Exhibit 12.1

HEXION SPECIALTY CHEMICALS, INC.

STATEMENT REGARDING COMPUTATION OF RATIOS

(In millions)



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|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ----------------------- | --- | - | -------- | - | --- | -------- |  | - | ---- | - |  | ---- | ---- | - |  | - | --- | -
|                                                                                                                                                                                                                                                   |  | Year ended December 31, |    
|                                                                                                                                                                                                                                                   |  | 2006                    |     |   | 2005 (1) |   |     | 2004 (2) |  |   | 2003 |   |  | 2002 |     
|Pre-tax loss from continuing operations                                                                                                                                                                                                            |  | $                       | (80 | ) |          | $ | (28 | )        |  | $ | (113 | ) |  | $    | (100 | ) |  | $ | (24 | )
|Add back                                                                                                                                                                                                                                           |  |                         |     |   |          |   |     |          |  |   |      |   |  |      |      |   |  |   |     |  
|Income from equity investees                                                                                                                                                                                                                       |  |                         |    |   |          |   |    |          |  |   |     |   |  |      | (2   | ) |  |   | (1  | )
|                                                                                                                                                                                                                                                   |  |                         |     |   |          |   |     |          |  |   |      |   |  |      |      |   |  |   |     |  
|Pre-tax loss from continuing operations before adjustment for minority interests in consolidated subsidiaries or income from equity
investees                                                                                                      |  |                         | (80 | ) |          |   | (28 | )        |  |   | (113 | ) |  |      | (102 | ) |  |   | (25 | )
|                                                                                                                                                                                                                                                   |  |                         |     |   |          |   |     |          |  |   |      |   |  |      |      |   |  |   |     |  
|Fixed Charges                                                                                                                                                                                                                                      |  |                         |     |   |          |   |     |          |  |   |      |   |  |      |      |   |  |   |     |  
|Interest expense                                                                                                                                                                                                                                   |  |                         | 244 |   |          |   | 207 |          |  |   | 117  |   |  |      | 77   |   |  |   | 65  |  
|Loss on extinguishment of debt                                                                                                                                                                                                                     |  |                         | 121 |   |          |   | 17  |          |  |   |     |   |  |      |     |   |  |   |    |  
|Interest element of lease costs(3)                                                                                                                                                                                                                 |  |                         | 9   |   |          |   | 9   |          |  |   | 5    |   |  |      | 3    |   |  |   | 3   |  
|Preferred stock dividend requirements of consolidated subsidiaries                                                                                                                                                                                 |  |                         | 33  |   |          |   | 30  |          |  |   |     |   |  |      |     |   |  |   |    |  
|                                                                                                                                                                                                                                                   |  |                         |     |   |          |   |     |          |  |   |      |   |  |      |      |   |  |   |     |  
|Total fixed charges                                                                                                                                                                                                                                |  |                         | 407 |   |          |   | 263 |          |  |   | 122  |   |  |      | 80   |   |  |   | 68  |  
|                                                                                                                                                                                                                                                   |  |                         |     |   |          |   |     |          |  |   |      |   |  |      |      |   |  |   |     |  
|Pre-tax income (loss) from continuing operations before adjustment for minority interests in consolidated subsidiaries or income from equity
investees plus fixed charges, less preferred stock dividend requirements of consolidated subsidiaries |  |                         | 294 |   |          |   | 205 |          |  |   | 9    |   |  |      | (22  | ) |  |   | 43  |  
|Ratio of earnings to fixed charges(4)                                                                                                                                                                                                              |  |                         | N/A |   |          |   | N/A |          |  |   | N/A  |   |  |      | N/A  |   |  |   | N/A |  

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|(1) | Includes date for Bakelite form date of acquisition by Borden Chemical on April 29, 2005.
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|(2) | Includes data for Resolution Specialty from August 2, 2004 and for Borden Chemical from August 12, 2004, their respective dates of acquisition by Apollo.
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|(3) | The interest element of lease costs has been calculated as1/3 of the rental expense relating to operating leases, as management believes this represents the interest portion hereof.
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|(4) | Our earnings were insufficient to cover fixed charges and preferred stock dividend requirements by $113, $58, $113, $102 and $25 for the years ended December 31, 2006, 2005,
2004, 2003 and 2002, respectively.
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