Exhibit 12.1

MOMENTIVE SPECIALTY CHEMICALS INC.

Statement regarding Computation of Ratios

(Amounts in millions of dollars)

	Year ended December 31,												Pro Forma Year ended December 31,
	2011		2010		2009		2008			2007			2011
Pre-tax income (loss) from continuing operations before adjustment for noncontrolling interests in consolidated subsidiaries or earnings from unconsolidated entities	$	103	$	244	$	137	$	(1,171	)	$	(25	)	$	90
Fixed Charges
Interest expensed and capitalized		263		277		227		303			310			275
Interest element of lease costs (1)		12		12		12		10			9			12
Total fixed charges		275		289		239		313			319			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		378		533		376		(858	)		294			377
Ratio of earnings to fixed charges (2)		1.37		1.84		1.57		N/A			N/A			1.31

⁽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 by $1,171 and $25 for the years ended December 31, 2008 and 2007, respectively.