\[\frac{6^{- 4} \bullet 2^{- 1}}{12^{- 3}} = \frac{6^{- 4} \bullet 2^{- 1}}{6^{- 3} \bullet 2^{- 3}} = \frac{6^{3} \bullet 2^{3}}{6^{4} \bullet 2^{1}} =\]
\[= \frac{2^{2}}{6} = \frac{4}{6} = \frac{2}{3}\]