Exhibit 12.1

HEXION SPECIALTY CHEMICALS, INC.

STATEMENT REGARDING COMPUTATION OF RATIOS

(In millions)



|                                                                                                                                                                                                                                                   |  |                         |     |   |      |   |     |          |  |   |          |   |  |      |      |   |  |   |      |  
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ----------------------- | --- | - | ---- | - | --- | -------- |  | - | -------- | - |  | ---- | ---- | - |  | - | ---- | -
|                                                                                                                                                                                                                                                   |  | Year ended December 31, |    
|                                                                                                                                                                                                                                                   |  | 2007                    |     |   | 2006 |   |     | 2005 (1) |  |   | 2004 (2) |   |  | 2003 |     
|Pre-tax income (loss) from continuing operations                                                                                                                                                                                                   |  | $                       | (23 | ) |      | $ | (80 | )        |  | $ | (28      | ) |  | $    | (113 | ) |  | $ | (100 | )
|Add back                                                                                                                                                                                                                                           |  |                         |     |   |      |   |     |          |  |   |          |   |  |      |      |   |  |   |      |  
|Income from equity investees                                                                                                                                                                                                                       |  |                         |    |   |      |   |    |          |  |   |         |   |  |      |     |   |  |   | (2   | )
|                                                                                                                                                                                                                                                   |  |                         |     |   |      |   |     |          |  |   |          |   |  |      |      |   |  |   |      |  
|Pre-tax loss from continuing operations before adjustment for minority interests in consolidated subsidiaries or income from equity investees                                                                                                      |  |                         | (23 | ) |      |   | (80 | )        |  |   | (28      | ) |  |      | (113 | ) |  |   | (102 | )
|                                                                                                                                                                                                                                                   |  |                         |     |   |      |   |     |          |  |   |          |   |  |      |      |   |  |   |      |  
|Fixed Charges                                                                                                                                                                                                                                      |  |                         |     |   |      |   |     |          |  |   |          |   |  |      |      |   |  |   |      |  
|Interest expense                                                                                                                                                                                                                                   |  |                         | 314 |   |      |   | 244 |          |  |   | 207      |   |  |      | 117  |   |  |   | 77   |  
|Loss on extinguishment of debt                                                                                                                                                                                                                     |  |                         |    |   |      |   | 121 |          |  |   | 17       |   |  |      |     |   |  |   |     |  
|Interest element of lease costs(3)                                                                                                                                                                                                                 |  |                         | 10  |   |      |   | 9   |          |  |   | 9        |   |  |      | 5    |   |  |   | 3    |  
|Preferred stock dividend requirements of consolidated subsidiaries                                                                                                                                                                                 |  |                         |    |   |      |   | 33  |          |  |   | 30       |   |  |      |     |   |  |   |     |  
|                                                                                                                                                                                                                                                   |  |                         |     |   |      |   |     |          |  |   |          |   |  |      |      |   |  |   |      |  
|Total fixed charges                                                                                                                                                                                                                                |  | $                       | 324 |   |      | $ | 407 |          |  | $ | 263      |   |  | $    | 122  |   |  | $ | 80   |  
|                                                                                                                                                                                                                                                   |  |                         |     |   |      |   |     |          |  |   |          |   |  |      |      |   |  |   |      |  
|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 |  | $                       | 301 |   |      | $ | 294 |          |  | $ | 205      |   |  | $    | 9    |   |  | $ | (22  | )
|Ratio of earnings to fixed charges(4)                                                                                                                                                                                                              |  |                         | N/A |   |      |   | N/A |          |  |   | N/A      |   |  |      | N/A  |   |  |   | N/A  |  



|(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 as 1/3 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 $23, $113, $58, $113 and $102 for the years ended December 31, 2007, 2006,
2005, 2004 and 2003, respectively.
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