Exhibit 12.1

MOMENTIVE SPECIALTY CHEMICALS INC.

Statement regarding Computation of Ratios

(Amounts in millions of dollars)

	Pro forma Year  ended December 31, 2010		Year ended December 31,
			2010		2009		2008			2007			2006
Pre-tax income (loss) from continuing operations before adjustment for noncontrolling interests in consolidated subsidiaries or earnings from unconsolidated entities	$	266	$	243	$	134	$	(1,180	)	$	(11	)	$	(85	)
Fixed Charges
Interest expensed and capitalized		284		277		227		303			310			245
Interest element of lease costs (1)		12		12		12		13			10			9
Preferred stock dividend requirements of consolidated subsidiaries		—		—		—		—			—			33
Total fixed charges		296		289		239		316			320			287
Pre-tax income (loss) from continuing operations before adjustment for noncontrolling interests in consolidated subsidiaries or earnings from unconsolidated entities plus fixed charges, less preferred stock dividend requirements of consolidated subsidiaries		562		532		373		(864	)		309			169
Ratio of earnings to fixed charges (2)		1.90		1.84		1.56		N/A			N/A			N/A

⁽¹⁾ The interest element of lease costs has been calculated as 1/3 of the rental expense relating to operating leases as management believes this represents the interest portion hereof.

⁽²⁾ Our earnings were insufficient to cover fixed charges and preferred stock dividend requirements by $1,180, $11 and $118 for the years ended December 31, 2008, 2007 and 2006, respectively.