S (10% Owner)
Reporting Person: VALHI HOLDING CO (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2018-05-07	Common Stock,par value $0.01 per share	J	3686866	—	Disposed	310346282	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock,par value $0.01 per share	3636	Direct
Common Stock,par value $0.01 per share	52500	Indirect

Footnotes

F1: See Exhibit 99.1 attached hereto for a description of the transaction.

F2: Directly held by Valhi Holding Company ("VHC"). See Exhibit 99.2 to this statement for a description of the relationship of additional persons who may be deemed to beneficially own these shares, and for information regarding an additional 16,097,886 shares of Valhi common stock that are treated as treasury stock for voting purposes and are not included in the 310,346,282 number in column 5.

F3: Directly held by Serena Simmons Connelly.

F4: Held by the Serena S. Connelly 1998 Trust (the "Connelly Trust"), for which Serena Simmons Connelly is the sole trustee and sole beneficiary.