Exhibit 12.1

MOMENTIVE SPECIALTY CHEMICALS INC.

Statement regarding Computation of Ratios

(Amounts in millions of dollars)

	Six months ended June 30,				Year ended December 31,													Pro Forma Year ended December 31,
	2011		2010		2010		2009		2008			2007			2006			2010
Pre-tax income (loss) from continuing operations before adjustment for noncontrolling interests in consolidated subsidiaries or earnings from unconsolidated entities	$	121	$	51	$	244	$	137	$	(1,171	)	$	(24	)	$	(105	)	$	267
Fixed Charges
Interest expensed and capitalized		129		136		277		227		303			310			245			284
Interest element of lease costs (1)		5		6		12		12		13			10			9			12
Preferred stock dividend requirements of consolidated subsidiaries		—		—		—		—		—			—			33			—
Total fixed charges		134		142		289		239		316			320			287			296
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		255		193		533		376		(855	)		296			149			563
Ratio of earnings to fixed charges (2)		1.90		1.36		1.84		1.57		N/A			N/A			N/A			1.90

⁽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 $1,171, $24 and $138 for the years ended December 31, 2008, 2007 and 2006, respectively.