| For      the quarter ended March 31,      2009 | Commission      file number 1-5467 |
|------------------------------------------------|------------------------------------|

| VALHI,      INC.                                           |
|------------------------------------------------------------|
| (Exact      name of Registrant as specified in itscharter) |

| Delaware                                                                |   | 87-0110150                                 |
|-------------------------------------------------------------------------|--------|--------------------------------------------|
| (State      or other jurisdiction ofincorporation      or organization) |   | (IRS      EmployerIdentification      No.) |

| 5430      LBJ Freeway, Suite 1700, Dallas,    Texas  75240-2697                  |
|--------------------------------------------------------------------------------------------|
| (Address      of principal executive offices)     (Zip      Code) |

|   | * | The      registrant has not yet been phased into the interactive data      requirements |
|--------|---|-----------------------------------------------------------------------------------------|

----

|                                                                                                                                                                                                     | Pagenumber    |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------|
| Part      I.                           FINANCIAL      INFORMATION |          |
|                                                                                                                                                                                                     |          |
| Item      1.                   Financial      Statements.                                                 |          |
|                                                                                                                                                                                                     |          |
| Condensed Consolidated Balance      Sheets – December 31, 2008; and      March 31, 2009 (unaudited)                                                                                           |  3       |
|                                                                                                                                                                                                     |          |
| Condensed Consolidated      Statements of Operations (unaudited)  – Three months ended March 31,      2008 and 2009                                                                           |  5       |
|                                                                                                                                                                                                     |          |
| Condensed Consolidated      Statements of Cash Flows (unaudited) – Three months ended      March 31, 2008 and 2009                                                                            |  6       |
|                                                                                                                                                                                                     |          |
| Condensed Consolidated      Statement of Stockholders’ Equity and Comprehensive      Loss –  Three months ended  March 31, 2009      (unaudited)                    |   8 |
|                                                                                                                                                                                                     |          |
| Notes to Condensed Consolidated      Financial Statements (unaudited)                                                                                                                               |  9       |
|                                                                                                                                                                                                     |          |
| Item      2.          Management’s      Discussion and Analysis of Financial Condition and Results of      Operations.                      |  29      |
|                                                                                                                                                                                                     |          |
| Item      3.          Quantitative      and Qualitative Disclosures About Market Risk                                                             | 47            |
|                                                                                                                                                                                                     |          |
| Item      4.          Controls and      Procedures                                                                                                     | 48            |
|                                                                                                                                                                                                     |          |
| Part      II.                      OTHER      INFORMATION                                  |          |
|                                                                                                                                                                                                     |          |
| Item      1.          Legal      Proceedings.                                                                                                          | 49            |
|                                                                                                                                                                                                     |          |
| Item      1A.       Risk Factors.                                                                                                                                     | 50            |
|                                                                                                                                                                                                     |          |
| Item      2.           Unregistered      Sales of Equity Securities and Use of Proceeds; Share      Repurchases                              |  50      |
|                                                                                                                                                                                                     |          |
| Item      6.           Exhibits.                                                                                                                  | 50            |
|                                                                                                                                                                                                     |          |

----

|               ASSETS |   | December      31, 2008 |    |   | March      31, 2009   |   |
|--------------------------------------------------------------------------------------------|--------|-----------------------------|---------|--------|---------------------------------|--------|
|                                                                                       |   |                        |    |   | (unaudited)                     |   |
|                                                                                       |   |                        |    |   |                            |   |
| Current assets:                                                                       |   |                        |    |   |                            |   |
|   Cash and cash equivalents                                       |   | $                           | 37.0    |   |                            | $      | 48.0 |   |
|   Restricted cash equivalents                                          |   |                        | 9.4     |   |                            |   | 8.8 |   |
|   Marketable securities                                                     |   |                        | 8.8     |   |                            |   | 7.2 |   |
|   Accounts and other receivables, net                        |   |                        | 205.2   |   |                            |   | 210.2 |   |
|   Inventories, net                                                          |   |                        | 408.5   |   |                            |   | 316.2 |   |
|   Prepaid expenses and      other                                      |   |                        | 15.4    |   |                            |   | 16.9 |   |
|   Deferred income taxes                                                |   |                        | 12.1    |   |                            |   | 12.0 |   |
|                                                                                       |   |                        |    |   |                            |   |   |   |
|       Total current assets                         |   |                        | 696.4   |   |                            |   | 619.3 |   |
|                                                                                       |   |                        |    |   |                            |   |   |   |
| Other assets:                                                                         |   |                        |    |   |                            |   |   |   |
|   Marketable      securities                                                     |   |                        | 275.5   |   |                            |   | 270.3 |   |
|   Investment in affiliates                                             |   |                        | 124.0   |   |                            |   | 125.2 |   |
|   Goodwill                                                                       |   |                        | 396.8   |   |                            |   | 396.6 |   |
|   Other intangible assets                                              |   |                        | 2.0     |   |                            |   | 1.9 |   |
|   Deferred income taxes                                                |   |                        | 166.4   |   |                            |   | 178.5 |   |
|   Other assets                                                              |   |                        | 87.3    |   |                            |   | 87.4 |   |
|                                                                                       |   |                        |    |   |                            |   |   |   |
|       Total other assets                           |   |                        | 1,052.0 |   |                            |   | 1,059.9 |   |
|                                                                                       |   |                        |    |   |                            |   |   |   |
| Property and equipment:                                                          |   |                        |    |   |                            |   |   |   |
|   Land                                                                           |   |                        | 46.4    |   |                            |   | 46.1 |   |
|   Buildings                                                                      |   |                        | 268.5   |   |                            |   | 270.3 |   |
|   Equipment                                                                      |   |                        | 1,025.3 |   |                            |   | 1,032.7 |   |
|   Mining properties                                                         |   |                        | 30.3    |   |                            |   | 34.4 |   |
|   Construction in progress                                             |   |                        | 58.2    |   |                            |   | 79.5 |   |
|                                                                                       |   |                        | 1,428.7 |   |                            |   | 1,463.0 |   |
|   Less accumulated depreciation                                        |   |                        | 787.7   |   |                            |   | 821.8 |   |
|                                                                                       |   |                        |    |   |                            |   |   |   |
|       Net property and equipment              |   |                        | 641.0   |   |                            |   | 641.2 |   |
|                                                                                       |   |                        |    |   |                            |   |   |   |
|       Total assets                                      |   | $                           | 2,389.4 |   |                            | $      | 2,320.4 |   |

----

|    LIABILITIES AND STOCKHOLDERS'      EQUITY                         |   | December      31, 2008 |    |   | March      31, 2009 |   |
|-------------------------------------------------------------------------------------|--------|-----------------------------|---------|--------|--------------------------|--------|
|                                                                                |   |                        |    |   | (unaudited)              |   |
|                                                                                |   |                        |    |   |                     |   |
| Current liabilities:                                                           |   |                        |    |   |                     |   |
|   Current maturities of long-term debt                |   | $                           | 9.4     |   |                     | $      | 89.3 |   |
|   Accounts payable      and accrued liabilities                      |   |                        | 275.2   |   |                     |   | 223.2 |   |
|   Income taxes                                                       |   |                        | 4.9     |   |                     |   | 5.5 |   |
|   Deferred income taxes                                         |   |                        | 4.7     |   |                     |   | 4.4 |   |
|                                                                                |   |                        |    |   |                     |   |   |   |
|       Total current liabilities             |   |                        | 294.2   |   |                     |   | 322.4 |   |
|                                                                                |   |                        |    |   |                     |   |   |   |
| Noncurrent liabilities:                                                        |   |                        |    |   |                     |   |   |   |
|   Long-term debt                                                     |   |                        | 911.0   |   |                     |   | 862.9 |   |
|   Deferred income taxes                                         |   |                        | 346.6   |   |                     |   | 346.4 |   |
|   Accrued pension costs                                         |   |                        | 146.1   |   |                     |   | 138.9 |   |
|   Accrued postretirement      benefits costs                         |   |                        | 29.3    |   |                     |   | 29.2 |   |
|   Accrued environmental costs                                   |   |                        | 41.3    |   |                     |   | 40.0 |   |
|   Other liabilities                                                  |   |                        | 78.8    |   |                     |   | 78.5 |   |
|                                                                                |   |                        |    |   |                     |   |   |   |
|       Total noncurrent liabilities          |   |                        | 1,553.1 |   |                     |   | 1,495.9 |   |
|                                                                                |   |                        |    |   |                     |   |   |   |
| Stockholders' equity:                                                          |   |                        |    |   |                     |   |   |   |
|   Preferred stock                                                    |   |                        | 667.3   |   |                     |   | 667.3 |   |
|   Common stock                                                       |   |                        | 1.2     |   |                     |   | 1.2 |   |
|   Additional paid-in capital                                    |   |                        | -       |   |                     |   | - |   |
|   Accumulated      deficit                                                |   |                        | (109.8  | )      |                     |   | (141.0 | ) |
|   Accumulated other comprehensive loss                     |   |                        | (51.0   | )      |                     |   | (53.9 | ) |
|   Treasury stock                                                     |   |                        | (38.9   | )      |                     |   | (38.9 | ) |
|                                                                                |   |                        |    |   |                     |   |   |   |
|       Total Valhi      stockholders' equity |   |                        | 468.8   |   |                     |   | 434.7 |   |
|                                                                                |   |                        |    |   |                     |   |   |   |
| Noncontrolling interest      in subsidiaries                                   |   |                        | 73.3    |   |                     |   | 67.4 |   |
|                                                                                |   |                        |    |   |                     |   |   |   |
|       Total equity                               |   |                        | 542.1   |   |                     |   | 502.1 |   |
|                                                                                |   |                        |    |   |                     |   |   |   |
|       Total liabilities      and equity     |   | $                           | 2,389.4 |   |                     | $      | 2,320.4 |   |
|                                                                                |   |                        |    |   |                     |   |   |   |

----

|                                                                        |   | Three      months ended |     |
|-----------------------------------------------------------------------------|--------|-------------------------|----------|
|                                                                        |   | March 31,               |     |
|                                                                        |   | 2008                    |     |   | 2009 |   |
|                                                                        |   | (unaudited)             |     |
|                                                                        |   |                    |     |   |   |   |
| Revenues      and other income:                                             |   |                    |     |   |   |   |
|   Net      sales                                                  |   | $                       | 373.9    |   |   | $ | 277.3 |   |
|   Other      income, net                                          |   |                    | 5.1      |   |   |   | 30.2 |   |
|                                                                        |   |                    |     |   |   |   |   |   |
|     Total      revenues and other income                |   |                    | 379.0    |   |   |   | 307.5 |   |
|                                                                        |   |                    |     |   |   |   |   |   |
| Costs      and expenses:                                                    |   |                    |     |   |   |   |   |   |
|   Cost      of sales                                              |   |                    | 310.4    |   |   |   | 272.7 |   |
|   Selling,      general and administrative                        |   |                    | 58.3     |   |   |   | 51.4 |   |
|   Interest                                                        |   |                    | 17.4     |   |   |   | 16.0 |   |
|                                                                        |   |                    |     |   |   |   |   |   |
|       Total      costs and expenses           |   |                    | 386.1    |   |   |   | 340.1 |   |
|                                                                        |   |                    |     |   |   |   |   |   |
|     Loss      before income taxes                       |   |                    | (7.1     | ) |   |   | (32.6 | ) |
|                                                                        |   |                    |     |   |   |   |   |   |
| Income      tax benefit                                                     |   |                    | (1.3     | ) |   |   | (9.2 | ) |
|                                                                        |   |                    |     |   |   |   |   |   |
|     Net      loss                                       |   |                    | (5.8     | ) |   |   | (23.4 | ) |
|                                                                        |   |                    |     |   |   |   |   |   |
| Noncontrolling      interest in net income (loss) of      subsidiaries |   |                    |  .1 |   |   |   | (3.4 | ) |
|                                                                        |   |                    |     |   |   |   |   |   |
|     Net      loss attributable to Valhi stockholders    |   | $                       | (5.9     | ) |   | $ | (20.0 | ) |
|                                                                        |   |                    |     |   |   |   |   |   |
| Amounts      attributable to Valhi stockholders:                            |   |                    |     |   |   |   |   |   |
|                                                                        |   |                    |     |   |   |   |   |   |
| Basic      and diluted net loss per share                                   |   | $                       | (.05     | ) |   | $ | (.18 | ) |
|                                                                        |   |                    |     |   |   |   |   |   |
| Cash      dividends per share                                               |   | $                       | .10      |   |   | $ | .10 |   |
|                                                                        |   |                    |     |   |   |   |   |   |
| Basic      and diluted weighted average shares outstanding                  |   |                    | 114.4    |   |   |   | 114.3 |   |

----

|                                                                                                                             |   | Three      months ended March 31, |      |
|----------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------|-----------|
|                                                                                                                             |   | 2008                                   |      |   | 2009 |   |
|                                                                                                                             |   | (unaudited)                            |      |
|                                                                                                                             |   |                                   |      |   |   |   |
| Cash flows from operating activities:                                                                        |   |                                   |      |   |   |   |
|   Net loss                                                                                                        |   | $                                      | (5.8      | ) |   | $ | (23.4 | ) |
|   Depreciation and amortization                                                                              |   |                                   | 16.7      |   |   |   | 14.4 |   |
|   Gain      on sale of business                                                                                        |   |                                   | -         |   |   |   | (6.4 | ) |
|   Defined      benefit plan expense less than cash funding   requirements                |   |                                   | (3.8      | ) |   |   | (.9 | ) |
|   Deferred income taxes                                                                                      |   |                                   | (3.5      | ) |   |   | (16.4 | ) |
|   Net distributions from (contributions      to) Ti02   manufacturing      joint venture |   |                                   |  1.4 |   |   |   | (1.8 | ) |
|   Other, net                                                                                                      |   |                                   | 2.0       |   |   |   | 1.2 |   |
|   Change in assets and liabilities:                                                                |   |                                   |      |   |   |   |   |   |
|     Accounts and other receivables, net                                                  |   |                                   | (36.5     | ) |   |   | (10.6 | ) |
|     Inventories, net                                                                                    |   |                                   | (4.2      | ) |   |   | 81.3 |   |
|     Accounts payable and accrued liabilities                                             |   |                                   | (3.2      | ) |   |   | (54.2 | ) |
|     Accounts with affiliates                                                                       |   |                                   | 6.2       |   |   |   | (9.5 | ) |
|     Income taxes                                                                                        |   |                                   | (3.9      | ) |   |   | 2.2 |   |
|     Other, net                                                                                          |   |                                   | 1.0       |   |   |   | 5.3 |   |
|                                                                                                                             |   |                                   |      |   |   |   |   |   |
|         Net cash used      in operating activities                        |   |                                   | (33.6     | ) |   |   | (18.8 | ) |
|                                                                                                                             |   |                                   |      |   |   |   |   |   |
| Cash flows from investing activities:                                                                        |   |                                   |      |   |   |   |   |   |
|   Capital expenditures                                                                                            |   |                                   | (18.9     | ) |   |   | (19.3 | ) |
|   Capitalized      permit costs                                                                                        |   |                                   | (4.4      | ) |   |   | .1 |   |
|     Purchases of      CompX common stock                                                      |   |                                   | (.5       | ) |   |   | - |   |
|     Marketable securities                                                                               |   |                                   | (1.6      | ) |   |   | (3.1 | ) |
|   Proceeds from disposal of marketable      securities                                             |   |                                   | 2.6       |   |   |   | 2.2 |   |
|   Proceeds      from sale of business                                                                                  |   |                                   | -         |   |   |   | 6.8 |   |
|   Change in restricted cash equivalents, net                                                  |   |                                   | .2        |   |   |   | .8 |   |
|   Other, net                                                                                                      |   |                                   | .3        |   |   |   | (.1 | ) |
|                                                                                                                             |   |                                   |      |   |   |   |   |   |
|         Net cash used in investing activities                   |   |                                   | (22.3     | ) |   |   | (12.6 | ) |
|                                                                                                                             |   |                                   |      |   |   |   |   |   |

----

|                                                                                                   |   | Three      months ended March 31, |   |
|--------------------------------------------------------------------------------------------------------|--------|----------------------------------------|--------|
|                                                                                                   |   | 2008                                   |   |   | 2009 |   |
|                                                                                                   |   | (unaudited)                            |   |
|                                                                                                   |   |                                   |   |   |   |   |
| Cash      flows from financing activities:                                                             |   |                                   |   |   |   |   |
|   Indebtedness:                                                                              |   |                                   |   |   |   |   |
|     Borrowings                                                                     |   | $                                      | 103.8  |   |   | $ | 117.3 |   |
|     Principal payments                                                        |   |                                   | (93.6  | ) |   |   | (61.6 | ) |
|     Deferred      financing costs paid                                             |   |                                   | -      |   |   |   | (.1 | ) |
|     Purchases      of Kronos common stock                                          |   |                                   | -      |   |   |   | (.1 | ) |
|   Valhi      cash dividends paid                                                        |   |                                   | (11.4  | ) |   |   | (11.4 | ) |
|   Distributions to noncontrolling      interest in subsidiaries                    |   |                                   | (1.9   | ) |   |   | (1.2 | ) |
|   Issuance      of common stock and other                                                    |   |                                   | -      |   |   |   | .2 |   |
|                                                                                                   |   |                                   |   |   |   |   |   |   |
|       Net cash provided      by (used in) financing activities |   |                                   | (3.1   | ) |   |   | 43.1 |   |
|                                                                                                   |   |                                   |   |   |   |   |   |   |
| Cash and cash equivalents – net change from:                  |   |                                   |   |   |   |   |   |   |
|   Operating, investing and financing activities                          |   |                                   | (59.0  | ) |   |   | 11.7 |   |
|   Currency translation                                                                  |   |                                   | 1.6    |   |   |   | (.7 | ) |
| Cash and cash      equivalents at beginning of period                    |   |                                   | 138.3  |   |   |   | 37.0 |   |
|                                                                                                   |   |                                   |   |   |   |   |   |   |
| Cash and cash      equivalents at end of period                          |   | $                                      | 80.9   |   |   | $ | 48.0 |   |
|                                                                                                   |   |                                   |   |   |   |   |   |   |
|                                                                                                   |   |                                   |   |   |   |   |   |   |
| Supplemental disclosures:                                                                         |   |                                   |   |   |   |   |   |   |
|   Cash paid for:                                                                   |   |                                   |   |   |   |   |   |   |
|     Interest, net of amounts capitalized                       |   | $                                      | 7.9    |   |   | $ | 7.2 |   |
|     Income taxes, net                                                    |   |                                   | -      |   |   |   | 3.5 |   |
|   Accrual      for capital expenditures                                                      |   |                                   | 4.1    |   |   |   | 11.4 |   |
|   Accrual      for capitalized permit costs                                                  |   |                                   | 2.0    |   |   |   | 1.7 |   |
|                                                                                                   |   |                                   |   |   |   |   |   |   |
| Noncash      investing activities -                                                                    |   |                                   |   |   |   |   |   |   |
| Note      receivable from sale of business                                                             |   |                                   | -      |   |   |   | .8 |   |

----

|                                                                 |   | Valhi      Stockholders’ Equity |    |   |   |   |    |       |   |   |        |   |
|----------------------------------------------------------------------|--------|---------------------------------------|---------|--------|--------|--------|---------|------------|--------|--------|-------------|--------|
|                                                                 |   |                                  |    |   |   |   |    |       |   |   |        |   |   | Accumulated |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                 |   |                                  |    |   |   |   |    | Additional |   |   |        |   |   | other |   |   |   |   |   | Non- |   |   |   |   |   |   |   |
|                                                                 |   | Preferred                             |    |   | Common |   |    | paid-in    |   |   | Accumulated |   |   | comprehensive |   |   | Treasury |   |   | controlling |   |   | Total |   |   | Comprehensive |   |
|                                                                 |   | stock                                 |    |   | stock  |   |    | capital    |   |   | deficit     |   |   | loss |   |   | stock |   |   | interest |   |   | equity |   |   | loss |   |
|                                                                 |   |                                  |    |   |   |   |    |       |   |   |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance      at December 31, 2008                                    |   | $                                     | 667.3   |   |   | $      | 1.2     |       |   | $      | -           |   |   | $ | (109.8 | ) |   | $ | (51.0 | ) |   | $ | (38.9 | ) |   | $ | 73.3 |   |   | $ | 542.1 |   |   |   |   |
|                                                                 |   |                                  |    |   |   |   |    |       |   |   |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      loss                                                        |   |                                  | -       |   |   |   | -       |       |   |   | -           |   |   |   | (20.0 | ) |   |   | - |   |   |   | - |   |   |   | (3.4 | ) |   |   | (23.4 | ) |   | $ | (23.4 | ) |
|                                                                 |   |                                  |    |   |   |   |    |       |   |   |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Other      comprehensive loss, net                                   |   |                                  | -       |   |   |   | -       |       |   |   | -           |   |   |   | - |   |   |   | (2.9 | ) |   |   | - |   |   |   | (1.1 | ) |   |   | (4.0 | ) |   |   | (4.0 | ) |
|                                                                 |   |                                  |    |   |   |   |    |       |   |   |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Equity      transactions with noncontrolling      interest, net |   |                                  |  - |   |   |   |  - |       |   |   |  .2    |   |   |   |  - |   |   |   |  - |   |   |   |  - |   |   |   | (.2 | ) |   |   |  - |   |   |   |  - |   |
|                                                                 |   |                                  |    |   |   |   |    |       |   |   |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash      dividends                                                  |   |                                  | -       |   |   |   | -       |       |   |   | (.2         | )      |   |   | (11.2 | ) |   |   | - |   |   |   | - |   |   |   | (1.2 | ) |   |   | (12.6 | ) |   |   | - |   |
|                                                                 |   |                                  |    |   |   |   |    |       |   |   |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance      at March 31, 2009                                       |   | $                                     | 667.3   |   |   | $      | 1.2     |       |   | $      | -           |   |   | $ | (141.0 | ) |   | $ | (53.9 | ) |   | $ | (38.9 | ) |   | $ | 67.4 |   |   | $ | 502.1 |   |   |   |   |   |
|                                                                 |   |                                  |    |   |   |   |    |       |   |   |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Comprehensive      loss                                              |   |                                  |    |   |   |   |    |       |   |   |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | $ | (27.4 | ) |
|                                                                 |   |                                  |    |   |   |   |    |       |   |   |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

----

|   Businesssegment  |   |         Entity        |   | %      owned at March 31,  2009  |
|-----------------------------------|--------|--------------------------------------------------------------------------------------------------|--------|--------------------------------------------|
|                              |   |                                                                                             |   |                                       |
| Chemicals                         |   | Kronos                                                                                           |   |  95%                                  |
| Component      products           |   | CompX                                                                                            |   |  87%                                  |
| Waste      management             |   | WCS                                                                                              |   |  100%                                 |

|                                                                 |   | Three      months ended March 31, |   |
|----------------------------------------------------------------------|--------|----------------------------------------|--------|
|                                                                 |   | 2008                                   |   |   | 2009 |   |
|                                                                 |   |                                   |   |   |   |   |
| Net sales:                                                      |   |                                   |   |   |   |   |
|   Chemicals                                                |   | $                                      | 332.5  |   |   | $ | 248.0 |   |
|   Component products                                  |   |                                   | 40.5   |   |   |   | 28.5 |   |
|   Waste management                                    |   |                                   | .9     |   |   |   | .8 |   |
|                                                                 |   |                                   |   |   |   |   |   |   |
|     Total net sales                    |   | $                                      | 373.9  |   |   | $ | 277.3 |   |
|                                                                 |   |                                   |   |   |   |   |   |   |
| Cost of sales:                                             |   |                                   |   |   |   |   |   |   |
|   Chemicals                                                |   | $                                      | 276.0  |   |   | $ | 244.4 |   |
|   Component products                                  |   |                                   | 31.1   |   |   |   | 23.7 |   |
|   Waste management                                    |   |                                   | 3.3    |   |   |   | 4.6 |   |
|                                                                 |   |                                   |   |   |   |   |   |   |
|     Total cost of sales           |   | $                                      | 310.4  |   |   | $ | 272.7 |   |
|                                                                 |   |                                   |   |   |   |   |   |   |
| Gross margin:                                                   |   |                                   |   |   |   |   |   |   |
|   Chemicals                                                |   | $                                      | 56.5   |   |   | $ | 3.6 |   |
|   Component products                                  |   |                                   | 9.4    |   |   |   | 4.8 |   |
|   Waste management                                    |   |                                   | (2.4   | ) |   |   | (3.8 | ) |
|                                                                 |   |                                   |   |   |   |   |   |   |
|     Total gross margin                 |   | $                                      | 63.5   |   |   | $ | 4.6 |   |
|                                                                 |   |                                   |   |   |   |   |   |   |
| Operating income (loss):                                   |   |                                   |   |   |   |   |   |   |
|   Chemicals                                                |   | $                                      | 11.0   |   |   | $ | (25.5 | ) |
|   Component products                                  |   |                                   | 3.0    |   |   |   | (1.0 | ) |
|   Waste management                                    |   |                                   | (4.4   | ) |   |   | (6.5 | ) |
|                                                                 |   |                                   |   |   |   |   |   |   |
|     Total operating income      (loss) |   |                                   | 9.6    |   |   |   | (33.0 | ) |
|                                                                 |   |                                   |   |   |   |   |   |   |
| Equity      in losses of investee                                    |   |                                   | (.4    | ) |   |   | (.7 | ) |
|                                                                 |   |                                   |   |   |   |   |   |   |
| General corporate items:                                   |   |                                   |   |   |   |   |   |   |
|   Securities      earnings                                 |   |                                   | 6.6    |   |   |   | 6.4 |   |
|   Insurance recoveries                                |   |                                   | .1     |   |   |   | .7 |   |
|   Gain      on litigation settlement                       |   |                                   | -      |   |   |   | 11.9 |   |
|   Gain      on sale of business                            |   |                                   | -      |   |   |   | 6.4 |   |
|   General expenses, net                          |   |                                   | (5.6   | ) |   |   | (8.3 | ) |
| Interest expense                                                |   |                                   | (17.4  | ) |   |   | (16.0 | ) |
|                                                                 |   |                                   |   |   |   |   |   |   |
|     Loss      before income taxes      |   | $                                      | (7.1   | ) |   | $ | (32.6 | ) |
|                                                                 |   |                                   |   |   |   |   |   |   |

----

|                                      |   | December      31, 2008 |   |   | March      31, 2009   |   |
|-------------------------------------------|--------|-----------------------------|--------|--------|---------------------------------|--------|
|                                      |   | (In      millions)          |   |
|                                      |   |                        |   |   |                            |   |
| Accounts      receivable                  |   | $                           | 194.9  |   |                            | $      | 208.5 |   |
| Refundable      income taxes              |   |                        | 1.6    |   |                            |   | .2 |   |
| Receivable      from affiliates           |   |                        | .1     |   |                            |   | - |   |
| Other      receivables                    |   |                        | 11.3   |   |                            |   | 4.5 |   |
| Allowance      for doubtful accounts      |   |                        | (2.7   | )      |                            |   | (3.0 | ) |
|                                      |   |                        |   |   |                            |   |   |   |
|       Total |   | $                           | 205.2  |   |                            | $      | 210.2 |   |

|                                                                    |   | December      31, 2008 |   |   | March      31, 2009   |   |
|-------------------------------------------------------------------------|--------|-----------------------------|--------|--------|---------------------------------|--------|
|                                                                    |   | (In      millions)          |   |
|                                                                    |   |                        |   |   |                            |   |
| Raw materials:                                                     |   |                        |   |   |                            |   |
|   Chemicals                                                   |   | $                           | 67.1   |   |                            | $      | 48.1 |   |
|   Component products                                     |   |                        | 7.5    |   |                            |   | 7.3 |   |
|                                                                    |   |                        |   |   |                            |   |   |   |
|       Total raw materials       |   |                        | 74.6   |   |                            |   | 55.4 |   |
|                                                                    |   |                        |   |   |                            |   |   |   |
| Work      in process:                                                   |   |                        |   |   |                            |   |   |   |
|   Chemicals                                                   |   |                        | 19.8   |   |                            |   | 18.2 |   |
|   Component products                                     |   |                        | 8.2    |   |                            |   | 7.2 |   |
|                                                                    |   |                        |   |   |                            |   |   |   |
|       Total in-process products |   |                        | 28.0   |   |                            |   | 25.4 |   |
|                                                                    |   |                        |   |   |                            |   |   |   |
| Finished products:                                                 |   |                        |   |   |                            |   |   |   |
|   Chemicals                                                   |   |                        | 243.8  |   |                            |   | 173.0 |   |
|   Component products                                     |   |                        | 6.9    |   |                            |   | 6.3 |   |
|                                                                    |   |                        |   |   |                            |   |   |   |
|       Total finished products   |   |                        | 250.7  |   |                            |   | 179.3 |   |
|                                                                    |   |                        |   |   |                            |   |   |   |
| Supplies (primarily chemicals)                                |   |                        | 55.2   |   |                            |   | 56.1 |   |
|                                                                    |   |                        |   |   |                            |   |   |   |
|       Total                          |   | $                           | 408.5  |   |                            | $      | 316.2 |   |

----

|                                                                            |   | December      31, 2008   |   |   | March      31, 2009 |   |
|---------------------------------------------------------------------------------|--------|------------------------------------|--------|--------|--------------------------|--------|
|                                                                            |   | (In      millions)                 |   |
|                                                                            |   |                               |   |   |                     |   |
| Marketable      securities:                                                     |   |                               |   |   |                     |   |
|   The      Amalgamated Sugar Company LLC                              |   | $                                  | 250.0  |   |                     | $      | 250.0 |   |
|   Titanium      Metals Corporation (“TIMET”)              |   |                               | 20.1   |   |                     |   | 12.5 |   |
|   Other                                                          |   |                               | 5.4    |   |                     |   | 7.8 |   |
|                                                                            |   |                               |   |   |                     |   |   |   |
|       Total                                       |   | $                                  | 275.5  |   |                     | $      | 270.3 |   |
|                                                                            |   |                               |   |   |                     |   |   |   |
|                                                                            |   |                               |   |   |                     |   |   |   |
| Investment      in affiliates:                                                  |   |                               |   |   |                     |   |   |   |
|   TiO2 manufacturing joint venture                     |   | $                                  | 105.6  |   |                     | $      | 107.4 |   |
|   Other                                                          |   |                               | 18.4   |   |                     |   | 17.8 |   |
|                                                                            |   |                               |   |   |                     |   |   |   |
|       Total                                       |   | $                                  | 124.0  |   |                     | $      | 125.2 |   |
|                                                                            |   |                               |   |   |                     |   |   |   |
| Other assets:                                                              |   |                               |   |   |                     |   |   |   |
|   Waste disposal site operating permits, net |   | $                                  | 43.7   |   |                     | $      | 45.1 |   |
|   Deferred financing costs                                  |   |                               | 7.1    |   |                     |   | 6.4 |   |
|   IBNR      receivables                                               |   |                               | 7.5    |   |                     |   | 7.7 |   |
|   NL      note receivable                                             |   |                               | 15.0   |   |                     |   | 15.0 |   |
|   Other                                                               |   |                               | 14.0   |   |                     |   | 13.2 |   |
|                                                                            |   |                               |   |   |                     |   |   |   |
|       Total                                       |   | $                                  | 87.3   |   |                     | $      | 87.4 |   |

----

|                                                           |   |                        |   |   |                     |   |
|----------------------------------------------------------------|--------|-----------------------------|--------|--------|--------------------------|--------|
|                                                           |   | December      31, 2008 |   |   | March      31, 2009 |   |
|                                                           |   | (In      millions)          |   |
|                                                           |   |                        |   |   |                     |   |
| Current:                                                       |   |                        |   |   |                     |   |
|   Accounts      payable                              |   | $                           | 121.0  |   |                     | $      | 65.7 |   |
|   Employee benefits                             |   |                        | 33.6   |   |                     |   | 29.8 |   |
|   Payable      to affiliates:                        |   |                        |   |   |                     |   |   |   |
|     Louisiana      Pigment Company         |   |                        | 14.3   |   |                     |   | 7.8 |   |
|     Contran      – trade items       |   |                        | 9.7    |   |                     |   | 10.4 |   |
|     Contran      – income taxes, net |   |                        | 1.3    |   |                     |   | 2.4 |   |
|     TIMET                                  |   |                        | .5     |   |                     |   | .4 |   |
|   Accrued      sales discounts and rebates           |   |                        | 14.9   |   |                     |   | 10.0 |   |
|   Environmental costs                           |   |                        | 11.6   |   |                     |   | 11.8 |   |
|   Interest                                           |   |                        | 7.9    |   |                     |   | 16.9 |   |
|   Deferred income                               |   |                        | 8.4    |   |                     |   | 13.5 |   |
|   Reserve      for uncertain tax positions           |   |                        | .2     |   |                     |   | .5 |   |
|   Other                                              |   |                        | 51.8   |   |                     |   | 54.0 |   |
|                                                           |   |                        |   |   |                     |   |   |   |
|       Total                      |   | $                           | 275.2  |   |                     | $      | 223.2 |   |
|                                                           |   |                        |   |   |                     |   |   |   |
| Noncurrent:                                                    |   |                        |   |   |                     |   |   |   |
|   Reserve      for uncertain tax positions           |   | $                           | 50.4   |   |                     | $      | 50.2 |   |
|   Insurance claims and expenses       |   |                        | 13.5   |   |                     |   | 13.8 |   |
|   Employee benefits                             |   |                        | 9.1    |   |                     |   | 8.7 |   |
|   Other                                              |   |                        | 5.8    |   |                     |   | 5.8 |   |
|                                                           |   |                        |   |   |                     |   |   |   |
|       Total                      |   | $                           | 78.8   |   |                     | $      | 78.5 |   |

|                                                                                                   |   | December      31, 2008 |        |   | March      31, 2009   |   |
|--------------------------------------------------------------------------------------------------------|--------|-----------------------------|-------------|--------|---------------------------------|--------|
|                                                                                                   |   | (In      millions)          |        |
|                                                                                                   |   |                        |        |   |                            |   |
| Valhi:                                                                                                 |   |                        |        |   |                            |   |
|   Snake      River Sugar Company                                                             |   | $                           | 250.0       |   |                            | $      | 250.0 |   |
|   Revolving      bank credit facility                                                        |   |                        | 7.3         |   |                            |   | 18.0 |   |
|       Total      Valhi debt                                              |   |                        | 257.3       |   |                            |   | 268.0 |   |
|                                                                                                   |   |                        |        |   |                            |   |   |   |
| Subsidiary      debt:                                                                                  |   |                        |        |   |                            |   |   |   |
|   Kronos International:    6.5% Senior Secured Notes |   |                        |  560.0 |   |                            |   |  538.2 |   |
|   European      bank credit facility                                                         |   |                        | 42.2        |   |                            |   | 68.9 |   |
| CompX      promissory note payable to TIMET                                                            |   |                        | 43.0        |   |                            |   | 42.7 |   |
|   Kronos U.S. bank credit facility                                       |   |                        | 13.7        |   |                            |   | 30.2 |   |
|   Other                                                                                      |   |                        | 4.2         |   |                            |   | 4.2 |   |
|                                                                                                   |   |                        |        |   |                            |   |   |   |
|       Total subsidiary debt                                    |   |                        | 663.1       |   |                            |   | 684.2 |   |
|                                                                                                   |   |                        |        |   |                            |   |   |   |
|       Total debt                                                    |   |                        | 920.4       |   |                            |   | 952.2 |   |
|                                                                                                   |   |                        |        |   |                            |   |   |   |
|       Less current maturities                                  |   |                        | 9.4         |   |                            |   | 89.3 |   |
|                                                                                                   |   |                        |        |   |                            |   |   |   |
|       Total long-term debt                                     |   | $                           | 911.0       |   |                            | $      | 862.9 |   |

----

----

|                                                                       |   | Three      months ended March 31, |   |
|----------------------------------------------------------------------------|--------|----------------------------------------|--------|
|                                                                       |   | 2008                                   |   |   | 2009 |   |
|                                                                       |   | (In      millions)                     |   |
|                                                                       |   |                                   |   |   |   |   |
| Service cost                                                     |   | $                                      | 1.7    |   |   | $ | 1.8 |   |
| Interest cost                                                    |   |                                   | 7.4    |   |   |   | 6.6 |   |
| Expected return on plan assets                         |   |                                   | (8.0   | ) |   |   | (5.2 | ) |
| Amortization of prior service cost                     |   |                                   | .2     |   |   |   | .3 |   |
| Amortization of net transition   obligations |   |                                   | .1     |   |   |   |  .1 |   |
| Recognized actuarial losses                                      |   |                                   | 1.1    |   |   |   | 1.8 |   |
|                                                                       |   |                                   |   |   |   |   |   |   |
|       Total                                  |   | $                                      | 2.5    |   |   | $ | 5.4 |   |

----

|                                      |   | Three      months ended March 31, |   |
|-------------------------------------------|--------|----------------------------------------|--------|
|                                      |   | 2008                                   |   |   | 2009 |   |
|                                      |   | (In      millions)                     |   |
|                                      |   |                                   |   |   |   |   |
| Service      cost                         |   | $                                      | .1     |   |   | $ | .1 |   |
| Interest      cost                        |   |                                   | .5     |   |   |   | .4 |   |
| Amortization      of prior service credit |   |                                   | (.1    | ) |   |   | (.1 | ) |
|                                      |   |                                   |   |   |   |   |   |   |
|       Total |   | $                                      | .5     |   |   | $ | .4 |   |

|                                                                    |   | Three      months ended March 31, |   |
|-------------------------------------------------------------------------|--------|----------------------------------------|--------|
|                                                                    |   | 2008                                   |   |   | 2009 |   |
|                                                                    |   | (In      millions)                     |   |
|                                                                    |   |                                   |   |   |   |   |
| Securities      earnings:                                               |   |                                   |   |   |   |   |
|   Dividends and interest                            |   | $                                      | 7.0    |   |   | $ | 6.6 |   |
|   Securities transactions, net                      |   |                                   | (.4    | ) |   |   | (.2 | ) |
|                                                                    |   |                                   |   |   |   |   |   |   |
|       Total securities earnings |   |                                   | 6.6    |   |   |   | 6.4 |   |
|                                                                    |   |                                   |   |   |   |   |   |   |
| Equity      in losses of investee                                       |   |                                   | (.4    | ) |   |   | (.7 | ) |
| Currency transactions, net                                    |   |                                   | (2.5   | ) |   |   | 5.3 |   |
| Insurance recoveries                                               |   |                                   | .1     |   |   |   | .7 |   |
| Gain      on litigation settlement                                      |   |                                   | -      |   |   |   | 11.9 |   |
| Gain      on sale of business                                           |   |                                   | -      |   |   |   | 6.4 |   |
| Other, net                                                         |   |                                   | 1.3    |   |   |   | .2 |   |
|                                                                    |   |                                   |   |   |   |   |   |   |
|       Total                          |   | $                                      | 5.1    |   |   | $ | 30.2 |   |

----

|                                                                                       |   | Three      months ended March 31,  |     |
|--------------------------------------------------------------------------------------------|--------|----------------------------------------------|----------|
|                                                                                       |   | 2008                                         |     |   | 2009 |   |
|                                                                                       |   | (In      millions)                           |     |
|                                                                                       |   |                                         |     |   |   |   |
| Expected      tax benefit, at U.S. federal statutory income      tax rate of 35% |   | $                                            | (2.4     | ) |   | $ | (11.4 | ) |
| Incremental      U.S. tax and rate differences on equity      in earnings             |   |                                         |  .6 |   |   |   | (1.6 | ) |
| Non-U.S.      tax rates                                                                    |   |                                         |  -  |   |   |   | 1.4 |   |
| Nondeductible      expenses                                                                |   |                                         |  -  |   |   |   | 2.2 |   |
| Nontaxable      income                                                                     |   |                                         |  -  |   |   |   | (1.0 | ) |
| Change      in reserve for uncertain tax positions                                         |   |                                         | .2       |   |   |   | - |   |
| U.S.      state income taxes, net                                                          |   |                                         |  .1 |   |   |   | .9 |   |
| Other,      net                                                                            |   |                                         | .2       |   |   |   | .3 |   |
|                                                                                       |   |                                         |     |   |   |   |   |   |
|      Income      tax benefit                                      |   | $                                            | (1.3     | ) |   | $ | (9.2 | ) |

|                                          |   | December      31, 2008 |   |   | March      31, 2009  |   |
|-----------------------------------------------|--------|-----------------------------|--------|--------|--------------------------------|--------|
|                                          |   | (In      millions)          |   |
|                                          |   |                        |   |   |                           |   |
| Noncontrolling      interest in subsidiaries: |   |                        |   |   |                           |   |
|   NL Industries                |   | $                           | 45.8   |   |                           | $      | 41.7 |   |
|   Kronos Worldwide             |   |                        | 15.6   |   |                           |   | 14.2 |   |
|   CompX International          |   |                        | 11.9   |   |                           |   | 11.5 |   |
|                                          |   |                        |   |   |                           |   |   |   |
|       Total     |   | $                           | 73.3   |   |                           | $      | 67.4 |   |

----

|                                                                    |   | Three      months ended March 31, |   |
|-------------------------------------------------------------------------|--------|----------------------------------------|--------|
|                                                                    |   | 2008                                   |   |   | 2009 |   |
|                                                                    |   | (In      millions)                     |   |
|                                                                    |   |                                   |   |   |   |   |
| Noncontrolling      interest in net income (loss) of subsidiaries: |   |                                   |   |   |   |   |
|   NL Industries                                          |   | $                                      | (.1    | ) |   | $ | (2.0 | ) |
|   CompX International                                    |   |                                   | .2     |   |   |   | (.1 | ) |
|   Kronos Worldwide                                       |   |                                   | -      |   |   |   | (1.3 | ) |
|                                                                    |   |                                   |   |   |   |   |   |   |
|       Total                               |   | $                                      | .1     |   |   | $ | (3.4 | ) |

|                                                                                                          |   | Three      months endedMarch      31, 2009  |     |
|---------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------------|----------|
|                                                                                                          |   | (In      millions)                                    |     |
|                                                                                                          |   |                                                  |     |
| Net      loss attributable to Valhi stockholders                                                              |   | $                                                     | (20.0    | ) |
|                                                                                                          |   |                                                  |     |   |
| Transfers      (to) from noncontrolling interest:                                                             |   |                                                  |     |   |
| Increase      in additional paid-in capital for purchase of 14,000 shares of Kronos      common stock         |   |                                                  |  .2 |   |
|                                                                                                          |   |                                                  |     |   |
| Net      transfers (to) from noncontrolling interest                                                          |   |                                                  |  .2 |   |
|                                                                                                          |   |                                                  |     |   |
| Net      loss attributable to Valhi stockholders and change from noncontrolling      interest in subsidiaries |   | $                                                     | (19.8    | ) |

----

|   | · | we      have never settled any of thesecases; |
|--------|--------|-----------------------------------------------|

|   | · | no      final, non-appealable adverse verdicts have ever been entered against us;      and |
|--------|--------|--------------------------------------------------------------------------------------------|

|   | · | we      have never ultimately been found liable with respect to any such      litigation matters. |
|--------|--------|---------------------------------------------------------------------------------------------------|

----

|   | · | complexity      and differing interpretations of governmental  regulations; |
|--------|--------|-----------------------------------------------------------------------------|

|   | · | number      of PRPs and their ability or willingness to fund such allocation of      costs; |
|--------|--------|---------------------------------------------------------------------------------------------|

|   | · | financial      capabilities of the PRPs and the allocation of costs among      them; |
|--------|--------|--------------------------------------------------------------------------------------|

|   | · | solvency      of other PRPs; |
|--------|--------|------------------------------|

|   | · | multiplicity      of possible solutions; and |
|--------|--------|----------------------------------------------|

|   | · | number      of years of investigatory, remedial and monitoring activity      required. |
|--------|--------|----------------------------------------------------------------------------------------|

----

|                                                                                                                                             |   | Amount             |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------|--------|
|                                                                                                                                             |   | (In      millions) |   |
|                                                                                                                                             |   |               |   |
| Balance      at the beginning of the period                                                                                                      |   | $                  | 52.9   |   |
| Additions      charged to expense, net                                                                                                           |   |               | .9     |   |
| Payments,      net                                                                                                                               |   |               | (2.0   | ) |
|                                                                                                                                             |   |               |   |   |
|       Balance      at the end of the period                                                                        |   | $                  | 51.8   |   |
|                                                                                                                                             |   |               |   |   |
| Amounts recognized in the Consolidated Balance Sheet at the  end of the period: |   |               |   |   |
|   Current liability                                                                                                               |   | $                  | 11.8   |   |
|   Noncurrent liability                                                                                                            |   |               | 40.0   |   |
|                                                                                                                                             |   |               |   |   |
|       Total                                                                                                        |   | $                  | 51.8   |   |

----

|   | · | to      recover response and remediation costs incurred at the    site; |
|--------|--------|-------------------------------------------------------------------------|

|   | · | a      declaration of the parties’ liability for response and remediation costs      incurred at the site; |
|--------|--------|------------------------------------------------------------------------------------------------------------------|

|   | · | a      declaration of the parties’ liability for response and remediation costs      to be incurred in the future at the site;and |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------|

|   | · | a      declaration regarding the obligation of Tremont to indemnify Halliburton      and DII for costs and expenses attributable to the  site. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

| ·   | facts      concerning historical operations, |
|--------------------|----------------------------------------------|

| ·   | the      rate of new claims, |
|--------------------|------------------------------|

| ·   | the      number of claims from which we have been dismissed  and |
|--------------------|------------------------------------------------------------------|

| ·   | our      prior experience in the defense of these  matters, |
|--------------------|-------------------------------------------------------------|

----

|                            |   | Fair Value Measurements at March 31,      2009 |   |
|---------------------------------|--------|------------------------------------------------|--------|
|                            |   | Total                                          |   |   | Quoted      Prices in Active Markets (Level      1) |   |   | Significant      Other Observable Inputs (Level      2) |   |   | Significant      Unobservable Inputs (Level      3) |   |
|                            |   | (In      millions)                             |   |
|                            |   |                                           |   |   |   |   |   |   |   |   |   |   |
| Marketable      securities:     |   |                                           |   |   |   |   |   |   |   |   |   |   |
|   Current             |   | $                                              | 8.8    |   |   | $ | - |   |   | $ | 8.8 |   |   | $ | - |   |
|   Noncurrent          |   |                                           | 270.3  |   |   |   | 20.3 |   |   |   | - |   |   |   | 250.0 |   |
|                            |   |                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Currency      forward contracts |   |                                           | 2.1    |   |   |   | 2.1 |   |   |   | - |   |   |   | - |   |
|                            |   |                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

|   | · | Our      Component Products Segment entered into a series of short-term forward      exchange contracts maturing through June 2009 to exchange an aggregate of      $3.9 million for an equivalent value of Canadian dollars at an exchange      rate of Cdn. $1.25 per U.S. dollar.  At March 31, 2009, the      actual exchange rate was Cdn. $1.25 per U.S.  dollar. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Our      Chemicals Segment has an aggregate of $22.5 million for an equivalent      value of Canadian dollars at exchange rates ranging from Cdn. $1.25 to      Cdn. $1.26 per U.S. dollar.  These contracts with U.S. Bank mature      from April 2009 through December 2009 at a rate of $2.5 million per      month.  At March 31, 2009, the actual exchange rate was Cdn. $1.25      per U.S. dollar. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Our      Chemicals Segment has an aggregate $56.5 million for an equivalent value      of Norwegian kroner at exchange rates ranging from kroner 6.51 to      kroner 7.18 per U.S. dollar.  These contracts with DnB Nor Bank ASA      mature from April 2009 through March 2010 at a rate of $.5 million to      $4.75 million per month.  At March 31, 2009, the actual exchange      rate was kroner 6.51 per U.S.dollar.  |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Our      Chemicals Segment also has an aggregate euro 16.4 million for an      equivalent value of Norwegian kroner at exchange rates ranging from kroner      8.68 to kroner 9.23 per euro.  These contracts with DnB Nor Bank ASA      mature from April 2009 through March 2010 at a rate of euro .5 million to      euro 1.7 million per month.  At March 31, 2009, the actual      exchange rate was kroner 8.89 pereuro. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

|   | • | Chemicals – Our      chemicals segment is operated through our majority ownership of      Kronos.  Kronos is a leading global producer and marketer of      value-added titanium dioxide pigments (“TiO2”).  TiO2 is      used for a variety of manufacturing applications, including plastics,      paints, paper and other industrialproducts. |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | Component Products – We      operate in the component products industry through our majority ownership      of CompX.  CompX is a leading global manufacturer of security      products, precision ball bearing slides and ergonomic computer support      systems used in the office furniture, transportation, postal, tool      storage, appliance and a variety of other industries.  CompX is      also a leading manufacturer of stainless steel exhaust systems, gauges and      throttle controls for the performance marine  industry. |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | Waste Management – WCS      is our wholly-owned subsidiary which owns and operates a West Texas      facility for the processing, treatment, storage and disposal of hazardous,      toxic and certain types of low-level radioactive waste.  WCS      obtained a byproduct disposal license in 2008 and is in the process      constructing the byproduct disposal facility, which is expected to be      operational in the second half of 2009.  In January 2009 WCS      received a low-level radioactive waste disposal permit, and construction      of the low-level radioactive waste facility is currently expected to begin      in the third quarter of 2009, following the completion of some      pre-construction licensing and administrative matters, and is expected to      be operational in the third quarter of2010. |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | · | Future      supply and demand for our products; |
|--------|--------|-------------------------------------------------|

|   | · | The      cyclicality of certain of our businesses (such as Kronos’ TiO2      operations; |
|--------|--------|------------------------------------------------------------------------------------------------|

|   | · | Customer      inventory levels (such as the extent to which Kronos’ customers may, from      time to time, accelerate purchases of TiO2 in      advance of anticipated price increases or defer purchases of TiO2in      advance of anticipated pricedecreases; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Changes      in our raw material and other operating costs (such as energy      costs); |
|--------|--------|-----------------------------------------------------------------------------------------|

|   | · | General      global economic and political conditions (such as changes in the level of      gross domestic product in various regions of the world and the impact of      such changes on demand for, among other things, TiO2); |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Competitive      products and substitute products; |
|--------|--------|----------------------------------------------------|

|   | · | Possible      disruption of our business or increases in the cost of doing business      resulting from terrorist activities or global  conflicts; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Customer      and competitor strategies; |
|--------|--------|------------------------------------------|

|   | · | The      impact of pricing and productiondecisions; |
|--------|--------|-----------------------------------------------------|

|   | · | Competitive      technology positions; |
|--------|--------|----------------------------------------|

|   | · | The      introduction of trade barriers; |
|--------|--------|------------------------------------------|

|   | · | Restructuring      transactions involving us and ouraffiliates; |
|--------|--------|-----------------------------------------------------------------|

|   | · | Potential      consolidation or solvency of ourcompetitors; |
|--------|--------|-------------------------------------------------------------|

|   | · | Demand      for high performance marinecomponents; |
|--------|--------|----------------------------------------------------|

|   | · | The      ability of our subsidiaries to pay usdividends; |
|--------|--------|----------------------------------------------------------|

|   | · | Uncertainties      associated with new productdevelopment; |
|--------|--------|------------------------------------------------------------|

|   | · | Fluctuations      in currency exchange rates (such as changes in the exchange rate between      the U.S. dollar and each of the euro, the Norwegian krone, the Canadian      dollar and the New Taiwan dollar); |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Operating      interruptions (including, but not limited to, labor disputes, leaks,      natural disasters, fires, explosions, unscheduled or unplanned downtime      and transportation interruptions); |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | The      timing and amounts of insurancerecoveries; |
|--------|--------|-----------------------------------------------------|

|   | · | Our      ability to renew, refinance or establish credit  facilities; |
|--------|--------|-----------------------------------------------------------------------|

|   | · | Our      ability to maintain sufficientliquidity; |
|--------|--------|---------------------------------------------------|

|   | · | The      ultimate outcome of income tax audits, tax settlement initiatives or other      tax matters; |
|--------|--------|-------------------------------------------------------------------------------------------------------|

|   | · | The      ultimate ability to utilize income tax attributes or changes in income tax      rates related to such attributes, the benefit of which has been recognized      under the more likely than not recognition criteria (such as Kronos’      ability to utilize its German net operating loss      carryforwards); |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Environmental      matters (such as those requiring compliance with emission and discharge      standards for existing and new facilities, or new developments regarding      environmental remediation at sites related to our former      operations); |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Government      laws and regulations and possible changes therein (such as changes in      government regulations which might impose various obligations on present      and former manufacturers of lead pigment and lead-based paint, including      NL, with respect to asserted health concerns associated with the use of      such products); |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | The      ultimate resolution of pending litigation (such as NL's lead pigment      litigation and litigation surrounding environmental matters of NL and      Tremont and CompX’s patentlitigation); |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Our      ability to comply with covenants contained in our revolving bank credit      facilities; and |
|--------|--------|-------------------------------------------------------------------------------------------------------|

|   | · | Possible      future litigation. |
|--------|--------|----------------------------------|

----

|   | · | lower      operating income from each of our Chemicals, Component Products and Waste      Management Segments in 2009; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------|

|   | · | a      gain from a litigation settlement in 2009;and |
|--------|--------|------------------------------------------------------|

|   | · | a      gain from a sale of a business in2009. |
|--------|--------|-----------------------------------------------|

|   | · | lower      expected operating income from our Chemicals Segment due to anticipated      higher production costs; |
|--------|--------|------------------------------------------------------------------------------------------------------------------|

|   | · | recording      a lower gain from litigation settlements;and |
|--------|--------|-------------------------------------------------------------|

|   | · | lower      operating losses at WCS as we expect more revenues with the completion of      the byproduct disposal facility in the second half of  2009. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | · | TiO2      average selling prices; |
|--------|--------|-----------------------------------|

|   | · | Currency      exchange rates (particularly the exchange rate for the U.S. dollar      relative to the euro, Norwegian krone and the Canadian      dollar); |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | TiO2      sales and production volumes; and |
|--------|--------|---------------------------------------------|

|   | · | Manufacturing      costs, particularly maintenance and energy-related    expenses. |
|--------|--------|------------------------------------------------------------------------------------|

|                                                |   | Three months ended March31, |   |
|-----------------------------------------------------|--------|-----------------------------|--------|
|                                                |   | 2008                        |   |   | 2009 |   |   | % Change |   |
|                                                |   | (Dollars      in millions)  |   |
|                                                |   |                        |   |   |   |   |   |   |   |
| Net      sales                                      |   | $                           | 332.5  |   |   | $ | 248.0 |   |   |   | (25 | )% |
| Cost      of sales                                  |   |                        | 276.0  |   |   |   | 244.4 |   |   |   | (11 | ) |
|                                                |   |                        |   |   |   |   |   |   |   |   |   |   |
| Gross      margin                                   |   | $                           | 56.5   |   |   | $ | 3.6 |   |   |   | (94 | ) |
|                                                |   |                        |   |   |   |   |   |   |   |   |   |   |
| Operating      income (loss)                        |   | $                           | 11.0   |   |   | $ | (25.5 | ) |   |   |   |   |
|                                                |   |                        |   |   |   |   |   |   |   |   |   |   |
| Percent      of net sales:                          |   |                        |   |   |   |   |   |   |   |   |   |   |
|   Cost      of sales                      |   |                        | 83     | % |   |   | 99 | % |   |   |   |   |
|   Gross      margin                       |   |                        | 17     |   |   |   | 1 |   |   |   |   |   |
|   Operating      income                   |   |                        | 3      |   |   |   | (10 | ) |   |   |   |   |
|                                                |   |                        |   |   |   |   |   |   |   |   |   |   |
| Ti02      operating statistics:                     |   |                        |   |   |   |   |   |   |   |   |   |   |
|   Sales      volumes*                     |   |                        | 127    |   |   |   | 97 |   |   |   | (24 | )% |
|   Production      volumes*                |   |                        | 132    |   |   |   | 64 |   |   |   | (52 | ) |
|                                                |   |                        |   |   |   |   |   |   |   |   |   |   |
| Percent      change in net sales:                   |   |                        |   |   |   |   |   |   |   |   |   |   |
|   Ti02      product pricing               |   |                        |   |   |   |   |   |   |   |   | 5 | % |
|   Ti02      sales volumes                 |   |                        |   |   |   |   |   |   |   |   | (24 | ) |
|   Ti02      product mix                   |   |                        |   |   |   |   |   |   |   |   | (2 | ) |
|   Changes      in currency exchange rates |   |                        |   |   |   |   |   |   |   |   | (4 | ) |
|                                                |   |                        |   |   |   |   |   |   |   |   |   |   |
|       Total           |   |                        |   |   |   |   |   |   |   |   | (25 | )% |

----

----

|                              | Three      months endedMarch 31, 2009 vs.      2008     |
|-----------------------------------|----------------------------------------------------------------------------------|
|                              | Increase      (decrease) in millions                                             |
|                              |                                                                             |
| Impact      on:                   |                                                                             |
|   Net      sales        | $(13)                                                                            |
|   Operating      income | 28                                                                               |

----

|                              |   | Three months ended March      31, |   |
|-----------------------------------|--------|----------------------------------------|--------|
|                              |   | 2008                                   |   |   | 2009 |   |   | % Change |   |
|                              |   |                                   |   |   |   |   |   |   |   |
| Net      sales                    |   | $                                      | 40.5   |   |   | $ | 28.5 |   |   |   | (30 | )% |
| Cost      of sales                |   |                                   | 31.1   |   |   |   | 23.7 |   |   |   | (24 | ) |
|                              |   |                                   |   |   |   |   |   |   |   |   |   |   |
| Gross      margin                 |   | $                                      | 9.4    |   |   | $ | 4.8 |   |   |   | (49 | )% |
|                              |   |                                   |   |   |   |   |   |   |   |   |   |   |
| Operating      income (loss)      |   | $                                      | 3.0    |   |   | $ | (1.0 | ) |   |   |   |   |
|                              |   |                                   |   |   |   |   |   |   |   |   |   |   |
| Percent      of net sales:        |   |                                   |   |   |   |   |   |   |   |   |   |   |
|   Cost      of sales    |   |                                   | 77     | % |   |   | 83 | % |   |   |   |   |
|   Gross      margin     |   |                                   | 23     |   |   |   | 17 |   |   |   |   |   |
|   Operating      income |   |                                   | 7      |   |   |   | (3 | ) |   |   |   |   |

|                                     | Three      months ended    March 31, 2009      vs. 2008     |
|------------------------------------------|----------------------------------------------------------------------------------------------------------|
|                                     | Increase      (decrease) in millions                                                                     |
| Impact      on:                          |                                                                                                     |
|   Net      sales               | $ (.6)                                                                                              |
|   Operating      income (loss) |    .7                                                                                     |

----

|                |   | Three      months ended |   |
|---------------------|--------|-------------------------|--------|
|                |   | March 31,               |   |
|                |   | 2008                    |   |   | 2009 |   |
|                |   | (In      millions)      |   |
|                |   |                    |   |   |   |   |
| Net      sales      |   | $                       | .9     |   |   | $ | .8 |   |
| Cost      of sales  |   |                    | 3.3    |   |   |   | 4.6 |   |
|                |   |                    |   |   |   |   |   |   |
| Gross      margin   |   | $                       | (2.4   | ) |   | $ | (3.8 | ) |
|                |   |                    |   |   |   |   |   |   |
| Operating      loss |   | $                       | (4.4   | ) |   | $ | (6.5 | ) |

----

----

| ·   | litigation      and related costs at NL of $2.5 million in 2009 compared to $3.1 million      in 2008 and |
|--------------------|-----------------------------------------------------------------------------------------------------------|

| ·   | environmental      expenses of $.9 million in 2009, compared to a credit of $.1 million in      2008. |
|--------------------|-------------------------------------------------------------------------------------------------------|

----

|   | · | lower      consolidated operating income in 2009 of $42.6 million, due to the      operating losses at all of our segments in2009; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------|

|   | · | higher      cash paid for income taxes in 2009 of $3.5 million due in part to the cash      income taxes generated from the first quarter 2009 litigation settlement      gain and sale of a business, both as discussed  above; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | proceeds      from a litigation settlement of $11.8 million received in January      2009; |
|--------|--------|--------------------------------------------------------------------------------------------|

|   | · | net      contributions to our TiO2      joint venture in 2009 of $1.8 million compared to distributions of $1.4      million in 2008 due to relative changes in its cash requirements;      and |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | lower      net cash used by changes in receivables, inventories, payables and accrued      liabilities in 2009 of $50.7 million, primarily due to decreases in      Kronos’ inventory levels. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | · | Kronos’      average days sales outstanding (“DSO”) increased from December 31,      2008 to March 31, 2009 due to the timing of collection on higher      accounts receivable balances at the end of  March; |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Kronos’      average days sales in inventory (“DSI”) decreased from December 31, 2008      to March 31, 2009 as our TiO2      sales volumes exceeded our TiO2      production volumes during thequarter; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | CompX’s      average DSO increased from December 31, 2008 to March 31, 2009 due to the      timing of collection of lower accounts receivables balance at the end of      March; and |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | CompX’s      average DSI increased from December 31, 2008 to March 31, 2009 primarily      due lower sales volumes in the first quarter which impacted the DII      calculation though CompX’s overall inventory declined in the first      quarter. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|    | December      31, | March      31, | December      31, | March      31, |
|---------|-------------------|----------------|-------------------|----------------|
|    | 2007              | 2008           | 2008              | 2009           |
|    |              |           |              |           |
| Kronos: |              |           |              |           |
| DSO     | 63      days      | 72      days   | 64      days      | 68      days   |
| DII     | 59      days      | 64      days   | 113      days     | 64      days   |
|    |              |           |              |           |
| CompX:  |              |           |              |           |
| DSO     | 44      days      | 43      days   | 41      days      | 44      days   |
| DII     | 63      days      | 75      days   | 70      days      | 80      days   |

|                                                  |   | Three      months ended March 31, |   |
|-------------------------------------------------------|--------|----------------------------------------|--------|
|                                                  |   | 2008                                   |   |   | 2009 |   |
|                                                  |   | (In      millions)                     |   |
|                                                  |   |                                   |   |   |   |   |
| Cash      provided by (used in) operating activities: |   |                                   |   |   |   |   |
|   Kronos                                    |   | $                                      | (28.9  | ) |   | $ | (17.4 | ) |
|   CompX                                     |   |                                   | 2.4    |   |   |   | (.3 | ) |
|   Waste Control Specialists       |   |                                   | (2.1   | ) |   |   | (8.5 | ) |
|   NL Parent                            |   |                                   | 1.4    |   |   |   | .6 |   |
|   Tremont                                   |   |                                   | .1     |   |   |   | 10.9 |   |
|   Valhi      exclusive of subsidiaries      |   |                                   | 11.6   |   |   |   | 12.2 |   |
|   Other                                     |   |                                   | (.1    | ) |   |   | 1.2 |   |
|   Eliminations                              |   |                                   | (18.0  | ) |   |   | (17.5 | ) |
|                                                  |   |                                   |   |   |   |   |   |   |
|       Total        |   | $                                      | (33.6  | ) |   | $ | (18.8 | ) |

----

|   | · | $11.4      million in our Chemicals Segment; |
|--------|--------|----------------------------------------------|

|   | · | $7.6      million in our Waste ManagementSegment. |
|--------|--------|---------------------------------------------------|

|   | · | $.3      million in our Component Products Segment;and |
|--------|--------|--------------------------------------------------------|

|   | · | purchased      Kronos common stock for $.1million; |
|--------|--------|----------------------------------------------------|

|   | · | purchased      other marketable securities of $3.1 million;and |
|--------|--------|----------------------------------------------------------------|

|   | · | sold      other marketable securities for proceeds of $2.2  million. |
|--------|--------|----------------------------------------------------------------------|

|   | · | KII’s      euro 400 million aggregate principal amount of its 6.5% Senior Secured      Notes ($538.2 million) due in 2013; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------|

|   | · | our      $250 million loan from Snake River Sugar Company due in    2027; |
|--------|--------|---------------------------------------------------------------------------|

|   | · | KII's      European revolving credit facility ($68.9 million outstanding) due in      2011; |
|--------|--------|---------------------------------------------------------------------------------------------|

|   | · | CompX’s      promissory note payable to TIMET ($42.7 million outstanding) which has      quarterly principal repayments of $250,000 and is due in    2014; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Kronos’      U.S. revolving credit facility ($30.2 million outstanding) due in      2011; |
|--------|--------|-------------------------------------------------------------------------------------------------|

|   | · | Valhi’s      revolving credit facility ($18.0 million outstanding) due in 2009;      and |
|--------|--------|------------------------------------------------------------------------------------------------|

|   | · | approximately      $4.2 million of other indebtedness. |
|--------|--------|--------------------------------------------------------|

----

----

----

|   | · | $72.6(1)      million under Kronos’ various U.S. and non-U.S. credit      facilities; |
|--------|--------|---------------------------------------------------------------------------------------------|

|   | · | $55.3      million under Valhi’s revolving bank credit facility;  and |
|--------|--------|-----------------------------------------------------------------------------|

|   | · | $37.5      million under CompX’s revolving creditfacility. |
|--------|--------|------------------------------------------------------------------|

| (1) | Includes      $39.2 million under the European Credit facility which cannot currently be      drawn upon because we are not in compliance with a debt ratio as noted      above. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                                             |   |               |   |
|--------------------------------------------------------------------------------------------------|--------|--------------------|--------|
|                                                                                             |   | Amount             |   |
|                                                                                             |   | (In      millions) |   |
|                                                                                             |   |               |   |
|   Kronos                                                                               |   | $                  | 32.4   |   |
|   NL Parent                                                                       |   |               | 23.4   |   |
|   CompX                                                                                |   |               | 11.8   |   |
|   Tremont                                                                              |   |               | 7.7    |   |
|   Valhi      exclusive of its subsidiaries                                             |   |               | 6.1    |   |
|   Waste Control Specialists                                                  |   |               | 2.7    |   |
|                                                                                             |   |               |   |   |
|   Total cash, cash equivalents and marketable securities |   | $                  | 84.1   |   |

----

----

----

|   | · | certain      income tax examinations which are underway in various U.S. and non-U.S.      jurisdictions; |
|--------|--------|----------------------------------------------------------------------------------------------------------|

|   | · | certain      environmental remediation matters involving NL, Tremont and      Valhi; |
|--------|--------|--------------------------------------------------------------------------------------|

|   | · | certain      litigation related to NL’s former involvement in the manufacture of lead      pigment and lead-based paint; and |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------|

|   | · | certain      other litigation to which we are aparty. |
|--------|--------|-------------------------------------------------------|

----

|   | · | pertain      to the maintenance of records that in reasonable detail accurately and      fairly reflect our transactions and dispositions of our      assets, |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | provide      reasonable assurance that transactions are recorded as necessary to permit      preparation of financial statements in accordance with GAAP, and that our      receipts and expenditures are made only in accordance with authorizations      of our management and directors,and |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | provide      reasonable assurance regarding prevention or timely detection of      unauthorized acquisition, use or disposition of our assets that could have      a material effect on our Condensed Consolidated Financial      Statements. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

|      Period                                          |   |  Total      number of shares purchased |         |   | Averageprice      paidper      share, includingcommissions |   |   | Total      number of shares purchased as part of a publicly-announced  plan |   |   | Maximum      number of shares that may yet be purchased under the publicly-announced      plan at  end of      period |   |
|-------------------------------------------------------------------------------|--------|---------------------------------------------|--------------|--------|------------------------------------------------------------|--------|--------|----------------------------------------------------------------------------------|--------|--------|----------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                          |   |                                        |         |   |                                                       |   |   |                                                                             |   |   |                                                                                                                       |   |
| January 1, 2009  to January 31,  2009 |   |                                        |   2,806 |   |                                                       | $      | 11.76  |                                                                             |   |   |   - 0 -                                                                                                     |   |   |   |   4,006,600 |   |

|   | Item      No. |   | Exhibit      Index |
|--------|---------------|--------|--------------------|
|   |          |   |               |
|   | 31.1          |   | Certification      |
|   |          |   |               |
|   | 31.2          |   | Certification      |
|   |          |   |               |
|   | 32.1          |   | Certification      |

----

|                                                                                                           |   |           VALHI,      INC.          (Registrant) |
|----------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                           |   |                                                                                                                                                 |
|                                                                                                           |   |                                                                                                                                                 |
|                                                                                                           |   |                                                                                                                                                 |
| Date        May 6,      2009             |   | /s/ Bobby D.      O’Brien                                           |
|                                                                                                           |   | Bobby      D. O’Brien(Vice      President and Chief Financial      Officer)                                                               |
|                                                                                                           |   |                                                                                                                                                 |
| Date        May 6, 2009                       |   | /s/ Gregory M.      Swalwell                                                             |
|                                                                                                           |   | Gregory      M. Swalwell(Vice      President and Controller, Principal      Accounting Officer)                                                 |
|                                                                                                           |   |                                                                                                                                                 |